Business
Final Results
Final Results.
About this update from Acg Metals Limited Class A
[{"type":"text","content":"\n RNS Number : 9165S Accuma Group PLC 28 May 2009 \n \nAccuma Group plc\n('Accuma' or 'the Group')\nFinal results for the year ended 31 December 2008\n\nChairman's statement\n\nIn the interim statement released on 18 September 2008, the Board reported to the market that the level of new IVA cases in the financial period ended 30 June 2008 was significantly lower than numbers achieved in prior periods, partly due to the general market conditions affecting the numbers of IVAs approved by lenders and partly due to the streamlining by Accuma of its IVA division. However, as such, following a thorough strategic review, and recognising the fact that the IVA books have remained well run and profitable businesses, the Board concluded that it should divest the IVA books as the public equity markets were not ascribing a fair value to these businesses. \n\nAs announced on 1 May 2009, Accuma's insolvency division, comprising Wilson Phillips Limited and Accuma Insolvency Practitioners Limited entered into conditional agreements in relation to the sale of their business and certain of their assets for an aggregate consideration of £5.6m. As a result of this proposed disposal, and in accordance with IFRS, these businesses are shown as discontinued operations in the financial statements. Revenue for the year for these two subsidiaries on this basis was approximately £5m with EBITDA of £1m. The General Meeting to approve the disposal takes place on 1 June 2009, as detailed in the circular to shareholders dated 14 May 2009.\n\nIn accordance with IFRS, continuing operations in the Group's accounts comprise Byrom & Keeley Financial Services Limited, Thomas Charles & Co Limited and also include the Group's overheads. Revenue and gross profit, on this basis, for the year is £3.72m and £1.12m respectively, giving a gross profit margin of approximately 30 per cent.\n\nThe EBITDA loss for the period was £0.87m comprising £1.09 million profit in Byrom & Keeley Financial Services Limited, head office overheads of £1.25 million and a £0.73m loss in Thomas Charles & Co. Ltd. \n\nCash inflow from operations for the year to 31 December 2008, was £2.78m. (5 months 31 December 2007: £0.45m). However as a result of deferred consideration paid earlier in the year to the vendors of Loan Line (Holdings)...