Henry Howard

SME lender almost doubles profits




Henry Howard Finance PLC has almost doubled its pre-tax profits over the past financial year.

The lender has reported that its pre-tax profit grew to £1.18m in the year to 31st December 2016, a significant jump on the £615,251 reported for 2015.

This news follows Henry Howard’s announcement that it would be entering the commercial mortgage and property finance markets.

Mark Burn, chief financial officer at Henry Howard, said its overall performance during 2016 was pleasing as it also managed to increase its gross margin by 26%, while there was a 100% increase in EBITDA.

“As expected, group turnover reduced marginally as we continue to evolve from a specialist brokerage to an established funder; a strategy successfully reflected by the increased number of agreements placed on our own balance sheet.”

During the past year, Henry Howard secured a £51m asset finance facility through the British Business Bank’s ENABLE fund, which allowed it to extend funding to more SMEs.

“As the business has developed, we have retained an entrepreneurial approach to lending that involves providing tailored financial solutions to businesses across all sectors,” added Mark.  

“This is reflected in the fact that the group increased its overall lending to the UK SME market by 65% in 2016.”

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