Full Year 2023 Funding Circle Holdings PLC Earnings Call Transcript
Good morning, and welcome to the 2023 funding cycle full year results. I'm going to kick off with the highlights and an overview of our go-forward strategy and will then pass to Oliver for the financials. 2023 was a good solid year for funding cycle. Despite the continued challenging macroeconomic environment. At the group level, we delivered in line with expectations.
Group income grew 7% to GBP162 million. Our EBITDA loss of GBP3.9 million was in line with expectations. Our cash balance continues to be high at GBP170 million, roughly in line with the start of the year as legacy investments paid down, offsetting the operating cash outflow in the U. S and Flexi pay. We're seeing good momentum and delivery in our two UK businesses, UK lines and Flexi pay. Our more mature UK lines business is profitable with increasing margins, half on half in 2023, we delivered GBP21.3 million in EBITDA and GBP6.5 million. And PBT was showing the scalability of the platform, even at a low point in the cycle.
Our new Flexi pay business delivered strong growth
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