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FCH Funding Circle Holdings Plc

44.50
-0.80 (-1.77%)
Last Updated: 12:47:44
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Funding Circle Holdings Plc LSE:FCH London Ordinary Share GB00BG0TPX62 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.80 -1.77% 44.50 44.50 44.80 45.30 44.50 45.30 642,327 12:47:44
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Computer Programming Service 155M -6.5M -0.0182 -24.45 158.7M

Funding Circle Holdings PLC Funding Circle Q3 2018 Update (5386E)

19/10/2018 7:00am

UK Regulatory


Funding Circle (LSE:FCH)
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RNS Number : 5386E

Funding Circle Holdings PLC

19 October 2018

19 October 2018

Funding Circle Holdings plc

Q3 2018 Update

Funding Circle Holdings plc ("Funding Circle" or the "Company"), the leading small and medium enterprise ("SME") loans platform in the UK, US, Germany and the Netherlands, today announces updates to its statistics pages for the three months ending 30 September 2018 (the "Quarter") and selected highlights from the quarter.

The data by country included in this announcement is also available on the Company's website at corporate.fundingcircle.com/investors/loan-performance-statistics.

Group performance(1)

 
                                                               2018    2017 
                                     Q3 2018   Q3 2017    %     YTD     YTD     % 
 Loans under Management 
  (excluding property(1) 
  )                         GBPm      2,777     1,726    61%    N/A     N/A    N/A 
                           ------  ---------  --------  ----  ------  ------  ---- 
 Originations 
  (excluding property(1) 
  )                         GBPm       564       388     45%   1,603   1,109   45% 
                           ------  ---------  --------  ----  ------  ------  ---- 
 

Highlights:

-- Loans under Management (excluding property) of GBP2.8 billion as at 30 September 2018, up 61% compared to the same period last year

-- Originations (excluding property) of GBP564 million for Q3 2018 vs GBP388 million in Q3 2017, up 45%; total of GBP1.6 billion loans originated in the year to 30 September 2018

-- On 7 September 2018, Alcentra Group, an alternative fixed income specialist for BNY Mellon Investment Management, agreed to lend up to $1 billion to SMEs through Funding Circle's platform in the US over the next three years

-- On 18 September 2018 the Company announced Geeta Gopalan will join the Funding Circle Board on 1 November as a Non-Executive Director and Chair the Audit Committee

-- On 3 October 2018, the Company was admitted to trading on the Premium Listing segment of the London Stock Exchange. As part of the IPO, the Company raised gross proceeds of GBP300 million

Samir Desai CBE, CEO and co-founder said: "Funding Circle delivered a strong quarter of growth with loans under management of GBP2.8 billion and a record quarter for originations. The business continues to deliver our growth strategy and we remain focused on building Funding Circle for the long term."

Outlook for full year 2018

The Board confirms growth expectations remain unchanged for the full year.

Our statistics - Q3 2018

The following information is reproduced from each country's statistics pages, which can be found at corporate.fundingcircle.com/investors/loan-performance-statistics.

Loans under Management (million)

 
             2012   2013   2014   2015   2016    2017    2018 YTD 
 Group(2) 
  (GBP)       52    145    366    860    1,362   2,107    2,809 
            -----  -----  -----  -----  ------  ------  --------- 
 UK(2) 
  (GBP)       52    144    332    653    1,027   1,583    2,013 
            -----  -----  -----  -----  ------  ------  --------- 
 US ($)          N/A        54    261     354     577      810 
            ------------  -----  -----  ------  ------  --------- 
 DE (EUR)           N/A            27     30      65       117 
            -------------------  -----  ------  ------  --------- 
 NL (EUR)               N/A               16      40        78 
            --------------------------  ------  ------  --------- 
 

Originations (million)

 
             2012   2013   2014   2015   2016    2017    2018 YTD 
 Group(3) 
  (GBP)       49    130    311    721    1,065   1,738    1,608 
            -----  -----  -----  -----  ------  ------  --------- 
 UK(3) 
  (GBP)       49    129    279    531     823    1,264    1,089 
            -----  -----  -----  -----  ------  ------  --------- 
 US ($)          N/A           334        281     514      540 
            ------------  ------------  ------  ------  --------- 
 DE (EUR)        N/A           33         19      55        78 
            ------------  ------------  ------  ------  --------- 
 NL (EUR)           N/A                21         34        56 
            -------------------  -------------  ------  --------- 
 

Gross Yield

 
       2012   2013   2014    2015   2016    2017    2018 YTD 
 UK    9.2%   8.4%   10.0%   9.7%   9.7%    9.8%      9.8% 
      -----  -----  ------  -----  ------  ------  --------- 
 US        N/A          14.2%       13.2%   12.5%    13.0% 
      ------------  -------------  ------  ------  --------- 
 DE        N/A           7.2%       9.5%    9.5%     10.0% 
      ------------  -------------  ------  ------  --------- 
 NL            N/A               9.3%       10.9%    11.9% 
      --------------------  -------------  ------  --------- 
 

