Debtor finance group profits grow
A business finance group has reported its financial results with a profit increase of 14.1% from last year.
Scottish Pacific had a profit before interest and tax of $47.6m. Its net profit after tax grew 17.4% to $29.7m, which it puts down to growing customers, operating efficiencies and solid cost controls.
According to the group, strong growth from its core Debtor Finance facility was supported by growing customers expanding their facilities with Scottish Pacific.
Average exposure over the year is up 15% to $998m and turnover is up 13.2% to $17.5b.
Commenting on the results, CEO, Peter Langham said, “We are pleased to have delivered a strong result for FY18, reporting Profit before Interest and Tax growth of 14.1% to $47.6m.
“With our customers growing on average at three times the rate of GDP, their growth is our growth, with many continuing to expand their facilities with us to support their growing businesses.
“We are pleased to see the results of our investments in operations, and towards efficiencies, beginning to flow through, contributing to a reduction in Scottish Pacific’s cost to income ratio and strengthening the earnings profile of the business.”
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