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Annual Results

Funding Circle SME sees positive NAV return

24 June 2016 07:27

Funding Circle SME Income Fund deployed £97.2 million of the £147.0 million capital raised, net of initial cost, during the period from 22 July 2015 to the end of March and a positive net asset value return since it started operations.

The company says loans were advanced to 1,245 small businesses in the UK, the US, Spain and the Netherlands.

Chairman Richard Boleat said: "We said at IPO that we were targeting an annual dividend of between 6 pence and 7 pence per ordinary share once fully invested. The company's performance to date and the projected earnings over the next 12 months enabled us to declare an initial dividend of 1 pence per ordinary share.

"This initial dividend is part of an overall plan and we continue to anticipate paying dividends at a rate of 1.5 pence to 1.75 pence per Ordinary Share in respect of each subsequent quarter. We expect that dividend yield on a cumulative basis will be 6% to 7% based on the current share price. It is our intention to adopt a progressive dividend policy to the extent that the Company's future performance permits."

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