Marechale Capital Plc - Half-year Report
PR Newswire
London, November 30
1 December 2021
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 2021.
Chairman’s Statement
I am delighted to report significant progress at Marechale Capital which continues to build on the success we reported in our 2020/21 final results published in August.
Financial and Operational highlights are as follows;
- Reported NAV/share increases to 2.7p
- Gross Profit up 75%
- Profit before tax rises to £1.5m
- Investment and financing round in Weardale Lithium completed
- Luke Johnson acquires a significant shareholding
During the six months we generated a Gross Profit of £227,500 (2020: £130,000) and delivered a small Operating loss of £15,000 (2020: Operating loss £64,000). However, the gains on investments have resulted in a Profit before tax of £1,501,000 (compared to a Loss before tax in 2020 of £64,000).
The investment gains, which are unrealised, are primarily due to the £1.5m uplift on our investment in Weardale Lithium Ltd in the last six months and a £320,000 uplift on our investment in Future Biogas Group (in the six months to April 2021). The Board remains positive about these and the other investments the Company has made as part of its corporate finance activities.
Net Assets have increased from £0.99m to £2.24m. At 31 October 2021 we held cash at bank of £358,000.
The Marechale Capital team remain busy working on new and existing projects in the hospitality, clean energy and technology sectors.
Mark Warde-Norbury
Chairman
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014
For further information please contact:
| Marechale Capital Mark Warde-Norbury / Patrick Booth-Clibborn | Tel: +44 (0)20 7628 5582 |
| Cairn Financial Advisers LLP Jo Turner / Sandy Jamieson | Tel: +44 (0)20 7213 0880 |
| Income Statement (unaudited) | ||||||||
| 6 months ended 31 October | 2021 | 2020 | ||||||
| £ | ||||||||
| Revenue | 497,194 | 175,837 | ||||||
| Cost of sales | (269,759) | (45,999) | ||||||
| Gross profit | 227,435 | 129,838 | ||||||
| HMRC Furlough Income | - | 30,655 | ||||||
| Administrative expenses | (242,926) | (224,932) | ||||||
| Operating loss | (15,491) | (64,439) | ||||||
| Investment revenues | 1,516,726 | - | ||||||
| Profit/ (loss) before tax | 1,501,235 | (64,439) | ||||||
| Taxation | - | - | ||||||
| Profit/ (loss) after tax | 1,501,235 | (64,439) | ||||||
| Profit/ (loss) per share | ||||||||
| (Pence) | (Pence) | |||||||
| - Basic | 1.70 | (0.1) | ||||||
| - Diluted | 1.65 | (0.1) | ||||||
| Balance Sheet (unaudited) | ||||||
| As at | 31 October | 31 October | ||||
| 2021 | 2020 | |||||
| Current assets | ||||||
| Available for sale investments | 1,982,566 | 52,039 | ||||
| Trading investments | 90,013 | 881 | ||||
| Trade and other receivables | 41,884 | 28,162 | ||||
| Cash and cash equivalents | 357,875 | 176,675 | ||||
| 2,472,338 | 257,757 | |||||
| Current liabilities | ||||||
| Trade and other payables PAYE Bounce-back Loan | (56,950) (10,283) (47,500 | (72,343) (36,156) (50,000) | ||||
| Total current liabilities | (114,733) | (158,499) | ||||
| Net assets | 2,237,605 | 99,258 | ||||
Equity | ||||||
| Capital and reserves attributable to equity shareholders | ||||||
| Share capital Share premium | 707,690 181,247 | 461,449 - | ||||
| Reserve for own shares | (50,254) | (50,254) | ||||
| Retained profits/ (losses) | 1,465,594 | (345,965) | ||||
| Reserve for share based payments | 53,328 | 34,028 | ||||
| 2,357,605 | 99,258 | |||||
| Cash Flow Statement (unaudited) | ||||||
| 6 months ended | 31 October | 31 October | ||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Net cash from operating activities | ||||||
| Profit/ (loss) after tax | 1,501,235 | (64,439) | ||||
| Provision for share based payments Reverse unrealised gains on investments Reverse interest paid | 10,619 (1,517,036) 310 | 5,075 | ||||
| Operating cash flows before movements in working capital | (4,872) | (59,364) | ||||
| Movement in working capital | ||||||
| Decrease in receivables | 8,713 | 33,827 | ||||
| Increase/ (decrease) in payables | 6,018 | (5,020) | ||||
| 14,731 | 28,807 | |||||
| Operating cash flow | 9,859 | (30,557) | ||||
| Investment activities | ||||||
| Expenditure on available for sale investments | (42,462) | - | ||||
| Cash flow from investing activities | (42,462) | - | ||||
| Financing Share Capital Bounce-back Loan Interest paid Net financing | 160,000 (2,500) (310) 157,190 | - 50,000 - 50,000 | ||||
| Net (decrease)/ increase in cash and cash equivalents | 124,587 | 19,443 | ||||
| Cash and cash equivalents at start of the period | 233,287 | 157,232 | ||||
| Cash and cash equivalents at end of the period | 357,874 | 176,675 | ||||
| Increase in cash and cash equivalents | 124,587 | 19,443 | ||||
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.
