British Business Investments has announced that it is supporting over 34,000 SMEs across the UK, an increase of 28% on the previous year.
In its full-year results for the period ending 31st March 2019, the wholly owned commercial subsidiary of British Business Bank recorded a pre-tax profit of £71m.
This represents an increase of 4.4% on the 2017/18 figure.
British Business Investments saw a 6.5% (5.6% net of costs) gross return on average capital employed for the year, which is ahead of benchmarks of 5.6% and 5% respectively.
Other highlights for the year included:
- invested £1.1bn through 46 portfolio investments
- made seven new commitments totalling almost £200m
- supported £11.4bn of finance through its programmes in the UK market, an increase of 9.4% compared with the previous year
“In the 2018/19 financial year, we exceeded all of the objectives our shareholder set, and I look forward to continuing that success as we further develop the business,” said Catherine Lewis La Torre, CEO at British Business Investments (pictured above).
Keith Morgan, chair at British Business Investments, added: “By working with a broad portfolio of finance providers, we can help to increase the choice of funding options available so that a wide range of businesses can find the most suitable finance for their needs.
“British Business Investments has played an important role in helping the British Business Bank achieve its overall objectives this year, including increasing both supply and diversity of funding and helping to reduce regional imbalances in access to finance.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...