Inspired Capital plc ( Inspired or the Company )

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1 17 April 2015 Inspired Capital plc ( Inspired or the Company ) Preliminary Results for the year ended 31 December 2014 Inspired Capital plc, a leading provider of customer focused financial solutions to SMEs, is pleased to announce its preliminary results for the year ended 31 December Summary Financials Number of clients up 36.3% to 1,323 (2013: 971) Loan book 1 increased by 60.8% to 66.9 million (2013: 41.6 million) Loan book funded by Group cash 25.8 million (2013: 8.2 million) and borrowing facilities 43.5 million (2013: 33.0 million) Back to back funding facility increased to 50 million during 2014 Further increase in back to back funding facility to 75 million following agreement with the British Business Bank in March 2015 enabling significant growth in invoice factoring and discounting. Revenue up by 21.8% to 16.2 million (2013: 13.3 million 2 ) Gross profit up by 26.1% to 11.6 million (2013: 9.2 million 2 ) Trading profit up to 3.3 million 3 (2013: 0.7 million 2 ) Loss before tax of 0.5 million (2013: 0.8 million 4 ) The Group has identified an accounting error in its recently acquired business, Ultimate Finance Group and has now quantified the error. Consequently the Group accounts for the period ended 31 December 2013 have been restated to reflect previously unrecorded liabilities. The majority of the restatement relates to the pre-acquisition period and accordingly goodwill has increased by 1.1m with 0.4m being recorded in the prior period loss. A further adjustment of 0.4m is reflected in the results for 2014 and the total recorded provision for this liability at 31 December 2014 is 1.9m. 1 Loan book comprises gross receivables before bad debt provision and is stated inclusive of credit balances comparatives are those of Ultimate Finance Group although this period includes a period prior to its acquisition by the Group and remains unaudited. They are included to enable a better understanding of the Group s performance during the period. 3 Before Group costs, reorganisation costs, amortisation and tax. 4 As restated see Note 6. Business highlights Key senior management appointments made including CEO, COO, Group Head of Marketing and Head of Sales Increased marketing investment and tripled sales force supporting existing products Continued testing new unsecured product (www.ultimatebusinesscash.co.uk) with late 2015 launch targeted Entered Collaborative Agreement (February 2015) with Proactis which provides exclusive access to market spot/single invoice finance product to captive distribution channel; targeting H launch Banking licence application initiated Matt Cooper, Chairman of Inspired, commented: We acquired Ultimate Finance Group ( UFG or Ultimate ) in September 2013 with a clear long term strategy to be the leading supplier of a broad range of financial products catering specifically to the SME market. We re pleased with the results we ve achieved this year, which prove that significant growth can be achieved in the acquired business, but recognise that they are just the start of our journey. We expect this growth to accelerate in the future. Simultaneously, we will continue to lay the foundation for growth in new product ranges and distribution channels, as well as focus on the development of our long-term brand. There continues to be clear demand for a provider of innovative, flexible financial services for SMEs and the Board is confident that we are well positioned to continue to grow significantly.

2 Brian Cole, Chief Executive Officer of Inspired, commented: I am delighted to have joined a company with such an ambitious vision in the SME lending market. Our strategy is to transform that market, where currently only one in five (of the 4 million) SMEs borrow. We will do this by innovating product, leveraging expanded marketing channels and sophisticated credit techniques, wrapped with a mass customer-focused brand, in order to reach new customer segments with a more appropriate financing solution for their many and varied needs. We began this journey last year by rapidly scaling the UFG platform which we acquired for its range of products, deep secured lending credit history and fit-for-purpose technology infrastructure. In addition to growing the loan book by 60.8%, we laid the foundations for our first and second expansions along the product and marketing channel dimensions with the on-going testing of Ultimate Business Cash, a direct marketed and digitally served unsecured working capital line, and the collaboration agreement we reached with Proactis, as previously announced. Still, 2014 marked only the beginning steps of our journey to disrupt the SME lending market and we are on our way to becoming a multi-billion pound market leader. For further information please contact: Inspired Matt Cooper, Chairman Brian Cole, Chief Executive Officer David Blain, Chief Financial Officer Pierre Decote, Chief Marketing Officer Cenkos Securities Max Hartley (Corporate Finance) Julian Morse (Sales) Oliver Baxendale (Sales) Newgate Tim Thompson Jasper Randall Andre Hamlyn via Newgate +44 (0) (0) About Inspired Capital plc Inspired Capital is building by organic growth and acquisition a new customer-friendly force in SME lending by deploying long term capital. There is an opportunity to grow considerably in an underserved sector, with SMEs traditionally finding credit difficult to access from the major clearing banks that often focus on the security and stability of retail and larger corporate lending.

