Business Media Articles (Archived)
Record results for Close Invoice Finance
Summary
By David Thomson
I am very pleased to report that, thanks to the efforts and commitment of the whole team, Close Invoice Finance has achieved record results in terms of both growth in client numbers and sales volume.
Article
• Client numbers up from 886 to 971
• Client sales volume increased by 119% (1999 - 2005)
• Cost base growth limited to 1%
(These results are for the financial year 2004/5 and are compared with the previous financial year unless otherwise stated).
I am very pleased to report that, thanks to the efforts and commitment of the whole team, Close Income Finance has achieved a record year in terms of both growth in client numbers and pre tax profits.
The past year's (2004-5) performance continues the upward trend of the company that has seen client sales volume increase by 119% in the period 1999 - 2005 with client numbers growing by 66% in the same period.
It means that we are in a strong position to meet the targets set out in our three-year plan, which is to grow total income while reducing our cost base over the same period. A challenge, I'll admit, but one that these results suggest that we will meet if we continue to pull together.
I recognise that, as a company, we are only as strong as our weakest link and that's why I have always been an advocate of investing in staff. I am delighted with the progress we have made in this area over the past year. Every member of staff should have received some training and had a personal training plan devised.
We also have introduced an occupational health process, and our pension contributions into the company scheme have increased, as a further sign of CIF's commitment to investing in its staff,
The past year has also seen the successful introduction of Closenet and our direct debit collection solution is now trading and has been welcomed by our growing client base. The import product is a welcome new addition to our product range and is expected to go from strength to strength.
Finally, as well as our staff, I would also like to thank our clients, introducers and supplier's for all their efforts and positive contributions over the past year and look forward to working with you towards a successful 2005-6.
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