Prestbury turnover increases by 45%

Prestbury Holdings PLC, has revealed its results for the six-month period to 30 April 2006, showing a 45% increase in turnover to 4.8m

They also show a small profit generated in Feb, March and April 2006, with
minimal operating profit for the six months to April 2006 attained at 35,000.
Overheads have been reduced by 33% since same period last year and now maintained at approximately 145,000 per month, with gross profit at 18%.

It now has 186 registered selling advisers, 10 still awaiting selling status, with an average income per registered selling adviser 51,027 per annum.

New revenue and margin streams introduced via the launch of Bsure for the Directly Authorised marketplace, expected to show in the results for the second half of the year.

Prestbury is also to develop an IVA solution for its advisers when dealing with consumers who are over indebted.

Francis Maude, chairman of Prestbury says: It is a pleasure to report a modest profit for the first period since coming to AIM in 2002. The financial services market place has continued to experience torrid conditions, with several major players having ceased trading. Turnover increased by 45% compared with the first half last year, and overheads fell by 34%.

The business has continued to grow in a very challenging environment and this is due in no small part to the hard work of our extremely dedicated staff, whom I thank for all they have done.

We continue to see growth in monthly turnover, and believe that Prestbury is on course to meet expectations for the full year.