RNS Number:5790J
Ardent Group PLC
28 September 2006
28 September 2006
EMBARGOED FOR RELEASE AT 7.00AM
Ardent Group Plc
Interim Results for the Six Months ended 30 June 2006
Ardent Group Plc ("Ardent Group", "the Company" or "the Group"), the holding
company of Shared Home Investment Plan Plc ("S.H.I.P."), announces its interim
results for the six-month period ended 30 June 2006.
Highlights
* Acquisition of S.H.I.P., an Irish based home reversion and lifetime
mortgage product provider for the growing equity release market for
over-60s in Ireland, in April 2006.
* Fundraising of #481,250 by the exercise of warrants in April 2006.
* Net asset growth to Euro13.0m, up from Euro1.4m.
* New executive management team with considerable experience in retail
financial services.
* Company is well positioned for future growth in the domestic market.
Enquiries
Ardent Group Plc:
Billy Kane, Chairman and Chief +353 (0)1 664 9337
Executive
MRPA Kinman: +353 (0)1 703 8619
Ray Gordon +353 (0)87 241 7373
Chairman's statement
Introduction
The half year results reflect the considerable changes that have occurred in the
Company since its reverse takeover of S.H.I.P. on 25 April 2006.
S.H.I.P. was acquired in an all equity deal by the issuance of 73,333,333 new
Ardent shares. At the same time the Company raised an additional STG#481,250 by
the issue of 6,875,000 Ardent Warrants to existing shareholders.
S.H.I.P. enables shareholders to participate in the development of the Irish
equity release market for senior citizens, defined as those over the age of 60
years. In addition, on completion of the acquisition of S.H.I.P., your Board has
been strengthened by the appointment of a new executive management team with
considerable experience in retail financial services.
There are two core areas of the S.H.I.P. business.
The first is conducted through a subsidiary called Seniors Finance Ireland Ltd.
("SFIL"). SFIL launched its lifetime mortgage product in March 2006, whereby the
homeowner takes a loan secured by way of a mortgage on the property. No
repayments are made and the interest "rolls up" on the original loan for as long
as the property is occupied by the mortgage holder. The first mortgage was
funded at the end of March 2006. Customer advances were Euro10.6m as at 30 June
2006 and mortgage applications and funding continue to grow. SFIL has an initial
Euro50m funding line with a major financial institution to enable it to meet this
demand. It also hedges its interest rate risk in order to protect its margin
going forward. The combined effects of rolled up interest, customer demand and
the expected lifetime of each loan will result in very substantial loan growth
over the next few years. Distribution is primarily through appointed authorised
mortgage intermediaries. At the end of June there were 102 mortgage
intermediaries appointed and this number continues to increase.
The second core product area is the home reversion product launched in May 2003.
This product allows the homeowner to sell a portion of their home to S.H.I.P. in
return for a lump sum. The reversionary interests purchased by S.H.I.P. are sold
on to specialist purpose vehicles ("SPV"). Fitzwilliam Property Development
(Holdings) Limited, one such SPV, was acquired from Anglo Irish Assurance
Company in February 2006 with a book value of Euro6.4m at that date. As a result of
the acquisition S.H.I.P. currently holds a portfolio of reversionary interests
in 60 properties.
Financial Results
Under acquisition accounting rules the unaudited results for the six months
ended 30 June 2006 reflect only two months' performance since the acquisition of
S.H.I.P.
The accounts have been prepared under UK GAAP. Following an initial analysis,
the Board continues to consider the implications and timetable for implementing
International Financial Reporting Standards ("IFRS"). As an AIM company, the
latest implementation date will be in respect of the year ending 31 December
2007.
The directors consider that IFRS has not yet fully addressed the particular
circumstances of the industry in which the Group operates. The Board will be
reviewing the position with its auditors in the coming months and may well
benefit from the first IFRS statements issued during this period by similar
listed companies.
