HSBC Invoice Finance (UK) ltd, the factoring and invoice discounting arm of HSBC, has today released its annual accounts for the financial year ended 31 December 2001.
The accounts showed that profit had risen by 10.34% on the previous year from Ј42.533m to Ј46.933m. Turnover also climbed from Ј118.037m to Ј120.882m, which represents an increase of 2.41%. These increases give the company its highest recorded profit margin within the last five years, an impressive 38.83%.
Whilst the increase in profit is not as great as it was in 1999 – 2000 (when profits leapt by over 20%), the figures so far seem to affirm HSBC’s position as the most profitable UK factor, although Lloyds TSB Commercial Finance, their closest competitor on profit, were closer than ever in their most recent set of accounts.
The notes to the accounts provided the following breakdown of the turnover.
