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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Impact Holdings | LSE:IHUK | London | Ordinary Share | GB00B3DFYL18 | ORD 50P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 45.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Press Release 27th September 2013 Impact Holdings (UK) plc ("Impact" or "The Group") Preliminary results for the year ended 31st March 2013 Impact Holdings (UK) plc. (AIM: IHUK), the specialist lender, announces its preliminary results for the year ended 31st March 2013. Financial Highlights * Group's pre-tax profit of £250,071 (2012: £314,745) * Earnings per share 10.1p (2012: 13.7p) * Reduced exposure to external debt providers from £5.2m to £1.6m * Results ahead of management expectations * Reduced gearing down to 28% from 102% * Cash and cash equivalents of £0.7 million (2012: £1.1 million) * Net assets of £5.6 million (2012: £5.1 million) Commenting on the results Paul Davies, the Chief Executive, said "The group continues to see ongoing progress with expenses under control, a marked reduction in external finance and it continues to actively look for alternative income streams to enhance its profitability." For further information: Impact Holdings (UK) plc. Paul Davies Chief Executive Officer Tel: +44 (0)1928 793 550 www.impactholdings.net Zeus Capital Nick Cowles/Andrew Jones Tel: +44 (0)161 831 1512 The financial information detailed below has been extracted from the Annual Report and Accounts for the year ended 31st March 2013, which are available from Zeus Capital, 3 Ralli Courts West Riverside, Manchester, M3 5FT and on the Company's website (www.impactholdings.net). CHAIRMAN'S STATEMENT INTRODUCTION We have previously advised that as a consequence of the ongoing credit crisis and new economic environment in which we operate it has been necessary to seek out additional revenue streams for the group. THE BOARD The Board remains committed to adhering to strong Corporate Governance and operating within a framework of prudent controls which ensures the future risks of the business are controlled and managed. STRATEGY The development of the strategic direction of the business has continued in this financial year with a marked reduction in our exposure to third party funders and a withdrawal from new exposures in the specialty funding market. The establishment of Midas Marketing Management Limited in September 2012 which provides specialist marketing and business development services to both law firms and individual business owners is seen as a marked growth area operating within a highly compliant framework. This initiative will continue to be invested in over the forthcoming period as we develop our product offering, increase our revenue streams and diversify our product range. Enhanced income streams from this operation will hopefully come to fruition in 2013/14 and beyond albeit we still continue to incur initial set up costs. DIVIDEND No dividend will be declared for the year. OUTLOOK The group remains focused on providing services to the legal and professional sectors. The Board of Directors is committed to the future growth opportunities earmarked and continues to develop this strategy which will provide the foundation for controlled growth, improved profitability over time and enhanced shareholder value. I should like to place on record my appreciation for the efforts of the executive, management and staff during the year. I also appreciate the enthusiasm and support of my fellow directors and thank them for their continued encouragement and counsel. Roger Barlow Non-executive Chairman CHIEF EXECUTIVE'S REVIEW INTRODUCTION As previously advised the Board and management team have spent considerable effort in looking at the strategic direction the business is taking following the lack of liquidity in the banking market. This has culminated in the decision to diversify the Company's product offering and reduce the group's exposure to financial institutions and re-align the business to provide various ancillary services to the legal and professional sectors. The dedication and commitment of all staff to re-align the business is a credit as they have collectively worked with commitment and resilience to deliver this performance. TRADING Commentary on the group's performance is contained within the Chairman's Statement; however the group continues to see ongoing progress with expenses under control, a marked reduction in external finance and it continues to actively look for alternative income streams to enhance its profitability. RISK MANAGEMENT The risk management of the business continues to be strengthened with all new and existing counterparty risks regularly assessed by an independent risk committee. Credit and fraud risk The group is exposed to the risk that clients owing the group money will not fulfil their obligations. The group regularly reviews credit exposure for every client, including the level of security available in the event of default. Nevertheless, credit default risk may arise from events or circumstances that are difficult to detect and handle, such as fraud. Inadequate security The group is exposed to the risk that security and undertakings upon which its loan advances are made may reduce in value, so that the group may not recover some or all of its loan advances in an event of default. This risk is mitigated by