Interims results were announced Wednesday, Michael Walters is a fan, & Ofex will undergo huge changes soon, with the introduction of Winterfoolds making a market in all stocks....Furthermore Ofex hope to have 5 mm's by 2004 end.


Britannia I think will move forward strongly without the changes, & I estimate this company already with 5.5 years of impressive growth is on a prospective p/e of circa 10 or 11 & that is with conservative accounting, their peers take circa 500 per customer won for marketing incurred, BFH don't if they did you can add about 1m to profits for the year. As it is I think Michael Walters is expecting circa 700,000

However the really wise thing to do, is not take a word of anything I write as read, but ring the company & check it out for yourselves. Mark up is currently circa 500% which means huge profits are to come, & costs are broadly fixed which mean turnover will at a point drop to the bottom line, & that is yet to happen!

The interims:

BRITANNIA FINANCE HOLDINGS PLC
BUSINESS: NICHE FINANCE

INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2003

Britannia Finance Holdings plc, the OFEX traded finance group, announces its
unaudited interim results for the six months ended 31 October 2003.

HIGHLIGHTS

* Profit before tax up 229% over the same period last year from GBP123,822 to
GBP407,795
* Turnover up 49% from GBP1,060,046 to GBP1,575,689
* Portfolio size up 70% from GBP5.3 million to GBP9 million
* GBP442,000 additional equity raised through the Private Placing of shares
within the period
* Focus on niche premium rate motor finance business and customer quality
produces record interim results

INTERIM STATEMENT

We are pleased to report a record set of interim results (for the six months
ended 31st October 2003) with profits before tax up 229% to GBP407,795. The
group has enjoyed solid growth in turnover, without the proportionate increase
in costs. Basic earnings per share were 1.7p and diluted earnings per share
were 1.3p.

REVIEW OF OPERATIONS

BROKERAGE DIVISION
The brokerage division continues to perform satisfactorily with brokerage
commission totalling GBP473,610 for the half year (GBP662,439 for the same
period in 2002). The commission income is lower than the same period last year
due to the continued focus on the instalment credit division. As a result a
higher proportion of deals have been written in-house resulting in lower
commission income, but significantly increased interest income. The brokerage
division provides a valuable commission income on those deals which fit outside
the group's underwriting parameters. The group aims to write premium rate, low
risk business in-house. However, applicants which require lower interest rates
or fall outside our underwriting criteria are placed with a third party lender
in return for a commission. The brokerage division enhances our offering to the
motor dealer, by providing a one-stop shop for a wide range of applicants
allowing the dealer to maximise car sales.

INSTALMENT CREDIT DIVISION
The main focus of the group remains the profitable growth of the instalment
credit division. The group conducts a vigorous verification procedure to ensure
the ability of the customer to service the hire purchase agreement. The group
focuses on customer quality but wins business by offering flexibility with
regard to the age / type of vehicle financed. As a result of the focus on
lending to low risk customers the portfolio continues to perform excellently.
Both arrears and bad debt levels remain at extremely low levels. As at 31
October 2003 the total receivables had grown to GBP9,025,799; the total number
of cases was 1905, bad debts/write-offs amounted to 0.26% of the loan book and
just 26 cases were more than one month in arrears (representing 1.36% of
cases).

EXCEPTIONAL ITEM
The sale of the Jubilee credit book debt has contributed GBP153,960 to profits
during the period. The Directors will continue to monitor the available
opportunities within this market place.

OTHER
INTERNET PROPOSAL SYSTEM
The company has recently employed an IT Manager with the brief of implementing
an internet based proposal system. The objective is to create a paperless
environment and to allow for the input of data just once throughout the credit
process. It is anticipated that the new system will allow volumes to double
without the need to increase headcount within the new business department.

CUSTOMER RETENTION SCHEME
We are currently piloting a new programme designed to retain existing good
Britannia customers. The programme involves contacting the customer by letter
and telephone prior to settlement of the agreement to offer further car
finance. The initial testing has been positive and we plan to achieve high
levels of customer retention in future periods.

RAPID REPORT WEB-SITE
The Rapid Report web-site (www.rapidreport.co.uk) has recently been launched
with the aim of providing corporate credit searches on UK businesses and
directors. The service will allow small to medium-sized businesses to run
credit reports and receive financial data with regard to potential customers
and suppliers. A marketing campaign for the web-site is currently underway and
we look forward to reporting on the progress in the new year.