3 Chairman s statement The year ended 31 December 2014 has been a successful year for the Group, the business has grown strongly and great progress has been made in laying the foundations for further sustainable growth in the future. We ve made significant strides in strengthening our management team, improving our customer service, and growing our sales force. Client numbers and amounts lent to SMEs have grown to a record level for the Group, and we believe that much more significant growth lies ahead. I look forward to the opportunities and challenges that lie ahead of us. Financial performance The Group s trading profit for the year increased from 0.7 million 2 to 3.3 million 3 reflecting significant growth in revenues, investment in the infrastructure and people required for future growth and restatement of the prior year figures. Profit before tax, amortisation and share based payment charge was 0.4 million (2013: restated loss 0.4 million). We intend to continue to reinvest profit before non-cash items into the future of the business in order to maximise our success. During the year ended 31 December 2014, the Group s loss before tax from continuing activities was 0.5 million (2013: restated 0.8 million). Strong growth has been achieved in all of the Group s products during the year and the Group s funding base has been strengthened by increasing facilities available to the Group. In line with our policy of investing in the future of the business we maintain our policy of not paying a dividend for this year. Review of operations The first step-change phase of growth has begun and is yielding results. With the additional resources available through the acquisition of UFG, the invoice finance sales force has tripled, enabling rapid scaling of Ultimate s core products. Further increases to the sales force supporting the asset, trade and construction products will boost these rapidly growing product lines. With a proven range of products and a scaled up, experienced and geographically distributed sales force in place, the Group will begin to increase marketing spend in the next period. With several senior appointments, including Brian Cole as CEO, the retention of Ultimate co-founder, Jeremy Coombes as COO, Pierre Decote as Group Head of Marketing, and Nick Smith, formerly Regional Managing Director at Northern Region of Aldermore, as Head of Sales, Inspired Capital is already executing on its intention to establish a management team unlike that of any competitors in the SME lending space. We expect to add several more key members to our management team over the next year, who will continue to represent the best talent from inside and outside the sector. We continue to be committed to building a branded, large-scale, customer focussed SME lender. During the period, the team has moved forward with plans regarding future branding, marketing and funding strategies. We ve begun to increase focus on marketing and PR, to develop a more sophisticated credit policy and launched early tests of unsecured product offerings. Going forward, these will all be key areas of focus. We have also made considerable progress toward broadening our funding base to support our growing business. An independent assessment of the technology platform was conducted to determine the scalability of the existing infrastructure. It was verified that the current platform could scale up to eight times the business size at the time of the review (circa 400 million loan book) in the same products and segments Inspired currently offers through its Ultimate brand. As the UFG operation in Bristol shifts toward much greater ambitions, investment in various elements of infrastructure will be required. Investment plans include strengthening the overall governance and risk management processes in the business, automation of various manual processes and hiring across compliance and credit-oriented roles, to ensure application underwriting and service quality remain robust in support of much more significant client and loan volumes.

4 Corporate governance Although full compliance with the UK Corporate Governance Code issued by the Financial Reporting Council in September 2012 is not compulsory for AIM companies, the Board has chosen to apply those principals considered appropriate, taking into consideration the Group s size and the recommendations contained in the QCA guidelines. We intend to move towards full compliance over time and as the business grows and matures. Board changes Brian Cole joined the Board upon his appointment as CEO in May This has been a major step for the Group. He is responsible for driving the business and implementing the strategy and is already achieving results. Staff Our employees remain our key asset to deliver the growth we envisage and the Board is very grateful for the hard work and dedication of all our staff. Conclusion We acquired UFG in September 2013 with a clear long term strategy to be the leading supplier of a broad range of financial products catering specifically to the SME market. We re pleased with the results we ve achieved this year, but recognise that they are just the start of our journey, and prove that significant growth can be achieved in our core business. Simultaneously, we will continue to lay the foundation for growth in new product ranges and distribution channels, as well as focus on the development of our long-term brand. There continues to be clear demand for a provider of innovative, flexible financial services for SMEs and the Board is confident that we are well positioned to continue to grow significantly. MATT COOPER Chairman 17 April 2015

