Close Asset Finance (CAF) posted a profit of £13.3 million for
the year leading to 31 July 2009, down 12.6 percent down on the
previous year’s total of £15.2 million.
The drop came despite a five percent increase in operating profit,
from £32.7 million in 2008, to £41 million last year.
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The overall decrease was largely due to a £2.5 million net income
on investments that had been added to the company’s pre-tax profit
figure in 2008.
Part of the commercial finance arm of independent merchant bank
Close Brothers Group, CAF achieved a 47 percent increase in
turnover year-on-year, from £58 million to £86 million.
The company attributed this to the restructuring of the business
that took place in the second and third quarters of 2008. As a
result, CAF took on the trade, assets and liabilities of a number
of subsidiaries including Surrey Asset Finance, increasing turnover
and boosting pre-tax profit.
CAF said that it had achieved “satisfactory” results for the
year, adding: “The company’s financial position at the year end (in
both net assets and cash terms) remains strong, in particular when
considering the current economic climate, and is consistent with
the prior year.”
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