olivLaw · European equity research
Sancus Lending Group Limited LEND.L
United Kingdom · London Stock Exchange · ISIN GB00B0CL3P62 · Vertical: Listed companies from United Kingdom
Sancus Lending Group is a UK-listed lender active in the United Kingdom and Ireland, financing developers and small businesses through institutional and co-funding models. For 2023 the company reported a substantial increase in IFRS 9 provisions, while actual losses stayed below 1% of loans advanced, which makes credit performance and access to funding the main points to watch.
At the close of 04 Nov 2026, Sancus Lending Group Limited (LEND.L) stock was 0.01 GBP (−10.00% on the day), with market capitalisation 4.0 m GBP, beta 0.38, 52-week range 0.00–0.02 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 31.8
- weak (30–45)
- Bollinger (20, 2)
- 0.01 – 0.01
- in the lower half of the band · %B 0.02 · band width 37.6%
- SMA 50 / 200
- 0.01 / 0.01
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | unavailable | +0.4% | unavailable | — |
| 3 months | unavailable | −3.3% | unavailable | — |
| 6 months | unavailable | +4.0% | unavailable | — |
| Year to date | unavailable | +8.1% | unavailable | — |
| 1 year | +50.0% | +10.7% | +39.3 pp | +7.3% |
| 3 years | +35.0% | +50.1% | −15.1 pp | +29.3% |
| 5 years | unavailable | +43.6% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Revenue | 10.9 m | 9.0 m | 10.0 m | 12.3 m |
| Revenue YoY | unavailable | −16.9% | +10.7% | +23.2% |
| Net income | -14.5 m | -10.3 m | -14.1 m | -9.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.04 | -0.02 | -0.03 | -0.02 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -133.7% | -114.6% | -140.8% | -74.2% |
| Free cash flow | unavailable | unavailable | -25.3 m | -13.6 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 5.0 m GBP
- Financial debt
- 106.1 m GBP
- Net debt
- 101.1 m GBP
- Equity
- -2.0 m GBP
- Total assets
- 106.4 m GBP
- Debt / equity
- unavailable
- Current ratio
- 37.60x
- ROE
- unavailable
- ROA
- -8.8%
- FCF margin
- -110.1%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2020 | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 10.9 m | 9.0 m | 10.0 m | 12.3 m | esef· 04 Jul 2024verified |
| Cost of revenue | 6.1 m | 6.5 m | 7.6 m | 10.9 m | esef· 04 Jul 2024verified |
| Gross profit | 4.7 m | 2.5 m | 2.4 m | 1.5 m | esef· 04 Jul 2024verified |
| Operating income | -5.5 m | -10.2 m | — | — | esef· 26 Apr 2022verified |
| Pre-tax income | -14.5 m | -10.4 m | -14.0 m | -9.0 m | esef· 04 Jul 2024verified |
| Income tax | -15.0 k | -19.0 k | 50.0 k | 130.0 k | esef· 04 Jul 2024verified |
| Net income | -14.5 m | -10.3 m | -14.1 m | -9.1 m | esef· 04 Jul 2024verified |
| Diluted EPS | -0.04 | -0.02 | -0.03 | -0.02 | esef· 04 Jul 2024verified |
Balance sheet · GBP
| Line | 2020 | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 15.8 m | 12.4 m | 4.1 m | 5.0 m | esef· 04 Jul 2024verified |
| Receivables | 8.2 m | 6.1 m | 5.8 m | 8.1 m | esef· 04 Jul 2024verified |
| Current assets | 74.4 m | 65.6 m | 62.9 m | 81.7 m | esef· 04 Jul 2024verified |
| Property, plant & equipment, net | — | — | 425.0 k | 294.0 k | esef· 04 Jul 2024verified |
| Goodwill | 22.9 m | 22.9 m | 14.3 m | 0 | esef· 04 Jul 2024verified |
| Intangibles (excl. goodwill) | 168.0 k | 53.0 k | 0 | 0 | esef· 04 Jul 2024verified |
| Total assets | 102.9 m | 97.0 m | 101.6 m | 106.4 m | esef· 04 Jul 2024verified |
| Accounts payable | 1.6 m | 1.6 m | 1.7 m | 925.0 k | esef· 04 Jul 2024verified |
| Short-term debt | 0 | 10.5 m | — | — | esef· 26 Apr 2022verified |
| Long-term debt | 69.5 m | 64.7 m | 90.9 m | 106.1 m | esef· 04 Jul 2024verified |
| Current liabilities | 3.5 m | 12.8 m | 3.4 m | 2.2 m | esef· 04 Jul 2024verified |
| Total liabilities | 73.4 m | 77.9 m | 94.4 m | 108.4 m | esef· 04 Jul 2024verified |
| Equity | 29.5 m | 19.1 m | 7.2 m | -2.0 m | esef· 04 Jul 2024verified |
| Shares outstanding at year end | 315.6 m | 478.7 m | 486.6 m | 585.5 m | esef· 04 Jul 2024derived |
Cash flow · GBP
| Line | 2020 | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 5.3 m | -8.3 m | -25.1 m | -13.6 m | esef· 04 Jul 2024verified |
| Capex | — | — | 210.0 k | 0 | esef· 04 Jul 2024verified |
| Free cash flow | — | — | -25.3 m ≈ | -13.6 m ≈ | esef· 04 Jul 2024derived |
| Investing cash flow | 1.3 m | 399.0 k | -155.0 k | 1.6 m | esef· 04 Jul 2024verified |
