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Marechale Capital (MAC)

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Thursday 12 December, 2019

Marechale Capital

Half-year Report

RNS Number : 7262W
Marechale Capital PLC
12 December 2019
 

 12 December 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 2019.

 

Chairman's Statement

 

Marechale Capital has had another challenging half year since we reported our final results for the year ended 30 April 2019 in August. Revenues for the six months of £173,000 (2018: £136,000), whilst up on last year, are below budget, resulting in a loss of £62,000 (2018: £184,000) after taking into account a gain of £29,000 (2018: £67,000) on the realisation of investments. The Balance Sheet has also reduced further to £103,000 (2018: £226,000).

 

Low revenues are largely due to a continuing challenging market for advising and raising capital for private, growth companies, leading to delays in the completion of transactions, and, whilst our deal flow remains strong, it is still taking longer to complete transactions. The Company has taken significant steps to reduce its overheads and has achieved a £100,000 reduction by locating to smaller offices and reducing salary expenses.

 

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 plc

Azhic Basirov

 

Tel: +44 (0)20 7397 8900

 



 

 

Consolidated Income Statement (unaudited)



6 months ended





31 October

30 October






2019

2018






£

£

Revenue





173,036

136,491

Cost of sales





(41,129)

(61,611)








Gross profit





131,907

74,880








Administrative expenses




(224,804)

(325,927)








Operating (loss)/profit




(92,897)

(251,047)








Investment revenues




28,937 

67,389  








(Loss)/profit before tax




(63,960)

(183,658)








Taxation












(Loss)/profit for the period


(63,960)

(183,658)















(Loss)/profit per share




(Pence)

(Pence)









- Basic


(0.1)

(0.32)


- Diluted




(0.1)

(0.32)










 

Consolidated Balance Sheet (unaudited)






As at





31 October

31 October






2019

2018






£

£

Non-current assets






Investment in associate




-

14,038








Current assets







Available for sale investments



75,481

107,087

Trading investments




1,550

78,388

Trade and other receivables



72,309

80,485

Cash and cash equivalents



83,545

63,172






232,885

329,132








Total assets





232,885

343,170








Current liabilities






Trade and other payables




(129,532)

(117,107)








Total current liabilities




(129,532)

(117,107)








Net assets





103,353

226,063








Equity







Capital and reserves attributable to equity shareholders










Share capital





461,449

461,449

Revaluation reserve




-

25,826

Reserve for own shares




(50,254)

(50,254)

Retained losses




(319,781)

(210,958)

Reserve for share based payments




11,939

-





103,353

226,063








 



 

Consolidated Cash Flow Statement (unaudited)




6 months ended

31 October

31 October






2019

2018






£

£

Net cash from operating activities





Operating (loss)


(92,897)

(251,047)

Provision for share based payments



-









Operating cash flows before movements in working capital

(92,897)

(251,047)








Movement in working capital





Decrease in receivables



32,896

120,689

(Decrease) in payables



(34,497)

(4,239)













(1,601)

116,450







Operating cash flow




(94,498)

(134,597)








Investment activities















Proceeds on disposal of available for sale investments

29,443

91,529

Expenditure on available for sale investments


-

(12,700)

Other


-

600








Cash flow from investing activities



29,443

79,429















Net (decrease)/ increase in cash and cash equivalents


(65,055)

(55,168)








Cash and cash equivalents at start of the period

148,600

118,340

Cash and cash equivalents at end of the period

83,545

63,172








(Decrease)/increase in cash and cash equivalents


(65,055)

(55,168)

 

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.


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