Simply Asset Finance, a provider of business lending and leasing, has announced H1 2023 profits of £3.2m. The business increased its revenues to £24.8m and opened a new office in Liverpool.
The past five years have seen Simply Asset Finance’s compound annual growth reach 52%, which has enabled the business to expand its team by 17% year on year.
Simply has funded 32,026 assets for businesses across the UK. In the first half of 2023, it added £42m to its loan book, a 10% increase on its previous half.
In 2022, the business completed the development of its new broker platform, an addition to its digital platform, Simply Connect.
Mike Randall, CEO at Simply Asset Finance, said: “The strong growth of the business in the first half of 2023 demonstrates that Simply is continuing to fulfil the needs of SMEs across the UK.”
“Moving forward into the second half of the year, we are continuing to invest in our technology and our people to ensure we are delivering a high level of service to our customers, and partners.
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“The launch of our new office in Liverpool earlier this year is an exciting development for us, and will help us to further specialise our offering while supporting the vital SME community in the North West and other regions across the UK.”
Stefan Wolvaardt, Simply Asset Finance CFO, said: “A £3.2m profit in the first half of 2023, alongside a significant increase in revenue, is a strong start to the year and is evidence of our ongoing business success.”