REG - Marechale Capital - Interim Results

Marechale CapitalAnnouncement

25/01/2019 10:20

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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