Investing for future growth is
part of recovery plan. Claire Hack reports.
Go deeper with GlobalData
Independent IT finance company
Syscap has reported a loss after tax of £7.92m (€9.3m) for the year
to 31 March 2010. The EBITDA loss was £268,000.
The consolidated financial results
for Syscap Holdings, parent group of Syscap Ltd, link the loss to
ongoing difficult trading conditions.
“The group continued to trade under
difficult market conditions. Total origination of the UK asset
finance market fell from £29bn in 2008 to £19bn in 2009, a
reduction of 33%. However, Syscap managed to maintain the level of
origination at £67m,” the company financial report said.
The report showed reorganisation
costs of £448,000 within administration expenses for the year.
Turnover was down 24.4% to £38.8m.
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By GlobalDataThe report cited “significant
investment” being made in improvements to its front office
proposal, and underlined the importance of customer relationship
management.
“During the year, Syscap was
successful in securing additional block discounting and wholesale
funding facilities as well as new broking lines. The directors
believe the new facilities are vital to the group’s recovery plan,”
the report added.
In August, Syscap secured a
lucrative deal with the reseller channel of Computer 2000 to become
its sole finance provider.
Housing costs were reduced by
£300,000 following office relocations in January.
Losses at the company’s brokerage business were also down, at
£633,988 in 2010, compared to £940,848 the year before.
