Havent been a big fan of this one over the last 18 months as I have always felt that the business model where it had to keep issuing new shares to support the loan book was holding the share price back,but thats been put to bed this morning by an annoucement from the company that it has secured a far bigger and better deal with its bankers Barclays. I really do beleive this one now will start to show an increase in it share price and I expect a share price of 60p short term and a much higher price in the long term .

It is listed on OFEX as BFH.

Please DYOR.

cheers GF.

5 years before you get much return?? By which time my Ofex preference GSC should have a nav of approaching 500p+ (shares 110p).

britannia is all yours!

Ok Jock. Ill be richer than I am now in a few months time, Ill invite you down to my garden party where thirdeye will be the guest of honour, you'l be on a table with the surfs, or is that smurfs LOL LOL LOL LOL LOL LOL .

cheers GF.

LOL!! Is it a Mickey Duff production!

Lets face it joko you were a match for thirdeye/outsider, but you are no match for me.

I see you have had to sign up for the new/dopey board (dick head sharebums site), good luck pal.

Mind a thick git like you will make plenty of money I guess.

HOW COME YOU WERENT INVITED ON THIRDEYES NEW BOARD???????????????? LOL.

They are pros on there and I feel I will get an invite. You know how sickened you were for two months after they did the dirty on you LOL LOL LOL LOL LOL LOPL LOL LOL LOL LOl

cheers GF. PS normal board members please remember this bust up is a one between 2 members.




cheers GF.

Jim Bowen told me that all you'll get back from investing in this stock is BFH..... that's 'Bus Fare Home'.....

Lets face it joko you were a match for thirdeye/outsider, but you are no match for me.

I see you have had to sign up for the new/dopey board (dick head sharebums site), good luck pal.

Mind a thick git like you will make plenty of money I guess.

HOW COME YOU WERENT INVITED ON THIRDEYES NEW BOARD???????????????? LOL.

They are pros on there and I feel I will get an invite. You know how sickened you were for two months after they did the dirty on you LOL LOL LOL LOL LOL LOPL LOL LOL LOL LOl

cheers GF. PS normal board members please remember this bust up is a one between 2 members.




cheers GF.

FinFoEx.com welcomes Mark Burgess to the hot seat. Firstly Mark, there are quite a few members that would like to congratulate you on what they consider to be an excellent set of full year figures. As I am sure you have read on the various OFEX focussed bulletin boards, there are some bears of the stock as well needless to say these investors have not passed on their congratulations.

Thanks should be given to all investors who haven taken the time to consider Britannia as an investment opportunity, and congratulations from those who have invested are much appreciated. However, personally, I feel my attention is better focussed on further enhancing shareholder value than spending too much time reviewing bulletin boards.

1. Mark We will jump right in at the deep end. Please can you explain the 400,000 increase in administration expenses?

Most fast growing companies, and I certainly class Britannia in that category with 141% increase in PBT, will incur certain incremental costs each year. Incremental costs for Britannia largely stem from the servicing/controlling of our increasing loan portfolio. My job is to ensure that costs as a proportion of income, do not increase disproportionately. To this effect, administration as a proportion of income fell from 49% to 44%.

2. The introduction of a new high tech system sounds exciting, however could you perhaps explain what it does and how it will work. Also could you give an overview of the costs of this system and how much it will cost to maintain?

The Group has invested in a web-based state of the art computer system. We believe that the motor finance market is an inefficient market. The company intends to exploit the inefficiencies within the market by providing an unrivalled car funding solution. The new system will allow the introducer to input the credit application details via the Internet, and check the progress of their application.

The system links automatically to Experian and Car Data check and returns the consumer search, vehicle details and valuation.

The result will be vastly improved proposal response times, and increased capacity in both the Instalment Credit and Brokerage Divisions. The speed of decision making on proposals is of key importance to both our existing introducers, and to potential new introducers. Our belief is that by providing a faster, more efficient service the potential for growth in this market place is vast.

The overall cost of the system will be approximately 250,000, which will be depreciated in accordance with Company accounting policies. The funding of the system in the main is financed via a commercial loan. We hope that this investment will mean that in future years our administration costs as a percentage of income will fall even further.

