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Company Marechale Capital PLC
TIDM MAC
Headline Interim Results
Released 07:00 29-Jan-2018
Number 1140D07

RNS Number : 1140D
Marechale Capital PLC
29 January 2018
 

29 January 2018

 

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 2017.

 

Chairman's Statement

 

Marechale Capital has had a challenging half year since we reported our final results back in July. Further to the trading update announcement on the 9th November, I report that revenues for the six months of £125,000 (2016 £531,000) are below budget and that the Company has made a loss of £460,000 (2016: profit £10,000) after making a provision against the fair value of options held in investee companies of £118,500 (2016: £100), and after making a second provision against the carrying value of our Associate Company, Northfield UK Solar Ltd ('NUKS'), of £63,000.

 

The fall in revenues is largely due to delays in a number of the transactions we are involved in, although I am pleased to be able to report that we have recently closed a transaction for a leisure sector client which generated a fee of around £300,000.  Whilst our deal flow remains strong, it is still taking longer to complete transactions.

 

One of Marechale Capital's key strategies is the achievement of growth in net asset value generated from options and investments in client and partner companies. Unfortunately, NUKS and Future Biogas Limited have diminished significantly in value recently, resulting in the write-downs referred to above.

 

In light of the above, the Board of Marechale Capital continues to consider its options.

 

 

Mark Warde-Norbury

Chairman

 

 

 

For further information please contact:

 

Marechale Capital

Mark Warde-Norbury / Patrick Booth-Clibborn

 

Tel: +44 (0)20 7628 5582

Smith & Williamson Corporate Finance

Azhic Basirov / David Jones

 

Tel: +44 (0)20 7131 4000

 



 

Consolidated Income Statement (unaudited)



6 months ended





31 October

30 September






2017

2016






£

£

Revenue





125,066

530,872

Cost of sales





(44,370)

(152,816)








Gross profit





80,696

378,056








Administrative expenses




(358,988)

(364,432)








Operating (loss)/profit




(278,291)

13,624








Investment revenues




-  

Other (losses)




(118,500)

(73)

Net (loss) in respect of associate

Provision for project loss in associate


(63,000)

(3,448)

-








(Loss)/profit before tax




(459,791)

10,103








Taxation












(Loss)/profit for the period


(459,791)

10,103















(Loss)/profit per share




(Pence)

(Pence)









- Basic


(0.007)

0.02


- Diluted




(0.007)

0.02








 



 

Consolidated Balance Sheet (unaudited)






As at





31 October

30 September






2017

2016






£

£

Non current assets






Investment in associate




14,187

150,827








Current assets







Available for sale investments



153,341

166,347

Trading investments




78,388

131,800

Trade and other receivables



69,894

260,564

Cash and cash equivalents



98,110

218,540






399,734

777,251








Total assets





413,921

928,079








Current liabilities






Trade and other payables




(125,596)

(102,363)








Total current liabilities




(125,596)

(102,363)








Net assets





288,325

825,716








Equity







Capital and reserves attributable to equity shareholders










Share capital





461,449

2,474,308

Share premium account




1,247,379

Revaluation reserve




81,826

94,326

Reserve for own shares




(50,254)

(50,254)

Retained losses




(289,150)

(2,940,043)

Reserve for share based payments




84,453






288,325

825,716








 



 

Consolidated Cash Flow Statement (unaudited)




6 months ended

31 October

30 September






2017

2016






£

£

Net cash from operating activities





Operating (loss) / profit


(278,291)

13,624

Provision for share based payments



17,500








Operating cash flows before movements in working capital

(278,291)

31,124








Movement in working capital





Decrease in receivables



151,781

258,013

(Decrease) in payables



(77,755)

(281,013)













74,026

(23,000)







Operating cash flow




(204,265)

8,124








Investment activities






Interest (payable)/receivable



-

(73)

Proceeds on disposal of trading investments


-

-

Proceeds on disposal of available for sale investments

-

-

Expenditure on available for sale investments


-

-








Cash flow from investing activities



-

(73)








Financing







Issue of share capital




-

  -  

Interest payable




-

  -  








Cash flow from financing activities


            -  

            -  








Net (decrease)/ increase in cash and cash equivalents


(204,265)

8,050








Cash and cash equivalents at start of the period

302,375

210,490

Cash and cash equivalents at end of the period

98,110

218,540








(Decrease)/increase in cash and cash equivalents


(204,265)

8,050

 

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.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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