31 December | |||||
2024 | |||||
Before | 31 December | ||||
exceptional | Exceptional | 31 December | 2023 | ||
items | items 1 | 2024 | (re-presented) 2 | ||
Note | £m | £m | £m | £m | |
Transaction fees | |||||
Servicing fees | |||||
Interest income 3 | |||||
Other fees | |||||
Operating income | |||||
Net investment income | |||||
Total income | |||||
Fair value gains | |||||
Cost of funds | ( | ( | ( | ||
Net income 4 | 5 | ||||
People costs | 4, 6, 7 | ( | ( | ( | ( |
Marketing costs | 6 | ( | ( | ( | |
Depreciation, amortisation and impairment | 4, 5, 6, 10, 11 | ( | ( | ( | ( |
Expected credit loss charge | 6, 16 | ( | ( | ( | |
Other costs | 6 | ( | ( | ( | |
Operating expenses | 6 | ( | ( | ( | ( |
Profit/(loss) before taxation | 5 | ( | ( | ||
Income tax (charge)/credit | 8 | ( | ( | ||
Profit/(loss) for the year from continuing operations | ( | ( | |||
(Loss)/profit for the year from discontinued operations | 3 | ( | ( | ||
(Loss)/profit for the year | ( | ( | |||
Other comprehensive expense | |||||
Items that may be reclassified subsequently to profit and loss: | |||||
Exchange differences on translation of foreign operations | 3, 19 | ( | ( | ( | ( |
– discontinued operations | |||||
Total comprehensive (expense)/income for the year | ( | ( | ( | ||
Total comprehensive income/(expense) attributable to: | |||||
Owners of the Parent | |||||
Income/(expense) from continuing operations | ( | ( | |||
(Expense)/income from discontinued operations | 3 | ( | ( | ( | |
Total comprehensive (expense)/income attributable to the owners of the Parent | ( | ( | ( | ||
Earnings per share | |||||
Basic earnings/(loss) per share from continuing operations | 9 | ( | |||
Diluted earnings/(loss) per share from continuing operations | 9 | ( | |||
Basic (loss)/earnings per share from discontinued operations | 3, 9 | ( | ( | ||
Diluted (loss)/earnings per share from discontinued operations | 3, 9 | ( | ( |
31 December | |||
31 December | 2023 | ||
2024 | (re-presented ) 1 | ||
Note | £m | £m | |
Non-current assets | |||
Intangible assets | 10 | ||
Property, plant and equipment | 11 | ||
Investment in associates | 29 | ||
Investment in trusts and co-investments | 12, 16 | ||
SME loans held at amortised cost | 12, 16 | ||
Trade and other receivables | 13 | ||
Current assets | |||
SME loans held at amortised cost | 12, 16 | ||
SME loans held at fair value through profit and loss | 12, 16 | ||
Lines of credit | 12, 16 | ||
Trade and other receivables | 13 | ||
Cash and cash equivalents | 22 | ||
Total assets | |||
Current liabilities | |||
Trade and other payables | 14 | ||
Bank borrowings | 16, 22 | ||
Short-term provisions and other liabilities | 15 | ||
Lease liabilities | 11, 22 | ||
Non-current liabilities | |||
Long-term provisions and other liabilities | 15 | ||
Bank borrowings | 16, 22 | ||
Lease liabilities | 11, 22 | ||
Total liabilities | |||
Equity | |||
Share capital | 17 | ||
Share premium account | 18 | ||
Foreign exchange reserve | 19 | ||
Share options reserve | |||
Retained earnings/(accumulated losses) | 20 | ( | |
Total equity | |||
Total equity and liabilities |
(Accumulated | |||||||
Share | Foreign | Share | losses)/ | ||||
Share | premium | exchange | options | retained | Total | ||
capital | account | reserve | reserve | earnings | equity | ||
Note | £m | £m | £m | £m | £m | £m | |
Balance at 1 January 2023 | ( | ||||||
Loss for the year | 20 | ( | ( | ||||
Other comprehensive expense | |||||||
Exchange differences on translation | 19 | ( | ( | ||||
of foreign operations | |||||||
Total comprehensive expense | ( | ( | ( | ||||
Transactions with owners | |||||||
Transfer of share option costs | 20 | ( | |||||
Purchase of own shares held in Employee Benefit Trust | 17. 20 | ( | ( | ||||
Employee share schemes – | 21 | ||||||
value of employee services | |||||||
Balance at 31 December 2023 | ( | ||||||
Profit for the year | 20 | ||||||
Other comprehensive expense | |||||||
Exchange differences on translation | 19 | ( | ( | ||||
of foreign operations | |||||||
Total comprehensive (expense)/income | ( | ( | |||||
Transactions with owners | |||||||
Transfer of share option costs | 20 | ( | |||||
Buyback and cancellation of own shares | 17, 20 | ( | ( | ( | |||
Capital reduction | 18, 20 | ( | |||||
Issue of share capital/exercise | |||||||
of share options | 18 | ||||||
Employee share schemes – | 21 | ||||||
value of employee services | |||||||
Balance at |
31 December | |||
31 December | 2023 | ||
2024 | (re-presented) 1 | ||
Note | £m | £m | |
Net cash outflow from operating activities | 22 | ( | ( |
Investing activities | |||
Purchase of intangible assets | 10 | ( | ( |
Purchase of property, plant and equipment | 11 | ( | ( |
Originations of SME loans held at amortised cost | 16 | ( | ( |
Cash receipts from SME loans held at amortised cost | 16 | ||
Originations from SME loans held at fair value through profit and loss | 16 | ( | |
Cash receipts from SME loans held at fair value through profit and loss | 16 | ||
Proceeds from sale of SME loans held at fair value through profit and loss | 16 | ||
Investment in trusts and co-investments | 16 | ( | ( |
Cash receipts from investments in trusts and co-investments | 16 | ||
Redemption in associates | 25, 29 | ||
Dividends from associates | 25, 29 | ||
Proceeds from sale of subsidiary | 3 | ||
Direct costs of selling subsidiary | 3 | ( | |
Cash disposed of on sale of subsidiary | 3 | ( | |
Net cash inflow from investing activities | |||
Financing activities | |||
Proceeds from bank borrowings | 22 | ||
Repayment of bank borrowings | 22 | ( | ( |
Payment of bond liabilities | 22 | ( | |
Proceeds from the exercise of share options | 18 | ||
Purchase of own shares | 17, 20 | ( | |
Share buyback | 17, 20 | ( | |
Proceeds from subleases | |||
Payment of lease liabilities | 22 | ( | ( |
Net cash inflow from financing activities | |||
Net (decrease)/increase in cash and cash equivalents | ( | ||
Cash and cash equivalents at the beginning of the year | |||
Effect of foreign exchange rate changes | ( | ||
Cash and cash equivalents at the end of the year | 22 |
Applicable for | ||
financial years | ||
beginning | ||
Standard/interpretation | Content | on/after |
Amendments to IAS 1 – | Presentation of | 1 January |
Classification of Liabilities | financial | 2024 |
