RNS Number:3977T
Debts.co.uk PLC
30 April 2008
For release at 07.00 Wednesday 30th April 2008
Debts.co.uk plc
Interim Results for the 6 months to 31 January 2008
Debts.co.uk plc is a leading provider of a range of consumer debt related
solutions, including Individual Voluntary Arrangements (IVAs), Protected Trust
Deeds (PTDs), Debt Management Programmes (DMPs), bankruptcy, secured loans or
second mortgages, to over-indebted individuals and corporate insolvency
services.
HIGHLIGHTS
Financial Highlights for the Six Months
* Total Group revenue #4.4m (2007: #4.9m)
* EBITDA from ongoing operations before exceptional items of #2,000
(2007: #1.3m)
* Loss after taxation and exceptional items of #0.9m (2007: profit
#0.9m)
* 5,923 cases in an approved arrangement (2007: 3,125) with a further
302 cases being processed (2007: 458)
* IVAs now account for 47% of revenues and 39% of cases in approved
arrangements; this is set to continue to fall over the next 6 months
as other areas of the Group increase
* The post period acquisition of substantially the whole of the assets
and business of PB Recovery Limited adding to revenue and profits and
integrated post period end
Group Rationalisation Benefits
* Reduction in Group operating costs of circa #2m per annum
* Results for the period would have been an operating profit of #502,000
when adjusted for revised level of overheads and excluding the
exceptional items
Funding Position
* A new secured line of credit of #3m (including #500,000 of overdraft)
completed in September 2007
* Post period placing raised #2.73m before expenses
Positive Market Conditions
* Clarity on agreed industry wide protocol for the clearly defined
'Simplified Consumer Individual Voluntary Arrangement'
* Reported increase in consumer debt problems and credit-crunch issues
providing increasingly favourable market and demand for debt advisory
services
* Favourable conditions will support our strategy to increase size
through market consolidation and strategic alliances with third
parties
30 April 2008
Enquiries:
Paul Carter, Chief Executive Officer 0870 990 9716
Debts.co.uk plc
Chris Steele 07979 604 687
Adventis Financial PR
Mark Percy / Parimal Kumar 0207 107 8000
Seymour Pierce Limited
CHAIRMAN'S STATEMENT
I am pleased to report that despite the first six months of this year coinciding
with one of the most difficult trading periods ever experienced within the Debt
advisory sector we have made considerable strategic progress whilst making a
small profit at a trading level. Debts.co.uk plc ("Debts.co.uk" and together
with its subsidiaries the "Group") has been positioned to be a market leader in
the provision of services to over-indebted individuals and companies and we are
pleased to have fared well during a difficult period for the sector as a whole
following creditor resistance to part of our business, namely IVAs.
The Group has continued to grow its operations both organically and in taking
advantage of acquisition opportunities.
Since its admission to AIM in May 2006, in particular, the Group made two key
strategic acquisitions; firstly, Neville Eckley & Co. in October 2006 which
brought on board a significant number of IVA and bankruptcy cases and broadened
the Group's ability to handle a higher volumes of cases at a time when it was
constrained by the availability of suitable space in Chesterfield. Secondly,
Adie Financial Solutions Limited was acquired in June 2007 which gave the Group
the necessary licences and ability to handle Scottish personal and corporate
insolvency work.
The existing core elements of the business have also continued to grow. All key
elements of the business, IVAs, PTDs and Debt Management have seen additional
new cases producing additional revenues and cashflow for the Group.
The broad range of services offered by the Group allows us to ensure that our
customers receive the best advice which is dictated by the individual's
particular circumstances. Additionally, it provides for a more balanced
portfolio of related businesses and we are therefore not reliant on one sector
for our continued growth and development. The board of Debts.co.uk continues to
follow its strategy of continued growth both through organic development and by
way of strategic acquisitions. The latter is demonstrated by the recent
acquisition of substantially the whole of the assets and business of PB Recovery
Limited, part of the Brightside Group plc.
