Interim Results for the six months ended 31 December 2010

  • Anil Kanda
  • 05 Apr, 2011

Ultimate Finance Group plc (AIM:UFG), a leading provider of financial solutions to SMEs, today announces its Interim Results for the six months ended 31 December 2010.
Highlights

  • Profit before tax increased by 76% to £337,000 (31 December 2009: £191,000)
  • Ashley Commercial Finance ahead of management expectations in two months contributing profit before tax of £228,000
  • Turnover up 51% to £4.3 million (31 December 2009: £2.9 million)
  • Proposed interim dividend of 0.35p. An increase of 17% (31 December 2009: 0.30p), in line with the progressive dividend policy
  • Earnings per share increased to 0.80p (31 December 2009: 0.69p)
  • £6.2 million of £34 million banking facility from Lloyds remained available to grow client base as at 31 December 2010
  • Transformational acquisition of Ashley successfully completed in October 2010 and integration of the business is complete
  • Regional presence strengthened by the opening of offices in Birmingham and Cardiff and continued sales force growth

Clive Garston, Chairman of Ultimate Finance, commented: “This has been a period of significant development for the Group, with the acquisition of Ashley Commercial Finance proving transformational for Ultimate in terms of scale and product offering. The Board is extremely pleased with the progress that this business has made and the contribution that it is already providing.

”The economic climate remains challenging, but this is presenting a number of opportunities for the Group as demand for our services continues to grow. The Group is well positioned with its regional presence, operational strength and £34 million funding facility.”