as Current or Non-current | statements | |
Amendments to IAS 1 – | Presentation of | 1 January |
Non-current Liabilities with | financial | 2024 |
Covenants | statements | |
Amendments to IAS 12 – | Tax | 1 January |
International Tax Reform – | 2024 | |
Pillar Two Model Rules | ||
IFRS 1 General | Sustainability | 1 January |
Requirements for Disclosure | disclosures | 2024 |
of Sustainability-related | ||
Financial Information | ||
IFRS S2 Climate-related | Sustainability | 1 January |
Disclosures | disclosures | 2024 |
Amendments to IAS 7 and | Financial | 1 January |
IFRS 7 – Supplier Finance | instruments | 2024 |
Arrangements | ||
Amendments to IFRS 16 – | Leases | 1 January |
Lease Liability in a Sale and Leaseback | 2024 |
Applicable for | ||
financial years | ||
beginning | ||
Standard/interpretation | Content | on/after |
Amendments to IAS 21 – | Foreign | 1 January |
Lack of Exchangeability | exchange rates | 2025 |
Amendment to IFRS 9 and | Financial | 1 January |
IFRS 7 – Classification and Measurement of Financial | instruments | 2026 |
Instruments | ||
IFRS 18 Presentation and | Financial | 1 January |
Disclosure in Financial | statements | 2027 |
Statements | disclosures | |
IFRS 19 Subsidiaries without | Financial | 1 January |
Public Accountability: | statements | 2027 |
Disclosures | disclosures |
Before | 31 December | 31 December | |||
exceptional | Exceptional | 2024 | 2023 | ||
Note | items | items | £m | £m | |
Transaction fees | 10.3 | — | 10.3 | 23.4 | |
Servicing fees | 2.1 | — | 2.1 | 3.4 | |
Interest income | 0.7 | — | 0.7 | 1.3 | |
Other fees | 0.2 | — | 0.2 | 0.6 | |
Operating income | 13.3 | — | 13.3 | 28.7 | |
Investment income | 0.7 | — | 0.7 | 4.4 | |
Investment expense | — | — | — | (0.6) | |
Net investment income | 0.7 | — | 0.7 | 3.8 | |
Total income | 14.0 | — | 14.0 | 32.5 | |
Fair value gains | 2.2 | — | 2.2 | 5.6 | |
Net income | 16.2 | — | 16.2 | 38.1 | |
People costs | (16.0) | 1.7 | (14.3) | (28.9) | |
Marketing costs | (3.7) | — | (3.7) | (11.3) | |
Depreciation, amortisation, impairment | |||||
and modification gains/(losses) | 10, 11 | (0.3) | — | (0.3) | (10.3) |
(Charge)/credit for expected credit losses | 15, 16 | (0.1) | — | (0.1) | 0.1 |
Other costs | (6.2) | — | (6.2) | (11.0) | |
Operating expenses | (26.3) | 1.7 | (24.6) | (61.4) | |
Realised FX recycled from foreign currency | |||||
translation | — | 8.7 | 8.7 | — | |
Gain on disposal of US business | — | 8.1 | 8.1 | — | |
(Loss)/profit before taxation | (10.1) | 18.5 | 8.4 | (23.3) | |
Income tax | 8 | (0.1) | — | (0.1) | (6.8) |
(Loss)/profit for the year from discontinued operations | (10.2) | 18.5 | 8.3 | (30.1) | |
Other comprehensive income/(expense) | |||||
Exchange differences on translation of foreign | 19 | (0.2) | (8.7) | (8.9) | (2.7) |
operations – discontinued operations | |||||
Total comprehensive (expense)/income for the year attributable to owners of the Parent | (10.4) | 9.8 | (0.6) | (32.8) | |
Earnings per share | |||||
Basic and diluted (loss)/earnings per share | |||||
from discontinued operations | 9 | (3.0)p | 2.4p | (8.7)p | |
Basic and diluted (loss)/earnings per share | 9 | (3.0)p | 2.2p | (8.7)p | |
from discontinued operations |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Adjusted EBITDA | (8.7) | (10.6) |
Discount unwind on lease liabilities | (0.2) | (0.4) |
Depreciation, amortisation, impairment and modification gains/(losses) | (0.3) | (10.3) |
Exceptional items | 18.5 | — |
Share-based payments and social security costs | (1.0) | (1.8) |
Foreign exchange gains/(losses) | 0.1 | (0.2) |
Profit/(loss) before tax | 8.4 | (23.3) |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Cash and cash equivalents at the beginning of the year | 22.3 | 13.8 |
Net cash outflow from operating activities | (8.6) | (12.3) |
Net cash (outflow)/inflow from investing activities | (13.3) | 64.8 |
Net cash outflow from financing activities | (0.6) | (43.2) |
Net (decrease)/increase in cash generated | (0.2) | 23.1 |
Effect of foreign exchange rate changes | 0.2 | (0.8) |
Cash and cash equivalents at the end of the year | — | 22.3 |
£m | |
Consideration received: | |
Cash consideration at prevailing exchange rate | 32.6 |
Net assets disposed on (including cash and cash equivalents of £23.1 million) | (22.2) |
Gross gain on sale | 10.4 |
Direct transaction costs for legal, advisory and other costs | (2.3) |
Net impact of (early vesting)/lapsing US share options | 1.7 |
Other disposal related costs | (0.6) |
Gain on sale | 9.8 |
Reclassification of foreign currency translation reserve | 8.7 |
Total gain as a result of disposal after reclassification of foreign currency translation reserve | 18.5 |
31 December 2024 1 | 31 December 2023 1 | ||||||
Continuing operations | Continuing operations | ||||||
United Kingdom | Total | United Kingdom | Other | Total | |||
Term Loans | FlexiPay | Total | Term Loans | FlexiPay | Term Loans | Total | |
£m | £m | £m | £m | £m | £m | £m | |
Transaction fees | 84.7 | 0.6 | 85.3 | 65.2 | 0.1 | — | 65.3 |
Servicing fees | 37.5 | — | 37.5 | 38.8 | — | 0.2 | 39.0 |
Interest income | 8.3 | 22.6 | 30.9 | 7.5 | 7.8 | 0.1 | 15.4 |
Other fees | 5.1 | 0.1 | 5.2 | 6.3 | — | 0.1 | 6.4 |
Operating income | 135.6 | 23.3 | 158.9 | 117.8 | 7.9 | 0.4 | 126.1 |
Net investment income | 2.8 | — | 2.8 | 3.6 | — | — | 3.6 |
Total income | 138.4 | 23.3 | 161.7 | 121.4 | 7.9 | 0.4 | 129.7 |
Fair value gains | 4.2 | — | 4.2 | 3.1 | — | — | 3.1 |
Cost of funds | — | (5.8) | (5.8) | — | (2.7) | — | (2.7) |
Net income | 142.6 | 17.5 | 160.1 | 124.5 | 5.2 | 0.4 | 130.1 |
Adjusted EBITDA | 37.0 | (12.5) | 24.5 | 21.3 | (14.4) | (0.2) | 6.7 |
Discount unwind on lease liabilities | (0.6) | — | (0.6) | (0.2) | — | — | (0.2) |
Depreciation, amortisation, impairment and modification | |||||||
(gains/losses) | (11.4) | (1.8) | (13.2) | (11.3) | (1.3) | — | (12.6) |
Share-based payments and social | |||||||
security costs | (6.5) | (1.3) | (7.8) | (3.3) | (0.5) | — | (3.8) |
Exceptional items | (2.3) | (0.3) | (2.6) | — | — | — | — |
Foreign exchange gains | 0.5 | — | 0.5 | — | — | — | — |
Profit/(loss) before tax | 16.7 | (15.9) | 0.8 | 6.5 | (16.2) | (0.2) | (9.9) |
Before | |||||
exceptional | Exceptional | 31 December | 31 December | ||
