Trading update (7191G)
17 Maio 2011 - 4:00AM
UK Regulatory
TIDMMCAP
RNS Number : 7191G
Mission Capital PLC
17 May 2011
For release on RNS 0800 on Tuesday 17 May 2011
Mission Capital PLC
Trading Update and Acquisition of Utility Watch.
Mission Capital PLC ("Mission Capital" or "the Company") is
pleased to provide the first trading update following the
acquisition of the whole of the issued share capital of Quindell
Limited, a reselling and sales outsourcing company with expertise
in technology, telecoms, utilities, leisure and retail, which the
Directors believe has significant potential for growth.
Quindell's Trading Update and Financial Highlights for the
Quarter Ended 31 March 2011
-- REVENUE increased 55.6% to GBP1.4m (Q1 2010: GBP0.9m)
-- EBITDA (underlying excluding non-recurring costs)
- EBITDA increased 100% to GBP0.6m (Q1 2010: GBP0.3m)
- EBITDA margin % increased to 42.9% (Q1 2010: 33.3%)
-- NET ASSETS increased 26.1% to GBP5.8m (30 December 2010:
GBP4.6m)
-- CURRENT ASSETS increased 64.3% to GBP2.3m (30 December 2010:
GBP1.4m)
-- REDUCED BORROWINGS all obligations except under finance
leases settled
-- CASH increased 400% to GBP0.5m (30 December 2010:
GBP0.1m)
For the year ending 30 December 2010, Quindell generated revenue
of GBP4.15 million with EBITDA of GBP1.8 million.
The Company is also pleased to announce that The Marketing
Company ("TMC"), from which the Company receives the beneficial
interests of TMC's sales contracts as set out in the Company's
Admission Document dated 28 April 2011, has acquired Utility Switch
Limited (trading as Utility Watch) for GBP600,000 settled by
existing Mission Capital shares held by TMC in treasury, at a 6%
premium to today's expected admission price. The majority of these
shares have the same lock-in period as the Quindell Directors. For
the year ended 31 December 2009, Utility Watch produced revenue of
GBP290,282 with EBITDA of GBP41,481. Following completion of the
acquisition, TMC (Southern) Limited will hold a beneficial interest
in 72,313,006 ordinary shares of 1p each ("Ordinary Shares") in the
capital of the Company representing 5.4 per cent. of the Company's
total issued share capital.
This acquisition provides Mission Capital's board with further
confidence that TMC should achieve the upper end of the GBP1.2
million profit before tax earn out target referred to in the
Admission Document. As previously disclosed TMC typically signs, on
behalf of its gas and electric clients, over GBP1,000,000 worth of
business per week, generating commissions for TMC of approximately
GBP70,000 per week.
For further information
Mission Capital
Rob Terry 01329 830501
Daniel Stewart 020 7776 6550
Oliver Rigby
Press Queries
Hudson Sandler
Charlie Jack 020 7796 4133
Notes to Editors
About Quindell and Mission Capital PLC
Quindell was founded in 2000 and develops, provides and utilises
its own multi-channel e-business based Enterprise Resource Planning
and Business Process Management solutions and related services to
facilitate efficient and effective management of customer
acquisition and servicing within finance, insurance, telecoms,
utilities and other related industries. Quindell also develops and
operates a leisure business model utilising its Enterprise Resource
Planning solutions as a reference environment for its own
technology and cross selling solutions, to be resold to third
parties leisure businesses or via franchise models. Quindell
provides consultancy on, and fully utilises within its own
operations, online strategies, permission based marketing,
membership models and cross selling to maximise revenue per
customer.
For further information, please visit www.quindell.com
About The Marketing Company
On 1 April 2011 Quindell acquired a beneficial interest in sales
contracts operated by TMC (Southern) Limited trading as The
Marketing Company ("TMC"). The most significant part of TMC's
historic revenues relate to the sales of gas and electric contracts
to primarily consumer households. TMC was a consultancy client of
Quindell throughout 2010. TMC typically signs, on behalf of its gas
and electric clients, over one million pounds worth of business per
week, generating commissions for TMC of approximately GBP70,000 per
week. Consideration for this acquisition is 2,000,000 Quindell
Shares and up to 140,000,000 Ordinary Shares based on a profit
target of GBP1.2 million being achieved within a continuous twelve
month period prior to 30 September 2012.
For further information, please visit www.tmcltd.net
This information is provided by RNS
The company news service from the London Stock Exchange
END
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