PERE Pembridge Resources Plc

RNS Number:6571R
Compass Finance Group PLC
23 September 2005


FOR RELEASE                                                    23 September 2005


                           COMPASS FINANCE GROUP PLC

                      ("Compass Finance" or "the Company")
(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)

                    Trading Statement and Board Appointments
     
*    Restructuring of management team completed

*    Turnover for the year to 30 September 2005 is likely to be around #14.6
     million (2004: Compass Finance Ltd #13.2 million), an increase of 11%
     year-on-year

*    Trading profit for the second half of the current financial year is
     likely to be broadly in line with that achieved in the first half

*    Net cash generated from operations in the second half of the current
     financial year likely to be around #450,000 compared with an outflow of 
     #869,000 in the first half

*    Net debt at year-end is likely to reduce to #2.95 million compared with
     the March 2005 level of #3.41 million

*    Appointment of Finance Director, Sales and Operations Director and
     Marketing Director

*    Mortgage completions up by 40% over the first half of the year

*    Business in strong position to improve the financial performance in the
     year ended 30 September 2006

The board of Compass Finance announces that it expects turnover for the year
ended 30 September 2005 to be around #14.6m, an increase over 2004 of 11%.
Whilst trading profit for the second half of the financial year is likely to be
broadly in line with that achieved in the first half of the year, there are
strong signs of improvement in the underlying performance indicators. Net cash
inflow from operations for the second half of the current financial year is
expected to be around #450,000 compared with an outflow of #869,000 in the first
half, indicating the strong financial controls implemented are now starting to
have a positive impact on the business. Furthermore, mortgage completions in the
second half of the year have increased by 40% over those achieved in the first
half of the year, demonstrating the restructuring of the business is now
translating into improved operating performance.

The business has now completed a full senior management restructure, with the
appointments of Mark Walker as Finance Director and Mark Snape as Sales &
Operations Director. Both have been appointed to the Board of Directors with
effect from 22 September 2005.

Mark Walker, aged 42, qualified as a Chartered Accountant in 1988 having trained
at Price Waterhouse. He has spent the last 81/2 years working with a number of
venture capital companies and other stakeholders handling a variety of corporate
transactions. He was Finance Director at a speciality chemicals business Manro
Holdings, a #30 million management buy-out with annual sales of #60 million
generated from two sites in the UK and Belgium. This business was sold to a
quoted US business, Stepan Company, in 2001 and after heading up the business
integration process, Mark was headhunted to join an #85 million management
buy-out of JR Crompton, a global speciality paper manufacturer. As both Finance
Director and Managing Director, Mark was responsible for the operation of 3 UK
paper mills and for improving the performance metrics of a #70 million turnover
business with a global market leading position.

Mark Snape, aged 42, has joined as Sales & Operations Director. Mark has held
senior positions in a number of financial services organisations, most recently
on the management board of CitiFinancial Europe Plc, a subsidiary of US company
Citigroup Inc, and previously as Chief Operating Officer of Firstplus, the
Barclays Bank subsidiary specialising in the secured loans market.

In addition, Mark Cawood, aged 41, has been appointed Marketing Director
responsible for overseeing the marketing function of the business, with
particular emphasis on developing a multi-channel marketing strategy, aimed at
increasing response rates and core business lead volumes. Mark has previously
held senior marketing positions, most recently as Head of Marketing for
CitiFinancial Europe Plc, Principal Consultant for PricewaterhouseCoopers, and
Marketing Director at HFC Bank, the UK subsidiary of US finance company
Household Inc, now a member of the HSBC group.

As a result of Mark Walker's appointment, Michael Fort reverts to a
non-executive role with effect from 22 September 2005. Further, as indicated in
the announcement made on 22 June 2005, Chris Smith has stepped down to a
non-executive role also with effect from 22 September 2005.

The Directors believe the actions taken to restructure the senior management
team, and the improved controls already implemented, place the business in a
strong position to improve its financial performance in 2006.

The year-end results are expected to be published in December.

For further information:

Compass Finance Group PLC
Mike Sutcliffe (Chief Executive)               0870 950 0000
Mark Walker (Finance Director)                 0870 950 0000
Beattie Financial
Brian Coleman-Smith / Nia Thomas / Tim Pilgrim 020 7053 6400

The following information is required to be disclosed under Schedule 2 of the
AIM Rules:

Mark Howard Walker has been a director of JR Crompton Limited, JR Crompton (USA)
Limited,  Crompton Specialist Papermakers Limited, Crompton Specialist
Papermakers Trustee Company  Limited, Westvan (2001) Limited, Stepan UK Limited,
Tensachem SA, MH (2001) Limited and  Broomco (1884) Limited in the last five
years and he does not hold any beneficial or  non-beneficial interests in the
ordinary shares of the Company.

Mark David Snape has not been a director of any companies in the last five years
and  he does not hold any beneficial or non-beneficial interests in the ordinary
shares  of the Company.

There are no other matters which are required to be announced as required under 
paragraph (g) of Schedule 2 of the AIM Rules.



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

END
MSCGGGZLRZNGKZM

Pembridge Resources (LSE:PERE)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024

Pembridge Resources (LSE:PERE)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024