5 Chief Executive Officer s statement I am delighted to present my first statement as CEO. I have joined a very ambitious company at a very exciting time and I look forward to driving it towards fulfilling its potential. I am impressed by the team and the products that we have and we will be developing the team further and introducing exciting new products to the SME market place. We have a highly experienced management team and we are targeting rapid growth in our loan book over the next few years. This growth will be driven by an array of innovative new products, a trusted mass-market brand and an offering across the SME spectrum via direct and intermediary channels. This scalable, customer focused offering seeks to be a disruptive force in what is a huge addressable market, which high street lenders have been largely withdrawing from. UK SME lending is a vast market (circa 75 billion, excluding commercial mortgages for which we do not compete) currently being underserved by high street lenders constrained by capital adequacy rules and more risk-averse criteria. This has left an equity gap of billion, which we are seeking to address. Only approximately 15% of SMEs have sought debt finance in the last six months, leaving an enormous unbanked population beyond this. We believe we are set to rapidly grow our book, targeting a broader, range of SMEs supported by an enhanced, nationwide sales team and funding from a range of sources including banks, institutions and government sponsored organisations. A successful application for a UK banking licence (from 2016 onwards) would allow cheaper customer deposit funding to be held. We are executing on a three stage strategy to offer a flexible, more upmarket offering to profitable long term customers on a timely, recurring basis, developed through exceptional customer service and well designed, innovative and appropriately priced products. Profits generated by the business in the coming years will be reinvested in order to scale the business. Investment will be in, inter alia, sales and marketing, infrastructure and IT. Financial and business review During the year ended 31 December 2014 the Group has made significant progress in all areas of its business strategy, increasing business volumes, successful recruitment, branding and IT strategy. Activity across all products has increased with strong lending growth achieved in the second half of the year. The unaudited restated comparative figures for the period ended 31 December 2013 include the results of UFG from the date of acquisition, 10 September The following proforma financial information is provided to enable review of the Group s financial performance by including unaudited results of UFG for the year ended 31 December 2013 including pre-acquisition results of UFG.

6 Unaudited results Year to 31 December 2014 Year to 31 December 2013 Unaudited (note 6) 15 months to Growth % 31/12/2013 Clients No. 1, % Funds in use 'm % Average funds in use 'm % Trading Group Total Trading Group Total Total m m m m m m m Revenue % 4.4 Cost of sales (4.6) (4.6) (4.1) (4.1) (0.6) Gross profit % 3.8 Operating expenses Administrative expenses (8.3) (2.7) (11.0) (8.5) (1.4) (9.9) (4.4) Adjusted profit/(loss) 3.3 (2.7) (1.4) (0.7) (0.6) Profit on initial UFG investment Acquisition costs (0.0) (0.7) Amortisation (0.7) (0.4) Operating loss (0.1) (1.1) Finance income Finance expense (0.4) (0.0) Dividend income Loss before taxation (0.4) (0.8) Financial Review Profit before tax, amortisation and share based payment charge was 0.4 million (2013: restated loss 0.4 million). We intend to continue to reinvest profit before non-cash items into the future of the business in order to maximise our success. The profit for the year ended 31 December 2014 was 0.0 million ( months - loss 0.5 million). The Group acquired UFG in September 2013 and, as a result of a review of the accounting treatment of the subsidiaries, Group management has identified a systematic accounting error in the subsidiary Group which has led to unrecorded liabilities. Accordingly the results for the year ended 31 December 2013 have been restated. The adjusted operating profit from trading activities increased to 3.3 million (2013: 0.7 million as a result of growth in revenues following the injection of Group cash into operations enabling loan book growth, a tripling of the invoice finance sales force and the restatement of prior year results. Client numbers increased by 36.3% to 1,323 (2013: 971) and the loan book increased 60.8% to 66.9 million (2013: 41.6 million). Gross profit percentage improved to 72% (2013: 69%). Trading administrative costs have remained largely static at 8.3 million (2013: 8.5 million). primarily due increases in 2014 due to higher trading activity and investment in sales force or operational and credit staff being offset by the

