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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Marechale Capital Plc | LSE:MAC | London | Ordinary Share | GB0005401087 | ORD 0.8P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.05 | 1.00 | 1.10 | 1.05 | 1.05 | 1.05 | 30,000 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investment Advice | 376k | -426k | -0.0040 | -2.63 | 1.11M |
From Apr 2019 to Apr 2024
TIDMMAC
RNS Number : 4454Y
Marechale Capital PLC
21 August 2018
21 August 2018
Marechale Capital plc
("Marechale" or the "Company")
Consolidated Financial Statements for the year ended 30 April 2018
Marechale is pleased to announce its final results for the year ended 30 April 2018.
Chairman's Statement
Marechale Capital's revenues for the year of GBP675,000 (2017, 13 months, GBP1,047,000) are significantly down on last year resulting in a lower gross profit of GBP595,000 (2017 GBP779,000). The drop in revenues can be partially explained by a delay in closing a number of projects but is more a reflection of the wider market where investor appetite is subdued and transactions are generally taking longer to complete.
However, administrative expenses have also reduced to GBP611,000 (2017, 13 months, GBP845,000), which reflects necessary cost reductions. The net effect is an operating loss of GBP17,000 (2017: GBP66,000 loss).
Investments in two client companies have had to be written down resulting in losses of GBP118,500 (compared to gains of GBP65,000 in 2017). Equity investments and Warrants are valued at 'fair value', typically at a price that reflects their last funding round, and underlying movement in fair value is reflected through the Profit and Loss Account in accordance with IAS39.
The 12 month figures include a GBP59,600 write down (2017: GBP77,200 write down) in the valuation that we are attributing to the Company's 25% shareholding in Northfield UK Solar Limited ("Northfield"), which is explained in more detail below.
The net effect is a loss for the year before tax of GBP198,000 (2017 Loss of GBP78,000).
The balance sheet value has reduced during the year to GBP465,000 (2017 GBP761,000) which is more fully explained in the Statement of Changes in Equity.
The Company's investment in Northfield is accounted for using the 'Equity Method' as an Associated Company, with the cumulative write down reflecting potential project losses and which now represents the proportion of readily realisable assets, i.e. cash, that the Company's shareholding represents. As previously announced it has been a challenging time for Northfield owing to the changes in the renewable energy fiscal regime and the impracticalities at the present time of integrating new renewable schemes into the UK's traditional energy infrastructure. There is now just the one solar site for which planning permission has been granted, and it is unlikely that it will be possible to realise value for shareholders from this site.
The Company successfully completed a number of leisure deals for clients during the year, including the acquisition of the Burgh Island Hotel for a syndicate of investors. Funding has also been raised for existing clients including the Odexia Consumer Brand EIS Fund, the East Anglia based luxury inn group Chestnut Inns, and leading biogas operator Future Biogas. Growth capital funding was completed for national brewpub business Brewhouse & Kitchen, drinks brand Coldpress and the Norwegian distillery OHD. Additionally, the Company has conducted advisory work for a wide range of consumer brand, hospitality and renewable energy businesses. Further information is available on the Marechale website.
Since the year end the Company has been pleased to announce the sale of two of its investee renewable projects, both generating strong returns for its investor group. The first, Egmere and Grange Park anaerobic digestion plants operated by Future Biogas, sold to John Lang Environmental Assets Group generating a returns (including tax relief) of 2.0x and 2.2x respectively, and the second, the successful sale of West Country Renewables to Community Power Cornwall, generated a return of 2.0x (including tax relief) for its investors. Marechale was also pleased to have advised on the sale of The Inn Collection Group to Alchemy Partners which generated a multiple return for investors.
Despite these completed projects, it has been a disappointing financial year for the Company and the Board of Marechale Capital continue to consider its future strategy.
