Preliminary Results
28 March 2008
General Capital Group Plc (AIM: GENC), the asset, property and venture finance specialist, today announces its preliminary results for the year ended 31 December 2007.
Financial Highlights
- Group revenue up 75% to £13.3m (2006: £7.6m)
- Profit before tax, dividends and “exceptional” items / fair value adjustments increased to £4.1m (2006: £1.1m)
- Statutory profit before tax increased to £3.1m (2006: £0.8m)
- Basic and diluted earnings per share 10.70p (2006: 2.81p)
- Loan portfolio up 60% to £53m (2006: £33m)
- New business (loans to clients) increased to £36m (2006: £28m)
- Appointment of Steve Hartley as Group Chief Executive Officer
- Mark Edworthy becomes Executive Director of the Venture Finance division
Commenting on the results, David Hickey, Chairman of General Capital Group Plc, said:
“General Capital completed another record year in 2007. Having successfully raised £10m of new equity, a further £10m of debt and re-committed bank facilities until 2010, it is pleasing to have delivered financial results ahead of expectations.
“All three trading divisions, Asset Finance, Property Finance and Venture Finance grew strongly and profitably. Most notable was the growth in the Asset Finance division, driven by the acquisition of the broking business Norton Folgate. The Group also procured a number of successful venture finance exits during the year.
“I am very pleased to welcome Steve as the new Group CEO. He brings a wealth of PLC experience to the Group, he has a deep understanding of the industry, and the team looks forward to working closely with him.
Trading since the year end has been in line for the Asset and Property Finance divisions. However, current market conditions inhibit the options for cash realisation of assets within the Venture Finance portfolio. In addition, the uncertainty in the credit markets has impacted the Group’s ability to obtain additional finance to fund projected growth. Therefore, whilst I remain confident about the Group’s prospects, the Group is unlikely to repeat in 2008 the record results achieved last year.”
The full results are available to view and download in PDF format
For Further Information:
| General Capital Group plc | |
| Steve Hartley, Chief Executive Officer | Tel: +44 (0) 1603 610 610 |
| Nick Marsham, Finance Director | Tel: +44 (0) 1603 610 610 |
| nick.marsham@generalcapital.co.uk | www.generalcapital.co.uk |
| Collins Stewart Europe Ltd | |
| Chris Wells / Mark Connelly | Tel: +44 (0) 20 7523 8350 |
| www.collins-stewart.com |
Media Enquiries:
| Abchurch Communications | |
Heather Salmond / Franziska Boehnke / Amy West |
Tel: +44 (0) 20 7398 7700 |
| franziska.boehnke@abchurch-group.com | www.abchurch-group.com |