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Company Marechale Capital PLC
TIDM MAC
Headline Interim Results
Released 10:16 25-Jan-2019
Number 1397O10

RNS Number : 1397O
Marechale Capital PLC
25 January 2019
 

25 January 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 2018.

 

Chairman's Statement

 

I report poor operating results for the first half which are broadly in line with the same period last year: revenues of £136,000 (2017: £125,000); and an operating loss of £(251,000) (2017 £(279,000)).  The Company's net loss of £(184,000) (2017: £(460,000)) is after taking into account a gain of £67,000 on the realisation of one investment and in 2017, making a provision against the fair value of options held in investee companies of £119,000 and a provision for project loss in an associate of £63,000. Whilst our current deal flow remains strong, a number of the transactions we are involved in are taking longer to complete.

 

Marechale Capital is highly selective about the management teams, as well as the companies, it advises and backs with its investor relationships. On a more positive note this long-term strategy has resulted in 2018 being the Company's best year for exits with 5 multiple investor return exits and one write-off. Successful exits include the Sheen Falls Lodge, West Country Renewables and Inn Collection and more details on these, and the other transactions, can be found on our website.

 

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

Azhic Basirov / David Jones

Tel: +44 (0)20 7397 8900

 

 

 

Consolidated Income Statement (unaudited)

 

 

6 months ended

 

 

 

 

31 October

31 October

 

 

 

 

 

2018

2017

 

 

 

 

 

£

£

Revenue

 

 

 

 

136,491

125,066

Cost of sales

 

 

 

 

(61,611)

(44,370)

 

 

 

 

 

 

 

Gross profit

 

 

 

 

74,880

80,696

 

 

 

 

 

 

 

Administrative expenses

 

 

 

(325,927)

(358,988)

 

 

 

 

 

 

 

Operating (loss)

 

 

 

(251,047)

(278,291)

 

 

 

 

 

 

 

Investment revenues

 

 

 

   67,389

-

Other (losses)

Provision for project loss in associate

 

 

 

-

(118,5000)

(63,000)

 

 

 

 

 

 

 

(Loss) before tax

 

 

 

(183,658)

(459,791)

 

 

 

 

 

 

 

Taxation

 

 

 

 

-

 

 

 

 

 

 

 

(Loss) for the period

 

(183,658)

(459,791)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) per share

 

 

 

(Pence)

(Pence)

 

 

 

 

 

 

 

 

- Basic

 

(0.32)

(0.69)

 

- Diluted

 

 

 

(0.32)

(0.69)

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheet (unaudited)

 

 

 

 

 

 

 

As at

 

 

 

 

31 October

31 October

 

 

 

 

 

 

2018

2017

 

 

 

 

 

 

£

£

 

Non current assets

 

 

 

 

 

 

Investment in associate

 

 

 

14,038

14,187

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Available for sale investments

 

 

107,087

153,341

 

Trading investments

 

 

 

78,388

78,388

 

Trade and other receivables

 

 

80,485

69,894

 

Cash and cash equivalents

 

 

63,172

98,110

 

 

 

 

 

 

329,132

399,734

 

 

 

 

 

 

 

 

 

Total assets

 

 

 

 

343,170

413,921

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Trade and other payables

 

 

 

(117,107)

(125,596)

 

 

 

 

 

 

 

 

 

Total current liabilities

 

 

 

(117,107)

(125,596)

 

 

 

 

 

 

 

 

 

Net assets

 

 

 

 

226,063

288,325

 

 

Equity

 

 

 

 

 

 

 

Capital and reserves attributable to equity shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Share capital

 

 

 

 

461,449

461,449

 

Revaluation reserve

 

 

 

25,826

81,826

 

Reserve for own shares

 

 

 

(50,254)

(50,254)

 

Retained losses

 

 

 

(210,958)

(289,150)

 

Reserve for share based payments

 

 

 

-

84,453

 

 

 

 

 

 

226,063

288,325

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Cash Flow Statement (unaudited)

 

 

 

 

 

 

6 months ended

31 October

31 October

 

 

 

 

 

2018

2017

 

 

 

 

 

£

£

Net cash from operating activities

 

 

 

 

Operating loss

 

(251,047)

(278,291)

 

 

 

 

 

 

 

Operating cash flows before movements in working capital

(251,047)

(278,291)

 

 

 

 

 

 

 

Movement in working capital

 

 

 

 

Decrease in receivables

 

 

120,689

151,781

(Decrease) in payables

 

 

(4,239)

(77,755)

 

 

 

 

 

 

 

 

 

 

 

 

116,450

74,026

 

 

 

 

 

 

Operating cash flow

 

 

 

(134,597)

(204,265)

 

 

 

 

 

 

 

Investment activities

 

 

 

 

 

Proceeds on disposal of available for sale investments

91,529

-

Expenditure on available for sale investments

Other

 

(12,700)

600

-

-

 

 

 

 

 

 

 

Cash flow from investing activities

 

 

79,429

-

 

 

 

 

 

 

 

Financing

 

 

 

 

 

 

Issue of share capital

 

 

 

-

-

Interest payable

 

 

 

-

-

 

 

 

 

 

 

 

Cash flow from financing activities

 

            -  

-

 

 

 

 

 

 

 

Net decrease) in cash and cash equivalents

 

(55,168)

(204,265)

 

 

 

 

 

 

 

Cash and cash equivalents at start of the period

118,340

302,375

Cash and cash equivalents at end of the period

63,172

98,110

 

 

 

 

 

 

 

(Decrease) in cash and cash equivalents

 

(55,168)

(204,265)

 

 

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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