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Share Name | Share Symbol | Market | Type |
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PB Holding NV | EU:PBH | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 2.88 | 2.90 | 2.98 | 0.00 | 08:00:19 |
RNS Number:4110U Prestbury Holdings PLC 20 January 2004 Prestbury Holdings plc doubles turnover Preliminary results for the year ended 31 October 2003 Prestbury Holdings plc, the AIM-listed financial services company, today announces its preliminary results for the 14 month period ended 31 October 2003. Highlights: * Turnover doubled from #2.34m to #4.63m (#5.1m for 14month period). * Marketing joint ventures launched with Telegraph Group, Express Newspapers & Severn Trent. * #3 million cash raised for working capital, regulatory capital and marketing. * Nick Ansell ACA joins board as Strategic Development Director. * Prudent accounting policies adopted. * Pre-tax loss for the period of #2.2 million. Francis Maude, Chairman of Prestbury Holdings plc, said: "This has been a period of rapid growth in sales, coupled with investment in the infrastructure to enable Prestbury to grow further in the new world of financial services that is opening up. We have launched a number of joint marketing ventures with consumer businesses and are consolidating our membership network ahead of FSA regulation later in 2004. We enter the new financial services world free of debt, with cash in the bank and continuing top line growth. For further information: Lee Birkett, Chief Executive, Prestbury Holdings plc 01625 591 401 Simon Robinson/Ana Ribeiro, Parkgreen Communications 020 7287 5544 Chairman's statement: Overview Turnover for the 12 month equivalent period doubled, in a year that was exceptionally difficult for the financial services intermediary sector. The operating loss reflects a number of factors. First, we have put in place accounting policies whereby we recognise revenues only when the cash is receivable. Unusually within the sector, we do not recognise work in progress or future revenue. We believe this is the most conservative and demanding accounting policy in the sector. Second, the life assurance industry has been unusually slow in processing and completing applications; there has been an unprecedented backlog, and the average time from application to the policy going on risk is 12 weeks. This, combined with our conservative accounting policy, has impacted our P&L. Third, implementation of our joint marketing ventures has been slower than we envisaged. We have had to build up our overhead structure to deal with the large growth in enquiries in advance of the revenues flowing from the enquiries, but we maintain a firm grip on costs to ensure that we do not sacrifice Prestbury's low cost of doing business. The regulatory framework for mortgages and insurance is now clear. We remain confident that the Prestbury's business model is exceptionally well-designed for the new regulatory framework. We are one of the few businesses that is debt-free, with the regulatory capital in the bank that will be required for the new regime. Solution Network Turnover in Solution Network has grown steadily in 2003. A high degree of regulatory uncertainty meant that many intermediaries were reluctant to commit, and many have been dealing with a variety of networks. Geoff Iveson, who joined as Managing Director of Solution Network during the year, has now left the business. We are grateful to him for his efforts during that time. With the date for FSA regulation of the sale of mortgages and life assurance drawing ever closer, intermediaries are beginning to make firm decisions on their future. We are delighted at the rate of commitment to Solution Network. We want Solution Network to be the partner of choice for intermediaries for whom FSA authorisation is unmanageable. Moneybrain Moneybrain, our consumer division, was effectively dormant at the beginning of the period. Following the recruitment of Mark Rowlands as Moneybrain Managing Director early in the period, and the launching of joint marketing ventures with the Telegraph Group (May) and the Express Group (August), monthly revenues have risen fivefold. These ventures required substantial up-front cash underwriting, and delays in processing applications, a result of poor life office administration, have pushed revenues back further than we hoped. However, both enquiry and conversion rates have met or exceeded our expectations. We launched a further joint venture with Severn Trent in November, and are continuing to develop additional Moneybrain joint marketing opportunities. Loans UK Turnover in our LoansUK division has remained relatively stable, and we see major opportunities to deploy further Prestbury's expertise in the high margin non-conforming mortgages and loans sector during 2004. People Prestbury is located in an area of highly concentrated financial services activity and expertise. This provides