| Financing cash flow | 2.0 m | 4.5 m | 17.0 m | 12.8 m | esef· 04 Jul 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.0 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -74.2% | 11 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 4.3% | 36 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 37.6x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -342.9% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial36/100 · 1/2 factors with a value
- Quality· partial11/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SANCUS LENDING GROUP LIMITED (LEND.L). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 12.3 m GBP in 2023; YoY growth 23.2%; net margin -74.2%; ROE -351.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 37.6x
What contradicts it
- Net margin: -74.2%
- FCF yield: -342.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 102.7 bn | 13.3 | 16.5% | 30.3% | −1.0% | +5% / +85% |
| ABF.LAssociated British Foods PLC | 14.6 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.8 bn | 4.3 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.2 bn | 25.2 | 34.7% | 4.1% | +7.2% | −8% / +163% |
| AUTO.LAutotrader Group PLC | 4.9 bn | 16.8 | 60.2% | 47.1% | +3.9% | −11% / −21% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.6 | 23.2% | 2.8% | +15.2% | +22% / +165% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.9 | 8.0% | 28.9% | −2.1% | +11% / +42% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.4 | 8.8% | 13.4% | −4.2% | +0% / −22% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 17.3 | 21.2% | 2.8% | +3.7% | +67% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 23.4 | 49.9% | 33.1% | +18.0% | +11% / +134% |
| ASHM.LAshmore Group PLC | 1.5 bn | 15.2 | 13.1% | 71.6% | −0.1% | +41% / +29% |
| BCG.LBaltic Classifieds Group PLC | 1.1 bn | 22.6 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 766.1 m | 36.3 | 41.2% | 19.7% | +24.2% | +72% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 503.5 m | — | -81.3% | -12.0% | −14.7% | +74% / +10% |
| ALFA.LAlfa Financial Software Holdings PLC | 496.3 m | 16.6 | 61.5% | 23.8% | +15.3% | −26% / +12% |
| AML.LAston Martin Lagonda Global Holdings PLC | 348.0 m | — | -93.4% | -39.2% | −20.6% | −44% / −84% |
| APTD.LAptitude Software Group PLC | 111.9 m | 28.6 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 10.7 m | — | — | — | −81.9% | +360% / +922% |
| LEND.LSancus Lending Group Limited | 4.0 m | — | -351.4% | -74.2% | +23.2% | +50% / −10% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 269.5 k | 0.2 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −10% / +154% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +33% / +81% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +59% / +62% |
1- and 3-year price returns: for LEND.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sancus Lending Group is a UK-listed lender active in the United Kingdom and Ireland, financing developers and small businesses through institutional and co-funding models. For 2023 the company reported a substantial increase in IFRS 9 provisions, while actual losses stayed below 1% of loans advanced, which makes credit performance and access to funding the main points to watch.
SWOT
Strengths
- The group has strengthened its capital and liquidity position after recent fundraising exercises, and actual losses on the loan book have stayed low.
- Demand from borrowers and co-funders is reported as strong, and asset-backed lending products offer attractive risk-adjusted returns.
- Investment in technology and online services for co-funders has improved the group's operational efficiency.
Weaknesses
- Growth is limited by retained profits and dependence on additional funding sources, and funding diversity remains limited.
- The FinTech portfolio was valued at nil at the end of 2023, reflecting slower growth than anticipated and capital-intensive business models.
- IFRS 9 provisions rose substantially in 2023, and loan management is described as under-resourced in parts of the book.
Opportunities
- A retreat by major banks from SME and development finance could open room for new lending.
- Long-term housing undersupply in target markets could support demand for development finance.
- Expanding institutional funding lines could reduce reliance on co-funders and support portfolio growth.
Threats
- Rising base rates and inflation could affect margins and could lead co-funders to move their capital elsewhere.
- Economic difficulties in the residential property market could delay repayments and reduce recoveries on loans.
- Sanctions and compliance risks in a changing regulatory environment could generate additional costs.
Risks
- Capital and liquidityhigh
Expansion of lending depends on additional funding sources, and without them growth could be limited.
