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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Prestbury Hds | LSE:PBH | London | Ordinary Share | GB0032097965 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4973A Prestbury Holdings PLC 19 July 2007 19 July 2007 PRESTBURY HOLDINGS PLC ("Prestbury" or "the Company") Interim Results for the six months ended 30 April 2007 Prestbury Holdings PLC, the AIM-listed intermediary company for low risk financial products, announces its results for the six month period to 30 April 2007. The highlights were: *Small reduction in turnover to #4.6 million (Six months to 30 April 2006: #4.8 million) as a direct result of change in revenue collection *Improved profit margin to 21 per cent. (Six months to 30 April 2006:19.2 per cent.) *Small improved gross profit at #960,000 (Six months to 30 April 2006: #928,000) *Net assets improvement to #2.36 million (31 October 2006: #1.45 million) *Cash position improved to #355,000 (31 October 2006: #24,000) *Overheads reduced to average #130,000 p.m. for last quarter - (2006: #145,000 p.m.) *New revenue and improved margin streams to be introduced via the launch of the Moneybrain franchise proposition, expected to contribute to the second half of 2007 and 2008/9. www.moneybrain.com/franchise Chairman's Statement This has again been a challenging period, with an industry still adjusting to the fluctuating requirements of regulation. It is good to be able to report that Prestbury has grown its gross profit and increased its gross margin. With a strengthened balance sheet following the placing in January 2007, Prestbury can look to the future with confidence. Prestbury is fortunate to have as its CEO one of the sector's more far-seeing leaders, whose vision of where the industry needs to go has generally been vindicated. Lee Birkett leads a terrific team and I am confident that Prestbury is well-placed for the future. Chief Executive summary Following the rises in interest rates and regulatory turmoil within the sector, we are pleased with the progress made since last year, most notably a much improved balance sheet, cash position, margin and reduction in overheads. The reduction of revenue and related overhead is a direct result of the nil risk Bsure proposition launched last year performing, whereby we no longer carry the administrative burden of collecting and distributing life assurance commissions for FSA directly authorised advisers, whilst also now mitigating the associated indemnity commission claw back risks. This new model has impacted revenues by approximately #400,000 for the period but the same historical 10 per cent. gross profit still remains going straight to the bottom line. Earlier this year the FSA published damning findings and flaws within the current regulatory framework, stating that following their recent review of the mortgage market, only 41 per cent. of small firms could be deemed to be treating customers fairly. I am proud to report that Prestbury have received confirmation from the FSA that Prestbury and its advisers are deemed to be "Treating Customers Fairly". It is highly unlikely that most small firms will be able to satisfy the FSA's "Treating Customers Fairly" wish list. Prestbury does so with a team of six dedicated solely to compliance. How can a one man band/small firm; 1. Test him/herself to make sure he's competent to be an adviser, 2. Monitor him/herself for the advice he gives, 3. Maintain a training and competency regime, 4. Operate and maintain a customer relation management system, 5. Keep up to speed and record his/her knowledge of the ever changing regulatory rules, 6. And actually meet with clients....? The only way the majority can do all of the above is by being part of a well funded and efficient network. We hope to see in the second half of 2007 and throughout 2008 an increase in Appointed Representative numbers at Prestbury, once the FSA message and enforcement starts to hit home. We were shocked that the FSA allowed 59 per cent. of small firms who have not engaged to the principles of treating customers fairly to continue trading. We expected the March 2007 deadline to be adhered to. This delay now to 2008 has impacted our growth of new firms in the first half as firms are not immediately required to find a compliant home. This however we feel is only delaying the inevitable. Significant Developments In addition to the growth plans for the forthcoming year of the Prestbury Appointed Representative adviser base, we have launched today the Moneybrain franchise proposition. The FSA has finally announced plans to revolutionise the financial services sector under the auspices of the RDR (Retail Distribution Review). The RDR threatens to be the most significant change seen in the sector since depolarisation. The FSA