Skipton Business Finance reports 13% rise in 2024 pre-tax profit
Skipton Business Finance (SBF) reported a 13% increase in pre-tax profit, reaching £10.8m ($13.9m) for 2024.
A part of the Skipton Group, the company also reported a 19% rise in collective turnover among the businesses it serves, from £2.1bn to £2.5bn.
SBF partners with businesses across key industries to provide funding solutions aimed at supporting long-term growth.
The company's funds in use (FIU) grew by 11% to £190.1m, with peak FIU increasing by 12% from £184.5m in 2023 to £207.3m in 2024.
Skipton Business Finance CEO Greg Bell said: '2024 was a pivotal year for us, demonstrating our steadfast commitment to supporting businesses across the UK. Achieving a record £2.5bn in turnover across the businesses we serve and a 13% increase in profitability reinforces our position as a key provider of flexible and accessible funding solutions.'
'As we look ahead, our strategic, client-centric focus remains on innovation, strengthening our relationships with intermediaries, and ensuring businesses have the financial resources required to drive sustainable growth.'
The company also increased its charitable donations by 10%, with WizeUp Financial Education being a key beneficiary.
This aligns with SBF's goal to improve financial literacy in the UK.
SBF supports more than 30 initiatives through Community Matters, a grant-making programme developed by the company.
Skipton Group group CEO Stuart Haire said: 'Skipton Business Finance is a core component of the Skipton Group, playing a vital role in our commitment to supporting financial wellbeing and driving business growth across the UK.
'Its exceptional performance in 2024, including record lending and increased client satisfaction, underscores the team's dedication to empowering UK B2B businesses - an essential pillar of the UK economy.'
SBF recently provided a £350,000 invoice discounting facility to Invision Recruitment, which is based in Bishop's Stortford.
The funding supports Invision's expansion in construction and civil engineering permanent placements.
Invision Recruitment, which currently places 30% of its candidates in permanent roles and 70% in temporary positions, aims to achieve a 50/50 split by 2025.
However, longer invoice payment terms from larger clients created cashflow challenges that risked restricting growth.
"Skipton Business Finance reports 13% rise in 2024 pre-tax profit" was originally created and published by Leasing Life, a GlobalData owned brand.
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