Preliminary Results

CCH International plc 19 June 2007 Press Release 19 June 2007 CCH International plc ('CCH' or 'the Company' or 'the Group') Preliminary results for the year ended 31 December 2006 CCH International plc (AIM: CCH), the trade finance group, today announces its Preliminary Results for the year ended 31 December 2006. Highlights • turnover increased to £19.0 million (2005: £4.8 million) • gross profit increased to £6.6 million (2005: £2.4 million) • pre-tax profit increased to £3.9 million (2005: £0.7 million) • earnings per share increased to 2.76p (2005: 1.21p) • maintains leading market position in Sharia-compliant trade finance products • 4th best performing stock on AIM in 2006 Highlights from the current trading period • Successful commencement of operations in South America • Successfully completed an additional listing on the PLUS Market Commenting on the 2006 interim results, Eren Nil, Managing Director of CCH, said: 'This excellent set of results represents the successful implementation of our strategy with good deal flow translating into clear profitability. The company has continued to grow organically as well as through acquisition; we look forward to building on these results and taking CCH into the next stage of its development.' For further information, please contact: CCH International Plc www.cch-international.com Eren Nil, Managing Director Tel: +44 (0) 20 8334 0871 eren@cch-international.com Patrick Kennedy, Finance Director p.kennedy@cch-international.com Insinger de Beaufort http://www.insinger.com Peter Ward Tel: +44 (0) 207 190 7000 pward@insinger.com Abchurch Communications www.abchurch-group.com Heather Salmond / Charlie Jack Tel: +44 (0) 20 7398 7700 charlie.jack@abchurch-group.com Chairman's Report Year ended 31 December 2006 2006 has been a year of great success and achievement for CCH both operationally and strategically and the Group has continued to deliver sustained profitability by building on its strong foundations in a fast-growing global economy. Operationally, revenue rose 293% to £19,011,241 compared with £4,837,011 for the 14 month period to 31 December 2005. Operating profit rose 447% to £3,775,988 and earnings per share rose 128% to 2.76p. In April 2006 we announced an agreement with Bill Express Limited of Australia to implement an A$ 80 million Sharia-compliant facility which is believed to be the first Sharia-compliant trade finance facility of this size provided to a listed Australian company. Also in terms of product development we have continued to offer further innovative Sharia-compliant trade finance products reinforcing CCH as a recognised leader in this field. The demand for these products remains unabated. Strategically, we have enhanced further our global reach with the recently formed CCH Netherlands BV for global leasing (Ijara) activities and during the year the acquisition of CCH Investment Consultants EC which is licenced by the Central Bank of Bahrain to provide investment advice. This acquisition provides us with the opportunity to develop further our business in the Middle East and build on our core offerings with a strong and experienced Bahrain-based team. As part of our commitment to improving liquidity in the Company's shares, our German subsidiary CCH Europe GmbH has recently sold 225,000 CCH shares held by that company. We remain committed to providing increased liquidity in the Company's shares and widening investor appeal. In addition, we have recently announced the admission for trading of CCH shares on PLUS, a secondary market trading platform. The Company will remain quoted on and regulated by AIM but investors will have a wider choice of trading platforms. CCH is now well positioned to maintain its strong earnings growth and I look forward with confidence to the future. These achievements have been made possible by the commitment, spirit and focus of a very talented team including our Board of Directors whose professional and commercial skills have helped keep pace with a rapidly changing environment. Speed of response and our ability to adapt to wide ranging client needs is paramount to our continued success. Our team has these virtues. I am also most grateful to you, our shareholders, for the confidence you have placed in the Company and for your continuing support. Ian Salter :: Chairman 18 June 2007 Group Profit and Loss Account Year ended 31 