7 restatement of 2013 results. Group administrative expenses have increased by 1.3 million as a result of the investment in new senior staff, including myself, recruitment costs, share based payment charge and arrangement fees plus interest on the funding from Henderson. Profit on initial investment in UFG in 2013 The profit on the initial investment in UFG represents the difference between the price paid in December 2012 to acquire 9.1 million ordinary shares in UFG at a cost of 1.7 million and the value of those shares at the date of acquisition of UFG. Acquisition costs Acquisition costs are written off in full at the time of incurring the cost and in 2013 these costs related to the acquisition of UFG. Amortisation Amortisation reflects the write down of the fair value attributed to the assets of UFG at the date of acquisition. Finance income Interest receivable on bank deposits was 0.1 million (2013: 0.3 million), reflecting lower deposit balances and the lower rates of interest achieved. Dividends received Dividends received are dividends received from UFG on the Company s investment in UFG prior to completing the full acquisition of UFG during Outlook The Board remains confident about the outlook for the business and its ambition to be a major player in the SME finance arena. This will be achieved by reinvesting profits generated by the business into strategic expenditure in the areas of technology, marketing and management, in order to achieve significant future growth. Business review The Inspired product range The Group s loan book is made up of the following products, with core invoice finance (discounting and factoring) complimented by a host of newer products launched over the last two years. Going forward, Inspired is seeking to further add to the current suite with innovative new products, aimed at niche sectors, broadening the Group s footprint over the SME community. Products will be tested in advance of full release to help ensure commercial success. Invoice Discounting Offers immediate cash advances of up to 88% on approved unpaid invoices, usually within 24 hours. This is suitable for cases where SMEs wish to retain control and responsibility for credit control and collections. Both confidential and disclosed methods are offered, depending on whether the SME wishes to inform its client of the discounting. Factoring Offers immediate cash advances of up to 85% of approved unpaid invoices. Factoring differs from invoice discounting in that the Group assumes responsibility for credit control and collections from clients. This may be advantageous for some SMEs who feel the factor would better managing their credit control. Asset Finance (launched 2010) Helps SMEs spread the cost of buying business assets through hire purchase, typically over a 2-5 year period. Suitable assets to finance with hire purchase include cars, vans, coaches, HGVs, machinery, equipment and construction materials. By the end of the agreement, the asset is wholly owned by the SME in return for a regular, predictable cash payment over the set period. Trade Finance (launched 2012)

