Interim Results

RNS Number : 9969C
Fairpoint Group PLC
09 September 2008
 

 

9 September 2008

Fairpoint Group plc

 

Interim Results for the six months ended 30 June 2008

 

 

Fairpoint Group plc ('Fairpoint' or 'the Group'), today announces its interim results for the six months ended 30 June 2008.

 

Highlights

 

§ First half results in line with June expectations.

 

§ Total Group Revenue of £13.9 million in H1 FY08 (H1 FY07; £14.2 million).

 

§ Recurring EBITDA1 (before exceptional restructuring costs) in H1 FY08 £1.1 million (H1 FY07; £2.9 million).

 

§ Although the first half was very disappointing, substantial improvements have been made since May when Chris Moat joined as Chief Executive. The benefits of this will be seen in the second half.

 

§ Group loans and overdrafts ended the period at £10.9 million, £0.3 million less than estimated in the June trading update and have fallen by £1.0 million in the two months since the end of June. Further improvement is expected for the year end.

 

§ Integration of operations into one site has been completed in H1 FY08 with associated annual savings of approximately £1.4 million being delivered from the mid-year.

 

§ The Group has continued its extension of products and solutions with the successful launch of in-house Debt Management Plans (DMPs). This is now fully implemented and performing in line with expectations. The Group completed over 3,300 DMPs in H1 FY08 and now all DMPs are completed in-house, with associated higher revenue, margins and establishment of a DMP back book.

 

§ FY08 outlook in line with June expectations, driven by:

 

-      Improvements in IVA conversion rates that have been achieved since May, with further steps being implemented to offset weakness in mortgages

 

-      Contribution from Debt Management Plans

 

-      Impact of cost reductions previously implemented

      § Favourable trading environment with increased numbers of consumers requiring debt solutions. 

§ Board changes made: Matthew Peacock announced as Chairman effective 9 September, 2008 and the resignation of Mike Blackburn. Additionally, the appointment to the Board of John Allkins as Senior Independent Director and Andrew Heath as Finance Director.

 

Matthew Peacock, incoming Chairman, said:

 

'We have made rapid progress in the last 3 months in initiating necessary changes to the business. Chris Moat has already begun to ring the changes in the business and whilst there is still a lot to do, the board is confident in his leadership. Finally, I am delighted John Allkins has agreed to join as Senior Independent Director, bringing valuable experience'.

 

Chris Moat, Chief Executive, said:

 

'The Group is undergoing a transition in response to material changes in the debt solutions market.  Immediate focus is on operational execution to drive profitability and continue our early successes whilst further improving cash generation. In parallel we are laying the foundation for future growth by broadening our product range to address the credit environment. The business is receiving close focus to ensure recent changes are embedded'.

 

Chief Executive's Report

 

The first half results for 2008 reflect a period of very disappointing performance effected by lower margins, operational weakness and the one-off costs to restructure our operations. It was also the first, full period of trading wholly under the new IVA fee arrangements.

 

On appointment in May 2008, I undertook a detailed business review and found an organisation performing significantly below expectations and potential. The findings of this review, which we shared in a trading update on 10 June 2008, highlighted a lack of diversification into alternative debt solutions, increased cash consumption and weak operational performance leading to lower profitability than had been planned.

 

The results for the six months period to 30 June 2008 are as indicated in our June trading update. The business achieved a recurring EBITDA (before exceptional restructuring costs) of £1.1 million but one off costs of £1.3 million arising from the restructuring of our operations, together with finance, depreciation and amortisation charges of £1.0 million, have resulted in a loss before taxation from continuing operations of  £1.2 million ( H1 FY07 profit £2.9 million) .

 

I am pleased to highlight that progress since June has been positive with improvements in the following key areas:

  • We have started to improve our cash position. In the two months since June 2008 we have generated £1.0 million of cash and total bank loans and overdrafts have reduced to £9.9 million. We see this trend continuing through the second half of the year. 

  • Our operational restructuring is now complete. Our Nottingham operations were fully transferred to Chorley at the end of June and all leases have been disposed of. In total we have seen employee numbers fall from 479 at December 2007 to 389 at June 2008. We expect the restructuring to deliver approximately £1.4 million of annualised cost savings bring benefits from the mid year and we continue to examine the business infrastructure for further cost saving opportunities.