items | items 1 | 2024 | 2023 | ||
Note | £m | £m | £m | £m | |
Continuing operations | |||||
Depreciation | 11 | 3.0 | — | 3.0 | 3.5 |
Amortisation and impairment | 4, 10 | 10.6 | 0.3 | 10.9 | 9.1 |
Modification gains | 11 | (0.4) | — | (0.4) | — |
Rental income and other recharges | — | — | — | (0.2) | |
Employment costs (including contractors) | 7 | 68.1 | 2.3 | 70.4 | 65.5 |
Marketing costs – (excluding employment costs) | 45.6 | — | 45.6 | 37.1 | |
Data and technology | 7.2 | — | 7.2 | 6.8 | |
Expected credit loss impairment charge | 16, 27 | 8.6 | — | 8.6 | 4.5 |
Other expenses | 14.0 | — | 14.0 | 13.7 | |
Total operating expenses from continuing operations | 156.7 | 2.6 | 159.3 | 140.0 |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Audit fees | ||
Continuing operations | ||
– Fees payable to the Company’s auditors for the audit of the Parent Company and consolidated | ||
financial statements | 0.4 | 0.5 |
– Fees payable to the Company’s auditors and its associates for the statutory audit of the financial statements of subsidiaries of the Company | 0.5 | 0.5 |
Total audit fees | 0.9 | 1.0 |
Non-audit service fees | ||
– Audit-related assurance services | 0.3 | 0.3 |
– Other assurance services | 0.1 | 0.1 |
Total non-audit service fees | 0.4 | 0.4 |
2024 | 2023 | |
Number | Number | |
Continuing operations | ||
Term Loans | 628 | 666 |
FlexiPay | 88 | 81 |
Other | 5 | 9 |
Total continuing operations | 721 | 756 |
Discontinued operations 1 | ||
US | 106 | 203 |
Total discontinued operations | 106 | 203 |
Total | 827 | 959 |
31 December | ||||
31 December 2024 | 2023 | |||
Before | ||||
exceptional | Exceptional | |||
items | items 1 | Total | Total | |
Continuing operations | £m | £m | £m | £m |
Wages and salaries | 56.0 | — | 56.0 | 55.6 |
Social security costs | 6.3 | — | 6.3 | 6.0 |
Pension costs | 2.1 | — | 2.1 | 2.1 |
Share-based payments | 7.8 | — | 7.8 | 3.8 |
Exceptional costs | — | 2.3 | 2.3 | — |
72.2 | 2.3 | 74.5 | 67.5 | |
Contractor costs | 4.9 | — | 4.9 | 7.2 |
Less: capitalised development costs | (9.0) | — | (9.0) | (9.2) |
Employment costs net of capitalised development costs | 68.1 | 2.3 | 70.4 | 65.5 |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Current tax | ||
Continuing operations | ||
UK | ||
Current tax on profits/(losses) for the year | 0.5 | 0.3 |
Adjustment in respect of prior years | — | (2.0) |
0.5 | (1.7) | |
Other Current tax on (losses)/profits for the year | — | — |
Adjustment in respect of prior years | — | — |
— | — | |
Total current tax charge/(credit) from continuing operations | 0.5 | (1.7) |
Discontinued operations | ||
US | ||
Current tax on (losses)/profits for the year | 0.1 | 0.3 |
Adjustment in respect of prior years | — | (0.1) |
Total current tax charge from discontinued operations | 0.1 | 0.2 |
Total current tax charge/(credit) | 0.6 | (1.5) |
Deferred tax | ||
Continuing operations | ||
UK | ||
Deferred tax on profits/(losses) for the year | — | — |
Adjustments in respect of prior years | — | — |
— | — | |
Other Deferred tax on (losses)/profits for the year | — | — |
Adjustments in respect of prior years | — | — |
— | — | |
Total deferred tax charge/(credit) from continuing operations | — | — |
Discontinued operations | ||
US | ||
Deferred tax on (losses)/profits for the year | — | 6.6 |
Adjustments in respect of prior years | — | — |
Total deferred tax charge from discontinued operations | — | 6.6 |
Total deferred tax charge | — | 6.6 |
Total tax charge | 0.6 | 5.1 |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Profit/(loss) before taxation for the Group | 9.2 | (33.2) |
Taxation on profit/(loss) at 25.0% (2023: 23.5%) | 2.3 | (7.8) |
Effects of: | ||
Research and development | 0.4 | 0.3 |
Effect of foreign tax rates | 0.1 | 0.3 |
Non-taxable/non-deductible expenses | 0.3 | 0.7 |
Unrecognised timing differences | (0.1) | 1.7 |
Unrecognised tax losses accumulated | 1.1 | 5.6 |
Adjustment in respect of prior years | — | (2.1) |
Deferred tax assets derecognised | — | 6.6 |
Impairment charge | (3.5) | (0.2) |
Total tax charge | 0.6 | 5.1 |
Total tax charge/(credit) from continuing operations | 0.5 | (1.7) |
Total tax charge from discontinued operations | 0.1 | 6.8 |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Property, plant and equipment | — | (1.5) |
Carry forward losses (UK) | — | 1.5 |
Carry forward losses (US) | — | — |
Recognised deferred tax | — | — |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Property, plant and equipment | 6.9 | 22.8 |
Carry forward losses | 125.0 | 183.4 |
Deferred stock options | 22.5 | 20.5 |
US R&D credit | — | 2.2 |
US fair value adjustments | — | 40.7 |
Other | 0.2 | 0.4 |
Unrecognised deferred tax 1 | 154.6 | 270.0 |
31 December | |||
2024 | |||
31 December | Before | ||
2024 | exceptional | 31 December | |
Total | items | 2023 | |
£m | £m | £m | |
Profit/(loss) for the year from continuing operations | 0.3 | 2.9 | (8.2) |
Basic weighted average number of ordinary shares in issue (million) | 342.4 | 342.4 | 344.8 |
Basic earnings/(loss) per share from continuing operations | 0.1p | 0.8p | (2.4)p |
Profit/(loss) for the year from continuing operations | 0.3 | 2.9 | (8.2) |
Diluted weighted average number of ordinary shares in issue (million) | 382.2 | 382.2 | 344.8 |
Diluted earnings/(loss) per share from continuing operations | 0.1p | 0.8p | (2.4)p |
31 December | |||
2024 | |||
31 December | Before | 31 December | |
2024 | exceptional | 2023 | |
Total | items | Total | |
£m | £m | £m | |
Profit/(loss) for the year from discontinued operations | 8.3 | (10.2) | (30.1) |
Basic weighted average number of ordinary shares in issue (million) | 342.4 | 342.4 | 344.8 |
Basic earnings/(loss) per share from discontinued operations | 2.4p | (3.0)p | (8.7)p |
Profit/(loss)for the year from discontinued operations | 8.3 | (10.2) | (30.1) |
Diluted weighted average number of ordinary shares in issue (million) | 382.2 | 342.4 | 344.8 |
Diluted earnings/(loss) per share from discontinued operations | 2.2p | (3.0)p | (8.7)p |
Capitalised | ||||
development | Computer | Other | ||
costs | software | intangibles | Total | |
£m | £m | £m | £m | |
Cost | ||||
At 1 January 2023 | 54.8 | 0.8 | 1.2 | 56.8 |
Exchange differences | (0.8) | — | — | (0.8) |
Additions | 11.3 | 0.2 | — | 11.5 |
