Business
Preliminary Results
Preliminary Results.
About this update from Acg Metals Limited Class A
[{"type":"text","content":"\n Accuma Group PLC\n18 October 2007\n\n\nPress Release 18 October 2007\n\n\n\n Accuma Group Plc\n ('Accuma' or 'the Group')\n Preliminary Results\n\n\n\nAccuma Group Plc, a leading provider of consumer financial solutions, today\nannounces its Preliminary Results for the year ended 31 July 2007.\n\n\n\nHighlights\n\n• Turnover more than doubled to £20.5 million (£10.0 million)\n\n\n\n• EBITDA up 32% to £2.4 million (£1.8 million)\n\n\n\n• Acquisition of Byrom Keeley & LoanLine completed\n\n\n\n• Gross Future Contracted Revenue increased to £18.3 million\n\n\n\n• Strong Balance Sheet with £3.3 million cash at year end (Currently £3.7 million)\n\n\n\n• Diluted and Adjusted (for tax and amortisation) EPS at 6.61p\n\n\n\n\n\n\nCommenting on the results, Charles Howson, Chief Executive of Accuma Group said:\n\n\n\n'The past year has been a testing time for both the Group and the sector as a\nwhole and conditions remain difficult. However, our strategy of building a full\nservice platform has mitigated some of the pressure felt within our IVA division\nand we are confident this strategy will stand us in good stead for the future.'\n\n\n\n - ends -\n\n\n\n\nFor further information:\n\nAccuma Group Plc\nCharles Howson, Chief Executive Tel: +44 (0) 161 751 6787\[email protected] www.accumagroup.com\n\n\nDaniel Stewart & Company Plc\nLindsay Mair Tel: +44 (0) 20 7776 6550\[email protected] www.danielstewart.co.uk\n\n\n\nMedia enquiries:\nAbchurch\nChris Lane / Emma Johnson Tel: +44 (0) 20 7398 7700\[email protected] www.abchurch-group.com\n\n\n\n\nChairman's Statement\n\n\n\nA Year of Market Turbulence\n\n\n\nChanges in the acceptance criteria and fee levels introduced by UK Banks and\ntheir advisers created considerable turbulence in the IVA market and this\nadversely affected the Group and its competitors. Two profits warnings were\nneeded when it became apparent that the scale and length of the dispute and\nnegotiation, was materially greater than forecast. A resolution to the issues\nappears to be in sight and the size of the average IVA handled by the Group\nstill makes this business viable.\n\n\n\nThe strategy of acquiring additional but complementary businesses has proved a\nwise one and has cushioned the Group from the full impact of the IVA shortfall.\nThe ful...