St Helens Finance plc

April 06, 2009 02:00 ET

Audited Final Results and Notice of AGM

                                                                                          6 April 2009
                                        St Helen's Finance Plc
                                ("St Helen's Finance" or "the Company")

                                         Audited Final Results
                        For the Twelve Months to the Year End 31 December 2008
                                   Notice of Annual General Meeting

The Board of St Helen's Finance Plc, the PLUS quoted independent provider of asset finance facilities,
announces its audited results for the twelve months to the year end 31 December 2008.


Ø       Turnover up by almost 75% to £1.3m
Ø       Gross receivables up by over 10% to > £7.4m
Ø       Total live transactions up by 39% to 430
Ø       Winner of the Growth Company Investor Awards, Plus Company of the Year 2008
Ø       New brokerage department to drive fee income opportunities

Commenting, Norman Kenvyn, Managing Director, said:

"The  first  six  months of the year started strongly with the Company wining the  prestigious  Growth
Company  Awards  as  Plus Company of the Year. We also achieved month on month profitability  for  the
first six months to 30 June 2008. Unfortunately the second half of the year saw the tightening of  the
credit  markets  which  hit  the financial services industry across the board  and  some  losses  were
incurred. However, turnover continued to grow with a 75% increase year on year.

"We have comprehensively reviewed the portfolio to ensure that we have a solid general provision at  a
level  of  sufficient  prudence, This will be combined with a strong growth  strategy  to  ensure  the
Company  continues to move forward and despite the current economic climate we approach  the  next  12
months with confidence ."

There are 18,795,565 Ordinary Shares currently in issue.

Further  to the above, the Board, announces that the Company's Annual General Meeting ("AGM") will  be
held at 3rd Floor, 5-7 St Helen's Place, London EC3A 6AU on Tuesday 19 May 2009 at 9.00am.

Notice of the AGM will be sent out to shareholders alongside the Annual Accounts, no later than the 17
April 2009 and will be available for inspection from that date during business hours, 9:00 - 17:00, at
the  registered  office  of the Company, 3rd Floor, 5-7 St. Helen's Place, London,  EC3A  6AU  on  any
weekday (public holidays excluded).

               The Directors of the issuer accept responsibility for this announcement.


ST HELEN'S FINANCE PLC                                    Tel: 020 7628 4004
Norman Kenvyn - Managing Director
Rick Abbott - Chairman

RIVINGTON STREET CORPORATE FINANCE                        Tel: 020 7562 3373
Leo Godsall              Eran Zucker  

BISHOPSGATE COMMUNICATIONS LTD                            Tel 020 7562 3394
Gemma O'Hara   


Extract from a press release 30 April 2008

"Following  last night's Growth Company Investor Awards ceremony, St Helen's Finance is  delighted  to
announce that it secured first place to win the accolade of PLUS Company of the Year"

This  was  a  fantastic start to the year and a testament to the hard work by all of our staff.  Since
then,  2008  has been a year of change; unprecedented economic turmoil that has touched every  company
and this cannot be ignored.

Reflecting upon the Profit & Loss account, turnover for the year has increased by 74.6%, in line  with
forecast,  and  gross  receivables have increased by 10.8%. Whilst at the  half  year  the  management
accounts  confirmed a trading profit for the first 6 months, losses have been incurred in  the  second
half by the taking of specific provisions resulting in a reported loss for the year.

As  in  previous  years  the  Directors  have analysed each  transaction  and  have  made  appropriate
conservative  adjustments through impairment charges and we continue to take a robust and conservative
approach  to  underwriting with a constant review of the individual sectors over which  our  customers

We  have  also ensured that our general provision remains at a level of sufficient prudence given  the
level of risk we, at the time of writing, believe there is within the book and as such we are able  to
approach 2009 with confidence.

