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HPAC Hermes Pacific Investments Plc

50.00
-7.50 (-13.04%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Hermes Pacific Investments Plc LSE:HPAC London Ordinary Share GB00BD02KZ12 ORD 100P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -7.50 -13.04% 50.00 40.00 60.00 57.50 50.00 57.50 1,000 11:43:48
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Investors, Nec 21k -62k -0.0266 -18.80 1.17M

Hermes Pacific Investments PLC Half-year Report (1101Z)

13/12/2017 7:00am

UK Regulatory


Hermes Pacific Investments (LSE:HPAC)
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TIDMHPAC

RNS Number : 1101Z

Hermes Pacific Investments PLC

13 December 2017

HERMES PACIFIC INVESTMENTS PLC

(AIM: HPAC)

Unaudited interim results for the six months ended 30 September 2017

Chairman's Statement

I am pleased to report the results and developments at Hermes Pacific Investments plc ("HPAC" or the "Company") for the six months ended 30 September 2017. During the period under review the Company made a loss of GBP47,000 which is in line with the loss reported for the corresponding period in the previous year. HPAC had no revenues owing to a lack of any operating business and it continues to manage its costs effectively while bringing the spending to a minimum. The Company continues to seek investments opportunities which would fit its business strategy. At the period end the Company had net assets of GBP3,884,000 of which cash was GBP3,774,000.

Review of the Company's activities

Hermes Pacific Investments plc is an investing company with a focus on investing in the emerging markets of the Far East including South East Asia. An investment can be via an acquisition of an equity interest or direct interests in projects. it made no investments in the six months under review.

The period under review has been influenced by the recent unprecedented national events resulting in the devaluation of sterling further to the outcome of the EU referendum on 23 June 2016, where the UK voters' decided to leave the European economic zone, and the UK government commencing exit negotiations together with the sudden, unpredicted change of the UK government. The main impact of those changes has been a significant drop in the British currency. The devaluation of the pound against the US dollar, which is a preferred currency for overseas transactions, has affected Company's investment evaluation process by making opportunities more expensive..

Developments reflecting anti-globalisation moods have been observed not only in Europe but also North America. The sentiment encouraging "we are better off alone" movement can be seen through events such as the election of populist leaders who tend to promote isolationist policies. Since the election of Donald Trump the US has rejected the Trans Pacific Partnership which connects East Asia (excluding China) with the US, Canada, South America and Australasia in a broad-spectrum trade agreement. A similar event to the rejection by the UK of the European economic cooperation model.

This is in contrast to Asia where the trend is reversed. The Association of South East Asian Nations consisting of 10 Member States recently approved the ASEAN Economic Community with free trade and free labour movement. The company's preferred investment targets are within these emerging economies where countries leaders have recognised greater economic outcomes may be achieve by growing together rather than apart. More so, over 0.5 billion people of the Far East region experienced a drastic change in the standard of living and increased opportunities over the past decade. The region continues to grow faster than the rest of the world. The region's domestic demand and consumption is bound to be driven by its growing middle class and supported by corporate earnings and the anticipated long period of economic growth.

Outlook

Despite the uncertainty in the global market, the Company sees great growth potential in the higher-yielding emerging markets. Therefore, while the Company may assess other investment opportunities, Asia remains the focus of its investment strategy.

I would like to thank shareholders for their continued support.

Haresh Kanabar

Chairman

15 December 2017

 
 Contacts: 
 
 Hermes Pacific Investments    www.hermespacificinvestments.com 
  plc 
 Haresh Kanabar, Chairman      +44 (0) 207 290 3340 
 
 
 WH Ireland Limited            www.whirelandcb.com 
 Mike Coe, Ed Allsopp          +44 (0) 117 945 3470 
 

Unaudited Income Statement for the year ended 30 September 2017

 
 
 
                                          Unaudited      Unaudited 
                                           6 months       6 months       Audited 
                                              ended          ended    Year ended 
                                       30 September   30 September      31 March 
                                               2017           2016          2017 
                               Note         GBP'000        GBP'000       GBP'000 
 
Continuing activities 
Revenue                                    -               -             - 
Cost of sales                              -               -             - 
 
 
Gross loss/profit                          -               -              - 
Other operating income                     -               -             - 
Administrative expenses                   (50)           (39)          (106) 
 
Operating loss                            (50)           (39)          (106) 
 
Finance income                             3               8             11 
Finance costs                              -               -             - 
 
Loss on ordinary activities 
 before taxation                          (47)           (31)           (95) 
 
  Tax expense                              -               -              - 
 
Loss for the period from 
 continuing activities                    (47)           (31)           (95) 
Other comprehensive income 
Gain/(loss) arising in 
 the year                                  9               -             29 
 
 
Loss for the period                       (38)           (25)           (66) 
 
 
  Basic and diluted loss 
  per share 
From continuing operations      2        (1.6)p         (1.9)p         (4.0)p 
 
 

Unaudited Balance Sheet as at 30 September 2017

 
 
 
 
                                             Unaudited       Unaudited 
                                              6 months        6 months       Audited 
                                                 ended           ended    Year ended 
                                          30 September    30 September      31 March 
                                                  2017            2016          2017 
                                 Note          GBP'000         GBP'000       GBP'000 
 Assets 
 Non-current assets 
 Investments                                       144             112           135 
 
