Industry News Archive
Peach Holdings H1 Pretax Falls 81% to 4.3M USD vs 22.6M
Peach Holdings Inc., which earlier this month recommended a takeover by Orchard Acquisition Company, an affiliate of DLJ Merchant Banking Partners, today reported an 81 pct drop in pretax profit for the first half of 2006 to 4.3 mln usd from 22.6 mln the prior year.
Revenues fell 14 pct to 43.5 mln usd.
The US specialty finance company said these figures were ahead of expectations at its IPO because of a change in accounting rules which brought revenue recognition forward.
The board declared an interim dividend of 3.5 pence per share.
The board anticipates one securitisation in the second half of the current year in Structured Settlements. Although possible, a securitisation of Life Settlements in 2006 is looking far less likely and may now occur in 2007, it added.
It said the business remains strongly cash generative.
