As listed commercial finance provider Davenham Group struggles
to sell off its property finance portfolio, its asset finance
segment – which continues to write limited business – has reported
an interim profit of £179,000 for the six months ending 31 December
2009.
This was a 36 percent drop on 2008’s asset finance profit of
£280,000. Furthermore, segment profit as a proportion of revenue
fell from 5.1 percent in 2008 to 4 percent in 2009.
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Overall, the group saw revenue down 36 percent year-on-year to
reach £17.4 million, but pre-tax loss also down to £8 million, as
opposed to £30.4 million a year earlier.
The group’s Chief Executive, David Coates, stepped down from
leadership of the Group on 1 March, to be replaced by group
managing director.Paul Burke.
Meanwhile, restructuring efforts continued, with administrative
costs slashed from £11.5 million to £6.2 million over the
year, and total loan portfolio down from £247.3 million to £144.2
million.
Fred Crawley
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