Manx Financial Group PLC (LON:MFX), the diversified financial services group serving the Isle of Man and the United Kingdom, has provided an operational update for the quarter ended 30 September 2026. It includes key KPIs, along with operational developments within the Group, following the publication of the Group’s interim results in September, which reported underlying growth.
The Group’s progress is being principally driven by three complementary business areas: Conister Bank Limited’s disciplined deployment of liquidity and continued operational improvement, Payment Assist Limited’s expansion in line with the Group’s medium-term strategy, and the development and potential monetisation of investments held through Manx Ventures Limited.
Highlights
- Conister Bank delivered a strong third quarter, with net interest income increasing by 9.6% to £10.3 million with a total capital ratio of 16.1%;
- Conister Halo (previously referred to as the Fiinu overdraft product) commercial agreement signed, with a customer-ready product now expected in Q1 2027;
- New £40 million Stafferton structured finance facility bolsters structured finance business, which now has over £313 million of documented facilities in the market;
- Commencement of Manx Ventures subsidiary merger into the new Triskel Finance entity under one Managing Director;
- Planned Group investment into Payment Assist and potential minority IPO in FY 2029;
- Irish consumer credit licence permissions expected by the end of 2026;
- AI strategy progressing ahead of schedule; and
- Shore Capital initiation expected in Q2 2027.
Douglas Grant, Group CEO, commented: “The Group progressed on several fronts during the quarter. Conister Bank demonstrated strength as the deposit-taking backbone of the Group, reporting increased net interest income and improved balance sheet growth. Its structured finance business continues to add value and is now targeting over £80 million of lending by the end of the year. The Bank also made significant progress towards launching its Conister Halo product. Manx Ventures continues to successfully develop the entrepreneurial side of the business, including subsidiary restructuring to create Triskel Finance, which is forecast to improve profit before tax by £1 million in FY 2028. Payment Assist has continued to expand its services and forms a central part of our future investment plans, with the Board considering a partial listing.
“In parallel, the Group’s Irish consumer credit licence is expected by year-end, enabling us to take advantage of attractive lending opportunities in the Irish market, and our internal AI strategy is building on efficiencies generated during the management of the DCA redress scheme. Elsewhere, we look forward to meeting shareholders and potential shareholders at MelloLondon, Master Investor and other investor events.”
Q3 financial performance
Performance remained in line with the Group’s H1 2026 interim results, with resilient progress continuing into the second half of the year.
The Group delivered a strong third quarter, with net interest income increasing to £10.3 million, up 9.6% from Q2 2026; a net loan book of £415.4 million and with lending activity remaining resilient. The Group continues to have a strong earnings base.
At a Group level, balance sheet strength improved during the quarter, with the total capital ratio increasing from 8.3% to 8.6%, while tangible net assets per share remained stable at £0.24, demonstrating continued support for shareholder value.
The liquidity ratio of 20.2% remains robust and provides sufficient capacity to support future lending growth.
Key highlights
Net interest income increased by 9.6% to £10.3 million;
Tangible net assets per share remained at £0.24;
Total capital ratio of the Group improved to 8.6%;
Liquidity remained strong at 20.2%; and
Net loan book closed at £415.4 million.
Overall, the Group remains well capitalised, highly liquid and well positioned for sustainable growth.
Conister Bank Limited
Conister Bank: Conister Halo update
With the final commercial agreement now signed, and both teams working towards delivery for end user testing in December, Conister Halo (previously referred to as the Fiinu overdraft product), a flexible credit facility developed in partnership with Fiinu plc, is expected to be customer ready in Q1 2027.
The Bank has allocated the required liquidity and regulatory capital to support the launch and believes there is strong demand for flexible, short term credit solutions that provide customers with greater control over their borrowing. The annual interest payment from Fiinu plc was received as contractually due in October.
Conister Bank: structured finance
Conister Bank’s structured finance business entered into a new £40 million documented facility with Stafferton Capital Limited, with an initial £2.5 million drawdown in October. The Bank’s structured finance business now has over £313 million of documented facilities in the market and continues to grow both its facilities in terms of value and number of customers. Structured finance is targeted to achieve over £80 million of lending this year and currently has a net loan book of £139 million, with no arrears or provisions, and a pipeline in excess of £100 million.
