(Alliance News) - Marechale Capital PLC on Thursday said first-half revenue was below budget largely due to a continuing challenging market for advising and raising capital for companies, leading to delays in the completion of transactions.
The company also said it is continuing to consider its business options and its future strategy.
For the six months to October 31, the company recorded revenue of GBP173,036, up from GBP136,491 in the comparative period. Pretax loss narrowed to GBP63,960 from a GBP183,658 loss.
The year-on-year improvement in earnings was attributed to the revenue rise and a gain of GBP29,000 on realisation of investments, versus GBP67,000 a year ago.
The company's balance sheet reduced further to GBP103,000 from GBP226,000.
Marechale Capital said it has taken steps to reduce overheads and has achieved a GBP100,000 reduction by locating to smaller offices and reducing salary expenses.
Shares in Marechale Capital ended 19% lower at 0.61 pence each on Thursday in London.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Marechale Cap. (MAC)