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Market Performance and Supply
Unfortunately little information on the Zimbabwean factoring industry is available, as most factors are unwilling to supply it.
15/06/2001
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Slovak state-owned bank Konsolidacna banka Bratislava (KBB) will be taken over by state-owned factoring agency Slovenska Konsolidacna (SKo) before 31 October, according to a proposal for the transformation of the KBB to be discussed by cabinet on 6 June. The acquisition will not include part of KBB's receivables and debts, which will be assumed by the state-owned Slovak Guarantee and Development Bank (SZRB).
14/06/2001
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The diversified group of companies called Savia has announced that it has reached a final agreement with ING Group, under which the Dutch financial services company will acquire all of the remaining outstanding shares of the subsidiary that holds Seguros Comercial America (SCA) for a total consideration of US$791 million. This amount was based on an enterprise value of US$1,750 million. After the deal closes, ING will own 86.69% of the share capital of SCA. The remaining 13.31% is publicly traded
14/06/2001
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Bibby Group of Factors Ltd have released their annual accounts for the year ended 31 December 2000. Turnover has risen by 15.75% to Ј29,367,000 from the 1999 figure of Ј25,371,000. Pre-taxation profit has risen by 15.42% to Ј10,007,000. This compares with the recorded pre-taxation profit of Ј8,670,000 in 1999.
BCR Publishing
BCR Comment
14/06/2001
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Regency House Finance Limited have released their annual accounts for the year ended 31 January 2001. Turnover has risen by 41.17% to Ј1,318,062 from the 2000 figure of Ј933,701. Pre-taxation profit, however, has fallen by 36.27% to Ј101,909. This compares with the recorded pre-taxation profit of Ј159,899 in 2000.
BCR Publishing
For a further breakdown and analysis of the accounts, please click through to:
Regency House Finance Limited/ Factors’ Details and Analysis
14/06/2001
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Financial firms that factor agricultural accounts receivable won a big victory last week that should help sustain the crucial liquidity that such firms provide to agricultural brokers and, indirectly, to growers.
14/06/2001
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GLE Invoice Finance has announced that it will strengthen its sales team by appointing Pete Stanton to the position of Regional Sales Director for the West Midlands. Pete joins GLE with many years’ experience, having worked for Bank of Scotland’s factoring and discounting arm, Capital Bank Cashflow Finance.
Pete has been recruited to raise GLE’s profile and increase their client base in the West Midlands and joins a growing sales team. GLE currently has sales offices in Berkshire, Essex, East Midlands, and now the West Midlands as well as their head office in Kent.
13/06/2001
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The Secretary of State and the Chancellor have agreed a request by the Competition Commission for a four month extension to complete their report on the supply of banking services by clearing banks to small and medium-sized businesses. This will enable the Commission to consider further arguments and evidence from the banks.
The period for reporting on the monopoly reference has been extended from 19 June to 19 October 2001.
13/06/2001
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Lending to small businesses rose by Ј1.4 billion (+3.6%) in the first quarter of 2001. This was higher than the previous quarter's rise due to increased overdraft borrowing and brought total lending to Ј40.3 billion at the end of March 2001. Virtually all of the increase in term lending was at variable rates.
The first quarter say little change in the total number of current and deposit accounts for small businesses, although there was a small migration from deposit accounts into current accounts. Deposit levels remained unchanged at Ј41.3 billion.
13/06/2001
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Alliance & Leicester has announced its entry into the growing factoring market in partnership with Bibby Group of Factors. The new offering confirms A&L's commitment to extend the services it offers to businesses and marks another partnership following the recently announced link-up with Legal & General.
The new offering, aimed at small to medium-sized businesses, will trade under the name Alliance & Leicester Invoice Finance and will combine the brand strength and financial backing of A&L with the collections and sales ledger expertise supplied by Bibby Factors.
31/05/2001
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French investment bank Natexis Banques Populaires, which has a factoring subsidiary, has received authorisation from the Bank of Spain to open a bank in the country. It previously had a representative office. Natexis is part of the banking group Banques Populaires.
30/05/2001
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The factoring company Venture Finance plc, which provides loans under the government’s Small Firms Loan Guarantee Scheme, has extended the facility to include start ups. Originally Venture Finance launched the scheme for companies with a minimum annual turnover of Ј1m. The scheme is available alongside factoring and invoice discounting.
In the six months ended September 2000, Venture Finance had lent Ј690,000, making them the ninth largest lender under the Small Loans Guarantee Scheme in the UK.
23/05/2001
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Subsequent to the issuing of a profit warning last month and warnings of exceptional changes in its final quarter, the factoring and invoice discounting group, Euro Sales Finance, has put itself up for sale, saying that it would be better with a cash rich company behind it.
The company lost two-thirds of its stock market value last month after it warned of a cashflow squeeze caused by overly rapid expansion in France and Germany which it did not have the resources to fund.
21/05/2001
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Isis Factors PLC have released their annual accounts for the year ended 31 October 2000. Turnover has fallen by 7.82% to Ј1,762,187 from the 1999 figure of Ј1,911,699. Pre-taxation profit has fallen by 3.92% to Ј841,924, This compares with the pre-taxation profit of Ј876,307.
In spite of a fall in absolute terms of both turnover and profit, Isis Factors’ profit margin (the ratio of profit to turnover) has risen to 47.78% from 45.83%, as has their liquidity ratio from 1.62 to 2.2.
BCR Publishing
21/05/2001
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Euro Sales Finance (ESF), the pan European sales finance company, today announces its third quarter results for the nine months ending 31 March 2001.
The highlights for the nine month period:
Profits before tax amounted to Ј4.036m, which compares with Ј1.971m a year ago.
Quarter ahead 82% at Ј1m
Earnings per share 17.0p(11.1p last year)
17/05/2001
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