Helen’s Finance, combined with high growth expectations in the year
ahead, could mean the SME lessor is on the path to recovery.
However, the City London-based lessor still has a long way to go
with its latest financial statement for year end 2007 revealing an
increase in total losses, mainly from bad debt, of £312,391, up
from £168,000 in 2006.
Nonetheless its managing director, Norman Kenvyn, is optimistic
about future prospects saying that “the current
economic uncertainties will undoubtedly present the company
with greater new business opportunities as
traditional lenders to SMEs start to tighten available
Its number of live deals rose 134 per cent to reach 309,
turnover grew 128 per cent to total £759,896, while its finance
receivables more than doubled last year to total £6.7m by year end
Debt facilities rose sharply to total £5.6m, up from £2.2m the
year before, while available cash resources remained steady
year-on-year at just over £413,000. Admin expenses rose from
£350,000 to £516,000 last year.