8 A funding solution helping SMEs bridge the gap in payment for the import and export of goods. Customers typically trade in toys, clothing, gifts, accessories, sporting goods, jewellery, non-perishable goods or any other finished consumer products. Construction Finance (launched 2013) An adaption of invoiced discounting specifically tailored to the needs of the construction industry. Advances are generally 40% of unpaid invoices, providing a valuable funding facility for SMEs in the construction industry. Ultimate Business Cash (launching 2015) As part of the strategy to add to the product suite, Inspired are developing their first unsecured lending product via the Ultimate brand. UBC provides fast, easy to use and flexible short-term loans via a 24/7 online portal, with lending decisions and release of funds made the same day. The product intends to be a fast and convenient way to arrange affordable short-term finance intended to help provide working capital for growth or to fill a temporary cash flow shortfall. UBC can advance between 1k - 50k for up to 52 weeks at a cost of 0.35% per week, without any hidden or arrangement fees, a competitive offering compared to the market. Collaboration with PROACTIS The Group has signed an exclusive collaboration agreement with PROACTIS Holdings PLC ( Proactis ), a global spend control and eprocurement solution provider to develop an accelerated payment facility ( APF ) for UK SMEs (the Collaboration Agreement ). The Proactis eprocurement Platform, a Global Trading Network ( GTN ) that enables collaborative electronic trading between buyers and suppliers, will underpin the newly developed APF and Inspired Capital will accelerate the settlement of suppliers pre-qualified invoices. Proactis estimates that billion per annum is invoiced across its network, made up of circa 500 blue-chip buying organisations and circa 1million SME suppliers, thus representing a significant market opportunity. Research conducted by the Federation of Small Businesses (FSB Dec 2014) suggests that almost one in five UK SMEs are affected by a serious deterioration of payment practices. The research suggests that buying organisations are increasingly exerting power on their supply chain with SMEs experiencing the adverse effects of extended terms of trade. This trend presents a significant opportunity for the provision of supply chain finance for SMEs, whilst allowing buyers to maintain their working capital position. The APF is an effective counter to this growing pressure on SMEs and will offer a solution to cash-pressurised companies at an affordable price. As a result, Proactis and Inspired Capital believe that the APF will have a high level of take-up within UK SMEs. The collaboration with Proactis represents a commitment to a significant product innovation in line with Inspired s intent to offer a complete and diverse portfolio of financial services to SMEs. Whilst adding a route to the rapidly growing Single Invoice Finance market, the collaboration will also reduce Inspired s reliance on a traditionally broker dominated distribution model for its finance products. The APF is expected to be launched to potential customers later this year. In the meantime, a commercial agreement, with a minimum term of 12 months, will be finalised ahead of market launch. Review of Funding The Group continues to have strong relationships with its key funding providers and is looking to increase the levels of funding available to it as well as diversify its funding partners in order to support future growth. The primary facility used by the Group is with Lloyds and this was increased to 50 million in October In addition, loan facilities of 7 million were agreed with Henderson Global Investors, the Group s largest shareholder, during October 2014 of which 3.5 million has been drawn down and a further 3.5m is being drawn down. During March 2015, the Group finalised a 25 million back to back facility with the British Business Bank Ltd ( BBB ) as part of the government's initiative to support lending to UK small businesses. This facility will be utilised for the Group s factoring business. The Group has also initiated the banking license application process which, subject to regulatory approval, would enable it access additional and very affordable funding. It is anticipated that this process will be completed from 2016 onwards.

9 Conclusion I am delighted to have joined a company with such an ambitious vision in the SME lending market. Our strategy is to transform the SME lending market, where currently only one in five (of the 4 million) SMEs borrow. We will do this by innovating product and leveraging expanded marketing channels and sophisticated credit techniques, wrapped with a mass, customer-focused brand, in order to reach new customer segments with a more appropriate financing solution for their many and varied needs. We began this journey last year, by rapidly scaling the UFG platform we acquired for its range of products, deep secured lending credit history, and fit-for-purpose technology infrastructure. In addition to growing the loan book by 60.8%, we laid the foundations for our first and second expansions along the product and marketing channel dimensions with the on-going testing of Ultimate Business Cash, a direct marketed and digitally served unsecured working capital line, and the collaboration agreement we reached with Proactis, owners of a proprietary spend control platform through which we, exclusively, intend to serve single invoice products to its circa 1 million SME suppliers. Still, 2014 marked only the beginning steps of our journey to disrupt the SME lending market and we are on our way to becoming a multi-billion pound market leader. BRIAN COLE Chief Executive Officer 17 April 2015

10 Condensed Consolidated Group income statement for the year ended 31 December 2014 Continuing operations Unaudited Year to 15 months to 31 December 31 December (note 6) Note Revenue 2 16,191 4,384 Cost of sales (4,619) (624) Gross profit 11,572 3,760 Operating expenses Administrative expenses (10,987) (4,362) Profit on initial UFG investment 597 Acquisition costs (726) Amortisation (717) (396) Total administrative expenses (11,704) (4,887) Operating loss (132) (1,127) Finance income Finance expense (406) (14) Dividend income 41 Loss before taxation (454) (820) Taxation (113) Profit/(loss) for the period from continuing operations 41 (933) Discontinued operations (Loss)/profit for the period from discontinued operations (13) 408 Profit/(loss) for the period 28 (525) Earnings/(loss) per share from continuing operations Basic 5 0.0p (0.6)p Diluted 5 0.0p (0.6)p Earnings/(loss) per share from continuing and discontinued operations Basic 5 0.0p (0.3)p Diluted 5 0.0p (0.3)p

