REG-Marechale Capital Plc: Half-year Report
19/12/2024 16:30
19 December 2024
Marechale Capital plc
("Marechale Capital", “Marechale” or the "Company")
Half-yearly Results
Marechale Capital plc, an established City of London based corporate finance
house with a long-term track record and a strong reputation for advising and
financing high growth consumer brands, leisure, clean energy, mineral
extraction and technology companies, announces its unaudited half-yearly
results for the six months ended 31 October 2024 (the “Period”).
Chairman’s Statement
Following the announcement with Marechale’s full year results released in
August 2024, the market continues to remain challenging, particularly in the
hospitality sector.
During the six months ended 31 October 2024, the Company generated gross
profits of £103,468 (2023: £93,813) and delivered an operating loss of
£138,485 (2023: loss of £155,421 ), resulting in an overall loss before tax
of £178,261 (2023: loss of £155,803).
The Company’s balance sheet shows a net asset value of £3,183,537 (2023:
£3,340,486 ), representing 3.01p (2023: 3.15p) of value per share in issue.
The Company remains positive about the investments that it holds in its client
companies.
Marechale Capital continues to see interesting corporate finance and advisory
projects where it can take founders shares and warrants as part of its
advisory fees. On a positive note, Marechale has completed transactions during
the period for Weardale Lithium, Forest Road Brewery, Stubben Edge and
Chestnut Inns. However, the market remains a difficult environment in which to
raise capital. This has resulted in some advisory projects that launched in
the summer not being completed by the end of the Period which includes a major
UK hotel group and a leading brewery and pub group. Marechale continues to
look for new and strategic funding partners alongside its traditional investor
relationships.
The Board is working on a number of initiatives to create further value for
shareholders over and above its core investment portfolio and corporate
finance projects, including working with various potential businesses and
individuals. The plan is to continue to develop Marechale’s strategic
partnerships with the objective of enhancing shareholder value.
Marechale also uses its balance sheet to co-invest in its client companies,
along with warrants and founder equity. Furthermore, the Board is able to
announce a partial realisation of £109,000 for cash on two of the Company’s
investments. Cash at bank at 31 October 2024 was £223,700.
Whist the current economic climate is difficult, Marechale Capital remains
diligent and is convinced that there will be good advisory and investment
opportunities in its core hospitality, renewable, clean energy and technology
sectors over the short to medium term.
Mark Warde-Norbury
Chairman
The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014
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
Income Statement (unaudited)
6 months ended 31 October 2024 2023
£
Revenue 148,500 320,603
Cost of sales (45,032) (226,790)
Gross profit 103,468 93,813
Administrative expenses (241,953) (249,235)
Operating loss (138,485) (155,421)
Exceptional credit 10,316 -
Loss on disposal of investments (49,837)
Interest paid (255) (382)
(Loss)/profit before tax (178,261) (155,803)
Taxation - -
(Loss)/profit after tax (178,261) (155,803)
(Loss)/profit per share
(Pence) (Pence)
- Basic (0.17) (0.15)
- Diluted (0.17) (0.14)
Balance Sheet (unaudited)
As at 31 October 31 October
2024 2023
Current assets
Available for sale investments 2,939,660 2,863,227
Trading investments 49,953 130,076
Trade and other receivables 52,856 37,219
Cash and cash equivalents 223,712 398,229
3,266,181 3,428,751
Current liabilities
Trade and other payablesPAYEBounce-back Loan (54,338)(10,806)(10,000) (51,278)(9,847)(10,000)
Total current liabilities (75,144) (70,765)
Net current assets 3,191,037 3,357,986
Bounce-back Loan – long-term (7,500) (17,500)
Net assets 3,183,537 3,340,486
Equity
Capital and reserves attributable to equity shareholders
Share capitalShare premium 847,530481,290 847,530481,290
Reserve for own shares (50,254) (50,254)
Retained profits/ (losses) 1,739,397 1944,842
Reserve for share based payments 165,574 117,078
3,183,537 3,340,486
Cash Flow Statement (unaudited)
6 months ended 31 October 31 October
2024 2023
£ £
Net cash from operating activities
Loss after tax (178,261) (155,803)
Reverse exceptional credits (10,316) -
Loss of disposal of investments 49,837
Provision for share based paymentsReverse interest paid 15,406255 33,091381
Operating cash flows before movements in working capital (123,079) (122,331)
Movement in working capital
(Increase)/ decrease in receivables (7,950) 38,714
Increase/ (decrease) in payables 3,108 (30,795)
Net movement in working capital (4,842) 7,919
Operating cash out-flow (127,921) (114,412)
Investment activities
Expenditure on available for sale investments - 572
Proceeds from sale of investments and options 108,692 -
Cash flow from investing activities 108,692 (572)
FinancingShare CapitalBounce-back Loan repaymentsInterest paidNet financing -(5,000)(255)(5,255) 235,800(5,000)(381)230,419
Net (decrease)/ increase in cash and cash equivalents (24,484) 115,435
Cash and cash equivalents at start of the period 248,196 282,794
Cash and cash equivalents at end of the period 223,712 398,229
(Decrease)/ increase in cash and cash equivalents (24,484) 115,435
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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