Pointon York Group Limited
LSE : PYV

November 02, 2009 11:02 ET

Unaudited Interim Results for the 6 Months Ended 31 July 2009

Plus Markets statement for the 6 months ended 31 July 2009

Pointon York Group Ltd Announcements  31 October 2009 

                                        Pointon York Group Limited
                                                     
                       UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 JULY 2009


Pointon York Group Limited's unaudited interim results for the six months to 31 July 2009 are detailed
below.

ENQUIRIES:

Geoffrey Pointon
Steven Clews     TEL: 020 7626 6789

Pointon York Group Limited

The Directors of the issuer accept responsibility for this announcement.

CHAIRMAN'S REVIEW AND HALF YEARLY STATEMENT

The Group has continued to focus on developing the business of its principal subsidiary Pointon York SIPP
Solutions Limited ("PYSS"), through the provision and administration of Self Invested Personal Pension
Schemes ("SIPPs").


Results for the 6 months to 31 July 2009

In  the six months ended 31 July 2009 turnover was GBP1,630,000 (2008: GBP1,651,000), with losses after tax
of GBP(176,000) (2008: GBP(171,000)) and losses per share of 8.4 pence (2008: loss of 8.2 pence).

PYSS  has  continued  to  grow its business during the period. While overall total revenues  fell  by  1.3%
compared  with  the  same period last year. SIPP fee income rose by 11% from Pounds Sterling  1,357,000  to
Pounds  Sterling  1,505,000,  and introductory fees from bank deposits fell by  42%  from  Pounds  Sterling
294,000 to Pounds Sterling 125,000 resulting primarily from the fall in general interest rates. The rise in
fee income results in part from price increases and new business.

In  the  period we have restructured and refocused. The corporate SIPP is growing in importance within  the
industry,  with  a number of large companies introducing schemes for their employees. As a result  we  have
redefined our proposition and have recently undertaken product testing which we hope will result in  a  new
attractive package early in the new year.

PYSS  has  just announced the appointment of a new Director of Distribution with considerable expertise  in
the  national  IFA  marketplace.  A publicity manager has also been appointed  and  we  expect  that  these
appointments  will enable us to raise our profile among distributors. This will also be reinforced  by  the
restructuring of our client relationship team, which has been strengthened with technical experts, with the
team now able to provide an even better customer experience.

In  addition a Banking Finance Manager has been appointed who is developing a service for managing client's
cash  deposits  from  a risk perspective. This service, which should be launched shortly,  is  expected  to
provide revenues to replace the reduction in introductory fees from bank deposits.

During  the  first 6 months PYSS became the provider of its own SIPP and this should provide a  springboard
for  greater flexibility in our products and how these are structured. During this same period the  company
has reviewed its costs and reduced these in a number of areas.

The  Regulator has been active in this period and has produced reports on Pension Switches into SIPPs,  and
on  smaller  SIPP  operators.  We  believe that FSA will continue to focus  on  smaller  operators  and  we
anticipate  that this will result in several closing or merging with larger firms. From the  work  we  have
been undertaking we consider that we are well placed to respond positively to FSA's requirements, which are
based on appropriate consumer outcomes.

To summarise therefore, we believe that the changes we have made in the period to both the business and the
proposition will have a beneficial effect on the Company's business and fortunes. Meanwhile I would like to
take this opportunity to thank all Group employees for their continued hard work and support.

GEOFFREY POINTON
CHAIRMAN
Pointon York Group Ltd


CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED 31 July 2009
(Note 1)
(Unaudited)                                                                                               
                                                                                                         Total
                                                                     2009                                 2008
                                                                                                          
                                                     Pounds Sterling '000                 Pounds Sterling '000
                                                                          
Turnover                                                            1,630                                1,651
                                                                                                          
Administrative expenses                                            (1,766)                              (1,802)
Other operating income                                                  3                                    3
                                                              
                                                               ----------                           ----------         
                                                                                                    
Group operating (loss)                                               (133)                                (148)
                                                                                                          
                                                                                                          
Net interest payable and similar charges                              (43)                                 (23)
                                                                
                                                               ----------                           ----------                                                                                   
Loss on ordinary activities before taxation                          (176)                                (171)
                                                                                                          
Tax on loss on ordinary activities                                      -                                    -
                                                                                                          
                                                               ----------                           ----------                                       
Retained loss for the period for Group                               (176)                                (171)
                                                                                                          
                                                               ----------                           ---------- 
                                                               ----------                           ----------                                                                                          
Earning per share (pence)                                            (8.4)p                               (8.2)p

DIVIDENDS
No dividend for the year has been paid.

NOTES

1. The above figures are an abridged version of the Company's un-audited consolidated results for the half
year.


The Directors of Pointon York Group Limited accept responsibility for this announcement.
Loeb Aron & Company Limited is acting as the Company's corporate adviser.

Contact Information

  • Pointon York Group Limited