REG-Marechale Capital Plc: Half-year Report

Marechale CapitalAnnouncement

24/11/2020 07:05

24 November 2020

Marechale Capital plc

("Marechale Capital" or the "Company")

Half-yearly Results

Marechale Capital plc today announces its unaudited half-yearly results for
the six months ended 31 October 2020.

Chairman’s Statement

Given the demanding macro-climate over the last year for the hospitality
industry which is Marechale’s primary sector of expertise, the Company has
done well to generate revenues comparable to prior years. Furthermore, cost
savings have been achieved with office rent discounts and, as most of our
staff were not working during the first Lockdown, we benefitted from the
Government’s Furlough Scheme.

During the six months we generated revenues of £176,000 (2019: £173,000) and
delivered an Operating loss of £64,000 (2019: £93,000).  There were no
gains on disposal in 2020 compared to a gain in 2019 of £29,000. The Loss
before tax was £64,000 (2019: £64,000).

In the current conditions it is important to have as liquid a balance sheet as
possible and at 31 October 2020 we held cash at bank of £177,000 of which
£50,000 is subject to a Bounce-back Loan, representing around 5 months’
administrative expenses.

We are currently in the second Lockdown, which has dealt another body-blow to
the Hospitality Industry. However, we are happy to report that our clients are
well managed businesses with strong balance sheets and are looking for
expansion opportunities. We remain busy working on new projects in the
renewable and telecom sectors as well as developing further new opportunities
in the hospitality sector.

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  
 Cairn Financial Advisers LLP Jo Turner / Sandy Jamieson        Tel: +44 (0)20 7213 0880  

   

 Consolidated Income Statement (unaudited)                                
                                                                          
 6 months ended                                    31 October  31 October 
                                                         2020        2019 
                                                            £           £ 
 Revenue                                              175,837     173,036 
 Cost of sales                                       (45,999)    (41,129) 
                                                                          
 Gross profit                                         129,838     131,907 
                                                                          
 Administrative expenses                            (194,277)   (224,804) 
                                                                          
 Operating (loss)/profit                             (64,439)    (92,897) 
                                                                          
 Investment revenues                                        -      28,937 
                                                                          
 (Loss) before tax                                   (63,439)    (63,960) 
 Taxation                                                                 
                                                                          
 (Loss) for the period                                      -           - 
                                                     (63,439)    (63,960) 
                                                                          
 (Loss) per share                                                         
                                                      (Pence)     (Pence) 
                        - Basic                         (0.1)       (0.1) 
                        - Diluted                       (0.1)       (0.1) 
                                                                          

   

 Consolidated Balance Sheet (unaudited)                                                                                                           
                                                                                                                                                  
 As at                                                                                                                  31 October     31 October 
                                                                                                                              2020           2019 
 Current assets                                                                                                                                   
 Available for sale investments                                                                                             52,039         75,481 
 Trading investments                                                                                                           881          1,550 
 Trade and other receivables                                                                                                28,162         72,309 
 Cash and cash equivalents                                                                                                 176,675         83,545 
                                                                                                                           257,757        232,885 
                                                                                                                                                  
 Current liabilities                                                                                                                              
 Trade and other payables Deferred PAYE Bounce-back Loan                                                (72,343) (36,156) (50,000)  (129,532) - - 
                                                                                                                                                  
 Total current liabilities                                                                                               (158,499)      (129,532) 
                                                                                                                                                  
 Net assets                                                                                                                 99,258        103,353 
 Equity                                                                                                                                           
 Capital and reserves attributable to equity shareholders                                                                                         
 Share capital                                                                                                             461,449        461,449 
 Reserve for own shares                                                                                                   (50,254)       (50,254) 
 Retained losses                                                                                                         (345,965)      (319,781) 
 Reserve for share based payments                                                                                           34,028         11,939 
                                                                                                                            99,258        103,353 
                                                                                                                                                  
                                                                                                                                                  

   

 Consolidated Cash Flow Statement (unaudited)                                                          
 6 months ended                                                                 31 October  31 October 
                                                                                      2020        2019 
                                                                                         £           £ 
 Net cash from operating activities                                                                    
 Operating (loss)                                                                 (64,439)    (92,897) 
 Provision for share based payments                                                  5,075           - 
                                                                                                       
 Operating cash flows before movements in working capital                         (59,364)    (92,897) 
                                                                                                       
 Movement in working capital                                                                           
 Decrease in receivables                                                            33,827      32,896 
 (Decrease) in payables                                                            (5,020)    (34,497) 
                                                                                                       
                                                                                    28,807     (1,601) 
                                                                                                       
 Operating cash flow                                                              (30,557)    (94,498) 
                                                                                                       
 Investment activities                                                                                 
 Proceeds on disposal of available for sale investments                                  -      29,443 
                                                                                                       
 Cash flow from investing activities                                                     -      29,443 
                                                                                                       
 Financing Bounce-back Loan                                                         50,000           - 
 Net (decrease)/ increase in cash and cash equivalents                              19,443    (65,055) 
                                                                                                       
 Cash and cash equivalents at start of the period                                  157,232     148,600 
 Cash and cash equivalents at end of the period                                    176,675      83,545 
                                                                                                       
 (Decrease)/increase in cash and cash equivalents                                   19,443    (65,055) 

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.



Copyright (c) 2020 PR Newswire Association,LLC. All Rights Reserved