Interim Results
August 26 2005 - 3:00AM
UK Regulatory
RNS Number:5124Q
Libertas Capital Group PLC
26 August 2005
For immediate release 26 AUGUST 2005
LIBERTAS CAPITAL GROUP plc
("Libertas Capital" or "the Company")
Interim Results for the 6 months ended 30th June 2005
Libertas Capital Group plc (AIM: LBR), the financial services group, today
announces un-audited interim results for the six months ended 30th June 2005.
Highlights
Financial
* Revenue of #3.6m for first half year 2005 compared with first half year 2004
of #2.9m (an increase of 26%). Revenue for the full year of 2004 was #4.7m
* Pre tax profit of #0.7 m for half year (2004 full year #1.0m)
* Earnings per share of 1.20 pence (2004 full year 2.42p)
* Net Assets of #5.9m (31 December 2004 #3.5m)
Operational
* Completed 7 transactions in first half
* Opening of operations in Asia
* Libertas Capital appointed as Nominated Adviser
* Libertas Capital admitted as a member of the London Stock Exchange
Jakob Kinde, Executive Chairman of Libertas Capital Group plc, said:
"We are delighted to report a good first half year result. We have continued to
implement our strategy including the opening of operations in Hong Kong and
Shanghai, to serve the growing markets of Asia, particularly China.
Libertas Capital has recently been appointed as a Nominated Adviser and,
together with the admission of Libertas Capital to the London Stock Exchange
earlier this year, we are now able to provide the full complement of corporate
finance services including those of brokers and nominated adviser.
Our strategy remains unchanged. We are continually building our competence in
our core sectors namely Renewable Energy, Technology and Medical Technology
within all our business operations and geographic areas where we see significant
opportunities. Hence we have continued to expand our human capital resources in
key geographic areas to capture many of these opportunities on a profitable
basis.
Our business is continuing to progress well with key significant additions to
our team, including Jonathan Flory who is responsible for our Corporate Finance
business and Antonio Gelonesi who is Executive Chairman of Libertas Capital Asia
Limited, and a good transaction pipeline. The Board looks forward to further
successes for the full year."
For further information please contact:
Libertas Capital Group plc
Jakob Kinde, Executive Chairman +44 (0)20 7569 9651
Henry Okereke, Chief Executive +44 (0)20 7569 9652
Shore Capital
Guy Peters/ Dru Danford +44 (0)20 7408 4090
Buchanan Communications
Charles Ryland / Mary-Jane Johnson +44 (0)20 7466 5000
Notes to Editors
About Libertas Capital Group plc
Libertas Capital is a UK-based financial services firm offering its clients a
full range of dedicated independent Corporate Finance Advisory, Research and
Distribution services.
Corporate Finance services include advice on M&A, public and private fund
raising, private equity encompassing development capital, MBOs and MBIs,
valuation and exit strategy. In the Securities business Libertas Capital offers
research to corporate and institutional clients, via Equity Growth Research and
Libertas Capital Research, over a global distribution network. Libertas Capital
is focused on the small to mid cap market in the UK, Northern Europe, the Nordic
region, Asia and the US, where the Group has gained widespread experience and
developed strong relationships.
Libertas Capital concentrates primarily on growth companies across a number of
industry sectors with a particular focus on renewable energy, technology
(software and business services) and medical technology.
Chairman's Statement
We are pleased to report that we achieved a good set of results in the first
half of this year, building upon the previous year's performance, following our
admission to the London Stock Exchange.
Summary of financial results
Revenue for the first half of 2005 was #3.6m which compares well with revenue of
#4.7m recorded for the full year of 2004. Profit before tax for the Group for
the first half was #0.7m and closing net assets were #5.9m compared with profit
before tax and net assets for the full year of 2004 of #1.0m and #3.5m
respectively.
We acquired Riddar Capital Limited in March 2005 for #1.9m which had cash assets
of #1.3m. We intend to establish Riddar Capital Limited as a specialist research
company. The acquisition of Riddar Capital Limited, together with its net
assets, provided Libertas Capital Group plc with further capital to enhance the
expansion of the Group's different business areas.
We have maintained our objective to trade profitably whilst at the same time
implementing our growth strategy and increasing our human capital resources to
offer the full services which the demanding market place requires.
