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    FCH   GB00BG0TPX62

FUNDING CIRCLE HOLDINGS PLC

(FCH)
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Funding Circle : Earnings Document

09/09/2021 | 02:12am EST

Results for the 6 months to 30 June 2021

  • Record Loans under Management of c.£5bn and originations of £1.6bn, helping thousands of businesses - UK originations up 109% year-on-year.
  • Our technology platform is transforming the SME borrowing experience with instant decisions for 60% of applications.
  • Improving loan performance demonstrates quality and resilience of portfolio.
  • High levels of demand from institution investors to fund loans.
  • Strong financial performance:
    • Total income: £120.6m (H1 2020: £101.2m) up 19% year-on-year.
    • Profit: £53.3m AEBITDA (H1 2020 -£84.1m) and
      £35.5m operating profit (H1 2020: -£113.5m).
    • Strong growth in net assets to £254.1m (Dec-20: £217.6m)
  • Acceleration in adoption of online small business lending, will benefit Funding Circle going forward.
  • Operating our core loan product alongside government guarantee programmes in the UK and US.
  • Continue to scale Instant Decision Lending with long term target of 80% of loan decisions automated.
  • Leveraging our technology to launch new solutions to help SMEs:
    • Embedded finance
    • FlexiPay
    • Business Charge Card
  • Attractive financial profile: powered by UK, we expect to be AEBITDA profitable on an ongoing basis and will invest in additional growth opportunities.

2

4500

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2012 2013 2014 2015 2016 2017 2018 2019 2020 Jun-21

UK LuM

4

50-70%

£305bn

Total Addressable

Market 2

<2%

SME loans as a % of banks' balance

SMEs as a % of GDP and employment1

sheets1

1. OECD SME and Entrepreneurship Outlook 2019

5

2. OC&C analysis: Target addressable market in UK and US. Excludes commercial mortgages, loans / debt products <5k and >500k in local currency and loans with APR >25%. In US, higher minimum threshold of $25k

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Funding Circle Holdings plc published this content on 09 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 September 2021 06:11:07 UTC.


© Publicnow 2021
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Financials
Sales 2021 214 M 285 M 285 M
Net income 2021 23,6 M 31,5 M 31,5 M
Net cash 2021 176 M 235 M 235 M
P/E ratio 2021 21,5x
Yield 2021 -
Capitalization 485 M 646 M 647 M
EV / Sales 2021 1,45x
EV / Sales 2022 1,29x
Nbr of Employees 931
Free-Float 74,9%
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Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 136,40 GBX
Average target price 207,00 GBX
Spread / Average Target 51,8%
EPS Revisions
Managers and Directors
Samir Desai Chief Executive Officer & Executive Director
Lisa Jacobs Chief Executive Officer-Designate
Oliver White Chief Financial Officer & Executive Director
Andrew Digby Learoyd Non-Executive Chairman
Swati Lay Chief Technology Officer
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