Income is derived primarily from the mortgage portfolio and the spread between
interest charged to customers net of funding and hedging costs. In the two month
period following the acquisition of S.H.I.P. income was Euro40,132 and is set to
grow strongly in the next six months. Overheads, at Euro165,659 for the period
ended 30 June 2006, reflect the fixed cost nature of the business and the level
of investment required to support ongoing development
On 4th September 2006, Ardent listed on IEX, the Irish Stock Exchange's
specialist mid-sized market. This has already improved liquidity in the
Company's equity and increases the profile and credibility of S.H.I.P. in
Ireland.
The Ardent Group consolidated balance sheet is vastly improved over the previous
year, with net assets as at 30 June 2006 standing at Euro13.0 million, up from Euro1.4
million, and cash at bank and in hand totalling Euro4.4m (30 June 2005: Euro1.5
million).
The Company is currently looking at a number of opportunities in the Irish
mortgage market and the possible acquisition of additional reversionary
interests.
Billy Kane
Chairman and Chief Executive
28 September 2006
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 30 JUNE
2006
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30/06/2006* 31/12/2005 30/06/2005
Euro Euro Euro
Interest Income 72,334 17,640 39,600
Interest Expense and similar (38,961) - -
charges
Net Interest Income 33,373 17,640 39,600
Other Income 6,759 - -
Total Operating Income 40,132 17,640 39,600
Administrative Expenses 165,659 110,042 238,782
Loss before Taxation (125,527) (92,402) (199,182)
Taxation - - -
Loss after Taxation (125,527) (92,402) (199,182)
Loss per share (Note (1)) 0.30 c 0.78 c 1.77 c
* Under acquisition accounting rules the unaudited results for the six months
ended 30 June 2006 reflect only two months' performance since the acquisition of
S.H.I.P.
Note (1): Loss per share
The calculation of loss per share is based on the unaudited consolidated loss
for the financial period and 41,284,722 (31 December 2005: 11,875,000; 30 June
2005: 11,284,790) ordinary shares being the weighted average number of shares in
issue during the period.
UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2006
Unaudited Unaudited Audited
30/06/2006 31/12/2005 30/06/2005
Euro Euro Euro
Fixed Assets
Intangible Assets & Goodwill 7,449,291 - -
Reversionary Assets 6,532,975 - -
Office Equipment 142,622 - -
14,124,888 - -
Current Assets
Customer Advances 10,561,985 - -
Cash at bank and in hand 4,425,906 1,374,968 1,473,539
Other Assets 261,331 19,282 23,621
15,249,222 1,394,250 1,497,160
Creditors (amounts falling due 334,231 74,515 56,715
within one year)
Net current assets / 14,914,991 1,319,735 1,440,445
(liabilities)
Total Assets less Current 29,039,879 1,319,735 1,440,445
Liabilities
Creditors (amounts falling due 16,069,085 - -
after more than one year):
Long Term Bank Loans
Net assets / (liabilities) 12,970,794 1,319,735 1,440,445
Capital and Reserves
Share Capital 1,330,494 173,282 176,135
Share Premium Account 12,075,050 1,439,787 1,463,492
Profit and Loss Account (434,750) (293,334) (199,182)
Shareholders Funds 12,970,794 1,319,735 1,440,445
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2006
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30/06/2006 31/12/2005 30/06/2005
Euro Euro Euro
Net cash outflow from (680,526) (96,301) (182,066)
operating activities
Returns on investments and
servicing of finance
Purchase of property, plant (31,518) - -
and equipment
Acquisition of subsidiary 3,629,668 - -
Bank interest received - 21,596 15,979
Cash on deposit - - (1,463,957)
Net cash used in investing 3,598,150 21,596 (1,447,978)
activities
Financing
Issue of warrants 693,044 - -
Issue of shares for cash - - 1,779,887
Costs of share issue (541,711) - (140,261)
Net cash inflow from financing 151,333 - 1,639,626
Net increase/(decrease) in 3,068,957 (74,705) 9,582
cash
The unaudited interim statement was approved by the board of Directors on 13
September 2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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