OSB Group PLC announced on Thursday that its Chief Financial Officer, April Talintyre, will retire from her role as CFO and as a director after an 11-year tenure with the company. The Chatham, England-based mortgage lender also provided an updated outlook for 2023. April Talintyre will remain with the company until a specific transition date, which has not yet been determined.
In addition to this announcement, OSB Group provided a trading update for the third quarter of 2023. The company reported that organic originations had decreased by 19%. The company’s statutory net loans increased by 6.8% as of September 30 compared to the end of December.
Looking ahead, OSB Group expressed awareness of the rising cost of retail funds and the impact of planned future MREL (minimum requirement for own funds and eligible liabilities) issuance. However, the company remained on track to meet its 2023 full-year guidance.
OSB Group added, “Given the strong lending performance to date, particularly in retentions, we now expect to deliver underlying net loan book growth of around 9%.” This is an improvement from the 5% guidance provided when the 2022 results were released in March.
OSB Group’s Chief Executive, Andy Golding remarked, “Looking ahead, whilst the outlook for the UK economy and the overall mortgage market remains somewhat unclear, the fundamental drivers of demand in the private rented sector continue to be robust. Our strong capital and liquidity position, secured loan book, and proven risk management capabilities, as well as our focus on professional and portfolio landlords, position us well to continue to generate attractive and sustainable returns for shareholders through the cycle.” Following these announcements, OSB Group’s shares saw an 11% increase on Thursday morning in London.
Andy Golding praised April Talintyre’s contributions, stating, “April has been instrumental in shaping and delivering OSB’s strategy over the last 11 years, helping steward OSB through private equity ownership into a successful FTSE 250 listed business, as well as playing a key role in the group’s merger with Charter Court Financial Services in 2019.”
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