Interim Results

RNS Number:5790J
Ardent Group PLC
28 September 2006



28 September 2006


EMBARGOED FOR RELEASE AT 7.00AM


                                Ardent Group Plc

             Interim Results for the Six Months ended 30 June 2006

Ardent Group Plc ("Ardent Group", "the Company" or "the Group"), the holding
company of Shared Home Investment Plan Plc ("S.H.I.P."), announces its interim
results for the six-month period ended 30 June 2006.


Highlights

   * Acquisition of S.H.I.P., an Irish based home reversion and lifetime
     mortgage product provider for the growing equity release market for 
     over-60s in Ireland, in April 2006.
   * Fundraising of #481,250 by the exercise of warrants in April 2006.
   * Net asset growth to Euro13.0m, up from Euro1.4m.
   * New executive management team with considerable experience in retail
     financial services.
   * Company is well positioned for future growth in the domestic market.


Enquiries

Ardent Group Plc:

Billy Kane, Chairman and Chief         [phone]
Executive

MRPA Kinman:                           [phone]
Ray Gordon                             [phone]



Chairman's statement


Introduction


The half year results reflect the considerable changes that have occurred in the
Company since its reverse takeover of S.H.I.P. on 25 April 2006.


S.H.I.P. was acquired in an all equity deal by the issuance of 73,333,333 new
Ardent shares. At the same time the Company raised an additional STG#481,250 by
the issue of 6,875,000 Ardent Warrants to existing shareholders.


S.H.I.P. enables shareholders to participate in the development of the Irish
equity release market for senior citizens, defined as those over the age of 60
years. In addition, on completion of the acquisition of S.H.I.P., your Board has
been strengthened by the appointment of a new executive management team with
considerable experience in retail financial services.


There are two core areas of the S.H.I.P. business.


The first is conducted through a subsidiary called Seniors Finance Ireland Ltd.
("SFIL"). SFIL launched its lifetime mortgage product in March 2006, whereby the
homeowner takes a loan secured by way of a mortgage on the property. No
repayments are made and the interest "rolls up" on the original loan for as long
as the property is occupied by the mortgage holder. The first mortgage was
funded at the end of March 2006. Customer advances were Euro10.6m as at 30 June
2006 and mortgage applications and funding continue to grow. SFIL has an initial
Euro50m funding line with a major financial institution to enable it to meet this
demand. It also hedges its interest rate risk in order to protect its margin
going forward. The combined effects of rolled up interest, customer demand and
the expected lifetime of each loan will result in very substantial loan growth
over the next few years. Distribution is primarily through appointed authorised
mortgage intermediaries. At the end of June there were 102 mortgage
intermediaries appointed and this number continues to increase.


The second core product area is the home reversion product launched in May 2003.
This product allows the homeowner to sell a portion of their home to S.H.I.P. in
return for a lump sum. The reversionary interests purchased by S.H.I.P. are sold
on to specialist purpose vehicles ("SPV"). Fitzwilliam Property Development
(Holdings) Limited, one such SPV, was acquired from Anglo Irish Assurance
Company in February 2006 with a book value of Euro6.4m at that date. As a result of
the acquisition S.H.I.P. currently holds a portfolio of reversionary interests
in 60 properties.


Financial Results


Under acquisition accounting rules the unaudited results for the six months
ended 30 June 2006 reflect only two months' performance since the acquisition of
S.H.I.P.


The accounts have been prepared under UK GAAP. Following an initial analysis,
the Board continues to consider the implications and timetable for implementing
International Financial Reporting Standards ("IFRS"). As an AIM company, the
latest implementation date will be in respect of the year ending 31 December
2007.


The directors consider that IFRS has not yet fully addressed the particular
circumstances of the industry in which the Group operates. The Board will be
reviewing the position with its auditors in the coming months and may well
benefit from the first IFRS statements issued during this period by similar
listed companies.


Income is derived primarily from the mortgage portfolio and the spread between
interest charged to customers net of funding and hedging costs. In the two month
period following the acquisition of S.H.I.P. income was Euro40,132 and is set to
grow strongly in the next six months. Overheads, at Euro165,659 for the period
ended 30 June 2006, reflect the fixed cost nature of the business and the level
of investment required to support ongoing development


On 4th September 2006, Ardent listed on IEX, the Irish Stock Exchange's
specialist mid-sized market. This has already improved liquidity in the
Company's equity and increases the profile and credibility of S.H.I.P. in
Ireland.


