PLC's () Siro Cicconi talks to Proactive London's Katie Pilbeam about his Russia-focused microlender which has been exposed to the country's lockdown.
Cicconi notes that the lockdown in Russia is now over and thanks to their decision to accelerate the move online the business managed to offset the worst impact of such measures, now with 32 stores from 92 in March.
Although due to the lockdown, lending in the second quarter dropped by 36%. Interest income fell 26% to £2.8mln in the half-year to June with losses for the six months rising to £1.36mln from £553,000.
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