Regulated News
Final Results
21 September 2011
Continued Growth & Increasing Market Opportunities
Ashley Integration ahead of expectations
Ultimate Finance Group plc (AIM:UFG), a leading provider of financial solutions to SMEs, is pleased to announce its Final Results for the year ended 30 June 2011.
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Financial Highlights
- Operating Profit has increased 103% to £904,000 (2010: £446,000)
- Excluding acquisition, amortisation and group organisation related costs of £380,000, the operating profit would have been £1,284,000, up 146%
- Turnover increased 51% to £9,706,000 (2010: £6,441,000)
- Final dividend of 0.35p per share (2010: 0.30p)
- A consistent level of headroom within the £34m banking facility of £6.3m
- Earnings per share of 1.20p (2010: 1.33p)
Operational Highlights
- Ashley integration has been achieved
- Cross-selling & joint marketing opportunities are being leveraged
- The asset finance division has grown to plan
- Investment has been made into the business to support further growth
- National presence has been increased to include Birmingham and Cardiff
- The sales team has been strengthened
Clive Garston, Chairman of Ultimate Finance Group plc, commented:
"I believe that this is a very strong performance, particularly given the economic and trading environment which existed in the period. The acquisition of Ashley Commercial Finance Ltd. in October last year has strengthened our range of products and services and provided excellent cross-selling opportunities
There is evidence that some of our competitors are adopting short term tactics to buy market share at the expense of unacceptable risk. We will not follow that path and will continue to maintain high standards of underwriting and risk management.
The Board remains optimistic about the prospects for the group and looks forward to the future with confidence."
| For further information please contact: | |
| Ultimate Finance Group plc | Tel: +44 (0)845 251 3030 |
| Richard Pepler, Chief Executive | |
| Shane Horsell, Finance Director | |
| Arbuthnot Securities (Nominated Adviser and Joint Broker) |
Tel: +44 (0) 20 7012 2000 |
| Antonio Bossi/Paul Gillam | |
| WH Ireland (Joint Broker) |
Tel: +44 (0) 20 7220 1666 |
| John Wakefield/Richard Smith | |
| Threadneedle Communications (Financial PR) |
Tel. +44 (0) 20 7653 9850 |
| Graham Herring / John Coles / Fiona Conroy |
About Ultimate Finance
Ultimate Finance group is a leading provider of financial solutions to SMEs across the UK. The Company is headquartered in Bristol with offices in Manchester, Tunbridge Wells, Birmingham and Cardiff and through its three divisions, (invoice finance, asset finance, and trade finance), provides support to SMEs by funding their growth. As bank lending to SMEs is increasingly restricted in the current climate, the benefits of ultimate finance's flexible and fast-moving solutions become even more compelling.
The Company acquired Ashley Commercial Finance, an invoice finance company, in October 2010, which significantly broadened the Company's target market. This, coupled with the increased facility of £34 million from Lloyds TSB Commercial Finance, provides a strong platform for growth.
The Company boasts an experienced management team with over 55 years of combined experience in the invoice finance sector. With a diverse offering of products and services now available to its clients, ultimate finance is well placed to capitalise on the increasing demand for finance for SMEs.