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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Debts.Co | LSE:DETS | London | Ordinary Share | GB00B14TH533 | ORD 10P |
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% | 22.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:3977T Debts.co.uk PLC 30 April 2008 For release at 07.00 Wednesday 30th April 2008 Debts.co.uk plc Interim Results for the 6 months to 31 January 2008 Debts.co.uk plc is a leading provider of a range of consumer debt related solutions, including Individual Voluntary Arrangements (IVAs), Protected Trust Deeds (PTDs), Debt Management Programmes (DMPs), bankruptcy, secured loans or second mortgages, to over-indebted individuals and corporate insolvency services. HIGHLIGHTS Financial Highlights for the Six Months * Total Group revenue #4.4m (2007: #4.9m) * EBITDA from ongoing operations before exceptional items of #2,000 (2007: #1.3m) * Loss after taxation and exceptional items of #0.9m (2007: profit #0.9m) * 5,923 cases in an approved arrangement (2007: 3,125) with a further 302 cases being processed (2007: 458) * IVAs now account for 47% of revenues and 39% of cases in approved arrangements; this is set to continue to fall over the next 6 months as other areas of the Group increase * The post period acquisition of substantially the whole of the assets and business of PB Recovery Limited adding to revenue and profits and integrated post period end Group Rationalisation Benefits * Reduction in Group operating costs of circa #2m per annum * Results for the period would have been an operating profit of #502,000 when adjusted for revised level of overheads and excluding the exceptional items Funding Position * A new secured line of credit of #3m (including #500,000 of overdraft) completed in September 2007 * Post period placing raised #2.73m before expenses Positive Market Conditions * Clarity on agreed industry wide protocol for the clearly defined 'Simplified Consumer Individual Voluntary Arrangement' * Reported increase in consumer debt problems and credit-crunch issues providing increasingly favourable market and demand for debt advisory services * Favourable conditions will support our strategy to increase size through market consolidation and strategic alliances with third parties 30 April 2008 Enquiries: Paul Carter, Chief Executive Officer 0870 990 9716 Debts.co.uk plc Chris Steele 07979 604 687 Adventis Financial PR Mark Percy / Parimal Kumar 0207 107 8000 Seymour Pierce Limited CHAIRMAN'S STATEMENT I am pleased to report that despite the first six months of this year coinciding with one of the most difficult trading periods ever experienced within the Debt advisory sector we have made considerable strategic progress whilst making a small profit at a trading level. Debts.co.uk plc ("Debts.co.uk" and together with its subsidiaries the "Group") has been positioned to be a market leader in the provision of services to over-indebted individuals and companies and we are pleased to have fared well during a difficult period for the sector as a whole following creditor resistance to part of our business, namely IVAs. The Group has continued to grow its operations both organically and in taking advantage of acquisition opportunities. Since its admission to AIM in May 2006, in particular, the Group made two key strategic acquisitions; firstly, Neville Eckley & Co. in October 2006 which brought on board a significant number of IVA and bankruptcy cases and broadened the Group's ability to handle a higher volumes of cases at a time when it was constrained by the availability of suitable space in Chesterfield. Secondly, Adie Financial Solutions Limited was acquired in June 2007 which gave the Group the necessary licences and ability to handle Scottish personal and corporate insolvency work. The existing core elements of the business have also continued to grow. All key elements of the business, IVAs, PTDs and Debt Management have seen additional new cases producing additional revenues and cashflow for the Group. The broad range of services offered by the Group allows us to ensure that our customers receive the best advice which is dictated by the individual's particular circumstances. Additionally, it provides for a more balanced portfolio of related businesses and we are therefore not reliant on one sector for our continued growth and development. The board of Debts.co.uk continues to follow its strategy of continued growth both through organic development and by way of strategic acquisitions. The latter is demonstrated by the recent acquisition of substantially the whole of the assets and business of PB Recovery Limited, part of the Brightside Group plc. Market Conditions Individual Voluntary Arrangements ("IVAs") Our IVA business now accounts for 47% of revenues and only 39% of personal clients are under this form of indebtedness programme and it is anticipated that this downward trend will continue in the future. The issues surrounding the IVA industry, which have been widely reported, have lead to lower numbers of individuals