Marechale Capital Plc - Half-year Report

Marechale Capital Plc - Half-year Report

PR Newswire

London, November 23

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 £176,000 (2019: £173,000) and delivered an Operating loss of £64,000 (2019: £93,000). There were no gains on disposal in 2020 compared to a gain in 2019 of £29,000. The Loss before tax was £64,000 (2019: £64,000).

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 £177,000 of which £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 Mark Warde-Norbury / Patrick Booth-Clibborn	Tel: [phone]
Cairn Financial Advisers LLP Jo Turner / Sandy Jamieson	Tel: [phone]

Consolidated Income Statement (unaudited)
6 months ended					31 October	31 October
					2020	2019
					£	£
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 Deferred PAYE Bounce-back Loan					(72,343) (36,156) (50,000)	(129,532) - -
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
					£	£
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 capital					(59,364)	(92,897)
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 equivalents					19,443	(65,055)
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 equivalents					19,443	(65,055)

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.