Interim Results
26 September 2008
General Capital Group Plc (AIM: GENC), the asset and property finance specialist, today announces its interim results for the six month period ended 30 June 2008.
Highlights
- Group revenue for the period £5.6m (2007: £6.8m).
- Operating profit, before goodwill impairments, fair value adjustments, exceptional bank and reorganisation costs, £0.5m (2007: £2.9m).
- Loss before tax £1.8m (2007: Profit £2.8m).
- Earnings / (loss) per share (7.51p) (2007: 11.00p).
- Senior debt facilities renegotiated and recommitted to December 2009.
- New business for Asset Finance and Property Finance Divisions £3.9m and £2.0m respectively (2007: £4.0m and £4.3m).
- Venture Finance new business ceased for the foreseeable future.
- Group reorganisation completed and cost base significantly reduced.
David Hickey, Non-executive Chairman, said: "The six month period for the Group has been a challenging one, with a change in management and difficult market conditions affecting the Venture Finance division in particular. I am pleased that under the new management we have been able to recommit the senior debt facilities to December 2009 and I am also pleased to confirm that both the Asset Finance and Property divisions are trading in line with expectations."
For further information:
| General Capital Group Plc |
|
| Steve Hartley, Chief Executive | Tel: +44 (0) 1603 610610 |
| steve.hartley@generalcapital.co.uk | www.generalcapital.co.uk |
| Collins Stewart Europe Ltd | |
| Mark Connelly / Adam Cowen | Tel: +44 (0) 20 7523 8350 |
| www.collins-stewart.com |
Media Enquiries:
| Abchurch Communications | Tel: +44 (0) 20 7398 7700 |
| Heather Salmond / George Parker / Amy West | Tel: +44 (0) 20 7398 7719 |
| george.parker@abchurch-group.com | www.abchurch-group.com |