In a stunning set of results, announced this week to the London Stock Exchange, MFG Group profits before tax increased by £2.2 million to £5.2 million, an increase of over 70% on 2021.
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Profit Before Tax:£5.2m +71.2% (2021 - £3.0m)
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Balance Sheet Growth: £379.2m +22.8% (2021 - £308.8m)
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Advances: £231.4m +8.8% (2021 - £212.6m)
Douglas Grant, Managing Director, Group CEO of Manx Financial Group commented: "This is a great set of results, especially given what has been a very difficult economic backdrop. Once again, it proves the resilience of our diversified financial services group.
“The Group’s strategy of being the leading Manx-based service provider in its key local markets, along with lending in the UK to proven recession-resilient markets with a high potential for growth, has been the foundation of our growth. There remains a great demand for our products, which along with our talented team, will allow us to safely grow during this difficult economic period.”
Douglas said that he was optimistic about the upcoming year, with the Group being well-positioned to weather any potential economic challenges or market fluctuations within the current business landscape. “The Group's strategy of spreading its investments across multiple sectors in resilient profitable sectors with high potential for growth will continue.
“As we celebrate this significant milestone, I am confident that we will continue to build on our success and achieve even greater heights in 2023 and beyond,” he added.
Edgewater Associates Managing Director, Sandra Cardwell, said the business was well resourced to look after our loyal clients on-going financial needs and to the development of our growing team. In addition, with improved technology and operational efficiencies, this will enable us to keep delivering a high quality, customer focussed service across the Island, Sandra added.