Market Conditions
Individual Voluntary Arrangements ("IVAs")
Our IVA business now accounts for 47% of revenues and only 39% of personal
clients are under this form of indebtedness programme and it is anticipated that
this downward trend will continue in the future. The issues surrounding the IVA
industry, which have been widely reported, have lead to lower numbers of
individuals entering into IVAs. The Insolvency Service statistics report that
in Q 4 of 2007, the number of individuals entering into IVAs was 9,376, down
from the peak twelve months earlier of 12,778. However, these levels are still
much higher than they were pre-2006. This decline is due to creditor pressure
on the levels of IVAs being approved rather than an underlying decline in the
number of individuals facing indebtedness issues. Indeed it is clear that the
numbers of individuals needing the services provided by the Group have never
been higher and it is anticipated that the downward trend in the number of IVAs
will be reversed in Q4 2008 and throughout 2009 as the UK and world economies
slow, combined with the reduction in the availability of cheap credit.
Additionally, financial institutions are coming under increasing pressure to
work with individuals to resolve their financial difficulties rather than stand
in the way of an IVA, which after all is still a successful way of resolving
individuals' financial problems, whilst maximising returns to the creditors.
Much of the creditor concern called for higher standards within the industry and
to agree a consistent basis for level of fees and the manner in which they are
taken. We agree with the creditor in these regards and have regularly been
involved in the discussions which have taken place over the past 12 months. The
end result of these negotiations was an agreed protocol between the industry and
the BBA, who form the core element of creditors. This was implemented on 1
February 2008 and the 'Simplified Consumer IVA' ('SCIVA') was born which
principally applies to IVAs which meet certain restricted criteria; the majority
of our IVA cases meet these criteria and we have been able to modify our
processes to take advantage of the agreed procedures in an efficient and
effective way.
The current economic conditions continue to increase the demand for our
services. Far from easing, the 'credit crunch' is starting to bite, which
together with the potential for house price deflation has significantly reduced
over-indebted individuals opportunities to find credit or other solutions to
ease their problems. We remain well placed to assist such individuals and
ensure that they receive the best possible advice to assist them in finding a
viable and workable solution to their indebtedness issues. This benefits not
only the individual concerned but also their lenders.
Further positive news exists on the horizon. The 'Simplified IVAs ('SIVAs') are
due to go through a parliamentary committee shortly, with implementation either
October 2008 or April 2009. This will be a welcome additional product, and one
which Debts.co.uk plc is well positioned to handle.
Debt Management Programmes ("DMPs")
The Debt Management Programmes, offered through one of our subsidiaries,
Debtcare, have been a core offering of the Group since inception and now
accounts for 23% of our revenue. We have consistently recognised this element
of the business as being an important service line and has benefited by the
responses of the creditors to the IVA market.
Debt management is a preferred option for many consumers although it is
generally the individuals circumstances that ultimately dictate the best route
for them to take. Whilst technically an informal arrangement with creditors, we
are pleased with maintaining low levels of attrition, averaging 2.3% per month,
reflecting the high quality of service we offer to both consumers and creditors.
Protected Trust Deeds ("PTDs")
The results for the Group now include those of Adie Financial Solutions Ltd ("
AFS"), our Scottish subsidiary acquired in June 2007, for the entire period.
The revenue from PTDs now accounts for 21% of total Group revenue.
Acquiring AFS was part of the Group strategic direction to ensure a full service
offering; this now includes consumers within Scotland. The negotiations
surrounding IVAs have not affected the position of PTDs and they continue to
achieve high acceptance rates and profitability.
As with other debt advisory services, such as IVAs and DMPs, the impact of the
current economic conditions will lead to an increased demand for this type of
advisory service.
Corporate, bankruptcy and other revenues
The remaining parts of the business account for 9% of Group revenue. These are
a small but stable part of the business generating a good level of cash flow.
Our Strategic Approach
The Board has reacted well to the changing market conditions and was
strengthened with the appointment of Richard Arden as the Group Finance
Director. Stuart Cumberland, previously Group Finance Director, remains on the
Board with responsibility for Strategic and Commercial Development. Following a
review, the Board took action in October 2007 to restructure and rationalise the
Group into two core operating centres, Chesterfield and Aberdeen. Subsequently
operating costs across the Group have been significantly cut to give savings of
around #2m per annum. If these changes had been implemented for the first half
of 2008 we would have achieved an operating profit of #0.5m. This restructuring
was completed by the end of February 2008 and involved streamlining our approach
and ensuring our resources were utilised to their maximum. We still retain some
capacity to meet short term fluctuations in demand and the ability to be able to
scale our operations as the market increases and our market share improves.
