19th Jun 2007 07:14
CCH International plc19 June 2007 Press Release 19 June 2007 CCH International plc ("CCH" or "the Company" or "the Group") Preliminary results for the year ended 31 December 2006 CCH International plc (AIM: CCH), the trade finance group, today announces itsPreliminary Results for the year ended 31 December 2006. Highlights • turnover increased to £19.0 million (2005: £4.8 million)• gross profit increased to £6.6 million (2005: £2.4 million)• pre-tax profit increased to £3.9 million (2005: £0.7 million)• earnings per share increased to 2.76p (2005: 1.21p)• maintains leading market position in Sharia-compliant trade finance products• 4th best performing stock on AIM in 2006 Highlights from the current trading period • Successful commencement of operations in South America• Successfully completed an additional listing on the PLUS Market Commenting on the 2006 interim results, Eren Nil, Managing Director of CCH,said: "This excellent set of results represents the successful implementation ofour strategy with good deal flow translating into clear profitability. Thecompany has continued to grow organically as well as through acquisition; welook forward to building on these results and taking CCH into the next stage ofits development." For further information, please contact: CCH International Plc www.cch-international.comEren Nil, Managing Director Tel: +44 (0) 20 8334 0871 [email protected] Patrick Kennedy, Finance [email protected] Insinger de Beaufort http://www.insinger.comPeter Ward Tel: +44 (0) 207 190 [email protected] Abchurch Communications www.abchurch-group.comHeather Salmond / Charlie Jack Tel: +44 (0) 20 7398 [email protected] Chairman's Report Year ended 31 December 2006 2006 has been a year of great success and achievement for CCH both operationallyand strategically and the Group has continued to deliver sustained profitabilityby building on its strong foundations in a fast-growing global economy. Operationally, revenue rose 293% to £19,011,241 compared with £4,837,011 for the14 month period to 31 December 2005. Operating profit rose 447% to £3,775,988and earnings per share rose 128% to 2.76p. In April 2006 we announced an agreement with Bill Express Limited of Australiato implement an A$ 80 million Sharia-compliant facility which is believed to bethe first Sharia-compliant trade finance facility of this size provided to alisted Australian company. Also in terms of product development we havecontinued to offer further innovative Sharia-compliant trade finance productsreinforcing CCH as a recognised leader in this field. The demand for theseproducts remains unabated. Strategically, we have enhanced further our global reach with the recentlyformed CCH Netherlands BV for global leasing (Ijara) activities and during theyear the acquisition of CCH Investment Consultants EC which is licenced by theCentral Bank of Bahrain to provide investment advice. This acquisition providesus with the opportunity to develop further our business in the Middle East andbuild on our core offerings with a strong and experienced Bahrain-based team. As part of our commitment to improving liquidity in the Company's shares, ourGerman subsidiary CCH Europe GmbH has recently sold 225,000 CCH shares held bythat company. We remain committed to providing increased liquidity in theCompany's shares and widening investor appeal. In addition, we have recentlyannounced the admission for trading of CCH shares on PLUS, a secondary markettrading platform. The Company will remain quoted on and regulated by AIM butinvestors will have a wider choice of trading platforms. CCH is now well positioned to maintain its strong earnings growth and I lookforward with confidence to the future. These achievements have been made possible by the commitment, spirit and focusof a very talented team including our Board of Directors whose professional andcommercial skills have helped keep pace with a rapidly changing environment.Speed of response and our ability to adapt to wide ranging client needs isparamount to our continued success. Our team has these virtues. I am also mostgrateful to you, our shareholders, for the confidence you have placed in theCompany and for your continuing support. Ian Salter :: Chairman 18 June 2007 Group Profit and Loss Account Year ended 31 December 2006 Year to 14 months to 31 December 31 