Factor 21 plc has released its financial statement for the year ended 30 June 2002. The company, formed on 1 June 2001, reported a turnover of Ј337,288 for the financial year and profit before tax of Ј85,329.
Graham Ethelston, a managing director, said the reason that the company had such a successful first year was because Factor 21 used only company money - there was no outside funding - and because of the close monitoring of costs. It is unusual for new factoring companies to make any profit in their first year or two.
The company has recently moved from a small office with limited staff to larger premises and is busy recruiting.
Factor 21 is an independent factoring company that aims to provide a highly specialised factoring service to sole traders, proprietors and companies, regardless of turnover and industry.