Given  the  economic  climate, the Board has taken various measures to ensure  the  Company  is  in  a
stronger position to take advantage of the current trading conditions:-

We are not chasing volume, but the right deals within the appropriate sector and as such have:-

*       Reduced the active number of approved brokers to the Company to identify quality opportunities
*       Strengthened the selection criteria for each of our customers;
*       Decreased the average exposure of each transaction; and
*       Increased the net return to the Company

We have also expanded our fee income earning opportunities by:-

*       Developing a new direct sales initiative; and
*       Offering existing customers additional client specific products

The  benefit  of the above initiatives has positioned the Company to ensure our exposure  to  the  SME
customer  base is appropriate for the current climate whilst controlling and building for  the  future
across  vertical  markets  best suited to the current economy. We also continue  to  actively  explore
portfolio and sector consolidation opportunities that are constantly emerging.

In  summary,  although we have experienced a mixed year, we continue to concentrate  on  tight  credit
control  and  collection and are confident that our management platform is well  equipped  to  see  us
through these turbulent and uncertain times.

Rick Abbott
10 March 2009


                                                                        2008                      2007
                                                                           £                         £
Turnover                                                          1,328,636)                  759,896)
Other interest receivable and similar income                         11,151)                   16,281)
                                                              --------------            --------------
                                                                  1,339,787)                  776,177)
Operating Expenses                                                             
Interest payable and similar charges                               (459,308)                 (254,804)
Funding facility fees                                                  (500)                  (26,845)
Disposal of leased assets                                            25,790)                    4,031)
                                                              --------------            --------------
Gross Profit                                                        905,769)                  498,559)
Administrative expenses                                          (1,122,963)                 (810,950)
                                                              --------------            --------------
Loss of Ordinary activities before taxation                        (217,194)                 (312,391)
Tax on loss on ordinary activities                                   (1,545)                         -
                                                              --------------            --------------
Loss on ordinary activities after taxation                         (218,739)                 (312,391)
                                                              --------------            --------------
Loss per share (pence)                                                 (1.2)                     (2.0)

The  profit  and  loss  account  has  been prepare on the basis that  all  operations  are  continuing

There are no recognised gains and losses other than those passing through the profit and loss account.


                                                                              2008                   2007
                                                                                 £                      £
Fixed assets                                                                                             
Tangible assets                                                            26,596)                37,270)
Investments                                                                    50)                    50)
Current assets                                                                                           
Debtors: amounts falling due within one year                            2,776,930)             2,065,290)
Debtors: amount falling due after more than one year                    3,426,586)             3,330,016)
Cash in bank and at hand                                                  108,722)               413,048)
                                                                    --------------         --------------
                                                                        6,312,238)             5,808,354)
Amounts falling due within one year                                    (2,803,097)            (1,835,715)
                                                                    --------------          -------------
Net current assets                                                      3,509,141)             3,972,639)
Total assets less current liabilities                                   3,535,787)             4,009,959)
Creditors; amounts falling due after more than one year                (2,800,120)            (3,055,553)
                                                                    --------------         --------------
                                                                          735,667)               954,406)
                                                                    --------------         --------------
Capital and reserves                                                                                     
Called up share capital                                                   657,845)               657,845)
Share premium accounts                                                  1,064,604)             1,064,604)
Profit and loss accounts                                                 (986,782)              (768,043)
                                                                    --------------         --------------
Shareholders' funds - equity interests                                    735,667)               954,406)
                                                                    --------------         --------------

The financial statements were approved by the Board on 10 March 2009

NJ Kenvyn                                A Irving
Managing Director                        Director

1.  The financial information set out in this announcement does not constitute statutory accounts
    within  the meaning of section 240 of the Companies Act 1985. This financial information has  been
    extracted from the audited full accounts.

2.  The financial statements are prepared in accordance with applicable United Kingdom Accounting
    Standards (United Kingdom Generally Accepted Accounting Practice).

3.  The directors do not recommend the payment of a dividend.

4.  The  Annual  Accounts will be sent out to shareholders alongside the Annual  General  Meeting
    Notice, no later than the 17 April 2009 and will be available for inspection from that date during
    business hours, 9:00 - 17:00, at the registered office of the Company, 3rd Floor, 5-7 St.  Helen's
    Place, London, EC3A 6AU on any weekday (public holidays excluded).

Contact Information

  • St Helens Finance plc