Listed lessor St Helen’s Finance (SHF) has posted a loss of
£0.93 million for the year leading to 31 December 2009, a
significant increase on the previous year’s loss figure of 0.22
million.
SHF’s turnover fell by 35 percent over the year to reach £0.87
million, with bad debt provisions swelling to £0.97 million in
addition to a general provision of £0.1m.
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Executive chairman Rick Abbott commented that the company would
pull back from general asset finance provision and concentrate on
specific asset sectors, although he did not specify which.
As part of the change in focus, the company has established a new
business unit, St Helen’s Asset Management, which is currently
awaiting FSA authorisation to manage third party funds.
SHF raised funds in March to develop a new
professions finance subsidiary, SHF Legal, using a convertible loan
note offering by City of London Group (COLG).
In April, SHF followed this up by completing
placement of a new £430,000 convertible loan note, in part to fund
a new venture in the energy sector.
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By GlobalDataFred Crawley
