Funding Circle Holdings
FCH · Main Market · Financial Services · mcap £531m · 193.0p
Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value
Source: results 08 Sep 26 ↗
- Market cap
- £588.2m
- Owner’s net cash
- −£61.5m
- Net cash / market cap
- -10%
- EV ex leases
- £649.7m
- Price / tangible book
- 2.67×
Share price × shares in issue (from the company’s voting-rights notices)
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since−£61.5m − £0.0m − £0.0m − £0.0m = −£61.5m
Owner’s net cash ÷ Market cap−£61.5m ÷ £588.2m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£588.2m + £249.2m − £187.7m + £0.0m + £0.0m + £0.0m − £0.0m + £0.0m = £649.7m
Market cap ÷ Tangible book£588.2m ÷ £220.3m
Market value
- Market cap
- £588.2m
Share price × shares in issue (from the company’s voting-rights notices)
Cash and debt · balance sheet 2026-06-30
- Cash
- £187.7m
- Borrowings
- £249.2m
- Net cash / (debt) ex leases
- −£61.5m
- Lease liabilities
- £5.6m
- Owner’s net cash
- −£61.5m
- Net cash / market cap
- -10%
- Cash − total liabilities
- −£101.4m
Balance sheet 2026-06-30
Borrowings, current + Borrowings, non-current£249.2m + £0.0m
Cash − Borrowings£187.7m − £249.2m = −£61.5m
Lease liabilities, current + non-current (left out of net cash and EV ex leases)£1.8m + £3.8m
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since−£61.5m − £0.0m − £0.0m − £0.0m = −£61.5m
Owner’s net cash ÷ Market cap−£61.5m ÷ £588.2m
Cash − Total liabilities (the strictest view: cash covers everything owed)£187.7m − £289.1m = −£101.4m
Last twelve months · LTM incomplete
- Revenue
- –
- Operating profit
- –
- EBITDA (pre-IFRS 16)
- –
- Net income (owners)
- –
- Cash from operations
- –
- Free cash flow after leases
- –
Revenue, last twelve monthsLTM incomplete
Operating profit, last twelve monthsmissing
Operating profit + Depreciation (owned assets) + Amortisation
Net income (owners), last twelve monthsLTM incomplete
Cash from operations, last twelve monthsLTM incomplete
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid
Enterprise value
- EV ex leases
- £649.7m
- EV incl. leases
- £655.3m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£588.2m + £249.2m − £187.7m + £0.0m + £0.0m + £0.0m − £0.0m + £0.0m = £649.7m
EV ex leases + Lease liabilities£649.7m + £5.6m
Valuation at today’s market cap
- EV / EBIT
- –
- EV / EBITDA
- –
- FCF yield
- –
- Price / book
- 2.43×
- Tangible book
- £220.3m
- Price / tangible book
- 2.67×
- NCAV (net current asset value)
- £179.1m
- Price / NCAV
- 3.28×
- Net-net working capital
- −£84.6m
EV ex leases ÷ Operating profit (LTM)£649.7m ÷ –
EV ex leases ÷ EBITDA (pre-IFRS 16)£649.7m ÷ –
Free cash flow after leases ÷ Market cap– ÷ £588.2m
Market cap ÷ Total equity£588.2m ÷ £241.9m
Total equity − Goodwill − Other intangibles£241.9m − £0.0m − £21.6m
Market cap ÷ Tangible book£588.2m ÷ £220.3m
Current assets − Total liabilities£468.2m − £289.1m
Market cap ÷ NCAV£588.2m ÷ £179.1m
Cash + 75% × Trade receivables + 50% × Inventories − Total liabilities£187.7m + 0.75 × £22.4m + 0.5 × £0.0m − £289.1m
Returns and quality
- ROCE
- –
- ROE
- –
- Current ratio
- 1.64×
- Net debt / EBITDA
- –
- Accruals ratio
- –
Operating profit (LTM) ÷ (Total assets − Current liabilities)– ÷ (£531.0m − £284.7m) = – ÷ £246.3m
Net income (owners, LTM) ÷ Total equity– ÷ £241.9m
Current assets ÷ Current liabilities£468.2m ÷ £284.7m
(Borrowings − Cash) ÷ EBITDA (pre-IFRS 16)£61.5m ÷ –
(Net income − Cash from operations) ÷ Total assets – high: profit not backed by cash(– − –) ÷ £531.0m
H1 26 vs H1 25 · results 08 Sep 26 ↗
- Revenue
- £138m +50%
- Net income
- £22.6m +290%
- Cash from operations
- −£52.0m prior −£34.4m
Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.
