TIDMOPM
RNS Number : 9467B
1PM PLC
16 January 2018
16 January 2018
1pm plc
(the "Group" or the "Company")
INTERIM RESULTS
FOR THE SIX MONTHSED 30 NOVEMBER 2017
Strong trading momentum maintained. Further organic and
strategic growth delivered.
Revenues and profits both up by more than 70% in the first
half.
Positive outlook for the full year.
1pm plc, the AIM listed independent specialist, non-bank
provider of finance facilities to the UK SME sector is pleased to
announce financial results for the six-month period ended 30
November 2017 ("Interim Results or Interims").
The Interim Results reflect the success of the Group's
buy-and-build strategy providing financing products to UK SMEs,
being asset finance (finance leases, operating leases and hire
purchase) for hard and soft assets, vehicles finance (on a
broked-on basis), commercial loans and invoice finance.
Financial Highlights:
-- Group revenue increased 74% to GBP13.9m (H1 2016/17:
GBP8.0m), including organic growth of 23%
-- Group profit before tax and exceptional items increased 77%
to GBP3.6m (H1 2016/17: GBP2.0m), including organic growth of
34%
-- Basic earnings per share increased 4.9% to 3.23 pence (H1
2016/17: 3.08 pence) despite a significant issue of shares in the
period
-- Net Assets at 30 November 2017 increased 56% to GBP44.5m (31 May 2017: GBP28.5m)
-- Net bad debt write-offs in the period were GBP0.7m,
representing 0.5% of total receivables at period end (H1 2016/17:
GBP0.3m, representing 0.4%)
-- At period end, total bad debt provisions were GBP2.1m (30 November 2016: GBP1.2m).
Operational Highlights:
-- Combined new lease, hire and loan origination amounted to
GBP56.3m (H1 2016/17: GBP27.2m), an increase of 106%
-- Flexibility maintained to either fund on 'own-book' or
generate cash commissions from broking; approximately 55% of new
lease and loan contracts were broked-on for commission income (H1
2016/17: 24%).
-- The combined 'own-book' assets, loans and invoice finance
portfolio increased 45% to GBP130.1m (31 May 2017: GBP89.5m)
-- Funding facilities of GBP137.0m available to the Group at 30
November 2017 (31 May 2017: GBP74.5m).
-- Blended cost of borrowings fell to approximately 3.8% (year to 31 May 2017: 5.3%).
-- Integration and cross-selling progress at each entity is in
line with operational expectations and objectives set by
management.
The Interims consolidate the results of the entities included in
the comparable prior period results, namely 1pm (UK) Limited
("Onepm"), Academy Leasing Limited ("Academy") and Bradgate
Business Finance ("Bradgate"), plus the entities acquired in 2017,
Intelligent Financing ("iLoans"), Bell Finance Limited (now
integrated into Bradgate), and the two companies that form the
commercial Finance arm of the Group, Gener8 Finance Limited
("Gener8") and Positive Cashflow Finance Limited ("Positive").
Commenting on the Interim Results, John Newman, Non-Executive
Chairman, said:
"The Interims demonstrate the successful implementation of our
stated strategy of being a multi-product provider of finance to UK
SMEs and continue the trend in recent years of profitable organic
and strategic growth. The significant growth in the period has been
achieved whilst holding our price, controlling credit and spreading
risk. The Board is committed to further increasing shareholder
value through the stated strategy and looks forward to the second
half of the financial year with optimism."
For further information,
please contact:
1pm plc
Ian Smith, Chief Executive
Officer 01225 474230
James Roberts, Chief Financial
Officer 01225 474230
Cenkos (NOMAD)
Max Hartley (NOMAD), Julian
Morse (Sales) 0207 397 8900
Walbrook PR 0117 985 8989
Paul Vann 07768 807631
paul.vann@walbrookpr.com
About 1pm:
The Company was admitted to AIM in August 2006.
1pm plc is a group of established independent finance companies
focused on providing SMEs with accessible funding to add value to
their businesses. All customers must have good credit histories and
proven ability to repay their finance commitments.
Mission Statement - 'Helping the UK economy grow by supporting
SMEs'
More information is available on the Company website
www.1pm.co.uk
CHIEF EXECUTIVE OFFICER'S STATEMENT
FOR THE SIX MONTH PERIODED 30 NOVEMBER 2017
Financial Results
I am delighted to report this first set of financial results
following the recent strategic expansion of the Group. Good
progress has been made in the first half of the current financial
year with all the existing entities within the Group and each of
the acquired entities delivering profits in line with
expectations.
