Last checked at 25 Jan 2019 10:16
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 £136,000 (2017: £125,000); and an operating loss of £(251,000) (2017 £(279,000)). The Company's net loss of £(184,000) (2017: £(460,000)) is after taking into account a gain of £67,000 on the realisation of one investment and in 2017, making a provision against the fair value of options held in investee companies of £119,000 and a provision for project loss in an associate of £63,000. 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 Mark Warde-Norbury / Patrick Booth-Clibborn
| Tel: +44 (0)20 7628 5582 |
Cenkos Securities Azhic Basirov / David Jones | Tel: +44 (0)20 7397 8900 |
Consolidated Income Statement (unaudited) | ||||||
|
| |||||
6 months ended |
|
|
|
| 31 October | 31 October |
|
|
|
|
| 2018 | 2017 |
|
|
|
|
| £ | £ |
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) Provision for project loss in associate |
|
|
| - | (118,5000) (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 |
| ||
|
|
|
|
| £ | £ |
| ||
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 |
|
|
|
|
| £ | £ |
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 investments | 91,529 | - | ||||
Expenditure on available for sale investments Other |
| (12,700) 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.