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Funding Circle upgrades outlook as high demand for loans bolsters income
StockMarketWire.com
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Lending company Funding Circle lifted its outlook on performance as high demand for loans continued in the four months through October.
'We now expect to be AEBITDA profitable in H2, materially ahead of previous guidance of close to breakeven set out at our HY results,' it added.
In the four months ended 30 October, total income was up 38% year on year, driven by strong momentum in the UK with total income up 67% year on year.
'As a result of the strong performance to date, we expect H2 2020 total income to be ahead of H1 2020 and c.20% higher for the full year compared to 2019,' it added.
Cost reductions were expected to be less than the 15% originally guided due to 'profitable additional marketing spend associated with higher volumes.'
At 9:19am: (LON:FCH) Funding Circle Holdings Plc Ord 0.1p Wi share price was 0p at 89.7p
Story provided by StockMarketWire.com
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