The London-based trade finance company, Merchant Commercial Finance, has recorded a 39.7% increase in turnover in the year ended 28 February 2001 compared to the previous accounts, which covered the fifteen month period ended 28 February 2000. A total turnover of Ј4,831,211 was recorded, which compares with Ј3,456,044 for the previous fifteen months.
The company, which commenced trading in December of 1998, recorded a loss before tax in both periods: losses of Ј247,413 being recorded for the 12 months ended 28 February 2001, and Ј138,321 for the fifteen months ended 28 February 2000.
Trade finance is distinct from factoring in that it is a specific financial service for the whole trade cycle from purchase to sale and includes credit insuring a debt.
