Â£10m loan book growth at Inspired Capital
Inspired Capital has boosted its loan book by £10m during the first half of 2014, a year after it acquired Bristol-based Ultimate Finance.
The company, formerly known as Renovo, reported a loan book of £48.6m for the six months to 30 June 2014, a 27.6 per cent increase on the same period last year. Its number of clients also rose by more than 200 to 1,085, and revenues increased by 14.4 per cent to £7.2m.
However, pre-tax profit declined to £32,000 from £349,000 following a one-off reorganisation charge of £186,000.
"We acquired Ultimate Finance Group in September last year with a clear long term strategy to be the leading supplier of a broad range of financial products catering specifically to the SME market," said chairman Matt Cooper.
"These results are just the start and indicate that with increased resources allocated to growing the sales force, the core business can be significantly grown."
Brian Cole, who was appointed chief executive of Inspired Capital in May, added: "The results prove that we are well on our way to achieving a step change in the business.
"The group's trading performance in the six months ended 30 June 2014 has been strong and, during the period, significant milestones have been achieved. There is however still much to be done to build a large-scale, transformational SME lender and we will continue to reinvest profits to achieve our aim."
The group's registered office will now be Ultimate Finance's headquarters at Westpoint Court in Bradley Stoke.