Funding Circle Holdings PLC - London-based small and medium enterprise loans platform - Falls into pretax loss of GBP16.6 million in the first half of 2023 from a narrow GBP1.6 million profit a year before. The loss also is wider than the GBP14.5 million loss recorded in the second half of 2022. Net income is flat at GBP79.6 million, compared to GBP79.3 million a year before, though up slightly from GBP76.5 million in the second half of 2022. Loans under management stand at GBP3.48 billion on June 30, down from GBP3.74 billion at the end of December and GBP4.07 billion a year ago.
Funding Circle says the half-year results are in line with its expectations and highlights its UK Loans business is profitable, recording GBP1.4 million in pretax profit in the first half. Meanwhile, its US Loans business is growing and its FlexiPay arm "is showing great momentum".
Chief Executive Officer Lisa Jacobs comments: "We're making good progress towards our medium-term targets and are in a strong position to grow as the economic backdrop recovers."
Guidance for 2023 and the medium-term through 2025 is unchanged.
Current stock price: 47.00 pence, up 16% in London on Thursday afternoon
12-month change: up 29%
By Tom Waite, Alliance News editor
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Funding Circle (FCH)