Half-year Report

RNS Number : 5037M

Pires Investments PLC

31 July 2017

 

Pires Investments PLC

("Pires" or the "Company")

Unaudited interim results for the six months to 30 April 2017

Chairman's Statement

During the six months to 30 April 2017, the Company has made good progress towards implementing its strategy.  It has successfully raised £675,000 gross by way of two placings at 3p.  It has also invested £500,000 into Eco (Atlantic) Oil and Gas Ltd ("Eco"), an oil and gas business, which is listed on the Toronto Stock Exchange and on AIM. The Eco share price has, to date, increased by around 15% since our investment was made and some profits on this investment have already been realised.

The performance of the remainder of our portfolio has also been satisfactory as evidenced by the gains on investments shown in the profit and loss account. There has been a further modest increase in the overall value of our investments since 30 April 2017. At the same time, we have continued to reduce costs and conserve cash, though the effect of the cost reduction will be more evident in the second half of the financial year.

Our strategy continues to be focused on undertaking a substantial transaction - we continue to review some attractive opportunities and are hopeful that an appropriate transaction will be identified in the short term which will ultimately create value for shareholders.

Peter Redmond

Chairman

Enquiries:

Pires Investments plc Peter Redmond, Director	Tel: [phone]
Nominated Adviser Cairn Financial Advisers LLP Liam Murray	Tel: [phone]
Broker Peterhouse Corporate Finance Duncan Vasey / Lucy Williams	Tel: [phone] Tel: [phone]

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

for the six months ended 30 April 2017

				Unaudited		Unaudited		Audited
				6 months		6 months		Year
				ended		ended		Ended
				30-Apr		30-Apr		31-Oct
				2017		2016		2016
Continuing activities				£		£		£
	Notes
Revenue
Investment income				-		-		33
Other income				5		13		21
Total revenue				5		13		54
Gains/(losses) on investments held at fair value through profit or loss				100,558		(22,843)		(302,463)
Operating expenses				(131,714)		(130,980)		(248,611)
Operating (loss) from continuing activities				(31,151)		(153,810)		(551,020)
(Loss) before taxation from continuing activities				(31,151)		(153,810)		(551,020)
Tax				-		342		-
(Loss) for the period from continuing activities				(31,151)		(153,468)		(551,020)
Loss on disposal of discontinued operations				-		-		(8,617)
(Loss) for the period and total comprehensive income attributable to equity holders of the Company				(31,151)		(153,468)		(559,637)
Basic (loss) per share			3
Equity holders
Basic and diluted				(0.091p)		(0.006p)		(5.00p)

 

UNAUDITED STATEMENT OF FINANCIAL POSITION

As at 30 April 2017

		Unaudited		Unaudited		Audited
		As at		As at		As at
		30-Apr		30-Apr		31-Oct
		2017		2016		2016
		£		£		£
	Notes
NON-CURRENT ASSETS
Property, plant and equipment		25		503		230
Investment in subsidiaries		2		1		1
TOTAL NON CURRENT ASSETS		27		504		231
CURRENT ASSETS
Investments		680,823		483,093		152,624
Trade and other receivables		77,505		35,818		53,865
Cash and cash equivalents		108,878		52,681		49,448
TOTAL CURRENT ASSETS		867,206		571,592		255,937
TOTAL ASSETS		867,233		572,096		256,168
EQUITY
Called up share capital		11,937,944		11,853,192		11,858,477
Share premium account		3,557,838		2,904,840		2,997,555
Retained earnings		(14,921,136)		(14,483,815)		(14,889,985)
Capital redemption reserve		164,667		164,667		164,667
TOTAL EQUITY	4	739,313		438,884		130,714
LIABILITIES
CURRENT LIABILITIES
Trade and other payables		127,920		133,212		125,454
TOTAL LIABILITIES AND CURRENT LIABILITIES		127,920		133,212		125,454
TOTAL EQUITY AND LIABILITIES		867,233		572,096		256,168

