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The company, which is part of the Skipton Group, also reported a 19 per cent rise in collective turnover among the businesses it serves from £2.1billion to £2.5billion.
Greg Bell, CEO 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.”
“As we look ahead, our strategic, client-centric focus remains on innovation, strengthening our relationships with intermediaries, and ensuring businesses have the financial resources required to drive sustainable growth."
The success of this client first approach was reflected in the company’s annual client survey, which saw satisfaction levels in its services rise to 98.64 per cent from 97.43 per cent in 2023.
SBF also reported:
- Funds In Use (FIU) rising by 11 per cent to £190.1million; with Peak FIU up by 12 per cent from £184.5 million in 2023 to £207.3million in 2024
- Charitable donations increasing by 10 per cent; with the key benefactor being WizeUp Financial Education, whose programme of activity aligns with SBF’s mission to improve financial literacy in the UK
- And over 30 community initiatives being supported by Community Matters – a grant making programme that was developed by SBF
Stuart Haire, Group CEO of Skipton Group, said: "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. SBF’s commitment to delivering accessible and flexible funding solutions aligns seamlessly with our Group’s broader purpose of enabling businesses and individuals to achieve long-term financial stability. We commend their achievements and look forward to their continued success."