JCB Finance made a pre-tax profit of £5.4
million in the year ending 30 September 2009, a 6.5 percent
increase on the previous year’s figure of £5.1 million.
The subsidiary of banking group RBS achieved
this on the back on a revenue total down 6.6 percent year-on-year,
from £47 million in 2008 to just £43.9 million in 2009.
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This reflected a decrease in the total value
of finance contracts signed during the year, from £557 million to
£424 million in the previous reporting period.
Operating profit was down too, totalling £22.3
million as opposed to £28.2 million in the previous reporting
period.
The pre-tax profit improvement was largely
driven by a 38 percent reduction in finance costs, from £23.1
million to £16.8 million.
However, increased tax expenses of £1.5
million led to an after-tax profit of £3.9 million, compared to
£4.2 million in 2008.
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By GlobalDataAccording to JCB Finance’s annual report, the
company’s directors were “satisfied” with performance, saying that
the business would “be guided by its immediate parent company in
seeking further opportunities for growth”, and expecting no
significant reduction of revenue in the next 12 months.
Fred Crawley
