This comes as it agrees a new funding line with its banking partner NatWest.
The sales figures are an encouraging sign for the future as they follow a difficult 18 months for the company, where the directors were concerned at how their growth aspirations could be managed through the recession. During this time NatWest has spent a long time understanding all facets of the business and its trading cycle undertaking a forensic look at its cost base, funding structures and business plan.
Barry Burroughs, senior manager, specialised relationship management has coordinated a joint approach from the banks invoice finance, global transaction and foreign exchange divisions to review the company's longer term funding needs. They have recently arranged further funding through the government's Enterprise Finance Guarantee scheme, to help bolster the company's cash reserves as they continue to manage the seasonal demands on their business.
Talking about the new funding, Malcolm Nathan, managing director of 33 Joints Ltd said: "We are delighted to announce these results. The recession has made life very difficult but by being proactive and engaging in honest dialogue with NatWest we have managed to trade through the headwinds. We are aware despite some improving economic conditions that it is still not plain sailing in either our domestic or international markets so our new funding agreements mean that we can look towards 2011 and 2012 with a cautious optimism, knowing that we have a strong financial platform from which to build."
Barry Burroughs, added: "Malcolm and the directors undertook a radical review of all parts of the business and working in partnership with the bank we have been able to put in place a multi faceted, multi million pound structured trade finance facility, including invoice discounting and foreign exchange protection, which represents a significant uplift in the bank's support for the group allowing them to evolve their strategic plans over the coming years."
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