Invoice finance company, Positive Cashflow Finance (“Positive”) is delighted to release its annual results, revealing a 67 per cent increase in pre-tax profits, growing from £467,000 to £780,000.
Turnover at the invoice finance company increased by 15 per cent to £3.3 million, up from £2.9 million in the previous year. Positive handled client turnover of £175 million, up 15 per cent, and advances to clients totaled circa £12 million in the year ending November 2011.
Commenting on the results, David Smith, managing director of Positive, said: “I am pleased to report that growth has continued in the first half of the current year with 28 deals completed in the last three months alone – a record quarter for Positive which has seen advances to clients increase to £15 million.
Paul Varley, regional sales director for the Midlands, added: “Invoice finance has become a credible alternative to traditional bank funding. With the banks still restricting lending, more business owners are coming to us to improve working capital in the same way as they would go to a bank to increase their overdraft facility. We are also seeing more approaches from businesses who have been let down by their existing funder.”
The company, which employs 25 staff, provides funding for working capital, buyouts/acquisitions and restructuring to companies with turnover of between £100,000 and £10m. Established in 2007 by David Smith, Phil Chesham, Simon Cook and Peter Davis, Positive specialises in lending to businesses in sectors including manufacturing, recruitment, printing and distribution.
Positive’s Birmingham office opened in November 2011 and, in line with its growth strategy, the company is currently in the process of opening an office in the South of England.