If investor sentiment had not been beaten down by the global
financial turmoil, General Capital Plc would probably have enjoyed
some stock price gains after posting a strong set of 2007
results. 

Instead, the AIM-listed SME lender is trading below its book
value, despite doubling in size and growing its loan portfolio by
60 per cent. 

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Executives of GenCap have been quick to manage expectations,
citing 2007 as an exceptional year that would be difficult to beat
under prevailing conditions. 

“Last year was an exceptionally good year and I think the
company needs to be congratulated on achieving that result,” said
Steven Hartley, GenCap’s newly appointed chief executive. 

He noted the exceptional profit of £1.1m on one transaction,
which helped to multiply net profit by almost six times to £2.5m
last year. 

This was its exit from Great Fleet, a recruitment business in
which GenCap’s venture finance division had acquired a stake
through its structured lending activities. 

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Bumped up by the completion of the acquisition of brokerage
Norton Folgate, GenCap’s Asset Finance arm turned in revenue of
£2.6m, while the quick churn in property lending raised revenue
from this division to £2.2m last year. 

Depending on the risk profile of the deals originated by Norton,
GenCap may choose to underwrite them itself, otherwise the business
is a good source of fee income without the associated
risks. 

More importantly, Norton is a first step for GenCap – which
remains largely a south eastern business – to expand its
geographical reach across England.