Disposals | (4.1) | (0.6) | — | (4.7) |
At 31 December 2023 | 61.2 | 0.4 | 1.2 | 62.8 |
At 1 January 2024 | 61.2 | 0.4 | 1.2 | 62.8 |
Exchange differences | 0.2 | — | (0.1) | 0.1 |
Additions | 9.0 | — | — | 9.0 |
Disposals | (4.4) | (0.3) | — | (4.7) |
De-recognition of assets of discontinued operations | (15.7) | — | — | (15.7) |
At 31 December 2024 | 50.3 | 0.1 | 1.1 | 51.5 |
Accumulated amortisation | ||||
At 1 January 2023 | 26.8 | 0.6 | 1.2 | 28.6 |
Exchange differences | (0.5) | 0.1 | — | (0.4) |
Charge for the year | 12.3 | 0.1 | — | 12.4 |
Impairment | 3.9 | — | — | 3.9 |
Disposals | (4.1) | (0.6) | — | (4.7) |
At 31 December 2023 | 38.4 | 0.2 | 1.2 | 39.8 |
At | 38.4 | 0.2 | 1.2 | 39.8 |
Exchange differences | 0.1 | — | (0.1) | — |
Charge for the year | 9.7 | 0.1 | — | 9.8 |
Impairment (exceptional item) | 0.3 | — | — | 0.3 |
Impairment | 0.7 | 0.1 | — | 0.8 |
Disposals | (4.4) | (0.3) | — | (4.7) |
De-recognition of assets of discontinued operations | (15.7) | — | — | (15.7) |
At 31 December 2024 | 29.1 | 0.1 | 1.1 | 30.3 |
Carrying amount | ||||
At 31 December 2024 | 21.2 | — | — | 21.2 |
At 31 December 2023 | 22.8 | 0.2 | — | 23.0 |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Property, plant and equipment (owned) | 2.9 | 1.7 |
Right-of-use assets | 6.7 | 3.3 |
9.6 | 5.0 |
Right-of-use | |||||
Leasehold | Computer | Furniture and | assets | ||
improvements | equipment | fixtures | (property) | Total | |
£m | £m | £m | £m | £m | |
Cost | |||||
At 1 January 2023 | 5.2 | 3.0 | 2.1 | 32.7 | 43.0 |
Disposals | — | (1.1) | — | — | (1.1) |
Additions 1 | — | 0.7 | — | 0.2 | 0.9 |
Exchange differences | — | — | — | (0.6) | (0.6) |
At 31 December 2023 | 5.2 | 2.6 | 2.1 | 32.3 | 42.2 |
At 1 January 2024 | 5.2 | 2.6 | 2.1 | 32.3 | 42.2 |
Disposals | (3.7) | (0.4) | (0.7) | (9.6) | (14.4) |
Lease modification | — | — | — | 5.7 | 5.7 |
Additions 1 | 2.3 | 0.5 | 0.1 | — | 2.9 |
Exchange differences and other non-cash | |||||
movements | (0.4) | — | — | 0.1 | (0.3) |
Derecognition of assets of discontinued operations | (0.2) | (1.0) | (0.7) | (10.2) | (12.1) |
At 31 December 2024 | 3.2 | 1.7 | 0.8 | 18.3 | 24.0 |
Accumulated depreciation | |||||
At 1 January 2023 | 3.9 | 1.9 | 1.8 | 25.4 | 33.0 |
Disposals | — | (1.1) | — | — | (1.1) |
Charge for the year | 0.7 | 0.8 | 0.1 | 2.7 | 4.3 |
Impairment | — | 0.1 | 0.1 | 1.3 | 1.5 |
Exchange differences | (0.1) | — | — | (0.4) | (0.5) |
At 31 December 2023 | 4.5 | 1.7 | 2.0 | 29.0 | 37.2 |
At 1 January 2024 | 4.5 | 1.7 | 2.0 | 29.0 | 37.2 |
Disposals | (3.7) | (0.4) | (0.7) | (9.6) | (14.4) |
Charge for the year | 0.5 | 0.6 | 0.1 | 2.0 | 3.2 |
Impairment | — | 0.1 | — | — | 0.1 |
Exchange differences | — | — | — | 0.1 | 0.1 |
Derecognition of assets of discontinued operations | (0.2) | (1.0) | (0.7) | (9.9) | (11.8) |
At 31 December 2024 | 1.1 | 1.0 | 0.7 | 11.6 | 14.4 |
Carrying amount | |||||
At 31 December 2024 | 2.1 | 0.7 | 0.1 | 6.7 | 9.6 |
At 31 December 2023 | 0.7 | 0.9 | 0.1 | 3.3 | 5.0 |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Current | 1.8 | 7.2 |
Non-current | 5.8 | 5.4 |
Total | 7.6 | 12.6 |
31 December | 31 December | |
2024 | 2023 | |
Continuing operations | £m | £m |
Depreciation charge of right-of-use assets (property) | 1.9 | 2.1 |
Gain on modification of lease liability | (0.4) | — |
Interest expense (included in operating expenses) | 0.6 | 0.2 |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Non-current | ||
SME loans – amortised cost | 1.4 | 5.6 |
Investment in trusts and co-investments – FVTPL | 17.8 | 25.2 |
Total non-current | 19.2 | 30.8 |
Current | ||
SME loans – amortised cost | 0.7 | 1.1 |
Lines of credit – amortised cost 1 | 97.1 | 50.0 |
SME loans – FVTPL | 1.2 | 18.6 |
Total current | 99.0 | 69.7 |
Total | 118.2 | 100.5 |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Other receivables | — | 1.4 |
Non-current trade and other receivables | — | 1.4 |
Trade receivables | 0.4 | 0.4 |
Other receivables | 4.2 | 2.7 |
Tax-related receivables | 4.8 | 4.6 |
Prepayments | 4.7 | 5.2 |
Accrued income | 5.8 | 5.3 |
Rent and other deposits | 0.9 | 2.2 |
Current trade and other receivables | 20.8 | 20.4 |
20.8 | 21.8 |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Trade payables | 1.8 | 2.4 |
Other taxes and social security costs | 7.0 | 4.2 |
Other creditors 1 | 6.5 | 32.6 |
Accruals and deferred income | 12.5 | 15.1 |
27.8 | 54.3 |
ECL on | |||||
undrawn | |||||
Loan | lines of credit | ||||
Dilapidation | repurchase | Restructuring 1 | and other 2 | Total | |
£m | £m | £m | £m | £m | |
At 1 January 2023 | 1.1 | 0.5 | — | 0.5 | 2.1 |
Additional provision/liability | — | 0.2 | — | 1.2 | 1.4 |
Amount utilised | — | (0.4) | — | (0.3) | (0.7) |
Amount reversed | — | (0.2) | — | — | (0.2) |
At 31 December 2023 | 1.1 | 0.1 | — | 1.4 | 2.6 |
Additional provision/liability | — | — | 2.3 | 2.2 | 4.5 |
Amount utilised | (0.3) | (0.1) | (2.3) | — | (2.7) |
Amount reversed | (0.2) | — | — | — | (0.2) |
At 31 December 2024 | 0.6 | — | — | 3.6 | 4.2 |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Current provisions and other liabilities | 3.6 | 1.5 |
Non-current provisions and other liabilities | 0.6 | 1.1 |
4.2 | 2.6 |
31 December 2024 | 31 December 2023 | |||||||
Fair value | Fair value | |||||||
through | through | |||||||
profit | Amortised | profit | Amortised | |||||
and loss | cost | Other | Total | and loss | cost | Other | Total | |
£m | £m | £m | £m | £m | £m | £m | £m | |
Assets | ||||||||
SME loans held at amortised | ||||||||
cost | — | 2.1 | — | 2.1 | — | 6.7 | — | 6.7 |
SME loans held at fair value through profit and loss | 1.2 | — | — | 1.2 | 18.6 | — | — | 18.6 |
Lines of credit | — | 97.1 | — | 97.1 | — | 50.0 | — | 50.0 |
Investment in trusts and co-investments | 17.8 | — | — | 17.8 | 25.2 | — | — | 25.2 |
Trade and other receivables | 0.6 | 10.7 | — | 11.3 | 0.8 | 11.2 | — | 12.0 |
Cash and cash equivalents | 136.3 | 51.3 | — | 187.6 | 150.1 | 71.3 | — | 221.4 |
155.9 | 161.2 | — | 317.1 | 194.7 | 139.2 | — | 333.9 | |
Liabilities | ||||||||
Trade and other payables | — | (8.3) | — | (8.3) | — | (35.0) | — | (35.0) |
Loan repurchase liability | — | — | — | — | — | — | (0.1) | (0.1) |
Bank borrowings | — | (101.9) | — | (101.9) | — | (56.9) | — | (56.9) |
