HSBC Invoice Finance UK Ltd have released their year ended 2002 results showing that the company has made a 13.2 per cent increase in profit. Total profit before tax for year ended 2001 was Ј46.93 million compared with Ј53.14 million for year ended 2002.
Although there was an increase in profit before tax, after tax profit was down by 48 per cent from Ј32.85 million to Ј16.97 million. The financial statement in its notes said:
The current tax charge for the year is higher than the standard rate of corporation tax in the UK (30%, 2001:30%). The differences are explained below.