Projected annualised return range (after fees and bad debt)(4)

 
        2012        2013        2014        2015        2016        2017      2018 YTD 
 UK   7.1%-7.2%   5.6%-5.8%   7.3%-7.4%   6.8%-7.2%   5.4%-6.3%   5.2%-6.2%   5.5%-6.5% 
     ----------  ----------  ----------  ----------  ----------  ----------  ---------- 
 US            N/A                  1.8%-2.2%         4.0%-4.8%   5.5%-7.1%   5.8%-7.8% 
     ----------------------  ----------------------  ----------  ----------  ---------- 
 DE            N/A                 -0.1%-0.9%         2.3%-4.1%   4.8%-6.7%   5.3%-7.3% 
     ----------------------  ----------------------  ----------  ----------  ---------- 
 NL                  N/A                        3.8%-4.8%         5.6%-7.5%   6.4%-8.4% 
     ----------------------------------  ----------------------  ----------  ---------- 
 

Projected bad debt rate range(5)

 
        2012        2013        2014        2015        2016        2017      2018 YTD 
 UK   1.3%-1.3%   1.8%-2.0%   1.9%-2.0%   1.7%-2.1%   2.5%-3.3%   2.8%-3.8%   2.5%-3.5% 
     ----------  ----------  ----------  ----------  ----------  ----------  ---------- 
 US            N/A                 11.0%-11.4%        7.5%-8.3%   4.6%-6.1%   4.4%-6.4% 
     ----------------------  ----------------------  ----------  ----------  ---------- 
 DE            N/A                  4.7%-5.7%         4.4%-6.2%   1.7%-3.6%   1.7%-3.7% 
     ----------------------  ----------------------  ----------  ----------  ---------- 
 NL                  N/A                        2.8%-4.0%         2.2%-4.2%   2.2%-4.2% 
     ----------------------------------  ----------------------  ----------  ---------- 
 
S

Media Enquiries:

Funding Circle

David de Koning - Director of Group Communications (press@fundingcircle.com / 0203 667 2245)

TB Cardew

Ed Orlebar (020 79300 777)

Tom Allison (020 79300 777)

About Funding Circle:

Funding Circle (corporate.fundingcircle.com) is a global SME loans platform, connecting SMEs who want to borrow with investors who want to lend in the UK, US, Germany and the Netherlands. Since launching in 2010, investors across Funding Circle's geographies - including more than 85,000 retail investors, banks, asset management companies, insurance companies, government-backed entities and funds - have lent more than GBP5.5 billion to over 55,000 businesses globally.

Forward looking statements and other important information

This document contains forward looking statements, which are statements that are not historical facts and that reflect Funding Circle's beliefs and expectations with respect to future events and financial and operational performance. These forward looking statements involve known and unknown risks, uncertainties, assumptions, estimates and other factors, which may be beyond the control of Funding Circle and which may cause actual results or performance to differ materially from those expressed or implied from such forward-looking statements. Nothing contained within this document is or should be relied upon as a warranty, promise or representation, express or implied, as to the future performance of Funding Circle or its business. Any historical information contained in this statistical information is not indicative of future performance.

The information contained in this document is provided as of the dates shown. Nothing in this document should be construed as legal, tax, investment, financial, or accounting advice, or solicitation for or an offer to invest in Funding Circle.

Definitions and notes to the editor:

1. In 2017, Funding Circle took the decision to no longer lend to property developers in the United Kingdom, the one market in which it had previously expanded its product set beyond amortising SME loans. As a result, the Board excludes property lending when measuring ongoing business performance.

2. Group and UK Loans under Management by year include property lending. Loans under Management related solely to property were, by year: 2012/2013: GBP0; 2014: GBP26 million; 2015: GBP115 million; 2016: GBP163 million; 2017: GBP95 million; September 2018: GBP32 million.

3. Group and UK originations by year include property lending. Group originations related solely to property lending were, by year: 2012/2013: GBP0; 2014: GBP23 million; 2015: GBP114 million; 2016: GBP171 million; 2017: GBP107 million; 2018 year to date: GBP5 million.

4. The projected annual return shows how loans are estimated to perform. Loans are shown by the year they were taken out, and are after fees and bad debt. Returns equal gross yield minus net losses minus servicing fee and is estimated, using an internally managed model, by cohort of origination incorporating actual returns received for each cohort and adding future expected returns which are determined using the same aforementioned model. Net yield is compounded to recognise re-investment. These expectations may be revised, for example if macroeconomic conditions change, and the projected return, projected gross yield and the projected bad debt rate may be adjusted to reflect this.

5. The projected bad debt rate shows the projected annualised percentage of loans, by loan amount, that will not be repaid. Loans are shown by the year they were taken out and include recoveries. It can take up to five years for loans to be fully repaid, so the projected return, projected gross yield and projected bad debt rate take into account how each year of loans are performing and how Funding Circle expects them to perform in future. These expectations may be revised, for example if macroeconomic conditions change, and the projected return, projected gross yield and the projected bad debt rate may be adjusted to reflect this.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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