Dynamic Commercial Finance plc (DCF) have released preliminary results for the year to 31 December 2003, reporting a first full year profit before tax of Ј206,000 compared to the 2002 loss of Ј96,000. Turnover was up 46% to Ј4.2 million on total sales financed of Ј207 million (2002: Ј148 million) and client commitments of Ј17.6 million (2002: Ј15.2 million).
Paul Hird, chief executive of DCF, commented; “I am extremely pleased with the progress the company has made over the last year. It has been a very challenging year with increased competition, a reduction of rates and pressure to relax underwriting. Despite resisting the latter two, we have grown our business, maintained our cost disciplines to deliver our first full-year pre-tax profit, and created increased value for our stakeholders.
