Davenham Trade Finance Ltd., the factoring and invoice discounting arm of the Manchester-based Davenham Group plc. has released its annual report for the year ended 30 June 2002. A 62.7% increase in turnover to Ј5.56 million from the year ended June 2001 figure of Ј3.3 million was recorded. Profit before tax also increased significantly by 67% to Ј1.9 million from Ј1.14million for the previous financial year.
Originally formed in 1991, Davenham was acquired by its management, the Bermuda-based bank of NT Butterfield & Son, in July 2000 in a Ј60 million management buyout. The company’s products include asset refinance, import finance, invoice finance and short-term property finance.
BCR