Bridging lender Somo noticed its revenue rise and expanded its group in its newest monetary 12 months, because it lays “the foundations for future development”.
The agency posted a pre-tax revenue of £6.2m for the 12 months to 31 March 2023, up from £5.6m the earlier 12 months, in response to paperwork filed with Firms Home.
Somo mentioned that its bridging finance mortgage e book, which is financed by lenders and buyers, stood at £65.3m at year-end. Its shopper credit score mortgage e book, which is financed by inner capital and reserves, stood at £2m.
“The corporate has achieved year-on-year will increase in turnover and funds lent since inception,” Somo mentioned. “Headcount has elevated considerably as we lay the foundations for future development.”
The common month-to-month variety of workers over the last monetary 12 months was 72, up from 53 the earlier 12 months.
Somo’s newest monetary outcomes come shortly after the agency surpassed the £300m lending milestone.
Final month, the agency introduced that it has lent £313m up to now with no capital losses, with buyers incomes a cumulative £25.9m in curiosity.
Somo has celebrated numerous file months this 12 months by way of the variety of offers and completions. It mentioned that it expects 2024 to be one other record-breaking 12 months.
It has additionally elevated rates of interest for buyers in keeping with base charge rises, with returns reaching as much as 13.2 per cent in September and trending at over 10 per cent on common.