Five Arrows Commercial Finance Limited enjoyed a seven-fold increase in profit for the year ended 31 March 2001. Profit before tax rose from Ј128,038 for the year ended 31 March 2000 to Ј1,036,684.
Ian Steward, Managing Director of the company, said “I am delighted with the growth in profits last year which can be attributed to significant new business levels and minimal levels of bad debt. The previous year was depressed by one large fraud which I believe was an isolated case and is certainly not representative of the rest of our portfolio which is performing well.
“Last year also saw a material increase in our deal size with an Ј8 million CID facility being completed. Prior to last year our maximum deal size was less than half this amount. At the other end of the scale we have been pushing our factoring product hard and hope to see considerable further growth in this area over the next year.”
