Relendex has announced its third year of profitability, and plans to pay its first dividend later this year.

The peer-to-peer property lender did not disclose its total profit for the 12 months ending 31 January 2023, but executive chairman Paul Sonabend (pictured) confirmed that the company’s profits “exceeded” the £322,998 profit that was reported last year.

“Relendex is now consistently profitable, and is on track to not only see increased profits this year, but also to pay a maiden dividend,” Sonabend told Peer2Peer Finance News.

“Relendex has increased its share capital by £3m this calendar year and now has one of the strongest balance sheets in our sector.

“We have comfortably out-performed nearly every other investment sector, delivering seven to 8.5 per cent after loss adjustments, annually over the last six years.

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“This exceeds equity trackers, the total returns on buy-to-let portfolios (capital appreciation and rentals net of costs), gilts, gold, etc. It is hardly surprising that we have a growing following. All of which comes from word of mouth recommendations.”

Sonabend credited his “stable and extremely capable team” for the platform’s success over the past year, and said that in the year ahead he expects to grow the company’s profits further.

“We are not fixated on revenue, nor does the size of our loan book drive our business,” he added.

“Instead we focus on our reputation. It takes time to build a respected financial services company, and even longer to becoming trusted wealth managers, so what we care about is the quality of our product, the depth of our relationships with both lenders and borrowers, and we are happy to let our results prove that we offer a superlative product.

“Long-term growth will flow from this.”

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