St Helens Finance plc

April 21, 2008 03:02 ET

St Helen's Finance plc ('St Helen's Finance' or 'SHF' or 'the Company'): Strong Q1 Trading Update

LONDON, UNITED KINGDOM--(Marketwire - April 21, 2008) - The Board of St. Helen's Finance, the PLUS quoted independent provider of asset finance facilities, is pleased to report strong first quarter earnings to March 2008.

- Three months profitable trading, after all costs and provisions

- Like for like Q1 turnover up 129% to GBP 302,000 (2007: GBP 132,000)

- Like for like Shareholder Funds up 51% to GBP 979,513

- Like for like Debt Facilities up 105% to GBP 5,650,000

- Like for like number of live deals up 143% to 364

Comparison with key statistics for the same period last year are shown below and improvements have been achieved without compromising or weakening the Company's underwriting standards, even more important in the current economic environment. At the same time SHF has increased the underlying interest margin across the Company's portfolio, year on year, by circa 10% and this is reflected by the Company delivering month on month profitability.

Q1 - 2007 Q1 - 2008 percent change

Number of deals received 167 290 74%
Number of deals accepted 57 107 87%
Number of deals activated 33 61 85%
Equipment financed GBP 806k GBP 1.374m 70%
Turnover for the period GBP 132k GBP 302k 129%
Profit/(Loss) for the period (GBP 21,870) GBP 25,107 215%

Bad debt and arrears are constantly monitored with the growing portfolio ensuring such risks are spread more widely with the Directors comfortable that sufficient provisions are being taken at this time.

As stated in the 2007 annual report and accounts, the current economic conditions will present the Company with many opportunities as traditional lenders within this sector become restricted as their available facilities are tightened; or they may even withdraw from the market totally. Our success at raising fresh capital and funding lines last year has resulted in a number of discussions which could enable the Company to accelerate the organic growth predictions as illustrated within the research note issued in March 2008.

The Directors of the Issuer accept responsibility for this announcement.

St Helen's Finance is an independent provider of asset finance facilities. Based in the heart of the City of London, the financial capital of the world, its primary focus is the small to medium company sector ('SME'), providing a range of innovative, predominantly asset backed financing.

Contact Information

  • St Helen's Finance plc
    Norman Kenvyn
    Managing Director
    +44 (0) 20 7628 4004
    St Helen's Finance plc
    Rick Abbott
    +44 (0) 20 7628 4004
    Fisher Corporate Plc
    Gary Miller
    +44 (0) 20 7388 7000
    Bishopsgate Communications Limited
    Dominic Barretto
    +44 (0) 20 7562 3350
    Bishopsgate Communications Limited
    Gemma O'Hara
    +44 (0) 20 7562 3350