Motor finance house Northridge Finance has published its financial results for the 12 months to 31 December 2018, with year-on-year growth of 31% across the business.
Northridge Finance surpassed the £1bn lending mark for the first time, with gross asset finance lending reaching £1.1bn, an increase of 31% year-on-year. Profit before taxation increased from £151m in 2017 to £173m, while intermediary relationships grew 10%.
Northridge Finance, a subsidiary of Bank of Ireland UK, has been able to fund a broader range of finance deals for businesses and individuals through new and long-term relationships. The company acquired Marshall Leasing in November 2017, which has seen its funded fleet grow by 16% to 8,000 in 2018.
“2018 was a fantastic year for Northridge,” said James McGee, managing director of Northridge Finance. “We have seen superb growth in a challenging market environment and we are delighted to exceed £1bn in lending and 8,000 vehicles in our funded fleet with Marshall Leasing. Both are firsts for our business.”
McGee stated that the focus of the business will be to continue to improve its service, while investing in new technologies to support growth.
Peter Cakebread, managing director of Marshall Leasing, added: “Marshall Leasing has had a great first year as part of the Bank of Ireland UK and Northridge family. We have exceeded the 8,000 funded fleet vehicle milestone and our entry into the intermediary market is generating strong orders. We have continued the rapid expansion of our Minibus offering, taking the fleet to 139 vehicles, an increase of 283%.”
Speaking to Motor Finance last month, McGee also expressed interest in moving into the PCH market, which has seen significant growth over the last two years. He said: “We see that personal contract hire, and contract hire generally, will become more and more popular as the mind-set within the UK moves towards usage and rental, as opposed to financing and ownership.”