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12 Dec 2019 15:08
12 December 2019
Marechale Capital plc
("Marechale Capital" or the "Company")
Interim Results
Marechale Capital plc today announces its unaudited interim results for the six months ended 31 October 2019.
Chairman's Statement
Marechale Capital has had another challenging half year since we reported our final results for the year ended 30 April 2019 in August. Revenues for the six months of £173,000 (2018: £136,000), whilst up on last year, are below budget, resulting in a loss of £62,000 (2018: £184,000) after taking into account a gain of £29,000 (2018: £67,000) on the realisation of investments. The Balance Sheet has also reduced further to £103,000 (2018: £226,000).
Low revenues are largely due to a continuing challenging market for advising and raising capital for private, growth companies, leading to delays in the completion of transactions, and, whilst our deal flow remains strong, it is still taking longer to complete transactions. The Company has taken significant steps to reduce its overheads and has achieved a £100,000 reduction by locating to smaller offices and reducing salary expenses.
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 |
Cenkos Securities plc Azhic Basirov
| Tel: +44 (0)20 7397 8900 |
Consolidated Income Statement (unaudited) | ||||||
6 months ended | 31 October | 30 October | ||||
2019 | 2018 | |||||
£ | £ | |||||
Revenue | 173,036 | 136,491 | ||||
Cost of sales | (41,129) | (61,611) | ||||
Gross profit | 131,907 | 74,880 | ||||
Administrative expenses | (224,804) | (325,927) | ||||
Operating (loss)/profit | (92,897) | (251,047) | ||||
Investment revenues | 28,937 | 67,389 | ||||
(Loss)/profit before tax | (63,960) | (183,658) | ||||
Taxation | - | - | ||||
(Loss)/profit for the period | (63,960) | (183,658) | ||||
(Loss)/profit per share | (Pence) | (Pence) | ||||
- Basic | (0.1) | (0.32) | ||||
- Diluted | (0.1) | (0.32) | ||||
Consolidated Balance Sheet (unaudited) | ||||||
As at | 31 October | 31 October | ||||
2019 | 2018 | |||||
£ | £ | |||||
Non-current assets | ||||||
Investment in associate | - | 14,038 | ||||
Current assets | ||||||
Available for sale investments | 75,481 | 107,087 | ||||
Trading investments | 1,550 | 78,388 | ||||
Trade and other receivables | 72,309 | 80,485 | ||||
Cash and cash equivalents | 83,545 | 63,172 | ||||
232,885 | 329,132 | |||||
Total assets | 232,885 | 343,170 | ||||
Current liabilities | ||||||
Trade and other payables | (129,532) | (117,107) | ||||
Total current liabilities | (129,532) | (117,107) | ||||
Net assets | 103,353 | 226,063 | ||||
Equity | ||||||
Capital and reserves attributable to equity shareholders | ||||||
Share capital | 461,449 | 461,449 | ||||
Revaluation reserve | - | 25,826 | ||||
Reserve for own shares | (50,254) | (50,254) | ||||
Retained losses | (319,781) | (210,958) | ||||
Reserve for share based payments | 11,939 | - | ||||
103,353 | 226,063 | |||||
Consolidated Cash Flow Statement (unaudited) | ||||||
6 months ended | 31 October | 31 October | ||||
2019 | 2018 | |||||
£ | £ | |||||
Net cash from operating activities | ||||||
Operating (loss) | (92,897) | (251,047) | ||||
Provision for share based payments | - | |||||
Operating cash flows before movements in working capital | (92,897) | (251,047) | ||||
Movement in working capital | ||||||
Decrease in receivables | 32,896 | 120,689 | ||||
(Decrease) in payables | (34,497) | (4,239) | ||||
(1,601) | 116,450 | |||||
Operating cash flow | (94,498) | (134,597) | ||||
Investment activities | ||||||
Proceeds on disposal of available for sale investments | 29,443 | 91,529 | ||||
Expenditure on available for sale investments | - | (12,700) | ||||
Other | - | 600 | ||||
Cash flow from investing activities | 29,443 | 79,429 | ||||
Net (decrease)/ increase in cash and cash equivalents | (65,055) | (55,168) | ||||
Cash and cash equivalents at start of the period | 148,600 | 118,340 | ||||
Cash and cash equivalents at end of the period | 83,545 | 63,172 | ||||
(Decrease)/increase in cash and cash equivalents | (65,055) | (55,168) | ||||
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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