21st Oct 2019 10:34
(Alliance News) - Funding Circle Holdings PLC said on Monday its guidance for 2019 remained unchanged, as its loans under management ended the third quarter 31% higher than the year before.
The UK-based small business lending platform said at September 30, said its loans under management rose 31% year on year to GBP3.68 billion compared to GBP2.81 billion at the same point last year.
For the three months ending September 30, originations were broadly flat at GBP561 million but rose 8.7% in the nine month period to GBP1.75 billion.
The company said its guidance for 2019 remains unchanged, with its performance "on track to meet market expectations".
In 2018, Funding Circle reported a revenue increase of 50% to GBP141.9 million, in line with its target at the time of its initial public offering in London.
The company's pretax loss for 2018 widened, however, to GBP50.7 million from GBP36.3 million in 2017.
Samir Desai, chief executive officer and co-founder, said: "In the third quarter, loans under management reached GBP3.7 billion and projected returns for 2019 continued to show an improvement over recent years. In what remains an uncertain economic environment we continue to manage the business prudently, which we are confident is the right course of action for the long-term growth and development of our business."
Funding Circle also said in July it completed a GBP232 million securitisation in the UK, adding nine new institutional investors. Meanwhile in August, the company closed a USD198million securitization while adding 18 institutional investors to the platform in the US.
Funding Circle shares were 11% up in London at 114.40 pence each on Monday morning in London
By Loreta Juodagalvyte; [email protected]
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