Lombard Capital PLC - Half-year Report

Lombard Capital PLC - Half-year Report

PR Newswire

London, June 26

LOMBARD CAPITAL PLC
("Lombard" or the "Company")

UNAUDITED INTERIM RESULTS FOR THE TWELVE MONTHS ENDED 31 MARCH 2020

CHAIRMAN'S STATEMENT

Dear Shareholder

On the 1st June we welcomed to the Board Barry Fromson as an executive director. Barry is a consultant and business development adviser who has worked in the financial and wealth management industry for nearly 40 years.

On the 8th June, David Grierson took the opportunity to stand down as a director and chairman of the Company and in his stead I was appointed Charman and Barry Fromson became Chief Executive.

The board has taken the opportunity to alter the year end to 30 June therefore, whist the accounts available to you now are for twelve months they are in fact classified as interims.

The increased activity in search of meaningful accretive investments has resulted in a comprehensive loss of £939,188 for the twelve-month period compared to a comprehensive loss of £303,056.

Since the period end and last financial report published in December your board and its adviser have been actively searching for new investments and I am pleased to say that this activity has resulted in the acquisition of Gaskell House through Lombard's wholly owned subsidiary Waste and Recycling Solutions Limited.

We first announced this potential investment on 1 April and completed the investment on 23 April. The board believes this to be a stepping stone to future investments in the waste management arena providing accretive values for shareholders.

Again, since the period end, holders holding 3,200,000 warrants exercised those warrants resulting in a cash inflow of £320,000. Holders of Bonds totalling £507,000 converted their bonds into equity of 2,028,000 ordinary shares at a price of 25p per share.

We are working with our advisers to lift the share suspension at the earliest opportunity enabling the company to develop its new investment, whist searching for new opportunities

Brent Fitzpatrick
Chairman
Lombard Capital PLC
29 June 2020

The directors of Lombard Capital Plc accept responsibility for this announcement.

For further information please contact:

Brent Fitzpatrick
Tel: [phone]

AQSE Growth Market Corporate Adviser
Alfred Henry Corporate Finance Limited
Nick Michaels: 020 3772 0021

Condensed Statement of Comprehensive Income
Twelve months ended 31 March 2020

		Year ended 31 March 2020		Year ended 31 March 2019		Year ended 31 March 2018
		Unaudited		Audited		Audited
		£		£		£
Continuing operations
Consultancy fees		54,000
Investment income		-		-		-
Operating expenses		(993,188)		(292,337)		(384,658)
Finance charges		-		(29,469)		-
Impairment of investments		-		-		-
Operating loss and loss before taxation		(939,188)		(321,806)		(384,658)
Taxation		-		-		-
Loss for the period, attributable to the owners		(939,188)		(321,806)		(384,658)
Impairment of investments - reclassification to income statement		-		-		-
Market value adjustment to investments		-		18,750		-
Total comprehensive loss for the period		(939,188)		(303,056)		(384,658)
Loss per share, basic and fully diluted (in pence)		(9.8)		(9.3)		(11.1)

Condensed Statement of Financial Position
As at 31 March 2020

		31 March 2020		31 March 2019		31 March 2018
		Unaudited		Audited		Audited
		£		£		£
Non-current assets
Available for sale investments		131,250		131,250		112,500
Financial assets at amortised cost		700,700		700,700		-
		831,950		831,950		112,500
Current assets
Trade and other receivables		927,149		41,296		-
Cash and cash equivalents		110,698		12,059		2,154
		1,037,847		53,355		2,154
Total assets		1,869,797		885,305		114,654
Equity
Ordinary shares		9,582		4,219		4,219
Deferred shares		189,897		189,897		189,897
Share premium		1,415,684		954,574		954,574
Share option reserve		80,300		80,300		80,300
Investment revaluation reserve		118,934		118,934		100,184
Retained earnings		(2,824,463)		(1,885,275)		(1,563,469)
		(1,010,066)		(537,351)		(234,295)
Current liabilities
Trade and other payables		500,613		672,656		348,949
Loans and other borrowings		2,379,250		750,000		-
Total equity and liabilities		1,869,797		885,305		114,654

Notes to the financial statements

Twelve months ended 31 March 2020

1. Basis of preparation

The financial statements for the twelve months ended 31 March 2020 are unaudited and do not constitute statutory accounts as defined in Section 434 of Companies Act 2006. The financial information for the years ended 31 March 2019 and 31 March 2018 are extracted from the audited statutory accounts for the year then ended which have been delivered to the Registrar of Companies.

The audit report on the accounts for the year ended 31 March 2018 was unqualified and did not contain a statement under Section 498(2) or (3) of Companies Act 2006.

The audit report on the accounts for the year ended 31 March 2019 was qualified. The audit report modification was set out in an announcement made by the Company on 30 August 2019 as follows https://www.nexexchange.com/announcements?newsid=4441854.

The financial information for the twelve months ended 31 March 2020 has been prepared on the basis of the accounting policies set out in the full annual financial statements of the company for the year ended 31 March 2019.

2. Earnings per share

The basic and diluted earnings per share is calculated by dividing the loss attributable to the owners of the company by the weighted average number of ordinary shares in issue during the period.

The weighted average number of shares in issue at 31 March 2020 was 4,309,760 (31 March 2019: 4,219,157 and 31 March 2018: 3,455,865).

3. Investments		31 March 2020		31 March 2019		31 March 2018
		Unaudited		Audited		Audited
		£		£		£
Investments at cost less impairment		131,250		131,250		112,500
Impairments: Recognised in the year		-		-		-
Market value adjustment		-		-		-
Market value at period end		131,250		131,250		112,500