Fellow Finance withdraws its guidance for 2020
FELLOW FINANCE PLC COMPANY ANNOUNCEMENT, INSIDE INFORMATION 25 March 2020 AT 3:00 PM
Fellow Finance withdraws its guidance for 2020, which was given on 14 February as the corona virus outbreak has changed the business environment, weakened visibility and is likely to weaken Fellow Finance's financial performance in 2020. In the current rapidly evolving and changing situation it is too early to make reliable and specific estimates for a new adjusted guidance. The guidance will be issued when the visibility for the future is better.
Fellow Finance CEO Jouni Hintikka: “We have faced an exceptional situation which affects the operations of all people and businesses worldwide. We urgently hope that the subsidies decided by the Finnish government will reach all companies and individuals in need. Our investor clients are ready to take part in financial challenges alongside banks, backed by the guarantees of Finnvera (the official Export Credit Agency (ECA) of Finland) to ensure the continuity of Finnish companies and jobs after the corona virus has been curbed. As investor uncertainty increases and investment activity declines across all asset classes, the amount of intermediated funding provided by Fellow Finance may also decrease, reducing the company's net sales, but the current loan portfolio management will also limit impact on our business."
The earlier guidance for 2020
The Company has prepared and invested in new markets, which are expected to accelerate growth in 2021-2022. In 2020, turnover is expected to grow and the company's growth efforts are expected to decrease operating profit compared to 2019.
Fellow Finance Plc publishes the half-year report 2020 on Friday 28 August 2020.
FELLOW FINANCE PLC
Further enquiries:
Jouni Hintikka, CEO, Fellow Finance Plc, Tel. +358 40 585 5009, jouni.hintikka@fellowfinance.fi
Certified advisor: Evli Bank Plc, tel. +358 40 579 6210
Fellow Finance Plc started its operations in 2014. The company is an expansive global FinTech group that provides crowdfunding services. A key role in the company’s business services is played by the leading Nordic¹ loan-based crowdfunding and peer-to-peer platform maintained by the company which has already been used by more than 820,000 customers in approximately 70 countries. Fellow Finance Plc is an Authorized Payment Institution supervised by the Finnish Financial Supervisory Authority of Finland and the shares of Fellow Finance Plc are listed on the Nasdaq First North Growth Market Finland marketplace. The company has approximately 2 500 shareholders. www.fellowfinance.com
¹Measured by the amount of financing facilitated. Source: Brismo Market Data (data accessed on 25 March 2020).
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