TIDMPIRI
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 GBP322,069
compared to a loss before taxation of GBP142,916 for 2017.
Operating costs were significantly reduced during the year to
GBP252,929.
The principal factor behind the improved results was the
increase in the value of our investments which almost doubled to
GBP1,029,526, after allowing for share disposals during the period
amounting to GBP264,881 which includes realised gains of GBP89,192.
Since the period end, the value of the investment portfolio has
increased by a further 45% to GBP1,490,000 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 GBP781,720 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 GBP2.35 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
GBP GBP
------------------------------------------- ---------- ----------
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
Capital
Share Share Redemption Retained
Capital Premium Reserve Earnings Total
GBP GBP GBP GBP GBP
------------------------------ ----------- ---------- ------------ ------------- ----------
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
GBP GBP
------------------------------------------- ------------- -------------
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
GBP GBP
------------------------------------------------ ------ -------
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
GBP GBP
Profit / (loss) attributable to the owners
of the Company
Continuing Operations 322,069 (142,916)
---------------------------------------------------- ----------- -----------
2018 2017
No. of No. of
Shares shares
---------------------------------------------------- ----------- -----------
Weighted average number of shares for calculating
basic loss per share 33,900,805 33,521,353
---------------------------------------------------- ----------- -----------
2018 2017
Pence 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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END
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