Globe Capital Limited Interim Results for the six month period to 30 June 2016

 
TIDMGCAP 
 
29 September 2016 
 
                             Globe Capital Limited 
                      ("Globe Capital" or the "Company") 
 
           Interim Results for the six month period to 30 June 2016 
 
Chairman's Statement 
 
Globe Capital Limited is pleased to announce its unaudited interim results for 
the six month period to 30 June 2016. Operational costs for the period amounted 
to GBP85k compared to GBP56k for the 6 months to June 2015. 
 
At the start of the year, the Company realigned its investment focus towards 
the retail sector with an emphasis on menswear. Following which, the Company 
made its maiden investment with a 25% interest in Sterling Craig Ltd, a UK 
based online retailer for men's fashion. 
 
The Board continues to review investment opportunities in line with its new 
investment focus and two potential acquisitions have been identified which we 
believe will be the start of a platform for future growth. 
 
In January 2016, the Company raised GBP100k in new equity. The Directors continue 
to seek further investment capital and hope to report on this in the near 
future. Meanwhile, operational costs will be kept at a minimum until additional 
funds are raised. 
 
Further announcements will be made in due course. 
 
 
David Barnett 
Chairman 
29 September 2016 
 
 
 
 
 
Globe Capital Limited 
Statement of Comprehensive Income 
Six months ended 30 June 2016 
 
                                                6 months     6 months  Year ended 
                                                   ended        ended 31 December 
                                            30 June 2016 30 June 2015        2015 
 
                                                GBP '000     GBP '000    GBP '000 
 
Revenue                                                -            -           - 
 
Other Income                                           -            -           - 
 
Gross Profit                                           -            -           - 
 
Administrative Expenses                             (85)         (56)       (129) 
 
Profit / (Loss) from Operations                     (85)         (56)       (129) 
 
Finance Costs                                          -            -           - 
 
Profit / (Loss) Before Taxation                     (85)         (56)       (129) 
 
Taxation                                               -            -           - 
 
Other Comprehensive Loss                               -            -           - 
 
Profit / (Loss) for the period                      (85)         (56)       (129) 
 
Earning / (Loss) per share 
 
Basic & Diluted (pence)                          (0.10)p      (0.08)p     (0.17)p 
 
 
 
 
Globe Capital Limited 
Balance Sheet as at 30 June 2016 
 
                                                      30 June     30 June 31 December 
                                                         2016        2015        2015 
 
                                                     GBP '000    GBP '000    GBP '000 
 
Non-current assets 
 
Property, plant and equipment                               -          17           6 
 
Investments                                                14           -           - 
 
Current assets 
 
Prepayments                                                 6           3           - 
 
Cash and cash equivalents                                   4          11          10 
 
Total Assets                                               24          31          16 
 
Current Liabilities 
 
Trade and other payables                                   38           7          65 
 
Financial Liabilities - Borrowings                          -           -           - 
 
Total Liabilities                                          38           7          65 
 
Net Assets                                               (14)          24        (49) 
 
Shareholders' Equity 
 
Share Capital                                             639         627         627 
 
Reserves                                                (653)       (603)       (676) 
 
Total Equity                                             (14)          24        (49) 
 
 
 
Globe Capital Limited 
Statement of Cash Flows 
Period ended 30 June 2016 
 
                                                       6 months     6 months  Year ended 
                                                          ended        ended 31 December 
                                                   30 June 2016 30 June 2015        2015 
 
                                                       GBP '000     GBP '000    GBP '000 
 
Profit/(Loss) before tax                                   (85)         (56)       (129) 
 
Adjustment: 
 
Other income                                                  -            -           - 
 
Depreciation                                                  6           11          22 
 
Operating profit/(loss)                                    (79)         (44)       (107) 
 
Cash flows from operating activities 
 
(Increase)/decrease in trade and other receivables          (6)          (3)           1 
 
Increase/(decrease) in trade and other payables            (27)          (1)          57 
 
Share based payments                                         20            -           - 
 
Cash utilised in operations                                (92)         (48)        (49) 
 
Cash flows from investing activities 
 
Bank interest received                                        -            -           - 
 
Purchase of investments                                    (14)            -           - 
 
Net cash from investing activities                         (14)            -           - 
 
Cash flows from financing activities 
 
Issue of new shares                                         100            -           - 
 
Net cash from financing activities                          100            -           - 
 
(Decrease)/increase in cash and cash equivalents            (6)         (48)        (49) 
 
Cash and cash equivalents at the beginning of the            10           59          59 
period 
 
Cash and cash equivalents at end of period                    4           11          10 
 
Cash at Bank C/F                                              4           11          10 
 
 
The financial information set out above has not been reviewed or audited by the 
company's auditors. 
 
Basic and diluted profit per share is calculated by dividing the loss for the 
period of GBP85,000 (2015: loss GBP56,000) by the weighted average number of 
ordinary shares of 87,773,045 (2015: 74,638,800). 
 
 
The directors of Globe Capital Limited accept responsibility for this 
announcement. 
 
For further information: 
 
Globe Capital Limited 
Christopher Neo, Company Secretary 
[phone] 
 
 
CORPORATE ADVISER AND CONTACT DETAILS: 
 
Alexander David Securities Limited 
David Scott 
Telephone: [phone] 
49 Queen Victoria Street EC4N 4SA 
 
 
 
END 
 

(END) Dow Jones Newswires

September 29, 2016 12:15 ET (16:15 GMT)