Y3S posts £420K profit
By Bridging Loan Directory -
Draft accounts from the 3 subsidiaries of Y3S Group Ltd show £420,000 profit before tax for the year ending September 2013.
The Cardiff-based brokerage says that it has experienced exponential growth in the financial year to September, spurred by a combination of unprecedented demand for its secured and bridging loan products and the result of significant investment in technology, offices, people and training to fulfil that demand.
Net profit before taxation across the 3 companies is up 132% on the previous financial year, which stood at a little over £180,000.
“We are very pleased to be signing off accounts that show good growth in both turnover and profits. Although this might not be reflective of the whole economy, the finance sector is showing real grounds for optimism after such a long period of grey skies,” said Finance Director Benson Yeadon, “Our bridging finance and secured loan businesses have both achieved strong sales in the last year, thanks to increased liquidity and real product developments by lenders. Our debt management business has remained steady.”
The firm has recruited 16 staff this year taking numbers to 41, and has recently signed terms on an additional floor of its head office building with accommodation for a further 35 new recruits.