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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 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMIHUK
Impact Holdings (UK) plc
("Impact" or "The Group")
Half Year Results
Impact (AIM: IHUK), the specialist lender, announces its unaudited half year
results for the six months ended 30 September 2015.
Financial Highlights
* Cash and cash equivalents of GBP0.79 million (GBP0.63 million 30 September
2014)
* Net assets of GBP5.59 million (GBP5.34 million 30 September 2014)
* Debt reduced by 14% year on year to GBP1.04 million (GBP1.22 million September
2014)
* Loss after tax of GBP248,582 (Loss after tax GBP234,933 30 September 2014)
* Earnings/(loss) per share (9.4p) ((8.9p) 30 September 2014)
Operational Highlights
* Ongoing business re-aligned to focus on recoveries from third parties
* Continued reduction in borrowings from financial institutions
* Continuation of complex litigation
A copy of the half year results is also available on the Group's website
(www.impactholdings.net).
For further information:
Impact Holdings (UK) plc
Paul Davies, Chief Executive Officer Tel: 01928 793 550
Zeus Capital
Andrew Jones / Nick Cowles Tel: 0161 831 1512
CHAIRMAN'S STATEMENT
I report on our unaudited half year financial results for the six months ended
30th September 2015. Revenue of GBP86,288 and pre-tax losses of GBP248,582 were in
line with expectations.
The recognition of revenue, normally generated from loans to clients of
solicitor firms, has been suspended pending the outcome of a hearing in the
Supreme Court to be heard in June 2016. The Directors and their legal team
remain confident that the Appeal Court decision handed down in February 2015
will be upheld by the Supreme Court which would result in further recoveries
thereafter from a number of professional indemnity insurers of those solicitor
firms who have defaulted on the loans advanced.
BUSINESS OVERVIEW
The development of the strategic direction of the business has continued with a
reduction in our exposure to third party funders and a withdrawal from new
exposures in the specialty funding market.
We continue to incur upfront legal expenses in seeking to recover loans which
have been previously provided against by the Group. Litigated matters continue
to be concluded successfully however the ongoing costs of the more complex
litigation matters continue to erode positive financial results.
We have recently settled one litigated claim against a firm of former
professional advisors on advantageous terms and are currently awaiting the
Supreme Court's decision which may accelerate settlement of a number of matters
being pursued.
OUTLOOK
The group remains focused on recovering monies owed to it by third parties. The
Board of Directors is committed to the opportunities Identified and continues
to develop this strategy which is expected to provide, over time, enhanced
shareholder value.
Roger Barlow
Non-Executive Chairman
IMPACT HOLDINGS (UK) PLC
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 Months 6 Months Year
ended ended Ended
30/09/2015 30/09/2014 31/03/2015
GBP GBP GBP
Revenue 86,288 906,376 1,988,087
Cost of Sales (15,727) (376,397) (467,606)
Gross profit 70,561 529,979 1,520,481
(319,145) (764,920) (1,267,812)
Operating expenses
Operating (loss)/profit (248,584) (234,941) 252,669
Interest receivable 2 8 -
(Loss)/profit for the period from
operations before tax (248,582) (234,933) 252,669
- - (10,904)
Tax
