Funding Circle Holdings PLC on Tuesday said its second half performance has matched board expectations as it aims to progress its medium-term plan in 2025.
The London-based lending platform focused on small and medium enterprises said it delivered a ‘good performance in the second half of the year’, in line with management’s expectations.
Funding Circle expects to report pretax profit consistent with its upgraded guidance of it being positive for the full-year. This compares to the £33.2 million pretax loss realised in 2023.
It also said it remains on track with its medium-term guidance of 15%-20% revenue growth compounded annually with pretax profit margins of greater than 15%.
It added that £10 million of the £25 million additional share buyback announced in October has been repurchased and cancelled, with the programme expected to complete in the second quarter of this year.
The firm will publish its full-year results on March 6.
Funding Circle Chief Executive Lisa Jacob said: ‘Last March we set out a plan to be a simpler, leaner and profitable business whilst continuing to show strong growth. We successfully completed the sale of the US business in July, have simplified the UK business and delivered on our upgraded guidance.
‘We enter 2025 well-placed to make further progress against our medium-term plan and help get finance to even more SMEs.”
Funding Circle shares were down 0.9% at 116.50 pence on Tuesday in London.
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