![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 |
Embargoed 07:00 12th March 2007 Ultimate Finance Group plc ("the Company" or "Ultimate Finance") Interim results for the six months ended 31 December 2006 Highlights: * Invoices assigned rose 31% to £73.3m (2005 £55.8m) * Turnover up 19% to £1.9m (2005: £1.6m) * Profit before tax up 25% to £132,000 (2005 £106,000 as restated) * In the last six months there has been investment in new, larger premises in the north-west and there are plans to invest in an office in the south-east in the current year to enable access to the very high concentration of SME activity in that region. * The new business team is being expanded to take advantage of these investments and the board looks forward to the future with confidence. Brian Sumner, chief executive, commented: "I am pleased with this set of results which represents progress for the group in what have been difficult market conditions this year. We have increased our profits, grown our client base and the amount of client sales financed is a record. We have recently expanded our northern client service office and an office in the south-east is our aim for 2007. Our target market is growing in excess of 10% per annum and still offers excellent growth opportunities for the group." Enquiries: Brian Sumner, Chief Executive Ultimate Finance Group plc 07976 406 474 Shane Horsell, Finance Director Ultimate Finance Group plc 07811 330828 Chris Roberts/Adam Reynolds Hansard Communications 0207 2451100 Chairman's statement Results I am pleased to be able to report that for the 6 month period ended 31 December 2006 Ultimate made a profit before taxation of £132,000, a 25% improvement compared with £106,000 (as restated for the impact of FRS 20 share based payments) for the same period last year and turnover for the period increased from £1,632,000 to £1,939,000. Earnings per share amounted to 0.47p against 0.66p (as restated) in 2005. However in 2005 the earnings per share calculation included the recognition of a deferred tax asset of £26,000 (as restated) whereas in 2006 there was a tax charge of £38,000. Client turnover financed in the period rose 31% to £73.3 million (31 December 2005: £55.8 million) and total debtors under management rose 13% to £25m (31 December 2005: £22.1m). Aggregate advances across the portfolio at the end of the period reached £12.9 million (31 December 2005: £12.0 million). The cost base continues to be contained with the sole justification for increase being to meet the demands of a growing portfolio and expanding business. Working Capital Facilities The £18 million debt facility from Lloyds TSB continues to provide the group with the flexibility to grow. Bigger investments, faster decision making and less onerous administration has been a major contributor to the continued success of Ultimate Finance. Of the total funding facility available to us, £ 10.3 million (net) has been utilised as at 31 December 2006 (31 December 2005: £9.7 million). People As always, the board recognise the importance of an experienced, well-trained and dedicated workforce. The success of Ultimate Finance is entirely attributable to this committed team and I would like to take this opportunity to thank our Chief Executive, Brian Sumner, my co directors and all the staff for their efforts and continued commitment to the success of the Ultimate. Risk management With high standards of underwriting, experienced client management and credit control staff, risk management continues to be the primary focus for control in the business. Our clients continue to offer an appropriate spread of risk in terms of size of investment, industry type and geographical location. The single largest investment at the end of December 2006 was £442,000, which constituted only 3.4% of total funds advanced. Outlook Current trading conditions are difficult but your board is taking all necessary steps to build sustainable shareholder value. We are continuing to invest in all aspects of the business, including the existing operations in Bristol and the north-west. In 2007 we hope to open an office in the south-east of England where there is a very high concentration of SME activity which we believe we cannot access adequately without a physical presence. Notwithstanding current conditions the board looks forward to the future with confidence. Clive R Garston, Chairman Chief Executive's review The company was formed in 2002 by a highly experienced management team to provide bespoke cash flow funding solutions to the SME market. Our client base is spread across England and Wales and over a wide range of market sectors. In the last six months we have invested in new, larger premises in Wilmslow, Cheshire for our expanding team in the north-west and we are also looking to open an office in the south-east. The new business team is being expanded to take advantage of these opportunities. The company's unique selling points include the ability of the experienced Ultimate new business team to structure deals quickly that work well for the client and then to deliver a high quality personal service with full access to the decision makers. The Lloyds TSB Commercial Finance borrowing facilities continue to enable Ultimate to grow its book in the future. I fully recognise that our staff are our greatest asset and we have an excellent team of experienced Invoice Finance professionals here at Ultimate. I would like to take this