Lease liabilities | — | (7.6) | — | (7.6) | — | (12.6) | — | (12.6) |
— | (117.8) | — | (117.8) | — | (104.5) | (0.1) | (104.6) |
Fair value measurement using | ||||||
31 December 2024 | 31 December 2023 | |||||
Quoted | Quoted | |||||
prices | Significant | Significant | prices | Significant | Significant | |
in active | observable | unobservable | in active | observable | unobservable | |
markets | inputs | inputs | markets | inputs | inputs | |
(level 1) | (level 2) | (level 3) | (level 1) | (level 2) | (level 3) | |
£m | £m | £m | £m | £m | £m | |
Financial assets | ||||||
SME loans held at fair value through profit | ||||||
and loss | — | — | 1.2 | — | — | 18.6 |
Trade and other receivables | 0.6 | — | — | 0.8 | — | — |
Investment in trusts and co-investments | — | — | 17.8 | — | — | 25.2 |
Cash and cash equivalents | 136.3 | — | — | 150.1 | — | — |
136.9 | — | 19.0 | 150.9 | — | 43.8 |
SME loans | ||
held at fair | Investment in | |
value through | trusts and | |
profit and loss | co-investments | |
£m | £m | |
Balance as at 1 January 2023 | 69.1 | 28.7 |
Additions | 11.9 | 1.8 |
Repayments | (37.6) | (6.6) |
Disposal | (30.4) | — |
Net gain on the change in fair value of financial instruments at fair value through profit or loss | 7.4 | 1.3 |
Foreign exchange loss | (1.8) | — |
Balance as at 31 December 2023 | 18.6 | 25.2 |
Additions | — | 4.1 |
Repayments | (13.5) | (14.6) |
Net gain on the change in fair value of financial instruments at fair value through profit or loss | 2.6 | 3.8 |
Other non-cash movements | (0.7) | — |
Disposal of discontinued operations | (5.8) | (0.7) |
Balance as at 31 December 2024 | 1.2 | 17.8 |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Non-current | ||
SME loans held at amortised cost | 1.4 | 5.6 |
Investment in trusts and co-investments | 17.8 | 25.2 |
Trade and other receivables: | ||
– Other receivables | — | 1.4 |
Current | ||
SME loans held at amortised cost | 0.7 | 1.1 |
SME loans held at fair value through profit and loss | 1.2 | 18.6 |
Lines of credit | 97.1 | 50.0 |
Trade and other receivables: | ||
– Trade receivables | 0.4 | 0.4 |
– Other receivables | 4.2 | 2.7 |
– Accrued income | 5.8 | 5.3 |
– Rent and other deposits | 0.9 | 2.2 |
Cash and cash equivalents | 187.6 | 221.4 |
Total gross credit risk exposure | 317.1 | 333.9 |
Less bank borrowings 1 | (101.9) | (56.9) |
Total net credit risk exposure | 215.2 | 277.0 |
Factor | Description |
Probability of | The Group has developed PD models tailored to each Term Loan or line of credit product to assess the |
Default (“PD”) | likelihood of default within the next 12 months and over the lifetime. The models estimate PD based on the |
latest payment behaviour of the customers and observed historical trends. The PD model also includes an | |
estimate of the future macroeconomic effect. | |
Exposure at | The Group has developed an EAD model for line of credit products to assess the likely exposure at default. |
Default (“EAD”) | The model calculates estimates of EAD based upon the latest payment behaviour of the customer, the credit |
limit utilisation, and applying a credit conversion factor approach. | |
Loss Given | The Group has developed LGD models tailored to each Term Loan or line of credit product to assess the likely |
Default (“LGD”) | financial loss given an account defaults. The models calculate estimates of LGD based on historical data on |
observed recoveries against defaulted accounts. | |
Discount rate | The Group uses account-level effective interest rate which is calculated based on line of credit amount or |
loan amount, interest and fees, expected repayments including pre-payments and term. |
Stage 1 | Stage 2 | Stage 3 | |||
Performing: | Underperforming: | Non-performing: | POCI: | ||
12-month ECL | Lifetime ECL | Lifetime ECL | Lifetime ECL | Total | |
Reconciliation of opening to closing ECL | £m | £m | £m | £m | £m |
At 1 January 2023 | 1.1 | 0.3 | 0.9 | 14.1 | 16.4 |
Impairment against new lending and purchased assets | 12.6 | 0.1 | 0.1 | 0.6 | 13.4 |
Exchange differences | — | — | — | (0.5) | (0.5) |
Impairment against loans transferred between stages | (0.3) | 0.5 | 2.5 | — | 2.7 |
Loans repaid | (10.5) | — | (0.2) | (0.9) | (11.6) |
Change in probability of default or loss given | |||||
default assumptions | (1.3) | 0.1 | 0.4 | 0.5 | (0.3) |
At 31 December 2023 | 1.6 | 1.0 | 3.7 | 13.8 | 20.1 |
Impairment against new lending and purchased assets | 12.7 | — | — | — | 12.7 |
Exchange differences | — | — | (0.1) | (0.3) | (0.4) |
Impairment against loans transferred between stages | (0.2) | 3.9 | 7.1 | — | 10.8 |
Loans repaid | (11.2) | (3.3) | (0.4) | (0.7) | (15.6) |
Impairment provision derecognised related to written off loans | — | — | — | (0.3) | (0.3) |
Change in probability of default or loss given | |||||
default assumptions | (0.1) | (0.2) | (0.8) | 0.6 | (0.5) |
Derecognition of impairment associated with assets | |||||
of discontinued operations | — | — | (0.1) | (4.6) | (4.7) |
At 31 December 2024 | 2.8 | 1.4 | 9.4 | 8.5 | 22.1 |
Gross lines | |||||
of credit and | |||||
Basis for | SME loans held | Provision for | |||
Expected credit | recognition of | at amortised | expected | Net carrying | |
loss coverage | expected credit | cost | credit loss | amount | |
% | loss impairment | £m | £m | £m | |
As at 31 December 2023 | |||||
Stage 1 – Performing | 2.9 | 12-month ECL | 55.8 | (1.6) | 54.2 |
Stage 2 – Underperforming | 50.0 | Lifetime ECL | 2.0 | (1.0) | 1.0 |
Stage 3 – Non-performing | 86.0 | Lifetime ECL | 4.3 | (3.7) | 0.6 |
POCI (90+ days overdue) | 93.9 | Lifetime ECL | 14.7 | (13.8) | 0.9 |
Total | 76.8 | (20.1) | 56.7 | ||
As at 31 December 2024 | |||||
Stage 1 – Performing | 2.8 | 12-month ECL | 99.1 | (2.8) | 96.3 |
Stage 2 – Underperforming | 43.8 | Lifetime ECL | 3.2 | (1.4) | 1.8 |
Stage 3 – Non-performing | 90.4 | Lifetime ECL | 10.4 | (9.4) | 1.0 |
POCI | 98.8 | Lifetime ECL | 8.6 | (8.5) | 0.1 |
Total | 121.3 | (22.1) | 99.2 |
Basis for | Provision for | ||||
Expected credit | recognition of | Gross lines | expected | Net carrying | |
loss coverage | expected credit | of credit | credit loss | amount | |
Of which is drawn FlexiPay lines of credit | % | loss impairment | £m | £m | £m |
As at 31 December 2023 | |||||
Stage 1 – Performing | 2.8 | 12-month ECL | 50.3 | (1.4) | 48.9 |