entering into IVAs. The Insolvency Service statistics report that in Q 4 of 2007, the number of individuals entering into IVAs was 9,376, down from the peak twelve months earlier of 12,778. However, these levels are still much higher than they were pre-2006. This decline is due to creditor pressure on the levels of IVAs being approved rather than an underlying decline in the number of individuals facing indebtedness issues. Indeed it is clear that the numbers of individuals needing the services provided by the Group have never been higher and it is anticipated that the downward trend in the number of IVAs will be reversed in Q4 2008 and throughout 2009 as the UK and world economies slow, combined with the reduction in the availability of cheap credit. Additionally, financial institutions are coming under increasing pressure to work with individuals to resolve their financial difficulties rather than stand in the way of an IVA, which after all is still a successful way of resolving individuals' financial problems, whilst maximising returns to the creditors. Much of the creditor concern called for higher standards within the industry and to agree a consistent basis for level of fees and the manner in which they are taken. We agree with the creditor in these regards and have regularly been involved in the discussions which have taken place over the past 12 months. The end result of these negotiations was an agreed protocol between the industry and the BBA, who form the core element of creditors. This was implemented on 1 February 2008 and the 'Simplified Consumer IVA' ('SCIVA') was born which principally applies to IVAs which meet certain restricted criteria; the majority of our IVA cases meet these criteria and we have been able to modify our processes to take advantage of the agreed procedures in an efficient and effective way. The current economic conditions continue to increase the demand for our services. Far from easing, the 'credit crunch' is starting to bite, which together with the potential for house price deflation has significantly reduced over-indebted individuals opportunities to find credit or other solutions to ease their problems. We remain well placed to assist such individuals and ensure that they receive the best possible advice to assist them in finding a viable and workable solution to their indebtedness issues. This benefits not only the individual concerned but also their lenders. Further positive news exists on the horizon. The 'Simplified IVAs ('SIVAs') are due to go through a parliamentary committee shortly, with implementation either October 2008 or April 2009. This will be a welcome additional product, and one which Debts.co.uk plc is well positioned to handle. Debt Management Programmes ("DMPs") The Debt Management Programmes, offered through one of our subsidiaries, Debtcare, have been a core offering of the Group since inception and now accounts for 23% of our revenue. We have consistently recognised this element of the business as being an important service line and has benefited by the responses of the creditors to the IVA market. Debt management is a preferred option for many consumers although it is generally the individuals circumstances that ultimately dictate the best route for them to take. Whilst technically an informal arrangement with creditors, we are pleased with maintaining low levels of attrition, averaging 2.3% per month, reflecting the high quality of service we offer to both consumers and creditors. Protected Trust Deeds ("PTDs") The results for the Group now include those of Adie Financial Solutions Ltd (" AFS"), our Scottish subsidiary acquired in June 2007, for the entire period. The revenue from PTDs now accounts for 21% of total Group revenue. Acquiring AFS was part of the Group strategic direction to ensure a full service offering; this now includes consumers within Scotland. The negotiations surrounding IVAs have not affected the position of PTDs and they continue to achieve high acceptance rates and profitability. As with other debt advisory services, such as IVAs and DMPs, the impact of the current economic conditions will lead to an increased demand for this type of advisory service. Corporate, bankruptcy and other revenues The remaining parts of the business account for 9% of Group revenue. These are a small but stable part of the business generating a good level of cash flow. Our Strategic Approach The Board has reacted well to the changing market conditions and was strengthened with the appointment of Richard Arden as the Group Finance Director. Stuart Cumberland, previously Group Finance Director, remains on the Board with responsibility for Strategic and Commercial Development. Following a review, the Board took action in October 2007 to restructure and rationalise the Group into two core operating centres, Chesterfield and Aberdeen. Subsequently operating costs across the Group have been significantly cut to give savings of around #2m per annum. If these changes had been implemented for the first half of 2008 we would have achieved an operating