3rd Aug 2015 07:00
IMPACT HOLDINGS (UK) PLC - Preliminary results for the year ended 31 March 2015IMPACT HOLDINGS (UK) PLC - Preliminary results for the year ended 31 March 2015
PR Newswire
London, August 2
Press Release 3rd August 2015
Impact Holdings (UK) plc("Impact" or "The Group")
Preliminary results for the year ended 31st March 2015
Impact Holdings (UK) plc (AIM: IHUK), the specialist lender, announces its preliminary results for the year ended 31st March 2015.
Financial Highlights
Group’s pre-tax profit of £252,669 (2014: profit £97,088) Earnings per share 10.0p (2014: 3.7p) Further reduced exposure to external debt providers Cash and cash equivalents of £1.6 million (2014: £0.7 million) Net assets of £5.84 million (2014: £5.58 million)Commenting on the results Roger Barlow, non-executive Chairman said “These are pleasing results given the ongoing complex and long running litigation we are engaged in. We continue to de-risk the business and reduce our exposure to external debt providers. At the year end cash reserves had risen to £1.6m.”
For further information:
Impact Holdings (UK) plc.
Paul Davies Chief Executive Officer Tel: +44 (0)1928 793 550www.impactholdings.net
Zeus Capital
Nick Cowles/Andrew Jones Tel +44 (0)161 831 1512
Tel: +44 (0) 161 831 1512
Notes to the Editor:
Impact Holdings (UK) plc through its individual subsidiaries provides financial outsourcing and ancillary services to the legal profession.
In addition Impact will fund other opportunities where debt instruments or debentures provide the primary security and there are opportunities for short term bespoke funding where serviceability precludes larger lenders from entering this area.
Impact is regulated by the Office of Fair Trading through which it is licensed to lend under the Consumer Credit Act 1974.
The financial information detailed below has been extracted from the Annual Report and Accounts for the year ended 31st March 2015, which are available from Zeus Capital, 82 King Street, Manchester, M2 4WQ and on the Company’s website (http://www.impactholdings.net/).
CHAIRMAN’S STATEMENT
INTRODUCTION
We have previously advised that as a consequence of the ongoing credit crisis and new economic environment in which we operate, it has been necessary to seek out additional revenue streams for the group.
THE BOARD
The Board remains committed to adhering to strong Corporate Governance and operating within a framework of prudent controls which ensures the future risks of the business are controlled and managed.
STRATEGY
The development of the strategic direction of the business has continued in this financial year with a further reduction in our exposure to third party funders. This peaked at £10.0m in March 2010 and now stands at £1.2m as at 31 March 2015.
OUTLOOK
The group remains focused on providing services to the legal and business sectors. The Board of Directors is committed to the future growth opportunities earmarked and continues to develop this strategy which will provide the foundation for controlled growth, increased profitability over time and enhanced shareholder value.
The dedication and commitment of all staff to re-align the business is a credit as they have collectively worked with commitment and resilience to deliver this performance.
I should like to place on record my appreciation for the efforts of the executive, management and staff during the year. I also appreciate the enthusiasm and support of my fellow directors and thank them for their continued encouragement and counsel.
DIVIDEND
No dividend will be declared for the year.
Roger Barlow
Non-executive Chairman
CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 2015
| Year | Year | |||||||
| ended | Ended | |||||||
| 31/03/2015 | 31/03/2014 | |||||||
| £ | £ | |||||||
| Revenue | 1,988,087 | 1,740,529 | ||||||
| Cost of sales | (467,606) | (1,307,442) | ||||||
| Gross profit | 1,520,481 | 433,087 | ||||||
| Exceptional operating expenses | - | (1,904,412) | ||||||
| Operating expenses | (1,267,812) | (1,267,812) | (1,513,615) | (3,418,027) | ||||
| Operating profit/(loss) | 252,669 | (2,984,940) | ||||||
| Exceptional interest receivable and similar income | - | 3,082,028 | ||||||
| Profit for the year from operations before tax | 252,669 | 97,088 | ||||||
| Tax | (10,904) | - | ||||||
| Profit for the year attributable to the owners of the parent | 263,573 | 97,088 | ||||||
| Earnings per share (pence)BasicDiluted | 10.0p8.3p | 3.7p3.2p | ||||||
Other than as disclosed in the consolidated Income Statement and the Consolidated Statement of Changes in Equity there are no further gains or losses. Accordingly, no separate statement of Other Comprehensive Income has been presented.