3. Britannia has achieved remarkable year-on-year growth. Could you perhaps provide an overview of this growth in sales and profits and then comment on how you see the company performing going forward. Will it be possible to maintain the current rate of growth?

The company has achieved year on year growth in sales and profitability since floatation on Ofex. My focus remains on attracting and developing our business in niche markets where we can attract prime customers at premium rates. However, Britannia remains a tiny minnow in a 12 billion market, and I believe that by providing a first class service to our introducers, Britannia has scope for substantial growth.

4. In the past there has been talk of moving to AIM. More recently you told Unquoted-Analyst.com that you would be staying put for the time being. Bearing in mind the markets somewhat disappointing reaction to your figures, some members have suggested that it might be preferable to move to AIM sooner rather than later please comment.

A move to AIM is under consideration, and is seen as a potential opportunity to attracting Institutional investors as well as providing greater share liquidity, and hopefully improved shareholder value long term. When and if we make this decision we will issue an announcement in the normal way.

5. You sold a large quantity of stock a while back; rumours in the market were that the sales were to pay off your mortgage. Have you now done this and if so, can you reassure investors that you wont be selling any further shares for the time being? What is your personal exit strategy for your remaining holding?

I sold a very small proportion of shares in relation to my entire holding, and this was to clear certain personal financial commitments. That share disposal does not in any way reflect my confidence about the future of Britannia. I believe that shareholder value will best be created by building strong sales and profits as an independent company over the next five years.

However, should we receive another bid approach the Board of Directors will of course give the terms due consideration.

6. Now that Britannia has institutional backing, is there a possibility that a brokers report will be published at some stage. If so, when? would this be conditional on a move to AIM ?

I cannot commit to a time frame on this; however I do hope a broker will produce a research note at some point in the future.

7. In the statement that accompanied your full year figures you stated that Britannia would now require FSA approval. Could you elaborate on what division/divisions FSA approval is being sought and could you also comment on whether or not the fact that Britannia sells loans at more than 30% will negatively impact the companys ability to gain authorisation?

The FSA will regulate the sale and administration of general insurance from 14th January 2005. We have conducted a thorough review of our policies and procedures and have submitted an application to the FSA to become a fully authorised firm. We have received a positive response from the FSA indicating that they are minded to approve Britannia for full authorisation and we expect to receive final confirmation by the end of November.

The approval by the FSA has no bearing on the provision of our core business, motor finance.

8. In a recent announcement you indicate that Barclays have increased the size of the debt facility from 10 million to 20 million, reduced the interest rate and increased the amount lent against the portfolio. How will this affect your ability to grow the portfolio?

The new facility allows Britannia to be able to grow the portfolio size with a lower contribution required from shareholders. The interest rate charged to Britannia has been reduced by 0.35%. In return the Bank negotiated warrants over 5% of the issued share capital exercisable at 37.5p over the next 3 years.

I consider this to be a superb deal, for both Britannia and Barclays. My view is that the Bank recognised the potential upside against the current market price, and hence cleverly negotiated a significant stake in the business. From my perspective, we are delighted that Barclays will share in the success of the company. More importantly, Barclays now have a vested interest in supporting the continued business growth, particularly when we come to future bank facility negotiations.

9. Britannia closed its full year statement saying, The Companys prospects are excellent and we expect to report another record year of growth. Clearly things are going well. What is your own, personal opinion of the current market value of your company bearing in mind the historic growth and future potential?

I was surprised that the share price did not react more positively to the full year results. However, short term price movements are of little consequence. The important factor is the long term financial performance of the business. As long as we continue to produce the results, the valuation will eventually catch up.

cheers GF

GF,

What's Thirdeye's new site called please?

Might take a peek if I can.

Hi andy just seen you posting on the other big site, think it was you on the toledo thread anyway.

Here it is.................

http://www.finfoex.com/forum/index.php

cheers GF

GF,

Thanks, will take a look.

Interesting to note that S@U have been re rated upwards.

Cattles were re rated upwards aswell a couple of weeks back in fact the frequent trader Robbie Burns as this as one of his stock picks.

Feel BFH now offer better value than either of these by a considerable margin.

cheers GF