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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:1394X Ultimate Finance Group PLC 31 March 2004 Ultimate Finance Group plc ("the Company" or "Ultimate Finance") Interim results for the six months ended 31 December 2003 Key points: * Interim results show marked improvement over last year's interim performance: * Client turnover increased by #12.9m to #17.5m (2002: #4.6m) * Turnover increased by 336% to #554,000 (2002: #127,000) * Loss before and after tax reduced by 62% to #166,000 (2002: #440,000) * Client base is growing rapidly - 81 at 31 December 2003 with advances of #3.4 million * Coverage established throughout England and Wales achieved via recent appointments: * Mark Tapping - Director of Sales, Ultimate Finance Ltd. Ex Close Invoice Finance Ltd * Simon Maddocks - Regional Director, North. Ex Abbey Cash Flow Finance * Significant opportunities in factoring market (#8.8 bn advanced at end of 2003 on turnover of #117 bn - source:FDA members) Brian Sumner, chief executive, commented: "Since joining AIM in June 2002 the highly experienced board of Ultimate Finance Group have put in place the key people and systems to offer wide coverage within therapidly growing UK factoring market. Our focus on delivering excellent customer services has enabled us to build a strong customer base and grow the business in line with the overall business objectives set out at the time the group was established.As factoring continues to increase in popularity and acceptability the UK market offers huge potential." Enquiries: Brian Sumner, Chief Executive Ultimate Finance Group plc 07976 406 474 Richard Pepler, Managing Director Ultimate Finance Group plc 07870 212 180 Shane Dolan / Chris Bradshaw Biddicks 020 7448 1000 Chairman's statement Results The results for the period ended 31 December 2003 show a loss before taxation of #166,000, a marked improvement compared with a #440,000 loss for the six months to 31 December 2002. In the same period turnover was #554,000 against #127,000 for the six months to 31 December 2002. Client turnover in the period amounted to #17.4m (31 December 2002: #4.6m). As at 31 December 2003, the portfolio of clients stood at 81 clients (31 December 2002: 25 clients) with funds advanced of #3.4m (31 December 2002: #1.1m). Four clients were removed from the portfolio in the course of the last six months, two having ceased trading and two we terminated due to increasing levels of non-factorable debt. In all instances, the current accounts were cleared without default. Growth in overheads continues to be limited to that which is required to maintain our standard of risk management and safeguard the value in the balance sheet. At 31 December 2003, the company employed 15 staff (31 December 2002: 9 staff). Working capital facilities The facilities from Bank of Scotland of #4.5m are due to expire at the end of May 2004. Our bankers have confirmed that they see no reason why they would not provide an extension to the current facilities. Any such facilities would be subject to assessment on normal banking criteria and negotiations are continuing with a view to securing facilities beyond May 2004. Of the total funding facility available to us, #2.4m (net) has been utilised. Risk management The portfolio continues to offer a good spread of industry sector and geographical presence. The maximum funds advanced to any one client at the end of the period constituted less than 7% of the total funds advanced. A prerequisite of strong risk management is a high standard of underwriting. In spite of difficult market conditions, we have consistently maintained these standards and avoided the temptation to take on marginal business. As new clients come on board so the operations team has been strengthened to avoid over burdening client managers and credit controllers. As at 31 December 2003, the operations department employed 9 staff including the operations director (31 December 2002: 3 staff). Current trading The first half of 2003/04 has delivered satisfactory progress towards our goal of profitability. Outlook The group continues to see a strong interest in its service and flexible approach. I firmly believe that the opportunities for success identified at the outset are still present. With increasing costs of borrowing and the financial stress this puts on the cash flows of highly geared small to medium sized businesses Ultimate Finance is well placed to bridge the cash flow gap for our current and future clients. The improving trading performance is entirely the result of the ongoing efforts and dedication of the staff at Ultimate Finance. I would like to thank our Chief Executive, Brian Sumner and his staff for their efforts and continued commitment to the success of the group. Our intention is, and always has been to build sustainable shareholder value. In this respect, I have confidence in the future of Ultimate Finance Group plc. Clive R Garston Chairman Consolidated profit and loss account Half year to Half year to Year to 31 Dec 03 31 Dec 02 30 