Folk2Folk expects to double profit in 2021

Folk2Folk’s pre-tax profit for H1 2021 has reached £943,000 — almost as much as the company registered for FY 2020 — setting it on track to double its profit this year.

Its strong performance this summer was a big contributor to this success, with August being its second biggest month of 2021 with circa £12m worth of deals completed. 

The marketplace lender first achieved profitability (at £198,000) under current managing director, Roy Warren (pictured above), in 2019, which then increased to £1.1m during 2020.

“We’ve had a tremendous year so far, with the first half delivering a profit not far off that for the full year [in 2020],” said Roy.

“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.

“We’ve lent more than £460m across regional Britain, rapidly approaching a half-a-billion-pounds of 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.”

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