Business
2019 Half Year Report
2019 Half Year Report.
About this update from Funding Circle Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 3211I Funding Circle Holdings PLC 08 August 2019 \n\nFunding Circle Holdings plc\n2019 Half Year Results\n \nEmbargoed until 7.00am, 08 August 2019\n \nFunding Circle Holdings plc (\"Funding Circle\", the \"Group\" or the \"Company\"), the leading small and medium enterprise (\"SME\") loans platform in the UK, US, Germany and the Netherlands, today announces results for the six months to 30 June 2019 (\"H1 2019\"). \n \nFinancial Summary1:\n· Group revenue2 of £81.4 million (H1 2018: £63.0 million) up 29%. \n· Group segment adjusted EBITDA3 of £1.2 million (H1 2018: £3.3 million) with margin of 1% (H1 2018: 5%).\n· UK segment adjusted EBITDA of £13.9 million (H1 2018: £11.2 million) with margin of 26% (H1 2018: 26%).\n· Adjusted EBITDA4 loss of £19.7 million (H1 2018 loss: £13.9 million); with margin of negative 24% (H1 2018: negative 22%).\n· Loss before tax of £30.8 million (H1 2018 loss: £27.1 million).\n· Basic loss per share of 8.9 pence (H1 2018 loss: 10.6 pence).\n· Free cash outflow5 of £28.1 million (H1 2018 outflow: £22.5 million). \n· Cash of £270.0 million (31 December 2018: £333.0 million). Of the £63.0 million reduction, £30.0 million relates to short term net investments to fund the launch of new Asset Backed Securities (\"ABS\") bond products and a further £5.6 million to fund the launch of new private funds. \n \nOperating and Strategic Summary:\n· Leading SME loans platform:\no Loans under management up 37% to £3.54 billion (H1 2018: £2.58 billion)\no Originations up 14% to £1.19 billion (H1 2018: £1.04 billion)\no In the US, Funding Circle passed $2.0 billion of cumulative loan originations and $1.0 billion of loans under management in H1 2019, making it one of the 50 largest SME loan portfolios in the country\n· Significant economic and social impact generated by lending to SMEs: \no In April 2019, Funding Circle, in collaboration with Oxford Economics, published its third Economic Impact Report which estimated that in 2018 businesses that bo...