Lombard Capital PLC - Half-year Report
PR Newswire
London, February 9
LOMBARD CAPITAL PLC
("Lombard" or the "Company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
CHAIRMAN'S STATEMENT
Dear Shareholder
During the 6 months to 31 December 2020, the comprehensive loss for the period was GBP (325,038). As a result, the Company remains in a position where it is dependent upon its ability to generate sufficient cash flows by issuing shares, the exercise of warrants and realisation of investments and other assets, in order to meet continued operational costs and hence continue trading.
During the period the company capitalised approximately £1,460,000 of expenses in relation to Gaskell House and incurred £168,000 in finance charges. Whilst the company continues to pay its professional costs and general running costs of £164,000 the directors have, once again not drawn remuneration during this period.
The directors are exploring ways to increase the asset value and raise additional finance.
Brent Fitzpatrick
Chairman
Lombard Capital PLC
9 February 2021
The directors of Lombard Capital Plc accept responsibility for this announcement.
For further information please contact:
Brent Fitzpatrick
Tel: 07767 457101
AQSE Growth Market Corporate Adviser
Alfred Henry Corporate Finance Limited
Nick Michaels: 020 3772 0021
Condensed Consolidated Statement of Comprehensive Income
Six months ended 31 December 2020
| Unaudited | Audited | Unaudited | Audited | |||||
| 6 Months | 15 months | 6 Months | Year | |||||
| 31/12/2020 | 30/06/2020 | 31/12/2019 | 31/03/2019 | |||||
| £ | £ | £ | £ | |||||
| Continuing operations | ||||||||
| Consultancy fees | - | 54,000 | 54,000 | - | ||||
| Investment income | 7,611 | 9,056 | - | - | ||||
| Operating expenses | (164,006) | (626,743) | (554,454) | (292,337) | ||||
| Finance charges | (168,643) | (203,640) | (58,659) | (29,469) | ||||
| Impairment of investments | - | - | - | - | ||||
| Operating loss and loss before taxation | (325,038) | (767,327) | (559,113) | (321,806) | ||||
| Taxation | - | - | - | - | ||||
| Loss for the period, attributable to the owners | (325,038) | (767,327) | (559,113) | (321,806) | ||||
| Market value adjustment to investments | - | (88,499) | 0 | 18,750 | ||||
| Total comprehensive loss for the period | (325,038) | (855,826) | (559,113) | (303,056) | ||||
| Loss per share, basic and fully diluted (in pence) | (2.2) | (12.7) | (13.3) | (9.3) |
Condensed Consolidated Statement of Financial Position
As at 31 December 2020
| Unaudited | Audited | Unaudited | Audited | |||||
| 31/12/2020 | 30/06/2020 | 31/12/2019 | 31/03/2019 | |||||
| £ | £ | £ | £ | |||||
| Non current assets | ||||||||
| Fixed assets | 2,416,511 | 953,710 | - | - | ||||
| Available for sale investments | 42,751 | 42,751 | 131,250 | 131,250 | ||||
| Financial assets at amortised cost | - | - | 653,350 | 700,700 | ||||
| 2,459,262 | 996,461 | 784,600 | 831,950 | |||||
| Current assets | ||||||||
| Trade and other receivables | 1,780,270 | 1,765,213 | 390,240 | 41,296 | ||||
| Cash and cash equivalents | 32,758 | 3,630 | 18,538 | 12,059 | ||||
| 1,813,028 | 1,768,843 | 408,778 | 53,355 | |||||
| Total assets | 4,272,290 | 2,765,304 | 1,193,378 | 885,305 | ||||
| Equity | ||||||||
| Ordinary shares | 14,940 | 14,810 | 4,219 | 4,219 | ||||
| Deferred shares | 189,897 | 189,897 | 189,897 | 189,897 | ||||
| Share premium | 2,562,326 | 2,237,456 | 954,574 | 954,574 | ||||
| Share option reserve | 80,300 | 80,300 | 80,300 | 80,300 | ||||
| Investment revaluation reserve | 30,435 | 30,435 | 118,934 | 118,934 | ||||
| Retained earnings | (2,977,639) | (2,652,602) | (2,444,388) | (1,885,275) | ||||
| (99,741) | (99,704) | (1,096,464) | (537,351) | |||||
| Current liabilities | ||||||||
| Trade and other payables | 1,292,477 | 1,032,059 | 415,592 | 672,656 | ||||
| Loans and other borrowings | 3,079,554 | 1,832,949 | 1,874,250 | 750,000 | ||||
| Total equity and liabilities | 4,272,290 | 2,765,304 | 1,193,378 | 885,305 |
Notes to the Consolidated Interim Financial Information
Six months ended 31 December 2020
1. Basis of preparation
The interim financial information for the six months ended 31 December 2020 is unaudited and does not constitute statutory accounts as defined in Section 434 of Companies Act 2006. The financial information for the fifteen months ended 30 June 2020 is extracted from the audited statutory accounts for the fifteen months then ended which have been delivered to the Registrar of Companies. The audit report on those accounts was qualified and did contain a statement under Section 498 (3) of Companies Act 2006. Those final statements can be downloaded from the company's website.
The interim financial information for the six months ended 31 December 2020 has been prepared on the basis of the accounting policies set out in the full annual financial statements of the company for the 15 months ended 30 June 2020. This interim financial information has not been reviewed by the company auditors.
| 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 December 2020 was 14,809,784 (30 June 2020 was 6,041,726). | |||||||||
| 3. Investments | Unaudited | Audited | Unaudited | Audited | |||||
| 31/12/2020 | 30/06/2020 | 31/12/2019 | 31/03/2019 | ||||||
| £ | £ | £ | £ | ||||||
| Investments at cost less impairment | 42,751 | 131,250 | 131,250 | 131,250 | |||||
| Impairments: Recognised in the year | - | (112,499) | - | - | |||||
| Market value adjustment | - | 24,000 | - | - | |||||
| Market value at period end | 42,751 | 42,751 | 131,250 | 131,250 | |||||
