The Board of St Helen's Capital Plc ("St Helen's" or "the Company"), the leading Ofex adviser, is pleased to announce its interim results for the six months to 30th September 2005.
HIGHLIGHTS
* Underlying Turnover increased by 61%
* Profit before Tax GBP93,832
* Net Assets increased by 92.6% to GBP417,481
* Over GBP3.6m raised for clients
* Appointment of Barry Hocken and Antony Legge to the Board
Commenting on today's announcement, Chairman, Tony Drury, said: "Trading conditions have continued to improve as anticipated at the time of the 2004-5 final results and I am delighted with the progress we have achieved ahead of the recent progress made by Plus Markets (Ofex).
"The Board has been reviewing the strategy for the business and the next six months should prove to be both challenging and exciting as St Helen's builds on its position as the leading Corporate Adviser on Ofex."
--ENDS--
The Directors of the Issuer accept responsibility for this announcement
Enquiries:
ST HELEN'S CAPITAL PLC Tel: 020 7628 5582
Tony Drury, Chairman Tel: 07973 737284
www.sthelenscapital.com
BISHOPSGATE COMMUNICATIONS LIMITED Tel: 020 7430 1600
Maxine Barnes
Dominic Barretto
www.bishopsgatecommunications.com
CHAIRMAN'S STATEMENT
The period under review was one of advancement for the business. Underlying turnover increased by 61% to GBP433,620 (2004: GBP269,839) with St Helen's involved in 13 fund raisings totalling over GBP3.6m, compared to only 7 fund raisings in H1 2004.
St Helen's took opportunities during the half year to realise the value of some of its investments, producing a profit on disposal of GBP204,562 and leading to a profit before tax of GBP93,832. However, as a result of the increased cost base, operating losses increased to GBP110,730 (2004: GBP58,396)
REVENUE GROWTH
Of the 13 transactions in H1 2005, 6 were for existing clients and the rest were new business, predominantly cash shells where St Helen's has led the way on Ofex following the changes in the AIM and Ofex rules earlier this year. One of these, JGP Investments plc ("JGP"), has recently announced the acquisition of Creative Entertainment Group in a reverse takeover resulting in a 100% uplift for the original investors in JGP.
St Helen's further acted as the adviser in 3 Ofex admissions (H1 2004: 1 admission) and the retained client base increased strongly with the Company ending the period as corporate adviser to 21 clients ensuring that St Helen's continues to maintain its position as the leading adviser for Ofex companies.
In the period under review around 75% of the revenue was derived from fund raising transactions and admissions and 17% was from corporate retainer income. This compares to 80% and 5% respectively in 2004.
TEAM STRENGTHENED
The increase in turnover was coupled with an increase in the cost base of the business as the Company prepares to gear up for the anticipated expansion of PLUS Markets (Ofex). St Helen's now employs 12 staff and consultants and is looking to further expand its equity distribution team in the near future.
BALANCE SHEET
Net asset value at the end of September was GBP417,481, an increase of 92.6% on last year's figure, GBP216,754.
As part of the strategy outlined last year, St Helen's has continued to build its portfolio of investments and options in the Company's client base. The value of these at the end of September was GBP490,966, compared to GBP303,784 last year. The figure is down from that at the start of the period, being GBP571,099, following the disposals which produced a profit of GBP204,562. The current value still includes an unrealised gain of GBP269,040.
Net debt at the period end was GBP112,963, compared to GBP114,831 at the start of the period.
BOARD CHANGES
St Helen's announced the appointment of Antony Legge and Barry Hocken to the Board of St Helen's Capital. Both have years of experience in the small cap market and will add to the capabilities of the Board.
THE FUTURE
St Helen's has seen a continuous pick up in new business and the current transaction list goes through to March 2006.
Trading conditions continue to improve, as anticipated at the time of the 2004-5 final results, and I am delighted with the progress we have achieved ahead of the recent progress currently being made by Plus Markets (Ofex).
The Board has been reviewing the strategy for the business and the next six months should prove to be both challenging and exciting as St Helen's builds on its position as the leading Corporate Adviser on Ofex.
TONY DRURY
CHAIRMAN
ST HELENS CAPITAL
INTERIM RESULTS
6 mnths to 6 mnths to Year to
30 Sept 30 Sept 31 March
PROFIT AND LOSS 2004 2005 % Chg 2005
GBP GBP GBP
Turnover
Sales 269,839 433,620 +60.7 626,014
Winghaven 140,237 17,165 283,277
Total 410,076 450,785 +9.9 909,291
Overheads
St Helens Capital (328,235) (544,350) +65.8 (857,751)
Winghaven (140,237) (17,165) (283,277)
Total (468,472) (561,515) +19.9 (1,141,028)
OPERATING PROFIT (58,396) (110,730) +89.6 (231,737)
Profit or (Loss) on disposal
of investments 0 204,562 (16,190)
NET GAIN/(LOSS) (58,396) 93,832 (247,927)
AFTER SALE OF INVESTMENTS
Taxation 0 0 0
PROFIT AFTER TAXATION (58,396) 93,832 (247,927)
BALANCE SHEET
FIXED ASSETS 3,519 - -
Investments 303,784 490,966 +61.6 571,099
Trade Debtors 79,149 69,994 62,564
Other 130,364 93,654 174,656
CURRENT ASSETS 513,297 654,614 +27.5 808,319
Bank Overdraft (125,277) (112,963) (114,831)
Trade Creditors (35,385) (19,362) (135,035)
Other (138,400) (104,808) (128,733)
CURRENT LIABILITIES (299,062) (237,133) -20.7 (378,599)
NET ASSETS 216,754 417,481 +92.6 429,720
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Profit on ordinary
activities after taxation (58,396) 93,832 (247,927)
Unrealised profit/ (loss)
Current Investments 94,715 (139,297) 375,110
Share Options 0 33,227
Total 94,715 (106,070) 375,110
Total recognised gains
and losses 36,319 (12,238) 127,183
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