Ultimate Finance Group, the Bristol-based factoring and invoice discounting group which raised Ј1.8m on AIM last year, has reported maiden interim results which it claims are in line with expectations. Ultimate reported a pre-tax loss of Ј440,000, including Ј122,000 in one-off start-up costs.
Sales from June to December 2002 were Ј127,000 and the operating loss Ј459,000. Loss per share was 3.92 pence.
The company says it is confident of sustained growth and it is moving towards profitability in the medium term as its target market grows. Since its float in June 2002, Ultimate's share price has halved, from 25p to 14p.
Formally known as Affinitas Finance, Ultimate was co-founded by Brian Sumner, a founding member of Lloyds TSB Commercial Finance and the Factors & Discounters Association (FDA). Richard Pepler, the other founding member, was formerly sales manager of Bibby Factors and an area manager with Arbuthnot Factors.
