The annual accounts for Davenham Trade Finance Ltd, the factoring and invoice discounting arm of the Manchester-based Davenham Group plc, for the year ended 30 June 2001 have been released. A 38.8% increase in turnover from the 2000 figure of Ј2,017,020 to Ј3,297,458 this year has been recorded. An increase was also recorded in profit before tax, which rose by 29.6% from Ј880,768 in 2000 to Ј1,141,799 this year. These are the first set of accounts that the company has released since the group was bought out by its management from the Bermuda-based Bank of NT Butterfield & Son in July 2000.
Overall profit before tax for the Davenham Group fell slightly over the same period from Ј2.052m to Ј1.949m. This reduction in the group’s profit before tax was caused by additional costs associated with capital restructuring as a result of the aforementioned MBO. These costs amounted to Ј822,000.
