Euro Sales Finance Records Loss Before Tax of Ј10.9million
Year end results to 30 June 2001
Euro Sales Finance (“ESF”), the pan European sales finance company, today announces its year- end results to 30 June 2001.
The highlights for the year:
Pre-tax profits before exceptional items and bad debt provisions Ј7.9 million (2000: Ј5.0 million)
Funding issues result in exceptional costs of Ј6.2 million
New management review of business operations results in increase in bad debt provision by Ј13.8 million
Post exceptional items, interest and bad debt provisions pre-tax loss of Ј10.9 million
Shareholders funds at Ј64 million (2000: Ј75 million)
Announcement of offer from The Royal Bank of Scotland plc at 440p per share, unanimously recommended by the Board to shareholders (see separate announcement of formal offer)
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