per cent
General Capital Group, the asset and venture finance specialist
for SMEs, recorded a profit before tax of £2.8m, up from £0.1m year
on year.
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Its net portfolio increased 28 per cent to £43m for the first
half of 2007, compared to £33m at the end of H1 2006.
Furthermore, following its ascension to AIM last year, its
recent acquisition of Norton Folgate, combined with its debt and
equity fund raising in March 2007, General Capital was able to
achieve a new business volume of £17.3m for H1 2007, up from £9.6m
in 2006.
Venture finance dominates General Capital’s current portfolio,
comprising 48 per cent (£20.42m), compared to asset finance, which
comprises 31 per cent (£13.25m) and property finance, which
comprises 21 per cent (£8.99m).
In the asset finance division alone new business volume reached
£4m with a net nominal yield for new business of 17.11 per cent.
The division continues to focus on covenant strength and asset
quality, a diversified customer base and a low bad debt record,
which is historically 1.5 to 2 per cent of net receivables.
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