31 Dec 2014 07:01
31 December 2014
MXC Capital plc
Interim results of MXC Capital Advisory LLP
MXC Capital plc (AIM: MXCP, "MXC" or "the Company") announces the interim results of MXC Capital Advisory LLP ("MXCCA") for the six months ended 30 September 2014.
· Acquisition by MXC of corporate advisory business MXCCA completed on 29 October 2014 (the "Acquisition")
· The Acquisition constituted a reverse takeover, the admission document included results for MXCCA for the period to 31 March 2014
· Results for MXCCA for the 6 months to 30 September 2014 therefore are presented to comply with the AIM rules. These results cover the period prior to the completion of the acquisition of MXCCA by MXC and therefore represent MXCCA as a stand-alone entity.
A copy of this announcement is available at http://www.mxccapital.com
Enquiries:
MXC Capital plc | |
Marc Young, CEO
| +44(0)20 7965 8149
|
Zeus Capital Limited (Nominated adviser and broker) | |
John Depasquale/John Treacy
| +44(0)20 7533 7727
|
Management Review
MXCCA continued to build its position as an advisor to growth TMT businesses, with a focus on advising quoted companies in buy and build and / or turnaround strategies.
Outlook
The period saw MXCCA successfully conclude a number of transactions, with a further two concluding post period end. MXCCA has a number of opportunities in progress with a promising pipeline of opportunity and therefore views the future with confidence.
Unaudited interim statement of comprehensive income
for the six months ended 30 September 2014
Unaudited | Unaudited | Unaudited | ||||
6 months to | 14 January 2013 | 14 January 2013 | ||||
30 September | to 30 September | to 31 March | ||||
2014 | 2013 | 2014 | ||||
£000 | £000 | £000 | ||||
Continuing operations | ||||||
Revenue | 345 | 321 | 1,109 | |||
Expenses recharged | - | (1) | 1 | |||
Gross profit | 345 | 320 | 1,110 | |||
Administrative costs | (51) | (25) | (185) | |||
Operating profit | 294 | 295 | 925 | |||
Finance cost | - | - | (1) | |||
Profit for the period before members' remuneration and profit share |
294 |
295 |
924 | |||
Members' remuneration charged as an expense |
(19) |
(150) |
(300) | |||
Profit and total comprehensive income for the period attributable to members of the LLP | 275 | 145 | 624 | |||
All trading relates to continuing operations and there is no other comprehensive income
Unaudited interim statement of financial position
as at 30 September 2014
Unaudited | Unaudited | Unaudited | ||||
30 September | 30 September | 31 March | ||||
2014 | 2013 | 2014 | ||||
£000 | £000 | £000 | ||||
Non-current assets | ||||||
Property, plant and equipment | 1 | 2 | 2 | |||
Available for sale financial assets | 50 | 50 | 50 | |||
51 | 52 | 52 | ||||
Current assets | ||||||
Trade and other receivables | 25 | 45 | 44 | |||
Cash and cash equivalents | 432 | 149 | 816 | |||
457 | 194 | 860 | ||||
Total assets | 508 | 246 | 912 | |||
Current liabilities | ||||||
Trade and other payables | 87 | 45 | 194 | |||
Members' interests Loans and other debts due to members |
421 |
201 |
718 | |||
Total liabilities and members' interests |
508 |
246 |
912 | |||
Unaudited interim statement of changes in members' interest
for the six months ended 30 September 2014
Total | |
£000 | |
Balance at 14 January 2013 | - |
Members' remuneration charged as an expense | 150 |
Profit for the period available for discretionary distribution among members | 145 |
Drawings | (94) |
Balance at 30 September 2013 | 201 |
Members' remuneration charged as an expense | 150 |
Profit for the period available for discretionary distribution among members | 479 |
Drawings | (112) |
Balance at 31 March 2014 | 718 |
Members' remuneration charged as an expense | 19 |
Profit for the period available for discretionary distribution among members | 275 |
Drawings | (591) |
Balance at 30 September 2014 | 421 |
Unaudited interim statement of cash flows
for the six months ended 30 September 2014
Unaudited 6 months to | Unaudited14 January 2013 | Unaudited 14 January 2013 | ||||
30 September 2014 | to 30 September 2013 | to 31 March 2014 | ||||
£000 | £000 | £000 | ||||
Cash flows from operating activities | ||||||
Profit for the period before members' remuneration and profit share | 294 | 295 | 924 | |||
Adjustments for: | ||||||
Increase in available for sale financial assets | - | (50) | (50) | |||
Finance costs | - | - | 1 | |||
(Increase)/decrease in trade and other receivables | 20 | (45) | (44) | |||
Increase/(decrease) in trade and other payables | (107) | 45 | 194 | |||
Net cash flows from operating activities | 207 | 245 | 1,025 | |||
Cash flows from investing activities | ||||||
Acquisition of property, plant and equipment | - | (2) | (2) | |||
Interest paid | - | - | (1) | |||
Net cash flows from investing activities | - | (2) | (3) | |||
Cash flows from financing activities | ||||||
Payments to members | (591) | (94) | (206) | |||
Net cash flows from financing activities | (591) | (94) | (206) | |||
Net increase/(decrease) in cash and cash equivalents in the period | (384) | 149 | 816 | |||
Cash and cash equivalents at beginning of the period | 816 | - | - | |||
Cash and cash equivalents at end of the period | 432 | 149 | 816 | |||
Notes to the unaudited interim financial statements
1. Basis of preparation
The interim financial information has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted in the European Union as described in the accounting policies set out in the financial statements for the period ended 31 March 2014 and AIM rules. In addition, this interim financial information has been prepared with regard to the requirements of the Limited Liability Partnership Act 2000 and the Companies Act 2006 as it applies to Limited Liability Partnerships.
The comparative financial information for the periods ended 30 September 2013 and 31 March 2014 has been extracted from the unaudited annual financial statements of MXC Capital Advisory LLP. These interim results for the period ended 30 September 2014, which are not audited, do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006.