Business
Year End / Directorate change
Year End / Directorate change.
About this update from Acg Metals Limited Class A
[{"type":"text","content":"\n Accuma Group PLC\n13 December 2007\n\n\n\n\n\n\n\nPress Release 13 December 2007\n\n\n\n\n Accuma Group Plc\n\n ('Accuma' or 'the Group')\n\n\n\n Change of Year End\n\n Directorate Change\n\n\n\nAccuma Group Plc, a leading provider of consumer financial solutions, announces\nthat the Group proposes to change its year end to 31 December 2007, shortening\nthe current accounting period to 31 December 2007. The reasons for the change\nare:\n\n\n• a December year end will more closely align the Group's year end with the \n inherent seasonality across the debt solutions industry: in particular, \n December and January are traditionally very quiet months which,\n with the current year end of 31 July, both fall into the first half of the \n financial year, thus distorting the Group's results towards the second half \n of the financial year;\n\n• the change of year end will also provide an opportunity for clarity in \n respect of both current trading, given the recent changes to the fee \n structure in the Group's IVA division and;\n\n\n• this will enable Accuma to bring in the final earn outs for Loan Line and \n Byrom Keeley, which will be completed by the end of July and December 2008 \n respectively, into the accounts for the year ending 31 December 2008. \n The Group has £3.8 million cash out of which £3 million is anticipated to be \n paid for 2007 earn out commitments in respect of Loan Line and Byrom Keeley.\n\n\n\nIan Campbell will, by mutual consent, leave the Group on the 18 December 2007\nand will be replaced as Finance Director on 7 January 2008 by Edward Armitage\nACA. Edward has held a number of senior roles including, most recently, the\nrole of Finance Director and Company Secretary to Broker Assistance Limited. At\nBroker Assistance Limited he was responsible for the design and implementation\nof a bespoke accounting system and played a key role in the successful\nnegotiation and integration of a newly acquired company. The Board is pleased to\nannounce his appointment.\n\n\n\nThe Group intends to make a further trading update towards the end of January\n2008, and to announce its preliminary results for the five month period ending\n31 December 2007 by 31 March 2008.\n\n\n\nThe Group continues to process new IVA cases and remain one of the leading\nvolume providers. The case bank of 6000 IVA cases provides £...