- Credit riskhigh
Delayed repayments and reduced recoveries could affect results, particularly after the increase in provisions in 2023.
- Market riskhigh
Fluctuations in interest rates and exchange rates could affect margins, although hedging reduces the exposure.
- Operational riskmedium
Under-resourced management of the existing loan book and reliance on IT systems could lead to missed milestones in the loan lifecycle.
- Regulatory and compliance riskmedium
The regulatory landscape in the group's jurisdictions keeps evolving, and AML and sanctions requirements could create additional pressure.
Investment thesis
What would need to be true (bull case)
- If housing markets stay under-supplied and major banks scale back in SME finance, the group could benefit from stronger demand for its loans.
- If the strengthened liquidity position allows institutional lines to expand, portfolio growth could become more predictable.
- If losses stay at current low levels and co-funder returns remain attractive, the business model could generate profits over time.
What would break the thesis
- If base rates remain high, co-funders could seek returns elsewhere, and growth could slow.
- If provisions for legacy loans keep rising, results could be materially affected.
- If FinTech investments fail to reach profitability or need further capital, the value of the portfolio could remain limited.
What to watch
- Trend in IFRS 9 provisions and actual losses on the loan book2024
- New institutional funding sources and the co-funder base2024
- Margin development against base rate changes and euro movements2024
- Delivery of the profitability targets set out by managementnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Sancus Lending Group Limited, listed on AIM of the London Stock Exchange, operates lending entities that provide asset-backed loans in the United Kingdom and Ireland. Funding comes from a blend of institutional lines and co-funders (Co-Funders), and the group's own capital is mainly made up of ZDP shares and a corporate bond, according to the 2023 annual report 1. The group also holds a FinTech investment portfolio, which was valued at nil at the end of 2023 1.
The core activity is relatively short-term lending, with currencies on lending opportunities matched or hedged. The company seeks to keep a material liquidity buffer at all times and manages capital through a Treasury Committee that meets monthly 1.
Sancus says the financing rounds and liability management exercises of recent years have significantly improved the group's capital and liquidity position, according to the 2023 annual report 1. Expansion is still constrained by retained profits unless further sources of funding are secured 1.
Segments
Co-funded and institutional lending
Loans are funded through a mix of institutional and co-funding models, with jurisdictional variations. The report explicitly flags the limited availability of diverse funding as an operational risk to growth 1.
FinTech portfolio investments
The group holds stakes in FinTech platforms, many of which need additional capital to reach profitability. The board valued the portfolio at nil at the end of 2023, and the group has board observer rights at most investee companies 1.
Lending in the UK and Ireland
Lending operates in the United Kingdom and Ireland, with euro loans in the Irish lending book. The report says business development in these two markets remains an ongoing focus for the board 1.
Market context
Management says there is strong demand from both borrowers and co-funders, and that long-term undersupply in housing markets provides a supportive backdrop for lending 1. The report states that major banks and other competitors could continue to retrench from SME and development finance, which could create opportunities for Sancus 1.
The uncertain economic outlook, especially for the residential property market, could affect margins and lending demand, and rises in the bank base rate could lead co-funders to look for returns elsewhere 1.
Trends
- Rising interest ratesmixed
Increases in the bank base rate and euro margin fluctuations could affect the group's margins; the introduction of variable base rate loans helps mitigate the risk 1.
- Banks retreating from SME lendingtailwind
Management considers that a retrenchment of major banks and other competitors from SME and development finance could create opportunities for the group 1.
- Pressure on credit and provisionsheadwind
IFRS 9 provisions rose substantially in 2023, reflecting provisions against legacy loans, and higher material costs and inflation create downside risk through delayed repayments 1.
- Housing demand and undersupplytailwind
Housing markets in the group's current markets are described as under-supplied over the long term, providing an optimistic backdrop, although the immediate economic outlook remains uncertain 1.
Competitive position
The report does not name specific competitors, but it refers to major banks and other lenders in SME and development finance as parties that could retrench from these segments 1. The group's positioning depends on attracting co-funders with attractive risk-adjusted returns on asset-backed lending 1.
The stated competitive edge rests on borrower and co-funder demand, the co-funding model, and IT investments that have improved online services and operational efficiency 1.
- Major UK and Irish banks
The report refers to major banks as active in SME and development finance that could scale back in these segments.
- Other SME and development lenders
Other lenders active in small business and development finance are cited in the report as possible competitors.
- Alternative lending platforms
Alternative lending or investment platforms could attract co-funders if their returns become more attractive, as the risks in the report suggest.
- Institutional asset-backed lenders
Institutional investors funding asset-backed loans compete for the same sources of capital the group relies on.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202304 Jul 2024
- Annual report 202126 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Sancus Lending Group Limited · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.