In the short term, our strategic direction is and will be to seek complementary
acquisitions. In March this year, we were able to complete the acquisition of
substantially the whole of the assets and business of PB Recovery Ltd, a trading
subsidiary of Brightside Group plc, which enabled us to bring further revenue to
our two core processing centres in Chesterfield and Aberdeen. Additionally, we
were able to secure further funding of #2.73m less expenses through a placing
both to fund this acquisition and retain sufficient funds to make further
acquisitions as and when such opportunities arise.
The spread of income streams is a key part of our strategy and the Group's
constituent parts each continue to trade well. The Board continues to focus its
activities on a range of products specifically targeted to support over indebted
individuals. Indeed, we have strengthened the offering in terms of loan and
mortgage products through the use of specially selected third parties with whom
we have a developed a strong strategic alliances.
Our Position
The Directors believe that Debts.co.uk is in a strong and unique position in the
industry. In particular, we note:
Stable Operating Position - the Group has put together a stable operating
position in a difficult market place; this allows the Group to effectively
manage current workflows as well as enabling it to gear up for future increase
workflows.
Organic Growth - the Group has in place a number of channels and strategic
alliances which have been developed to ensure that there is good organic growth
in the business; a move away from pure business to consumer relationships has
been made and in place is a greater mix between different sources of referrals
and enquiries.
Market Consolidator - the Group is taking key steps to be a market consolidator;
with both cash available and experience to hand, the Group already has
demonstrated key commitment to the sector.
Existing Cases - the Group handles a significant number of cases, and at the end
of April 2008 these included 3,300 IVAs, 2,050 PTDs, 2,500 DMPs along with 360
other cases; these provide strong cash flows and visible future revenue streams.
I should like to thank all our staff for their hard work and commitment and we
look forward to the future development of the Group with great confidence.
Bernard Asher
Chairman
30 April 2008
CHIEF EXECUTIVE'S STATEMENT
Market trading conditions have been the toughest yet for the industry. However,
we are pleased with our results against this backdrop since our last full year
results.
We have made significant progress both operationally and financially.
Additionally, we are in the fortunate position of having in place a good quality
case load which provides a healthy level of cash flow and future un-booked
contracted revenue. In addition, non-contracted revenue is derived from other
client books. This contracted revenue provides a base level of future revenue
for the next financial year of circa #7.9m before organic growth or acquisition.
Restructuring
In October 2007, we announced our intention to rationalise and restructure the
Group to improve its efficiency and effectiveness. This took place between
November 2007 and February 2008. Our rationalisation enabled us to concentrate
our core activities within central processing centres in Chesterfield and
Aberdeen in order to be more efficient in our operations improve our
communication and maximise the use of resources. This was performed without
impact upon our capacity to handle new and existing work.
The rationalisation resulted in a reduction in staff numbers of around 42 staff
and the closure of all of our offices outside of Chesterfield and Aberdeen. Our
staffing levels at the end of January stood at 138 (July 2007: 176). In total,
this rationalisation will produce savings of circa #2m per annum. Exceptional
costs in relation to redundancies, property leases, re-work, etc. amounted to
#1.4m in the period.
We estimate that had the restructure taken place before the start of the
financial year that this would have reduced operating costs for the period and
hence increased operating profit by circa #500,000 giving us an operating
profitability of circa #502,000 for the period before exceptional costs.
Products
The core of the Group's trading activities continues to be a range of personal
insolvency services, all of which are growing.
Debtcare, our debt management business, has seen significant growth in this
period benefiting from restrictions upon IVAs and continues to go from strength
to strength and now has 2,229 (2007: 1,786) clients and this is now increasing
every month by around 100 additional clients.
Synergi Partners, our insolvency practice for England and Wales, which has
expanded its operations and with general improvements in infrastructure and
specific recruitment is now in a position to significantly increase its volume
of business. It now handles all the business of Neville Eckley Ltd. In total,
our England and Wales based insolvency practices were dealing with 2,903 cases
(2007: 1,339) and this has increased since the acquisition of PB Recovery to
3,300 cases.
Adie Financial Solutions Limited ("AFS"), our insolvency practice in Scotland
which was acquired in June 2007, has put into place general improvements and is
able to take on a significantly increased level of work. AFS were dealing with
1,300 cases and this has substantially increased since the acquisition of PB
Recovery to over 2,000 cases.
