Sancus Lending Group Limited
Sancus Lending Group Limited is an AIM-listed Guernsey-incorporated specialist private credit and property lending group. It operates through three strategic units: Sancus (UK & Ireland), its core secured property lending platform (development and bridging finance); Amberton, a private wealth and asset management joint venture that issues loan notes; and Hawk, a Channel Islands property lending joint venture. The Group also holds a legacy, now nil-valued, portfolio of FinTech Ventures equity investments.
6 annual reports read, FY2020 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Company website (6)
FY2026Next report expected 6 Apr 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Sancus Lending Group, which makes loans secured on property in the UK, Ireland and the Channel Islands, grew revenue to £22.1m in the year to 31 December 2025, from £16.8m (+31.8%). Profit before tax rose to £1.2m from £130k. The report credits a bigger loan book, with new loans up 96%, and lower borrowing costs. But day-to-day operations still lost £1.7m, a smaller loss than the year before, as running costs rose with spending on growth. The overall profit depended on a one-off gain from buying back some of its zero dividend preference shares, a type of fixed-return share. Cash at the year end was £3.2m, while borrowings, mostly used to fund lending, rose to £186.3m. There is no dividend for 2025. Management said it entered 2026 with increasing confidence of reaching steady profitability, and revenue in the first two months of 2026 was up 30%. The auditor gave a clean opinion and the directors see no going-concern problem, though the report rates credit and interest-rate risks as high.
From the reportevery line sits on the page it namesWhat drove revenueGrowth in UK and Irish loan book scale and quality driving higher fee income and interest margin
Revenue grew 32% to £22.1m, driven by continued momentum in UK and Irish core businesses; £212.5m of new facilities originated, a 96% increase year on year
page 3AndInterest income on loans under management
Interest income increased strongly to £13.2m (2024: £10.4m), helped by growth in AUM and resolution of non-interest bearing loans
page 7What moved the margintailwindReduction in group borrowing costs
Group borrowing costs fell to £2.1m (2024: £2.3m), reflecting ZDP share buy-backs and removal of further ZDP interest expense
page 7AndtailwindECL credit from stabilised credit quality
A further £0.2m ECL credit under IFRS9 (2024: £0.4m credit) reflecting continued stabilisation of on-balance sheet credit quality
page 3What management saidCEO: 'We have entered 2026 with increasing confidence in our ability to deliver sustainable, run-rate profitability.'
page 3After the year endJanuary 2026: Somerston subscribed for a further £1.4m of preference shares in Sancus Loans Limited
page 82The dividendThe Group remains committed to its recovery programme but does not have capacity to declare a dividend for 2025 (2024: Nil). The Board will revisit the policy as soon as cash flow and profitability permit. No dividends were paid during 2025 (2024: Nil).
page 5Going concern and the auditDirectors adopted the going concern basis: Group had net assets of £1.1m (2024: net liabilities £2.1m) including cash of £3.2m; a cash flow forecast to 30 June 2027 shows sufficient resources; no debt liabilities fall due within 12 months following extension of preference share maturity. Equity/junior capital may be required to support drawdown growth, supported by Somerston's junior capital commitment. Auditor Moore Kingston Smith LLP (Matthew Banton, signing partner) gave an unqualified ('true and fair') opinion with three Key Audit Matters: valuation of investment in joint ventures, impairment/recoverability of loans receivable, and revenue recognition; no material misstatements identified in any area.
page 32The risks it names first- Capital and liquidity risk (Medium) - funding sourced primarily from the corporate bond and preference shares; lending growth constrained unless further funding securedp.10
- Regulatory and compliance risk (Medium) - AML and financial services regulation across multiple jurisdictions continually evolvingp.10
- Market risk (High) - interest rate and FX exposure from lending/funding mismatches; macro inflation and base rate/euro margin fluctuationsp.11
- Credit risk (High) - direct credit exposure through on-balance sheet lending and indirect risk to Co-Funders; downside risk from increased costs, base rate and inflation delaying repayments and reducing recoveriesp.11
Read from C001133-AR-2025-website.
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