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Deutsche Financial Services UK Limited have released their annual accounts for the year ended 31 December 1999. The company has moved back into the black after two years of losses. Turnover has risen by 29.6% to Ј19,647,805 from the 1998 figure of Ј15,163,940. Pre taxation profits of Ј737,966 have been achieved. This compares with 1998’s loss before taxation of Ј3,919.
BCR Publishing
07/02/2001
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Euro Sales Finance (ESF), the pan European sales finance company, today announced its interim results for the six months ended December 31, 2000. The company claimed that it “has made significant progress towards its objective to become the leading provider of working capital solutions to growth–led businesses throughout the European Union.”
According to ESF, the highlights for the first six months of the year ending 30 June 2001 have been:
06/02/2001
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The financial services company, Asta Funding Incorporated today reported that Asta Commercial, LLC, a wholly owned subsidiary of the company, had acquired the finance receivables and customers of two factoring companies. These two acquisitions have doubled the finance receivable portfolio and should bring the annual factoring receivable volume to between $20 - $25 million over the next twelve months.
05/02/2001
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Heller Net Sud, the Japanese-Chilean firm specialising in factoring and leasing, has announced that Chile’s bank regulator on Wednesday granted it a provisional license to create a bank aimed exclusively at small and medium sized businesses.
HNS is 50% owned by the Chilean businessman Andres Ergas and 50% owned by Heller International, a unit of Japan’s Fuji Bank Ltd and the world’s largest factoring company.
05/02/2001
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Statistics showing insolvencies in the fourth quarter of 2000 were published today by the Department of Trade and Industry.
Company Insolvencies
There were 3,679 company insolvencies in England and Wales in the fourth quarter of 2000 on a seasonally adjusted basis. This was a decrease of 1.5% on the previous quarter and an increase of 6.7% on the same period a year ago.
1.1% of active companies became insolvent in the 12 months ended Q4 2000, the same as the previous quarter and slightly down on the corresponding quarter in 1999.
05/02/2001
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Close Invoice Finance Limited today released their annual accounts for the year ended 31 July 2000. Turnover has risen by 0.26% to Ј15,686,491 from the 1999 figure of Ј15,645,569. Pre taxation profits have risen by 10.75% to Ј5,601,182 from the 1999 figure of Ј5,057,699.
31/01/2001
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Euro Sales Finance PLC (ESF), the independent provider of sales finance solutions, has today announced that it has signed an agreement with the Co-operative Bank. ESF is to provide competitive factoring and invoice discounting facilities to the bank’s customers.
30/01/2001
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GLE Invoice Finance is seeking a quotation on the Alternative Investment Market (AIM) A valuation of between Ј15m and Ј20m is anticipated. The company is looking to
raise about Ј7m gross via an institutional placing.
Independent Growth Finance will become the holding company of GLE Invoice
Finance, a receivables finance company specialising in providing recourse
factoring to small and medium-sized enterprises, with turnovers of Ј100,000 to Ј5m per annum.
The nominated adviser and broker is Charles Stanley & Company.
Source: The Financial Times Limited
30/01/2001
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The financial services company, Venture Finance PLC, has become the first company in the UK to offer its factoring and invoice discounting clients instant access to account information via Wireless Access Protocol (WAP) technology. This effectively means that Venture’s clients are now able to view details of their funds available and account movements on a WAP-enabled mobile phone.
30/01/2001
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Potential Finance Limited today released their accounts for the six months ended 30 September 2000.
Turnover for the period was Ј515,222 and a loss before tax of Ј429,992 was recorded. This is the first time that accounts have been submitted since the company was floated in August of 2000. The turnover for the period represents an increase of 266.9% on the recorded figure for the 8 months beginning with the company’s incorporation in July 1999 and ending 31 March 2000. Potential’s loss in the 8 months ended 31 March 2000 was recorded at Ј527,306.
29/01/2001
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The rumour-mill regarding the future of Demir bank, the owner of one of the Turkish factoring industry’s major players, is continuing to work overtime as a variety of potential buyers are mooted.
29/01/2001
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The financial services provider, Sterling Bancorp, today announced record earnings both for the year and the quarter ended 31 December 2000, reporting a net income of $16.6m for the year and $4.5m for the quarter. This represents an increase of 13.7% for the year and a16.4% increase on the last quarter of 1999.
Growth was driven by increases in income from factoring, deposit servicing, mortgage banking, trade finance and other services.
29/01/2001
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The speakers for the fraud panel at the seventh IFA conference, to be held in Scottsdale, Arizona from 4th to 7th April, have been finalised.
This year’s fraud panel has been selected on the basis of their knowledge of fraud within the factoring industry; each of the panel members has been involved in factoring for several years and has had recent experience with fraud.
The panel will include:
Wayne Coker, President of Advantage Finance
Steve Troy, President of Aero Fund Financial
Ron Winicour, President of Gibraltar Financial
25/01/2001
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Alliance Trade Finance Limited, the speciality trade finance provider, today released their annual accounts for the year ended 31 July 2000. Turnover has risen by 166.66% to Ј30,358,709 from the 1999 figure of Ј11,384,610. Pre taxation profits of Ј359,437 have been achieved following a pre taxation of loss in 1999 of Ј168,066.
23/01/2001
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CIT Commercial Services, the USA’s largest provider of factoring, has today announced an agreement with Commfin, an internet portal that provides online trade finance solutions for business to business exchange participants.
These participants will receive access to accounts receivable discounting, factoring services and, in the near future, inventory financing via Commfin’s website (www.commfin.com).
23/01/2001
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