The Ardent Group consolidated balance sheet is vastly improved over the previous
year, with net assets as at 30 June 2006 standing at Euro13.0 million, up from Euro1.4
million, and cash at bank and in hand totalling Euro4.4m (30 June 2005: Euro1.5
million).


The Company is currently looking at a number of opportunities in the Irish
mortgage market and the possible acquisition of additional reversionary
interests.


Billy Kane

Chairman and Chief Executive

28 September 2006





UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 30 JUNE
2006

                                   Unaudited    Unaudited       Audited
                                    6 months     6 months     12 months
                                       ended        ended         ended
                                 30/06/2006*   31/12/2005    30/06/2005
                                           Euro            Euro             Euro
Interest Income                       72,334       17,640        39,600

Interest Expense and similar        (38,961)           -             -
charges

Net Interest Income                   33,373       17,640        39,600

Other Income                           6,759            -             -

Total Operating Income                40,132       17,640        39,600

Administrative Expenses              165,659      110,042       238,782

Loss before Taxation               (125,527)     (92,402)     (199,182)

Taxation                                   -            -             -

Loss after Taxation                (125,527)     (92,402)     (199,182)

Loss per share (Note (1))             0.30 c       0.78 c        1.77 c


* Under acquisition accounting rules the unaudited results for the six months
ended 30 June 2006 reflect only two months' performance since the acquisition of
S.H.I.P.





Note (1): Loss per share

The calculation of loss per share is based on the unaudited consolidated loss
for the financial period and 41,284,722 (31 December 2005: 11,875,000; 30 June
2005: 11,284,790) ordinary shares being the weighted average number of shares in
issue during the period.


UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2006

                                  Unaudited    Unaudited      Audited
                                 30/06/2006   31/12/2005   30/06/2005
                                          Euro            Euro            Euro
Fixed Assets
Intangible Assets & Goodwill      7,449,291            -            -
Reversionary Assets               6,532,975            -            -
Office Equipment                    142,622            -            -
                                 14,124,888            -            -

Current Assets
Customer Advances                10,561,985            -            -
Cash at bank and in hand          4,425,906    1,374,968    1,473,539
Other Assets                        261,331       19,282       23,621
                                 15,249,222    1,394,250    1,497,160

Creditors (amounts falling due      334,231       74,515       56,715
within one year)

Net current assets /             14,914,991    1,319,735    1,440,445
(liabilities)

Total Assets less Current        29,039,879    1,319,735    1,440,445
Liabilities                              

Creditors (amounts falling due   16,069,085            -            -
after more than one year):
Long Term Bank Loans

Net assets / (liabilities)       12,970,794    1,319,735    1,440,445

Capital and Reserves
Share Capital                     1,330,494      173,282      176,135
Share Premium Account            12,075,050    1,439,787    1,463,492
Profit and Loss Account           (434,750)    (293,334)    (199,182)

Shareholders Funds               12,970,794    1,319,735    1,440,445



UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2006

                                  Unaudited    Unaudited       Audited
                                   6 months     6 months     12 months
                                      ended        ended         ended
                                 30/06/2006   31/12/2005    30/06/2005
                                          Euro            Euro             Euro
Net cash outflow from             (680,526)     (96,301)     (182,066)
operating activities

Returns on investments and
servicing of finance
Purchase of property, plant        (31,518)            -             -
and equipment
Acquisition of subsidiary         3,629,668            -             -
Bank interest received                    -       21,596        15,979
Cash on deposit                           -            -   (1,463,957)
Net cash used in investing        3,598,150       21,596   (1,447,978)
activities

Financing
Issue of warrants                   693,044            -             -
Issue of shares for cash                  -            -     1,779,887
Costs of share issue              (541,711)            -     (140,261)
Net cash inflow from financing      151,333            -     1,639,626

Net increase/(decrease) in        3,068,957     (74,705)         9,582
cash


The unaudited interim statement was approved by the board of Directors on 13
September 2006.



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