SPF reports ‘exceptional’ year as profits rise

A business finance provider has reported an “exceptional” financial performance in 2024.

Skipton Business Finance (SBF), a subsidiary of national building society Skipton Group, has announced a 13 per cent increase in pre-tax profits, reaching £10.8 million for 2024.

SPF, which provides flexible working capital solutions for businesses to improve cash flow and revenue stability, saw a 19 per cent rise in turnover across its client base, growing from £2.1 billion to £2.5 billion.

Bosses say SBF’s client-first approach has proved integral to its success, reflected in a 98.64 per cent satisfaction rate in its annual survey. 

Greg Bell, chief executive of Skipton Business Finance, said: “2024 was a pivotal year for us, demonstrating our steadfast commitment to supporting businesses across the UK. 

“Achieving a record £2.5 billion in turnover across the businesses we serve and a 13 per cent increase in profitability reinforces our position as a key provider of flexible and accessible funding solutions.”

SPF also reported a significant rise in funds in use, which rose by 11 per cent, while its charitable donations also increased by ten per cent, with the key benefactor being WizeUp Financial Education, which works with schools and colleges to deliver tailored financial education and employability workshops and seminars.

Stuart Haire, group chief executive of Skipton Group, added: “Skipton Business Finance is a core component of the Skipton Group, playing a vital role in our commitment to supporting financial wellbeing and driving business growth across the UK.

“Its exceptional performance in 2024, including record lending and increased client satisfaction, underscores the team’s dedication to empowering UK B2B businesses - an essential pillar of the UK economy. 

“We commend their achievements and look forward to their continued success.”

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