PERE Pembridge Resources Plc

RNS Number:9145I
Compass Finance Group PLC
23 February 2005


FOR RELEASE                          7.00AM                     23 FEBRUARY 2005


                           COMPASS FINANCE GROUP PLC
                       ("Compass Finance" or "the Group")

(Finance broker and packager of re-mortgages, secured loans and unsecured loans
 for clients requiring debt consolidation and financial solutions. It earns its
 income from commissions and fees received primarily from third party lenders)


                        ANNUAL GENERAL MEETING STATEMENT
     
*    Turnover up in first four months of the current financial year
*    Underlying profitability lower for the period
*    Move to new Head Office planned
*    Business continues to trade strongly
*    Confident that the Group has an excellent future

Grenville Folwell, the Chairman of Compass Finance, will make the following
statement on current trading at the Annual General Meeting to be held later
today in Manchester:

"We have had a good start to the year with turnover for the four months to 31
January 2005, 30.7% ahead of the same period last year. However, the underlying
profitability of the Group for the period is lower than last year as a result of
our investment in staff and premises.

Both the number of loans and mortgages agreed have increased during the period,
but mortgage lending has been flatter in recent months, in line with the market.
Traditionally, we generate most of our profit in the second half of the year and
this year will be no exception. We have put the infrastructure in place and we
have recruited the people to drive our future growth. However, the combined
effect of mortgage regulation and longer completion times, have adversely
impacted the growth plans for our Mortgage Department in the short term.

We still have ambitious plans to continue our expansion and we will shortly be
moving into a new, modern Head Office in Bury, near Manchester. We currently
employ 145 people in the Group and the new building will accommodate our future
expansion plans.

Compass Finance offers an excellent range of re-mortgages, secured loans and
unsecured loans for people requiring debt consolidation and financial solutions.
As we act as brokers, we do not lend money but earn our revenue from commissions
and fees received primarily from third party lenders. The business continues to
trade strongly and I am confident that the Group has an excellent future."

For further information:

Compass Finance Group PLC - Chris Smith (Chief Executive) 07831 409041
Beattie Financial - Brian Coleman-Smith / John Moriarty 020 7398 3300



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

END
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