Marechale Capital PLC Interim Results (1397O)
25 Enero 2019 - 04:16AM
UK Regulatory
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
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END
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