MARECHALE CAPITAL PLC

Earnings Release • Jan 25, 2019

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RNS Number : 1397O

Marechale Capital PLC

25 January 2019

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.

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