press release on the subject states there are no plans as yet to include mortgages or general insurance in the proposals, good news for Prestbury, bad news for the IFA market. I went on record last year stating that 70 per cent. of IFAs should stick to the sale of low risk "must have" mortgage and general insurance products and that the FSA should permit the introduction of a low risk savings product to the mortgage and insurance distribution arena, thereby considerably bridging the UK savings gap. The RDR does exactly that. The Moneybrain proposition is ideally suited to the troubled IFA market. The Moneybrain adviser will have access to every low risk mortgage and insurance product in the market via the proven low risk Prestbury electronic platform. The advisers can just get on meeting with their clients and start rebuilding value and credibility which he/she may have lost as an IFA. The Moneybrain model really is a back to basics concept, operating under one trusted low risk brand, similar to St James Place, in that each adviser will trade as Moneybrain and create their own practice value. There are 120 postcodes for sale ranging from #5,000 to #25,000 and the acquiring adviser will own their own specific postcode region. The postcode region will attain a practice value over time and each adviser will need to commit to grow his/her postcode in partnership with Prestbury to build the much needed adviser base in their specific postcode region. The economics are transparent and earnings enhancing for Prestbury. Each postcode practice becomes an Appointed Representative i.e. Moneybrain (BB) Ltd will appear on the FSA register as an Appointed Representative of Prestbury. Prestbury will retain 20 per cent. of all income and the Moneybrain Practice will retain 80 per cent.. The majority of the initial franchise fee, paid in advance to Prestbury, will be used to promote the Moneybrain brand, lead origination and hardware for the Moneybrain advisers. Prestbury incur no capital expenditure and increase the internet savvy adviser base considerably. I believe we have a solid and highly efficient platform for growth in a fast moving environment; and this is due in no small part to the hard work of our extremely dedicated staff, whom I thank for all they have done. Outlook We continue to recruit new advisers, and believe that Prestbury is on course to meet expectations for the full year. Rt. Hon. Francis A A Maude MP Lee J Birkett Chairman Chief Executive Officer 19 July 2007 Enquires: Prestbury Holdings Plc Lee Birkett, Chief Executive Tel: 01625 591400 John East & Partners Limited David Worlidge Tel: 020 7628 2200 Unaudited Interim Consolidated Profit and Loss Account for the six months ended 30 April 2007 Six months to Six months to 30 April 2007 30 April 2006 -------- -------- # # TURNOVER 4,590,276 4,824,622 Cost of sales (3,630,588) (3,896,305) -------- -------- GROSS PROFIT 959,688 928,317 Administrative expenses (941,260) (882,865) -------- -------- OPERATING PROFIT 18,428 45,452 Interest receivable and similar income 6,680 325 -------- -------- 25,108 45,777 Interest payable and similar charges (1,439) (1,656) -------- -------- PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 23,669 44,121 Tax on profit on ordinary activities (7,033) (8,384) -------- -------- PROFIT FOR THE FINANCIAL YEAR AFTER TAXATION 16,636 35,737 Retained loss brought forward (3,985,728) (4,231,506) -------- -------- RETAINED LOSS CARRIED FORWARD (3,969,092) (4,195,769) ======== ======== Basic earnings per share 0.06p 0.14p ======== ======== Unaudited Interim Consolidated Balance Sheet 30 April 2007 30 April 2007 30 April 2006 ----------------------- ----------------------- Notes # # # # FIXED ASSETS: Tangible 3 134,516 169,226 assets Intangible 4 888,460 997,252 assets -------- -------- 1,022,976 1,166,478 CURRENT ASSETS: Debtors due within one year Amounts due from related 188,592 - undertaking Other debtors 529,127 444,687 Debtors due after one year 754,368 377,810 -Amounts due from related undertaking Deferred tax 1,041,908 1,221,413 asset -------- -------- 2,513,995 2,043,910 Cash at bank 354,728 20,646 -------- -------- 2,868,723 2,064,556 CREDITORS: Amounts (1,435,675) (1,854,618) falling due within one year -------- -------- NET CURRENT 1,433,048 209,938 ASSETS -------- -------- TOTAL ASSETS LESS CURRENT 2,456,024 1,376,416 LIABILITIES CREDITORS: Amounts (7,370) (17,457) falling due after more than one year PROVISIONS FOR LIABILITIES (91,056) (120,255) AND CHARGES -------- -------- 2,357,598 1,238,704 ======== ======== CAPITAL AND RESERVES: Called up 1,517,389 1,267,389 share capital Share premium 4,840,006 4,197,789 account Treasury (30,705) (30,705) shares Profit and (3,969,092) (4,195,769) loss account -------- -------- SHAREHOLDERS' 2,357,598 1,238,704 FUNDS ======== ======== Unaudited Interim Consolidated Cash Flow Statement for the six months ended 30 April 2007 Six months to 30 April Six months to 30 April 2007 2006 Notes # # # # Net cash outflow from operating activities 1 (481,294) (16,136) Returns on investments and servicing of finance 2 5,241 (1,331) Capital expenditure 2 (29,631) (18,504) and financial investment Financing 2 836,018 (6,278) -------- --------- Increase/(decrease) in cash in the period 330,334 (42,249) ======== ========= Reconciliation of net cash flow to movement in net debt 3 Increase /(decrease) in cash in the period 330,334 (42,249) Cash outflow from decrease in debt and lease financing 2,867 6,278 -------- ------- 333,201 (35,971) -------- --------- Movement in net funds/(debt) in the period 333,201 (35,971) Net funds/(debt) at 1 November 2006 4,070 (23,682) -------- --------- Net funds/(debt) at 30 April 2007 337,271 (59,653) ======== ========= Notes to the Unaudited Interim Consolidated Cash Flow Statement for the six months ended 30 April 2007 1. RECONCILIATION OF OPERATING PROFIT TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES Six months to Six months to 30 April 2007 30 April 2006 # # Operating profit 18,428 45,452 Depreciation charges 36,890 43,301 Amortisation of goodwill 54,395 49,394 Increase in debtors (132,853) (266,282) (Decrease)/ increase in creditors (443,712) 123,478 Decrease in provisions (14,442) (11,479) -------- --------- Net cash outflow from operating activities (481,294) (16,136) ======== ========= 2. ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT Six months to Six months to 30 April 2007 30 April 2006 # # Returns on investments and servicing of finance Interest received 6,680 325 Interest paid (1,011) (768) Hire purchase interest (428) (888) -------- --------- Net cash inflow / (outflow) for returns on investments and servicing of finance 5,241 (1,331) ======== ========= Capital expenditure and financial investment Net purchase of tangible fixed assets (29,631) (18,504) -------- --------- Net cash outflow for capital expenditure (29,631) (18,504) ======== ========= Financing Share issue 892,217 - Deferred consideration repayment (53,332) - Capital element of hire purchase and finance lease rental payments (2,867) (6,278) -------- --------- Net cash inflow/ (outflow) from financing 836,018 (6,278) ======== ========= 3. ANALYSIS OF CHANGES IN NET DEBT At 1 November Cash flow At 30 April 2006 2007 # # # Cash at bank 24,394 330,334 354,728 ======== ======== ========= Debt: Hire purchase (20,324) 2,867 (17,457) ======== ======== ========= Total 4,070 330,201 337,271 ======== ======== ========= Notes to the Unaudited Interim Accounts for the six months ended 30 April 2007 1. BASIS OF PREPARATION The interim results for the six months ended 30 April 2007, which are unaudited, have been prepared in accordance with the accounting policies adopted by Prestbury Holding Plc for the period ended 30 April 2007. The financial information for the period ended 30 April 2007 is an abridged version of Prestbury Holding Plc's published statutory financial statements which received an unqualified auditors' report, contained no statement under section 237(2) or (3) of the Companies Act 1985 and which have been filed with the Registrar of Companies. 2. EARNINGS PER ORDINARY SHARE The calculation of the profit per share is based on the profit attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. 3. TANGIBLE FIXED ASSETS Computer Website Fixtures Motor Total and equipment Costs fittings vehicles # # # # # COSTS: At 1 November 2006 191,206 300,437 41,055 21,249 553,947 Additions 1,154 19,587 8,890 - 29,631 ------- ------- ------- -------- ------- At 30 April 2007 192,360 320,024 49,945 21,249 583,578 ------- ------- ------- -------- ------- DEPRECIATION: At 1 November 2006 162,961 217,164 19,488 12,559 412,172 Charge for the period 13,984 19,963 1,857 1,086 36,890 ------- ------- ------- -------- ------- At 30 April 2007 176,945 237,127 21,345 13,645 449,062 ------- ------- ------- -------- ------- NET BOOK VALUE: At 30 April 2007 15,415 82,897 28,600 7,604 134,516 ======= ======= ======= ======== ======= At 1 November 2006 28,245 83,273 21,567 8,690 141,775 ======= ======= ======= ======== ======= 4. INTANGIBLE FIXED ASSETS Goodwill ------- # COSTS: At 1 November 2006 1,077,910 Additions - ------- At 30 April 2007 1,077,910 ------- AMORTISATION: At 1 November 2006 135,055 Charge for the period 54,395 ------- At 30 April 2007 189,450 ------- NET BOOK VALUE: At 30 April 2007 888,460 ======= At 1 November 2006 942,855 ======= 5. DIVIDENDS No dividends are proposed for the six months ended 30 April 2007. This information is provided by RNS The company news service from the London Stock Exchange END IR SFLFWASWSEIW
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