As part of our restructuring, we reduced the scale of our secured lending
business, Scarlet Loans and Mortgages; instead, we concentrated on developing
strategic third party relationships which are better placed to deal effectively
and with enhanced product lines with consumers whose circumstances require
alternatives to an IVA, PTD or DMP. We are pleased to have developed strong
strategic alliances in the period that not only enhance such product offerings,
but also bring in additional business and referrals.
Financial Performance
Our reported revenue for the six month period was #4.4m (2007: #4.9m).
Traditionally, first half results are lower than the second half as there is a
degree of seasonality with consumer willingness to deal with debt issues lower
during the summer and the run up to Christmas whilst spring trading is
generally the buoyant period of trading for the Group.
The Group took the decision to restrict the level of direct marketing
expenditure during the period whilst the marketing effort was re-focussed to
generating affinity links with third party organisations, this is explored in
more detail below. Additionally, a number of IVA and PTD books were available to
purchase which was a more efficient way of acquiring clients which resulted in
the acquisition substantially the whole assets and business of PB Recovery
Limited in March 2008. Hence our gross margins rose slightly from 77.6% to
79.1%.
As stated above, our marketing approach has changed focus with traditionally a
large amount of our marketing being direct response advertising to consumers.
This has served us well in the past, but the increased levels of competition in
this market and the reduction in the number of IVAs has increased the costs of
acquiring new clients. Our recent focus has been to develop quality business to
business relationships and strategic alliances; this is through intermediaries,
IVA packagers and other lead providers. The result of these changes has been to
bring down our cost of acquisition and ensuring a good quality workflow into
each of our product lines, the full effect of this will be felt next year but
will have a slight positive impact on the second half of 2008.
Operating costs for the period were #3.5m (2007: #2.5m). As reported above,
these operating costs would have been around #500,000 lower had the
restructuring taken place before the start of the year. The Group is still
seeking further reductions in costs as we improve business efficiencies and
expect operating costs to reduce further in the second half of the year.
The Group retains a healthy balance sheet. The total amount of reserves is
#8.5m. The liabilities due after more than one year include #1.3m of the
revolving credit facility which has been used to date, which was cleared by the
fundraising completed after the period end and the liabilities due in less than
one year include #200,000 of an overdraft facility.
The Group had a net cash outflow from business operations of #1.8m with cash
outflow from restructuring of the business of #514,000. Had the restructuring
taken place before the start of the financial year, we would expect the cash
outflow from operations to be circa #962,000.
Acquisitions and Financing
After the period end we acquired substantially the whole of the assets and
business of PB Recovery Limited, a subsidiary of Brightside Group plc. This has
been a welcome addition to the business and demonstrates our ability to acquire
businesses which add significant value to shareholders. The benefit of this
acquisition will be felt during the second half of the year with strong
profitability and cash inflows flowing from that acquisition.
We also worked during the period on securing additional business funding: in
September 2007 we agreed with our bankers a three year revolving credit facility
of #2.5m on top of the #500,000 overdraft already available to us; and a
placing announced on 26 February 2008 and completed on 17 March 2008 raised
funds of #2.73m (less expenses of #109,000). This funding enables us to
capitalise on future acquisition opportunities as and when they arise.
Whilst the full benefits of our business strategy are not fully visible in the
results for the first half of the year, the second half will see significant
growth in terms of volume of trading as well as the ability to leverage off a
centralised cost base, skills and knowledge within the Group.
We continue to work within the various industry forums to ensure that the Group
is at the centre of regulatory change. The Group continues to ensure that best
practice advice continues to be offered to our customers through our experienced
debt counsellors.
The outlook for the economy appears favourable for the provision of the Group's
services. With this as the backdrop, we have and are continuing to put into
place processes and systems which enable us to continue the growth and progress
of the business.
We look forward to the next six months and the further progress of the Group and
are confident that we shall meet market expectations for both growth and
profitability.
Paul Carter
CEO
30 April 2008
Group income statement for the period to 31
January 2008
Unaudited Unaudited Audited Group
Six months ended Six months 12 months
ended ended
31-Jan-08 31-Jan-07 31-Jul-07
#'000 #'000 #'000
Revenue 4,424 4,958 11,598
Direct costs (923) (1,112) (2,163)
Gross profit 3,501 3,846 9,435
Operating costs
(3,499) (2,545) (5,993)
Operating profit before
exceptional items 2 1,301 3,442
Exceptional items (1,372) - -
(note 4)
Operating (loss)/profit after
exceptional items (1,370) 1,301 3,442
Net finance income/ (cost) (76) 1 (22)
(loss)/profit on ordinary
activities before taxation (1,446) 1,302 3,420
Income tax expense 548 (391) (846)
(loss)/profit for the period
attributable to equity holders (898) 911 2,574
of the parent
Earnings per share
Note
Basic earnings per ordinary -4.26p 4.69p 13.05p
share (note 2)
Diluted earnings per ordinary -4.26p 4.64p 13.04p
share (note 2)
There were no changes in equity other than the profit for the period attributable to
equity holders of the parent as shown in the above Group Income Statement for each of
the periods.
