Business
Full Year 2018 Results
Full Year 2018 Results.
About this update from Funding Circle Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 0988S Funding Circle Holdings PLC 07 March 2019 \n\nFunding Circle Holdings plc\nFull Year 2018 Results\nEmbargoed until 7.00am, 07 March 2019\n \nFunding Circle Holdings plc (\"Funding Circle\" 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 year ended 31 December 2018 (\"2018\"). \n \nFinancial Highlights:\n· Strong Group performance delivering IPO guidance whilst continuing our strategy of investing for growth \n· Revenue of £141.9 million (2017: £94.5 million). Year-on-year growth of 55%1 (excluding property2) exceeding c.50% guidance stated at IPO\n· Segment adjusted EBITDA3 of £7.0 million (2017 loss: £3.9 million) with margin of 5% (2017: negative 4%)\n· Adjusted EBITDA4 loss of £28.5 million (2017 loss: £25.1 million) with margin improving to negative 20% (2017: negative 27%)\n· Basic loss per share of 18.2 pence (2017 loss: 14.0 pence)\n· Loss before tax £50.7 million (2017 loss: £36.3 million)\n· Free cash outflow5 of £42.0 million (2017 outflow: £35.3 million) \n· Cash of £333.0 million, £244.1 million higher than at the end of 2017 (£88.9 million), including IPO proceeds of £300.0 million, before expenses of £15.0 million\n \nOperating and Strategic Highlights:\n· Leading lending platform in UK, US, Germany and the Netherlands:\no Loans under management of £3.15 billion (2017: £2.11 billion). Year-on-year growth of 55% (excluding property6) \no Originations of £2.29 billion (2017: £1.74 billion). Year-on-year growth of 40% (excluding property7)\no In the UK, net lending (£723 million) to SMEs through Funding Circle in 2018 was higher than all UK high street banks combined (£515 million)8\no In the US, loans under management recently passed $1 billion and was larger than ~98% of FDIC-insured banks9 in 2018 ($939 million); if Funding Circle were a bank it would be among the 50 largest for SME loans in the US\n· Strong repeat dynamics from existing inv...