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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 |
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0 | 0 | N/A | 0 |
TIDMIHUK Press Release 30th September 2014 Impact Holdings (UK) plc ("Impact" or "The Group") Preliminary results for the year ended 31st March 2014 Impact Holdings (UK) plc. (AIM: IHUK), the specialist lender, announces its preliminary results for the year ended 31st March 2014. Financial Highlights - Group's pre-tax profit of GBP97,088 (2013: Restated profit GBP45,340) - Earnings per share 3.7p (2013: Restated 1.8p) - Further reduced exposure to external debt providers - Cash and cash equivalents of GBP0.7 million (2013: GBP0.7 million) - Net assets of GBP5.58 million (2013: Restated GBP5.44 million) Commenting on the results Paul Davies, the Chief Executive, said "Trading results remain suppressed whilst the group's lending subsidiary companies continue to pursue complex litigation against errant borrowers and professional advisors. Following on from recent successful recoveries and cases concluded in our favour the directors anticipate that the litigation process is likely to be successfully concluded within the next two years." 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 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. The financial information detailed below has been extracted from the Annual Report and Accounts for the year ended 31st March 2014, which are available from Zeus Capital, 82 King Street, Manchester, M2 4WQ and on the Company's website (www.impactholdings.net). CHAIRMAN'S STATEMENT 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. As previously advised the Board and management team continues to spend 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. PRIOR PERIOD ADJUSTMENT The 2013 financial statements have been restated as a consequence of a prior period adjustment details of which are shown in note 4 BUSINESS REVIEW Trading results remain suppressed whilst the group's lending subsidiary companies continue to pursue complex litigation against errant borrowers and professional advisors. Following on from recent successful recoveries and cases concluded in our favour the directors anticipate that the litigation process is likely to be successfully concluded within the next two years. CAPITAL STRUCTURE On 28th March 2014 the High Court confirmed the Board's proposal that had previously been approved by the shareholders to implement a capital reduction and increase the distributable reserves of the Group in order to support the Group's ability to pay dividends, should it be desirable to do so in the future. 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 further reduction in our exposure to third party funders. This peaked at GBP10.0m in March 2010 and now stands at GBP1.5m as at 31 March 2014. OUTLOOK The group remains focused on providing services to the legal and business 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, increased profitability over time and enhanced shareholder value. 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. 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. DIVIDEND No dividend will be declared for the year. Roger Barlow Non-executive Chairman CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 2014 Restated Year Year ended Ended 31/03/2014 31/03/2013 GBP GBP Revenue 1,740,529 1,035,310 Cost of Sales (1,307,442) (413,906) Gross Profit 433,087 621,404 Exceptional operating expenses (1,904,412) 566,667 Operating expenses (1,513,615) (3,418,027) (1,142,814) (576,147) Operating (Loss)/profit (2,984,940) 45,257 Exceptional interest receivable and similar income 3,082,028 83 Profit for the year from operations before tax 97,088 45,340 Tax (charge) - (1,697) Profit for the year attributable to the owners of the parent 97,088 43,643 Earnings per share (pence) Basic 3.7p 1.8p Diluted 3.7p 1.8p 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 2014 Restated 2014 2013 GBP GBP Non-current assets Goodwill 421,766 421,766 Property, plant and equipment 918,580 921,890 Deferred taxation 170,195 170,195 1,510,541 1,513,851 Current assets Trade and other receivables including amounts falling due after more than one year 5,973,186 8,289,589 Cash and cash equivalents 692,685 690,242 6,665,871 8,979,831 Total assets 8,176,412 10,493,682 Equity and liabilities Share capital 1,311,201 6,411,201 Share premium account - 5,125,291 Shares held by Employee Benefit Trust (45,070) (45,070) Retained earnings 4,310,645 (6,051,083) Issued capital and reserves attributable to parent 5,576,776 5,440,339 Trade and other payables due after more than one year 540,335 540,261 Trade and other payables due in less than one year 2,059,301 4,513,082 Total equity and liabilities 8,176,412 10,493,682 These financial statements were approved by the board on 29 September 2014 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2014 Restated 2014 2013 GBP GBP Operating activities Cash generated/(absorbed) by operations 456,145 (102,843) Net cash generated/(absorbed) by operating activities 456,145 (102,843) Investing activities Interest received 25 83 Purchases of property, plant and equipment (34,914) (71,248) Net cash (used) in investing activities (34,889) (71,165) Financing activities Issue of equity share capital - 320,003 Loan incepted 500,000 - Loan repaid (500,000) - Net decrease in other