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A business finance group has reported its financial results with a profit increase of 14.1% from last year.
Scottish Pacific had a profit before interest and tax of $47.6m. Its net profit after tax grew 17.4% to $29.7m, which it puts down to growing customers, operating efficiencies and solid cost controls.
According to the group, strong growth from its core Debtor Finance facility was supported by growing customers expanding their facilities with Scottish Pacific.
Average exposure over the year is up 15% to $998m and turnover is up 13.2% to $17.5b.
Commenting on the results, CEO, Peter Langham said, “We are pleased to have delivered a strong result for FY18, reporting Profit before Interest and Tax growth of 14.1% to $47.6m.
“With our customers growing on average at three times the rate of GDP, their growth is our growth, with many continuing to expand their facilities with us to support their growing businesses.
“We are pleased to see the results of our investments in operations, and towards efficiencies, beginning to flow through, contributing to a reduction in Scottish Pacific’s cost to income ratio and strengthening the earnings profile of the business.”
During the next financial year the company hopes to expand its offering to a broader target market, with a focus on new products, such as Asset Finance.
The capability to provide facilities secured against assets other than just receivables will see new sources of income developed.
Scottish Pacific said while it will continue to exercise strong control over expenses, it will still invest for the future.
Areas of improvement over the next year will include the adoption of new technology to streamline processes, making it easier to on-board and manage customers.
