Pointon York Group Limited
LSE : PYV

October 26, 2010 05:48 ET

Half year report

Unaudited Interim results for the 6 months ended 31 July 2010

Pointon York Group Ltd Announcement              date 26 October 2010

                                        Pointon York Group Limited
                                                     
   UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 JULY 2010 AND NOTE ON FINAL CLOSE FOR FUNDRAISING

Unaudited interim results

Pointon York Group Limited's unaudited interim results for the six months to 31 July 2010 are detailed
below.

ENQUIRIES:

Geoffrey Pointon
Steven Clews                  TEL: 01858 419300

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 2010

In the six months ended 31 July 2010 turnover was GBP1,707,000 (2009: GBP1,630,000), with losses after tax
of GBP(8,000) (2009: GBP(176,000)) and losses per share of 0.4 pence (2009: loss of 8.4 pence).  This is a
significant improvement over the same period last year.

PYSS has continued to grow its business during the period.  Total revenues rose by 4.7% compared with the
same period last year.  SIPP fee income rose by 6% from £1,505,000 to £1,602,000, and introductory fees
from bank deposits together with bank charges from customers fell by 16% from £125,000 to £105,000
resulting primarily from lower levels of deposits held in SIPPs offset by new charges paid for Premium
Banking Service.  Over the same period operating costs have been reduced by 6% from £1,766,000 to
£1,657,000.

During the 6 months we have launched new products and developed other products which have been launched in
October.  A new corporate Sipp with an e-solution was launched in March.  This has led to the development
of an e-sipp for individuals based on risk-profiled SmartFunds.  The e-sipp has launched in October,
together with a single investment SIPP.  A scheme pension is launching before the month end which together
with the traditional Individual SIPP will provide a full range of products for IFAs which is expected to
attract business.  PYSS continues to respond and develop its proposition to meet regulatory requirements,
and all of the new solutions launched are RDR-ready.

The new distribution team was finalised with the addition of experienced business development managers.
There is now a strong marketing team in place to provide strong market-focused activity.  Howard Barrett
joined the Group in July as deputy Chairman with a challenge of developing and implementing the Group's
strategy.

During the period the Company has raised significant new bank facilities as well as raising new funds from
an issue of new equity and loan stock.  This fundraising which has been reported on earlier this year has
now been closed and the announcement to this effect appears below.

In summary we have now put in place a business with appropriate financing, a stronger and more focused
management team, strong marketing supporting a newly developed full range of relevant products developed to
meet customer needs.  The Board believes that the Group is now well placed to meet the market challenges
which we expect to develop over the next few years.

 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 2010
(Note 1)
(Unaudited)                                                                                              
                                                                     2010                                 2009
                                                                     £'000                                £'000
                                                                                                          
Turnover                                                             1,707                                1,630
                                                                                                          
Administrative expenses                                              (1,657)                              (1,766)
Other operating income                                               -                                    3
                                                                                                          
                                                                                                        
                                                                                                    
Group operating profit/(loss)                                        50                                   (133)
                                                                                                          
Net interest payable and similar charges                            (58)                                 (43)
                                                                                                          
                                                                                                        
                                                                                                    
Loss on ordinary activities before taxation                          (8)                                  (176)
Tax on loss on ordinary activities                                   -                                    -
                                                                                                          
                                                                                                        
                                                                                                    
Retained loss for the period for Group                               (8)                                  (176)
                                                                                                          
                                                                                                        
                                                                                                    
Earning per share (pence)                                            (0.4)p                               (8.4)p

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


DIVIDENDS
No dividend for the year has been paid.


Fundraising and final close

During the period the Company launched a fundraising.  New bank facilities were found which were used to
repay the existing bank overdraft facilities and loans from related companies.  In July an initial close
achieved gross funding of £567,500.  On 20th October 2010 the Board of Directors approved a final close
with the total funds raised now standing at £775,000.  The Company wishes to thank investors for their
participation in the fundraising, which comprises new ordinary shares, 9% loan stock repayable in 5 years
and warrants to acquire new shares in the future.

Since the first close of the subscription the Company received further applications for a total of 415
units raising a gross amount of £207,500. Each Unit consists of 100 new Ordinary Shares of 5 pence each,
four 9% loan notes of £100 and 100 Warrants exercisable at a price of 200 pence each. The Company will as a
consequence issue and allot an additional 41,500 Ordinary Shares for which admission to PLUS quotation will
be sought. In due course the Company will issue documents of title for the Loan Notes and Warrants
comprised within the Units and will make application for Admission to quotation on PLUS of the Warrants and
Loan Notes.

Following the issue and allotment of shares there will be a total of 2,255,014 Ordinary Shares in Issue.

In aggregate the Directors' interests amount to 63.69 % of the ordinary shares in issue.

The Company has prepared a balance sheet as at 31 July 2010 showing the effect of the new capital raised
(including on a pro-forma basis that capital which has been raised as part of the closing announced today).
The consolidated balance sheet now shows considerably more strength than it did previously, and will allow
the Group to implement the business plan as set out in the information memorandum.

CONSOLIDATED BALANCE SHEET AS AT 31 July 2010
(Note 2)
(Unaudited)                                                                                               
                                                                     2010                                 
                                                                                                          
                                                                     £'000                                
                                                                                                          
Intangible Assets                                                    440                                  
Tangible Fixed Assets                                                467                                  
                                                                                                          
                                                                  
                                                                 
                                                                     907                                  
Current Assets                                                                                            
Debtors                                                              975                                  
Cash                                                                 233                                  
                                                                                                          
                                                                  
                                                                 
                                                                     1,208                                
                                                                                                          
                                                                                                        
                                                                 
Current liabilities                                                                                       
Bank loan                                                            (1,250)                              
Other creditors                                                      (736)                                
                                                                                                          
                                                                                                        
                                                                 
Current liabilities                                                 (1,986)                              
                                                                                                          
Net current liabilities                                              (778)                                
                                                                                                          
                                                                                                        
                                                                 
Total assets less current liabilities                                129                                  
                                                                                                          
                                                                                                        
                                                                 
Share capital and premium                                            171                                  
Other non-distributable reserves                                     111                                  
Profit and loss account                                              (773)                                
Loan stock due 2015                                                  620                                  
                                                                                                          
                                                                  
                                                                 
Total shareholders funds and loan stock                              129                                  
                                                                                                          
                                                                  
                                                                 



NOTE
2.  The additional capital and loan stock raised in October has been included in the above figures as if
raised at the time of the first closing in July 2010.

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