News - South West

Turnover up by a quarter at Ultimate Finance

Finance services provider Ultimate Finance has reported a 25 per cent increase in turnover in its latest half-year results.

The Bristol-based company, which specialises in financial products for small businesses, said for the six-months to 31 December 2011 its turnover was £5.4m – up from £4.3m for the same period last year.

However, Ultimate's pre-tax profits has slightly fallen to £329,000 – from £337,000 in 2010.

The company said the acquisition of Ashley Commercial Finance in October 2010 and £34m facility from Lloyds TSB provides it with "a strong platform for growth".

Chief executive Jeremy Coombes said: "I am delighted that Ultimate Finance has again delivered another set of strong financial results, demonstrating good organic growth and the successful embedding of the acquisition of Ashley Commercial Finance.

"There are many high quality small businesses who need a flexible approach to financing and as the UK economy emerges from recession there is an increasing demand for our expertise, products and services."

The company said it will be "actively seeking appropriate acquisition opportunities" and is planning an increase in marketing activity and to take on additional staff which could see the relocation to larger premises.

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