SME finance provider Ultimate Finance Group
(UFG) has indicated its intention to expand as it announces its
latest results.
The Bristol-headquartered company, which
reported a 37% operating profit increase to £553,000
(€650,000) for the fiscal year ending June 2010, said it is in
“advanced discussions on an acquisition that would be considered
reverse takeover” under AIM rules.
Go deeper with GlobalData
Turnover for the period was up 35% to £6,4m,
the company said.
In July, UFG launched
Ultimate Asset Finance Ltd (UAF), headed by Andrew Ribbins.
Earlier this year, the company also launched a trade finance
business.
Commenting on the expansion to asset and trade
finance, CEO Richard Pepler said: “Trade finance and asset finance
are both very complementary to our main invoice finance products
and give us greater sales opportunities and market presence.
“Either stand-alone or combined with one of
our invoice finance products they can create more favourable growth
conditions for our clients.”
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By GlobalDataAlongside expanded offices in Bristol,
Manchester and Turnbridge Wells, the AIM-listed company is to open
an additional office in Birmingham by the end of the year.
