Marechale Capital - Interim Results

Marechale Capital

29/01/2018 07:00

RNS Number : 1140D

Marechale Capital PLC

29 January 2018

29 January 2018

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 2017.

Chairman's Statement

Marechale Capital has had a challenging half year since we reported our final results back in July. Further to the trading update announcement on the 9th November, I report that revenues for the six months of 125,000 (2016 531,000) are below budget and that the Company has made a loss of 460,000 (2016: profit 10,000) after making a provision against the fair value of options held in investee companies of 118,500 (2016: 100), and after making a second provision against the carrying value of our Associate Company, Northfield UK Solar Ltd ('NUKS'), of 63,000.

The fall in revenues is largely due to delays in a number of the transactions we are involved in, although I am pleased to be able to report that we have recently closed a transaction for a leisure sector client which generated a fee of around 300,000. Whilst our deal flow remains strong, it is still taking longer to complete transactions.

One of Marechale Capital's key strategies is the achievement of growth in net asset value generated from options and investments in client and partner companies. Unfortunately, NUKS and Future Biogas Limited have diminished significantly in value recently, resulting in the write-downs referred to above.

In light of the above, the Board of Marechale Capital continues to consider its options.

Mark Warde-Norbury

Chairman

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
31 October
30 September
2017
2016
Revenue
125,066
530,872
Cost of sales
(44,370)
(152,816)
Gross profit
80,696
378,056
Administrative expenses
(358,988)
(364,432)
Operating (loss)/profit
(278,291)
13,624
Investment revenues
-
-
Other (losses)
(118,500)
(73)
Net (loss) in respect of associate
Provision for project loss in associate
-
(63,000)
(3,448)
-
(Loss)/profit before tax
(459,791)
10,103
Taxation
-
-
(Loss)/profit for the period
(459,791)
10,103
(Loss)/profit per share
(Pence)
(Pence)
- Basic
(0.007)
0.02
- Diluted
(0.007)
0.02


Consolidated Balance Sheet (unaudited)
As at
31 October
30 September
2017
2016
Non current assets
Investment in associate
14,187
150,827
Current assets
Available for sale investments
153,341
166,347
Trading investments
78,388
131,800
Trade and other receivables
69,894
260,564
Cash and cash equivalents
98,110
218,540
399,734
777,251
Total assets
413,921
928,079
Current liabilities
Trade and other payables
(125,596)
(102,363)
Total current liabilities
(125,596)
(102,363)
Net assets
288,325
825,716
Equity
Capital and reserves attributable to equity shareholders
Share capital
461,449
2,474,308
Share premium account
-
1,247,379
Revaluation reserve
81,826
94,326
Reserve for own shares
(50,254)
(50,254)
Retained losses
(289,150)
(2,940,043)
Reserve for share based payments
84,453
-
288,325
825,716


Consolidated Cash Flow Statement (unaudited)
6 months ended
31 October
30 September
2017
2016
Net cash from operating activities
Operating (loss) / profit
(278,291)
13,624
Provision for share based payments
-
17,500
Operating cash flows before movements in working capital
(278,291)
31,124
Movement in working capital
Decrease in receivables
151,781
258,013
(Decrease) in payables
(77,755)
(281,013)
74,026
(23,000)
Operating cash flow
(204,265)
8,124
Investment activities
Interest (payable)/receivable
-
(73)
Proceeds on disposal of trading investments
-
-
Proceeds on disposal of available for sale investments
-
-
Expenditure on available for sale investments
-
-
Cash flow from investing activities
-
(73)
Financing
Issue of share capital
-
-
Interest payable
-
-
Cash flow from financing activities
-
-
Net (decrease)/ increase in cash and cash equivalents
(204,265)
8,050
Cash and cash equivalents at start of the period
302,375
210,490
Cash and cash equivalents at end of the period
98,110
218,540
(Decrease)/increase in cash and cash equivalents
(204,265)
8,050

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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