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Company Pires Investments PLC
TIDM PIRI
Headline Final Results
Released 07:00 30-Apr-2019
Number 4704X07

RNS Number : 4704X
Pires Investments PLC
30 April 2019
 

Pires Investments plc

 

("Pires" or the "Company")

 

 

Results for the year to 31 October 2018

  

 

The Board is pleased to announce the audited results of Pires for the year ended 31 October 2018.

 

 

Chairman's Statement

 

The Board is pleased to announce improved results for the financial year ended 31 October 2018 as compared with the previous year. The Company achieved a profit before taxation of £322,069 compared to a loss before taxation of £142,916 for 2017. Operating costs were significantly reduced during the year to £252,929.

 

The principal factor behind the improved results was the increase in the value of our investments which almost doubled to £1,029,526, after allowing for share disposals during the period amounting to £264,881 which includes realised gains of £89,192. Since the period end, the value of the investment portfolio has increased by a further 45% to £1,490,000 after further profitable share disposals.

 

The main factor behind the improved performance was the increase in the value of our holding in ECO (Atlantic) Oil and Gas Limited although our other investments, principally SalvaRx plc ("SalvaRx"), also made significant advances. Since the year end, there have been significant changes in SalvaRx which are described in the Directors' Report in the section 'Events after the Reporting Period'.

 

In February 2019, the Board raised additional equity funds by way of a placing to raise £781,720 at a price of 2.4p per share, a modest discount to the then market price of the shares. As markets continue to be uncertain, the Board believed that it was prudent to raise some additional funds at this stage to ensure that the Company is well placed for the future and better able to take advantage of opportunities as they arise.

 

Taking account of this placing and the increased value of the Company's investments, the Company's net assets have now risen to around £2.35 million and comprise virtually wholly of cash and tradeable quoted shares. As previously stated, the Board considers that the Company not only represents a much more attractive investment partner but also has the resources to diversify its portfolio and to make investments from time to time on a scale which could significantly enhance shareholder value.

 

The Board will continue to seek value enhancing investments whether by taking minority holdings or by direct acquisition.

 

Peter Redmond

 

Chairman

  

 

 

STATEMENT OF COMPREHENSIVE INCOME

 

 

 

2018

£

2017

£

CONTINUING ACTIVITIES

 

 

 

Income

 

 

 

Investment income

 

-

-

Other Income

 

11

8

Total income

 

11

8

 

 

 

 

Gain  on investments held at fair value through profit or loss

 

 

574,987

196,049

Operating expenses

 

(252,929)

(338,973)

Operating profit / (loss) from continuing activities

 

322,069

(142,916)

Profit / (loss) before taxation from continuing activities

 

322,069

(142,916)

Tax

 

-

-

Profit / (loss) for the year from continuing activities

 

322,069

(142,916)

 

 

 

 

Profit / (loss) for the year and attributable to equity holders of the Company

 

322,069

(142,916)

 

 

 

 

Earnings per share

 

 

 

Equity holders

 

 

 

 

 

 

 

Basic and diluted

 

0.95p

(0.43)p

 

 

 

 

 

 

 

 

 

 

 

 

STATEMENT OF CHANGES IN EQUITY

 

Share Capital

 £

Share Premium

£

Capital Redemption Reserve

 £

Retained Earnings

£

Total

 £

Balance at 1 November 2016

11,858,477

2,997,555

164,667

(14,889,985)

130,714

Issue of shares

56,250

583,500

-

-

639,750

Loss and total comprehensive Income for the year

 

-

 

-

 

-

(142,916)

(142,916)

As at 31 October 2017

11,914,727

3,581,055

164,667

(15,032,901)

627,548

 

 

 

 

 

 

Profit and total comprehensive profit for the year

-

-

-

322,069

322,069

As at 31 October 2018

11,914,727

3,581,055

164,667

(14,710,832)

949,617

 

 

 

 

 

 

 

 

STATEMENT OF FINANCIAL POSITION

 

 

 

 

 

2018

£

2017

£

Non-current assets

 

 

 

Property, plant and equipment

 

-

-

Investment in subsidiaries

 

1

1

Total non-current assets

 

1

1

 

 

 

 

Current assets

 

 

 

Investments

 

1,029,526

543,421

Trade and other receivables

 

11,357

9,875

Cash and cash equivalents

 

48,028

241,142

Total current assets

 

1,088,911

794,438

Total assets

 

1,088,912

794,439

 

Equity

 

 

 

Issued share capital

 

11,914,727

11,914,727

Share premium

 

3,581,055

3,581,055

Retained earnings

 

(14,710,832)

(15,032,901)

Capital redemption reserve

 

164,667

164,667

Total equity

 

949,617

627,548

 

 

 

 

Liabilities

 

 

 

Current liabilities

 

 

 

Trade and other payables

 

139,295

166,891

Total liabilities and current liabilities

 

139,295

166,891

Total equity and liabilities

 

1,088,912

794,439

 

 

 

1.    OPERATING PROFIT / (LOSS)

 

2018

£

2017

£

 

Operating profit / (loss) from continuing activities is stated after charging:

 

 

 

Depreciation of property, plant and equipment

-

230

 

Provision  against VAT receivable

-

68,157

 

 

 

 

 

         

 

 

2.    PROFIT / (LOSS) PER SHARE

 

2018

£

2017

£

 

Profit / (loss) attributable to the owners of the Company

 

 

 

Continuing Operations

322,069

 

(142,916)

 

 

 

 

 

 

 

2018

No. of

Shares

2017

No. of

shares

 

Weighted average number of shares for calculating basic loss per share

33,900,805

33,521,353

 

 

2018

Pence

2017

Pence

 

Basic and diluted profit /(loss) per share

 

 

 

Continuing Operations - basic and diluted

0.95

(0.43)

 

         

 

 

 

Copies of the accounts will be posted to shareholders and will be available on the Company's website at www.piresinvestments.com

 

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

 

Enquiries:

 

Pires Investments plc:                                                                                                         +44 (0) 20 7580 7576

Peter Redmond, Director                                                                                  

                                                                                                                                               

Nominated Adviser:                                                                                                            +44 (0) 20 7213 0880

Cairn Financial Advisers LLP

Liam Murray

Tony Rawlinson

Ludovico Lazzaretti

 

Broker:                                                                                                                                  +44 (0) 20 7562 3351

Peterhouse Capital Limited

Duncan Vasey / Lucy Williams

 

 


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