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08 Aug 2019 | 08:46

Funding Circle reports wider losses as economic uncertainty hurts loan demand

Lending group Funding Circle reported wider half-yearly losses as economic uncertainty kept a lid on loan growth. For the six months to 30 June, losses before tax widened to £30.8m from £27.1m a year earlier, while revenues increased 29% to £81.4m. Loans under management were up 37% to £3.54 for the half year-on-year; originations were up 14% to £1.19 vn year-on-year. The company left its guidance unchanged from its Q2 update, in which it said it expected to grow revenues by about 20% this year blaming an uncertain economic environment and proactive actions the company took.

At 8:46am: (LON:FCH) Funding Circle Holdings Plc Ord 0.1p Wi share price was +1.65p at 100.65p

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