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Compass releases results

Kay McLellan

June 13, 2006

Unaudited results for the six months to 31 March 2006

Results

  • £108.1 million of loans packaged in the period (2005: £97.8 million)
  • £2.1 million fund raising net of expenses completed in February 2006 to support working capital and growth of the brokerage and Compass Debt Management
  • Launch of Compass Finance branded insurance product range to supplement the existing product set
  • Acquisition of The Debt Advisor announced in May 2006
  • Share Placing announced in May 2006 to raise £4.15 million net of expenses to fund the cash consideration of the acquisition and to provide working capital for investment in the growth of The Debt Advisory Division
  • Full in-house financial solution product set now established, creating an innovative business model and enhancing our market position

Outlook

  • UK debt consolidation and debt services market continues to grow fuelled by unprecedented levels of consumer debt (UK personal debt reached £1,182 billion at the end of March 2006)
  • Acquisition of The Debt Advisor creates an innovative business and customer acquisition model to leverage greater efficiencies in lead generation and conversion
  • Continued improvement expected within the Consumer Loans Division in the second half
  • Uplifts in case run-rates anticipated in the newly established Debt Advisory Division in the second half
  • Management remains confident about the Group’s long-term potential


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