REGIONAL / NATIONAL ACCOUNTS
Traditionally the company has concentrated on servicing the needs of small to
medium-sized motor dealers. In addition to our core business the company is now
specifically targeting a number of much larger regional / national dealer
groups. The Directors are pleased to report a successful start to this new
campaign. The company has secured a deal with one major national dealer group
and expect a number of other groups to follow suit. The Directors look forward
to reporting the positive effect on sales which will result from this new
strategy in future periods.

PROSPECTS
Managing Director - Mark Burgess made the following comments about the future
prospects of the business.

"I am pleased to report significantly improved pre-tax profits for the half
year. The group's success is attributed to the entire team at Britannia. I feel
extremely proud of the energy and commitment displayed by each team member. The
outlook for the future is positive and I am confident that the increased
momentum will continue into the second half of the year"

The directors of the issuer accept responsibility for this announcement.

ENQUIRIES:

BRITANNIA FINANCE HOLDINGS PLC Tel: 0151 639 7666
Mark Burgess

RUEGG & CO LIMITED Tel: 020 7584 3663
Brett Miller

MIDAS INVESTMENT MANAGEMENT LIMITED Tel: 0161 228 1709
Mark Sheppard

BRITANNIA FINANCE HOLDINGS PLC
UNAUDITED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS TO 31 OCTOBER 2003
6 mths to 6 mths to
Note 31 October 31 October
03 02
(GBP) (GBP)
TURNOVER 1,575,689 1,060,046
Cost of sales (628,967) (306,038)
GROSS PROFIT 946,722 754,008
Administrative expenses (533,339) (574,818)
OPERATING PROFIT 413,383 179,190
Exceptional profits on selling Jubilee Credit
Ltd loan book 153,960 -
Professional fees relating to an aborted take
over offer (25,578) -
Interest payable and similar charges (133,970) (55,530)
Interest receivable and similar income - 162

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 407,795 123,822
Tax on profit on ordinary activities 1 (109,002) (20,919)
PROFIT FOR THE FINANCIAL PERIOD AFTER TAXATION 298,793 102,903

Basic Earnings Per Share 2 1.7p 0.9p

Diluted Earnings Per Share 2 1.3p 0.7p

BRITANNIA FINANCE HOLDINGS PLC
UNAUDITED BALANCE SHEET
AS AT 31 OCTOBER 2003
6 mths to 6 mths to
Note 31 October 31 October
03 02
(GBP) (GBP)
FIXED ASSETS
Tangible assets 108,040 127,302
CURRENT ASSETS
Stock - 7,850
Debtors 6,962,339 2,816,676
Bank and cash 248,541 139,314
7,210,880 2,963,840

CREDITORS : Amounts falling due within one year 4,676,450 1,066,432
NET CURRENT ASSETS 2,534,430 1,897,408

TOTAL ASSETS LESS CURRENT
LIABILITIES 2,642,470 2,024,710

CREDITORS : Amounts falling due after one year 1,021,977 1,211,196
1,620,493 813,514
CAPITAL AND RESERVES
Share capital 191,530 167,000
Share premium 813,220 450,000
Profit and loss account 3 732,643 313,414
Adjustment on consolidation (116,900) (116,900)
1,620,493 813,514

Notes:

1. Corporation tax has been provided on the adjusted results for period. The
tax assessed for the period is lower than the standard rate of corporation tax
in the UK. The difference is explained below:
Profit on ordinary activities before tax 407,795
Profit on ordinary activities multiplied by the
Standard rate of UK corporation tax of 30% 122,339
Effects of:
Marginal relief (16,038)
Expenses not allowable for tax purposes 4,333
Capital allowances in excess of depreciation (1,632)
Current tax charge 109,002

2. Basic earnings per share are calculated by reference to the profit after tax
and the weighted average number of one pence ordinary shares in issue
throughout the period of 17,291,798 ordinary shares (2002: 10,735,025 ordinary
shares). Diluted earnings per share are based on the weighted average number of
ordinary shares and share warrants in issue during the period of 22,281,926
(2002: 13,966,781).

