Simply Asset Finance has announced profit of £3.7m for the first half of this year, signalling a continuing growth in profits after the lender first moved into profitability in 2021. Revenues have also continued to soar to £18m for the first six months of 2022.
Founded in April 2017 by a team of asset finance specialists to support local businesses, Simply has since more than trebled the size of its loan book in three years, lending more than £700m to SME customers across a wide range of sectors including transport, construction, manufacturing, recycling and agriculture.
Commenting on the results Simply Asset Finance CEO Mike Randall said: “To have reached profitability in such a short amount of time is a great achievement and this set of results shows that Simply is delivering precisely what SMEs in the UK need. This was particularly true during the recent pandemic, when we stood with SMEs and helped navigate them through what were unprecedented times.
“We are aware that there is now an increased focus on rising costs, and rising levels of inflation and will continue to be there to guide and support our customers through what continues to be unchartered territory so that they can focus on running their businesses.
“I am really pleased with our performance as we continue to focus on helping as many SMEs across the UK as possible. I am proud of these results and look forward to continuing to work with my leadership team driving sustainable growth and returns.”
Simply says its founding philosophy was a response to the need for innovation and disruption in the sector. It offers an alternative financial model to banks and looks beyond a balance sheet and credit rating. Simply now employs 114 people across the UK, servicing just under 5,000 customers and is ranked 31st largest asset finance lender in the UK in the latest AF50 ranking, while it is in the Financial Times and Statista listing of the top 50 fastest growing company in Europe.
The company has pioneered an approach it dubs “technology with a handshake”, combining the expertise of a highly experienced sales team which understands the day-to-day challenges that businesses face, with new best in class technology which enables a quick and transparent process for customers to apply for credit, and allows for better decisions to be made using all available information.
Commenting further, Stefan Wolvaardt, Simply Asset Finance CFO, said: “This set of results shows that Simply is clearly on a strong growth trajectory, and I am proud that we have continued to increase our profitability in the first half of 2022. To date Simply has provided more than £700m of asset finance to just under 5,000 UK SMEs, we have plans in place to increase our customer base, and we continue to focus on helping SMEs across the UK”.
|Year ended 31 December||FY 2017||FY 2018||FY 2019||FY 2020||FY 2021||H1 2022|
|Gross loan book||£0.0m||£90.2m||£171.5m||£217.5m||£307.1m||£330.1m|
|Profit / (Loss)||£(1.6)m||£(5.4)m||£(2.8)m||£(3.1)m||£3.4m||£3.7m|
|Total number of customers||n/a||910||2,127||3,191||4,430||4,996|