11 Condensed Consolidated Group statement of financial position as at 31 December 2014 Unaudited 31 December 31 December (note 6) Note Assets Non-current assets Intangible assets 7 16,477 16,962 Property, plant and equipment ,329 17,518 Current assets Loans and other receivables 9 68,417 39,850 Cash and cash equivalents 10,376 21,748 78,793 61,598 Liabilities Current liabilities Bank borrowings and overdrafts (40,577) (30,402) Trade and other payables 10 (10,509) (6,542) Bank and other loans (3,552) (400) (54,638) (37,344) Non-current liabilities Other payables (1,331) (1,355) Deferred tax 147 (223) (1,184) (1,578) Total liabilities (55,822) (38,922) Net assets 40,300 40,194 Equity Capital and reserves attributable to equity holders of the parent Share capital 11 26,449 26,449 Share premium account 12 6,076 6,076 Own shares 13 (7,595) (7,595) Retained earnings 15,370 15,264 Total equity 40,300 40,194

12 Condensed Consolidated Group statement of changes in equity for the year ended 31 December 2014 Unaudited Share Share Own Retained Total capital premium shares earnings equity (note 6) (note 6) At 1 October ,505 (7,313) 15,789 27,981 Loss for the period as previously reported (79) (79) Restatement (note 6) (446) (446) Purchase of own shares (282) (282) Increase in share capital 6,944 6,076 13,020 At 31 December ,449 6,076 (7,595) 15,264 40,194 At 1 January ,449 6,076 (7,595) 15,264 40,194 Profit for the year Shared based payments At 31 December ,449 6,076 (7,595) 15,370 40,300 Condensed Consolidated Group cash flow statement for the year ended 31 December 2014 Unaudited Year to 15 months to 31 December 31 December (note 6) Note Net cash outflow from operating activities 14 (13,501) (827) Investing activities Interest received Dividend received 41 Finance expense (406) (14) Acquisition of property, plant and equipment (594) (20) Acquisition of intangible assets (232) (147) Cash outflow on acquisition of Ultimate Finance Group plc (4,916) Purchase of own shares (282) Funds placed on term deposits (76,000) Funds returned from term deposits 100,500 Net cash generated from investing activities (1,148) 19,677 Financing activities Interest expense 177 Loans received 3, Loan repayments (400) (1,056) Net cash outflow from financing activities 3,277 (449) Net increase in cash and cash equivalents (11,372) 18,401 Cash and cash equivalents at beginning of period 21,748 3,347 Cash and cash equivalents at end of period 10,376 21,748

13 Notes to the Condensed Consolidated Group financial statements for the year ended 31 December Presentation of financial information The financial information set out above does not constitute the company's statutory accounts for the year ended 31 December 2014 or for the period ended 31 December 2013, but is derived from those accounts. Statutory accounts for 2013 have been delivered to the Registrar of Companies. The auditors have reported on those accounts: their reports were unqualified, did not draw attention to any matters by way of emphasis and did not contain statements under s498 (2) or (3) of the Companies Act The statutory accounts for 2014 will be delivered following the Company's annual general meeting. While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRSs), as adopted for use in the EU, this announcement does not itself contain sufficient information to comply with IFRSs. The same accounting policies have been applied to the production of the financial information contain herein as were used in the preparation of the last statutory accounts. The Group has 10.4 million in cash and cash equivalents as at 31 December 2014 on which it relies to meet its pending commitments. Having considered reasonably possible variations to the Group s forecasts over a minimum period of twelve months the Directors confirm that they have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason, they have adopted the going concern basis in preparing the condensed group financial statements. 2. Revenue All revenue is derived in the United Kingdom and relates to fees and discount income generated since the acquisition of Ultimate Finance Group plc and its subsidiaries. Year to 15 months to 31 December 31 December Service fee income 8,536 1,679 Interest income 2, Other fee income 4,573 1,497 Asset based finance lease income Total revenue 16,191 4, Segmental analysis All of the Group s turnover and operating results arose in the UK from the principal activity of Ultimate Finance Group Limited and its subsidiaries (UFG) and the results are reviewed by the Board as a whole. All net assets are in one geographical area, being the UK. Inspired Capital plc provides a central administration function.

