Business
Preliminary 2009 Annual Resul
Preliminary 2009 Annual Resul.
About this update from Manx Financial Group Plc
[{"type":"text","content":"\n RNS Number : 3742L Manx Financial Group PLC 05 May 2010 \n \n\nFOR IMMEDIATE RELEASE 5 May 2010\n \n \nManx Financial Group PLC \n(the 'Company')\n \nPreliminary results announcement for the year ended 31 December 2009\n \n \nManx Financial Group PLC (LSE: MFX), the financial services Group which includes Conister Bank Limited and Conister Card Services Limited, presents its preliminary results for the year ended 31 December 2009.\n \n \nFinancial Highlights\n \nMFG - the Holding Company:\n \n· The Group's financial performance improved as its loss was reduced to £2.6 million (2008: £18.3 million) an improvement of £15.7 million. Excluding the ESS transaction the underlying result has improved by £6.1 million compared to last year. \n \n· The trend towards consolidated profitability continues with the loss reducing in the second half of 2009 to £0.8 million (2008: £15.3 million) from £1.8 million in the first half of 2009 (2008: £3.0 million). \n \n· The Group's cost base reduced by £6.7 million year on year, the equivalent of a 42% decrease. \n \n· The cost of the holding company, excluding impairments, reduced to £1.2 million (2008: £3.4 million), a 65% reduction year on year. \n \n· The Group successfully secured £1.22 million of supplementary capital in February 2010 to facilitate new lending opportunities. \n \n \nConister Bank Limited:\n \n· Despite the deteriorating economic climate the Bank's financial performance from continuing operations was a reduced loss of £1.2 milli...