Group revenue amounted to GBP13.9m (H1 2016/17: GBP8.0m). This
comprised GBP9.8m (H1 2016/17: GBP8.0m) at Onepm, Academy and
Bradgate, an organic increase of 23%, and GBP4.1m from the recently
acquired subsidiaries, iLoans, Gener8 and Positive. Included in
revenue is GBP2.4m (H1 2016/17: GBP1.0m) of commission income in
respect of the broked-on activities.
Profit before tax and exceptional costs increased to GBP3.6m (H1
2016/17: GBP2.0m). Profit after tax in the period rose to GBP2.7m
(H1 2016/17: GBP1.6m). Earnings per share ("EPS") increased 4.9% to
3.23p (H1 2016/17: 3.08p). EPS has been calculated on a weighted
average basis taking into account the issue of 31,158,955 new
ordinary shares of 10p each in the capital of the Company
("Ordinary Shares") during the period in connection with the share
placing and open offer in June 2017 and the earn-out arrangements
relating to the acquisition of Academy in 2015 and Bradgate in
2016. At the period end, a total of 86,100,936 Ordinary Shares were
in issue.
The Group paid a single final dividend in respect of the
financial year ended 31 May 2017. It is the Board's intention to
continue this policy with one dividend payment, being a final
dividend, in respect of the current financial year ending 31 May
2018.
At the period end, the Group's consolidated net assets stood at
GBP44.5m (31 May 2017: GBP28.5m), an increase of 56%.
Strategy
The Group's goal is to achieve a market capitalisation of
GBP100m. The objectives that will enable this goal to be achieved
and which shape the strategic plan remain as follows:
-- building scale through operating a model of distributed
separate subsidiary entities
-- having a multi-channel and multi-product offering for business lending to SMEs
-- maintaining risk mitigation through funding and broking capability
-- being 'digitally capable'
-- strictly adhering to underwriting policies and credit control procedures, and
-- being geared appropriately with cost-effective funding facilities
The Board is pleased with the further strategic progress made
during the period to 30 November 2017. At period end the Group
comprised six trading subsidiaries operating from seven sites in
the UK with 158 employees serving over 16,000 SME businesses. It is
organised into three profitable product groups; Asset Finance
including vehicles, Loans and Commercial Finance.
The Board is confident that the Group is maintaining its
commitment to provide a range of finance solutions to support the
UK SME sector whilst delivering profitable growth to further
increase shareholder value.
Funding
The Group's capital management objective is to maintain a strong
capital base to support its current operations and planned growth
whilst continuing to reduce its cost of capital in order to provide
increasing returns for shareholders and benefits for other
stakeholders. To meet these objectives, the Group has implemented a
centralised Treasury function and adopted a policy of sourcing
different funding instruments appropriate to each of the financial
products it provides:
-- In respect of Asset Finance, the Group is continuing to
increase its block discount facilities and pursue complementary
credit instruments that will reduce the overall cost of
borrowing.
-- In respect of Loans, the Group utilises block discount
facilities and a Secured Loan Note facility, comprising loans from
high net worth individuals, and
-- In respect of Commercial Finance, the Group utilises
'back-to-back' bank facilities for lending against client
receivables.
In each case, security is provided to each lender in the form of
an assignment of the underlying lease, loan or invoice
receivables.
Principal risks and uncertainties
There are a number of potential risks and uncertainties which
could have a material impact on the Group's performance over the
remaining six months of the financial year and could cause actual
results to differ materially from expected and historical results.
The directors do not consider that the principal risks and
uncertainties have changed since the publication of the annual
report for the year ended 31 May 2017. A detailed explanation of
the risks summarised below, and how the Group seeks to mitigate the
risks, can be found on page 8 of the annual report which is
available at www.1pm.co.uk .
The key risks identified and which the Board has reasonable
expectation are appropriately mitigated are:
-- Credit Risk - the risk of default, potential write-off,
disruption to cash flow and increased recovery costs on a debt that
is not repaid individually, or if there is a wider market
deterioration.
-- Funding Risk - the general risk of the Group not being able
to meet its current and future financial obligations over time and
specifically that funding is not available to meet the Group's
growth targets.