14 4. Taxation Continuing operations Discontinued operations Total Current tax Charge for the year Adjustment in respect of prior years (167) (167) Deferred tax Charge for the year (234) (234) Adjustment in respect of prior years (94) (94) Total tax charge on loss on ordinary activities (495) 113 (495) 113 The charge for the period can be reconciled to the loss per the income statement as follows: Loss on ordinary activities before tax on continuing operations (454) (820) Tax on ordinary activities at standard UK corporation tax rate of 21.5% (2013: 23.4%) (97) (192) Effects of: Expenses not deductible for tax purposes Income not taxable (245) Effect of restatement 105 Accelerated capital allowances (47) 16 Effect of prior year adjustments (381) (Losses)/profits (carried forward)/utilised (183) 191 Current tax charge for the period (495) 113 Deferred tax is provided as follows: Deferred tax liabilities Accelerated capital allowances (64) (72) Timing differences (145) (357) (209) (429) Deferred tax asset Deferred income (223) No deferred tax asset has been recognised in respect of excess tax losses of 63.2 million (2013: 62.0 million) on the basis that it is not anticipated that these losses will be utilised in the foreseeable future as they arose primarily from discontinued operations.

15 5. Earnings per share Basic and diluted Basic earnings per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period, excluding any held in the Employee Benefit Trust (EBT) and shares held in Treasury, which are treated as cancelled: From continuing and discontinued operations Earnings/(loss) Earnings/(loss) for the purposes of basic earnings per share ( 000) 28 (525) Earnings/(loss) for the purposes of diluted earnings per share ( 000) 28 (525) Number of shares Weighted average number of ordinary shares for the purposes of basic earnings per share ( 000) 219, ,188 Effect of potential dilutive vested share options ( 000) Weighted average number of ordinary shares for the purposes of diluted earnings per share ( 000) 219, ,188 From continuing operations Earnings/(loss) Earnings/(loss) for the purposes of basic earnings per share ( 000) 41 (933) Earnings/(loss) for the purposes of diluted earnings per share ( 000) 41 (933) The denominators used are the same as those detailed above.

16 6. Restatement of prior year results a) Hindsight review of goodwill at acquisition of Ultimate Finance Group plc As a result of the hindsight review of the assets and liabilities acquired on the acquisition, goodwill on acquisition has been increased by 849,000, debtors reduced by 512,000 and creditors increased by 337,000. b) Adjustment resulting from a systematic accounting error identified in the acquired Group. The Group acquired Ultimate Finance Group in September 2013 and, as a result of a review of the accounting treatment of the subsidiaries, Group management has identified and has now quantified a systematic accounting error in the subsidiary Group which led to unrecorded liabilities. Accordingly, the results for the period ended 31 December 2013 have been restated. Effect on consolidated statement of comprehensive income for the period ended 31 December 2013 As previously stated a) Adjustment b) As restated Continuing operations Administrative expenses (3,916) (446) (4,362) Operating loss (681) (446) (1,127) Restatement of consolidated statement of financial position As previously stated Adjustment a) b) Assets Non-current assets Intangible assets 15, ,063 16,948 Property, plant and equipment , ,063 17,518 Current assets Loans and other receivables 40,362 (512) 39,850 Cash and cash equivalents 21,748 21,748 62,110 (512) 61,598 Liabilities Current liabilities Bank borrowings and overdrafts (30,402) (30,402) Trade and other payables (4,696) (337) (1,509) (6,542) Bank loans (400) (400) (35,498) (337) (1,509) (37,344) Non-current liabilities Other payables (1,355) (1,355) Deferred tax liability (223) (223) (1,578) (1,578) Total liabilities (37,076) (337) (1,509) (38,922) Net assets 40,640 (446) 40,194