a ready supply of suitably qualified personnel. During this financial period, the team and infrastructure has been put in place which with minimal additions will cater for the anticipated growth in the current financial year. Outlook The financial services intermediary sector will continue to be disrupted by regulatory impacts and structural change, both of which provide substantial opportunities for Prestbury. Prestbury anticipated these changes, and has invested and prepared for them. We are delighted to welcome Nick Ansell to the board. Nick has tremendous experience in the sector, and will help the company to explore and develop new opportunities in this fast-changing marketplace. Trading levels in the current year show continuing growth, which gives us confidence for 2004. Francis Maude Chairman Consolidated Profit and Loss Account Memorandum Period 21.8.02 Year Ended Year Ended to 31.10.03 31.10.03 31.10.02 # # # TURNOVER 5,088,454 4,632,336 2,344,833 Cost of sales 4,109,712 3,812,272 1,529,093 GROSS PROFIT 978,742 820,064 815,740 Administrative expenses 2,903,912 2,647,019 1,210,688 OPERATING LOSS (1,925,170) (1,826,955) (394,948) Loss on disposal on fixed asset investment (376,000) (376,000) Interest receivable and similar income 773 731 216 (2,300,397) (2,202,224) (394,732) Interest payable and similar charges 21,895 21,293 3,098 LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (2,322,292) (2,223,517) (397,830) Tax on loss on ordinary activities (359,012) (351,576) (38,228) LOSS FOR THE FINANCIAL PERIOD AFTER TAXATION (1,963,280) (1,871,941) (359,602) Retained profit/ (loss) brought forward (259,797) (351,136) 8,466 ACCUMULATED DEFICIT CARRIED FORWARD (2,223,077) (2,223,077) (351,136) Basic loss per share (12.8p) (14.4p) Diluted loss per share (12.8p) (14.4p) The group profit and loss account presents the results as if Prestbury Holdings plc had been in existence and owned Prestbury Financial Limited throughout the current and comparative years. Prestbury Holdings plc was established with the initial objectives of effecting the acquisition of Prestbury Financial Limited and the floatation on the Alternative Investment Market on 21st August 2002, as referred to in note 22. A memorandum profit and loss account is presented above for the group from 21st August 2002 to 31st October 2003. CONTINUING OPERATIONS Since the business combination has been accounted for as a merger, none of the group's activities have been shown as acquired or discontinued during the current period or previous period. TOTAL RECOGNISED GAINS AND LOSSES The group has no recognised gains or losses other than the loss for the current and the previous period. Consolidated Balance Sheet 31.10.03 31.10.02 # # # # FIXED ASSETS: Tangible assets 273,277 141,531 Investments - 750,000 273,277 891,531 CURRENT ASSETS: Debtors 1,129,122 111,556 Cash in hand 913,586 - 2,042,708 111,556 CREDITORS: Amounts falling due within one year 696,274 571,078 NET CURRENT ASSETS/ (LIABILITIES) 1,346,434 (459,522) TOTAL ASSETS LESS CURRENT LIABILITIES 1,619,711 432,009 CREDITORS: Amounts falling due after more than one year (36,952) (10,830) PROVISIONS FOR LIABILITIES AND CHARGES (129,458) (48,583) 1,453,301 372,596 CAPITAL AND RESERVES: Called up share capital 863,089 687,500 Share premium account 2,813,289 36,232 Profit and loss account (2,223,077) (351,136) SHAREHOLDERS' FUNDS - EQUITY 1,453,301 372,596 Company Balance Sheet 31.10.03 31.10.02 # # # # FIXED ASSETS: Investments 625,000 1,375,000 CURRENT ASSETS Debtors (Including amounts falling due after one year of #2,877,910 (2002: Nil)) 3,262,278 - CREDITORS: Amounts falling due within one year 16,019 53,272 NET CURRENT ASSETS/ (LIABILITIES) 3,246,259 (53,272) TOTAL ASSETS LESS CURRENT LIABILITIES 3,871,259 1,321,728 CAPITAL AND RESERVES: Called up share capital 863,089 687,500 Share premium account 3,437,840 660,783 Profit and loss account (429,670) (26,555) SHAREHOLDERS' FUNDS - EQUITY 3,871,259 1,321,728 Consolidated Cash Flow Statement Year Ended Year Ended 31.10.03 31.10.02 # # # # Net cash (outflow)/ inflow from operating activities (1,742,426) 48,243 Returns on investments and servicing of finance (20,562) (2,882) Taxation (969) (3,675) Capex and financial investment (173,957) (48,053) (1,937,914) (6,367) Financing 2,938,798 (54,445) Increase/(decrease) in cash in the period 1,000,884 (60,812) Reconciliation of net cash flow to movement in net debt Increase/(decrease) in cash in the period 1,000,884 (60,812) Cash inflow from decrease in debt and finance leasing 13,848 28,177 Change in net debt resulting from cash flows 1,014,732 (32,635) New finance leases (50,161) (19,349) Movement in net debt in the period 964,571 (51,984) Net debt at 1st November (101,979) (49,995) Net debt at 31st October #862,592 (#101,979) This information is provided by RNS The company news service from the London Stock Exchange END FR UKAARSNRAAUR
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