25 May 2012

Facilities boost at Ultimate Finance

18/10/2011 Robert Tyerman

Lloyds Banking Group has extended its £34 million facility to small business finance provider Ultimate Finance (ULG) to a three-year minimum term. Meanwhile, Siemens Financial Services has doubled its own funding facility to the company's new Ultimate Asset Finance arm to £1 million and Hitachi Capital has provided a new £500,000 facility to the asset finance side.

Chief executive officer Gordon Pepler argues these new and extended facilities 'demonstrate confidence in our continued growth prospects.' He says Ultimate Asset Finance is 'exceeding management expectations so far this year.'

AIM-quoted Ultimate, which bought Ashley Commercial Finance a year ago for an initial £4.75 million with another £2.7 million to pay if targets were met, more than doubled pre-tax profits to £1.16 million in the year to July on turnover up 45 per cent to £9.3 million. House broker and shareholder WH Ireland sees pre-tax profits reaching £1.9 million in the current year, with £2.3 million on the cards for 2012-13.

Now trading at 17.38p, Ultimate's shares sport an undemanding prospective price/earnings ratio of six and yield a comforting 4 per cent. They could outperform some sector peers.

Tags: AIM market, Business Finance, Gordon Pepler, Lloyds Banking Group, Siemens Financial Services

Sector: General Financial

Companies: Ultimate Finance

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