The annual accounts for Fortis Commercial Finance Limited, the factoring company formed in July 2000 by integrating FMN Financial with the Fortis Bank Invoice Discounting division of Fortis Bank UK, have been released for the year ended December 31, 2000. Turnover has risen by 6.3% in 2000 to Ј6.9mil from the 1999 figure of Ј6.5mil. In both years a loss before tax was recorded.
While 1999 and 2000 was impaired by client losses, Nirmala West, Financial Controller at Fortis Commercial Finance, is optimistic regarding results going forward with full year profits budgeted for years 2002 through to 2004.