Sterling Green narrows losses

DEBT management company Sterling Green has narrowed its losses to £41,000 and increased revenues, having seen a “significant increase” in client numbers.

The Manchester-based company improved on its losses in the half year to the end of September on increased revenues of £1.14m, compared with its £365,000 loss on revenues of £931,000 a year earlier.

It said it had seen a significant increase in the number of active clients in its debt management business to 3,120, an increase of 577 in the period.

Debt management made up the bulk of revenues and the company said it was disappointed with the performance of its mortgage division, which had re-mortgage commission revenues of £87,000 in the period, compared to £250,000 a year earlier.

Chairman Michael Edelson said: “The board is pleased with the increase in the number of debt management clients and associated growth in revenues in the period and are confident that the business will continue to grow in the second half of the year, albeit at a slower rate.”

He added that the company was continuing to seek out potential acquisition targets in the area of small debt management business and debt management portfolios.

The company said it will not be paying a dividend.