                                                   144             112           135 
 Current assets 
 Trade and other receivables                         5               5             1 
 Cash and cash equivalents                       3,774           3,873         3,814 
 
 
Total current assets                             3,779           3,878         3,815 
 
Total assets                                     3,923           3,990         3,950 
 
   Liabilities 
 Current liabilities 
 Trade and other payables                         (39)            (27)          (28) 
 
 Net assets                                      3,884           3,963         3,922 
 
 
 Equity 
 Share capital                                   2,333           2,333         2,333 
 Deferred share capital                          1,243           1,243         1,243 
 Share premium account                           5,781           5,781         5,781 
 Share based payments reserves                     139             139           139 
  Revaluation reserve                             (29)            (61)          (38) 
 Retained losses                               (5,583)         (5,472)       (5,536) 
 
 Equity attributable to equity 
  holders of the parent                          3,884           3,963         3,922 
 
 

Unaudited Statement of Changes in Equity

 
                                                               Share 
                        Ordinary     Deferred                  based 
                           share        share     Share     payments     Revaluation    Retained 
                         capital      capital    premium    reserves         reserve    earnings    Total 
                         GBP'000      GBP'000    GBP'000     GBP'000         GBP'000     GBP'000  GBP'000 
 
 
  Six months ended 
  30 September 
  2016 
At 31 March 2016           2,333        1,243      5,781         139            (67)     (5,441)    3,988 
Total comprehensive 
 gain/loss for 
 the period                    -            -          -           -               6        (31)     (25) 
 
At 30 September 
 2016                      2,333        1,243      5,781         139            (61)     (5,472)    3,963 
 
 
 
  Period ended 
  31 March 2017 
At 30 September 
 2016                      2,333        1,243      5,781         139            (61)     (5,472)    3,963 
Total comprehensive 
 gain/loss for 
 the period                    -            -          -           -              23        (64)     (41) 
 
At 31 March 2017           2,333        1,243      5,781         139            (38)     (5,536)    3,922 
 
 
 
  Six months ended 
  30 September 
  2017 
At 31 March 2017           2,333        1,243      5,781         139            (38)     (5,536)    3,922 
Total comprehensive 
 gain/loss for 
 the period                    -            -          -           -               9        (47)     (38) 
 
At 30 September 
 2017                      2,333        1,243      5,781         139            (29)     (5,583)    3,884 
 
 
 
 

Unaudited Cash Flow Statement for the Year ended 30 September 2017

 
 
 
                                                      Unaudited       Unaudited      Audited 
                                                       6 months        6 months         Year 
                                                          ended           ended        ended 
                                                   30 September    30 September     31 March 
                                                           2017            2016         2017 
                                          Note          GBP'000         GBP'000      GBP'000 
 
Cash outflow from operating activities                     (43)            (51)        (113) 
 
 
Net cash flow from operating activities                    (43)            (51)        (113) 
 
 
  Cash flows from financing activities 
Other income                                                  3               8           11 
 
 
 
  Net cash used in financing activities 
  - continuing operations                                     3               8           11 
 
Net cash from financing activities                            3               8           11 
                                                 --------------  --------------  ----------- 
 
 
  Decrease in cash and cash equivalents                    (40)            (43)        (102) 
Cash and cash equivalents at start 
 of the period                                            3,814           3,916        3,916 
 
Cash and cash equivalents at end 
 of the period                                            3,774           3,873        3,814 
 
 

Notes to the unaudited consolidated interim statement for the six months ended 30 September 2017

   1.    Basis of preparation 

Hermes Pacific Investments Plc. is a public limited company incorporated and domiciled in United Kingdom. The Company is an AIM listed investment vehicle.

These Interim accounts have been prepared using the accounting policies to be applied in the annual report and accounts for the period ending 31 March 2018. These are consistent with those included in the previously published annual report and accounts for the period ended 31 March 2017, which have been prepared in accordance with IFRS as adopted by the European Union.

The preparation of the interim statement requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

The interim financial statements are unaudited and do not constitute statutory accounts as defined in section 434(3) of the Companies Act 2006.

The figures for the year ended 31 March 2017 have been extracted from the audited annual report and accounts that have been delivered to the Registar of Companies. BSG Valentine, the Company's auditors, reported on those accounts. Their report was unqualified and did not contain a statement under section 498 of that Companies Act 2006.

   2.    Loss per ordinary share 
 
 
 
                                        Unaudited      Unaudited 
                                         6 months       6 months       Audited 
                                            ended          ended    Year ended 
                                     30 September   30 September      31 March 
                                             2017           2016          2017 
                                          GBP'000        GBP'000       GBP'000 
Basic 
Loss from continuing activities              (25)           (25)          (95) 
 
Total loss                                   (25)           (25)          (95) 
Basic loss per share (pence) 
From continuing operations                (1.07)p        (1.07)p        (4.0)p 
 
                                          (1.07)p        (1.07)p        (4.0)p 
 
 
Weighted average number of 
 shares                                 2,333,295      2,333,295     2,333,295 
 
 

There was no dilutive effect from the share options outstanding during the period.

3. Copies of this statement will be available on the Company's website www.hermespacificinvestments.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR LLFIFFVLFLID

(END) Dow Jones Newswires

December 13, 2017 02:00 ET (07:00 GMT)

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