December 2006 Year to 14 months to 31 December 31 December 2005 2006 £ £ Group turnover 19,011,241 4,837,011 Cost of sales (12,405,506) (2,454,441) Gross profit 6,605,735 2,382,570 Distribution costs (11,359) (140,537) Administrative expenses (2,767,001) (1,551,935) Fair value adjustment to listed investments (51,387) - Operating profit 3,775,988 690,098 Finance fees receivable 162,143 11,559 Finance fees payable and similar charges (3,811) (12,103) Profit on ordinary activities before taxation 3,934,320 689,554 Tax charge/credit on profit on ordinary activities (1,734,228) 93,132 Profit on ordinary activities after taxation £2,200,092 £782,686 Earnings per ordinary share (pence) 2.76p 1.21p Group Balance Sheet 31 December 2006 31 December 2006 31 December 2005 (restated) £ £ £ £ Fixed assets Intangible assets 557,394 549,658 Tangible assets 33,108 120,714 Investments 98,562 49,949 689,064 720,321 Current assets Debtors 235,287,239 94,386,344 Forward currency purchase 16,056,566 - Deferred tax asset 308,774 327,100 Cash at bank and in hand 6,798,318 8,391,898 258,450,897 103,105,342 Creditors: amounts falling due within 238,553,195 101,484,794 one year 16,092,249 - Forward currency sale Net current assets 3,805,453 1,620,548 Total assets less current liabilities £4,494,517 £2,340,869 Capital and reserves Called-up share capital 1,441,269 1,441,269 Share premium account 1,211,266 1,211,266 Other reserves 47,818 94,262 Profit and loss account 1,794,164 (405,928) Equity shareholders' funds £4,494,517 £2,340,869 Group Cash Flow Statement Year ended 31 December 2006 14 months to 31 December 2006 31 December 2005 (Restated) £ £ £ £ Net cash (outflow)/inflow from operating (1,379,159) 6,014,949 activities Returns on investments and servicing of finance Finance fees received 162,143 11,559 Finance fees paid (3,811) (12,103) Net cash inflow/(outflow) from returns on 158,332 (544) investments and servicing of finance Taxation (30,127) - Capital expenditure and financial investment Receipts from disposal of fixed assets 956 210 Payments to acquire fixed assets (21,249) - Acquisition of investments (100,000) (49,949) Net cash (outflow) for capital expenditure and (120,293) (49,739) financial investment Acquisitions Legal fees on acquisition of subsidiary - (68,960) Purchase of subsidiary undertaking (63,804) - Cash acquired with subsidiary 236,991 2,096,759 Net cash inflow from acquisitions 173,187 2,027,799 (Decrease)/increase in cash £(1,198,060) £7,992,465 NOTES TO THE ACCOUNTS Year ended 31 December 2006 1 The calculation of earnings per share is based on the profit after tax of £2,200,092 (2005 - £782,686) and on the number of shares in issue being the adjusted weighted average number of shares in issue during the year of 79,682,539 (2005: 64,480,498). 2 The preliminary results for the year ended 31 December 2006 are unaudited and were approved by the Directors on 18 June 2007. The financial information set out above does not constitute statutory accounts within the meaning of s.240 of the Companies Act 1985. The statutory accounts for the period ended 31 December 2005 have been delivered to the Registrar of Companies and received an audit report which was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report, and did not contain statements under s. 237(2) and (3) of the Companies Act 1985. The statutory accounts for the year ended 31 December 2006 have not yet been approved, audited or filed. 3 The accounting policies remain as stated in the Annual Report for the period ended 31 December 2005, apart from those changes required as a result of certain new accounting standards which came into force during the year. To the extent exemptions are contained within the relevant standard, the comparative figures have not been changed. However, the comparative amounts have been amended to reflect the following: The deferred shares, originally accounted for as non-equity shares, have been reclassified as part of equity shareholders funds in accordance with Financial Reporting Standard 25, 'Financial instruments: Disclosure and presentation'. The deferred shares are not treated as financial liabilities in accordance with the requirements of Financial Reporting Standard 25, 'Financial instruments: Disclosure and presentation'. This information is provided by RNS The company news service from the London Stock Exchange
UK 100

Latest directors dealings