Investment in product development, strengthened sales team and cross-selling opportunities drive sustained growth
23 October 2019 – Car Finance 2 U (“CF2U”), the Birkenhead-based vehicle finance provider, is delighted 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.
CF2U is delighted to have contributed significantly to these results having delivered a successful year from many aspects. The business has achieved robust profit growth and has increased the size of their team as they invest in meeting the needs of their growing customer base.
CF2U’s business growth is attributable to the Group-wide commitment to invest in and develop their products, people and customer experience. 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 CF2U’s performance, Mark Burgess, Head of Vehicles, said: “We are delighted to announce the latest financial results, which reflect our aim to continually evolve our business offerings, invest in the technology we use and hire exceptional people to deliver growth. We look forward to the next financial year as we continue to strive to deliver a market-leading service to our customers.”
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 optimize 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.”