3rd Quarter Results

RNS Number:6220G
IFR Capital PLC
30 October 2007



30 October 2007



                                IFR CAPITAL PLC

            Interim Results for the Nine Months to 30 September 2007



IFR Capital Plc ("IFR Capital" or the "Company": IFR.LN), focusing on
consolidation opportunities in the European food retail sector, today announces
interim results for the nine months ended 30 September 2007.



Highlights


*             EBITDA of Euro 19.4 million on sales of Euro 321 million
*             Q3 generated Euro 14.3 million of EBITDA
*             On track to achieve Euro 40 million of EBITDA in 2007
*             Board reiterates target of Euro1.5 billion of sales & EBITDA margin of at least 10% by the
              end of 2009
*             Strong prospects for continued profitable growth - range of attractive investment
              opportunities





Operational Review



The results for the period include contributions from Nordsee GmbH ("Nordsee")
since January 2007, Homann Chilled Food GmbH ("Homann") since July 2007 and
Bastian's GmbH ("Bastian's") since April 2007.



IFR Capital's sales for the nine months ended 30 September 2007 were Euro321
million, while EBITDA amounted to Euro 19.4 million. Both sales and EBITDA are in
line with expectations. Taking the seasonality of Nordsee and Homann into
account, the Company expects to achieve sales of Euro 509 million and EBITDA of Euro
40 million in the year to 31 December 2007. The annual surplus will attain to a
double digit range. The equity to total asset ratio at the end of the period was
30.0%. IFR currently has Euro 219 million of long-term interest bearing third party
debt.



Nordsee was brought under Kamps' management in October 2005 and the company's
business has since developed positively. Nordsee's sales for the nine months
ended 30 September 2007 were Euro 252 million, while EBITDA amounted to Euro 16.6
million versus Euro 249 million and Euro 15.0 million respectively for same period in
2006. Nordsee is currently on target to generate Euro 32.0 million EBITDA for the
2007 financial year versus Euro 28.0 million in 2006.



Homann has only been under Kamps' management for the period since July 2007. The
first measures to improve the business have already been taken and Homann is
expected to achieve EBITDA of Euro 11.0 million for the last 6 months in 2007.



The year-end results will also include half year of Homann figures, which partly
explains the strong growth year on year, with group EBITDA of Euro 40 million
expected for the 2007 financial year compared to 2006 of Euro 24 million, which is
equivalent to an increase of 67%. Group sales are expected to be around Euro 509
million for the 2007 financial year which represents a 46% increase compared to
the 2006 sales of Euro 349 million.



In addition to improving its existing operational efficiency in Germany and
Austria, Nordsee is also on track to open its first restaurant in the Middle
East, which is expected in Spring 2008. In the domestic market, Nordsee has
recently celebrated the opening of Campo's, a new quick restaurant format which
focuses on freshly prepared and healthy food. After this first opening in Linz,
Austria, it is intended that Campo's will be rolled out across Germany, Austria,
Switzerland and Eastern Europe.

The integration of Homann is underway. The management structure has been
streamlined, overhead costs have been reduced and a new supplier contract with
Nordsee is intended. The forecast EBITDA margin of Nordsee remains unchanged at
9% whereas Homann's is expected to amount to 8%.

IFR Capital continues to explore acquisition opportunities that have the
potential to deliver synergies to enhance returns. It will continue to target
companies valued at 6-8x EBITDA typically with EBITDA margins of 5-7%. By
specializing in retail (both shops and restaurants), manufacturing (wholesale
and production) and distribution, management believes substantial synergies can
be created leading to business turnarounds and EBITDA enhancement.



 Heiner Kamps, Chief Executive Officer of  IFR Capital, commented:

"The Company is pleased with its development during the nine months ended 30
September 2007 and reiterates its stated target of achieving turnover in excess
of Euro1.5 billion and an EBITDA margin of at least 10% by the end of 2009. The
Board looks forward to the last quarter of 2007 which is always the strongest in
our business due to the Christmas season."







Enquiries:



Tim Mickley, Collins Stewart Europe Limited
(Nominated Advisor to the Company)                        [phone]



Rob Bailhache & Nick Henderson, Financial Dynamics        [phone]
(Media Relations)



For further information on IFR Capital, please visit www.ifrcapital.eu

Notes to Editors:



IFR Capital

IFR Capital (LSE AIM: IFR) is an acquisition platform targeting small and
medium-sized businesses in the continental European food industry across three
sub-sectors: retail (mainly shops/ restaurants), industry (wholesale and
production), and distribution. Founded in October 2006 by ACP Capital and food
retail entrepreneur Heiner Kamps, IFR was admitted to trading on AIM in November
2006 after raising approximately Euro135 million pre costs.



IFR is currently considering various opportunities in the European food sector
with a view to acquiring potentially synergistic businesses that would help
propagate the company's further growth. IFR recently acquired 100% of the fully
diluted share capital of Homann Chilled Food GmbH for Euro89 million, representing
a significant step towards the vision of creating a diversified European food
enterprise. Further opportunities include the ongoing expansion of IFR's new
premium bakery brand Bastian's to major European cities. Further details of
these opportunities will be announced as they become available.



Ultimately, IFR's intended long-term strategy is to create a leading,
vertically-integrated food business with turnover of at least Euro1.5 billion by
2009 and an EBITDA margin of approximately 10%. IFR benefits from the
operational management of Heiner Kamps as well as the broad financing experience
and capabilities of ACP Capital.



Heiner Kamps

Heiner Kamps, the highly regarded European retail entrepreneur, is responsible
for operational management of IFR Capital. Mr Kamps has extensive knowledge of
the retail business across Europe and is the trustee of the humanitarian Heiner
Kamps foundation 'Bread against Misery', which was founded in 2000.



ACP Capital

ACP Capital (LSE AIM: APL) is a Jersey-incorporated specialist integrated
finance and asset management company focusing on both the asset-backed and non
asset-backed sectors. As an integrated finance specialist, ACP Capital offers a
combination of equity, mezzanine and senior debt to companies in niche markets,
such as the German 'Mittelstand' (small and middle-sized privately-owned
companies), and for asset backed transactions, for example, in the real estate
and infrastructure sectors. The company intends to put in place levered loan and
non-investment grade funding vehicles in order to complement its current product
base with a view to providing financing solutions across the capital structure.


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