first time
St Helen’s Finance has made its first profit since it began
trading following an injection of additional funding.
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“We borrow money from funders based on equity in company, now we
are taking full advantage of gearing to borrow against it,” Alan
Irving, operations director at St Helen’s Finance, said.
In the first six months of 2008 St Helen’s managed
month-on-month profitable trading. It established a new brokerage
department in June.
Its total current asset value, which includes cash in the bank
and debtors, is £7.6m for H1 2008, up from £5.8m for H1 2007. St
Helen’s also expects to receive a further £1.8m in unearned income
not yet collected.
The company has sought to manage increased risk derived from the
credit crunch by spreading its portfolio risk, lowering each
individual deal size, and capping its exposure to certain sectors
where there is external pressure to reduce consumer spending.
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By GlobalDataThe company has passed extra costs it has incurred when
borrowing money onto its customers.
HALF YEAR FIGURES FOR ST HELEN’S FINANCE
Profits (after provisions): £54,883 for H1
2008, up 180 per cent from a loss of £44,009 for
H1 2007.
Turnover: £668,813 for H1 2008, up 120 per cent
from £304,432 in H1 2007
Portfolio growth: Portfolio of finance
receivables (gross) £9.2m for H1 2008, up 102 per cent
from £4.5m in H1 2007.
Portfolio of finance receivables (net): £7.4m
for H1 2008, up 103 per cent from £3.6m in H1
2007.
Katherine Gregory
