Skipton Business Finance (SBF) has announced pre-tax profits of £5.4m in 2021, up 53% from £3.6m in the previous year – a record for the Skipton-based lender.
The invoice finance provider, part of the Skipton Building Society group, also said that it has seen a 40% growth in loans and had advanced £120.5m to their client portfolio in 2021, up from £86.0m in 2020.
Greg Bell, SBF’s managing director, said: “I am delighted to announce that Skipton Business Finance has seen record profits in 2021.
“The profit we have made means we can continue to invest in our people, our customers and, as importantly, our proposition, which remains committed across all spectrums of the invoice finance market.”
In addition, the business posted a 98% overall net customer satisfaction (2020: 95%) with 98% of customers “extremely or very satisfied” with the service they received.
Bell said: “These results truly reflect the hard work and dedication from everyone in the business and our plan now is to keep developing our excellent customer service and further strengthen our position as a major player in the invoice finance sector.”
Looking towards the future, Skipton Business Finance, which have offices across the UK, say that its strategic aim is to continue to grow by developing the existing business model and support businesses coming out of a difficult pandemic.
Bell added: “Although the receivables finance market remains competitive, we are proud to be one of the leading providers of invoice finance products in the UK with a committed approach to helping both our clients, some of whom have accessed government-backed loans via the British Business Bank, and new UK SME businesses in the post-pandemic era.
“By being part of the Skipton Building Society, one of the UK’s oldest and most trusted financial institutions, our business model is unique in that we have no expensive shareholder dividends and can therefore focus on understanding our clients’ businesses and developing strong long-lasting and mutually beneficial partnerships with customers and business intermediaries alike.”