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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ultimate Fin. | LSE:UFG | London | Ordinary Share | GB0031685414 | 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% | 25.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3421D Ultimate Finance Group PLC 27 September 2004 Ultimate Finance Group plc Embargoed until 07:00 27 September 2004 Preliminary Statement of Results for the twelve months ended 30 June 2004 Ultimate Finance Group plc ("Ultimate", "the company" or "the group) provides recourse factoring, invoice discounting and confidential invoice discounting Financial highlights: * Client sales financed increased by 119% to #40.4 million (2003: #18.4 million) * Turnover increased by 144% to #1,183,506 (2003: #485,117) * Loss on ordinary activities before taxation halved to #338,609 (2003:#663,083) * Strong client base growth throughout England and Wales -up 80% to 106 clients with total advances exceeding #5 million * New banking facilities of #14 million in place to underpin further growth * Current financial year has started well with 15 new client wins * Third regional sales director recruited, based in the Midlands, to drive growth * Significant opportunities in UK factoring market (#8.8 bn advanced at the end of 2003 on turnover of #117 bn - source: FDA members) * Directors confident of continued progress Brian Sumner, chief executive, commented: "With increased banking facilities in place we shall continue to build the national sales team as required to take advantage of the increasing number of opportunities that are becoming available to us in a growing marketplace. I am very encouraged by the influx of new business, most notably in the last quarter of the year, and the group is particularly well placed to meet the challenges of the next year". Enquiries: Brian Sumner, Chief Executive Ultimate Finance Group plc 0870 872 1012 07976 406474 Richard Pepler, Managing Director Ultimate Finance Group plc 0870 872 1013 07870 212180 Shane Dolan / Chris Bradshaw Biddicks 020 7448 1000 Chairman's statement Results I am pleased to report that during the year under review, Ultimate's business has achieved significant success in growing its income level and expanding its client base. At the year end, Ultimate's client portfolio numbered 106 clients and represents an 80% increase on the previous year (2003: 59). Turnover for the period increased by 144% to #1,183,506 (2003: #485,117) with recourse factoring products accounting for 90% of group turnover with the remaining 10% being confidential invoice discounting. The loss on ordinary activities before taxation was halved to #338,609 (2003: #663,083) with a loss per share of 2.72p (2003: 5.91p). Total sales financed during the year exceeded #40 million reflecting an increase of almost 120% over the level of client turnover financed in the previous period (2003; #18.4 million). At the year end, Ultimate had #9.0 million of debtors under management (2003: #5.1 million) and funds advanced to clients of #5.1 million (2003: #2.8 million). Staffing levels have increased during the year to underpin our reputation for providing a quality service and we continue to dedicate the appropriate resources to ensure the effectiveness of our risk management procedures. As at 30 June 2004, the operating group employed 16 staff (2003: 13) of which 9 are employed in the operations department. Funding During the year the company increased its share capital as a result of a placing and offer for subscription, which raised #1.2 million net of expenses. At the same time, the company changed bankers to Lloyds TSB and replaced the previous facilities provided by HBoS with a back-to-back receivables financing agreement offering up to #14 million over a 19-month period ending 31 December 2005. The proceeds of the share issue and the increased bank facilities available will provide the group with the resource required to grow the business further. Directors As a result of the proportional reduction in shareholding held by Glenmore Investments Ltd subsequent to the fundraising exercise conducted during the year, Mark Harris has intimated his desire to resign as a director at the forthcoming annual general meeting. I am grateful to him for the help and assistance he has given in establishing Ultimate since its inception. I have asked Derek Ashford to take over as chairman of the audit committee and I am delighted that he has accepted. Thanks I am grateful to all my colleagues on the board for their consistent support and guidance throughout the year and to our chief executive, Brian Sumner, and his colleagues for continuing to expand and establish the company's business. I would also like to thank all the employees of Ultimate for their dedication, support and continuing efforts. Outlook The current financial year has started well with 15 clients added to our portfolio in July and August. The Board has every confidence in the future. Clive R Garston Chairman Consolidated profit and loss account for the year to 30 June 2004 2004 2003 # # Turnover 1,183,506 485,117 Administrative expenses (1,356,134) (1,140,077) ------------- ------------- Operating loss (172,628) (654,960) Other interest receivable and similar income 5,096 22,722 Interest payable and similar charges (171,077) (30,845) ------------- ------------- Loss on ordinary activities before taxation (338,609) (663,083) Tax on profit on ordinary activities - - ------------- ------------- Loss on ordinary activities after taxation (338,609) (663,083) ============= ============= Basic and fully diluted loss per share (note 6) (2.72)p (5.91)p ============= ============= All amounts relate to continuing activities. The comparative period for 2003 reflects the trading period from 12 June 2002 to 30 June 2003. There are no recognised gains or losses in the period except those reported above. Consolidated balance sheet At 30 June 2004 Note 2004 2003 # # Fixed assets Tangible assets 42,792 29,566 Current assets Debtors 1 5,220,028 2,883,433 Cash at bank and in hand 326,944 404,130 --------- --------- 5,546,972 3,287,563 Creditors: amounts falling due within one year 2 (3,642,215) (2,202,381) --------- --------- Net current assets 1,904,757 1,085,182 --------- --------- Net assets 1,947,549 1,114,748 ========= ========= Capital and reserves Called up share capital 3 999,851 561,169 Share premium account 4 1,949,390 1,216,662 Profit and loss account 4 (1,001,692) (663,083) --------- --------- Shareholders' funds (all equity) 1,947,549 1,114,748 ========= ========= These financial statements were approved by the Board of directors on 24 September 2004 and were signed on its behalf by: Brian Sumner Director Consolidated cash flow statement for the year to 30 June 2004 Note 2004 2003 # # Reconciliation of operating loss to net cash flow from operating activities Operating loss (172,628) (654,960) Depreciation charges 13,451 8,607 Increase in debtors (2,336,595) (2,883,433) Increase in creditors 51,249 120,753 ------------- ------------- Net cash outflow from operating activities (2,444,523) (3,409,033) ============= ============= Cash flow statement Cash flow from operating activities (2,444,523) (3,409,033) Returns on investments and servicing of 5 (165,981) (8,123) finance Capital expenditure 5 (26,677) (38,173) ------------- ------------- Cash outflow before financing (2,637,181) (3,455,329) Financing 5 2,265,352 3,827,831 ------------- ------------- (Decrease) / Increase in cash in the period (371,829) 372,502 ============= ============= Reconciliation of net cash flow to movement in net debt (Decrease) / Increase in cash in the period (371,829) 372,502 Cash inflow from debt in the period (1,093,942) (2,050,000) ------------- ------------- Movement in net debt in the period (1,465,771) (1,677,498) Net debt at the start of the period (1,677,498) - ------------- ------------- Net debt at the end of the period (3,143,269) (1,677,498) ============= ============= Reconciliation of movements in shareholders' funds for the year to 30 June 2004 2004 2003 # # Loss for the period (338,609) (663,083) New share capital subscribed (net of issue 1,171,410 1,777,831 costs) --------------- --------------- Net addition to shareholders' funds 832,801 1,114,748 Opening shareholders' funds 1,114,748 - --------------- --------------- Closing shareholders' funds 1,947,549 1,114,748 =============== =============== On 14 April 2004, by or pursuant to resolutions of the company passed on that date 3,473,646 new ordinary shares were placed at a price of 15p, raising #521,047, before expenses for the development of the company's factoring and invoice discounting business. On 27 May 2004, by or pursuant to resolutions of the company passed on that date a further 5,300,000 new ordinary shares at 15p each were allotted pursuant to the terms of the offer for subscription announced on 15 April 2004, raising a further #795,000, before expenses. After expenses, the proceeds from these two share issues amounted to #1,171,410. Notes (forming part of the financial statements) 1 Debtors 2004 2003 # # Gross factored debts receivable 8,974,588 5,126,860 Due to clients on collection (3,882,097) (2,309,101) ---------- --------- Client commitments 5,092,491 2,817,759 Other debtors 19,902 13,922 Prepayments and accrued income 84,898 51,752 ---------- --------- 5,197,291 2,883,433 Debtors falling due after more than 1 year: 22,737 - prepayments and accrued income --------- --------- 5,220,028 2,883,433 ========= ========= 2 Creditors: amounts falling due within one year 2004 2003 # # Bank loans and overdrafts 3,470,213 2,081,628 Trade creditors 47,340 31,612 Taxation and social security 42,523 34,037 Other creditors 48,269 39,687 Accruals and deferred income 33,870 15,417 --------- --------- 3,642,215 2,202,381 ========= ========= The group has a loan facility with Lloyds TSB Commercial Finance Ltd for a #14 million back-to-back receivables financing agreement the minimum period for which expires on 31 December 2005. The facility is secured against an all assets debenture given by Ultimate Finance Limited and a deed of guarantee and indemnity has been given by Ultimate Finance Group plc. At the end of the year, the group utilised #3,143,942 of the facility. 3 Called up share capital 2004 2003 # # Authorised Equity: 20,000,000 ordinary shares of 5p each 1,000,000 1,000,000 ========= ========= Allotted, called up and fully paid Equity: 19,997,018 ordinary shares of 5p each 999,851 561,169 ========= ========= 4 Share premium and reserves Share Profit premium and loss account account 2004 2004 # # At beginning of year 1,216,662 (663,083) Retained loss for the period - (338,609) Premium on share issues, less expenses 732,728 - --------- --------- At end of year 1,949,390 (1,001,692) ========= ========= 5 Analysis of cash flows 2004 2003 # # Returns on investment and servicing of finance Interest received 5,096 22,722 Interest paid (171,077) (30,845) --------- -------- (165,981) (8,123) ========= ======== Capital expenditure and financial investment Purchase of tangible fixed assets (26,677) (38,173) --------- -------- (26,677) (38,173) ========= ======== Financing Issue of ordinary share capital 1,316,047 2,002,000 Expenses paid in connection with share issue (144,637) (224,169) Utilisation of credit facility 1,093,942 2,050,000 ----------- ---------- 2,265,352 3,827,831 =========== ========== 6 Earnings per share The basic loss per share for the period to 30 June 2004 has been calculated from the loss on ordinary activities after taxation of #338,609 and on the weighted average number of ordinary shares in issue during the year (12,470,488). The fully diluted loss per share for the period to 30 June 2004 is shown as the same value as basic earnings per share, as a loss has been made in the year. 7 Preliminary statement This preliminary statement was approved by the Board on 24 September 2004. It is not the company's statutory accounts. The statutory accounts for the period ended 30 June 2004 have been audited and have been approved by the Board of directors on 24 September 2004. Copies of the Directors' Report and Consolidated Financial Statements will be sent to all shareholders shortly and will be available from the Group's Bristol office, Bradley Pavilions Pear Tree Road, Bradley Stoke, Bristol BS32 0BQ. This information is provided by RNS The company news service from the London Stock Exchange END FR SEUFWLSLSEDU
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