profit of #0.5m. This restructuring was completed by the end of February 2008 and involved streamlining our approach and ensuring our resources were utilised to their maximum. We still retain some capacity to meet short term fluctuations in demand and the ability to be able to scale our operations as the market increases and our market share improves. In the short term, our strategic direction is and will be to seek complementary acquisitions. In March this year, we were able to complete the acquisition of substantially the whole of the assets and business of PB Recovery Ltd, a trading subsidiary of Brightside Group plc, which enabled us to bring further revenue to our two core processing centres in Chesterfield and Aberdeen. Additionally, we were able to secure further funding of #2.73m less expenses through a placing both to fund this acquisition and retain sufficient funds to make further acquisitions as and when such opportunities arise. The spread of income streams is a key part of our strategy and the Group's constituent parts each continue to trade well. The Board continues to focus its activities on a range of products specifically targeted to support over indebted individuals. Indeed, we have strengthened the offering in terms of loan and mortgage products through the use of specially selected third parties with whom we have a developed a strong strategic alliances. Our Position The Directors believe that Debts.co.uk is in a strong and unique position in the industry. In particular, we note: Stable Operating Position - the Group has put together a stable operating position in a difficult market place; this allows the Group to effectively manage current workflows as well as enabling it to gear up for future increase workflows. Organic Growth - the Group has in place a number of channels and strategic alliances which have been developed to ensure that there is good organic growth in the business; a move away from pure business to consumer relationships has been made and in place is a greater mix between different sources of referrals and enquiries. Market Consolidator - the Group is taking key steps to be a market consolidator; with both cash available and experience to hand, the Group already has demonstrated key commitment to the sector. Existing Cases - the Group handles a significant number of cases, and at the end of April 2008 these included 3,300 IVAs, 2,050 PTDs, 2,500 DMPs along with 360 other cases; these provide strong cash flows and visible future revenue streams. I should like to thank all our staff for their hard work and commitment and we look forward to the future development of the Group with great confidence. Bernard Asher Chairman 30 April 2008 CHIEF EXECUTIVE'S STATEMENT Market trading conditions have been the toughest yet for the industry. However, we are pleased with our results against this backdrop since our last full year results. We have made significant progress both operationally and financially. Additionally, we are in the fortunate position of having in place a good quality case load which provides a healthy level of cash flow and future un-booked contracted revenue. In addition, non-contracted revenue is derived from other client books. This contracted revenue provides a base level of future revenue for the next financial year of circa #7.9m before organic growth or acquisition. Restructuring In October 2007, we announced our intention to rationalise and restructure the Group to improve its efficiency and effectiveness. This took place between November 2007 and February 2008. Our rationalisation enabled us to concentrate our core activities within central processing centres in Chesterfield and Aberdeen in order to be more efficient in our operations improve our communication and maximise the use of resources. This was performed without impact upon our capacity to handle new and existing work. The rationalisation resulted in a reduction in staff numbers of around 42 staff and the closure of all of our offices outside of Chesterfield and Aberdeen. Our staffing levels at the end of January stood at 138 (July 2007: 176). In total, this rationalisation will produce savings of circa #2m per annum. Exceptional costs in relation to redundancies, property leases, re-work, etc. amounted to #1.4m in the period. We estimate that had the restructure taken place before the start of the financial year that this would have reduced operating costs for the period and hence increased operating profit by circa #500,000 giving us an operating profitability of circa #502,000 for the period before exceptional costs. Products The core of the Group's trading activities continues to be a range of personal insolvency services, all of which are growing. Debtcare, our debt management business, has seen significant growth in this period benefiting from restrictions upon IVAs and continues to go from strength to strength and now has 2,229 (2007: 1,786) clients and this is now increasing every month by around 100 additional clients. Synergi Partners, our insolvency practice for England and Wales, which