  • Our operational recovery plan is beginning to deliver improvements but the full benefits will not be realised in the current year. Core IVA conversion rates have improved by 14% from their lows of May. Creditor acceptance rates at meetings of creditors are consistently robust compared to the same period last year.

  • Our debt management business, Lawrence Charlton, was successfully piloted in the first half and since 9 July has been fully rolled out and is now dealing with all Group leads.  In the first half of the year our run rate of debt management plans was 550 per month (of which 60% were referred to partners and 40% were in-house) compared to 250 per month in the first half of 2007 (100% of which were referred to partners). In the second half of the year, following the roll out of Lawrence Charlton, we expect to write an average of 550 in-house DMPs per month, with a peak of 600 reducing with the seasonally lower base of leads in Q4. Now these are written and retained in-house, we will benefit from resulting higher sales, margins and establishment of a back book of cases under management.

  • Expectations for our mortgage business were modest but further tightening of lending markets since June has led to a decline in mortgage sales over the last two months.  Demand for remortgages remains at historic levels but final completions are declining.  In particular, consumers are declining mortgage offers due to high reversionary rates.  In the first half the business contributed £0.4 million but we expect this will decline to break even in the second half. 

 

Marketing performance during the first half was in line with our plan. With a growing base of customers seeking debt solutions, we continue to develop new marketing channels. The first half saw internet marketing account for over 50% of our lead volumes for the first time. We have invested in our business to business marketing capabilities and through ClearStart Partnerships we are excited by future marketing opportunities.

 

During the period breakage rates have been in line with expectations. We have invested in an enhanced collections' capability and successfully rolled out our early delinquency programme reducing early breakage. We continue to pursue additional initiatives to provide solutions to help consumers reduce their outgoings and mitigate current inflationary pressures.

 

Additionally, we are working closely with creditor agencies to introduce greater flexibility in the handling of existing and new cases to provide debtors with the support needed to manage through temporary difficulties.

 

From October 2008 we will be launching a new banking solution for our customers.

 

 

Finance Director's Report

 

 

6 months to 

June 08 £'m

6 months to December 07 £'m

6 months to 

June 07 £'m

Revenue

13.9

14.9

14.2

 

Gross Profit

8.1

8.5

9.1

 

Recurring EBITDA

1.1

1.7

2.9

 

Non recurring items

(1.3)

(0.9)

-

(Loss)/profit before taxation

 

 

 

from continuing operations

(0.8)

0.2

2.3

 

 

 

 

Loss on discontinued operations

(0.1)

(1.2)

(0.5)

 

Non-recurring items

  • Restructuring costs associated with the closure of Nottingham offices, reduction in staff numbers and management changes.

 

Discontinued operations

  • The company disposed of its Australian operations on 31 January 2008. The results for the period represent trading losses incurred prior to the sale.

 

Segmental information

 

 

 

 

 

6 months to 

June 08

 £'m

6 months to December 07 

£'m

6 months to 

June 07 

£'m

Revenue

 

 

 

IVA Services

12.4

13.6

12.7

Financial Services

0.9

1.1

1.3

Debt Management

0.7

0.2

0.2

 

13.9

14.9

14.2

Contribution

 

 

 

IVA Services

3.3

4.5

4.1

Financial Services

0.5

0.6

0.9

Debt Management

0.3

0.1

0.1

 

 

 

 

Total Group Contribution

4.1

5.3

5.1

 

 

 

 

Central Overheads

(3.0)

(3.1)

(2.2)

 

 

 

 

Recurring EBITDA

1.1

2.2

2.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6 months to 

June 08 

6 months to December 07

6 months to 

June 07

New Customers

No.

No.

No.

IVA Services

3,949

4,368

3,492

Financial Services

408

377

340

Debt Management

3,301

2,212

1,431

 

7,658

6,957

5,263

 

Existing Customers

No.

No.

No.

IVA Services

16,379

14,402

10,517

Debt Management

  1,130

  -

  - 

 

17,509

14,402

10,517

 

 

 

 

 

 

IVA revenues fell during the period due to lower volumes and reduced margin offset by lower marketing costs.

 

Mortgage income deteriorated over the period as providers progressively lowered loan-to-value ratios and increased margins.

 

Debt management was historically driven by referral relationships where the group received revenue solely on first payments. The establishment of in-house capability has allowed us to benefit from the recurring fees generated by our book of cases.  

