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.
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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.
