Folk2Folk is on course to double its profits in 2021.
The Launceston-based marketplace lender has announced an H1 2021 pre-tax profit of £943k (unaudited accounts for Feb-Jul 2021), delivering just short of the company’s FY 2020 profit.
Folk2Folk has seen impressive profit growth in recent years. The company first achieved profitability under current MD Roy Warren in 2019, turning a £198k profit which increased to £1.1 million a year later during pandemic-hit 2020.
Despite the coronavirus, Folk2Folk’s performance has resulted in the company recently making its first dividend payment to shareholders.
Warren said: “We’ve had a tremendous year so far, with the first half delivering a profit not far off that for the full year last year. A big contributor to these results, has been a strong summer. Traditionally summer is notoriously low performing, but we’ve had a terrific few months helping lots of businesses get the funds they need, and August is set to be our second biggest month of 2021 with about £12 million in loans.
“We’ve lent more than £460 million across regional Britain, rapidly approaching a half billion in lending, which is enabling hundreds of business owners to crack on with their growth and diversification plans as the country emerges from the pandemic and Brexit. Looking at our pipeline into the winter months, I’m confident we’ll be helping even more businesses which will continue our current growth path.”