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Funding Circle reports 'heightened demand' for loans in FY24
(Sharecast News) - Commercial lender Funding Circle said on Thursday that "heightened demand" for loans in FY24 had resulted in increased sales. Funding Circle stated loan originations had risen 33% to £1.4bn in FY24, partly due to "rapid adoption" of its shorter-term FlexiPay product, which saw transactions more than double to £492.0m.
The London-listed group stated revenues were up 12% at £142.6m, helping it turn a modest pre-tax profit of £800,000 for the year as a whole, a marked improvement compared to the prior year's £9.9m loss.
Chief executive Lisa Jacobs said: "2024 was a transformative year for Funding Circle. We successfully executed our plan to build a simpler, leaner, and more profitable business while making strong progress in expanding our Term Loans and FlexiPay offerings. The results we are reporting today show strong revenue growth of 23% to £160.0m and FY profit of £3.4m, ahead of market expectations."
As of 1115 GMT, Funding Circle shares were down 4.42% at 99.40p.
Reporting by Iain Gilbert at Sharecast.com
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