17 Equity Capital and reserves attributable to equity holders of the parent Share capital 26,449 26,449 Share premium account 6,076 6,076 Own shares (7,595) (7,595) Retained earnings 15,710 (446) 15,264 Total equity 40,640 (446) 40, Intangible Assets Goodwill Product Customer Total (note 6) Development Relationships (note 6) Cost Balance at 1 January , ,785 17,344 Reclassification from PPE Balance at 1 January 2014 (re-categorised) 15, ,785 17,358 Expenditure incurred in the period Balance at 31 December , ,785 17,590 Amortisation Balance at 1 January Amortisation charge for the period Balance at 31 December ,058 1,113 Net book value At 31 December , ,477 At 1 January , ,389 16,962 Current estimates of useful economic lives of intangible assets are as follows: Goodwill indefinite Customer relationships three years Product development five years after product is ready for launch

18 8. Property, plant and equipment Vehicles Equipment and fittings Computers Total Cost At 31 December 2013 (re-categorised) ,204 Re-classified to intangibles (14) (14) At 31 December 2013 (as re-categorised) ,190 Additions At 31 December ,784 Accumulated depreciation At 31 December 2013 (re-categorised) Charge for the year At 31 December Carrying amount At 31 December At 31 December Loans and other receivables restated Trade and other receivables Loans and other trade receivables 67,639 39,387 Prepayments VAT recoverable ,417 39,850 A summary of the customer loans and receivables is shown below: restated Outstanding client balances 69,344 41,514 Provision for impairment (1,705) (2,127) 67,639 39,387 Provision for impairment restated Balance brought forward 2,127 Acquired on acquisition 1,865 Provided in period 1, Utilised in period (1,642) Balance carried forward 1,705 2,127

19 10. Trade and other payables (note 6) Trade payables 1, Other payables, accruals and deferred income 6,392 3,865 Finance lease payables 1,593 1,581 Deferred revenue ,509 6, Share capital Authorised ,500,165 ordinary shares of 10 pence each 29,950 29, ,670 non-voting deferred shares of 5 pence each ,000 30,000 Issued 263,991,874 (2012: 194,549,571) ordinary shares of 10 pence each 26,399 26, ,670 non-voting deferred shares of 5 pence each ,449 26,449 The deferred shares are non-convertible and do not entitle the holders thereof to participate in dividends or in the capital of the Company. 12. Share premium 000 At 1 October 2012 Arising on the acquisition of Ultimate Finance Group plc 6,077 At 31 December 2013 and 31 December , Own shares Group Company At 1 October 2012 (7,313) (7,313) Purchase of own shares (282) (282) At 31 December 2013 and 31 December 2014 (7,595) (7,595) Following the successful completion of the Capital Reduction Scheme on 14 December 2011, the Company commenced the Share Buy-Back scheme. By 31 December 2014, the Company had acquired 44,951,580 of the total permitted 48,637,392 ordinary shares and these shares are held in Treasury.

20 14. Notes to the Condensed Group cash flow statement Note Operating loss of continuing operations (132) (1,127) (Loss)/profit attributable to discontinued operations (13) 408 Share based payment charge 78 Depreciation, amortisation and impairment charges 1, Profit on initial investment in UFG (597) Operating cash flows before movements in working capital 948 (849) Increase in receivables (28,567) (3,130) Increase in payables 3, Increase in bank borrowings and overdrafts 10,175 2,987 Net cash utilised by operations (13,501) (915) Tax recovered - 88 Net cash outflow from operating activities (13,501) (827) 15. Related party transactions Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation. Trading transactions Amounts outstanding at the balance sheet date relate primarily to the movement of cash and cash equivalents: Amounts owed by related parties Renovo Limited 62,104 62,031 Renovo Technologies Limited Ultimate Finance Group plc 22,527 5,000 Ultimate Invoice Finance Limited Ultimate Trade Finance Limited Ultimate Asset Finance Limited Ultimate Recruitment Finance Limited Ultimate Construction Finance Limited Ultimate Business Cash Limited Ultimate Factors Limited Ashley Commercial Finance Limited Ashley Business Cash Limited The above companies are related parties of the Group because Inspired Capital plc owns either directly, or indirectly, the entire issued share capital of those companies. The amounts outstanding are unsecured and will be settled in cash. Inspired Capital plc has confirmed its continuing support to Renovo Limited for the foreseeable future.

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