RNS Number : 0131S
Marechale Capital PLC
16 December 2016
16 December 2016
Marechale Capital plc
("Marechale" or the "Company")
Interim Results
Marechale Capital plc today announces its unaudited interim results for the six months ended 30 September 2016.
Chairman's Statement
Marechale has made progress in the first six months of the current year. Gross profits of 378,000 (2015 192,000) are on budget and I report that the Company has made a small profit of 10,000 (2015 loss 48,000) during the first half of the year. Completed transactions are all detailed on the Company's website at: www.marechalecapital.com.
Marechale operates as a corporate finance advisory and capital fund raising business focusing on raising development capital for growth companies in two primary sectors in which the team have a long-term track record: Consumer Brands and Leisure and Retail.
Marechale helps management teams to finance or refinance in two key areas: Growth Capital private equity transactions for more established businesses, and Development Capital, fundraising for smaller growth companies, the latter typically being Enterprise Investment Scheme (EIS) qualifying. The Company has warrants or takes stakes in the majority of the client transactions it acts for.
In the Leisure sector, the Company has successfully completed a number of leisure deals, including the MBO and debt refinancing of the tapas restaurant group Koh Thai, growth equity fundraising for Chestnut Inns, and an additional funding for Brewhouse & Kitchen, further endorsing Marechale's leading position in advising and funding businesses in the leisure sector.
Finally, and in accordance with the announcement made earlier this year, the Company is moving its year end to the 30th April from 2017 onwards (our results for the 13 months ending 30 April will be announced in the summer of 2017), and is progressing the capital reorganisation described in this year's annual results announcement.
Mark Warde-Norbury
Chairman
16 December 2016
For further information please contact:
Marechale Capital Mark Warde-Norbury / Patrick Booth-Clibborn
Tel: +44 (0)20 7628 5582
Smith & Williamson Corporate Finance Azhic Basirov / David Jones
Tel: +44 (0)20 7131 4000
Consolidated Income Statement (unaudited)
6 months ended 30 September 2016
30 September
30 September
2016
2015
Revenue
530,872
297,275
Cost of sales
(152,816)
(105,493)
Gross profit
378,056
191,782
Administrative expenses
(364,432)
(251,041)
Operating profit/ (loss)
13,624
(59,259)
Investment revenues
-
-
Other (losses)/gains
(73)
5,005
Exceptional gain on dilution of interest in associate
-
5,726
Net (loss)/profit in respect of associate
(3,448)
630
Profit/(loss) before tax
10,103
(47,898)
Taxation
-
-
Profit/(loss) for the period
10,103
(47,898)
Profit/(loss) per share
(Pence)
(Pence)
- Basic
0.02
(0.08)
- Diluted
0.02
(0.08)
Consolidated Balance Sheet (unaudited)
As at 30 September 2016
30 September
30 September
2016
2015
Non current assets
Investment in associate
150,827
146,150
Current assets
Available for sale investments
166,347
150,917
Trading investments
131,800
128,254
Trade and other receivables
260,564
210,226
Cash and cash equivalents
218,540
359,346
777,251
848,743
Total assets
928,079
994,893
Current liabilities
Trade and other payables
(102,363)
(193,696)
Total current liabilities
(102,363)
(193,696)
Net assets
825,716
801,196
Equity
Capital and reserves attributable to equity shareholders
Share capital
2,474,308
2,474,308
Share premium account
1,247,379
1,247,379
Revaluation reserve
94,326
88,885
Reserve for own shares
(50,254)
(50,254)
Retained losses
(2,940,043)
(2,959,121)
825,716
801,196
Consolidated Cash Flow Statement (unaudited)
6 months ended 30 September
30 September
30 September
2016
2015
Net cash from operating activities
Operating profit/ (loss)
13,624
(59,259)
Provision for share based payments
17,500
-
Operating cash flows before movements in working capital
31,124
(59,259)
Movement in working capital
Decrease in receivables
258,013
280,882
(Decrease) in payables
(281,013)
(162,347)
(23,000)
118,536
Operating cash flow
8,124
59,277
Investment activities
Interest (payable)/receivable
(73)
-
Proceeds on disposal of trading investments
-
5,005
Proceeds on disposal of available for sale investments
-
-
Expenditure on available for sale investments
-
-
Cash flow from investing activities
8,050
64,282
Financing
Issue of share capital
-
-
Interest payable
-
-
Cash flow from financing activities
-
-
Net increase in cash and cash equivalents
8,050
64,282
Cash and cash equivalents at start of the period
210,490
295,064
Cash and cash equivalents at end of the period
218,540
359,346
Increase in cash and cash equivalents
8,050
64,282
This financial information has been prepared in accordance with IFRS and International Financial Reporting Interpretations Committee ('IFRIC') interpretations adopted by the European Union, and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, with the prior period being reported on the same basis.
This information is provided by RNS
The company news service from the London Stock Exchange
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