Sancus Lending Group Limited
LEND · AIM · Financial Services · mcap £9.3m · 0.8p 2 open situations →
- EV
- £225m
- EV / EBIT
- –
- Net debt
- £217m
- FCF yield
- -881.1%
- Revenue
- £25.6m
- Share price 1y
- +82%
- Insiders 12m
- no deals
- Next report
- around 18 Mar
Open · 2
Funding facility capacity and maturity
Cash carry costs weighed on first-half profit, and the Pollen Street facility rose to £300m in February (maturity February 2031). Somerston Fintech has given £1.75m of bonds and a £4m liquidity facility from August. The 15 Sept results confirm the funding and liquidity cost drag, and the CEO plans to de-risk the balance sheet and improve liquidity.
- Lender
- Somerston Fintech Limited, subsidiary of majority shareholder Somerston
- Pricing
- Base rate +450bps up to £2m; base rate +725bps above £2m
- Earlier support
- £0.5m 8% bonds issued in May and a further £0.5m on 10 July 2026
- Pollen Street
- Facility £300m, maturity February 2031; £184m drawn at 30 June 2026 (£151m at 31 December 2025) 15 Sep 2026 ↗
- Somerston bonds
- £1.75m of Sancus Bond issued, including £0.5m in July 2026 15 Sep 2026 ↗
- Liquidity facility
- £4m, 364 days, from Somerston in August 2026 15 Sep 2026 ↗
Next: Strategy update to de-risk balance sheet and improve liquidity
- 15 Sep 2026 Reliance on Somerston funding continues
- 1 Sep 2026 £4m related-party liquidity facility signed 28 August
- 10 Jul 2026 Further £0.5m related-party bond; trading weak through June
- 26 May 2026 Cash carry costs weigh; shareholder bond adds working capital
New CEO and profit recovery
Charnley became CEO on 10 July after a first-half profit shortfall. The 15 Sept interims confirm an H1 operating loss of £3.4m and a £14.0m non-cash Hawk JV impairment, with a Channel Islands review under way. The full strategic plan is promised with the 2026 year-end results, and 15.5m LTIP shares are being issued.
- Cost action
- Operating model optimised in H2 2026, expected to cut run-rate costs materially 15 Sep 2026 ↗
- Channel Islands
- Formal strategic options review; Hawk JV carrying value £14.7m
- Write-down
- c. £14.0m non-cash, in H1 2026 results
- Earlier target
- Return to operating profitability in H2 2026
- Impairment
- £14.0m non-cash charge on the Hawk JV carrying value 15 Sep 2026 ↗
- Strategic plan
- Sharpen focus, simplify operating model and cut costs, lower cost of capital, de-risk balance sheet 15 Sep 2026 ↗
Next: Full strategic update with year-end results
- 15 Sep 2026 Impairment booked; strategic review under way
- 1 Sep 2026 Strategic plan and Channel Islands review launched
- 10 Jul 2026 Charnley CEO from 10 July; efficiency measures
Closed · 2
Company filings. Not investment advice.