 

Balance Sheet and Cashflow

June 2008

£m

 

June 2007

£m

 

Shareholder funds

30.6

 

23.5

 

Bank loans and overdrafts

10.9

 

3.8

 

Bank loans and overdrafts increased from £6.7 million at December 2007 to £10.9 million at June 2008. Cash outflow from operations was a £1.5 million outflow as the Group replaced £1.5 million of debt factoring facility previously employed on Clear Start cases with bank debt, saving approximately £0.1 million per annum in financing charges and administration.  

 

No dividend is proposed for the interim period.  The payment of a final dividend is under review but the board considers it unlikely that such a dividend will be paid

 

 

Outlook

 

Our focus in the second half of 2008 places an emphasis on:

  • Maintaining strong cash generation

We saw bank loans and overdrafts peak at £10.9 million in June 08. Since the end of June we have generated £1.0 million of cash and expect a further £1.0 million to be repaid in H2 2008.

Strong cost control and the benefit of our restructuring have reduced overheads to £470,000 per month through the second half falling to below £450,000 by the end of FY 2008.

  • Migrating the business model

Whilst maintaining a consistent level of investment in marketing, we aim to broaden the range of debt solutions available to consumers. We have taken an important step in this process by introducing Lawrence Charlton, our debt management business. A greater range of solutions allows the cost of marketing to be spread reducing overall acquisitions costs whilst providing a greater number of customers with appropriate products. Further development is expected in H208 with the introduction of banking services and other products within our Financial Services business.  We expect these will add to profit in FY 2009.

  • IVAs

Fee structures remain stable. Our focus will be to increase conversion of IVAs from our available leads, supported by expansion of our Partnership business. New business volumes will fall slightly in H2 2008 as we enter the seasonal lull, but overall contribution will benefit from increased cases in the backbook benefiting from reduced acquisition costs.

  • Debt Management Plans

Our focus is on successfully building the Lawrence Charlton business with expected run-rates of 550 solutions per month in H2 2008, as we achieve conversion rates twice those of referred solutions. Revenues and margins will improve on H1 2008 as we steadily build a strong backbook of DMP cases.

  • Financial Services

Although demand for remortgage products remains high, the ongoing lack of affordable mortgage supply will limit the number of solutions we can sell. We continue to provide solutions for our consumers but mortgage products will not contribute materially to Group profits. 

 

In October 2008 we will introduce the first of our banking services solutions and will enhance the offering with wider products to help customer expenditure. Contribution from new products in FY 2008 is expected to be low, increasing iFY 2009.

 

The second half will see a continuation of the strengthening of business performance and operations but key executional risks in achieving the £4.3 million recurring EBITDA (before exceptional restructuring costs) have been reduced, albeit weakness in mortgages will require new initiatives to replace approximately £0.4 million of associated profits. Our outlook for the year remains unchanged with the delivery of this being a significant step towards a much improved 2009.

 

 

 

12 Months

to Apr 07

8 Months

to Dec 07

FY08

H1

FY08

F/Cast

Comment

Average number of leads per month

8,900

10,204

13,000

10,000

Marketing focused on high value leads as Debt Management Plans are fully rolled out 

Marketing cost per lead (£)

64

89

63

59

Emphasis on lower cost leads in second half.

Contribution per lead

(£)

189

170

102

111-117

Slight degradation as we brought in higher volume of cheaper leads. Second half growth likely to be held back by lower mortgage revenue, compensated by increased DMP and recovery in IVA conversions.

IVA Cases under supervision

7,724

13,070

15,597

16,500

Back book expected to grow by 10% in 2009

Monthly contribution per case (£)

12

9

18

18

Full benefits of merging supervisory operations now realised

Central overhead (£)

317,000

480,000*

506,000

485,000

Overheads increased in 2007 after acquisition of Clear Start; synergies now implemented with full benefits in H208, ending the year at £470k per month

 

Enquiries:

 

Fairpoint Group plc     

Chris Moat, Chief Executive Officer                 0845 296 0183

Andrew Heath, Finance Director                      0845 296 0200

Numis Securities

Chris Wilkinson, Corporate Broking                  020 7260 1000

Lee Aston, Nominated Adviser

Financial Dynamics    

Nick Henderson                                              020 7269 7114

Dave Cranmer                                                020 7269 7217

Analyst Presentation

There will be an analyst presentation to discuss the results at 9.30am on 9 September 2008 at Financial Dynamics, Holborn Gate, 26 Southampton Buildings, London WC2A 1PB.

