FOLK2FOLK, the peer-to-peer lender for SMEs in regional Britain, has announced a first half year 2021 pre-tax profit of £943,000 (unaudited accounts for Feb-Jul 2021), delivering just short of the company’s FY 2020 profit and setting a course to double its profit in 2021.
FOLK2FOLK has seen impressive profit growth in recent years. The company first achieved profitability under current Managing Director Roy Warren in 2019, turning a £198,000 profit which increased to £1.1m a year later during pandemic-hit 2020.
Despite the coronavirus, FOLK2FOLK’s robust performance has resulted in the company recently making its first dividend payment to shareholders.
Roy Warren, FOLK2FOLK Managing Director, 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 £12m in loans.
“We’ve lent more than £460m 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.”
FOLK2FOLK and its investors are helping to create a level playing field across the UK, by providing access to finance for businesses in the regional parts of the UK. More than £460M has been lent to SMEs across regional Britain, with no investor capital losses to date.