has expanded its operations and with general improvements in infrastructure and specific recruitment is now in a position to significantly increase its volume of business. It now handles all the business of Neville Eckley Ltd. In total, our England and Wales based insolvency practices were dealing with 2,903 cases (2007: 1,339) and this has increased since the acquisition of PB Recovery to 3,300 cases. Adie Financial Solutions Limited ("AFS"), our insolvency practice in Scotland which was acquired in June 2007, has put into place general improvements and is able to take on a significantly increased level of work. AFS were dealing with 1,300 cases and this has substantially increased since the acquisition of PB Recovery to over 2,000 cases. As part of our restructuring, we reduced the scale of our secured lending business, Scarlet Loans and Mortgages; instead, we concentrated on developing strategic third party relationships which are better placed to deal effectively and with enhanced product lines with consumers whose circumstances require alternatives to an IVA, PTD or DMP. We are pleased to have developed strong strategic alliances in the period that not only enhance such product offerings, but also bring in additional business and referrals. Financial Performance Our reported revenue for the six month period was #4.4m (2007: #4.9m). Traditionally, first half results are lower than the second half as there is a degree of seasonality with consumer willingness to deal with debt issues lower during the summer and the run up to Christmas whilst spring trading is generally the buoyant period of trading for the Group. The Group took the decision to restrict the level of direct marketing expenditure during the period whilst the marketing effort was re-focussed to generating affinity links with third party organisations, this is explored in more detail below. Additionally, a number of IVA and PTD books were available to purchase which was a more efficient way of acquiring clients which resulted in the acquisition substantially the whole assets and business of PB Recovery Limited in March 2008. Hence our gross margins rose slightly from 77.6% to 79.1%. As stated above, our marketing approach has changed focus with traditionally a large amount of our marketing being direct response advertising to consumers. This has served us well in the past, but the increased levels of competition in this market and the reduction in the number of IVAs has increased the costs of acquiring new clients. Our recent focus has been to develop quality business to business relationships and strategic alliances; this is through intermediaries, IVA packagers and other lead providers. The result of these changes has been to bring down our cost of acquisition and ensuring a good quality workflow into each of our product lines, the full effect of this will be felt next year but will have a slight positive impact on the second half of 2008. Operating costs for the period were #3.5m (2007: #2.5m). As reported above, these operating costs would have been around #500,000 lower had the restructuring taken place before the start of the year. The Group is still seeking further reductions in costs as we improve business efficiencies and expect operating costs to reduce further in the second half of the year. The Group retains a healthy balance sheet. The total amount of reserves is #8.5m. The liabilities due after more than one year include #1.3m of the revolving credit facility which has been used to date, which was cleared by the fundraising completed after the period end and the liabilities due in less than one year include #200,000 of an overdraft facility. The Group had a net cash outflow from business operations of #1.8m with cash outflow from restructuring of the business of #514,000. Had the restructuring taken place before the start of the financial year, we would expect the cash outflow from operations to be circa #962,000. Acquisitions and Financing After the period end we acquired substantially the whole of the assets and business of PB Recovery Limited, a subsidiary of Brightside Group plc. This has been a welcome addition to the business and demonstrates our ability to acquire businesses which add significant value to shareholders. The benefit of this acquisition will be felt during the second half of the year with strong profitability and cash inflows flowing from that acquisition. We also worked during the period on securing additional business funding: in September 2007 we agreed with our bankers a three year revolving credit facility of #2.5m on top of the #500,000 overdraft already available to us; and a placing announced on 26 February 2008 and completed on 17 March 2008 raised funds of #2.73m (less expenses of #109,000). This funding enables us to capitalise on future acquisition opportunities as and when they arise. Whilst the full benefits of our business strategy are not fully visible in the results for the first half of the year, the second half will see significant growth in terms of volume of trading as well as the