-- Acquisition Risk - the risk that the Group's acquisition
programme does not deliver value, overstretches resource beyond its
capacity or has failed to identify problems within the acquired
businesses.
-- Regulatory Risk - the risk of legal or regulatory action
resulting in fines, penalties and sanctions that could arise from
the Group's failure to identify and adhere to regulatory
requirements in the UK. In addition, there is the risk that new or
enhanced regulations could adversely impact the Group.
Responsibility Statement
The directors confirm that to the best of their knowledge:
a) the condensed set of financial statements has been prepared
in accordance with IAS 34 'Interim Financial Reporting';
b) the interim management report includes a fair view of the
information required by Disclosure and Transparency Rules ("DTR")
4.2.7R (indication of important events during the first six months
and description of principal risks and uncertainties for the
remaining six months of the year); and
c) the interim management report includes a fair view of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein).
Outlook
Demand for finance from UK SMEs, whether for their
business-critical assets, vehicles, loans, or funding against
invoices, continues to be strong. This level of demand is
encouraging given an increasingly competitive market for
alternative, non-bank finance and against the background of
economic uncertainty surrounding the Brexit process. The Board
continues to see opportunities for further organic growth from
cross-selling and new business origination. Additionally, there are
opportunities for further strategic growth from new product
introductions and the application of financial technology. The
Board looks forward with confidence to the continued success of the
business in the remainder of the current financial year.
By order of the Board,
Ian Smith
Chief Executive Officer, 1pm plc
Independent Review Report to 1pm PLC
Introduction
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 November 2017 which comprises the Consolidated
Statement of Comprehensive Income, the Consolidated Statement of
Financial Position, the Consolidated Cash Flow Statement, the
Consolidated Statement of Changes in Equity and related notes 1 to
9. We have read the other information contained in the half-yearly
report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
This report is made solely to the company in accordance with
International Standard on Review Engagements (UK and Ireland) 2410,
"Review of Interim Financial Information Performed by the
Independent Auditor of the Entity", issued by the Auditing
Practices Board. Our work has been undertaken so that we might
state to the company those matters we are required to state in an
independent review 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 formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the Disclosure and Transparency Rules of the United Kingdom's
Financial Services Authority. As disclosed in note 1, the annual
financial statements of the Group are prepared in accordance with
IFRSs as adopted by the European Union. The condensed set of
financial statements included in this half-yearly financial report
has been prepared in accordance with International Accounting
Standard 34, "Interim Financial Reporting", as adopted by the
European Union.
Our responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
November 2017 is not prepared, in all material respects, in
accordance with International Accounting Standard 34 as adopted by
the European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
Moore Stephens
Chartered Accountants and Statutory Auditor
30 Gay Street, Bath, BA1 2PA
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
FOR THE SIX MONTHS TO 30
NOVEMBER 2017
Independently Independently Audited
Reviewed Reviewed 12 months
6 months 6 months to
to to 30 31 May
30 November November
2017 2016 2017
Note GBP'000 GBP'000 GBP'000
REVENUE 13,916 7,988 16,944
Cost of sales (4,784) (2,924) (6,094)
-------------- -------------- -----------
GROSS PROFIT 9,132 5,064 10,850
Other operating income - - 3
Administrative expenses (5,155) (2,990) (6,469)
-------------- -------------- -----------
OPERATING PROFIT BEFORE
EXCEPTIONAL ITEMS 3,977 2,074 4,384
Exceptional items (158) - (263)
-------------- -------------- -----------
OPERATING PROFIT AFTER
EXCEPTIONAL ITEMS 3,819 2,074 4,121
Finance income - 13 41
Finance expense (361) (40) (82)
-------------- -------------- -----------
PROFIT BEFORE TAXATION 3,458 2,047 4,080
Taxation (774) (412) (794)
-------------- -------------- -----------
PROFIT AND TOTAL COMPREHENSIVE
INCOME 2,684 1,635 3,286
============== ============== ===========
Attributable to equity
holders of the company 2,684 1,635 3,286
============== ============== ===========
Profit per share attributable
to the equity holders
of the company during
the Period
