TIDMMAC
02 December 2022
Marechale Capital plc
("Marechale Capital", "Marechale" or the "Company")
Half-yearly Results
Marechale Capital plc, an established City of London based corporate finance
house with a long-term track record and a strong reputation for advising and
financing high growth consumer brands, leisure, clean energy, mineral
extraction and technology companies, announces its unaudited half-yearly
results for the six months ended 31 October 2022 ("the Period").
Chairman's Statement
Following the significant value uplift in the Company's investments reported in
Marechale's full year results released in August 2022, the Board continues to
remain positive about the outlook for its investments.
While Marechale Capital continues to see interesting corporate finance and
advisory projects where it can take founders shares and warrants as part of its
advisory fees, the market remains a challenging environment to raise capital.
This has resulted in advisory projects launched in the summer not being
completed by the end of the Period. Marechale continues to look for new funding
partners alongside its traditional investor relationships.
During the six months ended 31 October 2022 the company generated gross profits
of £72,020 (2021: £227,435) and delivered an operating loss of £18,995 (2021:
Loss £15,000), resulting in an overall loss before tax of £179,502 (compared to
a Profit for the same period in 2021 of £1,501,000 which benefitted from
significant investment revenues).
As reported in August 2022, the Company's balance sheet shows a net asset value
of £3,483,929 (2021: £2,395,105), representing 3.66p of value per share in
issue. The Company remains positive about the investments that it holds in its
client companies. As at 31 October 2022 the Company had £246,808 of cash
reserves.
The Board is working on a number of initiatives to create further value for
shareholders over and above its core investment portfolio and corporate finance
projects. Furthermore, the Board is hopeful to be able to announce realisations
on some of the Company's investments in the next six months
Whist the current economic climate is difficult, Marechale Capital is working
hard and is convinced that there will be good advisory and investment
opportunities in its core hospitality, renewable, clean energy and technology
sectors over the short to medium term.
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 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
Income Statement (unaudited)
6 months ended 31 October 2022 2021
£
Revenue 168,001 497,194
Cost of sales (95,981) (269,759)
Gross profit 72,020 227,435
Administrative expenses (251,015) (242,926)
Operating loss (178,995) (15,491)
Investment revenues - 1,517,036
Interest paid (507) (310)
(Loss/profit before tax (179,502) 1,501,235
Taxation - -
(Loss)/profit after tax (179,502) 1,501,235
(Loss)/profit per share
(Pence) (Pence)
- Basic (1.70) 1.70
- Diluted (1.63) 1.65
Balance Sheet (unaudited)
As at 31 October 31 October
2022 2021
Current assets
Available for sale investments 3,116,441 1,982,566
Trading investments 146,589 90,013
Trade and other receivables 54,356 41,884
Cash and cash equivalents 246,808 357,875
3,564,194 2,472,338
Current liabilities
Trade and other payables (59,627) (56,950)
PAYE (10,638) (10,283)
Bounce-back Loan (10,000) (10,000)
Total current liabilities (80,265) (77,233)
Net current assets 3,483,929 2,395,105
Bounce-back Loan - (27,500) (37,500)
long-term
Net assets 3,456,429 2,357,605
Equity
Capital and reserves attributable to equity shareholders
Share capital 763,023 707,690
Share premium 328,413 181,247
Reserve for own shares (50,254) (50,254)
Retained profits/ (losses) 2,346,660 1,465,594
Reserve for share based payments 68,587 53,328
3,456,429 2,357,605
Cash Flow Statement (unaudited)
6 months ended 31 October 31 October
20212 2021
£ £
Net cash from operating activities
Loss/profit after tax (179,502) 1,501,235
Provision for share based payments 6,275 10,619
Reverse unrealised gains on investments - (1,517,036)
Reverse interest paid 507 310
Operating cash flows before movements in working (172,720) (4,872)
capital
Movement in working capital
(Increase)/decrease in receivables (10,580) 8,713
Increase in payables 12,895 6,018
Net movement in 2,315 14,731
working capital
Operating cash flow (170,405) 9,859
Investment activities
Expenditure on available for sale investments - (42,462)
Proceeds from sale of 8,750
investments
Cash flow from investing activities 8,750 (42,462)
Financing
Share Capital - 160,000
Bounce-back Loan repayments (5,000) (2,500)
Interest paid (507) (310)
Net financing (5,507) 157,190
Net (decrease)/ increase in cash and cash (167,162) 124,587
equivalents
Cash and cash equivalents at start of the period 413,970 233,287
Cash and cash equivalents at end of the period 246,808 357,874
Increase in cash and cash equivalents (167,162) 124,587
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.
END
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