ability to leverage off a centralised cost base, skills and knowledge within the Group. We continue to work within the various industry forums to ensure that the Group is at the centre of regulatory change. The Group continues to ensure that best practice advice continues to be offered to our customers through our experienced debt counsellors. The outlook for the economy appears favourable for the provision of the Group's services. With this as the backdrop, we have and are continuing to put into place processes and systems which enable us to continue the growth and progress of the business. We look forward to the next six months and the further progress of the Group and are confident that we shall meet market expectations for both growth and profitability. Paul Carter CEO 30 April 2008 Group income statement for the period to 31 January 2008 Unaudited Unaudited Audited Group Six months ended Six months 12 months ended ended 31-Jan-08 31-Jan-07 31-Jul-07 #'000 #'000 #'000 Revenue 4,424 4,958 11,598 Direct costs (923) (1,112) (2,163) Gross profit 3,501 3,846 9,435 Operating costs (3,499) (2,545) (5,993) Operating profit before exceptional items 2 1,301 3,442 Exceptional items (1,372) - - (note 4) Operating (loss)/profit after exceptional items (1,370) 1,301 3,442 Net finance income/ (cost) (76) 1 (22) (loss)/profit on ordinary activities before taxation (1,446) 1,302 3,420 Income tax expense 548 (391) (846) (loss)/profit for the period attributable to equity holders (898) 911 2,574 of the parent Earnings per share Note Basic earnings per ordinary -4.26p 4.69p 13.05p share (note 2) Diluted earnings per ordinary -4.26p 4.64p 13.04p share (note 2) There were no changes in equity other than the profit for the period attributable to equity holders of the parent as shown in the above Group Income Statement for each of the periods. Group consolidated balance sheet as at 31 January 2008 Unaudited Unaudited Audited Group Six months ended Six months ended 12 months ended 31-Jan-08 31-Jan-07 31-Jul-07 #'000 #'000 #'000 Assets Non-current assets Goodwill 1,008 231 1,008 Property, plant and equipment 514 770 519 1,522 1,001 1,527 Current Assets Trade and other receivables 11,300 6,426 10,681 Cash and short-term deposits - 1,717 1,219 11,300 8,143 11,900 Total assets 12,822 9,144 13,427 Equity and liabilities Equity attributable to equity holders of the parent Share capital 2,109 1,944 2,109 Share premium 5,527 4,033 5,527 Merger reserve (1,513) (1,513) (1,513) Retained earnings 2,418 1,725 3,316 8,541 6,189 9,439 Current liabilities Trade and other payables 2,017 1,325 1,974 Corporate income tax payable 641 1,389 1,828 2,658 2,714 3,802 Liabilities due after one year 1,623 241 186 Total liabilities 4,281 2,955 3,988 Total equity and liabilities 12,822 9,144 13,427 Group consolidated cash flow statement for the six months ended 31 January 2008 Unaudited Unaudited Audited Group Six months ended Six months ended 12 months ended 31-Jan-08 31-Jan-07 31-Jul-07 #'000 #'000 #'000 Cash flows from operating activities (Loss)/Profit from operations (1,370) 1,301 3,442 Depreciation of property, plant and equipment 70 102 386 Profit on disposal of property, plant and - - (241) equipment Other non-cash movement - - 72 Operating cash flows before movement in working capital (1,300) 1,403 3,659 Increase in receivables (619) (3,116) (6,676) (Decrease)/Increase in payables 93 358 (2) Cash generated from operations (1,826) (1,355) (3,019) Income taxes paid (639) - - Net cash (used in)/ from operating activities (2,465) (1,355) (3,019) Cash flows from investing activities Net interest paid/ (received) (76) (13) (8) Acquisition of property, plant and equipment (65) (550) (1,173) Disposal of property, plant and equipment - 653 Acquisition of subsidiary undertaking - (331) (694) Net cash used in investment activities (141) (894) (1,222) Cash flows from financing activities Net increase in borrowings 1,276 - (65) Proceeds on issues of shares - - 1,631 Principal payments under finance lease (88) Cost of share issue - - (72) Net Cash (used in)/from financing activities 1,188 - 1,494 Net (decrease)/increase in cash and cash equivalents (1,418) (2,249) (2,747) Cash, cash equivalents and bank overdrafts at the beginning of the period 1,219 3,966 3,966 Cash, cash equivalents and bank overdrafts at the end of the period (199) 1,717 1,219 DEBTS.CO.UK PLC Group Consolidated Accounts for the Six Months Ended 31 January 2008. EXPLANATORY NOTES 1. BASIS OF PREPARATION The accounts of the Group for the year ended 31 July 2007 were approved by the Board on 18 January 2008. The interim financial statements have not been audited and do not constitute statutory accounts as defined under s.240 of the Companies Act 1985. The interim financial statements have been prepared in accordance with applicable accounting standards and the requirements of AIM rule 18 and are consistent with those adopted and disclosed in the Group's statutory accounts for the year ended 31 July 2007. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. 