Pence per Pence Pence
share per share per share
- basic 6 3.23 3.08 6.09
============== ============== ===========
- diluted 6 2.72 2.84 5.69
============== ============== ===========
All of the above amounts are in respect
of continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
FOR THE SIX MONTHS TO 30 NOVEMBER
2017
Independently Audited
Reviewed 12 months
6 months to
to 31 May
30 November
2017 2017
NON-CURRENT ASSETS GBP'000 GBP'000
Goodwill 26,887 14,908
Intangible assets 224 84
Property, plant and equipment 1,622 1,744
Trade and other receivables 50,573 49,966
Deferred tax 507 411
-------------- --------------
79,813 67,113
-------------- --------------
CURRENT ASSETS
Inventories - 135
Cash and cash equivalents 1,568 2,078
Trade and other receivables 91,603 23,989
-------------- --------------
93,171 26,202
-------------- --------------
TOTAL ASSETS 172,984 93,315
============== ==============
EQUITY
Called up share capital 8,611 5,494
Share premium account 24,677 14,170
Share based payments reserve 187 91
Retained earnings 11,020 8,755
-------------- --------------
TOTAL EQUITY 44,495 28,510
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables 65,436 32,097
Financial liabilities -
borrowings:
Interest bearing loans and
borrowings 1,252 250
Provisions - contingent
consideration 2,195 2,300
-------------- --------------
68,883 34,647
-------------- --------------
CURRENT LIABILITIES
Trade and other payables 53,679 26,533
Financial liabilities -
borrowings:
Bank overdrafts 6 -
Interest bearing loans and
borrowings 2,083 949
Provisions - contingent
consideration 1,700 1,733
Tax payable 2,138 943
-------------- --------------
59,606 30,158
-------------- --------------
TOTAL LIABILITIES 128,489 64,805
-------------- --------------
TOTAL EQUITY AND LIABILITIES 172,984 93,315
============== ==============
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS TO 30
NOVEMBER 2017
Independently Independently
Reviewed Reviewed
6 months 6 months
to to 30
30 November November
2017 2016
GBP'000 GBP'000
Cash generated from operations
Profit before tax 3,458 2,047
Depreciation and amortisation
charges 296 249
Finance costs 361 40
Finance income - (13)
Increase in trade and other
receivables (13,148) (4,850)
Increase in trade and other
payables 7,356 3,548
------------------ --------------
(1,677) 1,021
Cash flows from operating
activities
Interest paid (36) (40)
Tax paid (147) (325)
------------------ --------------
Net cash generated from operating
activities (1,860) 656
------------------ --------------
Cash flows from investing
activities
Interest received - 13
Acquisition of subsidiaries (9,542) -
Purchase of fixed assets (378) (318)
------------------ --------------
Net cash generated from investing
activities (9,920) (305)
------------------ --------------
Cash flows from financing
activities
Loan repayments in period (744) (11)
Loans issued in period 300
Issue of shares net of costs 12,133 -
Dividends paid (419) (263)
------------------ --------------
Net cash generated from financing
activities 11,270 (274)
------------------ --------------
Increase in cash and cash
equivalents (510) 77
Cash and cash equivalents
at the beginning of the period 2,078 391
------------------ --------------
Cash and cash equivalents
at the end of the period 1,568 468
================== ==============
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
FOR THE SIX MONTHS TO 30 NOVEMBER
2017
Share Share Retained Share- Total
Capital Premium Earnings Based Equity
Payment
Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 May
2017 5,494 14,170 8,755 91 28,510
Total comprehensive
income - - 2,684 - 2,684
Transactions with
owners
Issue of share
capital 3,117 10,507 - - 13,624
Equity settled
share-based transactions - - - 96 96
Dividend paid - - (419) - (419)
Balance at 30 November
2017 8,611 24,677 11,020 187 44,495
========= ========= ========== ========= =========
Balance at 31 May
2016 5,253 13,077 5,469 90 23,889
Total comprehensive
income - - 1,635 - 1,635
Transactions with
owners
Issue of share
capital 199 1,051 - (18) 1,232
Equity settled
share-based transactions - - - 23 23
Dividend paid - - - - -
Balance at 30 November
2016 5,452 14,128 7,104 95 26,779
========= ========= ========== ========= =========
1 BASIS OF PREPARATION
The financial information set out in the interim
report does not constitute statutory accounts as
defined in section 434(3) and 435(3) of the Companies
Act 2006. The Group's statutory financial statements
for the year ended 31 May 2017 prepared in accordance
with IFRS as adopted by the European Union and
with the Companies Act 2006 have been filed with
the Registrar of Companies. The auditor's report
on those financial statements was unqualified and
did not contain a statement under Section 498(2)
of the Companies Act 2006. These interim financial
statements have been prepared under the historical
cost convention.
