(Alliance News) - Funding Circle Holdings PLC on Wednesday said half-year earnings will be ahead of expectations after stronger-than-anticipated trading in 2021 so far.
Shares in Funding Circle were up 14% at 169.20 pence on Wednesday in London.
The London-based peer-to-peer lender said total income and core earnings are likely to be ahead of previous expectations, with total income for the six months to June 30 forecast to be no lower than GBP120 million. Funding Circle posted total income of GBP101.2 million for the same period a year ago, meaning at least a 19% rise.
Chief Executive & Founder Samir Desai commented: "Following a good start to the year, trading has been stronger than anticipated, and we now expect to deliver total income no lower than GBP120 million and adjusted earnings before interest, taxes, depreciation and amortisation no lower than GBP40 million profit in first half 2021, well ahead of previous expectations."
Adjusted Ebitda was a GBP84.1 million loss in the first half of 2020, swung from a GBP20.3 million profit a year before.
"Our machine learning and technology platform is transforming the small business borrowing experience, and as a result of Covid we are seeing an acceleration in the adoption of online borrowing, which has opened up an enlarged opportunity for Funding Circle," Desai added.
Funding Circle will release its interim results on September 9.
By Will Paige; willpaige@alliancenews.com
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Funding Circle (FCH)