Financial Highlights
NAV growth of 2.9% during the period with NAV per share of 52.48p as at 30 June 2015 (31 December 2014: 51.00p).
Annualised ROE of 16.26% at the top end of GLI's 10-15% target range.
The value of new loans originated through GLI's platforms increased by 120% in the twelve months ended 30 June 2015 compared to the twelve months ended 30 June 2014.
The GLI portfolio has increased by 35% between 31 December 2014 and 30 June 2015 from £106.9 to £144.6m. The increase is made up of a 24% increase in equity values held in SME platforms and a 139% increase in loans made to SMEs.
2.5p dividend paid (2.5p paid for the comparable period last year)
Operational and investment highlights
In the period GLI made four new investments in SME finance companies, in accordance with its stated strategy. These were:
o Trade River USA, a non-bank online funding solution which finances trade, both cross-border and in the US
o MytripleA, a Spanish business finance platform meeting both the short-term and long-term financing needs of Spanish SMEs
o Open Energy Group, a financing platform for US commercial and small utility-scale solar projects.
o Funding Options, a UK on-line credit broker that matches lenders with borrowers and acts as a one-stop-shop for business finance
On 30 June 2015, the 100% GLI owned subsidiary, GLI Asset Management Ltd ("GLIAM") secured its Protection of Investors ("POI") asset management license from the Guernsey Financial Services Commission ("GFSC") enabling GLIAM to manage collective investment schemes and general securities and derivatives. 'GLI Alternative Finance plc' (GLIAF), a closed end fund, was launched on 23 September 2015.
GLI changed its regulatory status with the GFSC in the period from Authorised Collective Investment Scheme, re-registering as a Non-regulated Financial Services Business in March 2015.
The Company headcount including the executive team has increased from seven employees at 31 December 2014 to nine at 30 June 2015. This increase and further additions since June 2015 are due to more resources being brought in-house and the expansion of the asset management business.
Geoff Miller, CEO said:
"GLI has continued its rapid transformation into a leading player within the SME finance sector globally. As a unique listed business we are the diversified play in a sector, which is beginning to attract a great deal of attention.
The focus for GLI for the remainder of 2015 is on completing the balance sheet transition, to better underpin and at least maintain the dividend, and on growing the existing platforms organically and potentially by acquisition.
We now have very significant origination potential, and this provides the wherewithal to potentially build a significant asset management business, that would be immediately accretive to shareholders.
In summary, we have spent the past three years positioning the business to take advantage of the alternative finance sector's growth dynamics and we should see real progress over the coming months, as we continue to capitalise on the growth opportunities in our markets.
GLI has a unique range of 19 SME finance platforms that span asset class and geography. We are now entering a phase of scaling these platforms significantly so that they can lend to a greater number of businesses and help GLI deliver enhanced returns for its shareholders."
