Leading alternative financier Falcon Group has recorded a turnover of $2.3 billion, surpassing its target of $2 billion for the financial year 2013-14.

Its profits also increased to $52 million, up from $44 million in the previous year, said a statement.

Will Nagle, CEO, said: “Falcon’s growth has entered into a new stage. Companies of all sizes are now aware of the benefits of alternative financiers, and of the success of Falcon’s bespoke solutions. And they are increasingly convinced.

“Indeed, our strategy is now focused less on convincing companies of the merits of alternative financiers, and more on setting us apart from other alternative financiers – cementing our place at the forefront of the industry’s progression. We are also focused on regulation, ratings and expansion. We have grown, and now we are evolving.”  

In addition to its record results, the group also celebrated becoming one of the first alternative financiers to receive a public rating from the major rating agencies, with Moody’s awarding it a Ba3.

Kamel Alzarka, chairman, said: “Clearly, this achievement is not just significant for Falcon Group but also for the alternative financing industry as a whole. Ratings agencies are now recognising the important role such alternative financiers play within the financial landscape.” - TradeArabia News Service