GLI Finance has announced its annual results for the year ended 31 December 2015. The company describes 2015 as “a year of significant change, both in the management of the business and in corporate transactions undertaken.” The company commenced a strategic review in December 2015 and they say that significant progress has already been made in platform prioritisation and against the short-term goals that were announced in February 2016. The company says that it has now commenced the second leg of the review with the primary aim of increasing the focus on the core business and that, post year-end, the transaction with Somerston has significantly reduced Group indebtedness.
In terms of the financial highlights, its NAV per share fell 16.2% to 42.73p as at 31 December 2015 (31 December 2014 51:00p). The company says that the reduction was primarily driven by write-downs in the value of investments and loans as at the year-end. However, the y also say that loans processed by GLI’s portfolio of platforms increased significantly in 2015 due to the addition of several platforms and strong origination growth at many of the platforms. The number of loans completed in the period increased by 113.4% while the average loan size decreased by 12.8%. The company paid a 5p dividend paid (5p paid for the comparable period last year) and, at the end of 2015, the Company announced an update on the dividend policy to pay a dividend of not less than 2.5p per annum, paid quarterly.
In terms of operational developments, Andy Whelan (pictured) was appointed permanent CEO on 16 February 2016 replacing Geoff Miller. The company also sold its remaining CLO investment in Fair Oaks Income Fund and raised £20m in ordinary share capital in March 2015. The company also highlights that Funding Options, one of GLI’s prioritised platforms, has been recommended by the British Business Bank as one of 3 platforms to go forward for designation by HM Treasury for the Bank Referral Scheme.
GLI Finance reports on a year of ‘significant change’ : GLIF