3. Profit and loss account reconciliation:
Balance 31 October 2002 313,414
Retained profit - 6 months to 30 April 2003 120,436
- 6 months to 31 October 2003

Needs imminent financing according to Market Eye, and only scores 38 out of 50, well down the list of top Ofex stocks and not number 1 as touted by thirdeye.

cheers GF

Actually it is even poorer, 33 GF. And yes it is a case that the company is listed as requiring "imminent" funding. I suspect they will try to get results out and then drop it on investors a few weeks after. Talk of hefty overhang down on the finny farm. I think you were confusing it with such Ofex leading lights (lol!!) as Williamson Tea, Aquasource Algae (!!), and even Glasgow Rangers FC, all of which rate higher!
Likely to struggle to win new customers as interest rates rise. Recent downgrade from UQ-A. Any growth already in share price. Expect further downgrades late this year. Storm clouds gathering, one to avoid.
J. Tullett you have a p-m.

Agreed my appologies for getting the market eye figure wrong.

Thing is aswell this one didnt go up on its last results it actually went down so why should holders still cling on to the beleive that it will rise any further.

cheers GF.

Re to UQ analyst.com edits, 17th of March to the 14th of June is a very long time for someone to let an edited piece of journalism go amiss on the site and only acknowledged when another poster (hawick) discovered it.

Been a lot of talk of ramping on this site over the last couple of days, wrongly in my opinion as I feel its been Hyping rather than the crimminal offence of ramping. This act above though!!!!!!!!!!!!!!!!!!

cheers GF

For the attention of Ajren.

See what I mean Ajren how the nett profit figure goes from 1 million back down to just over 700,000k.

Now then is that not suspicious??????????????.

cheers GF.

Britannia have a market price of 40p per share but are underpinned by a NAV of less than 5p per share yes less than 5p per share (on a diluted basis, and my, is theresome dilution.)

Updated today from the Ofex board.............................


Fundamental Data




Market Cap (GBX) 8.16 (M)
Shares Issued 20,395,250
ROCE 0
Directors Holdings 56.87%
Yield 0
Int CVR 2.47
Debt -1.67
PER 25.00
NAV 0.05
Gearing >100

Not very good these figures are they unless of course the bulls of the stock can convince me otherwise?.
cheers GF.

Bears running scared and not wanting to debate this the company fundies, shame must have something to hide and fear.

gf.

Homer earlier in the thread you posted:

Homer - 12 Dec'03 - 19:07 - 4 of 28

I have seen a thread on advfn but it has been spoiled by some cnut called oliver something, pasting the same thing over and over, i hope he doesnt come on moneyam.

I have been tracking this stock after i recieved a tip from an email. On the sidelines for now, dont like ofex stock but like to watch their volitility.


As from July 12th FOUR market makers will be dealing in Britannia, one of only a score & a bit stocks to attract 4 market makers....Plus Annual results should be around the same date.


Ref your earlier comment...Goldfinger is the same on Money AM= as your 'Oliver something' on ADVFN....Sorry.

CRAP share..

Thanks for that constructive reasoned comment Xmortal, I expect sustained selling now the guru has spoken.

The bulletin board appreciates your in depth comments & analysis.

why dont you answer GF comments or are u scare that GF demonstrated you are really crap.... CRAP SHARE

CRAP SHARE? Wow you have excelled yourself in your in depth anlaysis Xmortal.

I expect as RAB is going to 1 for Xmas, your forecast for BFH is what about 2p before Xmas......lets face it, you can write anything without the reasoning.


Keep up your in depth anlaysis dying to learn more.

You see you are crap... ANSWER THE QUESTIONS GF PUT FORWARD TO YOU IN THIS THREAD... STOP DIVERTING TO RAB... YOU ALREADY AIRED YOUR SILLY OPINIONS ON RAB. COME ON THEN DEFEND WITH FUNDAMENTALS THIS CRAP SHARE

Im sure you are right XM. Highlights of major findings so far

--------------------------------------------------------------------------------

There is a severe lack of liquidity in the Ofex market and unquoted stocks in general, but this is not a new revelation
The majority of stocks are over valued using traditional valuation techniques
There are a significant number of stocks that require immediate funding not only to develop their business and, more importantly, to survive. Based on information available and our coverage so far, 44% require funding in the near future
Companies that are profitable are in a minority
There are only around 10% of the companies on Ofex which are worth considering seriously as an investment opportunity, the rest we consider to be too high risk
For small growth companies, where listing costs are to be considered, they should note that Ofex require a quarterly reporting, a signing on fee, an annual fee and an annual advisors fee. It could be considered that these costs are out of proportion to the benefits offered to companies. Companies that may be in an early stage of development should also initially consider other facilities such as 535x and ShareMark, which provide a cheaper service with arguably more liquidity.

