MARECHALE CAPITAL PLC

Earnings Release • Dec 12, 2019

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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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