Enra Finance, the parent group of Enterprise Finance and West One Loans, has announced an operating profit of almost £9m on a pro-forma basis for the year ending 31 December 2014.
As the purchase of the West One Loans only occurred at the end of the summer, it means that only a portion of West One’s annual figures are included in the group total, and the costs of acquisition meant profit was not as much as it could have been
Helped by the purchase of West One, the group’s overall loan book ended the year having experienced a six-fold increase from 2013’s final figure.
Danny Waters, CEO of Enterprise Finance, said: “Last year was an exciting year for Enterprise Finance, West One Loans and the group as a whole. Being able to still turn a substantial profit factoring in the transitional phase of acquiring West One and incorporating it into our business is testament to the strength of the overall organisation and the reputation its constituent elements have in their respective fields.
“It’s fair to say that 2015 has started with a bang too, with West One enjoying a record month in February completing more than £30m worth of loans and increasing demand for secured loans ensuring prolific transaction levels at Enterprise Finance. Specialist lending has come on leaps and bounds in the past few years and with individuals and businesses often unable to satisfy their finance needs on the high street, the sector will continue to thrive throughout 2015.
“As the year progresses and the EU Mortgage Credit Directive looms into view there are bound to be some protagonists pausing for breath as they evaluate the potential business implications. We have made a conscious decision to position our operations at the forefront of regulatory developments so it will be a case of full steam ahead for us throughout the year and into next as the brave new world beckons.”