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Peer-to-peer lender Funding Circle today saw its precipitous share price decline worsen despite reporting its UK business had made profits in the second half of the year.
The fintech business, which matches retail investors with small businesses needing loans, has seen its shares plunge 87% since its 2018 float as investors took a dim view of growth prospects.
It warned investors last year it was reining in its lending because of economic worries and has reorganised its fledgling European business after struggling to gain the same traction it has found in the US and UK.
Today Funding Circle booked a £34 million writedown for the Dutch and German business, sending full-year losses up from £50.9 million last year to £84.2 million.
The shares fell 2.6p to 57.87p.
