TIDMMAC

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 GBP136,000 (2017: GBP125,000); and an operating loss of GBP(251,000) (2017 GBP(279,000)). The Company's net loss of GBP(184,000) (2017: GBP(460,000)) is after taking into account a gain of GBP67,000 on the realisation of one investment and in 2017, making a provision against the fair value of options held in investee companies of GBP119,000 and a provision for project loss in an associate of GBP63,000. 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                              Tel: +44 (0)20 7628 
  Mark Warde-Norbury / Patrick Booth-Clibborn    5582 
 Cenkos Securities                              Tel: +44 (0)20 7397 
  Azhic Basirov / David Jones                    8900 
 
 
 Consolidated Income Statement (unaudited) 
 
 6 months ended                                         31 October   31 October 
                                                              2018         2017 
                                                               GBP          GBP 
 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)                                                  -   (118,5000) 
  Provision for project loss in 
   associate                                                           (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 
                                                           GBP          GBP 
 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 
                                                              GBP          GBP 
 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                91,529            - 
  investments 
 Expenditure on available for sale                       (12,700)            - 
  investments 
  Other                                                       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.

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.

END

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January 25, 2019 05:16 ET (10:16 GMT)

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