Libertas Capital Corporate Finance Limited
This subsidiary continues to build well. We appointed Jonathan Flory, an
experienced corporate financier with over 22 years in the industry, as Global
Head of Corporate Finance in February of this year. The business is growing with
an increased number of mandates. We closed 7 transactions which included the AIM
flotation of Libra Natural Resources plc and capital reorganisation of Aspen
Clean Fuels Limited.
The Corporate Finance unit in Stockholm, which began operating in the latter
part of last year, is beginning to perform well with a number of key successes
in winning mandates. Libertas Capital was admitted as a Nominated Adviser
(NOMAD) for the AIM market in June 2005.
Libertas Capital Securities Limited
This subsidiary was admitted as a member to the London Stock Exchange in the
early part of this year and had its FSA licence upgraded to Category C, in order
to provide a fuller range of stockbroking services. We are continuing to build
this subsidiary in its key activity areas, namely distribution and research both
under the brand name of Libertas Capital Research (institutionally focused
research in our core sectors) and Equity Growth Research (corporate sponsored
research across a wide range of sectors).
This subsidiary has participated in all our transactions and successfully placed
transactions with a wide range of investors. It has also become the broker for a
number of different companies.
Libertas Capital Asset Management Limited
We are in the process of identifying opportunities for this area of operations.
We will in due course announce more details as and when the current process is
completed.
Libertas Capital Ventures Limited
We have built a very interesting portfolio with a number of holdings in
companies mainly involved in Renewable Energy, including Aspen Clean Fuels
Limited and Solar Integrated Technologies Inc.
Appointment of New Non Executive Director
Michael Naylor, aged 40, joined the Group's Board as Non Executive Director in
April 2005. Michael is a director and co-founder of NMH Search, a leading
European executive search company, and he is considered to be one of the leading
specialists in executive search within the renewable energy sector. Michael's
recent appointments, to the Steering Committee of ACORE and the Green Power
Working Group, are testament to his ability and standing within the industry.
Expansion into Asia
We are also expanding into Asia managed from an office in Hong Kong. The focus
of the business will be primarily within Libertas Capital's core sectors, namely
Renewable Energy, Technology and Medical Technology. The wholly owned
subsidiary, Libertas Capital Asia Limited, has already been established, with
some key corporate mandates in place. This unit will offer full corporate
finance services for the markets in Asia, particularly China, to complement
those services provided by the Group in London and Stockholm. This subsidiary
will open a representative office in Shanghai to assist in servicing these
important markets.
Antonio Gelonesi will be Executive Chairman for Libertas Capital Asia Limited.
He has over 22 years experience in merchant banking and financial markets. From
1999 to 2004 he headed the Deloitte and Touche global team on climate change
strategy and is a member of several international committees concerned with
sustainable development, environmental and renewable energy issues.
Outlook
Our strategy remains unchanged. We are continually building our competence in
our core sectors namely Renewable Energy, Technology and Medical Technology
within all our business operations and geographic areas where we see significant
opportunities. Hence we have continued to expand our human capital resources in
key geographic areas to capture many of these opportunities on a profitable
basis.
Our business is continuing to progress well with key significant additions to
our team and a good transaction pipeline. The Board looks forward to further
successes for the full year.
Jakob Kinde
Executive Chairman
Consolidated Profit and Loss Account for the 6 months ended 30 June 2005
Notes Un-audited Audited
6 months ended 12 months ended
30 June 31 December
2005 2004
#000 #000
Revenue 3,606 4,713
Administrative expenses (2,898) (3,608)
Exceptional loss (44) (86)
--------------- --------------
Profit on ordinary activities before interest 664 1,019
Interest receivable 5 15
Interest payable (12) (7)
--------------- --------------
Profit on ordinary activities before taxation 657 1,027
Tax on profit on ordinary activities 2 (197) (307)
--------------- --------------
Profit on ordinary activities after taxation 460 720
Dividends - -
--------------- --------------
Retained profit for the financial period 460 720
=============== ==============
Earnings per share - basic 3 1.20p 2.42p
Earnings per share - diluted 3 1.19p 2.41p
There are no recognised gains or losses for the current financial period and the
preceding financial period other than the profit shown above. All results are in
respect of continuing operations.
