We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 : 3446R
Hermes Pacific Investments PLC
20 September 2017
21 September 2017
HERMES PACIFIC INVESTMENTS PLC
(AIM: HPAC)
Final results for the year ended 31 March 2017
Hermes Pacific Investments Plc today reports its financial results for the year ended 31 March 2017.
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 2017. During the year, the Company had no revenues as it does not have any operating business and the Company made a loss of GBP95,000, which is marginally higher than the loss of GBP91,000 reported for the previous financial year. Our focus as in previous years 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 GBP3,922,000.
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. 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 2017 stands at GBP3.814 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 GBP66,000 compared to a loss of GBP129,000 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 strong 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.
Britain's decision to leave the European Union ("Brexit") has created a period of increased uncertainly and is a significant issue for most businesses in most sectors. Most UK providers of financial services and investment companies like Hermes cannot say with certainty to their shareholders what impact Brexit will have on them. The main impact of Brexit so far has been a significant fall in the value of the pound. The fall in the pound against the US dollar, a preferred currency for overseas transactions, has had a significant impact on the Company's investment decision making process. It has tightened Company's evaluation criteria.
The Company continues to seek attractive investment opportunities that will enhance the shareholder value while minimising the downside risks.
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.whirelandcb.com Adviser & Broker) Mike Coe/Ed Allsopp Tel: +44 (0) 117 945 3470
Statement of comprehensive income for the year ended 31 March 2017
Year ended Year ended 31 March 31 March Note 2017 2016 GBP'000 GBP'000 Continuing operations Revenue - - Cost of sales - - gross profit - - Other operating income - - Administrative expenses 2 (106) (104) Operating loss (106) (104) Finance income 11 13 Finance costs - - Loss on ordinary activities before tax (95) (91) Tax expense - - Loss for the year from continuing activities (95) (91) Discontinued operations Loss for the year from - - discontinued operations Loss for the year (95) (91) Other comprehensive income Available-for-sale financial assets: Gains/(losses) arising in the year 29 (38) Total comprehensive loss for the year (66) (129) Basic and diluted loss per share From continuing operations 3 (4.0)p (3.9)p (4.0)p (3.9)p
Statement of financial position as at 31 March 2017
As at As at 31 March 31 March 2017 2016 GBP'000 GBP'000 ASSETS Non-current assets Investments 135 106 135 106 Current assets Trade and other receivables 1 1 Cash and cash equivalents 3,814 3,916 3,815 3,917 LIABILITIES Current liabilities Trade and other payables (28) (35) (28) (35) Net current assets 3,787 3,882 NET ASSETS 3,922 3,988 SHAREHOLDERS' EQUITY Issued share capital 3,576 3,576 Share premium account 5,781 5,781 Share based payments reserve 139 139 Revaluation reserve (38) (67) Retained earnings (5,536) (5,441) TOTAL EQUITY 3,922 3,988
Cash flow statement for the year ended 31 March 2017
Year ended Year ended 31 March 31 March 2017 2016 GBP'000 GBP'000 Cash flows from operating activities (113) (105) 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 11 13 Cost of share issue - - Net cash from financing activities 11 13 (Decrease) in cash and cash equivalents (102) (92) Cash and cash equivalents at start of period 3,916 4,008 Cash and cash equivalents at end of period 3,814 3,916
Statement of changes in equity for the year ended 31 March 2017
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 2015 Share 2,333 1,243 5,781 139 (5,350) (29) 4,117 re-organisation - - - - - - - Share issue - - - - - - - Total comprehensive loss for the period - - - - (91) (38) (129) At 1 April 2016 2,333 1,243 5,781 139 (5,441) (67) 3,988
Share - - - - - - - re-organisation Share issue - - - - - - - Total comprehensive loss/profit for the period - - - - (95) 29 (66) At 31 March 2017 2,333 1,243 5,781 139 (5,536) (38) 3,922
Notes to the financial statements for the year ended 31 March 2017
1. Statement of compliance
The financial statements comply with International Financial Reporting Standards as adopted by the European Union. At the date of approval of these financial statements, the following Standards and Interpretations affecting the Company, which have not been applied in these financial statements, were in issue, but not yet effective (and in some cases had not been adopted by the EU):
2. Operating loss Year ended Year ended 31 March 31 March 2017 2016 GBP'000 GBP'000 The operating loss is stated after charging the following, included in administrative expenses: Staff costs 44 48 Other admin costs 62 56 106 104 3. Loss per share Year ended Year ended 31 March 31 March 2017 2016 Basic Loss from continuing activities (GBP'000) (95) (91) (95) (91) Number of shares 2,333,295 2,333,295 Basic loss per share (p) From continuing operations (4.0)p (3.9)p (4.0)p (3.9)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 2017 or 31 March 2016. The financial information has been extracted from the statutory accounts of the Company for the years ended 31 March 2017 and 31 March 2016.
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 2016 have been delivered to the Registrar of Companies, whereas those for the year ended 31 March 2017 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.
5. Annual Report
The Annual Report will be posted to shareholders and will be available from the Company's website (www.hermespacificinvestments.com) today.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR URSVRBOAKUAR
(END) Dow Jones Newswires
September 21, 2017 02:00 ET (06:00 GMT)
1 Year Hermes Pacific Investments Chart |
1 Month Hermes Pacific Investments Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions