Close Invoice Finance reported, in its annual report and financial statement, a successful year ended 31 July 2002, with a steady growth in profit.
Turnover in 2002 increased by 1.83% to Ј18.42 million compared with Ј18.09 million for year ended 31 July 2001. Profit grew by 5.6% to Ј6.32 million compared with Ј5.98 million for the year ended 31 July 2001.
In his chairman’s statement R. D. Kent said that the UK small business sector continued to experience difficult trading conditions, which resulted in a satisfactory growth in Close Invoice’s core businesses – factoring and invoice discounting. He said: “In general with most of the industry, the number of client insolvencies was relatively high, but strict underwriting and management controls have ensured low bad debt exposure.”