opportunity of thanking Richard Pepler and the sales team, Jeremy Coombes and the operations group, along with Shane Horsell and the finance team for their excellent contribution and delivery of our top line personal service - one which our major competitors are unable to match. I would also like to thank Clive Garston and our non-executive board directors whose collective experience and encouragement is extremely valuable to us. We are also greatly appreciative of all our introducers of business who range from specialist brokers to accountants and business consultants. Risk management alongside the provision of a high quality service continues to form the core element of business management within Ultimate. High standards of selection for recruitment combined with continuous training programmes are regarded as a corner stone of best practice. The state of the art client management software has delivered significant productivity improvements, particularly in the last few months. Our main target market is businesses with an annual turnover of up to £10 million but ranges from quality, well thought out start ups to long established, mature, medium sized businesses. The overall quality of our Client portfolio has, in our view, never been better. The SME marketplace has seen an increasing number of business failures over the last twelve months, which in the short term has put pressure on client numbers. However for the medium term the market for factoring and invoice discounting products is far from saturated and we fully expect our growing new business team to overcome these challenges. The products which Ultimate offer are more and more accepted as part of the financial scene and I believe the market in them will continue to grow at the expense of the more traditional bank overdraft. With a market still growing in excess of 10% per annum to attack, a determined and highly experienced management team focussed on growing portfolio and profits, along with the strength of resource concentrated on risk management and high levels of service, I am confident that the future of Ultimate Finance is secure. Brian Sumner, Chief Executive Independent review report to Ultimate Finance Group plc Introduction We have been instructed by the company to review the financial information for the six months ended 31 December 2006 which comprises the consolidated profit and loss account, the consolidated balance sheet, reconciliation of movements in shareholders' funds, the consolidated cashflow statement and the related notes. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the company in accordance with the terms of our engagement. Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with the AIM Rules which require that the interim report must be presented and prepared in a form consistent with that which will be adopted in the company's annual accounts having regard to the accounting standards applicable to such annual accounts. Review work performed We conducted our review having regard to the guidance contained in Bulletin 1999/4: Review of interim financial information issued by the Auditing Practices Board for use in the UK. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK and Ireland) and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 31 December 2006. KPMG Audit Plc Chartered Accountants Leeds 9 March 2007 Consolidated profit and loss account Half year to Half year to Year to 31 Dec 06 31 Dec 05 30 Jun 06 £'000 £'000 £'000 (as restated) (as restated) * * Turnover 1,939 1,632 3,500 Administrative expenses (1,463) (1,253) (2,647) Operating profit 476 379 853 Other interest receivable and similar 2 3 4 income Interest payable and similar charges (346) (276) (579) Profit before taxation 132 106 278 Tax on profit on ordinary activities (38) 26 109 Profit after taxation 94 132 387 Basic earnings per share 0.47p 0.66p 1.94p Fully diluted earnings per share 0.47p 0.66p 1.93p Statement of total recognised gains and losses Half year to Half year to Year to 31 Dec 06 31 Dec 05 30 Jun 06 £'000 £'000 £'000 (as restated) (as restated) * * Profit for the financial period 94 1321 3872 Total gains and losses recognised in 132 387 the period Prior year adjustment (see note 5) (14)3 Total gains and losses recognised since last annual report 80 1 after having deducted £4,000 for the additional FRS 20 expense in the period 2 after having deducted £8,000 for the additional FRS 20 expense in the year 3 the cumulative additional FRS 20 expense in respect of prior periods, net of deferred tax *See note 5 Consolidated balance sheet 31 Dec 06 31 Dec 05 30 Jun 06 £'000 £'000 £'000 (as restated) (as restated) Fixed Assets 152 105 117 Current Assets Debtors (see note 6) 13,166 12,245 12,176 Cash at bank 1 149 1 13,167 12,394 12,177 Current Liabilities Amounts due in less than one year (10,778) (10,319) (9,853) Net current assets 2,389 2,075 2,324 Total assets less current liabilities, 2,541 2,180 2,441 being net assets Shareholders' funds Called up share capital 1,000 1,000 1,000 Share premium account 1,949 1,949 1,949 Profit and loss account (408) (769) (508) Total shareholders' funds 2,541 2,180 2,441 Reconciliation of movements in shareholders' funds Half year to Half year to Year to 31 Dec 06 31 Dec 05 30 Jun 06 £'000 £'000 £'000 Opening shareholders' funds as 2,435 previously stated Prior year adjustment (see note 5) 6 Opening shareholders' funds as restated 2,441 2,042 2,042 Profit for the period 94 132 387 Credit