Geneva Finance shifts focus to core operations

Geneva Finance, a specialist in personal finance and vehicle loans, has announced the completion of its year-end forecast for the March 2024 financial year.

It anticipates a decrease of approximately 24 per cent in pre-tax profit compared to the previous year, which aligns with the market update provided on 29 November 2023 where a 23.8 per cent decline in the September 2023 half-year results compared to the same period in 2022 was disclosed.

As highlighted in the November announcement, the organisation has assessed the contributions of the group’s different business units and has decided to focus primarily on its two core operations: Lending and Insurance. 

Consequently, the board has made the strategic decision to exit the invoice factoring and debt litigation operations. This decision requires a reassessment and write-off of associated goodwill.

Despite these adjustments, the anticipated year-end results remain closely aligned with what was announced for the half-year.