Footnotes

1 Recurring EBITDA represents Profit/(Loss) from Operations adjusted for Depreciation, Amortisation and exceptional non recurring restructuring costs.

 

FAIRPOINT GROUP PLC

 

CONSOLIDATED INCOME STATEMENT

 

PERIOD FROM 1 JANUARY 2008 TO 30 JUNE 2008

 

 

Period from

Period from

8 month

 

 

1 Jan 08 to

1 Jan 07 to

period to

 

 

30 Jun 08

30 Jun 07

31 Dec 07

 

 

 

 

 

 

Notes

Unaudited

Unaudited

Audited

 

 

 

 

 

 

 

£'000

£'000

£'000

CONTINUING OPERATIONS

 

 

 

 

 

 

 

 

 

REVENUE

 

13,915

14,158

19,545

Cost of sales

 

(5,798)

(5,586)

(7,936)

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

8,117

8,572

11,609

 

 

 

 

 

Administrative expenses

 

(8,969)

(6,198)

(11,915)

 

 

 

 

 

EBITDA

 

(111)

2,928

2,159

 

 

 

 

 

Depreciation

 

(393)

(328)

(417)

Amortisation

 

(348)

(226)

(2,048)

 

 

 

 

 

(LOSS)/PROFIT FROM OPERATIONS

4

(852)

2,374

(306)

 

 

 

 

 

Finance Income

 

93

43

227

Finance cost

 

(415)

(47)

(422)

 

 

 

 

 

(LOSS)/PROFIT BEFORE TAXATION

 

(1,174)

2,370

(501)

 

 

 

 

 

Tax credit/(expense)

 

370

(530)

703

 

 

 

 

 

(LOSS)/PROFIT AFTER TAXATION

 

 

 

 

FROM CONTINUING OPERATIONS

 

(804)

1,840

202

 

 

 

 

 

DISCONTINUED OPERATIONS

 

 

 

 

 

 

 

 

 

Loss for the period from discontinued operations

(146)

(477)

(1,309)

 

 

 

 

 

LOSS/PROFIT FOR THE PERIOD

 

(950)

1,363

(1,107)

 

 

 

 

 

Earnings/(loss) per ordinary share

2

p

p

p

(Loss) / Profit from continuing operations

 

(1.89)

4.88

0.49

Loss from discontinued operations

 

(0.34)

(1.27)

(3.20)

 

 

 

 

 

Total (loss)/profit from operations

 

(2.23)

3.61

(2.71)

 

 

 

 

 

Diluted earnings/(loss) per ordinary share

 

 

 

Profit from continuing operations

 

(1.89)

4.72

0.49

Loss from discontinued operations

 

(0.34)

(1.20)

(3.20)

 

 

 

 

 

Total (loss)/profit from operations

 

(2.23)

3.52

(2.71)

 

All of the loss for the period is attributable to equity holders of the parent

 

FAIRPOINT GROUP PLC

 

CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE

 

PERIOD FROM 1 JANUARY 2008 TO 30 JUNE 2008

 

 

 

 

Period from

Period from

8 month

 

1 Jan 08 to

1 Jan 07 to

period to

 

30 Jun 08

30 Jun 07

31 Dec 07

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

Unaudited

Audited

 

 

 

 

 

£'000

£'000

£'000

 

 

 

 

Exchange differences on translation of foreign operations

0

(22)

(50)

 

 

 

 

Net (loss) recognised directly in equity

0

(22)

(50)

 

 

 

 

(Loss)/Profit for the period

(950)

1,363

(1,107)

 

 

 

 

Total recognised income and expense in the period

(950)

1,341

(1,157)

 

 

 

 

All of the recognised income and expense is attributable to equity holders of the parent

 

 

 

FAIRPOINT GROUP PLC

 

CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2008

 

Notes

As at 30 Jun 2008

As at 30 Jun

2007

As at 30 Dec

2007

 

 

 

 

 

 

 

Unaudited

Unaudited

Audited

 

 

 

 

 

 

 

£000

£000

£000

ASSETS

 

 

 

 

Non Current Assets

 

 

 

 

Property, plant and equipment

 

