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Funding Circle Holdings PLC - London-based small and medium enterprise loans platform - Falls into pretax loss of £16.6 million in the first half of 2023 from a narrow £1.6 million profit a year before. The loss also is wider than the £14.5 million loss recorded in the second half of 2022. Net income is flat at £79.6 million, compared to £79.3 million a year before, though up slightly from £76.5 million in the second half of 2022. Loans under management stand at £3.48 billion on June 30, down from £3.74 billion at the end of December and £4.07 billion a year ago. Funding Circle says the half-year results are in line with its expectations and highlights its UK Loans business is profitable, recording £1.4 million in pretax profit in the first half. Meanwhile, its US Loans business is growing and its FlexiPay arm ‘is showing great momentum’. Chief Executive Officer Lisa Jacobs comments: ‘We’re making good progress towards our medium-term targets and are in a strong position to grow as the economic backdrop recovers.’ Guidance for 2023 and the medium-term through 2025 is unchanged. Current stock price: 47.00 pence, up 16% in London on Thursday afternoon 12-month change: up 29% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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