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24 Nov 2020 07:00
Marechale Capital Plc - Half-year ReportMarechale Capital Plc - Half-year Report
PR Newswire
London, November 23
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.
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