Interim Results for the six month period ended 30th June 2006
29 September 2006
General Capital Group Plc (“the Group”), the specialist asset and venture finance lending company, today announces its unaudited results for the six month period ended 30th June 2006. These results relate to the period prior to the recent admission of the Group to the Alternative Investment Market.
Financial Highlights
- Gross Loan Portfolio increased by 15% to £32m (2005: £28m)
- Turnover up 12% to £3.25m (2005: £2.89m)
- Gross Profit up 12% to £2.40m (2005: £2.13m)
- Profit before taxation and dividends £0.4m (2005: £0.7m, which included £0.4m of one-off profits)
- Earnings per share, before unrealised gains / losses, £6.60 (2005: £18.48, which included £11.89 of one-off profits)
Business Highlights
- Equity portfolio expanded. All equity investments carried at cost, other than quoted shares
- £1.75m equity and preference share fund raising completed during the period
- Convertible loan notes redeemed
- Enterprise Capital Fund syndicate membership confirmed
- Nick Marsham appointed as Group Finance Director
- Robert Gurney appointed as Director of Property Finance
Subsequent Events
- £30m senior debt facilities secured for a further three year term
- Completion of AIM admission and an additional £3m equity fundraising
Commenting on the results, Mark Edworthy, Managing Director said: “The Group invested heavily in its infrastructure during the first half of the year with the implementation of market leading back office systems and the recruitment of senior executives. The Group has now established a strong platform from which to grow and is actively reviewing a number of opportunities to scale its core commercial asset finance business.
“Uncertain market conditions are providing substantially increased opportunities for us to selectively negotiate robust and desirable debt structures, with equity participation, for companies nearing AIM flotations.
The Board remains positive in its outlook for the remainder of 2006.”
The full results are available to view and download in PDF format
For Further Information:
| General Capital | |
| Mark Edworthy, Managing Director | Tel: +44 (0) 1473 252 565 |
| mark.edworthy@generalcapital.co.uk | |
| Daniel Stewart | |
| Jonny Franklin-Adams | Tel: +44 (0) 20 7776 6579 |
| jonny.franklin-adams@danielstewart.co.uk |
Media Enquiries:
| Abchurch Communications | |
| Heather Salmond / Laura Riascos | Tel: +44 (0) 20 7398 7700 |
| heather.salmond@abchurch-group.com | www.abchurch-group.com |
Notes to Editors:
About General Capital
General Capital is an independent asset and venture finance specialist established in 1991. It has developed a strong niche in an under-serviced and growing market, providing a range of lending solutions to UK SME’s. Its three core focuses are commercial asset finance, property development and bridging and venture finance.
General Capital’s financing methods provide intelligently structured bespoke solutions for each client. It is experienced in supporting businesses through all stages of development; well backed start-ups, growth situations, turnaround projects, acquisitions, and management buy outs and buy ins. General Capital also has specific and growing experience in providing finance to companies on track for AIM flotations.
In September 2006, General Capital floated on AiM by way of a reverse take-over of Clan Homes plc and is currently capitalised at approximately £20 million.