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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 47.50 | 40.00 | 55.00 | 47.50 | 47.50 | 47.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investors, Nec | 21k | -62k | -0.0266 | -17.86 | 1.11M |
TIDMHPAC
RNS Number : 5744K
Hermes Pacific Investments PLC
22 September 2016
The information communicated in this announcement includes inside information for the purposes of Article 7 of Regulation 596/2014 (MAR).
22 September 2016
HERMES PACIFIC INVESTMENTS PLC
(AIM: HPAC)
Final results for the year ended 31 March 2016
Hermes Pacific Investments Plc today reports its financial results for the year ended 31 March 2016.
Chairman's Statement
I am pleased to report the results of Hermes Pacific Investments Plc ("HPAC" or the "Company") for the year ended 31 March 2016. During the year, the Company had no revenues as it does not have any operating business and the Company made a loss of GBP91,000, which is lower than the loss of GBP115,000 reported for the previous financial year. Our focus has been on managing our costs during this period whilst we look to deploy our cash resources and until we do our objective is to keep costs at a minimum level. At the year-end the Company had net assets of GBP3,988,000.
Review of the Company's Activities
The Company is an investing company and has made some investments in line with its investing policy in companies involved in financial activities within the emerging market sector. Currently our principal focus is in the Far East as we believe that there are good growth opportunities in that part of the world. These investments have performed in line with our expectations. We are in a strong position from a Balance Sheet perspective and our cash balance as at 31 March 2016 stands at GBP3.916 million. We continue to evaluate other suitable opportunities in emerging markets and with our strong Balance Sheet intend to make further investments in the near future. Our total comprehensive loss for the year was GBP129,000 compared to a loss of GBP101,000 for the previous financial year.
Hermes is looking for exposure in the emerging markets through investment in well established companies with proven business models, with consistent histories and management teams with a good track record. In addition, we are looking to invest in businesses that have long term favourable economic prospects. The growth rate in emerging markets is very attractive as opposed to the growth rate in advanced economies. Despite the waning commodity prices together with a prospect of an interest rate hike in USA interest in emerging markets remain strong.
Outlook
We have a strong balance sheet and cash resources that place us in a strong position to exploit investment opportunities as they arise.
Haresh Kanabar
Chairman
Contacts Hermes Pacific Investments www.hermespacificinvestments.com Plc Haresh Kanabar, Non-Executive Tel: +44 (0) 207 Chairman 290 3340 WH Ireland Limited (Nominated www.wh-ireland.co.uk Adviser & Broker) Mike Coe/Ed Allsopp Tel: +44 (0) 117 945 3470 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEARED 31 MARCH 2016 Year ended Year ended 31 March 31 March Note 2016 2015 GBP'000 GBP'000 Continuing operations Revenue - - Cost of sales - - gross profit - - Other operating income - - Administrative expenses 2 (104) (130) Operating loss (104) (130) Finance income 13 15 Finance costs - - Loss on ordinary activities before tax (91) (115) Tax expense - - Loss for the year from continuing activities (91) (115) Discontinued operations Loss for the year from - - discontinued operations Loss for the year (91) (115) Other comprehensive income Available-for-sale financial assets: Gains/(losses) arising in the year (38) 14 Total comprehensive loss for the year (129) (101) Basic and diluted loss per share From continuing operations 3 (3.9)p (4.9)p From discontinuing operations 3 - - (3 .9)p (4.9)p STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2016 As at As at 31 March 31 March 2016 2015 GBP'000 GBP'000 ASSETS Non-current assets Investments 106 144 106 144 Current assets Trade and other receivables 1 1 Cash and cash equivalents 3,916 4,008 3,917 4,009 LIABILITIES Current liabilities Trade and other payables (35) (36) (35) (36) Net current assets 3,882 3,973 NET ASSETS 3,988 4,117 SHAREHOLDERS' EQUITY Issued share capital 3,576 3,576 Share premium account 5,781 5,781 Share based payments reserve 139 139 Revaluation reserve (67) (29) Retained earnings (5,441) (5,250) TOTAL EQUITY 3,988 4,117
CASH FLOW STATEMENT FOR THE YEARED 31 MARCH 2016
Year Year ended ended 31 March 31 March 2015 2016 GBP'000 GBP'000 Cash flows from operating activities (105) (134) Cash flows from investing activities Acquisition of investments - - Income from disposal of - - subsidiary undertakings Net cash (used in)/from - - investing activities Cash flows from financing activities Proceeds of share issues - - Other income 13 15 Cost of share issue - - Net cash from financing activities 13 15 (Decrease)/increase in cash and cash equivalents (92) (119) Cash and cash equivalents at start of period 4,008 4,127 Cash and cash equivalents at end of period 3,916 4,008
STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 31 MARCH 2016
Share Share Ordinary Deferred premium based share share payments Retained Revaluation capital capital reserve earnings reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 April 2014 Share 2,333 1,243 5,781 139 (5,235) (43) 4,218 re-organisation - - - - - - - Share issue - - -- - - - - Total comprehensive loss for the period - - - - (115) 14 (101) At 1 April 2015 2,333 1,243 5,781 139 (5,350) (29) 4,117 Share - - - - - - - re-organisation
Share issue - - - - - - - Total comprehensive loss for the period - - - - (91) 38 (129) At 31 March 2016 2,333 1,243 5,781 139 (5,441) (67 ) 3,988 1. Statement of compliance The financial statements comply with International Financial Reporting Standards as adopted by the European Union. 2. Operating loss Year ended Year ended 31 March 31 March 2016 2015 GBP'000 GBP'000 The operating loss is stated after charging the following, included in administrative expenses: Staff costs 48 65 Other admin costs 56 65 104 130 3. Loss per share Year ended Year ended 31 March 31 March 2016 2015 Basic Loss from continuing activities (GBP'000) (91) (115) (91) (115) Number of shares 2,333,295 2,333,295 Basic loss per share (p) From continuing operations (3.9)p (4.9)p _ (3.9)p (4.9)p There was no dilutive effect from the share options outstanding during the year. 4. Publication of non-statutory accounts
The financial information set out in this announcement does not comprise the Group's statutory accounts for the years ended 31 March 2016 or 31 March 2015. The financial information has been extracted from the statutory accounts of the Company for the years ended 31 March 2016 and 31 March 2015.
The auditors' opinion on those accounts was unmodified and did not contain a statement under 498 (2) or section 498 (3) of the Companies Act 2006 and did not include references to any matters to which the auditor drew attention by the way of emphasis.
The statutory accounts for the year ended 31 March 2015 have been delivered to the Registrar of Companies, whereas those for the year ended 31 March 2016 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.
5. Annual Report
The Annual Report will be available from the Company's website www.hermespacificinvestments.com from 30 September 2016 and will be posted to shareholders on or before 30 September 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UUARRNNAKUAR
(END) Dow Jones Newswires
September 22, 2016 07:00 ET (11:00 GMT)
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