DF Capital reports another period of significant growth
We’ve announced our H1 2026 financial results, reporting another period of significant growth and strong momentum towards our medium-term targets. Our performance reflects the continued development of a broader lending franchise and product mix, as well as the strength of our specialist lending niches and the relationships we have built with dealers and manufacturers across the UK.
Strong financial performance
We delivered a strong first half, with profit before tax up 49% to £13.4m (H1 2025: £9.0m), materially ahead of expectations at the start of the year. Gross revenues increased by 26% to £55.0m (H1 2025: £43.7m), reflecting continued momentum across our lending activities and the benefits of our diversified lending portfolio.
We achieved record new loan originations of £1.1bn, up 31%, which helped drive a 27% increase in our loan book to £932m. This was supported by continued momentum across inventory finance, structured finance and positive traction in asset finance.
Broader lending
Our recently launched asset finance proposition, DFRNT, continues to gain traction, with balances increasing to £40m from £6m in H1 2025 and reaching approximately £65m at the end of August. Structured finance balances also grew to approximately £174m from £88m. These products are broadening our addressable market, diversifying our revenue streams and supporting sustainable growth.
Clear pathway to medium-term ambitions
While the macro-economic and geo-political backdrop remains uncertain, we have a strong track record of navigating similar conditions and remain vigilant and disciplined in our approach. We continue to see a large number of opportunities to grow and have the capital and liquidity resources to deliver on our ambitions, while maintaining our focus on generating improved value for shareholders.
We remain on track to deliver our 2030 targets: a loan book in excess of £1.5bn; operating leverage with a cost-income ratio in the range of 45%-48%; and an equity return of c.20%, while increasing tangible net assets by 10%-15% per annum.
You can read the full regulatory announcement here
Commenting on the results, our Chief Executive Officer, Carl D’Ammassa, said: “I am delighted with the progress we have made in the first half of 2026. These results show the strength of our business as we build a larger and more diversified lending franchise. Our growth story continues with strong and sustainable levels of returns. Our recently launched asset finance proposition, DFRNT, is gaining significant traction, structured finance is growing well, and the investments we have made in our platforms and customer journeys allow us to serve customers more quickly and effectively.
“Whilst the macro-economic and geo-political environment presents uncertainty, we feel well placed to navigate this over the longer term. We have all the ingredients in place to support our ambitions, with real excitement across the business about the significant opportunity ahead as we look to deliver on our 2028 and 2030 financial targets.”
An overview video of the results by CEO Carl D’Ammassa is available to watch here and on our investor website: www.dfcapital-investors.com