Marechale Capital - Interim Results

Marechale Capital

25/01/2019 10:16

RNS Number : 1397O

Marechale Capital PLC

25 January 2019

 

25 January 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 2018.

 

Chairman's Statement

 

I report poor operating results for the first half which are broadly in line with the same period last year: revenues of £136,000 (2017: £125,000); and an operating loss of £(251,000) (2017 £(279,000)).  The Company's net loss of £(184,000) (2017: £(460,000)) is after taking into account a gain of £67,000 on the realisation of one investment and in 2017, making a provision against the fair value of options held in investee companies of £119,000 and a provision for project loss in an associate of £63,000. Whilst our current deal flow remains strong, a number of the transactions we are involved in are taking longer to complete.

 

Marechale Capital is highly selective about the management teams, as well as the companies, it advises and backs with its investor relationships. On a more positive note this long-term strategy has resulted in 2018 being the Company's best year for exits with 5 multiple investor return exits and one write-off. Successful exits include the Sheen Falls Lodge, West Country Renewables and Inn Collection and more details on these, and the other transactions, can be found on our website.

 

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
Azhic Basirov / David Jones
Tel: +44 (0)20 7397 8900

 

 

 

Consolidated Income Statement(unaudited)
6 months ended
31 October
31 October
2018
2017
£
£
Revenue
136,491
125,066
Cost of sales
(61,611)
(44,370)
Gross profit
74,880
80,696
Administrative expenses
(325,927)
(358,988)
Operating (loss)
(251,047)
(278,291)
Investment revenues
67,389
-
Other (losses)
Provision for project loss in associate
-
(118,5000)
(63,000)
(Loss) before tax
(183,658)
(459,791)
Taxation
-
-
(Loss) for the period
(183,658)
(459,791)
(Loss) per share
(Pence)
(Pence)
- Basic
(0.32)
(0.69)
- Diluted
(0.32)
(0.69)


 

 

Consolidated Balance Sheet(unaudited)
As at
31 October
31 October
2018
2017
£
£
Non current assets
Investment in associate
14,038
14,187
Current assets
Available for sale investments
107,087
153,341
Trading investments
78,388
78,388
Trade and other receivables
80,485
69,894
Cash and cash equivalents
63,172
98,110
329,132
399,734
Total assets
343,170
413,921
Current liabilities
Trade and other payables
(117,107)
(125,596)
Total current liabilities
(117,107)
(125,596)
Net assets
226,063
288,325
Equity
Capital and reserves attributable to equity shareholders
Share capital
461,449
461,449
Revaluation reserve
25,826
81,826
Reserve for own shares
(50,254)
(50,254)
Retained losses
(210,958)
(289,150)
Reserve for share based payments
-
84,453
226,063
288,325


 

 

 

Consolidated Cash Flow Statement(unaudited)
6 months ended
31 October
31 October
2018
2017
£
£
Net cash from operating activities
Operating loss
(251,047)
(278,291)
Operating cash flows before movements in working capital
(251,047)
(278,291)
Movement in working capital
Decrease in receivables
120,689
151,781
(Decrease) in payables
(4,239)
(77,755)
116,450
74,026
Operating cash flow
(134,597)
(204,265)
Investment activities
Proceeds on disposal of available for sale investments
91,529
-
Expenditure on available for sale investments
Other
(12,700)
600
-
-
Cash flow from investing activities
79,429
-
Financing
Issue of share capital
-
-
Interest payable
-
-
Cash flow from financing activities
-
-
Net decrease) in cash and cash equivalents
(55,168)
(204,265)
Cash and cash equivalents at start of the period
118,340
302,375
Cash and cash equivalents at end of the period
63,172
98,110
(Decrease) in cash and cash equivalents
(55,168)
(204,265)

 

 

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.

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END

 

 

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