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Regulatory Story
Company Pires Investments PLC
TIDM PIRI
Headline Half-year Report
Released 10:00 17-Jul-2019
Number 8242F10

RNS Number : 8242F
Pires Investments PLC
17 July 2019
 

 

Pires Investments PLC

("Pires" or the "Company")

 

Unaudited interim results for the six months to 30 April 2019

 

Highlights

 

·      Net asset value at the period end was £2.36 million, representing an increase of 148% compared to the figure at 31 October 2018 of £0.95 million

·      Market capitalisation as at the period end represented a 28% discount to net asset value

·      Net asset value principally comprises cash and shares in Eco (Atlantic) Oil & Gas Limited ("ECO")

·      Cash at period end was £0.93 million, increasing to the current level of £1.35 million

·      Profit of £659,048 made during period

 

Chairman's Statement

 

The Company is pleased to report further strong progress for the period under review, with a profit before taxation of £659,048 (six months ended 30 April 2018: £122,556) as a result of an increase in the value of our investment portfolio, net of disposals, and a reduction in our operating expenses.

 

As at the period end, our net asset value was £2,358,120 (31 October 2018: £949,617), which represented an increase of some 148% on the position at the year end and principally comprises cash and investments. Net assets per share increased from £0.028p to £0.035p over the same period.

 

The principal investment in the portfolio remains ECO, together with a holding in Portage Biotech resulting from a transaction by one of our investee companies, SalvaRx plc, referred to in our 2018 full year results.

 

During the period, we disposed of part of our holding in ECO against a background of a further significant rise in its share price. Since the period end, the ECO share price has fallen back modestly. We continue to actively manage our investment portfolio with a view to locking in gains progressively.  As a result of this strategy and a successful placing carried out by the Company earlier in the year, our cash balance has now increased to a current level of around £1.35 million.

 

We continue to review potential new opportunities and are confident that we will continue to make further progress in the months ahead.

 

Peter Redmond

Chairman

 

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

 

Enquiries:

 

Pires Investments plc

Peter Redmond, Chairman

 

 

Tel: +44 (0) 20 7917 1817

Nominated Adviser

Cairn Financial Advisers LLP

Liam Murray / Tony Rawlinson

 

 

Tel: +44 (0) 20 7213 0880

Broker

Peterhouse Capital Limited

Duncan Vasey / Lucy Williams

 

Tel: +44 (0) 20 7469 0935

Tel: +44 (0) 20 7469 0936

 

 

 

 

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

for the six months ended 30 April 2019







Continuing activities


Revenue

Investment income

Other income

Total revenue


Gains on investments held at fair value through profit or loss

Operating expenses

Operating profit from continuing activities



Profit before taxation from continuing activities

Tax


Profit for the period from continuing activities





Profit for the period and total comprehensive income attributable to equity holders of the Company

122,556



Basic profit per share

3

Equity holders


Basic and diluted








 

UNAUDITED STATEMENT OF FINANCIAL POSITION

As at 30 April 2019

NON-CURRENT ASSETS

Property, plant and equipment

Investment in subsidiaries

TOTAL NON CURRENT ASSETS

CURRENT ASSETS

Investments

Trade and other receivables

Cash and cash equivalents

TOTAL CURRENT ASSETS

TOTAL ASSETS 

EQUITY 

Called up share capital

Share premium account

Retained earnings

Capital redemption reserve

TOTAL EQUITY

LIABILITIES

CURRENT LIABILITIES

Trade and other payables 

TOTAL LIABILITIES AND CURRENT LIABILITIES

TOTAL EQUITY AND LIABILITIES



 

UNAUDITED CASH FLOW STATEMENT

For the six months ended 30 April 2019

 





 

 

 

Cash flows from operating activities

Depreciation

Realised (gain) on disposal of investments

(120,060)



(82,192)

Fair value movement in investments

(644,934)


(176,235)


(492,795)

Finance income

(291)


(6)


(11)

(Increase)/decrease in receivables

(4,519)


2,476


(1,482)

Increase/(decrease) in payables


(71,618)


3,085


(27,596)








Net cash absorbed by operating activities


(182,374)


(143,054)


(282,007)








Cash flows from investing activities







Payments to acquire investments


-


(176,000)


(176,000)

Proceeds of sale of investments


317,464


191,493


264,882

Finance income received




11








Net cash from investing activities




88,893

Cash flows from financing activities







Proceeds from issue of equity


749,455


-


-

Finance costs paid


-


-


-








Net cash from financing activities











Net increase/(decrease) in cash and cash equivalents during the period

 

 

884,836


(127,555)


(193,114)

Cash and cash equivalents at beginning of the period

 

 

48,028


241,142


241,142








Cash and cash equivalents at end of the period




48,028

















 

Notes to the Unaudited Interim Report

 

1. GENERAL INFORMATION

 

Pires Investments Plc (the "Company") is a company domiciled in England whose registered office address is c/o Cooley Services Limited, Dashwood, 69 Old Broad Street, London EC2M 1QS. The condensed interim financial statements of the Company for the six months ended 30 April 2019 is that of the Company only.

 

The condensed consolidated interim financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.

 

The financial information for the year ended 31 October 2018 has been extracted from the statutory accounts for that period which were prepared in accordance with International Financial Reporting Standards ("IFRS"). The auditors' report on the statutory accounts was unqualified. A copy of those financial statements has been filed with the Registrar of Companies.

 

The financial information for the six months ended 30 April 2018 and 2019 was also prepared in accordance with IFRS.

 

The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements. 

 

The condensed interim financial statements were authorised for issue on 16 July 2019.

 

 

2. BASIS OF ACCOUNTING

 

The financial statements are unaudited and have been prepared on the historical cost basis in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS") using the same accounting policies and methods of computation as were used in the annual financial statements for the year ended 31 October 2018. As permitted, the interim report has been prepared in accordance with the AIM rules for Companies and is not compliant in all respects with IAS 34 Interim Financial Statements. The condensed consolidated interim financial statements do not include all the information required for full annual financial statements and hence cannot be construed as in full compliance with IFRS.

 



 

3. PROFIT / LOSS PER SHARE

 

The calculation of the basic loss per share is based on the following data:

 

Profit on continuing activities after tax

 

Basic and fully diluted

Basic and fully diluted earnings per share have been computed based on the following data:

 


Weighted average number of ordinary shares for the period

Basic earnings per share from continuing activities (p)

 

There were no dilutive instruments that would give rise to diluted earnings per share


 

 

 

 

 

 



 

4. STATEMENT OF CHANGES IN EQUITY

 

At 1 November 2017

Profit for the 6 months ended 30 April 2018

At 30 April 2018

Profit for the 6 months ended 31 October 2018

At 31 October 2018

Issue of Share Capital

 

 

Profit for the 6 months ended 30 April 2019

At 30 April 2019

(14,051,784)

 

 

 

 

5.  DISTRIBUTION OF INTERIM REPORT

 

Copies of the Interim Report for the six months ended 30 April 2019 are available on the Company's website, www.piresinvestments.com.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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