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Insurance premium finance specialist Orchard Funding said its first-half lending volumes had dropped 21% amid a drop in demand.
Lending for the six months through January had fallen to £30 million, down from £37.9 million year-on-year, as expected.
'Revenue for the first half is expected to be broadly in line with expectations, while costs have remained stable,' the company said.
'Whilst the board is confident of the long-term prospects of the group, it remains mindful of the downward pressure on lending caused by Covid-19, consequential lockdowns and ongoing economic uncertainty in the second half.'
At 9:44am: (LON:ORCH) Orchard Funding Group Plc share price was 0p at 50p