Capital for Colleagues plc Unaudited Interim Results six months to 29 Feb 2016
31 May 2016 - 4:00PM
UK Regulatory
TIDMCFCP
Capital for Colleagues plc / EPIC: CFCP / Market: ISDX / Sector: Investment
31 May 2016
CAPITAL FOR COLLEAGUES PLC
('Capital for Colleagues' or the 'Company')
Unaudited Interim Results for the six months ended 29 February 2016
Capital for Colleagues, the investment vehicle focused on opportunities in the
Employee Owned Business ('EOB') sector, is pleased to announce its unaudited
interim results for the six months ended 29 February 2016.
Highlights
* Additional GBP 770,000 invested in the period - GBP 529,000 in new
investments and GBP 241,000 in follow-on funding
* Revenues of GBP 370,000 (2015: GBP 304,000), comprising interest receivable
and other fees
* Net assets of GBP 4.2 million as at 29 February 2016 (2015: GBP 3.5
million)
* Investment portfolio now comprises 26 entities, 14 private EOBs and 12
publicly traded companies displaying demonstrable employee engagement
* GBP 1.15 million raised after the period end for further investment in EOBs
* Pipeline of opportunities remains strong; Directors confident of continuing
growth from existing and new investments
Chief Executive's Statement
In the six months ended 29 February 2016, the Company invested a further GBP
770,000 in new and existing investee companies. As we never tire of saying,
employee ownership is a proven, successful business model, which is recognised
to improve productivity and create wealth whilst providing a stable employment
environment and the possibility of attractive commercial returns for investors.
This message seems to be getting through, in that the range of activities our
investee companies are involved in and the sectors from which our current
prospects are being drawn are both broadening out. We now have investments
across a range of business areas, most recently adding IT services to our
stable of EOBs.
After the end of the interim period, Capital for Colleagues successfully raised
GBP 1.15 million through a subscription for ordinary shares. The subscription
received strong support from funds managed by Alliance Trust and was also
supported by all of the Directors. The proceeds of the subscription are being
used by the Company for investment in EOBs in accordance with the Company's
active growth strategy.
Financial Results
In the period ended 29 February 2016, the Company generated income of GBP
370,000 (2014: GBP 304,000), principally from interest receivable and other
fees associated with our investments. As at 29 February 2016, the Company had
net assets of GBP 4.2 million (2014: GBP 3.5 million).
Outlook
Capital for Colleagues' ability to advise existing and potential EOBs as well
as to provide them with funding, means that the Company is exceptionally well
placed to create growth in the EOB sector and to benefit from that growth.
We continue to work closely with the Employee Ownership Association and other
supporters of employee ownership to promote the commercial and financial
benefits of EOBs and we believe that the UK's relative political and economic
stability will continue to foster an environment where EOBs are perceived as
important generators of equitable and dynamic growth.
John Eckersley
Chief Executive
For further information, please visit www.capitalforcolleagues.com or contact:
CAPITAL FOR COLLEAGUES PLC 0161 233 4891
Richard Bailey, Chairman
John Eckersley, Chief Executive
PETERHOUSE CORPORATE FINANCE LIMITED 020 7469 0930
Mark Anwyl
Duncan Vasey
PROFIT AND LOSS ACCOUNT
Unaudited 6 Unaudited 6 Audited 12
months to months to months to
29 February 28 February 31 August
2016 2015 2015
GBP 000's GBP 000's GBP 000's
Revenue 364 257 523
Unrealised gains - quoted 6 47 68
Unrealised gains - unquoted 391
370 304 982
Administrative expenses (330) (216) (557)
PROFIT FROM ONGOING OPERATIONS 40 88 425
Financial Income - - 1
PROFIT/(LOSS) BEFORE TAXATION 40 88 426
Tax - - 2
PROFIT/(LOSS) FOR THE PERIOD 40 88 428
BALANCE SHEET
As at As at As at
29 February 28 February 31 August
2016 2015GBP 2015
GBP 000's 000's GBP 000's
ASSETS
Non Current Assets
Investments held at fair value through profit 2,246 1,329 1,855
or loss
Loans and receivables 884 1,565 1,507
3,130 2,894 3,362
Current Assets
Trade and other receivables 784 122 417
Cash and cash equivalents 243 505 355
1,027 627 772
TOTAL ASSETS 4,157 3,521 4,134
EQUITY AND LIABILTIES
Equity
Called up share capital 3,070 2,866 3,070
Share premium 672 614 672
Retained (loss) 376 (4) 336
Total Equity 4,118 3,476 4,078
Current Liabilities
Trade and other payables 39 45 56
TOTAL EQUITY AND LIABILITIES 4,157 3,521 4,134
The interim results have not been reviewed by the Company's auditors.
The Directors of the Company are responsible for the contents of this
announcement.
Notes
Capital for Colleagues is an investment company focused on the Employee Owned
Business ('EOB') sector. The Company has a clear strategy aimed at investing
in, advising and growing established, mainly UK-based, EOBs as well as
assisting companies which are looking to launch employee ownership schemes,
providing the capital and advice to help them achieve their objectives.
Capital for Colleagues has a proven management team, with a wide network of
contacts and affiliates, as well as established access to investment
opportunities, enabling the Company to execute its strategy and identify and
capitalise on EOB-focused investment opportunities.
END
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May 31, 2016 02:00 ET (06:00 GMT)