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Cattles reveals £555m loss for 2008

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Cattles has revealed that it made a loss before tax of £555.3m for the year ended 31 December 2008, according to its unaudited results. An interim management statement also reveals that profit before tax for the year up to December 2007 would be restated to £22.7m, due to an extra provision it has had to make of £700m against losses on impaired loans. Cattles revealed earlier this year that it expected to make the extra provision, after an internal audit of its accounting process discovered a £700m blackhole in amounts held against loan losses. The sub-prime lender also had to consider whether to include an extra £150m incurred as at at 31 December 2008. This has also been taken into account for the interim statement. Cattles added that the group’s balance sheet at 31 December 2008 would be likely to show a deficiency of shareholders’ funds of £197m, with loans and advances to customers of £2.5bn and gross external borrowings of £2.7bn.

 

Unaudited results of the group for the nine months until 30 September this year, taken from the management accounts, show a loss before tax of £347.4m. As at 30 September 2009, loans and advances amounted to £1.9bn and gross external borrowings reached £2.7bn. Cattles said the group continues to generate cash and at 1 November 2009 it held cash of £392m. Its subsidiary Welcome Finance has collected cash of £570.4m in the nine months ended 30 September 2009.

 

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