Shares in Funding Circle Holdings (LON: FCH) fell 6% on Tuesday as investors focused on the announcement that chief executive Lisa Jacobs plans to step down, overshadowing a strong set of half-year results and upgraded guidance.
The SME lending platform reported revenue up 50% year-on-year to £138.2m for H1 2026, with profit before tax quadrupling to £24.1m, a 17.4% margin. Credit extended rose 52% to £1.7bn, backing a record 18,000 small businesses.
On the back of the momentum, Funding Circle upgraded its full-year guidance, now expecting revenue above £255m (up from c.£235m) and PBT above £40m (up from at least £35m).
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The company also confirmed plans for a further £25m share buyback once its current £25m programme concludes, bringing total buybacks since March 2024 to £100m.
However, in a separate announcement, Funding Circle revealed that Jacobs, CEO since January 2022 and with the company since 2012, has told the Board of her intention to step down by no later than September 2027. The Board will now launch a formal search for her successor, while Jacobs remains in post to ensure a “smooth and orderly transition.”
Chair Ken Stannard praised Jacobs’ contribution, noting the business has extended over £18bn in credit to 135,000+ SMEs during her tenure and delivered the 2024 transformation plan. Jacobs said the timing reflected the company’s strong momentum, insisting “the best is yet to come.”
Following the results, Cavendish analyst Rahim Karim stated: “Although the announcement that Lisa Joacobs will be stepping down as CEO might take some of the gloss off the 1H26 result, we believe that investors will take comfort from the upgraded guidance for FY26E and the announcement of a fourth £25m buyback programme.
“This nearterm momentum, combined with indications that support the medium-term outlook for both the Term Loan and FlexiPay businesses, suggests that the Group is well placed to deliver a transformation level of growth.”
