THINCATS reduced its overall losses by 60 per cent last year.
The peer-to-peer business lender – which trades as ThinCats but is regulated under its registered company name of Business Loan Network – saw a 45 per cent rise in gross profits to £2.3m in the 12 months to 31 December 2018 but administrative costs, interest payments and taxes left it with an overall loss of £878,000.
This was a marked improvement from the £2.1m loss it posted in 2017.
The losses were covered by the company’s share capital, according to the annual report filed with Companies House.
The document also revealed headcount at ThinCats increased from 25 to 29 over the year and the firm’s total wage bill increased from £1.1m to £1.2m.
The directors – including Quentin Baer, Peter Brown, Kevin Caley, John Mould, Jill Sandford and Damon Walford – saw their total pay fall from £474,000 to £363,000.
ThinCats declined to comment on the results.
It comes as ThinCats’ parent company, ESF Capital, which helps with the facilitation of loans from institutional and retail investors through the P2P platform, recorded a 97 per cent revenue rise to £3.4m for the year to 31 December 2018.
ESF Capital’s annual report said this was due to an increase in the value of loan origination.
Its losses reduced from £8.4m to £8.1m over the 12-month period.
ThinCats reached £500m of lending in August.