Business
Funding Circle Plc: Half Year 2023 Results
Funding Circle Plc: Half Year 2023 Results.
About this update from Funding Circle Holdings Plc
[{"type":"text","content":"\n \n \n \n\n\t\n\t\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFunding Circle Plc (FCH)\n\n\n\n\n\n\nFunding Circle Plc: Half Year 2023 Results 07-Sep-2023 / 07:00 GMT/BST\n\n\nFunding Circle Holdings plc\n\nHalf Year 2023 Results\n\nEmbargoed until 7.00am, 7 September 2023\n\n \n\nHALF YEAR PERFORMANCE IN LINE WITH EXPECTATIONS\n\nGOOD PROGRESS EXECUTING ON MEDIUM-TERM PLAN\n\n \n\nFunding Circle Holdings plc (“Funding Circle”) today announces results for the six months ended 30 June 2023. \n\n \n\nLisa Jacobs, Funding Circle CEO, says: \n\n\"We delivered a solid set of results in the first half of the year, in line with our expectations, and once again demonstrated the resilience of the business and our aptitude at responding to the changing economic environment. \n\n \n\n“Our UK Loans business is profitable, we’ve seen good growth in US Loans and FlexiPay is showing great momentum as we expand our offering to access a larger market and serve more of our customers' needs. FlexiPay transactions have more than doubled to £90 million in the half, with more than £150 million transactions since launch. We have also extended our track record of delivering robust and attractive loan returns for our investors.\n\n \n\n“We're making good progress towards our medium-term targets and are in a strong position to grow as the economic backdrop recovers.”\n\n \n\nExecutive Summary:\n\nWe delivered another solid financial performance in H1 2023:\n\n Total originations and transactions of £771m, up 14% on H2 2022 (£678m) with growth in all business units. \n Total income of £76.6m ahead of H2 2022 (£73.2m). \n UK Loans business profitable (AEBITDA of £8.8m and PBT of £1.4m).\n Group AEBITDA of negative £3.0m reflects planned investment in attractive growth opportunities across US Loans business and FlexiPay.\n \n \n\nWe are managing the business through the changing economic environment:\n\n Loan returns remain robust and attractive.\n Continued institutional investor demand to fund loans, with three new forward flow agreements in the UK and US in H1 2023. In August we launched the third iteration of the Recovery Loan Scheme (‘RLS’) with Allica Bank as a new bank investor. Our first FlexiPay funding partnership is also providing senior debt funding, with FlexiPay having reached sufficient maturity and scale. \n...