Consolidated Balance Sheet as at 30 June 2005
Notes Un-audited Audited
30 June 31 December
2005 2004
#000 #000
FIXED ASSETS
Intangible fixed assets - goodwill 988 200
Tangible fixed assets 191 182
Fixed asset investments 3,118 2,509
--------------- --------------
4,297 2,891
--------------- --------------
CURRENT ASSETS
Debtors 1,330 1,713
Investments 2,747 483
Cash at bank and in hand 130 337
--------------- --------------
4,207 2,533
--------------- --------------
CREDITORS - amounts falling due within
one year 4 (2,558) (1,838)
--------------- --------------
NET CURRENT ASSETS 1,649 695
Total Assets less
Current Liabilities 5,946 3,586
Creditors - amounts falling due after
one year (76) (76)
--------------- --------------
NET ASSETS 5,870 3,510
=============== ==============
CAPITAL AND RESERVES
Called up share capital 5 415 348
Share premium account 3,538 1,705
Merger reserve 612 612
Profit and loss account 1,305 845
--------------- --------------
SHAREHOLDERS' FUNDS
-EQUITY INTERESTS 5,870 3,510
============== =============
Consolidated Cash Flow Statement for the 6 months ended 30 June 2005
Notes Un-audited Audited
6 months ended 12 months ended
30 June 31 December
2005 2004
#000 #000
Net cash outflows from operating
activities 6 (1,694) (1,667)
Returns on investments and servicing
of finance (7) 8
Taxation - -
Capital expenditure and financial
investment (31) (52)
Acquisitions - net cash acquired in
subsidiary 1,265 4
--------------- --------------
Net cash outflow before management of
liquid resources and financing (467) (1,707)
Management of liquid resources - 160
Financing
Net proceeds from issue of ordinary share
capital - 1,886
Capital element of finance lease payments (23) (20)
--------------- --------------
(Decrease)/Increase in cash in the period (490) 319
=============== ==============
Notes to the Accounts for the 6 months ended 30 June 2005
1.Financial Information
The interim financial information for the six months ended 30 June 2005 has been
prepared using policies consistent with those applied to the year ended 31
December 2004. Such information does not constitute statutory accounts within
the meaning of Section 240 of the Companies Act 1985. The financial information
for the year ended 31 December 2004 has been extracted from the statutory
accounts to that date which have been reported on by the Company's auditors,
Audit Assure, and delivered to the Registrar of Companies. The report of the
auditors was unqualified and did not contain a statement under Section 237(2) or
(3) of the Companies Act 1985. The Company was admitted to the Alternative
Investment Market on 14th July 2004; accordingly the results for the six months
ended 30 June 2005 are the Company's first interim results and therefore there
are no comparatives for the six months ended 30 June 2004.
2.Taxation
The tax charge for the period ended 30 June 2005 has been calculated by applying
the estimated tax rate for the current year ending 31 December 2005.
3.Earnings per share
The calculation of earnings per share is based on the following number of
shares:
6 months ended 30 12 months ended 31
June 2005 December 2004
Millions Millions
Weighted average number of shares:
For basic earnings per share 38.2 29.7
Diluted effect of share options 0.3 0.2
----------------- -----------------
38.5 29.9
================= =================
4.Creditors
Creditors of #2.56m, include a bank overdraft of #0.28m.
5.Share Capital
During the period the Company issued 6,789,484 shares at 28p per share for the
acquisition of Riddar Capital Limited, which at the time of acquisition had net
assets in cash of #1.29m.
Notes to the Accounts (Cont'd)
6.Reconciliation of operating profit to operating cash flows
6 months ended 12 months ended
30 June 2005 31 December 2004
#000 #000
Operating profit 664 1,019
Depreciation charges 28 12
Amortisation charges 30 11
Profit on sale of current asset investments - (18)
Decrease/(Increase) in debtors 259 (1,547)
Increase in creditors 238 1,356
Investments received as fees (2,913) (2,500)
--------------- ----------------
Net cash outflows from operating activities (1,694) (1,667)
=============== ================
7.Analysis of changes in net funds
As at Cash Other Non As at
1 Jan 2005 Flows Cash Changes 30 June 2005
#000 #000 #000 #000
Cash at
bank/(overdraft) 337 (490) - (153)
Finance leases (125) 23 (6) (108)
Current asset investments 483 - 2,264 2,747
-----------------------------------------------------
695 (467) 2,258 2,486
=====================================================
Further copies of this report are available on the Company's website at
www.libertascapital.com.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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