All activities are considered to be continuing.
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2015
| 2015 | 2014 | ||
| £ | £ | ||
| Non-current assets | |||
| Goodwill | 421,766 | 421,766 | |
| Property, plant and equipment | 882,397 | 918,580 | |
| Deferred taxation | 181,074 | 170,195 | |
| 1,485,237 | 1,510,541 | ||
| Current assets | |||
| Trade and other receivables including amounts falling due after more than one year | 4,451,612 | 5,973,186 | |
| Cash and cash equivalents | 1,604,945 | 692,685 | |
| 6,056,557 | 6,665,871 | ||
| Total assets | 7,541,794 | 8,176,412 |
| Equity and liabilities | ||
| Share capital | 1,311,201 | 1,311,201 |
| Shares held by Employee Benefit Trust | (45,070) | (45,070) |
| Retained earnings | 4,574,218 | 4,310,645 |
| Issued capital and reserves attributable to parent | 5,840,349 | 5,576 776 |
| Trade and other payables due after more than one year | 481,782 | 540,335 |
| Trade and other payables due in less than one year | 1,219,663 | 2,059,301 |
| Total equity and liabilities | 7,541,794 | 8,176,412 |
These financial statements were approved by the board on 31 July 2015.
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2015
| 2015 | 2014 | |||
| £ | £ | |||
| Operating activities | ||||
| Cash generated by operations | 1,278,528 | 456,145 | ||
| Net cash generated by operating activities | 1,278,528 | 456,145 | ||
| Investing activities | ||||
| Interest received | 25 | 25 | ||
| Purchases of property, plant and equipment | (783) | (34,914) | ||
| Net cash used in investing activities | (758) | (34,889) | ||
| Financing activities | ||||
| Loan inceptedLoan repaidNet decrease in other amounts owed to lending institutions | --(365,510) | 500,000(500,000)(418,813) | ||
| Net cash outflow from financing activities | (365,510) | (418,813) | ||
| Net increase in cash and cash equivalents | 912,260 | 2,443 | ||
| Cash and cash equivalents at 1 April | 692,685 | 690,242 | ||
| Cash and cash equivalents at 31 March | 1,604,945 | 692,685 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2015
| Sharecapital | Sharepremium | Sharesheld by | Shareoptions | Profit andlossaccount | Total | |||
| EBT | ||||||||
| £ | £ | £ | £ | £ | £ | |||
| Balance as at 31 March 2013 | 6,411,201 | 5,125,291 | (45,070) | - | (6,051,083) | 5,440,339 | ||
| Net profit for the year | - | - | - | - | 97,088 | 97,088 | ||
| Share premium reduction | - | (5,125,291) | - | - | 5,125,291 | - | ||
| Cancellation of ordinary B shares | (5,100,000) | - | - | - | 5,100,000 | - | ||
| Share options | - | - | - | 39,349 | - | 39,349 | ||
| Balance as at 31 March 2014 | 1,311,201 | - | (45,070) | 39,349 | 4,271,296 | 5,576,776 | ||
| Net profit for the year | - | - | - | - | 263,573 | 263,573 | ||
| Balance as at 31 March 2015 | 1,311,201 | - | (45,070) | 39,349 | 4,534,869 | 5,840,349 | ||
Notes
The financial information set out in this announcement does not constitute the group’s financial statements (as defined by s434 of the Companies Act 2006) for the year ended 31st March 2015. The results for the year ended 31st March 2015 are extracted from the Annual Report of Impact Holdings (UK) plc, on which the auditors have issued an unqualified report which includes an emphasis of matter. Pursuant to AIM Rule 20 copies of the Annual Report may be downloaded from the company’s web site www.impactholdings.netand will be posted to shareholders shortly. Further copies will be available from Zeus Capital, 82 King Street, Manchester, M2 4WQ. The Annual General Meeting will be held at the Company’s registered office, 7500 Daresbury Park, Daresbury, Warrington WA4 4BS on 22nd September 2015 at 8.45am.Related Shares:
IHUK.L