Manx Ventures Limited
Manx Ventures Limited: Triskel Finance
On 17 September Manx Ventures commenced the consolidation of three of its UK finance subsidiaries, The Business Lending Exchange Limited, Manx Collections Limited and Bluestar Business Solutions Limited, into an enlarged entity to operate under the name Triskel Finance. The merger ensures a shared strategic direction across lending, funding and recoveries. It is expected to support earnings growth through reduced headcount, removing overhead duplication and improved revenue focus, with the combined entity’s profit before tax expected to increase by £1.0 million in FY 2028.
On 1 October a new Managing Director was appointed to replace the previous three Managing Directors of the businesses. The underlying legal and regulated entities remain unchanged during this consolidation phase.
Payment Assist Limited
In Payment Assist the Group owns a scaled distribution platform with more than 1.5 million customers, with annual advances of £219 million (2025) and the potential to advance more than £300 million next year. Payment Assist focuses its Buy Now Pay Later (“BNPL”) services on the auto repair and servicing market.
The Group is planning further investment in Payment Assist in order to convert volume growth into cash-backed, repeatable profit while reducing its funding dependence on Conister Bank.
The Group’s long-term strategy is to prepare Payment Assist for a potential minority IPO following finalisation of the accounts for the year ending 31 December 2028. An IPO would provide access to external growth capital and reduce Group concentration while retaining control. Preparing the business for this possibility will also support greater financial and operational discipline, improved profitability and reduced reliance on the Group.
Irish consumer credit licence
The application for consumer credit permissions from the Central Bank of Ireland was submitted as scheduled in May and is progressing through the regulatory process, with outstanding matters being addressed as they arise. Permissions are expected to be received by the end of this year.
The application is being managed through Manx Ventures, with the intention of transferring the licence to Payment Assist following completion. The Irish market offers an attractive opportunity for Payment Assist, with limited presence from the major competitors it faces in the UK and a potential gateway into additional EU markets. Trading will commence following receipt of the required permissions and the establishment of a Euro liquidity facility.
Artificial intelligence strategy
Turning to the strategic priority of deploying AI within the Group, the key AI milestones presented at the AGM in June were delivered ahead of schedule. Building on the successful implementation of AI-based tools to manage the DCA redress scheme, solutions are being developed for the lending and deposit teams which are both customer focused and cost saving.
Alongside the Group’s IT strategy, AI will reduce overheads in 2027, reduce capital expenditure on legacy systems, accelerate the delivery of capital projects and thereby enhance returns to our shareholders. A new AI-driven loan system is also being developed for the Structured Finance business.
The Group is also developing an AI solution for its Conister Bank Loan Notes which, once proven, can be developed further to support the Group’s other deposit offerings. AI solutions have already been deployed across underwriting, collections and secretarial processes, supporting the scalability of the Group’s operations while also enabling a reduction in headcount.
More broadly, the application of AI is enabling the Group to identify and resolve issues at greater speed and at lower cost than previously possible, within an appropriate governance framework aligned with the FCA’s Good Practice paper published on 19 October 2026.
Investor engagement
During the period, Group CEO Douglas Grant and Group Finance Director James Smeed continued to engage with investors in-person and virtually. In September, James attended the Investor Summit in the City of London, meeting investors at the Group’s stand and giving a presentation followed by a Q&A session.
The Group’s commitment to proactive investor engagement continues with exhibition stands and presentation slots confirmed at the MelloLondon conference in November and at the Master Investor Show in April 2027. Investors will be updated on any further planned engagement opportunities when appropriate.
Outlook
Despite an economic environment that continues to present challenges for the Group’s customer base, the Board and management remain confident in the resilience of its core businesses and the entrepreneurial approach of Manx Ventures. Several workstreams are expected to reach key milestones during the final quarter of 2026, creating opportunities for future revenue growth through structured finance, the expansion of existing business lines and clearer communication of the Group’s strategy, performance and underlying value to the market.
The Group remains focused on maintaining financial resilience, exercising disciplined cost control and progressing initiatives that support sustainable long-term value creation.
Douglas Grant, Group CEO
05 November 2026
