Business
Final Results for the Year Ended 31 December 2018
Final Results for the Year Ended 31 December 2018.
About this update from Sancus Lending Group Limited
[{"type":"text","content":"\n \nRNS Number : 8080T GLI Finance Limited 25 March 2019 \n\n \n \n25 March 2019\n \n \nGLI Finance Limited\n \n(\"the Group\" or \"GLI\")\n \nFinal Results for the Year Ended 31 December 2018\n \n \n \nGLI Finance (AIM: GLIF) announces its audited final results for the year ended 31 December 2018.\n \n \n \n\n\n\n\n \n\n\nYear ended\n\n\nYear ended\n\n\n\n\n \n\n\n31 December 2018\n\n\n31 December 2017\n\n\n\n\n \n\n\n£'000\n\n\n£'000\n\n\n\n\nTotal revenue\n\n\n13,221\n\n\n11,634\n\n\n\n\nOperating profit before credit losses\n\n\n745\n\n\n101\n\n\n\n\nOperating (loss) / profit\n\n\n(2,265)\n\n\n101\n\n\n\n\nLoss before tax\n\n\n(23,164)\n\n\n(15,184)\n\n\n\n\nBasic and diluted Loss Per Share\n\n\n(7.57p)\n\n\n(5.01p)\n\n\n\n\n \n \n \nHIGHLIGHTS\n \nGroup Highlights\n \n· Group Revenue for the year was up 14% at £13.2m (2017: £11.6m) with operating profit before credit losses at £0.75m (2017: £0.1m) and operating losses for the year at £2.3m (2017: profit £0.1m) after the inclusion of IFRS 9 provisions which became effective on 1 January 2018. \n· The Group is focused on the repayment of the Zero Dividend Preference shares (\"ZDPs\") due on 5 December 2019 and it commenced a buyback of these during the year with 1.5m ZDPs being acquired during 2018 and a further 1.6m ZDPs acquired post year-end. Post year-end the Group is seeking authority from shareholders to acquire up to a further 14.99% of ZDPs issued.\n· The funding of the ZDPs throughout 2019 and the repayment of the principal due on maturity is expected to come from existing cash and cash from the realisation of on balance sheet loans as they mature. \n· Further simplification of the Group following the closure of supply chain finance and focus on asset backed lending. \n \nStrategic Review\n \n· Our business strategy is focused on maximising returns for shareholders. We recognise that this has not been entirely positive over recent years as we have faced inherited challenges on the FinTech Ventures portfolio, however whilst we have made improvements on the cost side, we recognise that more needs to be done ...