Gener8 announces another year of record revenues and continued profitability
Gener8 Finance (“Gener8”), the Oxfordshire-based Invoice Finance provider, is pleased to report record revenues and continued profitability in the financial year to 31 May 2019 as part of the 1pm Group of companies.
The Group has achieved revenues of £31.8m, an increase of 6% from £30m in 2018 off the back of an 13% increase in new business originations to £161m. The firm also delivered record Profit before tax of £8m.
Contributing to the delivery of another successful year, Gener8 made a number of significant appointments in the year, including Tansy Cunningham as head of business, to strengthen their leadership team as well as expanding their sales presence to bring the firm’s range of flexible funding solutions to SMEs in the South with the appointments of Matt Harding and Phillip Speed as business development managers, and Peri-Ann Lively as business development executive. In response to a growing client portfolio, the firm has also expanded and enhanced their risk and relationship management team through a combination of internal promotions and new recruits to optimise the service they offer.
The business has also benefitted from the Group’s investment in restructuring and strengthening their senior management teams. In the financial year the group has made several high-profile appointments including Carol Roberts as head of asset and Lorraine Neyland as head of risk. With a focus on improving the use of technology in order to deliver simpler ways of doing business, David Jones was appointed as head of IT to support both the delivery of specialist products and bring greater benefits to all Group companies. Complementing this, the Group have been ‘highly commended’ for the Use of Technology for Service Excellence at the Leasing World Service Excellence Awards.
Commenting on Gener8’s performance, Tansy Cunningham, head of business, said: “With a market as competitive as ever, we are thrilled to announce another successful financial year. The key investments we have made in our team have proved invaluable to the success and growth of the business and the wider Group, allowing us to expand our offering and support more SMEs across the UK with bespoke funding packages. The results are reflective of our commitment to build strong, personal relationships with our introducer and client base, both of which are at the centre of everything we do. Our continued focus will be to service their evolving needs with either single or multi-product solutions, which we can offer as part of the 1pm Group.”
1pm’s strategy is to focus on providing or arranging the finance UK SMEs require to fund their businesses and arranging vehicle and property-backed finance for consumers. The multi-product range for SMEs includes asset, vehicle, loan and invoice finance facilities. The Group operates a “hybrid” lending and broking model enabling it to optimise business levels through market and economic cycles.
Ed Rimmer, chief operating officer, added: “In what has remained uncertain prevailing business conditions, we are delighted to be reporting continued year-on-year growth. The results demonstrate the strength of our market position, our multi-product offering and our flexible approach to providing British businesses with the finance solutions necessary for growth.”