The statement exactly as printed in one results announcement – its own columns (the period and its comparatives), lines and headings, in the company's currency and units. Choose the report above; to compare several years, use Key figures.
Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.
Latest report: H1 26 (six months to 30 Jun 26), published 08 Sep 26 · read the results ↗
| 2026 £m | 2025 £m | |
|---|---|---|
| Transaction fees | 79.2 | 48.3 |
| Servicing fees | 21.0 | 18.3 |
| Interest income 1 | 7.6 | 23.1 |
| Other fees | 2 .4 | 2.4 |
| Investment income | 3 .5 | 2.6 |
| Fair value gains | 0.9 | 2.0 |
| Cost of funds | (6.4) | (4.4) |
| Net income 2 | 138.2 | 92.3 |
| Expected credit loss charge | (15.2) | (8.4) |
| People costs | (39.8) | (32.7) |
| Marketing costs | (39.9) | (27.6) |
| Depreciation, amortisation and impairment | (6.0) | (6.1) |
| Other costs | (13.2) | (11.5) |
| Operating expenses | (98.9) | (77.9) |
| Profit before taxation | 24.1 | 6.0 |
| Income tax charge | (1 .5 ) | (0.2) |
| Profit for the period | 22.6 | 5.8 |
| Other comprehensive income | ||
| Items that may be reclassified subsequently to profit and loss | ||
| Exchange differences on translation of foreign operations | - | - |
| Total comprehensive income for the period | 22.6 | 5.8 |
| Total comprehensive income attributable to | ||
| Owners of the Parent | 22.6 | 5.8 |
| Earnings per share | ||
| Basic earnings per share | 7.6p | 1.9p |
| Diluted earnings per share | 7.4p | 1.7p |
| 30 June 2026 £m | 31 December 2025 £m | |
|---|---|---|
| Non-current assets | ||
| Intangible assets | 21.6 | 21.3 |
| Property, plant and equipment | 7.0 | 7.9 |
| Investment in trusts and co-investments | 8.4 | 11.9 |
| SME loans held at amortised cost | 0.8 | 1.2 |
| Deferred tax asset | 25.0 | 26.1 |
| Total non-current assets | 62.8 | 68.4 |
| Current assets | ||
| SME loans held at amortised cost | 0.6 | 0.9 |
| SME loans held at fair value through profit and loss | 0.7 | 120.8 |
| Lines of credit | 256.8 | 172.9 |
| Trade and other receivables | 22.4 | 20.5 |
| Cash and cash equivalents | 187.7 | 152.4 |
| Total current assets | 468.2 | 467.5 |
| Total assets | 531.0 | 535.9 |
| Current liabilities | ||
| Trade and other payables | 29.3 | 30.8 |
| Bank borrowings | 249.2 | 267.3 |
| Short-term provisions and other liabilities | 4.4 | 2.5 |
| Lease liabilities | 1.8 | 1.8 |
| Total current liabilities | 284.7 | 302.4 |
| Non-current liabilities | ||
| Long-term provisions and other liabilities | 0.6 | 0.6 |
| Lease liabilities | 3.8 | 4.5 |
| Total liabilities | 289.1 | 307.5 |
| Equity | ||
| Share capital | 0.3 | 0.3 |
| Share premium account | 0.5 | 0.5 |
| Foreign exchange reserve | 5.3 | 5.3 |
| Share options reserve | 17.6 | 21.1 |
| Retained earnings | 218.2 | 201.2 |
| Total equity | 241.9 | 228.4 |
| Total equity and liabilities | 531.0 | 535.9 |
| 2026 £m | 2025 £m | |
|---|---|---|
| Net cash outflow from operating activities | (52.0) | (34.4) |
| Investing activities | ||
| Purchase of intangible assets | (5.3) | (4.4) |
| Purchase of property, plant and equipment | (0.2) | (0.3) |
| Originations of SME loans held at amortised cost | - | (1.2) |
| Cash receipts from SME loans held at amortised cost | 0.6 | 0.5 |
| Originations of SME loans held at fair value through profit and loss | (27.0) | (50.0) |