UNAUDITED CASH FLOW STATEMENT

For the six months ended 30 April 2017

		Unaudited		Unaudited		Audited
		6 months ended		6 months ended		Year ended ended
		30-Apr		30-Apr		31-Oct
		2017		2016		2016
		£		£		£
Cash flows from operating activities		(31,151)		(153,468)		(559,637)
Depreciation		205		553		827
Realised (gain)/loss on disposal of investments				-		3,996
Fair value movement in investments		(100,558)		22,843		298,647
Finance income		-		(355)		(33)
(Increase)/decrease in receivables		(23,640)		40,522		22,475
Increase/(decrease) in payables		2,464		51,319		43,560
Net cash absorbed by operating activities		(152,680)		(38,586)		(190,165)
Cash flows from investing activities
Payments to acquire investments		(510,000)		-		-
Proceeds of sale of investments		82,360		10,587		61,434
Disposal of subsidiary				18,500		18,321
Net proceeds from share issue				-
Finance income received		-		355		33
Net cash (used in)/from investing activities		(427,640)		29,442		79,788
Cash flows from financing activities
Proceeds from issue of equity		639,750				98,000
Finance costs paid		-		-		-
Net cash from financing activities		639,750		-		98,000
Net increase/(decrease) in cash and cash equivalents during the period		59,430		(9,144)		(12,377)
Cash and cash equivalents at beginning of the period		49,448		61,825		61,825
Cash and cash equivalents at end of the period		108,878		52,681		49,448

Notes to the Unaudited Interim Report

1. GENERAL INFORMATION

Pires Investments Plc (the "Company") is a company domiciled in England whose registered office address is c/o Cooley Services Limited, Dashwood, 69 Old Broad Street, London EC2M 1QS. The condensed interim financial statements of the Company for the six months ended 30 April 2017 are for the Company only. The Company disposed of its subsidiary, Ventec Renewable Energy Limited, in February 2016. The condensed interim financial statements for the six months ended 30 April 2016 are those of the Group which had a subsidiary during that period.

The condensed consolidated interim financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.

The financial information for the year ended 31 October 2016 has been extracted from the statutory accounts for that period which were prepared in accordance with International Financial Reporting Standards ("IFRS"). The auditors' report on the statutory accounts was unqualified. A copy of those financial statements has been filed with the Registrar of Companies.

The financial information for the six months ended 30 April 2016 and 2017 was also prepared in accordance with IFRS.

The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements. 

The condensed interim financial statements were authorised for issue on 31 July 2017.

2. BASIS OF ACCOUNTING

The financial statements are unaudited and have been prepared on the historical cost basis in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS") using the same accounting policies and methods of computation as were used in the annual financial statements for the year ended 31 October 2016. As permitted, the interim report has been prepared in accordance with the AIM rules for Companies and is not compliant in all respects with IAS 34 Interim Financial Statements. The condensed consolidated interim financial statements do not include all the information required for full annual financial statements and hence cannot be construed as in full compliance with IFRS.

3. LOSS PER SHARE

The calculation of the basic loss per share is based on the following data:

	Unaudited		Unaudited	Audited
	6 months		6 months	Year
	ended		ended	ended
	30-Apr		30-Apr	31-Oct
	2017		2016	2016
	£		£	£
Profit/(loss) on continuing activities after tax	(31,151)		(153,468)	(551,020)
Basic and fully diluted
Basic and fully diluted (loss)/earnings per share have been computed based on the following data:
		Number of shares
Weighted average number of ordinary shares for the period	33,900,803		2,321,659,864	11,400,805
Basic (loss)/earnings per share from continuing activities (p)	(0.091)		(0.006)	(5.00)
There were no dilutive instruments that would give rise to diluted earnings per share.

4. STATEMENT OF CHANGES IN EQUITY

	Share Capital		Share Premium		Capital Redemption Reserve		Retained Earnings		Total
	£		£		£		£		£
At 1 November 2015	11,853,192		2,904,840		164,667		(14,398,671)		524,028
Loss for the 6 months ended 30 April 2016							(153,468)		(153,468)
Adjustment re disposal of subsidiary							68,324		68,324
At 30 April 2016	11,853,192		2,904,840		164,667		(14,483,815)		438,884
Issue of shares	5,285		92,715						98,000
Loss for the 6 months ended 31 October 2016							(406,170)		(406,170)
At 31 October 2016	11,858,477		2,997,555		164,667		(14,889,985)		130,714
Issue of shares	56,250		583,500						639,750
Adjustment re share consolidation	23,217		(23,217)						-
Loss for the 6 months ended 30 April 2017							(31,151)		(31,151)
At 30 April 2017	11,937,944		3,557,838		164,667		(14,921,136)		739,313

5.  DISTRIBUTION OF INTERIM REPORT

Copies of the Interim Report for the six months ended 30 April 2017 are available on the Company's website, www.piresinvestments.com.

 

END

 

 

IR SELFWUFWSEFW