2,147

2,123

2,216

Goodwill

 

11,318

1,934

11,318

Other intangible assets

 

5,770

2,479

5,722

 

 

 

 

 

Total Non Current Assets

 

19,235

6,536

19,256

 

 

 

 

 

Current Assets

 

 

 

 

Trade receivables

 

23,416

21,444

22,657

Other current assets

 

2,357

2,938

2,177

Current tax asset

 

102

-

275

Non current assets classified as held for sale

-

-

59

 

 

 

 

 

Total Current Assets

 

25,875

24,382

25,168

 

 

 

 

 

Total Assets

 

45,110

30,918

44,424

 

 

 

 

 

EQUITY

3

 

 

 

Share capital

 

424

376

424

Share premium account

 

-

13,780

-

Merger reserve

 

11,842

-

11,842

Other reserves

 

254

-

254

Retained earnings

 

18,147

8,984

20,748

Translation reserve

 

(66)

(22)

(62)

 

 

 

 

 

Total equity attributable to equity holders of the parent

30,601

23,118

33,206

 

 

 

 

 

LIABILITIES

 

 

 

 

Non Current Liabilities

 

 

 

 

Long-term borrowings

5

116

728

402

Deferred tax liabilities

 

353

97

895

 

 

 

 

 

Total Non Current Liabilities

 

469

825

1,297

 

 

 

 

 

Current Liabilities

 

 

 

 

Bank overdraft

 

10,135

2,066

5,636

Trade and other payables

 

2,177

2,672

2,958

Current tax liabilities

 

-

1,245

-

Short-term borrowings

6

857

992

1,079

Provisions for other liabilities and charges

 

871

-

107

non-current assets classified as held for sale

-

-

141

 

 

 

 

 

Total Current Liabilities

 

14,040

6,975

9,921

Total Liabilities

 

14,509

7,800

11,218

 

 

 

 

 

Total Equity and Liabilities

 

45,110

30,918

44,424

 

FAIRPOINT GROUP PLC

 

CONSOLIDATED CASH FLOW STATEMENT

 

PERIOD FROM 1 JANUARY 2008 TO 30 JUNE 2008

 

 

Period from

Period from

8 month

 

1 Jan 08 to

1 Jan 07 to

period to

 

30 Jun 08

30 Jun 07

31 Dec 07

 

Cash flows from continuing operating activities

 

 

 

(Loss)/Profit on continuing operations before tax

(1,174)

2,370

(501)

Share based payments charge

43

23

38

Depreciation of property, plant and equipment

393

328

367

Amortisation of intangible assets and development expenditure

348

226

903

Impairment of intangible assets

-

-

1,147

Loss on sale of property, plant and equipment

-

-

52

Interest received

(93)

(43)

(227)

Interest expense

415

47

422

Foreign exchange translation

0

(22)

(54)

Increase in trade and other receivables

(939)

(1,341)

(520)

(Decrease)/increase in trade and other payables

(156)

(790)

(1,916)

Cash flows from discontinued operations

(146)

(477)

(1,294)

Cash (absorbed by) generated from operations

(1,309)

321

(1,583)

 

 

 

 

Interest paid

(415)

(47)

(206)

Income taxes paid

0

(709)

(1,151)

 

 

 

 

 

 

 

 

Net cash (absorbed by) operating activities

(1,724)

(435)

(2,940)

 

 

 

 

Cash flows from investing activities

 

 

 

Acquisition of subsidiaries, inclusive of costs and net of cash acquired

-

(1,108)

(538)

Purchase of property, plant and equipment (PPE)

(185)

(341)

(366)

Proceeds from sale of PPE

-

-

2

Interest received

8

43

6

Purchase of intangible assets

(392)

(2,213)

(672)

Discontinued operations

-

-

(34)

Net cash (absorbed by) investing activities

(569)

(3,619)

(1,602)

 

 

 

 

Cash flows from financing activities

 

 

 

Equity dividends paid

(1,698)

-

(1,129)

Proceeds from issue of share capital

-

113

236

Proceeds from long-term borrowings

 

728

-

Payment of long-term borrowings

(486)

0

(486)

Payment of finance lease liabilities

(22)

(15)

(88)

Net cash (absorbed by) generated from financing activities

(2,206)

826

(1,467)

 

 

 

 

Net change in cash and cash equivalents

(4,499)

(3,228)

