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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% | 50.00 | 40.00 | 60.00 | 50.00 | 50.00 | 50.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | 21k | -62k | -0.0266 | -18.80 | 1.17M |
From Apr 2019 to Apr 2024
TIDMHPAC
RNS Number : 6026A
Hermes Pacific Investments PLC
12 September 2018
12 September 2018
HERMES PACIFIC INVESTMENTS PLC
(AIM: HPAC)
Final results for the year ended 31 March 2018
Hermes Pacific Investments Plc today reports its financial results for the year ended 31 March 2018.
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 2018. During the year, the Company had no revenues as it does not have any operating business and the Company made a loss of GBP100,000, which is marginally higher than the loss of GBP95,000 reported for the previous financial year. Our focus very much remains to minimise our costs whilst we are looking for opportunities to deploy or cash. At the financial year end the Company had net assets of GBP3,861,000.
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 good position from a Balance Sheet perspective and our cash balance as at 31 March 2018 stands at GBP3.725 million. We continue to evaluate other suitable opportunities in emerging markets and with our strong balance sheet hope to make further investments in the future. Our total comprehensive loss for the year was GBP61,000 compared to a loss of GBP66,000 for the previous financial year.
Rising trade tensions, particularly between the United States and China, have prompted a cautious investor outlook, affecting emerging markets over the short term. What has been hurting sentiment is not trade policy itself, but the uncertainty caused by escalating trade tensions. Dollar strength is one of the big challenges faced by emerging markets. The dollar's strength has taken many investors by surprise, raising concerns about how much further it can run. A slight upward move in the US interest rate trajectory has no doubt contributed to its strength. In this uncertain environment we have to be cautious about making significant investments in the emerging markets.
Business optimism in the UK is hitting low levels the decline in optimism comes as key questions on the
UK's trading relationship with the EU after Brexit remain unanswered and the government ramps up preparations for no deal. The short--term market impact is likely to be significant if Britain leaves the European Union without a deal. Should the UK choose to remain in the single market after Brexit, the economic risks are likely to be minimised, although they may still affect the financial services sector. However, if the UK chooses to leave the single market it is likely to suffer significant negative impacts to the economy based on trade with the EU. At the same time, these negative impacts of Brexit may be outweighed by new trade deals and opportunities with emerging economies and countries outside the EU.
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.
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 Plc www.hermespacificinvestments.com Haresh Kanabar, Non-Executive Chairman Tel: +44 (0) 207 290 3340 WH Ireland Limited (Nominated Adviser www.whirelandcb.com & Broker) Mike Coe/Ed Allsopp Tel: +44 (0) 117 945 3470
Statement of comprehensive income for the year ended 31 March 2018
Hot Features
Premium
Year ended Year ended
31 March 31 March
Note 2018 2017
GBP'000 GBP'000
Continuing operations
Revenue - -
Cost of sales - -
gross profit - -
Other operating income - -
Administrative expenses 2 (107) (106)
Operating loss (107) (106)
Finance income 7 11
Finance costs - -
Loss on ordinary activities before
tax (100) (95)
Tax expense - -
Loss for the year from continuing
activities (100) (95)
Discontinued operations
Loss for the year from discontinued - -
operations
Loss for the year (100) (95)
Other comprehensive income
Available-for-sale financial assets:
Gains/(losses) arising in the year
39 29
Total comprehensive loss for the
year (61) (66)
Basic and diluted loss per share
From continuing operations 3 (4.3)p (4.0)p
(4.3)p (4.0)p
Statement of financial position as at 31 March 2018
As at As at
31 March 31 March
2018 2017
GBP'000 GBP'000
ASSETS
Non-current assets
Investments 174 135
174 135
Current assets
Trade and other receivables 1 1
Cash and cash equivalents 3,725 3,814
3,726 3,815
LIABILITIES
Current liabilities
Trade and other payables (39) (28)
(39) (28)
Net current assets 3,687 3,787
NET ASSETS 3,861 3,922
SHAREHOLDERS' EQUITY
Issued share capital 3,576 3,576
Share premium account 5,781 5,781
Share based payments reserve 139 139
Revaluation reserve 1 (38)
Retained earnings (5,636) (5,536)
TOTAL EQUITY 3,861 3,922
Cash flow statement for the year ended 31 March 2018
Year ended Year ended
31 March 31 March
2018 2017
GBP'000 GBP'000
Cash flows from operating activities (95) (113)
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 6 11
Cost of share issue - -
Net cash from financing activities 6 11
(Decrease)/increase in cash and
cash equivalents (89) (102)
Cash and cash equivalents at start
of period 3,814 3,916
Cash and cash equivalents at end
of period 3,725 3,814
Statement of changes in equity for the year ended 31 March 2018
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 2016
Share 2,333 1,243 5,781 139 (5,441) (67) 3,988
re-organisation - - - - - - - -
Share issue - - - - - - -
Total
comprehensive
loss/profit for
the
period - - - - (95) 29 (66)
At 1 April 2017 2,333 1,243 5,781 139 (5,536) (38) 3,922
Share - - - - - - -
re-organisation
Share issue - - - - - - -
Total
comprehensive
loss/profit for
the
period - - - - (100) 39 (61)
At 31 March 2018 2,333 1,243 5,781 139 (5,636) 1 3,861
Notes to the financial statements for the year ended 31 March 2018
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
2018 2017
GBP'000 GBP'000
The operating loss is stated after
charging the following, included
in administrative expenses:
Staff costs 44 44
Other admin costs 63 62
107 106
3. Loss per share
Year ended Year ended
31 March 31 March
2018 2017
Basic
Loss from continuing activities
(GBP'000) (100) (95)
(100) (95)
Number of shares 2,333,295 2,333,295
Basic loss per share (p)
From continuing operations (4.3)p (4.0)p
(4.3)p (4.0)p
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 2018 or 31 March 2017. The financial information has been extracted from the statutory accounts of the Company for the years ended 31 March 2018 and 31 March 2017.
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 2017 have been delivered to the Registrar of Companies, whereas those for the year ended 31 March 2018 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
September 12, 2018 11:20 ET (15:20 GMT)
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