Jun 03 #'000 #'000 #'000 Turnover 554 127 485 Operating Loss (96) (459) (655) Net Interest (payable) / (70) 19 (8) receivable Loss before and after (166) (440) (663) taxation Basic and fully diluted loss per share (1.48)p (3.92)p (5.91)p There are no recognised gains and losses in the period other than those reported in the profit and loss account. Consolidated balancesheet Half year to Half year to Year to 31 Dec 03 31 Dec 02 30 Jun 03 #'000 #'000 #'000 Fixed Assets 30 24 30 Current Assets Debtors 3,383 1,110 2,818 Cash at bank 580 531 404 Other current assets 56 57 65 4,019 1,698 3,287 Current Liabilities Amounts due in less than (3,100) (383) (2,202) one year Net current assets 919 1,315 1,085 Net assets 949 1,339 1,115 Shareholders' funds Called up share capital 561 561 561 Share premium account 1,217 1,218 1,217 Profit and loss account (829) (440) (663) Total shareholders' funds 949 1,339 1,115 Reconciliation of movements in shareholders' funds Half year to Half year to Year to 31 Dec 03 31 Dec 02 30 Jun 03 #'000 #'000 #'000 Opening shareholders' funds 1,115 - - New share capital subscribed (net of - 1,779 1,778 issue costs) Loss for the period (166) (440) (663) Closing shareholders' funds 949 1,339 1,115 Consolidated cash flow statement Half year to Half year to Year to 31 Dec 03 31 Dec 02 30 Jun 03 #'000 #'000 #'000 Net cashfrom operating (616) (1,539) (3,409) activities Returns on investments & servicing of (70) 19 (8) finance Capital expenditure (6) (28) (38) Cash outflow before (692) (1,548) (3,455) financing Financing Issue of shares - 1,779 1,778 Increase in debt 900 300 2,050 Increase in cash 208 531 373 Reconciliation of net cash flow to movement in net funds Half year to Half year to Year to 31 Dec 03 31 Dec 02 30 Jun 03 #'000 #'000 #'000 Increase in cash 208 531 373 Cash inflow from increase (900) (300) (2,050) in debt Movement in net funds in (692) 231 (1,677) the period Net debt at the beginning of the period (1,677) - - Net (debt) / funds at the end of the period (2,369) 231 (1,677) Reconciliation of operating loss to net cash operating cash flows Half year to Half year to Year to 31 Dec 03 31 Dec 02 30 Jun 03 #'000 #'000 #'000 Operating loss (96) (459) (655) Depreciation charges 6 4 9 Increase in commitments to (565) (1,110) (2,818) clients Decrease / (Increase) in sundry debtors 10 (57) (66) Provisions against client 31 10 31 commitments (Decrease) / Increase in sundry creditors (2) 73 90 Net cash outflow from operating activities (616) (1,539) (3,409) Notes to the interim report 1. The results for the half year to 31 December 2003 andthe comparative six month trading period to 31 December 2002 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 2003. The figures for the financial period ended 30 June 2003 are taken from the statutory accounts for that period, which have been delivered to the Registrar of Companies and upon which an unqualified audit report was given. 2. The basic loss per share has been calculated from the loss after taxation of #166,000 and on the 11,223,372 ordinary shares in issue at 31 December 2003. As the company has made a loss in the period the basic loss per share is the same as the fully diluted loss per share, therefore, the calculation does not take into consideration share options granted in the period. 3. These interim financial statements were approved by the board of directors on 30 March 2004. 4. Accounting policies The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. Basis of preparation These unaudited financial statements do not constitute statutory accounts. The financial statements have been prepared in accordance with applicable accounting standards, and under the historical cost accounting rules. Fixed assets and depreciation Depreciation is provided to write-off the cost less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows: Office equipment incl. network equipment - 5 years Computer equipment excl. network equipment - 3 years. Turnover Turnover represents fees (excluding value added tax) and discount income. Fees are recognised when service is provided and discount income is recognised on funds advanced to clients as it becomes due. Cash and liquid resources Cash, for the purpose of the cash flow statement, comprises cash in hand and deposits repayable on demand, less overdrafts payable on demand. Introducer commissions Commissions payable to the introducers of business are charged to the profit and loss account over the minimum period of the service contract. In the event of early termination, any commission not already charged to the profit and loss account will be written off in full. Net client commitments Amounts due to clients under recourse factoring agreements are offset against the related trade debtors. The resulting balance represents net client commitments and is included in debtors. 5. Interim Report The text of this report will be sent to shareholders. This information is provided by RNS The company news service from the London Stock Exchange END IR KBLFXZXBZBBV
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