Funding Circle (FCH) H1 2026 earnings summary

Executive summary

• Achieved record H1 2026 revenue of £138.2m, up 50% year-over-year, and profit before tax up fourfold to £24.1m, driven by strong demand, multi-product strategy, and product innovation.

• Upgraded FY26 guidance to revenue over £255m and PBT over £40m, doubling profit versus last year.

• Announced further share buyback of up to £25m, following £72m already completed since March 2024.

• CEO Lisa Jacobs to step down by September 2027, with succession planning underway.

• Continued strong customer demand in a large, underserved SME market, supported by proprietary technology and a capital-light platform.

Financial highlights

• Credit extended grew 52% year-over-year to £1.7bn; revenue up 50% to £138.2m; PBT up fourfold to £24.1m with margin at 17.4%.

• Assets under management increased 15% to £3.3bn.

• Operating expenses rose 27% to £99m, but revenue growth outpaced cost growth; opex as a percentage of revenue decreased to 43%.

• FlexiPay and credit card revenue up 83% to £30m; term loans revenue up 43% to £108m.

• Profit for the period was £22.6m, up from £5.8m in H1 2025.

Outlook and guidance

• FY26 revenue expected to exceed £255m, PBT to exceed £40m; medium-term (FY29) revenue trending toward £300m–£350m with PBT margins in the low to mid-20s%.

• Deployable cash expected to continue growing, supporting self-funded growth and further shareholder returns.

• Strategic priorities include customer-led profitable growth, product scaling, and expanding distribution.