British Business Bank Investments Limited reports continued progress with £14.2m H1 profit, interim dividend of £11m and its original Investment Programme nearing full commitment
British Business Bank Investments Limited, the commercial arm of the British Business Bank, today announces its half year results for the period to 30 September 2015.
British Business Bank Investments Limited invests in small business finance providers, generating a return on investment and improving the finance markets for smaller businesses.
Highlights for the six-month period to 30 September 2015:
Highlights post period-end:
Peter Wilson, CEO of British Business Bank Investments, said:
“These positive results demonstrate that the company remains productive and profitable and shows continued progress since our November 2014 launch.
“I am particularly pleased that we are delivering on our objective to support finance markets for UK smaller businesses whilst providing value to the taxpayer. Our return on capital has again been ahead of our benchmark target, and we have declared another dividend, returning £11m to our publicly-owned parent.
“With another six investments committed by the end of February, and several others working to legal completion, we are on target to commit fully our original Investment Programme’s allocation by the end of this financial year.
“Having led the company through its startup phase for the past two and a half years to deliver the initial plan and establish a firm foundation, the coming year end is a natural time for me to pass the baton. With that end in mind I have been working with the Board to ensure a smooth transition since sharing my plans last year.”
Keith Morgan, Chairman of British Business Bank Investments, said:
“Since its formation in late 2014, British Business Bank Investments Ltd has made excellent progress, acting as a catalyst to improve and diversify finance markets for smaller businesses.
“Our investments in an increasingly wide range of finance providers have helped thousands of businesses across the UK access the finance they need to thrive and grow, while producing a good return for our shareholder.
“Peter has led the team with vision and energy. He has established a thriving business, which has made innovative investments and looks set to continue to deliver for our shareholder. We look forward to announcing his successor in due course.”
For further information please contact:
British Business Bank
020 7199 6185
Notes to editors
British Business Bank Investments Limited
British Business Bank Investments Limited is the commercial arm of the British Business Bank. It aims to earn a commercial return by investing through providers of finance to smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any advantage from the government.
British Business Bank Investments Limited is a wholly owned subsidiary of British Business Bank plc, the UK government’s economic development bank. Neither entity is authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
The Business Finance Guide, jointly published by the British Business Bank and the ICAEW, is a unique guide that sets out the full range of options available for smaller businesses looking to raise finance and offers advice to help companies plan for growth.BACK
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