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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| John Laing Group Plc | LSE:JLG | London | Ordinary Share | GB00BVC3CB83 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 402.60 | 402.60 | 402.80 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMJLG
JUST LOANS PLC / JUST LOANS PLC : Interim Accounts . Processed and
transmitted by Nasdaq Corporate Solutions. The issuer is solely
responsible for the content of this announcement.
THE JUST LOANS GROUP PLC
CHAIRMAN'S STATEMENT
For the Unaudited Interim condensed financial statements for the 6
months ended 30 June 2017
OVERVIEW
The Just Loans Group Plc ("the Company") and its subsidiaries (together,
"the Group") provide Finance Facilities to Small and Medium Enterprises
that struggle to obtain traditional sources of funding for a variety of
reasons. The Group is based in the United Kingdom and all entities have
been incorporated in the United Kingdom. The Company is a public limited
company and its shares are listed on the Emerging Companies market of
the Cyprus Stock Exchange and the third market of Vienna Stock
Exchnage.The Group also have debentures that are listed on the Cyprus
Stock Exchange.
In June 2016 the UK voted in a referendum to leave the EU - the term
'Brexit' was adopted. We live in uncertain times, Brexit, political
upheaval in the UK, USA and elsewhere in the world; but the World of The
Just Loans Group remains constant. The Company and the Group currently
only operates in the United Kingdom and deal exclusively with the
exciting and growing SME market.
FINANCIAL RESULTS
The unaudited financial results for the period to 30 June 2017 show an
operating loss of GBP1,738k; earnings per share are negative, being
GBP0.062p.
Included within these financial results are GBP149k of the Group's share
of early stage losses from an investment in an associate company. The
associate is progressing well and should produce significant profits in
subsequent years.
The results also include exceptional costs of GBP74,000 in respect of
costs of raising additional funds.
CASH FLOW AND FUNDING
In order for the Group to meet its growth targets it is necessary to
raise the funds to be lent out. The Group signed a GBP10m facility with
the US fund manager SQN Capital Management in December 15. This facility
has now been drawn down fully. In July 2017, the Group signed a facility
with SQN Secured Income Fund for a further GBP10M facility allowing the
Group to drawdown GBP2M per month. The Group has utilised GBP4M of this
facility, drawing down GBP2M in July and August. This institutional
fundraising is in addition to the continued fund raising from the sale
of debenture securities which are traded on the Emerging Companies
Market of the Cyprus Stock.
In addition, at the end of 2016, The Company signed a facility agreement
with an institution, who are looking to raise GBP50Million via a Bond
issue designed for institutional Investors. The proceeds of this Bond
issue will be loaned to the Company and the Bond issue is secured on a
basket of loan facilities of the Company. The processes and procedures
of Just Cash Flow were rated by an independent rating authority for the
purpose of the Bond which was awarded an Investment Grade A with stable
outlook. To date the company has received GBP13.3M of which GBP9.0m was
received in September.
The Group is confident that further funding will be made available from
SQN and the other institutional funder but the directors continue to
source additional funding from other institutional investors which will
enable the Group to broaden its product range for the SME market.
On 14 February 2017,the Group completed a debt for equity swap. The
Group issued 3,200,000 new shares to replace debt valued at
GBP4,480,000. The shares were valued at GBP1.40 per share
OUTLOOK
The development of our proprietary "Propensity" lending process is now
complete as is the core of our proprietary "AlfiLMS" IT system. The
AlfiLMS system will continue to evolve with the addition of new Fintech
systems that become available, and / or are upgraded, in order to ensure
that our system remains one of the most advanced customer acquisition
and management systems in operation.
The second half of the financial year has started well and the new
institutional funding will enable the Group's loan book to reach the
critical mass required for the Group to start making profit. The
additional funding will also enable the Group to broaden its product
range for UK SMEs. There are also plans for the Group to open in other
selected European markets as the opportunities arise but this will be
financed in local currency in order to reduce any foreign exchange
risks.