amounts owed to lending institutions (418,813) (531,932) Net cash outflow from financing activities (418,813) (211,929) Net increase/(decrease) in cash and cash equivalents 2,443 (385,937) Cash and cash equivalents at 1 April 690,242 1,076,179 Cash and cash equivalents at 31 March 692,685 690,242 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2014 Share Share Shares Share Profit and Total Capital premium held by options loss account EBT GBP GBP GBP GBP GBP GBP Balance at 31 March 2012 6,211,201 5,005,288 (45,070) - (6,094,726) 5,076,693 Ordinary shares issued 200,000 - - - - 200,000 Share premium on issued shares - 120,003 - - - 120,003 Net profit for the year - - - - 250,071 250,071 Balance at 31 March 2013 6,411,201 5,125,291 (45,070) - (5,844,655) 5,646,767 Prior period adjustment (note 4) - - - - (206,428) (206,428) Restated balance at 31 March 2013 6,411,201 5,125,291 (45,070) - (6,051,083) 5,440,339 Net profit for the year - - - - 97,088 97,088 Share premium reduction - (5,125,291) - - 5,125,291 - Cancellation of ordinary B shares (5,100,000) - - - 5,100,000 - Share options - - - 39,349 - 39,349 Balance at 31 March 2014 1,311,201 - (45,070) 39,349 4,271,296 5,576,776 Notes 1. 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 2014. The results for the year ended 31st March 2014 are extracted from the Annual Report of Impact Holdings (UK) plc, on which the auditors have issued an unqualified report which includes an emphasis of matter. 2. 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 shortly. Further copies will be available from Zeus Capital, 3 Ralli Courts, West Riverside, Manchester, M3 5FT. 3. The Annual General Meeting will be held at the Company's registered office, 7500 Daresbury Park, Daresbury, Warrington WA4 4BS on 17th December 2014 at 8.45am. 4. Prior period adjustment During preparation of this year's financial statements, the directors became aware of a material error in the 2013 statements. Shortly after the end of the previous financial period the lender of one of the group's subsidiary companies agreed by negotiation, subject to future performance, to grant a discount on the introduction of a third party lender. On advice from the previous auditors, which the directors accepted, this transaction was treated as an adjusting post balance sheet event and included in the 2013 figures where appropriate. As the agreement was made shortly after the end of the 2013 financial year the transaction should have been treated as an un-adjusting post balance sheet event. A review has been undertaken by the directors following the appointment of new auditors of both the 2014 and 2013 financial results. The directors have re-stated the 2013 financial statements to remove the transaction, together with the associated or linked adjustments thereto from the 2013 financial statements and include them where appropriate in the 2014 statements. The directors have amended the financial statements to re-state the 2013 figures and disclose the relevant amendments in 2014 as a prior year adjustment. The removal of the discount and the associated or linked adjustments have had the following effect on the 2013 financial statements: the removal of the discount has increased other operating expenses by GBP2,504,459, reduced cost of sales by GBP16,760 and increased trade and other payables due in less than one year by GBP2,487,699; the removal of a provision against recoverability of trade receivables has reduced other operating expenses by GBP2,004,693 and increased trade and other receivables by the same amount; the removal of legal fees and professional fees relating to the transaction together with the removal of a bonus provision and other sundry costs has reduced other operating expenses and trade payables due in less than one year by GBP276,446. Bad debts recovered previously stated as revenue of GBP274,617 has been offset against bad debts provided in operating expenses. The balance at bank has been adjusted by GBP1,829 as part of these adjustments. These adjustments required the deferred tax charge to be adjusted by GBP1,697. The net effect of these adjustments is to reduce profits by GBP206,428. The above transactions were then reversed when re-introduced into the 2014 financial statements. Exceptional interest and similar income in 2014 relates to the discount. Exceptional operational expenses in 2014 relates to provisions against recoverability of trade receivables. As a result, comparative figures for the year ended 31 March 2013 have been adjusted as follows: Previously 2013 Restated Profit for the year stated Adjustment 2013 GBP GBP GBP Revenue 1,309,927 (274,617) 1,035,310 Cost of sales (430,666) 16,760 (413,906) Gross profit 879,261 (257,857) 621,404 Other operating expenses (629,273) 53,126 (576,147) Operating profit 249,988 (204,731) 45,257 Interest received 83 2 83 Operating profit after interest 250,071 - (204,731) 45,340 Tax charge - (1,697) (1,697) Profit for the year after tax 250,071 (206,428) 43,643 Net assets Trade and other receivables including amounts falling due after more than one year 6,284,896 2,004,693 8,289,589 Deferred tax 171,892 (1,697) 170,195 Cash and cash equivalents 688,413 1,829 690,242 Trade and other payables due in less than one year (2,301,829) ( (2,211,253) (4,513,082) Retained earnings (5,844,655) (206,428) (6,051,083) END
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