December 2005 2006 £ £ Group turnover 19,011,241 4,837,011Cost of sales (12,405,506) (2,454,441)Gross profit 6,605,735 2,382,570Distribution costs (11,359) (140,537)Administrative expenses (2,767,001) (1,551,935) Fair value adjustment to listed investments (51,387) -Operating profit 3,775,988 690,098Finance fees receivable 162,143 11,559Finance fees payable and similar charges (3,811) (12,103)Profit on ordinary activities before taxation 3,934,320 689,554Tax charge/credit on profit on ordinary activities (1,734,228) 93,132Profit on ordinary activities after taxation £2,200,092 £782,686Earnings per ordinary share (pence) 2.76p 1.21p Group Balance Sheet 31 December 2006 31 December 2006 31 December 2005 (restated) £ £ £ £ Fixed assetsIntangible assets 557,394 549,658Tangible assets 33,108 120,714Investments 98,562 49,949 689,064 720,321 Current assetsDebtors 235,287,239 94,386,344 Forward currency purchase 16,056,566 -Deferred tax asset 308,774 327,100 Cash at bank and in hand 6,798,318 8,391,898 258,450,897 103,105,342Creditors: amounts falling due within 238,553,195 101,484,794one year 16,092,249 -Forward currency saleNet current assets 3,805,453 1,620,548Total assets less current liabilities £4,494,517 £2,340,869 Capital and reservesCalled-up share capital 1,441,269 1,441,269Share premium account 1,211,266 1,211,266 Other reserves 47,818 94,262Profit and loss account 1,794,164 (405,928)Equity shareholders' funds £4,494,517 £2,340,869 Group Cash Flow Statement Year ended 31 December 2006 14 months to 31 December 2006 31 December 2005 (Restated) £ £ £ £ Net cash (outflow)/inflow from operating (1,379,159) 6,014,949activities Returns on investments and servicing offinanceFinance fees received 162,143 11,559Finance fees paid (3,811) (12,103)Net cash inflow/(outflow) from returns on 158,332 (544)investments and servicing of finance Taxation (30,127) - Capital expenditure and financial investmentReceipts from disposal of fixed assets 956 210 Payments to acquire fixed assets (21,249) -Acquisition of investments (100,000) (49,949)Net cash (outflow) for capital expenditure and (120,293) (49,739)financial investment AcquisitionsLegal fees on acquisition of subsidiary - (68,960) Purchase of subsidiary undertaking (63,804) - Cash acquired with subsidiary 236,991 2,096,759Net cash inflow from acquisitions 173,187 2,027,799(Decrease)/increase in cash £(1,198,060) £7,992,465 NOTES TO THE ACCOUNTS Year ended 31 December 2006 1 The calculation of earnings per share is based on the profit aftertax of £2,200,092 (2005 - £782,686) and on the number of shares in issue beingthe adjusted weighted average number of shares in issue during the year of79,682,539 (2005: 64,480,498). 2 The preliminary results for the year ended 31 December 2006 areunaudited and were approved by the Directors on 18 June 2007. The financialinformation set out above does not constitute statutory accounts within themeaning of s.240 of the Companies Act 1985. The statutory accounts for the period ended 31 December 2005 havebeen delivered to the Registrar of Companies and received an audit report whichwas unqualified, did not include a reference to any matters to which theauditors drew attention by way of emphasis without qualifying the report, anddid not contain statements under s. 237(2) and (3) of the Companies Act 1985.The statutory accounts for the year ended 31 December 2006 have not yet beenapproved, audited or filed. 3 The accounting policies remain as stated in the Annual Report for theperiod ended 31 December 2005, apart from those changes required as aresult of certain new accounting standards which came into force during the year. To the extent exemptions are contained within the relevant standard,the comparative figures have not been changed. However, the comparative amounts have been amended to reflect the following: The deferred shares, originally accounted for as non-equity shares, have beenreclassified as part of equity shareholders funds in accordance with FinancialReporting Standard 25, 'Financial instruments: Disclosure and presentation'. Thedeferred shares are not treated as financial liabilities in accordance with therequirements of Financial Reporting Standard 25, 'Financial instruments:Disclosure and presentation'. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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