RNS Number : 7262W
Marechale Capital PLC
12 December 2019
12 December 2019
Marechale Capital plc
("Marechale Capital" or the "Company")
Interim Results
Marechale Capital plc today announces its unaudited interim results for the six months ended 31 October 2019.
Chairman's Statement
Marechale Capital has had another challenging half year since we reported our final results for the year ended 30 April 2019 in August. Revenues for the six months of £173,000 (2018: £136,000), whilst up on last year, are below budget, resulting in a loss of £62,000 (2018: £184,000) after taking into account a gain of £29,000 (2018: £67,000) on the realisation of investments. The Balance Sheet has also reduced further to £103,000 (2018: £226,000).
Low revenues are largely due to a continuing challenging market for advising and raising capital for private, growth companies, leading to delays in the completion of transactions, and, whilst our deal flow remains strong, it is still taking longer to complete transactions. The Company has taken significant steps to reduce its overheads and has achieved a £100,000 reduction by locating to smaller offices and reducing salary expenses.
The Board of Marechale Capital continues to consider its options and its future strategy.
Mark Warde-Norbury
Chairman
For further information please contact:
Marechale Capital Mark Warde-Norbury / Patrick Booth-Clibborn
Tel: +44 (0)20 7628 5582
Cenkos Securities plc Azhic Basirov
Tel: +44 (0)20 7397 8900
Consolidated Income Statement(unaudited)
6 months ended
31 October
30 October
2019
2018
£
£
Revenue
173,036
136,491
Cost of sales
(41,129)
(61,611)
Gross profit
131,907
74,880
Administrative expenses
(224,804)
(325,927)
Operating (loss)/profit
(92,897)
(251,047)
Investment revenues
28,937
67,389
(Loss)/profit before tax
(63,960)
(183,658)
Taxation
-
-
(Loss)/profit for the period
(63,960)
(183,658)
(Loss)/profit per share
(Pence)
(Pence)
- Basic
(0.1)
(0.32)
- Diluted
(0.1)
(0.32)
Consolidated Balance Sheet(unaudited)
As at
31 October
31 October
2019
2018
£
£
Non-current assets
Investment in associate
-
14,038
Current assets
Available for sale investments
75,481
107,087
Trading investments
1,550
78,388
Trade and other receivables
72,309
80,485
Cash and cash equivalents
83,545
63,172
232,885
329,132
Total assets
232,885
343,170
Current liabilities
Trade and other payables
(129,532)
(117,107)
Total current liabilities
(129,532)
(117,107)
Net assets
103,353
226,063
Equity
Capital and reserves attributable to equity shareholders
Share capital
461,449
461,449
Revaluation reserve
-
25,826
Reserve for own shares
(50,254)
(50,254)
Retained losses
(319,781)
(210,958)
Reserve for share based payments
11,939
-
103,353
226,063
Consolidated Cash Flow Statement(unaudited)
6 months ended
31 October
31 October
2019
2018
£
£
Net cash from operating activities
Operating (loss)
(92,897)
(251,047)
Provision for share based payments
-
Operating cash flows before movements in working capital
(92,897)
(251,047)
Movement in working capital
Decrease in receivables
32,896
120,689
(Decrease) in payables
(34,497)
(4,239)
(1,601)
116,450
Operating cash flow
(94,498)
(134,597)
Investment activities
Proceeds on disposal of available for sale investments
29,443
91,529
Expenditure on available for sale investments
-
(12,700)
Other
-
600
Cash flow from investing activities
29,443
79,429
Net (decrease)/ increase in cash and cash equivalents
(65,055)
(55,168)
Cash and cash equivalents at start of the period
148,600
118,340
Cash and cash equivalents at end of the period
83,545
63,172
(Decrease)/increase in cash and cash equivalents
(65,055)
(55,168)
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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR FFAFLEFUSELE
