Member Article

Daresbury’s Impact Holdings reports loss after tax of £235k

Daresbury-based Impact Holdings, a provider of financial outsourcing and ancillary services to the legal profession, has reported a loss after tax of £235k.

This is compared to a small profit after tax of £1.9k for the same period last year.

The company report that this is in line with expectations as they are investing in re-aligning the business.

It has also reduced its debt by 22% to £1.22 million.

Non-executive chairman, Roger Barlow said: “The development of the strategic direction of the business has continued with a reduction in our exposure to third party funders and a withdrawal from new exposures in the specialty funding market.

“We continue to incur upfront legal expenses in seeking to recover loans which have been previously provided against by the Group.

“Litigated matters continue to be concluded successfully however the ongoing costs of the more complex litigation matters continue to erode positive financial results.

“We have recently settled one litigated claim against a firm of former professional advisors on advantageous terms and are currently awaiting a Court’s decision which may accelerate settlement of a number of matters being pursued.

“The group remains focused on providing services to the legal and professional sectors.

“The Board of Directors is committed to the opportunities earmarked and continues to develop this strategy which will provide, over time, enhanced shareholder value.”

This was posted in Bdaily's Members' News section by Sophia Taha .