Last checked at 16 Dec 2016 07:00
16 December 2016
Marechale Capital plc
("Marechale" or the "Company")
Interim Results
Marechale Capital plc today announces its unaudited interim results for the six months ended 30 September 2016.
Chairman's Statement
Marechale has made progress in the first six months of the current year. Gross profits of £378,000 (2015 £192,000) are on budget and I report that the Company has made a small profit of £10,000 (2015 loss £48,000) during the first half of the year. Completed transactions are all detailed on the Company's website at: www.marechalecapital.com.
Marechale operates as a corporate finance advisory and capital fund raising business focusing on raising development capital for growth companies in two primary sectors in which the team have a long-term track record: Consumer Brands and Leisure and Retail.
Marechale helps management teams to finance or refinance in two key areas: Growth Capital private equity transactions for more established businesses, and Development Capital, fundraising for smaller growth companies, the latter typically being Enterprise Investment Scheme (EIS) qualifying. The Company has warrants or takes stakes in the majority of the client transactions it acts for.
In the Leisure sector, the Company has successfully completed a number of leisure deals, including the MBO and debt refinancing of the tapas restaurant group Koh Thai, growth equity fundraising for Chestnut Inns, and an additional funding for Brewhouse & Kitchen, further endorsing Marechale's leading position in advising and funding businesses in the leisure sector.
Finally, and in accordance with the announcement made earlier this year, the Company is moving its year end to the 30th April from 2017 onwards (our results for the 13 months ending 30 April will be announced in the summer of 2017), and is progressing the capital reorganisation described in this year's annual results announcement.
Mark Warde-Norbury
Chairman
16 December 2016
For further information please contact:
Marechale Capital Mark Warde-Norbury / Patrick Booth-Clibborn
| Tel: +44 (0)20 7628 5582 |
Smith & Williamson Corporate Finance Azhic Basirov / David Jones
| Tel: +44 (0)20 7131 4000 |
Consolidated Income Statement (unaudited) | ||||||
6 months ended 30 September 2016 | ||||||
30 September | 30 September | |||||
2016 | 2015 | |||||
£ | £ | |||||
Revenue | 530,872 | 297,275 | ||||
Cost of sales | (152,816) | (105,493) | ||||
Gross profit | 378,056 | 191,782 | ||||
Administrative expenses | (364,432) | (251,041) | ||||
Operating profit/ (loss) | 13,624 | (59,259) | ||||
Investment revenues | - | - | ||||
Other (losses)/gains | (73) | 5,005 | ||||
Exceptional gain on dilution of interest in associate | - | 5,726 | ||||
Net (loss)/profit in respect of associate | (3,448) | 630 | ||||
Profit/(loss) before tax | 10,103 | (47,898) | ||||
Taxation | - | - | ||||
Profit/(loss) for the period | 10,103 | (47,898) | ||||
Profit/(loss) per share | (Pence) | (Pence) | ||||
- Basic | 0.02 | (0.08) | ||||
- Diluted | 0.02 | (0.08) | ||||
Consolidated Balance Sheet (unaudited) | ||||||
As at 30 September 2016 | ||||||
30 September | 30 September | |||||
2016 | 2015 | |||||
£ | £ | |||||
Non current assets | ||||||
Investment in associate | 150,827 | 146,150 | ||||
Current assets | ||||||
Available for sale investments | 166,347 | 150,917 | ||||
Trading investments | 131,800 | 128,254 | ||||
Trade and other receivables | 260,564 | 210,226 | ||||
Cash and cash equivalents | 218,540 | 359,346 | ||||
777,251 | 848,743 | |||||
Total assets | 928,079 | 994,893 | ||||
Current liabilities | ||||||
Trade and other payables | (102,363) | (193,696) | ||||
Total current liabilities | (102,363) | (193,696) | ||||
Net assets | 825,716 | 801,196 | ||||
Equity | ||||||
Capital and reserves attributable to equity shareholders | ||||||
Share capital | 2,474,308 | 2,474,308 | ||||
Share premium account | 1,247,379 | 1,247,379 | ||||
Revaluation reserve | 94,326 | 88,885 | ||||
Reserve for own shares | (50,254) | (50,254) | ||||
Retained losses | (2,940,043) | (2,959,121) | ||||
825,716 | 801,196 | |||||
Consolidated Cash Flow Statement (unaudited) | ||||||
6 months ended 30 September | 30 September | 30 September | ||||
2016 | 2015 | |||||
£ | £ | |||||
Net cash from operating activities | ||||||
Operating profit/ (loss) | 13,624 | (59,259) | ||||
Provision for share based payments | 17,500 | - | ||||
Operating cash flows before movements in working capital | 31,124 | (59,259) | ||||
Movement in working capital | ||||||
Decrease in receivables | 258,013 | 280,882 | ||||
(Decrease) in payables | (281,013) | (162,347) | ||||
(23,000) | 118,536 | |||||
Operating cash flow | 8,124 | 59,277 | ||||
Investment activities | ||||||
Interest (payable)/receivable | (73) | - | ||||
Proceeds on disposal of trading investments | - | 5,005 | ||||
Proceeds on disposal of available for sale investments | - | - | ||||
Expenditure on available for sale investments | - | - | ||||
Cash flow from investing activities | 8,050 | 64,282 | ||||
Financing | ||||||
Issue of share capital | - | - | ||||
Interest payable | - | - | ||||
Cash flow from financing activities | - | - | ||||
Net increase in cash and cash equivalents | 8,050 | 64,282 | ||||
Cash and cash equivalents at start of the period | 210,490 | 295,064 | ||||
Cash and cash equivalents at end of the period | 218,540 | 359,346 | ||||
Increase in cash and cash equivalents | 8,050 | 64,282 | ||||
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.