Stage 2 – Underperforming | 52.6 | Lifetime ECL | 1.9 | (1.0) | 0.9 |
Stage 3 – Non-performing | 93.8 | Lifetime ECL | 3.2 | (3.0) | 0.2 |
POCI | — | Lifetime ECL | — | — | — |
Total | 55.4 | (5.4) | 50.0 | ||
As at 31 December 2024 | |||||
Stage 1 – Performing | 2.8 | 12-month ECL | 97.0 | (2.7) | 94.3 |
Stage 2 – Underperforming | 43.8 | Lifetime ECL | 3.2 | (1.4) | 1.8 |
Stage 3 – Non-performing | 89.8 | Lifetime ECL | 9.8 | (8.8) | 1.0 |
POCI | — | Lifetime ECL | — | — | — |
Total | 110.0 | (12.9) | 97.1 |
Macroeconomic drivers | 2025 | 2026 | 2027 | 2028 | 2029 | |
(average for the forecast year) | ECL scenarios | % | % | % | % | % |
Unemployment rate % | Upside | 3.97 | 3.65 | 3.62 | 3.63 | 3.64 |
Base case | 4.40 | 4.31 | 4.18 | 4.06 | 4.00 | |
Downside | 5.15 | 5.98 | 6.71 | 6.71 | 6.48 |
Between | Total | ||||||
Less than | 3 months and | Between 1 | Over | undiscounted | Impact of | Carrying | |
3 months | 1 year | and 5 years | 5 years | cash flows | discounting | amount | |
At 31 December 2024 | £m | £m | £m | £m | £m | £m | £m |
Financial liabilities | |||||||
Trade and other payables | (8.3) | — | — | — | (8.3) | — | (8.3) |
Bank borrowings | — | (101.9) | — | — | (101.9) | — | (101.9) |
Loan repurchase | |||||||
liability 1 | — | — | — | — | — | — | — |
Lease liabilities | (0.5) | (1.4) | (7.4) | — | (9.3) | 1.7 | (7.6) |
(8.8) | (103.3) | (7.4) | — | (119.5) | 1.7 | (117.8) |
Between | Total | ||||||
Less than | 3 months and | Between 1 | Over | undiscounted | Impact of | Carrying | |
3 months | 1 year | and 5 years | 5 years | cash flows | discounting 2 | amount | |
At 31 December 2023 | £m | £m | £m | £m | £m | £m | £m |
Financial liabilities | |||||||
Trade and other payables | (34.8) | — | (0.2) | — | (35.0) | — | (35.0) |
Bank borrowings | — | (54.7) | (2.2) | — | (56.9) | — | (56.9) |
Loan repurchase | |||||||
liability 1 | (0.1) | — | — | — | (0.1) | — | (0.1) |
Lease liabilities | (1.8) | (5.5) | (5.9) | — | (13.2) | 0.6 | (12.6) |
(36.7) | (60.2) | (8.3) | — | (105.2) | 0.6 | (104.6) |
Less than 3 months | Between 3 months and 1 year | Between 1 and 5 years | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
At 31 December | £m | £m | £m | £m | £m | £m |
Fixed rate | ||||||
SME loans at amortised cost | 0.2 | 1.1 | 0.1 | 0.6 | 1.8 | 5.0 |
Investment in trusts and co-investments | — | — | — | — | 17.8 | 25.2 |
Lines of credit | 49.8 | 50.0 | 47.3 | — | — | — |
SME loans fair value through profit | ||||||
and loss 1 | 0.7 | 0.6 | — | 13.5 | 0.5 | 4.5 |
Bank borrowings 2 | — | — | — | — | — | (2.2) |
Floating rate | ||||||
Cash and cash equivalents | 187.6 | 221.4 | — | — | — | — |
Bank borrowings 2 | — | — | (101.9) | (54.7) | — | — |
238.3 | 273.1 | (54.5) | (40.6) | 20.1 | 32.5 |
31 December 2024 | 31 December 2023 | |||||||
USD | GBP | EUR | Total | USD | GBP | EUR | Total | |
£m | £m | £m | £m | £m | £m | £m | £m | |
Cash and cash | ||||||||
equivalents | — | — | — | — | 0.2 | — | — | 0.2 |
Intra-group assets | — | — | 0.1 | 0.1 | — | — | 0.2 | 0.2 |
Intra-group | ||||||||
liabilities | — | — | (0.5) | (0.5) | (45.5) | — | (0.3) | (45.8) |
Appreciation in pound sterling | Depreciation in pound sterling | |||||||
Income | Income | Income | Income | |||||
statement | Equity | statement | Equity | statement | Equity | statement | Equity | |
2024 | 2024 | 2023 | 2024 | 2024 | 2024 | 2023 | 2024 | |
At 31 December | £m | £m | £m | £m | £m | £m | £m | £m |
US dollars | — | — | — | (3.0) | — | — | — | 3.7 |
Euros | — | (1.0) | — | 0.9 | — | 0.8 | — | (1.1) |
— | (1.0) | — | (2.1) | — | 0.8 | — | 2.6 |
31 December | 31 December | 31 December | 31 December | |
2024 | 2024 | 2023 | 2023 | |
Number | £ | Number | £ | |
Called up, allotted and fully paid | ||||
Ordinary shares of £0.001 at beginning of the year | 361,303,143 | 361,303 | 361,303,143 | 361,303 |
Share buybacks | (33,367,364) | (33,367) | — | — |
Ordinary shares of £0.001 at end of the year | 327,935,779 | 327,936 | 361,303,143 | 361,303 |
2024 | 2023 | |
£m | £m | |
At 1 January | 293.1 | 293.1 |
Exercise of options – proceeds received | 0.5 | — |
Capital reduction | (293.5) | — |
At 31 December | 0.1 | 293.1 |
£m | |
At 1 January 2023 | 16.9 |
Exchange difference on translating the net assets of foreign operations | (2.7) |
At 31 December 2023 | 14.2 |
Exchange difference on translating the net assets of foreign operations | (0.2) |
Reclassification to profit and loss on disposal of discontinued operations | (8.7) |
At 31 December 2024 | 5.3 |
£m | |
At 1 January 2023 | (48.6) |
Transfer of share option costs | 3.8 |
Purchase of own shares | (1.8) |
Loss for the year | (38.3) |
At 31 December 2023 | (84.9) |
Transfer of share option costs | 6.6 |
Buyback and cancellation of own shares | (33.6) |
Capital reduction | 293.5 |
Loss for the year | 8.6 |
At 31 December 2024 | 190.2 |
Free shares | ||||||||||||
Unapproved | and matching | US Options | ||||||||||
EMI Options | Options | shares | LTIP Awards | Schemes | Total | |||||||
Number and WAEP 1 | Number and WAEP | Number and WAEP | Number and WAEP | Number and WAEP | Number and WAEP | |||||||
Number | £m | Number | £m | Number | £m | Number | £m | Number | £m | Number | £m | |
Outstanding | ||||||||||||
at 1 January | ||||||||||||
2023 | 141,300 | 0.026 | 5,009,896 | 0.314 | 4,833,226 | — | 19,860,718 | — | 2,816,272 | 0.431 | 32,661,412 | 0.097 |
Granted | ||||||||||||
during the year | — | — | — | — | 653,742 | — | 21,443,472 | — | — | — | 22,097,214 | — |
Exercised | ||||||||||||
during the year | (96,000) | 0.027 | (386,367) | 0.143 | (383,116) | — | (2,971,351) | — | (3,034) | 0.516 | (3,839,868) | 0.014 |
Forfeited | ||||||||||||
during the year | — | — | (938) | 0.440 | (711,218) | — | (4,792,300) | — | (40,888) | 0.522 | (5,545,344) | 0.004 |
Outstanding | ||||||||||||
at 31 | ||||||||||||
December | ||||||||||||
2023 | 45,300 | 0.024 | 4,622,591 | 0.328 | 4,392,634 | — | 33,540,539 | — | 2,772,350 | 0.429 | 45,373,414 | 0.068 |
Free shares | |||||||||||||
Unapproved | and matching | US Options | |||||||||||
EMI Options | Options | shares | LTIP Awards | Schemes | Total | ||||||||
Number and WAEP 1 | Number and WAEP | Number and WAEP | Number and WAEP | Number and WAEP | Number and WAEP | ||||||||
