Henry Howard Finance Plc has filed accounts reflecting that pre-tax profit grew to £1.18m in the year to 31 December 2016, up from £615,251 in 2015.
Chief Financial Officer Mark Burn said: “Our overall performance for HHF Plc in 2016 was pleasing, with an increase in gross margin of 26 per cent and 100 per cent increase in earnings before interest, tax, depreciation and amortisation (EBITDA).
“As expected, group turnover reduced marginally as we continue to evolve from a specialist brokerage to an established funder; a strategy successfully reflected by the increased number of agreements placed on our own balance sheet.”
During the year, the lender secured a £51m asset finance facility through the British Business Bank’s ENABLE Funding programme to enable it to extend funding to a larger portfolio of smaller UK businesses.
Burn added: “As the business has developed, we have retained an entrepreneurial approach to lending that involves providing tailored financial solutions to businesses across all sectors. This is reflected in the fact that the group increased its overall lending to the UK SME market by 65 per cent in 2016. “