Simply Asset Finance announces H1 2022 pre-tax profit

• Asset finance lender posts H1 profit while revenue soars
• Loan book more than trebles in 3 years
• Lender employs 114 people servicing just under 5,000 customers
• Scottish office opened in June 2022
• Technology with a handshake

Simply Asset Finance (Simply) the forward thinking and flexible asset finance lender has announced a H1 2022 profit of £3.7m, signalling a continuing growth in profits after Simply first moved into profitability in 2021. Revenues have also continued to soar to £18m for the first six months of 2022.

Simply was founded in April 2017 by a team of asset finance specialists to support local businesses, in response to the need for innovation and disruption in the sector. It offers an alternative financial model to banks and looks beyond a balance sheet and credit rating. Simply now employs 114 people across the UK, servicing just under 5,000 customers and has been ranked 31^st largest asset finance lender in the UK[1] and in the top 50 fastest growing company in Europe[2].

Since it was established Simply has more than trebled the size of its loan book, lending more than £700m to SME customers across a wide range of sectors including transport, construction, manufacturing, recycling and agriculture.

[1] Source: Asset Finance Connect, Asset Finance UK 50

[2] Source: FT 1000 Europe’s Fastest Growing Companies 2022, Financial Times and Statista

Simply consider a customer’s potential and work with them to identify and implement the best financing solution to help them succeed. Their highly experienced sales team is made up of people with extensive knowledge of the industries they lend to. This means they understand the day-to-day challenges that businesses face and the dedicated support teams guide customers through the process, helping them every step of the way.

The sales team is complimented by new best in class technology, enabling a quick and transparent process for customers to apply for credit, and allows for better decisions to be made using all available information but always with experienced credit and underwriting team members behind every decision. This is what Simply calls “technology with a handshake”.

Commenting on the results Simply Asset Finance CEO Mike Randall said: “To have reached profitability in such a short amount of time is a great achievement and this set of results shows that Simply is delivering precisely what SMEs in the UK need. This was particularly true during the recent pandemic, when we stood with SMEs and helped navigate them through what were unprecedented times.

“We are aware that there is now an increased focus on rising costs, and rising levels of inflation and will continue to be there to guide and support our customers through what continues to be unchartered territory so that they can focus on running their businesses.

“I am really pleased with our performance as we continue to focus on helping as many SMEs across the UK as possible. I am proud of these results and look forward to continuing to work with my leadership team driving sustainable growth and returns.”

Commenting further, Stefan Wolvaardt, Simply Asset Finance CFO said:

“This set of results shows that Simply is clearly on a strong growth trajectory, and I am proud that we have continued to increase our profitability in the first half of 2022. To date Simply has provided more than £700m of asset finance to just under 5,000 UK SMEs, we have plans in place to increase our customer base, and we continue to focus on helping SMEs across the UK”.

Ends

About Simply

Simply was founded in April 2017 by a team of asset finance specialists, in response to the need for innovation and disruption in the sector.  It offers an alternative financial model to banks and looks beyond a balance sheet and credit rating. Simply consider a customer’s potential and work with them to identify and implement the best solution to help them succeed. Their highly experienced sales team is made up of people with extensive knowledge of the industries they lend to. This means they understand the day-to-day challenges that businesses face and the dedicated support teams guide customers through the process, helping them every step of the way.

Simply has lent more than £700 million to over 4,700 small and medium businesses across a wide range of sectors including transport, construction, manufacturing, recycling and agriculture.

For further information about Simply please contact

Louise Dolan

Partner

Camarco

020 3757 4982 / 07446 870025

louise.dolan@camarco.co.uk

Sean Palmer

Associate Partner

Camarco

020 989 5713 / 07591 760844

sean.palmer@camarco.co.uk