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Post by uksoul on Jun 14, 2021 13:45:22 GMT
Hopefully profits can be used to repay investors with deliquent loans.
P2P magazine 'Relendex made a profit last year despite Covid-19
KATHRYN GAW INDUSTRY NEWS, NEWS, PROPERTY, PAUL SONABEND, RELENDEX
Relendex turned a profit in its last financial year, despite the challenges of the Covid-19 pandemic and its economic impact on the lending industry.
The peer-to-peer property lender made a profit of £135,760 in the 12 months to 31 January 2021, reducing its losses since inception to £5,773,702 – down from £5,909,462 the previous year.
The company also reported net assets of £2,251,143, up from £1,463,933 the previous year, according to documents filed with Companies House.
Cash at bank and in hand was valued at £1,083,668 on 31 January 2021, down from £1,596,088 on 31 January 2020.
Read more: Opportunities forecasted for property P2P post-Covid
Relendex decreased its headcount from 16 employees to 14 employees over the period.
Last year, Relendex chief executive Paul Sonabend told Peer2Peer Finance News that the platform had made a small profit in April, after taking a “sensible” approach to its trading at the start of the Covid-19 pandemic.
A Relendex spokesperson said that although the company was pleased with the 2021 financial results, it would not be commenting on the results at this time.'
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