Sancus Lending Group Ltd on Wednesday said it continues to trade in line with management’s expectations, despite reduced housing sales and borrower confidence.

Sancus is an alternative financial services provider based in London. It offers bridging and development finance to borrowers and a range of asset backed funding opportunities to co-funders.

Sancus reported a lending revenue of £10 million for the eight months ended August 31, up 28% from £7.8 million a year before.

Sancus added it is seeking to extend the maturity dates of its unsecured bonds from December 31, 2025 to October 31, 2027.

Back in September, Sancus released its half-year earnings.

Sancus reported a pretax loss of £1.5 million for the six months ended June 30, up from a £3.3 million loss a year before.

Revenue increased by 39% for the same period to £7.5 million, from £5.4 million a year previously.

The firm did not issue a dividend.

It noted the negative impacts of a sustained period of higher interest rates in the housing market on its results, along with reduced housing sales and borrower confidence.

Looking ahead, Sancus said it was ‘cautiously optimistic’ for the second half of the year.

Sancus shares were unchanged at 0.98 pence per share in London on Wednesday afternoon.

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