REG - Marechale Capital - Interim Results <Origin Href="QuoteRef">MACT.L</Origin>

Marechale CapitalAnnouncement

29/01/2018 07:05

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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