| Cash receipts from SME loans held at fair value through profit and loss | 10.5 | 2.8 |
| Proceeds from sale of SME loans held at fair value through profit and loss | 31.5 | 2.5 |
| Investment in trusts and co-investments | (0.4) | (0.4) |
| Cash receipts from investments in trusts and co-investments | 4.2 | 3.1 |
| Redemption in associates | - | 0.3 |
| Net cash inflow/(outflow) from investing activities | 13.9 | (47.1) |
| Financing activities | ||
| Proceeds from bank borrowings | 94.7 | 73.2 |
| Repayment of bank borrowings | (7.1) | (4.3) |
| Proceeds from the exercise of share options | - | 0.3 |
| Purchase of own shares by EBT | (5.0) | (6.9) |
| Buyback of own shares | (8.3) | (19.0) |
| Payment of lease liabilities | (0.9) | (0.9) |
| Net cash inflow from financing activities | 73.4 | 42.4 |
| Net increase/(decrease) in cash and cash equivalents | 35.3 | (39.1) |
| Cash and cash equivalents at the beginning of the period | 152.4 | 187.6 |
| Effect of foreign exchange rate changes | - | 0.1 |
| Cash and cash equivalents at the end of the period | 187.7 | 148.6 |
| H1 26 | vs H1 25 | H1 25 | |
|---|---|---|---|
| Revenue to operating profit | |||
| Revenue | 138.2 | +50% | 92.3 |
| Depreciation (owned assets) | 1.1 | −8% | 1.2 |
| Amortisation | 4.2 | −12% | 4.8 |
| Operating profit to net income | |||
| Fair value gains / losses | 0.9 | −55% | 2.0 |
| Profit before tax | 24.1 | +302% | 6.0 |
| Tax | (1.5) | n/m | (0.2) |
| Net income (owners) | 22.6 | +290% | 5.8 |
| Per share | |||
| EPS basic | 7.6p | – | 1.9p |
| EPS diluted | 7.4p | – | 1.7p |
| 30 Jun 26 | 31 Dec 25 | |
|---|---|---|
| Non-current assets | ||
| Other intangibles | 21.6 | 21.3 |
| Property, plant & equipment | 7.0 | 7.9 |
| Non-current assets | 62.8 | 68.4 |
| Current assets | ||
| Trade receivables | 22.4 | 20.5 |
| Cash | 187.7 | 152.4 |
| Current assets | 468.2 | 467.5 |
| Total assets | 531.0 | 535.9 |
| Current liabilities | ||
| Trade payables | 29.3 | 30.8 |
| Borrowings, current | 249.2 | 267.3 |
| Lease liabilities, current | 1.8 | 1.8 |
| Current liabilities | 284.7 | 302.4 |
| Non-current liabilities | ||
| Lease liabilities, non-current | 3.8 | 4.5 |
| Non-current liabilities | 4.4 | 5.1 |
| Total liabilities | 289.1 | 307.5 |
| Equity | ||
| Total equity | 241.9 | 228.4 |
| 30 Jun 26 | |
|---|---|
| Non-current assets | |
| Other intangibles | 21.6 |
| Property, plant & equipment | 7.0 |
| Non-current assets | 62.8 |
| Current assets | |
| Trade receivables | 22.4 |
| Cash | 187.7 |
| Current assets | 468.2 |
| Total assets | 531.0 |
| Current liabilities | |
| Trade payables | 29.3 |
| Borrowings, current | 249.2 |
| Lease liabilities, current | 1.8 |
| Current liabilities | 284.7 |
| Non-current liabilities | |
| Lease liabilities, non-current | 3.8 |
| Non-current liabilities | 4.4 |
| Total liabilities | 289.1 |
| Equity | |
| Total equity | 241.9 |
No annual income statement figures were extracted for this company yet. See the latest results ↗
No annual cash flow figures were extracted for this company yet. See the latest results ↗
Read automatically from each results announcement. Check the source before relying on a figure.
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Company filings. Not investment advice.