Business
2022 Half Year Report
2022 Half Year Report.
About this update from Funding Circle Holdings Plc
[{"type":"text","content":"\n \n \n \n Funding Circle Holdings plc\n \n \n \n \n Half Year 2022 Results\n \n \n \n Embargoed until 7.00am, 8 September 2022\n \n \n \n \n \n THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014\n \n \n \n \n \n Funding Circle Holdings plc (\"Funding Circle\") announces results for the six months ended 30 June 2022.\n \n \n \n \n \n \n \n \n Lisa Jacobs, CEO said:\n \n \n \n \n \n \n \n \n \n \"In the last six months, we have made early progress on all three of our strategic pillars to transform the business into a multi-product platform. We are attracting more businesses, saying yes to more businesses and entering new product categories to enable small businesses to not only borrow with Funding Circle, but pay and spend as well.\n \n \n \n \n \n \n \n \n \n We are well prepared to manage the business through the challenging macro environment and are confident in our ability to help small businesses do the same. With our market-leading technology, which continues to deliver a superior customer experience, we remain well placed to deliver on our mission to help more small businesses get the funding they need to win.\"\n \n \n \n \n \n \n \n \n \n Highlights:\n \n \n \n \n \n \n \n \n ·\n H1 2022 performance ahead of expectations, driven by investment AEBITDA.\n \n \n ·\n Prudent approach to the uncertain macro environment in H2 2022, with £15 million reduction to income outlook; now expected to be in the range of £140 million - £155 million.\n \n \n ·\n Net assets of £299 million, including unrestricted cash of £183 million to support business investment and growth as we execute our medium-term plan.\n \n \n ·\n Continued investor demand to fund loans; continued borrower demand.\n \n \n ·\n Investor returns through the platform remain robust and attractive, with upgrades to most loan cohorts.\n \n \n ·\n Market-leading technology continues to deliver a superior customer experience reflected in a Net Promoter Score of 80 in the UK and 83 in the US.\n \n \n ·\n Early execution against the three strategic pillars of our medium-term plan:\n \n \n o \n \n Attract more businesses\n \n : launched two Lending as a Service partnerships in the US.\n \n \n o \n \n Say yes to more businesses\n \n : expanded core product set in...