Company Eye-Findings from the Ofex companies we have covered
The table below shows Company Eye rankings out of maximum score of 50
The scores are NOT meant as a recommendation to buy or sell
To access detailed Information Sheets on each company Click Here
Company Name Listing /
Exchange /
Facility Ranking Profitable Require Imminent Funding
Williamson Tea Holdings OFEX 38 Y
Aquasource Algae Group OFEX 37 Y
United Clearing OFEX 36 Y
Empresaria Group OFEX 36 Y
Oakdene Homes AIM 36 Y Y
Shepherd Neame OFEX 34 Y
Thwaites (Daniel) OFEX 34 Y
Rangers FC OFEX 34 Y
Wynnstay (moved to AIM end May 2004) AIM 33 Y
Britannia Finance Holdings OFEX 33 Y Y requires imminent funding.
Customer Systems OFEX 32 Y
Smart Telecom OFEX 32 N
j4b OFEX 31 Y
Sprue Aegis OFEX 31 N Y
Newbury Racecourse OFEX 31 Y
Arsenal FC OFEX 30 Y
Adnams OFEX 30 Y
Printing.com OFEX 28 Y
Brakspear (WH) & Sons OFEX 28 Y
Medico-Legal Consultancy OFEX 23 Y
Fidelity Systems OFEX 21 Y
Tomorrows Net OFEX 20 N
Assured Care OFEX 20 Y
Speciality Scanners OFEX 20 N Y
Music Copyright OFEX 19 N Y
Hydro Hotel, Eastbourne OFEX 19 Y
Disperse Technologies OFEX 19 N Y
EyeBright 535x 19 N Y
Kiotech International OFEX 19 N Y
Eden Research OFEX 18 N Y
Doctors Direct OFEX 18 N Y
LHM OFEX 18 N
FeONIC OFEX 18 N Y
Hardy Amies OFEX 17 N Y
Ivy Medical OFEX 17 N Y
Beowulf Gold OFEX 16 N Y
MultiMedia TV 535x 15 N Y
St Helen's Capital OFEX 15 N Y


cheers GF.

CRAP WHERE ARE U???

If the share was CRAP as you elequently put it Xmortal, the price would collapse (like RAB). It hasn't it has stayed solid & results will probably see further gains...we shall see.

As for answering questions, many have been answered on ADVFN by about five different posters but the poster called Oliverleftwingtit (aka Goldfinger) just repeats the same drivel & a 27p target etc, so much so, most of the posters hardly now post at all in the thread including me, so if you want to search through the drivel, please take a look to find your answers.


I am happy for anyone to post whatever negative comments they wish on this thread, because unlike you Xmortal & g/f who get very abusive if you see negative comments on your own stockpicks, I really don't mind, because in a nutshell if you pick a solid stock with 5 years of growth & the possibilty of even better growth to come, why worry about a few people writing about stuff they don't understand?



So there you go I have given you a pointer to where you can get your questions answered & feel free to write CRAP CRAP CRAP SHARE on this thread as many times as you wish, but it really isn't good for intelligent debate if you think about it, and hey if you post any reasoned constructive stuff,(assuming you can think of your own questions as you seem to hang on g/f's coatails alot) I'll even be happy to debate with you Xmortal.....(Of course I'm supposed to be on your filter, but hey I won't tell anyone)

Personal attack reported to management Fri 1.20am hours. Attack in breach of board rules.

Where?????

Some qs here need answers.

Why should i invest my hard earned when the CEO has spent the last few months offloading hundreds of thousands of shares.

The shares are ofex listed and have moved down in recent months.

Interest rates are rising hurting prospects.

They have had a 30% profit downgrade recently.

A recent quote from a competitor said that some companies in this area risked going under.

They are listed by an analyst as "requiring imminent funding" quite possibly to stay alive.

They trade on a higher p/e than footsie 100 companies in the same sector.

The shares are illiquid.

They are facing cashflow problems.

There is talk on another board of a huge overhang. If it doesn't clear before competitive mms, only a week away, or results don't live up to the hype (some hoping for 1 million plus) I can see these facing a fairly brutal markdown.

All imho, dyor.

Thanks Hawick.

CRAP share.