in relation to share based 6 6 12 payments Closing shareholders' funds 2,541 2,180 2,441 Consolidated cash flow statement Half year to Half year to Year to 31 Dec 06 31 Dec 05 30 Jun 06 £'000 £'000 £'000 Net cash flow from operating activities (615) (1,449) (655) Returns on investments & servicing of (344) (273) (575) finance Capital expenditure (70) (19) (57) Cash outflow before financing (1029) (1,741) (1,287) Financing Increase in debt 1,029 1,435 688 Decrease in cash - (306) (599) Reconciliation of net cash flow to movement in net funds Half year to Half year to Year to 31 Dec 06 31 Dec 05 30 Jun 06 £'000 £'000 £'000 Decrease in cash - (306) (599) Cash inflow from increase in debt (1,029) (1,435) (688) Movement in net debt in the period (1,029) (1,741) (1,287) Net debt at the beginning of the period (9,240) (7,953) (7,953) Net debt at the end of the period (10,269) (9,694) (9,240) Reconciliation of operating profit to net operating cash flows Half year to Half year to Year to 31 Dec 06 31 Dec 05 30 Jun 06 £'000 £'000 £'000 (as restated) (as restated) Operating profit 476 379 853 Depreciation charges 35 19 46 (Increase) in debtors (1,028) (2,008) (1,857) (Decrease) / Increase in creditors (104) 155 291 Charge in respect of share-based 6 6 12 payments Net cash outflow from operating (615) (1,449) (655) activities Notes to the interim report 1. The results for the half year to 31 December 2006 and the comparative six month trading period to 31 December 2005 are unaudited and have been prepared using accounting policies consistent with those set out in the Directors' Report and Consolidated Financial Statements for the period ended 30 June 2006 except that FRS 20 Share-based payment has been adopted for the first time. The accounting policy under FRS 20 is set out below together with an indication of the effects of its adoption. The comparative figures for the financial year ended 30 June 2006 are not the company's statutory accounts for that financial year. Those accounts have been reported on by the company's auditors and delivered to the registrar of companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 237(2) or (3) of the Companies Act 1985. 2. The basic earnings per share of 0.47p has been calculated from the profit after taxation of £94,537 and on the 19,997,018 ordinary shares in issue at 31 December 2006. The fully diluted earnings per share is 0.47p, has been calculated from the profit after taxation of £94,537 and on the 20,026,130 ordinary shares being the weighted average of the shares in issue during the period adjusted to assume conversion of all dilutive potential ordinary shares. 3. These interim financial statements were approved by the board of directors on 9 March 2007. 4. Basis of Preparation These unaudited financial statements do not constitute statutory accounts. They have, however, been reviewed by the auditors whose report is included. 5. Prior year adjustment - Share based payments The share option programme allows employees to acquire shares of the Company. Following the adoption of FRS 20 Share-based Payment, the fair value of options granted after 7 November 2002 and not yet vested as at 1 July 2006 is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the employees become unconditionally entitled to the options. The fair value of the options granted is measured using an option pricing model, taking into account the terms and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest except where forfeiture is only due to share prices not achieving the threshold for vesting. The adoption of the standard has resulted in a prior year adjustment to the comparative amounts reported in these financial statements in respect of the share based payments charge and the deferred tax asset thereon. The effect of the prior year adjustment has been to reduce the profit before tax for the period to 31 December 2006 by £6,000 (31 December 2005: £6,000; 30 June 2006 £ 12,000), reduce the tax charge for the period to 31 December 2006 by £2,000 (31 December 2005: £2,000; 30 June 2006 £4,000) and to increase shareholders' funds brought forward at 1 July 2006 by £6,000. This comprises: Additional FRS 20 charge (£20,000) Deferred tax credit thereon £6,000 Credit to equity £20,000 6. Debtors Half year to Half year to Year to 31 Dec 06 31 Dec 05 30 Jun 06 £'000 £'000 £'000 (as restated) (as restated) Gross factored debts receivable 24,998 22,107 22,641 Due to clients on collection (12,084) (10,080) (10,816) Client Commitments 12,914 12,027 11,825 Other debtors 204 133 211 Prepayments and accrued income 48 85 140 Debtors 13,166 12,245 12,176 The restatement of the comparative amounts is described in note 5. 7. Taxation A deferred tax asset included in other debtors (note 6) has been valued at £ 145,297 at 31st Dec 2006 (Dec 2005 restated £96,000), as the directors believe it is more probable than not that it will be recovered in the future. The deferred tax asset was recognised in full on tax losses carried forward at 30 June 2006. The comparative amounts in respect of deferred tax assets have been restated as described in note 5. 8. Interim Report Copies of this report are being sent to shareholders. Additional copies may be obtained from the Ultimate Finance Group plc registered office: Bradley Pavilions, Pear Tree Road, Bradley Stoke, Bristol BS32 0BQ. END
1 Year Ultimate Finance Chart |
1 Month Ultimate Finance Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions