MARECHALE CAPITAL PLC

Interim / Quarterly Report • Jan 29, 2018

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RNS Number : 1140D

Marechale Capital PLC

29 January 2018

29 January 2018

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 2017.

Chairman's Statement

Marechale Capital has had a challenging half year since we reported our final results back in July. Further to the trading update announcement on the 9th November, I report that revenues for the six months of £125,000 (2016 £531,000) are below budget and that the Company has made a loss of £460,000 (2016: profit £10,000) after making a provision against the fair value of options held in investee companies of £118,500 (2016: £100), and after making a second provision against the carrying value of our Associate Company, Northfield UK Solar Ltd ('NUKS'), of £63,000.

The fall in revenues is largely due to delays in a number of the transactions we are involved in, although I am pleased to be able to report that we have recently closed a transaction for a leisure sector client which generated a fee of around £300,000.  Whilst our deal flow remains strong, it is still taking longer to complete transactions.

One of Marechale Capital's key strategies is the achievement of growth in net asset value generated from options and investments in client and partner companies. Unfortunately, NUKS and Future Biogas Limited have diminished significantly in value recently, resulting in the write-downs referred to above.

In light of the above, the Board of Marechale Capital continues to consider its options.

Mark Warde-Norbury

Chairman

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					31 October	30 September
					2017	2016
					£	£
Revenue					125,066	530,872
Cost of sales					(44,370)	(152,816)
Gross profit					80,696	378,056
Administrative expenses					(358,988)	(364,432)
Operating (loss)/profit					(278,291)	13,624
Investment revenues					-	-
Other (losses)					(118,500)	(73)
Net (loss) in respect of associate Provision for project loss in associate					-  (63,000)	(3,448) -
(Loss)/profit before tax					(459,791)	10,103
Taxation					-	-
(Loss)/profit for the period					(459,791)	10,103
(Loss)/profit per share					(Pence)	(Pence)
	- Basic				(0.007)	0.02
	- Diluted				(0.007)	0.02

Consolidated Balance Sheet (unaudited)
As at					31 October	30 September
					2017	2016
					£	£
Non current assets
Investment in associate					14,187	150,827
Current assets
Available for sale investments					153,341	166,347
Trading investments					78,388	131,800
Trade and other receivables					69,894	260,564
Cash and cash equivalents					98,110	218,540
					399,734	777,251
Total assets					413,921	928,079
Current liabilities
Trade and other payables					(125,596)	(102,363)
Total current liabilities					(125,596)	(102,363)
Net assets					288,325	825,716
Equity
Capital and reserves attributable to equity shareholders
Share capital					461,449	2,474,308
Share premium account					-	1,247,379
Revaluation reserve					81,826	94,326
Reserve for own shares					(50,254)	(50,254)
Retained losses					(289,150)	(2,940,043)
Reserve for share based payments					84,453	-
					288,325	825,716

Consolidated Cash Flow Statement (unaudited)
6 months ended					31 October	30 September
					2017	2016
					£	£
Net cash from operating activities
Operating (loss) / profit					(278,291)	13,624
Provision for share based payments					-	17,500
Operating cash flows before movements in working capital					(278,291)	31,124
Movement in working capital
Decrease in receivables					151,781	258,013
(Decrease) in payables					(77,755)	(281,013)
					74,026	(23,000)
Operating cash flow					(204,265)	8,124
Investment activities
Interest (payable)/receivable					-	(73)
Proceeds on disposal of trading investments					-	-
Proceeds on disposal of available for sale investments					-	-
Expenditure on available for sale investments					-	-
Cash flow from investing activities					-	(73)
Financing
Issue of share capital					-	-
Interest payable					-	-
Cash flow from financing activities					-	-
Net (decrease)/ increase in cash and cash equivalents					(204,265)	8,050
Cash and cash equivalents at start of the period					302,375	210,490
Cash and cash equivalents at end of the period					98,110	218,540
(Decrease)/increase in cash and cash equivalents					(204,265)	8,050

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 company news service from the London Stock Exchange

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