Folk2Folk annual results

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Folk2Folk has announced record turnover and investor returns for the last financial year.

The Launceston-based peer-to-peer lending platform returned £15.78 million in interest to investors in the 2023/24 tax year, alongside turnover of £5.3 million, according to its latest annual results.

For the year ended January 31, FolkFolk reported a slight decrease in profit before tax to £1.3 million from £1.4 million in the previous year, due to ongoing fintech investment. Despite this the business said it had continued to show robust financial performance and sustained growth. This marked the fifth consecutive year of profit, and the third year of paying shareholder dividends, demonstrating the company’s financial stability and resilience, it said.

MD, Roy Warren, said: “I am delighted to announce another successful year for Folk2Folk, marked by our highest ever turnover and substantial interest payments to our investors. This reflects the trust and confidence that businesses and investors have placed in Folk2Folk.

“Maintaining a profitable platform is crucial for the confidence of our investors and the health of the wider P2P sector. Our strong performance is testament to the strength of our business model, the loyalty of our investors, and the dedication of our team.”