(Loss)/Profit for the period (248,582) (234,933) 263,573
(Loss)/earnings per share (pence)
Basic (9.4)p (8.9)p 10.0p
Fully Diluted (8.1)p (7.7)p 8.3p
IMPACT HOLDINGS (UK) PLC
UNAUDITED CONSOLIDATED BALANCE SHEET
As at As at As at
30/09/2015 30/09/2014 31/03/2015
GBP GBP GBP
Non-current assets
Goodwill 421,766 421,766 421,766
Property, plant and equipment 866,463 922,024 882,397
Deferred taxation 181,703 171,902 181,074
Current assets 1,469,932 1,493,722 1,485,237
Trade and other receivables
including amounts falling
due after more than one 4,740,741 5,363,700 4,451,612
year
Cash and cash equivalents 790,004 635,866 1,604,945
5,530,745 5,999,566 6,056,557
Total assets 7,000,677 7,493,288 7,541,794
Capital and reserves
Share capital 1,311,201 1,311,201 1,311,201
Shares held by Employee Benefit Trust (45,070) (45,070) (45,070)
Retained earnings 4,325,636 4,075,955 4,574,218
Equity attributable to 5,591,767 5,342,086 5,840,349
equity shareholders of the
parent
Trade and other payables due after
more
than one year 467,376 540,329 481,782
Trade and other payables due in less
than one year 941,534 1,610,873 1,219,663
7,000,677 7,493,288 7,541,794
IMPACT HOLDINGS (UK) PLC
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD
6 Months 6 Months Year
ended ended Ended
30/09/2015 30/09/2014 31/03/2015
GBP GBP GBP
Operating activities
Cash (used in)/generated from ( 700,537) 244,246 1,278,528
operations
Net cash generated by operating (700,537) 244,246 1,278,528
activities
Investing activities
Purchase of property, plant and equipment - - (783)
Interest received 2 8 25
Net cash in investing activities
2 8 (758)
Financing Activities
Net decrease in amounts owed to
lending institutions (114,406) (301,073) (365,510)
Net cash outflow from financing (114,406) (301,073) (365,510)
activities
Net (decrease)/increase in
cash and cash equivalents (814,941) (56,819) 912,260
1,604,945 692,685 692,685
Opening cash and cash equivalents
790,004 635,866 1,604,945
Closing cash and cash equivalents
IMPACT HOLDINGS (UK) PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to the equity holders of parent
company
Share Shares Share Profit and Total
Capital held by options loss
EBT account
GBP GBP GBP GBP GBP
Balance as at 31 March 1,311,201 (45,070) 39,349 4,271,296 5,576,776
2014
Profit for the - - - 263,573 263,573
year
Balance as at 31 March 1,311,201 (45,070) 39,349 4,534,869 5,840,349
2015
Net (loss) for the period - - - (248,582) (248,582)
Balance as at 30 September 2015 1,311,201 (45,070) 39,349 4,286,287 5,591,767
Notes to the Interim Financial Statements
1. Accounting policies
This half-year report for the period ended 30 September 2015 has been prepared
on the basis of the accounting policies set out in Impact Holdings (UK) plc's
annual report and financial statements 2015 and in accordance with the
International Financial Reporting Standards as adopted by the European Union
and IAS34, 'Interim financial reporting'.
The half-year report does not constitute statutory financial statements as
defined in section 434 of the Companies Act 2006.
It does not include all of the information and disclosures required for full
annual financial statements, and should be read in conjunction with the annual
report and financial statements for the year ended 31 March 2015.
The financial information contained in this half-year report in respect of the
year ended 31 March 2015 has been produced from the annual report and financial
statements for that year which have been filed with the Registrar of Companies.
