REG - Marechale Capital - Half-year Report

Marechale CapitalAnnouncement

12/12/2019 15:10

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.




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