Potential Finance Limited, the independent Brentwood-based debt factoring company, has announced a pre-tax loss of Ј1.22 million for the year to 30 September 2003, compared to a profit of Ј173,409 for the twelve months to 30 September 2002. Turnover in the same period rose by 4% to Ј3.35 million (2002: Ј3.24m).
Laurence Rutter, chief executive, Potential Finance, told BCR that the board of directors had been ‘extremely disappointed’ with the trading results and although last year had been difficult for much of the factoring industry, the rigorous action taken by Potential’s management in response to this trading climate has returned the company to profit in the six months since the end of the financial year.
