3 December 2013 – interim results
The AIM quoted finance house has announced interim results to 30 September which have shown that the company is continuing to recover after the difficult times of recent years. Pre-tax profit has increased by 48% to £503k (2012: £339k) with earnings per share up 50% to 0.6p (2012: 0.4p). These are excellent results helped by new business initiatives and there has been an increase of 51% in new business originations over the period to £27.3m. The total portfolio has risen by 9% to £86m during the period whilst there was a 34% increase in returning consumer finance customers. The group has a strong asset base with fully diluted net assets per share of 11.7p which also provides some comfort. The group now has £20m of unearned finance charges to contribute to income in future years whilst it also has committed facility headroom of £15m to fund further growth in the portfolio. We believe that the shares have further to go and continue to rate the shares as a BUY.