A finance company with offices in Kent has boosted pre-tax profits by nearly 200 per cent.

Ultimate Finance, which moved its south east regional centre to larger premises in Calverley Road, Tunbridge Wells, last year, saw profits rise to £406,000 in the year to June 30, an increase of 196 per cent over the previous year (£137,000).

The specialist invoice discounting and factoring firm - listed on the Alternative Investment Market (Aim) - defied the downturn to post a strong performance. While turnover rose slightly from £4.33m to £4.75m, client turnover financed in the period leapt by 24 per cent to £212.6m (2008 - £171.8m).

Chief executive Richard Pepler said the company’s move to new larger offices in Tunbridge Wells under regional managing director David Wright had been a success.

He added: “Consolidation in the industry during the past financial year brought with it a number of challenges. Ultimate Finance has not only weathered this storm, it has made strong progress.

"We are cautiously optimistic that the company is able to capitalise on the challenges and opportunities ahead. We countered a negative trend by focusing on the fundamentals of good business and sound lending and by adhering to our long-term strategy.”

Mr Pepler said he expected further sales growth in the coming year, with recession creating a surge in new enquiries as businesses questioned the merits of the overdraft as a source of funding.

He added: “This, combined with our in-depth understanding of the needs of SMEs, positions us well to explore a number of exciting growth opportunities.”