Sir Eric Peacock
Chairman
27 September 2017
The Directors of the Issuer accept responsibility for this announcement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Just Loans Plc
1 Charterhouse Mews
London
EC1M 6BB
Tel: +44 (0) 20 3199 6379
Nick Michaels
Alfred Henry Corporate Finance Limited
Tel: +44 (0) 20 7251 3762
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2017
Unaudited Unaudited Audited
Year
Six months ended Six months ended ended
31 December
30 June 2017 30 June 2016 2016
GBP GBP GBP
Continuing operations
Revenue 4,141,064 2,418,260 6,037,550
Cost of sales (1,449,115) (926,702) (2,932,074)
Gross profit 2,691,949 1,491,558 3,105,476
Administrative expenses (2,020,742) (1,528,434) (3,460,387)
Operating Profit/ Loss 671,207 (36,876) (354,911)
Finance costs (2,335,221) (1,726,289) (4,302,403)
Share of losses from
investment in associate (149,452) (125,582) (244,567)
Loss on ordinary activities
before taxation (1,813,466) (1,888,747) (4,901,881)
R & D tax credit 74,974 - 43,790
Profit / (Loss) for the
period (1,738,492) (1,888,747) (4,858,091)
Profit / (Loss) attributable
to:
-- Owners of the parent (1,738,492) (1,888,747) (4,858,091)
Loss per share (expressed in
pence per share) (6.16)p (37.8)p (19.43)p
Loss per share based upon
subdivision (6.16)p (7.55)p (19.43)p
Condensed consolidated statement of financial position
Unaudited Unaudited Audited
As at 31 December
As at 30 June 2017 As at 30 June 2016 2016
GBP GBP GBP
Assets
Non-current assets
Intangibles - - -
Property Plant and
Equipment 166,123 56,680
Investments 6 6
Loans and advances
to customers 917,900 917,900
Trade and other
receivables 10,891,777 7,599,985 9,061,681
11,975,806 7,599,985 10,036,267
Current assets
Inventory 41,669 - 14,828
Loans and advances
to customers 22,489,833 14,578,234 17,653,553
Trade and other
receivables 904,311 339,880
Cash and cash
equivalents 1,624,534 4,658,569 1,783,282
25,060,347 19,236,803 19,791,543
Total assets 37,036,153 26,836,788 29,827,810
Equity and
liabilities
Equity
attributable to
owners of the
parent
Ordinary shares 4,530,000 50,000 50,000
Other reserves 75,049 15,000 75,049
Accumulated losses (15,775,161) (11,067,325) (14,036,669)
(11,170,112) (11,002,325) (13,911,620)
Non-controlling
interests - -
Total equity (11,170,112) (11,002,325) (13,911,620)
Liabilities
Non-current
liabilities
Borrowings 38,847,963 32,416,995 35,694,647
Current
liabilities
Borrowings 7,247,288 4,624,776 6,794,814
Trade and other
payables 2,111,014 797,342 1,249,969
Total liabilities 48,206,265 37,839,113 43,739,430
Total equity and
liabilities 37,036,153 26,836,788 29,827,810
Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2017
Unaudited Unaudited Audited
Year
Six months Six months ended
ended ended 31
30 June 30 June 31 December
2017 2016 2016
GBP GBP GBP
Cash flows from operating activities
Loss before taxation (1,813,466) (1,888,747) (4,901,881)
Adjustments for:
Finance Costs 2,335,221 1,726,289 4,302,403
Other reserves - - 60,049
Depreciation 7,131 - 37,950
Amortisation - - 37,000
(Increase)/Decrease in inventory (23,841) - (14,828)
Increase in Loans and trade and other receivable (7,367,094) (8,082,791) (13,826,960)
Increase/(Decrease) in trade and other payables 967,758 (2,239,243) (168,550)
Cash (utilised) / generated from operations (5,984,291) (10,484,492) (14,474,817)
Finance costs paid (2,335,221) (1,726,289) (4,302,403)
R & D Tax receipt 74,974 - 43,790
Net cash (used by) / generated from operating
activities (8,244,538) (12,210,781) (18,733,430)
Cash flows from investing activities
Payments to acquire tangible assets - - (56,680)
Net cash generated from investing activities - - (56,680)
Cash flows from financing activities
Proceeds from issue of shares 4,480,000
Proceeds from issue of debenture and other loans 3,605,790 13,785,314 17,489,356
Net cash generated from financing activities 8,085,790 13,785,314 17,489,356
Net (decrease)/increase in cash and cash
equivalents (158,748) 1,574,533 (1,300,754)
Cash and cash equivalents at the beginning of the
period 1,783,282 3,084,036 3,084,036
Cash and cash equivalents at end of period 1,624,534 4,658,569 1,783,282
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2017
Total
Attributable to owners of the parent Equity
Share Other Accumulated
capital reserves losses Total
GBP GBP GBP GBP GBP
As at
30 June 2016 50,000 15,000 (11,067,325) (11,002,325) (11,002,325)
Other reserves 60,049 - 60,049 65,049
Loss for the
period - - (2,969,344) (2,969,344) (2,969,344)
As at
31 December
2016 50,000 75,049 (14,036,669) (13,911,620) (13,911,620)
Share sale 4,480,000 - - 4,480,000 4,480,000
Loss for the
period - - (1,738,492) (1,738,492) (1,738,492)
As at
30 June 2017 4,530,000 75,049 (15,775,161) (11,170,112) (11,170,112)
Share capital is the amount subscribed for shares at nominal value.
