(Alliance News) - Marechale Capital PLC on Thursday reported that its annual revenue slipped year-on-year due to the company's failure to complete a number of transactions.
In the year ended April 30, the investment banking and corporate finance firm posted a 24% fall in revenue to GBP595,000 from GBP400,000. Its pretax loss widened to GBP298,000 from GBP198,000.
Marechale said Brexit investor uncertainty contributed to some transaction taking longer to complete.
Aside from the reduced revenue, administrative expenses also contributed to the widened loss. Expenses rose 12% to GBP688,171 from GBP611,813, part of the increase was due to a GBP40,000 provision to compensate a director for the early termination of his contract, Marechale said.
As a cost-cutting measure, the company has moved to a less expensive office building, anticipating annual savings of GBP175,000.
Chair Mark Warde-Norbury said: "Despite a challenging market, the company continues to maintain its position as a leading adviser and financier to UK and European growth hospitality companies and hotels, and pub assets as well as advising and financing one of the UK's largest biogas companies.
"The company has taken action to reduce its monthly running costs and continues to keep its policy of operating a low-cost investment banking model."
Shares in Marechale closed untraded on Thursday at 0.67 pence each in London.
Marechale Cap. (MAC)