The financial statements have been prepared on the historical cost basis,
except for the valuation of financial assets and liabilities. The principal
(MORE TO FOLLOW) Dow Jones Newswires
December 18, 2015 02:00 ET (07:00 GMT)
accounting policies adopted are set out below. The financial statements have been prepared on a going concern basis. New and revised accounting standards At the date of issue of these financial statements, the following accounting Standards and Interpretations, which have not been applied, were in issue but not yet effective. The directors do not anticipate that adoption of these will have a material impact on the financial statements. IFRS 9 Financial Instruments IFRS14 Regulatory Deferral Accounts IFRS15 Revenue from Contracts with Customers The effect of changes on the group's financial statements as a result of adopting these standards (where applicable) is not significant. The group has elected not to adopt any other standards earlier than the proposed effective dates. Further detail in relation to the above International Accounting Standards is available from the IASB's website, www.iasb.org. Basis of consolidation The consolidated financial statements of the group incorporate the financial statements of the company and enterprises controlled by the company (its subsidiaries) made up to the balance sheet date. Control is achieved where the company has the power to govern the financial and operating policies of an investee enterprise so as to obtain economic benefit from its activities. Subsidiaries are fully consolidated from the effective date of acquisition or up to the effective date of disposal, as appropriate. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are initially measured at fair value at the acquisition date irrespective of the extent of any minority interest. The excess of cost of acquisition over the fair values of the group's share of identifiable net assets acquired is recognised as goodwill. Any deficiency of the cost of acquisition below the fair value of identifiable net assets acquired (i.e. discount on acquisition) is recognised directly in the income statement. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group. All intra-group transactions, balances, and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Goodwill Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group's interest in the fair value of the identifiable assets and liabilities of a subsidiary, associate or jointly controlled entity at the date of acquisition. Goodwill on acquisition of subsidiaries is separately disclosed. Goodwill is recognised as an asset and reviewed for impairment semi-annually or on such other occasions that events or changes in circumstances indicate that it might be impaired. Any impairment is recognised immediately in the income statement and is not subsequently reversed. Goodwill is allocated to cash generating units for the purpose of impairment testing. Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP amounts subject to being tested for impairment. Intangible assets The cost of developing or acquiring computer software including own labour costs incurred directly in connection with software development, is capitalised as an intangible asset where the related expenditure is separately identifiable and where there is reasonable expectation that future economic benefits will arise from the development. Software costs are amortised using the straight line method over 3 years. The amortisation charge is included within operating expenses. Intellectual property and computer development is fully written off in the period it is incurred. Interest income and expense Revenue shown in the profit and loss account represents interest, commission and arrangement fees receivable on loans made to third parties. Interest income and expense are recognised in the profit and loss account for all financial assets and liabilities using the effective interest method, being the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Group includes all establishment and arrangement fees, commissions and administrative fees paid or received between parties to the contract that are an integral part of the effective interest rate. Interest on legal disbursement funding is added to the principal, is calculated on a daily basis and is repaid to the group at the end of the term of the agreement. Financial assets and liabilities Financial assets and liabilities used by the Group include loans made to third parties and debt finance received by the Group. Financial assets are recognised initially at fair value and measured subsequently at amortised cost using the effective interest method, less provision for impairment. Financial liabilities are recognised initially at fair value and measured subsequently at amortised cost. Bad and doubtful debts Specific provision is made against all advances considered to be impaired. When there is reasonable doubt over recovery, provision is made against the outstanding debt including interest and further interest is suspended until the directors are satisfied as to the recoverability of the total amount due. Segmental reporting No separate segmental reporting information is provided as in the directors' opinion there are no material segments other than the provision of short term niche funding solutions. Leasing Rentals payable under operating leases are charged to income on a straight line basis over the term of the lease. Retirement benefits costs Payments to defined contribution retirement benefit plans are charged as an expense as they fall due. Taxation The tax expense represents the sum of the current tax expense and deferred tax expense. The tax currently payable is based on taxable profit or loss for the year. Taxable profit or loss differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group's liability for current tax is calculated by using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction which affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based upon tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Property, plant and equipment Fixtures and equipment are stated at cost less accumulated depreciation. Depreciation is charged so as to write off the cost or valuation of assets over their useful economics lives, using the straight line method on the following basis:- Plant and machinery - 3 years Fixtures, fittings & equipment - 3 years The directors consider that the freehold properties are maintained in such a state of repair that its residual value is at least equal to their original cost. Accordingly, no depreciation is charged on the grounds of immateriality. Annual impairment reviews are undertaken and provisions made at the end of each reporting period where necessary. Equity Instruments Equity instruments, which are contracts that evidence a residual interest in the assets of the group after deducting all of its liabilities, are recorded at the proceeds received, net of direct issue costs. Provisions Provisions are recognised when the group has a present obligation as a result of a past event which it is probable will result in an outflow of economic benefits that can be reliably estimated. Share-based payments Equity-settled share-based payments are measured at fair value at the date of
(MORE TO FOLLOW) Dow Jones Newswires
December 18, 2015 02:00 ET (07:00 GMT)
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