Simply Asset Finance records pre-tax profit of £5.5m for 2023

Simply Asset Finance has posted FY2023 profits of £5.5m and revenues in excess of £52m.

As the business further expanded to support its small- to medium-sized (SMEs) business customers across the UK, its loan origination also grew to £1.3bn to date.

Founded in 2017, the business has now grown to a team of 155 members and in 2023 further extended its national footprint, opening an additional sales centre in the business district of Liverpool which celebrated £7m in advances in its inaugural year.

The business also has on-the-ground experts operating from its offices in London, Glasgow and Belfast.

Since inception, Simply Asset Finance has helped to finance over 7,400 customers across the UK through 15,161 agreements.

In 2023 its loan book grew by £63m, a 15% increase year on year.

Mike Randall, CEO at Simply Asset Finance, said: “Another year on and the continued growth of the business only emphasises the hard-work of our team at Simply, and the need for better access to business funding in the UK for our customers.

“We’re immensely proud of how far we’ve come as a business, and these results help to further cement our growth for the year ahead.

“We are working hard to build a solution, and framework that sets the standard for small business lending in the UK – one that ensures every SME can get the money they need, when they need it to spur their growth.

“We’re seeing more and more signs of 2024 being a positive year for growth as SMEs demonstrate their resilience, business optimism is on the rise, and inflation is coming down. Our support of these firms is unwavering, and we are excited to see what the year ahead holds for the businesses so vital to our economy”

Stefan Wolvaardt, Simply Asset Finance CFO, said: “Taking into account a year of high interest and double-digit inflation, we’re incredibly positive about the profits we have achieved at a time when every business has faced hardships.

“Demand has shown no signs of slowing, and with our origination to date increasing to £1.3bn, businesses are clearly seeking to enable their growth in the year ahead which we are here to help them achieve.”