Client turnover rises by 19%; satisfaction levels reach new high
Skipton Business Finance (SBF), a provider of working capital solutions to UK businesses, has reported a 13% rise in pre-tax profits for 2024, reaching £10.8 million.
SBF, part of the Skipton Group, also saw a 19% increase in combined turnover among its client businesses, growing from £2.1 billion to £2.5 billion.
“2024 was a pivotal year for us, demonstrating our steadfast commitment to supporting businesses across the UK,” said Greg Bell (pictured), chief executive of Skipton Business Finance. “Achieving a record £2.5 billion in turnover across the businesses we serve and a 13% increase in profitability reinforces our position as a key provider of flexible and accessible funding solutions.”
The results come as Skipton Group posted a drop in overall profits for 2024. The group’s pre-tax profit fell to £318.6 million, down from £333.4 million in 2023.
“Skipton Business Finance is a core component of the Skipton Group, playing a vital role in our commitment to supporting financial wellbeing and driving business growth across the UK,” said Stuart Haire, group chief executive of Skipton Group.
“Its exceptional performance in 2024, including record lending and increased client satisfaction, underscores the team’s dedication to empowering UK B2B businesses – an essential pillar of the UK economy. SBF’s commitment to delivering accessible and flexible funding solutions aligns seamlessly with our group’s broader purpose of enabling businesses and individuals to achieve long-term financial stability.”
According to Bell, SBF’s strategy moving forward remains focused on innovation and strengthening relationships with intermediaries to ensure businesses can access the funding they need to sustain growth.
The company’s client-focused approach was reflected in its annual client survey, where satisfaction with its services increased to 98.64%, up from 97.43% in 2023. SBF also reported an 11% rise in Funds In Use (FIU) to £190.1 million, with Peak FIU increasing by 12% from £184.5 million in 2023 to £207.3 million in 2024.
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