International Factors Belgium (IFB), has announced pre tax profits of Ђ6.7 million for the twelve months to 31 December 2002 compared with Ђ5.67 million in the previous year, a growth of over 18%. In 2002, invoiced volume, the sum of all purchased debts, grew by more than 22%.
John Gielden, chairman IFB, said: “After ‘September 11’, 2002 would be the year of economic recovery. The first signals were hopeful, with signs of an upturn in the United States. But then, it became clear just how fragile the actual condition of the economy was. Accounting scandals undermined the already weakened trust. Tensions in the Middle East created more unrest.
“Nevertheless, precisely in these times, IFB has achieved one of the best results in the 39 years of its existence.”