PP Mark Warde-Norbury
Chairman
Jeremy Stephenson
Director
21 August 2018
For further information please contact:
Hot Features
Premium
Marechale Capital Tel: +44 (0)20 7628 5582
Mark Warde-Norbury / Patrick
Booth-Clibborn
Smith & Williamson Corporate Tel: +44 (0)20 7131 4000
Finance
Azhic Basirov / David Jones
Consolidated Income Statement
Year ended 30 April 2018
13 Months
Year ended to
30-Apr 30-Apr
Notes 2018 2017
(GBP) (GBP)
Continuing operations
Revenue 3 674,756 1,046,895
Cost of sales (79,721) (267,511)
Gross profit 595,035 779,384
Administrative expenses 4 (611,813) (845,473)
Operating (loss) (16,778) (66,089)
Finance (Expense)/Income (21) 389
Other (losses)/gains (118,500) 65,088
Net(loss)/Profit in respect of associate (3,549) 112
(Provision for) project loss in associate (59,600) (77,200)
(Loss) before tax (198,448) (77,700)
Taxation - -
(Loss) for the year on continuing operations (198,448) (77,700)
------------------ ---------------------
(Loss) per share 5 (Pence) (Pence)
Basic - Continuing operations (0.34) (0.13)
- Diluted (0.34) (0.11)
Consolidated Statement of Comprehensive Income
(Loss) for the year (198,448) (77,700)
Other comprehensive income
Revaluation of investments (12,500) -
(12,500) -
Total recognised comprehensive income/
(loss)
(all attributable to owners of the
parent) (210,948) (77,700)
---------- ---------
Consolidated Balance Sheet
Year ended 30 April 2018
13 Months
Year ended to
30-Apr 30-Apr
2018 2017
Notes (GBP) (GBP)
Non current assets
Investment in associate 14,038 77,187
Current assets
Available for sale investments 174,619 165,839
Trading investments 78,388 196,888
Trade and other receivables 201,174 221,676
Cash and cash equivalents 118,340 302,375
572,521 886,778
----------- ------------
Total assets 586,558 963,966
----------- ------------
Current liabilities
Trade and other payables (121,344) (203,350)
Total current liabilities (121,344) (203,350)
----------- ------------
Net assets 465,215 760,615
----------- ------------
Equity
Capital and reserves attributable to
equity shareholders
Share capital 6 461,449 2,474,308
Share premium account - 1,247,379
Revaluation reserve 81,826 94,326
Reserve for own shares (50,254) (50,254)
Retained losses (27,806) (3,005,144)
465,215 760,615
----------- ------------
Statement of Changes in Equity
Year ended 30 April 2018
Reserve
Share Share Revaluation for own Retained
capital premium reserve shares earnings
(GBP) (GBP) (GBP) (GBP) (GBP)
Balance at 31 March 2016 2,474,308 1,247,379 94,326 (50,254) (2,968,154)
Reserve for share based
payments - - - - 40,710
Transactions with owners - - - - 34,670
------------ ------------ ------------ --------- ------------
Total comprehensive income
Loss for the financial
period - - - - (77,700)
Revaluation during the
financial period - - - - -
Total comprehensive income - - - - (77,700)
------------ ------------ ------------ --------- ------------
Balance at 30 April 2017 2,474,308 1,247,379 94,326 (50,254) (3,005,144)
------------ ------------ ------------ --------- ------------
Capital reorganisation (2,012,859) (1,247,379) - - 3,260,238
Reserve for share based
payments - - - - (84,453)
Transactions with owners (2,012,859) (1,247,379) - - 3,175,786
------------ ------------ ------------ --------- ------------
Total comprehensive income
Loss for the financial
year - - - - (198,448)
Revaluation during the
financial year - - (12,500) - -
Total comprehensive income - - (12,500) - (198,448)
------------ ------------ ------------ --------- ------------
Balance at 30 April 2018 461,449 - 81,826 (50,254) (27,806)
------------ ------------ ------------ --------- ------------
13 Months
Consolidated Cash Flow Statement Year ended to
Year ended 30 April 2018 30-Apr 31-Mar
2018 2017
(GBP) (GBP)
Net cash from operating activities
Loss before tax (198,448) (77,700)
(Reversal of)/provision for share based
payments (84,453) 40,710
Reverse unrealised losses/(gains) on trading
investments 118,500 (65,088)
Reverse loss/(gain) in Associate Company 3,549 (112)
Reverse provision for losses in Associate
Company 59,600 77,200
Reverse net interest expense/(income) 21 (389)
Operating cash flows before movements in
working capital (101,231) (25,379)
----------- ----------
Movement in working capital
Decrease in receivables 20,502 296,901
Decrease in payables (81,914) (180,026)
Tax paid (93) -
(61,504) 116,875
----------- ----------
Operating cash flow (162,735) 91,496
----------- ----------
Investment activities
Interest receivable 113 389
Expenditure on available for sale investments (21,280) -
Cash flow from investing activities (21,167) 389
----------- ----------
Financing
Interest payable 134 -
Cash flow from financing activities 134 -
----------- ----------
Net (decrease)/ increase in cash and cash equivalents (184,036) 91,885
----------- ----------
Cash and cash equivalents at start of the
financial year 302,375 210,490
Cash and cash equivalents at end of the
financial year 118,340 302,375
(Decrease)/ increase in cash and cash equivalents (184,036) 91,885
----------- ----------
Notes to the financial statements
Year ended 30 April 2018
1. General information
Marechale Capital plc is a company registered in England and Wales under the Companies Act 2006. The Group's principal activities are the provision of advice and broking services to companies. The financial statements are presented in pounds sterling, the currency of the primary economic environment in which the Group operates.
