IMPACT HOLDINGS (UK) PLC
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 793 550
www.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 - 3,082,028
similar income
Profit for the year from operations before 252,669 97,088
tax
Tax (10,904) -
Profit for the year attributable to 263,573 97,088
the owners of the parent
Earnings per share (pence)
Basic 10.0p 3.7p
Diluted 8.3p 3.2p
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 incepted - 500,000
Loan repaid - (500,000)
Net decrease in other amounts owed to lending (365,510) (418,813)
institutions
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
Share Profit and
Share premium Shares Share loss
capital held by options account Total
EBT
£ £ £ £ £ £
Balance as at 31 March 6,411,201 5,125,291 - (6,051,083) 5,440,339
2013 (45,070)
Net profit for the year - - - - 97,088 97,088
Share premium reduction - (5,125,291) - - 5,125,291 -
Cancellation of ordinary B (5,100,000) - - - 5,100,000 -
shares
Share options - - - 39,349 - 39,349
Balance as at 31 March 1,311,201 - (45,070) 39,349 4,271,296 5,576,776
2014
Net profit for the year - - - - 263,573 263,573
Balance as at 31 March 1,311,201 - (45,070) 39,349 4,534,869 5,840,349
2015
Notes
1. 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.
2. 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.
3. 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.
IMPACT (UK) : Preliminary results for the year ended 31 March 2015
August 03, 2015 at 02:01 am EDT
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© PRNewswire - 2015
