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Lending company Funding Circle reported better-than-expected performance in the second half of the year, supported by record loans under management and originations.
The company reported second-half total income of £121m and adjusted earnings before interest, taxes, depreciation and amortisation, or AEBITDA, of no lower than £15 million, well ahead of previous expectations.
Income reached £121m in H2 2020, up 26% year-on year, supported by record loans under management of £4.2bn up 13% and originations of £1.6bn, up 41%, the company said.
In the UK, H2 total income was up 60% year-on-year, and down 17% in the US.
'As a result of Covid, we are seeing an acceleration in the shift towards online in small business lending,' it added.
At 8:21am: (LON:FCH) Funding Circle Holdings Plc Ord 0.1p Wi share price was 0p at 89.7p