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Over half of UK’s SMEs reliant on credit cards to support their businesses day-to-day finds GRENKE UK Lease of Life report
- SMEs (Small and Medium-sized Enterprises) across the retail sector are the most likely to rely on credit cards
- Asset finance primed to contribute £7.6 billion p.a. to GDP (Gross Domestic Product) and 114,800 jobs by 2025
LONDON, Oct. 30, 2023 A new report commissioned by GRENKE UK, the leasing solution partner for small and medium-sized enterprises, designed to understand the current state of SME financing in the UK, has found that over half the UK’s SMEs are relying on credit cards to support their businesses day-to-day. These findings highlight how credit cards are increasingly becoming the go-to quick fix solution despite carrying drawbacks and being a less efficient form of financing for SMEs.
The survey of 600 business owners across the UK found that after credit cards, business overdrafts and bank loans are jointly the second most popular form of financing amongst SMEs. Two fifths (39 per cent) of respondents use these options. Meanwhile, a third (33 per cent) reported that government loans are their primary form of financing, reflecting the high levels of government financial support provided to businesses following the onset of the Covid-19 pandemic, and more recently the energy crisis.
Across the eight[1] sectors examined, the Lease of Life report found that SMEs in the retail sector are the most likely to rely on credit cards with nearly 60 per cent sticking their costs on plastic, despite the limited nature of this form of financing as well as the increased risk of exposure to higher interest rates. At a regional level, Scotland sees the highest use of credit cards with nearly two thirds (60 per cent) of Scottish SMEs using this as their primary form of financing.
Looking more closely at alternative forms of finance available to SMEs, whilst two-thirds (66 per cent) of respondents have considered using asset finance, one in 10 (10 per cent) feel they don’t have access to sufficient knowledge or information to choose this option.
Commenting on the findings, David Horton, Managing Director of Sales, GRENKE UK, said: “While credit cards may be easy to secure, it is surprising how many SMEs have become reliant on this type of finance to fund their business. Findings from our Lease of Life report and conversations with the Equipment Supplier community have shown that many of the UK’s SMEs still have limited knowledge of the various forms of financing available to them. As high interest rates begin to hit on demand, employment, and business confidence across the economy, it is critical SMEs need to be far more aware on the financial options available to them and which will give them their opportunities for growth.”
The report also found there is a significant opportunity for asset finance to play a bigger role in SME growth opportunities. Increased use of asset finance amongst eligible UK SMEs across eight major industries, has the potential to contribute £7.6bn annually to national GDP and up to 114,800 jobs by 2025.
At an industry-wide level, nearly a third of manufacturing SMEs are currently using asset finance, contributing £216m to the UK’s GVA, the highest contribution of any single sector. GVA or Gross Value Added is an economic productivity metric that can be used to measure the contribution to GDP (Gross Domestic Product) made by an individual producer, industry or sector. It measures their contribution to an economy, sector or region. A third of manufacturing SMEs also say they expect their use of asset finance to grow over the next few years.
Our research found that Yorkshire and the Humber is the most successful region in the UK using asset finance to support employment, with a quarter (25 per cent) of all UK SME jobs attributed to this type of finance found in the region. Nearly half (46 per cent) say they are considering expanding their use of asset finance over the next few years as it has successfully contributed to their business productivity and profitability. SMEs from Yorkshire and Humber the region also report this type of finance provides a higher contribution to business productivity and profitability compared to the national average.
David Horton, Managing Director of Sales, GRENKE UK, added: “This landmark report has showcased not only asset finance’s current contribution to SMEs and the wider economy, but also the potential opportunity for the growth that this form of finance can offer. While higher interest rates are taking their toll on the profitability and economic performance of SMEs across the UK, the current macroeconomic climate provides an opportune moment for SMEs to explore other forms of support and unlock potential for future growth.”
To access the full report, please follow this link.
About GRENKE UK
GRENKE UK provides leasing and factoring solutions for businesses, supporting their growth. With an extensive regional network across the UK, the teams are entrenched in local business communities.
GRENKE UK is part of The GRENKE Group (GRENKE), a global financing partner for small and medium-sized companies. As a one-stop shop for customers, GRENKE’s products range from flexible small-ticket leasing and demand-driven bank products to convenient factoring. Fast and easy processing and personal contact with customers are at the centre of GRENKE’s activities. Founded in 1978 in Baden-Baden, the Group operates in more than 30 countries and employs approximately 2,000 staff (measured in terms of full-time equivalents) worldwide. GRENKE shares are listed in the SDAX on the Frankfurt Stock Exchange (ISIN DE000A161N30).
[1] Construction, creative and marketing, hospitality, manufacturing, professional services, retail, technology (biotech, software, aerospace), and technology (IT / computer)
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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