on Funding Circle Plc (isin : GB00BG0TPX62)
Funding Circle Plc Reports Strong Performance for H1 2024
Funding Circle Holdings Plc has announced its financial results for the first half of 2024, showcasing significant progress in achieving strategic objectives. CEO Lisa Jacobs highlighted the company’s transition to a simpler, leaner, and more profitable model.
Annual revenue growth exceeded 30%, driven by substantial increases in UK Term Loan originations and FlexiPay transactions. The company reported a pre-tax profit of £0.5m, a significant improvement from previous losses.
Key developments include the sale of its US business, delivering a £10m gain. This move, alongside cost-efficiency measures, resulted in £15m annualized savings. Funding Circle also plans a further share buyback of up to £25m.
The outlook remains positive, with expectations of continued growth and profitability. Revenue from Term Loans is projected to grow over 10% annually, and FlexiPay transactions are expected to triple compared to the previous year. The beta rollout of a new Cashback Credit Card in Q3 also reflects the company's commitment to innovation.
R. E.
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