The board of the stricken factoring company, Euro Sales Finance plc, has today issued draft accounts for the year ended 30 June 2001. These show that pre-exceptional pre-tax profit for the year of Ј7.9 million has been reduced to a pre-tax loss of Ј10.9 million as a result of exceptional costs relating to (i) the funding issues previously announced and (ii) significant additional provisions in respect of the Munich and Reading SBUs' lending books following a comprehensive review by new management in the fourth quarter. Consequently net asset value at 30 June 2001 is approximately Ј64 million (414p per share) compared with Ј77 million (498p per share) at 31 March 2001.
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