Full steam ahead19 Jan 2015 10:47
Inspired has increased its number of clients by 36.3% to 1,323 and increased the total loans and other receivables by 60.8% to £66.9m, in comparison to 31 December 2013. The rate of growth accelerated rapidly in the second half compared to the first half of the year.
The growth rates reflect strong performance particularly in the core invoice discounting/factoring business as well as the continued growth of the Asset, Trade and Construction Finance divisions. The significant increase in the sales force is a primary contributor to the acceleration in growth of the loan book. Credit policy remains unchanged during this period of growth.
Inspired has secured increases in funding through debt facilities during the year - the back to back facility with Lloyds Banking Group has been increased to £50m and a debt facility of £7m has been agreed with Hendersons. A further facility with another lender of £25m has been agreed subject to completion of legal documentation which is expected to be completed in early 2015. The Board will provide a further update on the financing of the loan book at the time of the final results in April 2015.
Matt Cooper, Chairman of Inspired, commented: "We are delighted with the progress that has been made over the past 12 months. Inspired Capital's journey has begun. We are confident in our ambitions for significantly growing our business and our strategy is being successfully implemented in order to achieve this."
Brian Cole, Chief Executive of Inspired, commented: "The step change in annualised growth rates in the second half of the year is very encouraging and demonstrates traction with our strategy is already being achieved. This puts us in a strong position to look forward to 2015 with confidence."
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