Number | £m | Number | £m | Number | £m | Number | £m | Number | £m | Number | £m | ||
Outstanding | |||||||||||||
at 1 January | |||||||||||||
2024 | 45,300 | 0.024 | 4,622,591 | 0.328 | 4,392,634 | — | 33,540,539 | — | 2,772,350 | 0.429 | 45,373,414 | 0.068 | |
Granted | |||||||||||||
during the year | — | — | — | — | 469,010 | — | 12,313,814 | — | — | — | 12,782,824 | — | |
Exercised | |||||||||||||
during the year | (45,300) | 0.024 | (951,535) | 0.360 | (826,552) | — | (6,733,720) | — | (741,224) | 0.294 | (9,298,331) | 0.061 | |
Forfeited | |||||||||||||
during the year | — | — | (141) | 0.440 | ( 717,48 | — | 0) | (13,159,091) | — | (16,093) | 0.245 | (13,892,805) | — |
Outstanding | |||||||||||||
at 31 | |||||||||||||
December | |||||||||||||
2024 | — | — | 3,670,915 | 0.319 | — | 3,317,612 | 25,961,542 | — | 2,015,033 | 0.480 | 34,965,102 | 0.072 |
Free shares | ||||||||||||||
Unapproved | and matching | US Options | ||||||||||||
EMI Options | Options | shares | LTIP Awards | Schemes | Total | |||||||||
Range of exercise | Number and WARCL 1 | Number and WARCL | Number and WARCL | Number and WARCL | Number and WARCL | Number and WARCL | ||||||||
prices | Number | Years | Number | Years | Years | Number | Years | Number | Number | Years | Number | Years | ||
£0–£0.008 | — | — | 2,190,017 | 3.4 | — | 3,317,612 | 25,961,542 | 8.0 | — | — | 6.8 | 31,469,171 | ||
£0.009– | ||||||||||||||
£0.176 | — | — | 2,033 | — | — | — | — | — | — | — | — | 2,033 | ||
£0.177– | ||||||||||||||
£0.471 | — | — | 1,110,227 | 2.6 | — | — | — | — | 1,417,650 | 0.9 | 1.7 | 2,527,877 | ||
£0.472– | ||||||||||||||
£1.75 | — | — | 368,638 | 3.4 | — | — | — | — | 597,383 | 3.4 | 3.4 | 966,021 | ||
— | — | 3,670,915 | 3.2 | — | 3,317,612 | 25,961,542 | 8.0 | 2,015,033 | 1.7 | 6.4 | 34,965,102 |
Free shares | ||||||||||||
Unapproved | and matching | US Options | ||||||||||
EMI Options | Options | shares | LTIP Awards | Schemes | Total | |||||||
Range of exercise | Number and WARCL 1 | Number and WARCL | Number and WARCL | Number and WARCL | Number and WARCL | Number and WARCL | ||||||
prices | Number | Years | Years | Number | Years | Number | Number | Years | Number | Years | Years | Number |
£0–£0.008 | — | — | 4.4 | 2,190,017 | — | 4,392,634 | 33,540,539 | 8.4 | — | — | 7.3 | 40,123,190 |
£0.009– | ||||||||||||
£0.176 | 45,300 | 0.4 | 1.1 | 18,438 | — | — | — | — | 24,302 | 0.4 | 0.5 | 88,040 |
£0.177– | ||||||||||||
£0.471 | — | — | 3.2 | 2,045,498 | — | — | — | — | 2,150,665 | 1.8 | 2.4 | 4,196,163 |
£0.472– | ||||||||||||
£1.75 | — | — | 4.5 | 368,638 | — | — | — | — | 597,383 | 4.5 | 4.5 | 966,021 |
45,300 | 0.4 | 3.8 | 4,622,591 | — | 4,392,634 | 33,540,539 | 8.4 | 2,772,350 | 2.3 | 6.7 | 45,373,414 |
31 December | |
Unapproved Options Scheme | 2019 |
Share price (various times during the year) | £1.89 |
Exercise price | £nil–£0.44 |
Expected life | 4 years |
Expected volatility | 48% |
Risk-free interest rate (between) | 0.93%–1.02% |
Dividend yield | Nil |
Forward exchange rate – US Options (between) | 0.769 |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Profit/(loss) before taxation | ||
Continuing operations | 0.8 | (9.9) |
Discontinued operations | 8.4 | (23.3) |
Total operations | 9.2 | (33.2) |
Adjustments for: | ||
Depreciation of property, plant and equipment | 3.2 | 4.3 |
Amortisation of intangible assets | 9.8 | 12.4 |
Modification gain | (0.4) | — |
Impairment of property, plant and equipment, intangible assets, ROU assets and investment in sublease | 0.9 | 6.2 |
Impairment of intangibles (exceptional item) | 0.3 | — |
Interest payable | 0.8 | 0.6 |
Non-cash employee benefits expense – share-based payments and associated | ||
social security costs | 8.1 | 5.6 |
Fair value adjustments | (6.4) | (8.7) |
Movement in loan repurchase liability | (0.1) | (0.4) |
Movement in other provisions | 1.7 | 0.9 |
Share of gains of associates | — | (0.1) |
ECL impairment | 8.7 | 4.4 |
Profit on sale of the US subsidiary (exceptional item) | (9.8) | — |
Recycling of foreign exchange reserve on sale of subsidiary (exceptional item) | (8.7) | — |
Other non-cash movements | (0.2) | 0.7 |
Changes in working capital | ||
Movement in trade and other receivables | (3.1) | (13.5) |
Movement in trade and other payables | (26.6) | 34.7 |
Tax paid | (0.1) | (0.6) |
Originations of lines of credit | (467.0) | (230.4) |
Cash receipts from lines of credit | 412.3 | 191.5 |
Net cash outflow from operating activities | (67.4) | (25.6) |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Cash and cash equivalents | 187.6 | 221.4 |
1 January | Exchange | Other non-cash | 31 December | ||
2023 | Cash flow | movements | movements | 2023 | |
£m | £m | £m | £m | £m | |
Bank borrowings | (22.6) | (34.9) | 0.6 | — | (56.9) |
Bonds | (23.7) | 23.4 | 0.6 | (0.3) | — |
Lease liabilities | (19.8) | 7.2 | 0.6 | (0.6) | (12.6) |
Liabilities from financing activities | (66.1) | (4.3) | 1.8 | (0.9) | (69.5) |
Derecognition | ||||||
of liabilities | ||||||
related to | ||||||
1 January | Exchange | Other non-cash | discontinued | 31 December | ||
2024 | Cash flow | movements | movements | operations | 2024 | |
£m | £m | £m | £m | £m | £m | |
Bank borrowings | (56.9) | (46.6) | — | — | 1.6 | (101.9) |
Lease liabilities | (12.6) | 3.6 | (0.3) | (5.8) | 7.5 | (7.6) |
Liabilities from financing activities | (69.5) | (43.0) | (0.3) | (5.8) | 9.1 | (109.5) |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Lease payments under operating leases recognised as an expense in the year 1 | 0.2 | 0.4 |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Salaries and short-term benefits | 5.0 | 4.8 |
Equity-based compensation | 1.3 | 2.0 |
Post-employment benefits | 0.1 | 0.1 |
6.4 | 6.9 |
Place of | ||||
incorporation | ||||
and principal | Proportion of | Directly/ | ||
place of | ownership | indirectly | ||
Subsidiary undertakings | business | interest | held | Registered office address |
Funding Circle Ltd | UK | 100% | Directly | 71 Queen Victoria Street, London EC4V 4AY |
Funding Circle BB Limited | UK | 100% | Indirectly | 71 Queen Victoria Street, London EC4V 4AY |
Funding Circle Eclipse Lending Limited | UK | 100% | Indirectly | 71 Queen Victoria Street, London EC4V 4AY |
Funding Circle Focal Point Lending | UK | 100% | Indirectly | 71 Queen Victoria Street, London EC4V 4AY |
