A Manchester-headquartered group behind a car finance brand and online retailer expects to report improved results for its latest financial year despite the impact of the Covid-19 pandemic.
247 Group, which made the forecast in newly-published documents with Companies House, added that it's financial performance is also set to be better in the 12 months to June 2022.
The new documents, for the year to June 30, 2020, show the group's revenue fell from £52.7m to £41.1m, while it made a pre-tax loss of £3.2m, down from a profit of £1.2m.
The group includes CarFinance247, a broker of vehicle finance agreements between cutomers and a panel of lenders; 247 Money, an underwriter of vehicle finance to borrowers through the establishment of the group's owner lender; and 247 Cars, an online retailer of pre-owned vehicles.
The new accounts come after 247 Money successful completed the company’s first private securitisation, with a facility of up to £305m.
A statement signed off by the board said: "The board is satisfied with the performance and development of the group in a year which has been impacted by the Covid-19 global pandemic.
"The group entered the financial period in a solid financial position and achieved significant success during the first three quarters.
"The Covid-19 pandemic resulted in a national lockdown that commenced on 23 March 2020 and non-essential shops were forced to close.
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"As a consequence, the group temporarily paused trading.
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"The broker and dealer re-commenced in May and the lender re-commenced in June.
"As a result of the challenges presented by the Covid-19 pandemic, the group has reported a loss before tax of £3.2m compared to a profit before tax of £1.2m in 2019.
"The board have taken actions...to achieve a return to profitability in 2021 despite the ongoing Covid-19 pandemic."
On the future, the group added: "There is currently uncertainty in the 海角视频 political and economic environment as a consequence of the Covid-19 pandemic and the ongoing Brexit process.
"Accordingly, the board has taken appropriate action to ensure the group operates profitably into the foreseeable future.
"Current forecasts show that the financial performance of the group is expected to improve in FY21 and FY22."