the publication of its annual results to March 31 instead of
December 31.
which specialises in leasing to SMEs, said it would be “better
placed” with the changing of the date, which should “realise a cost
saving and allow it to differentiate itself from its quoted peer
group”.
The change, which means that GC will have to produce the next
audited accounts for the 15-month period ending 31 March 2009,
comes after the Norfolk-headquartered company suffered several
blows last year.
In August, Mark Edworthy, the company’s MD, and Jonathan Hill,
the executive deputy chairman, resigned after a steep fall in share
price, following June 2008 results which showed losses of £1.9
million instead of the £4.1 million pre-tax profits claimed at the
end of March.
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The company also decided to temporarily cease venture finance,
which has traditionally dominated its portfolio of activities, to
focus on the recovery of venture finance portfolio debts.
In December it said that with the market continuing to
deteriorate, “a number of clients” had been unable or unwilling to
meet repayment dates and had gone into arrears, and as a result it
had notified its bankers of an arrears covenant breach. It said it
is working with bankers to maximise its recoveries from the
portfolio.
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