These interim financial statements have been prepared
in accordance with the accounting policies set
out in the most recently available public information,
which are based on the recognition and measurement
principles of IFRS in issue as adopted by the European
Union (EU) and are effective at 31 May 2017. The
condensed set of financial statements included
in this half-yearly financial report has been prepared
in accordance with International Accounting Standard
34 'Interim Financial Reporting', as adopted by
the European Union.
The financial information for the six months ended
30 November 2016 and the six-month period to 30
November 2017 are unaudited and do not constitute
the Group's statutory financial statements for
these periods. The accounting policies have been
applied consistently throughout the Group for the
purposes of preparation of these interim financial
statements.
Going Concern
The directors are satisfied that the Group has
sufficient resources to continue in operation for
the foreseeable future, a period of not less than
12 months from the date of this report. Accordingly,
they continue to adopt the going concern basis
in preparing the condensed financial statements.
Recent Accounting developments
IFRS 9, 'Financial Instruments' has been issued
but is not yet effective and has not been adopted
as application was not mandatory for the year.
The introduction of the standard is likely to have
some impact on the Group. An assessment is in progress
to understand and assess the full impact of this
standard before it becomes effective in January
2019.
IFRS 16, 'Leases' has been issued but is not effective
until January 2019. The new standard has not been
adopted as application was not mandatory for the
year. The standard will eliminate the classification
of leases as either operating or finance leases
and result in operating leases being treated as
finance leases. This will result in previously
recognised operating leases being treated as property,
plant and equipment and a finance lease creditor.
The issue of the standard will increase the value
of property, plant and equipment and the finance
lease liability on the balance sheet, but the adoption
of this standard will not have a material impact
on the profit of the Group.
2 SEGMENTAL REPORTING
The Group has one business segment to which all
revenue, expenditure, assets and liabilities relate.
3 BASIS OF CONSOLIDATION
The consolidated financial statements incorporate
the financial statements of the Company and entities
controlled by the Company (its subsidiaries). Control
is achieved where the Company has the power to
govern the financial and operating policies of
an entity so as to obtain benefit from its activities.
All intra-Group transactions, balances, income
and expenses are eliminated on consolidation.
4 TAXATION
Taxation charged for the period ended 30 November
2017 is calculated by applying the directors' best
estimate of the annual tax rate to the result for
the period.
5 SHARE CAPITAL
The Articles of Association of the company state
that there is an unlimited authorised share capital.
Each share carries the entitlement to one vote.
On 8 June 2017 the Company issued 28,861,117 Ordinary
shares of nominal value GBP0.10 at GBP0.45 per
share through a share placing and open offer.
The following GBP0.10 Ordinary shares were issued
by the Company under the Employee Share Option
Scheme: 1,766 on 28 September 2017.
On 6 November 2017 the company issued 1,960,270
Ordinary GBP0.10 shares at GBP0.667 per share,
being deferred consideration to the vendors of
MH Holdings (UK) Limited, the holding company of
Academy Leasing Limited, as part of the Share Purchase
Agreement.
On 6 November 2017 the company issued 337,568 Ordinary
GBP0.10 shares at GBP0.5431 per share, being deferred
consideration to the vendors of Bradgate Business
Finance Limited, as part of the Share Purchase
Agreement.
6 EARNINGS PER ORDINARY SHARE
The earnings per ordinary share has been calculated using the profit for the period and the
weighted average
number of ordinary shares in issue during the period. For diluted earnings per share, the
weighted average
number of shares is adjusted to assume conversion of all dilutive potential ordinary shares.
6 months 6 months 12 months
to to to
30-Nov-17 30-Nov-16 31-May-17
GBP'000 GBP'000 GBP'000
Earnings attributable
to ordinary shareholders 2,684 1,635 3,286
Basic
EPS
Weighted average number
of shares 83,011,885 53,137,025 53,939,771
Per-share amount pence 3.23 3.08 6.09
Diluted EPS
Weighted average number
of shares 98,695,456 57,662,332 57,758,981
Per- share amount pence 2.72 2.84 5.69
7 DIVIDS
6 months 6 months 12 months
to to to
30-Nov-17 30-Nov-16 31-May-17
GBP'000 GBP'000 GBP'000
Ordinary shares of GBP0.10
each
Final 419 - -
========== =========== ==========
The company paid a final dividend of GBP419,015
being 0.50 pence per Ordinary GBP0.10 share for
the financial year ending 31 May 2017.
