Marechale Capital Plc Half-year Report
24 November 2020 - 6:00PM
UK Regulatory
TIDMMAC
24 November 2020
Marechale Capital plc
("Marechale Capital" or the "Company")
Half-yearly Results
Marechale Capital plc today announces its unaudited half-yearly results for the
six months ended 31 October 2020.
Chairman's Statement
Given the demanding macro-climate over the last year for the hospitality
industry which is Marechale's primary sector of expertise, the Company has done
well to generate revenues comparable to prior years. Furthermore, cost savings
have been achieved with office rent discounts and, as most of our staff were
not working during the first Lockdown, we benefitted from the Government's
Furlough Scheme.
During the six months we generated revenues of GBP176,000 (2019: GBP173,000) and
delivered an Operating loss of GBP64,000 (2019: GBP93,000). There were no gains on
disposal in 2020 compared to a gain in 2019 of GBP29,000. The Loss before tax was
GBP64,000 (2019: GBP64,000).
In the current conditions it is important to have as liquid a balance sheet as
possible and at 31 October 2020 we held cash at bank of GBP177,000 of which GBP
50,000 is subject to a Bounce-back Loan, representing around 5 months'
administrative expenses.
We are currently in the second Lockdown, which has dealt another body-blow to
the Hospitality Industry. However, we are happy to report that our clients are
well managed businesses with strong balance sheets and are looking for
expansion opportunities. We remain busy working on new projects in the
renewable and telecom sectors as well as developing further new opportunities
in the hospitality sector.
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 Tel: +44 (0)20 7628 5582
Mark Warde-Norbury / Patrick Booth-Clibborn
Cairn Financial Advisers LLP Tel: +44 (0)20 7213 0880
Jo Turner / Sandy Jamieson
Consolidated Income Statement (unaudited)
6 months ended 31 October 31 October
2020 2019
GBP GBP
Revenue 175,837 173,036
Cost of sales (45,999) (41,129)
Gross profit 129,838 131,907
Administrative expenses (194,277) (224,804)
Operating (loss)/profit (64,439) (92,897)
Investment revenues - 28,937
(Loss) before tax (63,439) (63,960)
Taxation
(Loss) for the - -
period
(63,439) (63,960)
(Loss) per share
(Pence) (Pence)
- Basic (0.1) (0.1)
- Diluted (0.1) (0.1)
Consolidated Balance Sheet (unaudited)
As at 31 October 31 October
2020 2019
Current assets
Available for sale investments 52,039 75,481
Trading investments 881 1,550
Trade and other receivables 28,162 72,309
Cash and cash equivalents 176,675 83,545
257,757 232,885
Current liabilities
Trade and other payables (72,343) (129,532)
Deferred PAYE (36,156) -
Bounce-back Loan (50,000) -
Total current liabilities (158,499) (129,532)
Net assets 99,258 103,353
Equity
Capital and reserves attributable to equity
shareholders
Share capital 461,449 461,449
Reserve for own shares (50,254) (50,254)
Retained losses (345,965) (319,781)
Reserve for share based payments 34,028 11,939
99,258 103,353
Consolidated Cash Flow Statement
(unaudited)
6 months ended 31 October 31 October
2020 2019
GBP GBP
Net cash from operating activities
Operating (loss) (64,439) (92,897)
Provision for share based payments 5,075 -
Operating cash flows before movements in working (59,364) (92,897)
capital
Movement in working capital
Decrease in receivables 33,827 32,896
(Decrease) in payables (5,020) (34,497)
28,807 (1,601)
Operating cash flow (30,557) (94,498)
Investment activities
Proceeds on disposal of available for sale investments - 29,443
Cash flow from investing activities - 29,443
Financing
Bounce-back Loan 50,000 -
Net (decrease)/ increase in cash and cash 19,443 (65,055)
equivalents
Cash and cash equivalents at start of the period 157,232 148,600
Cash and cash equivalents at end of the period 176,675 83,545
(Decrease)/increase in cash and cash 19,443 (65,055)
equivalents
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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