the spread of loans and clients involved, along with a detailed assessment of the value of the security and undertakings at the time the loans are made and appropriate ongoing monitoring. Funding and treasury The group relies on a mix of equity funding and uncommitted debt finance from Mercantile Investment Company Limited and Yorkshire Bank in order to maintain an adequate level of working capital and to fund loan advances to the group's clients. STRATEGIC AND FINANCIAL OBJECTIVES Our objective remains for a cautious, controlled, profitable growth with the group concentrating on actively looking for additional income enhancing opportunities. We continue to look for economies of scale and enhance the controls in order to allow us to minimise the risks to the business. Paul Davies Chief Executive CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 2013 Year Year Ended Ended 31/03/13 31/03/12 £ £ Revenue 1,309,927 1,186,355 Cost of Sales (430,666) (241,816) Gross Profit 879,261 944,539 Other operating expenses (629,273) (630,054) Operating Profit 249,988 314,485 Interest 83 260 receivable Profit for the year from operations 250,071 314,745 before tax Tax (charge)/ - (9,721) credit Profit for the 250,071 305,024 year Earnings per share (pence) Basic 10.1p 13.7p Fully diluted 10.1p 13.4p Other than as disclosed in the consolidated Income Statement and the Consolidated Statement of Changes in Equity there are no further gains or losses. Accordingly, no separate statement of other comprehensive income has been presented. All activities are considered to be continuing. CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2013 2013 2012 £ £ Non-current assets Goodwill 421,766 421,766 Property, plant and equipment 921,890 866,825 Deferred taxation 171,892 171,892 1,515,548 1,460,483 Current assets Trade and other receivables including amounts 6,284,896 7,983,892 falling due after more than one year Cash and cash equivalents 688,413 1,076,179 Total current assets 6,973,309 9,060,071 Total assets 8,488,857 10,520,554 Equity and Liabilities Share capital 6,411,201 6,211,201 Share premium Account 5,125,291 5,005,288 Shares held by employee benefit trust (45,070) (45,070) Retained earnings (5,844,655) (6,094,726) Issued capital and reserves attributable to 5,646,767 5,076,693 Equity holders of the parent Trade and other payables due after more than 540,261 570,391 one year Trade and other payables due in less than one 2,301,829 4,873,470 year Total Equity and Liabilities 8,488,857 10,520,554 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2013 31/3/13 31/3/12 £ £ Operating activities Cash generated by operations (302,839) 1,805,382 Net cash generated by operating (302,839) 1,805,382 activities Investing activities Interest received 83 260 Purchases of property, plant and (71,248) (288,246) equipment Net cash applied/(used) in investing (71,165) (287,986) activities Financing activities Issue of equity share capital 320,003 - Net decrease in amounts owed to lending (333,765) (2,335,282) institutions Net cash outflow from financing (13,762) (2,335,282) activities Net decrease in cash and cash (387,766) (817,886) equivalents Cash and cash equivalents at 1 April 1,076,179 1,894,065 Cash and cash equivalents at end of 31 688,413 1,076,179 March CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2013 Attributable to the equity holders of parent company Share Share Share Shares Profit and Total capital premium based held by loss payment EBT account reserve £ £ £ £ £ £ Balance as at 31 6,211,201 5,005,288 172,199 (45,070) (6,571,949) 4,771,669 March 2011 Lapse of Share (172,199) 172,199 - Options Net Profit for the - - - - 305,024 305,024 year Balance as at 31 6,211,201 5,005,288 - (45,070) (6,094,726) 5,076,693 March 2012 Ordinary Shares 200,000 - - - - 200,000 Issued Share Premium on - 120,003 - - - 120,003 Issued Shares Net Profit for the - - - - 250,071 250,071 Year Balance as at 31 6,411,201 5,125,291 - (45,070) (5,844,655) 5,646,767 March 2013 The financial information set out in this announcement does not constitute the group's financial statements (as defined by s434 of the Companies Act 2006) for the year ended 31st March 2013. The results for the year ended 31st March 2013 are extracted from the Annual Report of Impact Holdings (UK) plc, on which the auditors have issued an unqualified report. Pursuant to AIM Rule 20 copies of the Annual Report may be downloaded from the company's web site www.impactholdings.netand will be posted to shareholders on or before 1st October 2013. Further copies will be available from Zeus Capital, 3 Ralli Courts, West Riverside, Manchester, M3 5FT. The Annual General Meeting will be held at the Company's registered office, 7500 Daresbury Park, Daresbury, Warrington WA4 4BS on 27th November 2013 at 8.45am. Notes to the Editor: Impact Holdings (UK) plc through its individual subsidiaries provides financial; outsourcing and ancillary services to the legal profession. In addition Impact will fund other opportunities where debt instruments or debentures provide the primary security and there are opportunities for short term bespoke funding where serviceability precludes larger lenders from entering this area. Impact is regulated by the Office of Fair Trading through which it is licensed to lend under the Consumer Credit Act 1974.
Copyright r 26 PR Newswire
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