Other reserves represent the expenses recognised for share-based
payments.
Accumulated losses represent the cumulative loss of the group
attributable to equity shareholders.
Notes to the condensed financial statements
1. Basis of accounting
This interim report, which incorporates the financial information of the
Group, has been prepared using the historical cost convention, on a
going concern basis and in accordance with International Financial
Reporting Standards ("IFRS") as adopted by the European Union.
The same accounting policies and methods are used in the interims as
compared with the most recent annual financial statements.
The interim condensed financial statements for the 6 months to June 2017
have been prepared in accordance with International Accounting Standard
34 "Interim Financial Report" and have not been audited by the external
auditors of the Group.
The unaudited results for period ended 30 June 2017 do not constitute
statutory accounts within the meaning of Section 434 of the Companies
Act 2006.
The Board of Directors of the Group at its meeting on 27 September 2017
examined and approved the interim condensed financial results.
2. Standards and Interpretations adopted with no material
effect on financial statements
There are no IFRS or IFRIC interpretations that are effective for the
first time in this financial period that
would be expected to have material impact on the company.
There are no other IFRS or IFRIC interpretations that are not yet
effective that would be expected to have
material impact on the company.
3. Loss per Share
Unaudited Unaudited Audited
Six Months ended 30 June Six Months ended 30 June Year ended 31 December
2017 2016 2016
Loss per share:
Basic (pence) (0.062) (0.378) (19.43)
Diluted (pence) (0.062) (0.075) (19.43)
Weighted average
number of shares
in issue 28,200,000 5,000,000 25,000,000
After subdivision 25,000,000
Loss per ordinary share on the Company's loss for the financial period
within the Condensed Company Statement of Financial Position.
Borrowing
Audited
Unaudited Unaudited As at 31
As at 30 June 2017 As at 30 June 2016 31 December 2017
GBP GBP GBP
Non Current
Debentures and
other loans 38,847,963 32,416,995 35,694,647
Current
Debentures and
other loans 7,247,288 4,624,776 6,794,814
46,095,251 37,041,771 42,489,461
All commissions due on debentures have been deferred against the
debentures they relate to and have either been shown as non-current or
current borrowings. All non-current borrowings are wholly repayable
within five years.
The debentures are secured by first floating charge over all of the
assets of the group, and bear interest as per below. Interest is paid in
two half yearly instalments.
Repayment date Annual interest
2017 Debentures 31 December 2017 8.25%
2018 Debentures 31 December 2018 8.25%
2019 Debentures 31 December 2019 8.25%
2020 Debentures 31 December 2020 8.75%
2021 Debentures 31 December 2021 8.75%
Included within debentures and other loans is capitalised commission of
GBP1,901,051 which is charged to the profit & Loss over the life of the
Debentures to which it relates.
4. Share Capital
On the 19 October 2016, the Company undertook a subdivision of shares of
5 for 1.
The nominal value per share adjusted to GBP0.002 from GBP0.01.
The ordinary shares have attached to them full voting, dividend and
capital distribution (including on
Winding up)right; they do not confer any rights of redemption.
On the 14 February 2017 issued 3,200,000 new ordinary shares at GBP1.40
per share for a total of
GBP4,480,000
This is a result of the exchange by a number of debenture holders for
their existing debentures in The
Just Loans Group Plc and its subsidiaries Just Cash Flow Plc, Just
Bridging Loans Plc and Just Finance
Loans & Investments Plc.
5. Events after the reporting period
In July 2017, the Company signed a facility with SQN Secured Income Fund
for a GBP10M facility allowing the Company to drawdown GBP2M per month.
The Company has drawn GBP4M of this facility, drawing down GBP2M in July
and August.
Since 1 July the Company has received GBP9.8m (of which GBP9.0m was
received in September) from the institutional investor as proceeds from
the GBP50m Bond issue.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: JUST LOANS PLC via Globenewswire
--- End of Message ---
JUST LOANS PLC
1 Charterhouse Mews London UK
http://http://www.just-loans.com/
(END) Dow Jones Newswires
October 02, 2017 11:38 ET (15:38 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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