Limited | ||||
Funding Circle Global Partners Limited | UK | 100% | Directly | 71 Queen Victoria Street, London EC4V 4AY |
Funding Circle Trustee Limited | UK | 100% | Indirectly | 71 Queen Victoria Street, London EC4V 4AY |
Made To Do More Limited | UK | 100% | Indirectly | 71 Queen Victoria Street, London EC4V 4AY |
Funding Circle Horizon Lending Limited | UK | 100% | Indirectly | 71 Queen Victoria Street, London EC4V 4AY |
Funding Circle Polaris Lending Limited | UK | 100% | Indirectly | 71 Queen Victoria Street, London EC4V 4AY |
Funding Circle CE GmbH | Germany | 100% | Directly | Rheinstraße 11, 14513 Teltow |
Funding Circle Deutschland GmbH | Germany | 100% | Indirectly | Rheinstraße 11, 14513 Teltow |
Funding Circle Connect GmbH | Germany | 100% | Indirectly | Rheinstraße 11, 14513 Teltow |
FC Forderungsmanagement GmbH | Germany | 100% | Indirectly | Rheinstraße 11, 14513 Teltow |
Funding Circle Nederland B.V. | Netherlands | 100% | Indirectly | 71 Queen Victoria Street, London EC4V 4AY |
Subsidiary undertakings disposed | ||||
of in the year | ||||
Funding Circle USA, Inc. 1 | USA | 100% | Directly | 707 17th Street, Suite 2200 Denver, CO 80202 |
Funding Circle Notes Program, LLC 1 | USA | 100% | Indirectly | 707 17th Street, Suite 2200 Denver, CO 80202 |
FC Marketplace, LLC 1 | USA | 100% | Indirectly | 707 17th Street, Suite 2200 Denver, CO 80202 |
Funding Circle Investor Funds, LLC 1 | USA | 100% | Indirectly | 707 17th Street, Suite 2200 Denver, CO 80202 |
FC Depositor US LLC 1 | USA | 100% | Indirectly | 707 17th Street, Suite 2200 Denver, CO 80202 |
FC Capital US III LLC 1 | USA | 100% | Indirectly | 707 17th Street, Suite 2200 Denver, CO 80202 |
FC SBA Lending LLC 1 | USA | 100% | Indirectly | 707 17th Street, Suite 2200 Denver, CO 80202 |
Proportion of | Directly/ | |||
Place of | ownership | indirectly | ||
Associate entity name | incorporation | interest | held | Registered office address |
Funding Circle UK SME Direct | Ireland | 8% | Indirectly 70, Sir John Rogerson’s Quay, Dublin 2, Ireland | |
Lending Fund¹ |
Proportion of | Directly/ | ||||
Place of | ownership | indirectly | |||
Other related party name | incorporation | Relationship | interest | held | Registered office address |
Throgmorton Lending Designated | Ireland | Subsidiary | 100% | Indirectly | 70, Sir John Rogerson’s Quay, |
Activity Company | of associate | Dublin 2, Ireland |
Funding Circle | Funding Circle | |
UK SME Direct | UK SME Direct | |
Lending Fund I | Lending Fund I | |
31 December | 31 December | |
2024 | 2023 | |
Summarised balance sheet (Group’s share) | £m | £m |
Non-current assets | 0.4 | 1.2 |
Current assets | 0.2 | 0.3 |
Current liabilities | — | — |
Non-current liabilities | — | — |
Net assets | 0.6 | 1.5 |
Funding Circle | Funding Circle | |
UK SME Direct | UK SME Direct | |
Lending Fund I | Lending Fund I | |
31 December | 31 December | |
2024 | 2023 | |
£m | £m | |
Opening net assets as at 1 January | 18.3 | 32.5 |
Profit for the year | 0.4 | 1.1 |
Exchange differences | — | — |
Other comprehensive income | — | — |
Capital redemptions in the year | (11.1) | (13.8) |
Dividends paid in the year | (0.4) | (1.5) |
Closing net assets as at 31 December | 7.2 | 18.3 |
Group’s share in % | 8.3% | 8.3% |
Group’s share of net assets as at 31 December | 0.6 | 1.5 |
Accounting policy alignment | — | — |
Group’s carrying amount | 0.6 | 1.5 |
Funding Circle | Funding Circle | |
UK SME Direct | UK SME Direct | |
Lending Fund I | Lending Fund I | |
31 December | 31 December | |
2024 | 2023 | |
Summarised statement of comprehensive income (Group’s share) | £m | £m |
Gross income | 0.1 | 0.2 |
Profit for the year | — | 0.1 |
Other comprehensive income | — | — |
Total comprehensive income | — | 0.1 |
Dividends received from associates | — | 0.1 |
Capital redemptions received from associates | 0.9 | 1.1 |
Subsidiary undertakings | Principal activity |
Funding Circle Ltd | Acts as facilitator and performs intermediary services in respect of all loans made through the |
Funding Circle platform in the UK and FlexiPay lines of credit. | |
Funding Circle USA, Inc. | The US operating subsidiary of Funding Circle. Acts as the administrator of the Funding Circle |
platform in the US. This was disposed of on 1 July 2024. | |
FC Marketplace, LLC | Acts as originator and servicer of all loans made through the Funding Circle platform in the US. |
FC Marketplace, LLC sells each loan it originates, on a servicing retained basis, to third party | |
institutional investors or to affiliates (e.g. Funding Circle Notes Program, LLC) on an arm’s | |
length basis. This was disposed of on 1 July 2024. | |
Funding Circle execs | A special purpose bankruptcy remote entity which issues loan payment dependent debt |
Program, LLC | securities to accredited investors. It uses the proceeds to purchase a specific corresponding |
loan made through the Funding Circle platform from FC Marketplace, LLC. The entity retains | |
the contractual rights to receive the cash flows from the loan assets it has purchased, but has | |
assumed a contractual obligation to pay those cash flows to the holders of the debt securities. | |
The eligibility criteria have been met to derecognise the loan assets and associated issued | |
debt securities as a pass-through arrangement under IFRS 9. This was disposed of on | |
1 July 2024. | |
Funding Circle Focal Point | Subsidiary via which CBILS loans are originated and which holds legal title to loans which are |
Lending Limited | held via trust structures for the beneficial ownership of institutional investors. |
Funding Circle Eclipse | Subsidiary via which RLS loans are originated and which holds legal title to loans which are |
Lending Limited | held via trust structures for the beneficial ownership of institutional investors. |
Funding Circle Polaris | Subsidiary via which RLS and GGS loans are originated and which holds legal title to loans |
Lending Limited | which are held via trust structures for the beneficial ownership of institutional investors. |
Funding Circle Deutschland | Operated the Funding Circle platform in Germany and services loans. |
GmbH | |
Funding Circle Nederland B.V. | Operated the Funding Circle platform in the Netherlands and services loans. |