St Helens Finance plc
LSE : SHF

July 30, 2009 02:00 ET

Interim Results

                                                                                              30/07/09
                                                   
                                        ST HELEN'S FINANCE PLC
                                ("St Helen's Finance" or "the Company")
                                                   
                                            INTERIM RESULTS
                                 For the six months to 30th June 2009

The  Board of St Helen's Finance, the PLUS Quoted, independent provider of finance facilities  to  the
SME sector, announces today its unaudited Interim Results for the six months to 30 June 2009.

Commenting on the results, Norman Kenvyn, Managing Director, said:

"Uncertainty  and  economic  instability have had a considerable impact on  the  leasing  and  finance
industry  over the last 6 months and consequently our turnover has been reduced, as we have  completed
fewer transactions.

"Whilst  it  is  always  disappointing to report a fall in turnover, we  remain  cautiously  confident
looking  forward.  With  a  strong  platform in place upon which to  build,  initial  funds  from  the
convertible  loan in the bank and alternative debt discussions taking place, the Company has  a  clear
growth  strategy. Furthermore, with the recently launched funding product the Directors are  confident
that the Company is well placed despite the current economic climate."

                                               --ENDS--
      
                The Directors of the Issuer accept responsibility for this announcement


Enquiries:

St Helen's Finance Plc                                           Tel: 020 7628 4004
Norman Kenvyn, Managing Director
Rick Abbott, Chairman

Rivington Street Corporate Finance Limited                       Tel: 020 7562 3373
Leo Godsall/Eran Zucker
Leo@rs-cf.com/Eran@rs-cf.com


Bishopsgate Communications                                       Tel: 020 7562 3350
Robyn Samuelson/Gemma O'Hara
sthelensfinance@bishopsgatecommunications.com


MANAGING DIRECTOR'S COMMENTS

As reflected in the Chairman's statement within our annual Report and Accounts to the 31st of December
2008, "we are not chasing volume, but the right deals within the appropriate sectors".

Uncertainty  and  economic  instability have had a considerable impact  on  the  leasing  and  finance
industry over the last six months and consequently our turnover has been reduced, as we have completed
fewer transactions. We have, however, been working not only on our strategy of sector and asset focus,
but also on raising funds through the issue of an Unsecured Convertible Loan Note and, as announced on
the  24th of July, we have already successfully raised and drawn the first tranche of £500,000.  These
funds  are  being used partially to establish the structure of a new subsidiary formed to  enable  the
launch  of  a legal sector funding product, and also as expansion capital to facilitate the  Company's
growth  across  identified  asset classes and thus increase the volume of  transactions  within  these
sectors.

Contemporaneously we are also exploring alternative forms of debt that would complement  our  existing
lines  and  thereby  maximise  the effectiveness of the cash we have available.  The  Directors  feel,
particularly  in  the  current economic climate, that it would be an inappropriate  strategy  to  rely
solely upon the traditional forms of debt financing.

In summary, it is always disappointing to report a fall in turnover but we remain cautiously confident
looking  forward.  With  a  strong  platform in place upon which to  build,  initial  funds  from  the
convertible  loan in the bank and alternative debt discussions taking place, the Company has  a  clear
growth  strategy. Furthermore, with the recently launched funding product the Directors are  confident
that the Company is well placed despite the current economic climate.



INTERIM RESULTS

Profit & loss for the six months to 30 June 2009

                                                   Unaudited            Unaudited             Audited
                                                 6 months to          6 months to        12 months to 
                                                30 June 2009         30 June 2008         31 Dec 2008
                                                         GBP                  GBP                 GBP
                                                                                           
Turnover                                             478,942              661,066           1,328,636
Other interest receivable                                  -                7,747              11,151
                                                     478,942              668,813           1,339,787
Operating Expenses                                                                                   
Interest payable                                   (193,909)             (220,445)          (459,308)
Facility & broker fees                               (1,875)                 (500)              (500)
Disposal of fixed assets                               8,398                11,244             25,790
                                                                                                     
Net Operating Income                                 291,556              459,112             905,769
                                                                                                     
Administrative expenses                            (309,539)             (404,229)        (1,122,963)
                                                                                                     
Profit/(loss) before tax & provisions               (17,983)               54,883           (217,194)
                                                                                                     
Tax on Profit/(loss) on activities                         -                    -             (1,545)
                                                                                                     
Profit(Loss) on activities after tax                (17,983)               54,883           (218,739)
                                                                                                     
Profit/(loss) per share (pence)                        (0.2)                  0.3               (1.2)

Notes

1.      Our Auditors, HW Fisher & Company have not reviewed these interim accounts

2.      The interim statement has been prepared on the basis that operations are continuing operations
        and on a basis consistent with the accounting policies adopted by the Company as stated in the
        Annual  Report  and  Accounts to 31 December 2008, Page 11 note 1. The  financial  information
        included in this document does not comprise statutory accounts within the meaning of  S240  of
        the Companies Act 1985

3.      No taxation has been provided for the six months ended 30 June 2009

4.      Earnings per share have been calculated on the basis of the loss on ordinary activities  after
        taxation for the period of GBP17,983, on an average 18,795,565 ordinary shares which had  been
        in issue throughout the period

Contact Information

  • St Helens Finance plc