Funding Circle Share News (FCH)

(Sharecast News) - Small-to-medium enterprise lending platform Funding Circle reported a solid second-half performance in a trading update on Tuesday, in line with expectations.

The London-listed group confirmed that it anticipated delivering positive profit before tax for the full year, consistent with its upgraded guidance issued in September.

It also reiterated its commitment to achieving its medium-term financial goals.

In October, the board launched a £25m share buyback programme, with £10m of ordinary shares repurchased and cancelled to date.

The board said the buyback was expected to conclude by the second quarter.

Its full-year results for 2024 were scheduled to be released on 6 March.

"Last March we set out a plan to be a simpler, leaner and profitable business whilst continuing to show strong growth," said chief executive officer Lisa Jacobs.

"We successfully completed the sale of the US business in July, have simplified the UK business and delivered on our upgraded guidance.

"We enter 2025 well-placed to make further progress against our medium-term plan and help get finance to even more SMEs."

At 0925 GMT, shares in Funding Circle Holdings were flat at 117.5p.

Reporting by Josh White for Sharecast.com.