Folk2Folk has reported a pre-tax revenue of £1.28m in its newest monetary yr – its fifth consecutive annual revenue up to now.
This compares with a revenue of £1.37m throughout the earlier 12 months.
In response to paperwork filed with Corporations Home, the slight dip in income could also be all the way down to a year-on-year rise in administrative bills from £3.2m to £3.6m.
The peer-to-peer lending platform posted a income of £5.28m within the 12 months ending 31 January 2023, down 6.9 per cent year-on-year from £4.94m.
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“In 2023, regardless of persistent financial challenges and robust headwinds, Folk2Folk…celebrated its fifth consecutive yr of profitability,” mentioned managing director Roy Warren (pictured).
Folk2Folk is paying out dividends for the fourth consecutive yr, which Warren mentioned displays “our ongoing monetary well being and dedication to shareholder worth”.
Nonetheless, Warren famous “continued challenges within the financial panorama, with an elevated chance of encountering distressed debtors”.
“Whereas default charges are increased than we want, our skilled portfolio administration staff is successfully navigating these complexities,” he added.
“We’re devoted to enhancing our credit score evaluation capabilities to make sure we make effectively knowledgeable selections.”
Warren mentioned that funding continues to be an obstacle to development and the platform continues to supply funds within the retail market, with a selected deal with high-net-worth people and household workplaces.
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The platform’s newest accounts present that, as of 31 January 2024, Folk2Folk had share capital amounting to £21,945, and whole fairness of £6.14m in contrast with £5.15m the earlier yr.
Headcount on the agency ticked as much as 44 final yr. Complete administrators’ renumeration rose barely from £302,355 to £340,865.
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