Asset finance provider St Helen’s Finance has released audited
results for the year leading up to 31 December 2008, showing a 75
percent increase in turnover year-on-year, to a value of £1.3
million.
The company, which was profitable on a month-on-month basis
until the end of H1 2008, finished the year with a £219,000 loss
due to a number of writeoffs – although increased its general
provision to a value of £325,000 by the year’s end.
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Managing director Norman Kenvyn commented: “We have
comprehensively reviewed the portfolio to ensure that we have a
solid general provision at a level of sufficient prudence. This
will be combined with a strong growth strategy, to ensure the
company continues to move forward.”
St Helen’s also announced the approval by its board of directors
of a private placing, intended to raise around £2 million via an
unsecured convertible loan note. The funds are intended for
creation of a new subsidiary company, with the remainder to be used
as expansion capital.