8 BUSINESS COMBINATIONS
Subsidiaries acquired
Proportion
Principal Date of of voting Consideration
Name activity acquisition equity transferred
% GBP'000
Gener8 Finance Provision 7 June
Holdings Limited of finance 2017 100% GBP5,250
Positive Cashflow
Finance (Holdings) Provision 29 June
Limited of finance 2017 100% GBP8,156
Gener8 Finance Holdings Limited and Positive Cashflow
Finance (Holdings) Limited were acquired to continue
the expansion of the Group's activities in the
finance sector.
Gener8 Finance Holdings Limited changed its name
from Tracx Finance Limited on 21 June 2017.
Consideration
Positive
Cashflow
Gener8 Finance Finance
Holdings (Holdings)
Limited Limited
GBP'000 GBP'000
Cash 5,250 4,300
Contingent consideration arrangement
(see note below) - 1,656
Issue of loan notes - 2,200
--------------- -------------
5,250 8,156
=============== =============
Under the contingent consideration arrangement
with Positive Cashflow Finance (Holdings) Limited,
the Group is required to pay the vendors a maximum
4,166,664 shares. This is contingent upon the
entity meeting specific financial targets for
the periods ending 31 May 2018, 2019 and 2020
respectively.
8 BUSINESS COMBINATIONS (continued)
Assets acquired and liabilities recognised at the
date of acquisition
Positive
Cashflow
Gener8 Finance Finance
Holdings (Holdings)
Limited Limited
GBP'000 GBP'000
Current assets
Cash and cash equivalents 8 -
Trade and other receivables 31,409 23,529
Non-current assets
Plant and equipment 18 8
Trade and other receivables - -
Current liabilities
Trade and other payables (29,505) (735)
Non-current liabilities
Trade and other payables - (23,293)
1,930 (491)
=============== =============
Goodwill arising on acquisition
Positive
Cashflow
Gener8 Finance Finance
Holdings (Holdings)
Limited Limited
GBP'000 GBP'000
Consideration transferred 5,250 8,156
Less: fair value of identifiable
net (assets) / liabilities (1,930) 491
Goodwill arising on acquisition 3,320 8,647
=============== ============
None of the goodwill arising on these acquisitions
is expected to be deductible for tax purposes.
Net cash outflow on acquisition of subsidiaries
2017
GBP'000
Consideration paid in cash 9,550
Less: cash and cash equivalents
acquired (8)
9,542
=========
Impact of acquisitions on the results of the Group
Included in the profit for the period is GBP0.3m
attributable to the additional business generated
by Gener8 Finance Holdings Limited and GBP0.5m
attributable to Positive Cashflow Finance (Holdings)
Limited. Revenue for the period includes GBP1.2m
in respect of Gener8 Finance Holdings Limited and
GBP1.8m in respect of Positive Cashflow Finance
(Holdings) Limited.
Had these business combinations been effected at
1 June 2017, the revenue of the Group from continuing
operations would have been GBP14.2m, and the profit
after tax for the period from continuing operations
would have been GBP2.8m. The directors consider
these 'pro-forma' numbers to represent an approximate
measure of the performance of the combined Group
on an annualised basis and to provide a reference
point for comparison in future periods.
In determining the 'pro-forma' revenue and profit
of the Group had Gener8 Finance Holdings Limited
and Positive Cashflow Finance (Holdings) Limited
been acquired at the beginning of the current period,
the directors have;
* calculated depreciation of plant and equipment
acquired on the basis of the fair values arising in
the initial accounting for the business combination
rather than the carrying amounts recognised in the
pre-acquisition financial statements;
* calculated borrowing costs on the funding levels,
credit ratings and debt / equity positions of the
Group after the business combination.
9 COPIES OF THE INTERIM REPORT
Copies of the Interim Report are available from www.onepmfinance.co.uk and the Company
Secretary at the
registered office: 2(nd) Floor, St James House, The Square, Lower Bristol Road, Bath,
BA2 3BH.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZMGMMZKLGRZZ
(END) Dow Jones Newswires
January 16, 2018 02:00 ET (07:00 GMT)
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