2. EARNING PER SHARE a) Basic earnings per share is calculated by dividing the profit attributable to equity shareholders of the company by the weighted average number of ordinary shares in issue during the year. For comparison, we also calculate the basic earnings per share for the company before exceptional items. b) Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company has one category of dilutive potential ordinary shares, these being share options. For these share options, a calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the company's shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been in issued assuming the exercise of the share options. Unaudited Unaudited Audited Group Six months ended Six months ended 12 months ended 31-Jan-2008 31-Jan-2007 31-Jul-2007 #'000 #'000 #'000 Earnings Reported earnings (898) 911 2,574 Reported earnings before exceptional items 63 911 2,574 Weighted average shares: Issued shares start of period 21,093,253 19,444,444 19,444,444 25 May 2007 issue 14,090 7 June 2007 issue 259,638 Weighed average number of ordinary 21,093,253 19,444,444 19,718,172 shares Dilutive share Options outstanding - 192,983 79,906 Weighed average number of ordinary 21,093,253 19,637,427 19,798,078 shares Basic EPS (a) Reported EPS -4.26p 4.69p 13.05p Reported EPS before exceptional items 0.30p 4.69p 13.05p Diluted EPS (b) Reported Diluted EPS -4.26p 4.64p 13.00p Reported Diluted EPS before exceptional items 0.30p 4.64p 13.00p 3. COMPARATIVE FIGURES The comparative figures represent the unaudited results for the six month period to 31 January 2007 and the audited Group results for the year from 1 August 2006 to 31 July 2007. 4. EXCEPTIONAL ITEMS AND RESTRUCTURING PROVISION Exceptional items are those significant items which are separately disclosed by virtue of their size or incidence to enable a full understanding of the Group's financial performance. The main exceptional items have been costs associated with the restructuring and rationalisation of the Group, including costs of redundancies and future costs associated with an onerous property lease. The intention to restructure and rationalise the Group operations was announced on 9th October 2007. The objective was to seek efficiency savings within the Group and maximise the use of resources. This was to improve the Group's long-term profitability by allowing cases to be handled in the most efficient way and reducing the Group's overall cost structure. Activities carried out during the six month period are as follows: #'000s Restructuring provision at 1 August 2007 - Provision created against onerous leases 225 Redundancy provisions 250 Legal and regulatory costs 24 Revision of work 675 Abandonment of pipeline work 162 Other restructuring costs 36 Amounts utilised (1,222) Restructuring provision at 1 August 2007 150 5. RELATED PARTY TRANSACTIONS All inter group transactions between Group companies have been eliminated on consolidation. During the period, the Group engaged Olivine Partners LLP and Olivine Capital Partners Limited of which Stuart Cumberland is a Member and Director, respectively, to undertake corporate finance and tax advisory services. Fees payable totalled #78,968 in the period to 31 January 2008. At the 31 January 2008 a total of #24,507 was owed. During the period the Group incurred rent in respect of the premises at Carter Place, Gisborne Close, Staveley, Chesterfield S43 3JT of which Paul Carter is the Landlord. The total cost of the rent in the period was #162,590. At the 31 January 2008 a total of #nil was owed. During the year the company purchased security guarding services, fuel charges and hire charges for an electricity generator totalling #85,025 due to the requirement for a temporary electricity supply whilst an electric substation was completed. These charges ended on 31st December and no amount was outstanding at 31 January 2008. Paul Carter has used and is currently using Jaybuild Projects Limited on a number of personal building projects including the current offices occupied by the Group in Chesterfield and the transactions are considered to be related by virtue of the personal relationship of Paul Carter and Jaybuild Projects Limited. 6. POST BALANCE SHEET EVENTS Since the end of the period, the Group has engaged in the following material events. These are not reflected in the interim financial report. On 17th March Debts.co.uk plc issued a total of 6,066,669 new ordinary shares of 10p each at a placing price of 45p per share. On 18th March, the Group acquired substantially the whole of the business and assets of PB Recovery Limited for an initial consideration of #1,125,000 to be satisfied as immediate cash payable of #1,000,000 and deferred consideration of #125,000 payable in 6 equal monthly instalments commencing one month from date of completion. In addition, a further #86,000 was payable as a temporary premises use fee on completion. -------------------------- This information is provided by RNS The company news service from the London Stock Exchange END IR ILMTTMMATTAP
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