Group consolidated balance sheet as at 31
January 2008
Unaudited Unaudited Audited Group
Six months ended Six months ended 12 months ended
31-Jan-08 31-Jan-07 31-Jul-07
#'000 #'000 #'000
Assets
Non-current assets
Goodwill 1,008 231 1,008
Property, plant and
equipment 514 770 519
1,522 1,001 1,527
Current Assets
Trade and other receivables 11,300 6,426 10,681
Cash and short-term
deposits - 1,717 1,219
11,300 8,143 11,900
Total assets 12,822 9,144 13,427
Equity and liabilities
Equity attributable to
equity holders of the
parent
Share capital 2,109 1,944 2,109
Share premium 5,527 4,033 5,527
Merger reserve (1,513) (1,513) (1,513)
Retained earnings 2,418 1,725 3,316
8,541 6,189 9,439
Current liabilities
Trade and other payables 2,017 1,325 1,974
Corporate income tax
payable 641 1,389 1,828
2,658 2,714 3,802
Liabilities due after one
year 1,623 241 186
Total liabilities 4,281 2,955 3,988
Total equity and
liabilities 12,822 9,144 13,427
Group consolidated cash flow statement for the six months ended
31 January 2008
Unaudited Unaudited Audited Group
Six months ended Six months ended 12 months ended
31-Jan-08 31-Jan-07 31-Jul-07
#'000 #'000 #'000
Cash flows from operating
activities
(Loss)/Profit from
operations (1,370) 1,301 3,442
Depreciation of property,
plant and equipment 70 102 386
Profit on disposal of
property, plant and - - (241)
equipment
Other non-cash movement - - 72
Operating cash flows before
movement in working capital (1,300) 1,403 3,659
Increase in receivables (619) (3,116) (6,676)
(Decrease)/Increase in
payables 93 358 (2)
Cash generated from
operations (1,826) (1,355) (3,019)
Income taxes paid (639) - -
Net cash (used in)/ from
operating activities (2,465) (1,355) (3,019)
Cash flows from investing
activities
Net interest paid/
(received) (76) (13) (8)
Acquisition of property,
plant and equipment (65) (550) (1,173)
Disposal of property, plant
and equipment - 653
Acquisition of subsidiary
undertaking - (331) (694)
Net cash used in investment
activities (141) (894) (1,222)
Cash flows from financing
activities
Net increase in borrowings 1,276 - (65)
Proceeds on issues of
shares - - 1,631
Principal payments under
finance lease (88)
Cost of share issue - - (72)
Net Cash (used in)/from
financing activities 1,188 - 1,494
Net (decrease)/increase in
cash and cash equivalents (1,418) (2,249) (2,747)
Cash, cash equivalents and
bank overdrafts at the
beginning of the period 1,219 3,966 3,966
Cash, cash equivalents and
bank overdrafts at the end
of the period (199) 1,717 1,219
DEBTS.CO.UK PLC
Group Consolidated Accounts for the Six Months Ended 31 January 2008.
EXPLANATORY NOTES
1. BASIS OF PREPARATION
The accounts of the Group for the year ended 31 July 2007 were approved by the
Board on 18 January 2008.
The interim financial statements have not been audited and do not constitute
statutory accounts as defined under s.240 of the Companies Act 1985.
The interim financial statements have been prepared in accordance with
applicable accounting standards and the requirements of AIM rule 18 and are
consistent with those adopted and disclosed in the Group's statutory accounts
for the year ended 31 July 2007. Those accounts, upon which the auditors issued
an unqualified opinion, have been delivered to the Registrar of Companies.