The Group's registered office and principal place of business is 46 New Broad Street, London, EC2M 1JH. The Company's registered number is 03515836.
2. Basis of preparation
a. Going concern
In establishing the applicability of the going concern basis, the Directors have made enquiries as to the financial resources of the Group. The Directors consider that the Group has adequate resources to continue operations for the foreseeable future and will therefore continue to adopt the going concern basis in the preparation of the financial statements. The Company does not benefit from reliable repetitive income, and instead relies on deal-driven transactions whose timing is very difficult to predict accurately. Whilst the Directors are confident that they will generate enough income on an annual basis in order to continue as a going concern, they have 'alternative strategies' in place with creditors, should the need arise to overcome any potential short-term cash flow shortage. The Directors are also confident that they could raise sufficient funds through the issue of further equity in the market should the need arise. Accordingly, the Directors have determined to prepare the Accounts on a Going Concern basis.
b. Basis of accounting
These financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union, IFRS Interpretations Committee ('IFRS IC') interpretations and the Companies Act 2006 applicable to companies reporting under IFRS.
The financial statements have been prepared on the historical cost basis as modified by the valuation of certain financial instruments.
3. Business and geographical segments
The directors consider that there is only one activity undertaken by the Group, that of corporate finance advisory. All of this activity was undertaken in the United Kingdom.
2018 2017
(GBP) (GBP)
Broking commissions and fees earned from
corporate finance 674,756 1,046,895
-------- ----------
4. Administrative expenses
2018 2017
(GBP) (GBP)
Administrative expenses 671,266 724,764
Profit share 25,000 80,000
Share based payments (84,453) 40,709
--------- --------
611,813 845,473
--------- --------
5. Earnings per share
Earnings Earnings
(GBP) (GBP)
Based on a (loss) of (198,448) (77,700)
----------- -----------
No. shares No. shares
Weighted average number of Ordinary
Shares in issue for the purpose
of basic earnings per share 57,681,151 57,681,151
Weighted average number of Ordinary
Shares in issue for the purpose
of diluted earnings per share 57,681,151 69,073,178
6. Share capital
Shares Ordinary Deferred Issued
shares shares share
(number) (number) capital
Issued at 30 April
2017: (GBP)
Ordinary shares of 1p 57,681,151 - 576,812
Deferred shares of 1p - 189,749,640 1,897,496
----------- -------------- ------------
57,681,151 189,749.640 2,474,308
Effect of Capital Reorganisation
28 June 2017:
Reduction in nominal value/share
of 0.2p - - (115,363)
Cancellation of Deferred shares - (189,749,640) (1,897,496)
Issued at 30 April 2018, Ordinary
shares of 0.8p 57,681,151 - 461,449
----------- -------------- ------------
Options (number/weighted average exercise price ('WAEP'))
Options
(number) WAEP
Outstanding at 1 April 2016 10,382,607 2.55p
Granted during the period 1,730,435 2.75p
------------- --------
Outstanding and exercisable at 30 April
2017 12,113,042 2.58p
Forfeited within the period (12,113,042) (2.58)p
------------- --------
Outstanding and exercisable at 30 April
2018 - -
------------- --------
The options forfeited in 2018 generated a credit of GBP84,453 (2017: GBP40,709 cost).
7. Other matters and Market Abuse Regulation (MAR) Disclosure
The financial information for the year ended 30 April 2018 set out in this announcement does not constitute statutory financial statement, as defined in section 434 of the Companies Act 2006, but is based on the statutory financial statements for the year then ended. Those financial statements, upon which the auditors have issued an unqualified opinion, will be delivered to the Registrar of Companies.
Copies of the Company's full audited Annual Report and Financial Statements for the year ended 30 April 2018 will be sent to shareholders in due course and will be available on the Company's website: www.marechalecapital.com.
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
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
FR PBMMTMBJTBBP
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August 21, 2018 06:35 ET (10:35 GMT)
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