(6,009)

 

 

 

 

Cash and cash equivalents at start of period

(5,636)

1,162

373

 

 

 

 

Cash and cash equivalents at end of period

(10,135)

(2,066)

(5,636)

 

 

 

 

 

FAIRPOINT GROUP PLC

 

NOTES TO THE INTERIM STATEMENT

 

AS AT 30 JUNE 2008

 

 

1. BASIS OF PREPARATION

 

The financial information presented in this documentation has been prepared in accordance with accounting policies that are expected to be applicable for the year ending 31 December 2008. These are subject to ongoing review and endorsement by the European Commission, and possible amendment by the International Accounting Standards Board (IASB), and are therefore subject to possible change.

 

Further standards or interpretations may also be issued that could be applicable for the year ending 31 December 2008. These potential changes could result in the need to change the basis of accounting or presentation of certain financial information from that presented in this document. The group may need to review some accounting treatments used for the purpose of this document as a result of emerging industry consensus on practical application of IFRS and further technical opinions. This could mean that the financial information in this document may require modification until the group prepares its complete set of IFRS financial statements for the year ending 31 December 2008.

 

The financial information in this statement relating to the six months ended 30 June 2008 and the six months ended 30 June 2007 has neither been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board. The comparative figures for the year ended 31 December 2007 do not amount to full statutory accounts within the meaning of S240 of the Companies Act 1985. Those accounts have been reported on by the group's auditors and delivered to the registrar of companies. The audit report was unqualified, did not include references to matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 237(2) or (3) of the Companies Act 1985.

 

2. EARNINGS PER SHARE

 

The earnings per share (basic) has been calculated using the profit for the financial period and a weighted average number of ordinary shares in issue during the six month period to 30 June 2008 of 42,454,403, 37,679,316 for the period ended 30 June 2007 and 40,909,680 for the year ended 31 December 2007.

 

The diluted EPS number takes the weighted average number of ordinary shares in issue during these periods and increases this number to take account of the dilutive effects of share options.

 

This additional dilution calculation has only been applied to the period to Jun 07 as it is only this period where exercise prices were less than the weighted average share prices and therefore it is only this period where it would be advantageous for holders to exercise options.

 

 

3. CONSOLIDATED RECONCILIATION OF CHANGES IN EQUITY

 

Period from

Period from

8 month

 

1 Jan 08 to

1 Jan 07 to

period to

 

30 Jun 08

30 Jun 07

31 Dec 07

 

 

 

 

 

Unaudited

Unaudited

Audited

 

 

 

 

 

£'000

£'000

£'000

 

 

 

 

 

 

 

 

Opening Equity

33,206

21,641

23,118

 

 

 

 

Total recognised income and expense

(950)

1,341

(1,157)

Dividends

(1,698)

-

(1,129)

Issue of ordinary shares, net of costs

-

113

496

Share based payments

43

23

36

Shares Issued on acquisition of subsidiary

 

 

11,842

 

 

 

 

Closing Equity

30,601

23,118

33,206

 

 

 

 

4. (LOSS)/PROFIT FROM OPERATIONS

 

 

 

 

 

 

 

(Loss)/Profit from operations is stated after charging the following

 

 

 

£'000

£'000

£'000

 

 

 

 

Costs of restructuring operations and integrating

 

 

 

Clear Start UK Limited

1,302

-

907

 

 

 

 

 

 

 

 

5. LONG TERM BORROWINGS

 

 

 

 

 

 

 

Bank Loans and Overdrafts

-

728

243

Finance Leases

116

-

159

 

116

728

402

 

 

 

 

6. SHORT TERM BORROWINGS

 

 

 

Bank Loans and Overdrafts

729

972

972

Finance Leases

128

20

107

 

857

992

1,079

 

 

 

7. COMPARATIVE FIGURES

 

The comparative figures represent the 6 month period to 30 June 2007 and the eight month period to 31 December 2007.

 

8.   DISTRIBUTION OF THE INTERIM REPORT

 

Copies of the Interim Report are being sent to shareholders. Further copies of the Interim and Annual Report and Accounts may be obtained from the Company's Registered Office, 70 Great Bridgewater Street Manchester M1 5ES. In addition, an electronic version will be available on the Company's website, www.fairpoint.co.uk

    


This information is provided by RNS
The company news service from the London Stock Exchange
 
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