Shares rose in Orchard Funding Group PLC rose on Wednesday, as it now expects profit after tax in its current financial year to exceed prior expectations by at least 25%.

Shares in the Luton, England-based professional fee funding provider were 13% higher at 58.00 pence on Wednesday in London.

Orchard attributed the raised guidance to higher-than-expected income and a careful management of costs over the nine months to April 30. Orchard’s financial year ends on July 31.

For the 2021 financial year, Orchard’s post-tax profit was £1.3 million.

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