Funding Circle Holdings (FCH)

Sector:

Financials

Index:

FTSE Small Cap

131.00p
   
  • Change Today:
    -2.00p
  • 52 Week High: 146.00p
  • 52 Week Low: 26.40p
  • Currency: UK Pounds
  • Shares Issued: 332.70m
  • Volume: 883,254
  • Market Cap: £435.83m
  • RiskGrade: 286

Funding Circle swings into the black, shares soar

By Abigail Townsend

Date: Thursday 05 Sep 2024

LONDON (ShareCast) - (Sharecast News) - Shares in Funding Circle rocketed on Thursday, after the business lender unexpectedly swung into the black and boosted its full-year outlook.
The London-listed firm, a specialist in small business credit, said the first half had beaten expectations, with net income in the six months to 30 June up 32% at £79.1m.

UK term loan originations rose from £471m a year previously to £692m, while FlexiPay transactions increased to £226m from £90m.

As a result, pre-tax profits before exceptional items came in at £0.5m, compared to a loss of £7.4m a year previously.

Lisa Jacobs, chief executive, said: "The first half was stronger than our expectations.

"We were profitable a half earlier than we set out in our guidance in March, and are today upgrading our guidance to be profitable for the full-year, versus prior guidance of second half profitable."

The company also reaffirmed its medium-term outlook, for revenue growth of between 15% and 20% and pre-tax profit margins of more than 15%.

As at 0945 BST, shares in Funding Circle had soared 25% at 124p.

Earlier this year, Funding Circle announced plans to offload its US arm, which it sold in July for a gain of £10m. It also axed around 120 jobs, as a part of the streamlining programme, and launched a £25m share buyback programme intended to boost the share price.

Jacobs said: "We are delivering on the plan I laid out to be simpler, leaner and profitable while continuing to show growth."

A second buyback for up to £25m, to be launched once the first completes, was also announced on Thursday.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

FCH Market Data

Currency UK Pounds
Share Price 131.00p
Change Today -2.00p
% Change -1.50 %
52 Week High 146.00p
52 Week Low 26.40p
Volume 883,254
Shares Issued 332.70m
Market Cap £435.83m
RiskGrade 286

FCH Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
29.07% below the market average29.07% below the market average29.07% below the market average29.07% below the market average29.07% below the market average
48.62% below the sector average48.62% below the sector average48.62% below the sector average48.62% below the sector average48.62% below the sector average
Price Trend
99.52% above the market average99.52% above the market average99.52% above the market average99.52% above the market average99.52% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Income Not Available
Growth
2.57% below the market average2.57% below the market average2.57% below the market average2.57% below the market average2.57% below the market average
4.85% above the sector average4.85% above the sector average4.85% above the sector average4.85% above the sector average4.85% above the sector average

What The Brokers Say

Strong Buy 2
Buy 1
Neutral 1
Sell 0
Strong Sell 0
Total 4
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

FCH Dividends

No dividends found

Trades for 31-Oct-2024

Time Volume / Share Price
16:35 107,974 @ 131.00p
16:35 409 @ 131.00p
16:35 2,588 @ 131.00p
16:35 1,056 @ 131.00p
16:35 427 @ 131.00p

FCH Key Personnel

Chair Andrew Learoyd
CFO Oliver White
CEO Lisa Jacobs

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