2. EARNING PER SHARE
a) Basic earnings per share is calculated by dividing the profit attributable to
equity shareholders of the company by the weighted average number of ordinary
shares in issue during the year. For comparison, we also calculate the basic
earnings per share for the company before exceptional items.
b) Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares. The company has one category of dilutive potential
ordinary shares, these being share options. For these share options, a
calculation is done to determine the number of shares that could have been
acquired at fair value (determined as the average annual market share price of
the company's shares) based on the monetary value of the subscription rights
attached to outstanding share options. The number of shares calculated as above
is compared with the number of shares that would have been in issued assuming
the exercise of the share options.
Unaudited Unaudited Audited Group
Six months ended Six months ended 12 months ended
31-Jan-2008 31-Jan-2007 31-Jul-2007
#'000 #'000 #'000
Earnings
Reported earnings (898) 911 2,574
Reported earnings before
exceptional items 63 911 2,574
Weighted average shares:
Issued shares start of period 21,093,253 19,444,444 19,444,444
25 May 2007 issue 14,090
7 June 2007 issue 259,638
Weighed average number of ordinary 21,093,253 19,444,444 19,718,172
shares
Dilutive share Options outstanding - 192,983 79,906
Weighed average number of ordinary 21,093,253 19,637,427 19,798,078
shares
Basic EPS (a)
Reported EPS -4.26p 4.69p 13.05p
Reported EPS before exceptional
items 0.30p 4.69p 13.05p
Diluted EPS (b)
Reported Diluted EPS -4.26p 4.64p 13.00p
Reported Diluted EPS before
exceptional items 0.30p 4.64p 13.00p
3. COMPARATIVE FIGURES
The comparative figures represent the unaudited results for the six month period
to 31 January 2007 and the audited Group results for the year from 1 August 2006
to 31 July 2007.
4. EXCEPTIONAL ITEMS AND RESTRUCTURING PROVISION
Exceptional items are those significant items which are separately disclosed by
virtue of their size or incidence to enable a full understanding of the Group's
financial performance. The main exceptional items have been costs associated
with the restructuring and rationalisation of the Group, including costs of
redundancies and future costs associated with an onerous property lease.
The intention to restructure and rationalise the Group operations was announced
on 9th October 2007. The objective was to seek efficiency savings within the
Group and maximise the use of resources. This was to improve the Group's
long-term profitability by allowing cases to be handled in the most efficient
way and reducing the Group's overall cost structure.
Activities carried out during the six month period are as follows:
#'000s
Restructuring provision at 1 August 2007 -
Provision created against onerous leases 225
Redundancy provisions 250
Legal and regulatory costs 24
Revision of work 675
Abandonment of pipeline work 162
Other restructuring costs 36
Amounts utilised (1,222)
Restructuring provision at 1 August 2007 150
5. RELATED PARTY TRANSACTIONS
All inter group transactions between Group companies have been eliminated on
consolidation.
During the period, the Group engaged Olivine Partners LLP and Olivine Capital
Partners Limited of which Stuart Cumberland is a Member and Director,
respectively, to undertake corporate finance and tax advisory services. Fees
payable totalled #78,968 in the period to 31 January 2008. At the 31 January
2008 a total of #24,507 was owed.
During the period the Group incurred rent in respect of the premises at Carter
Place, Gisborne Close, Staveley, Chesterfield S43 3JT of which Paul Carter is
the Landlord. The total cost of the rent in the period was #162,590. At the 31
January 2008 a total of #nil was owed.
During the year the company purchased security guarding services, fuel charges
and hire charges for an electricity generator totalling #85,025 due to the
requirement for a temporary electricity supply whilst an electric substation was
completed. These charges ended on 31st December and no amount was outstanding
at 31 January 2008. Paul Carter has used and is currently using Jaybuild
Projects Limited on a number of personal building projects including the current
offices occupied by the Group in Chesterfield and the transactions are
considered to be related by virtue of the personal relationship of Paul Carter
and Jaybuild Projects Limited.
6. POST BALANCE SHEET EVENTS
Since the end of the period, the Group has engaged in the following material
events. These are not reflected in the interim financial report.
On 17th March Debts.co.uk plc issued a total of 6,066,669 new ordinary shares of
10p each at a placing price of 45p per share.
On 18th March, the Group acquired substantially the whole of the business and
assets of PB Recovery Limited for an initial consideration of #1,125,000 to be
satisfied as immediate cash payable of #1,000,000 and deferred consideration of
#125,000 payable in 6 equal monthly instalments commencing one month from date
of completion. In addition, a further #86,000 was payable as a temporary
premises use fee on completion.
--------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
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