Marechale Capital Plc Half-year Report

 
TIDMMAC 
 
24 November 2020 
 
                             Marechale Capital plc 
 
                    ("Marechale Capital" or the "Company") 
 
                              Half-yearly Results 
 
Marechale Capital plc today announces its unaudited half-yearly results for the 
six months ended 31 October 2020. 
 
Chairman's Statement 
 
Given the demanding macro-climate over the last year for the hospitality 
industry which is Marechale's primary sector of expertise, the Company has done 
well to generate revenues comparable to prior years. Furthermore, cost savings 
have been achieved with office rent discounts and, as most of our staff were 
not working during the first Lockdown, we benefitted from the Government's 
Furlough Scheme. 
 
During the six months we generated revenues of GBP176,000 (2019: GBP173,000) and 
delivered an Operating loss of GBP64,000 (2019: GBP93,000).  There were no gains on 
disposal in 2020 compared to a gain in 2019 of GBP29,000. The Loss before tax was 
GBP64,000 (2019: GBP64,000). 
 
In the current conditions it is important to have as liquid a balance sheet as 
possible and at 31 October 2020 we held cash at bank of GBP177,000 of which GBP 
50,000 is subject to a Bounce-back Loan, representing around 5 months' 
administrative expenses. 
 
We are currently in the second Lockdown, which has dealt another body-blow to 
the Hospitality Industry. However, we are happy to report that our clients are 
well managed businesses with strong balance sheets and are looking for 
expansion opportunities. We remain busy working on new projects in the 
renewable and telecom sectors as well as developing further new opportunities 
in the hospitality sector. 
 
The Board of Marechale Capital continues to consider its options and its future 
strategy. 
 
Mark Warde-Norbury 
 
Chairman 
 
For further information please contact: 
 
Marechale Capital                           Tel: [phone] 
Mark Warde-Norbury / Patrick Booth-Clibborn 
 
Cairn Financial Advisers LLP                Tel: [phone] 
Jo Turner / Sandy Jamieson 
 
 
 
Consolidated Income Statement (unaudited) 
 
6 months ended                                                 31 October  31 October 
 
                                                                     2020        2019 
 
                                                                        GBP           GBP 
 
Revenue                                                           175,837     173,036 
 
Cost of sales                                                    (45,999)    (41,129) 
 
Gross profit                                                      129,838     131,907 
 
Administrative expenses                                         (194,277)   (224,804) 
 
Operating (loss)/profit                                          (64,439)    (92,897) 
 
Investment revenues                                                     -      28,937 
 
(Loss) before tax                                                (63,439)    (63,960) 
 
Taxation 
 
(Loss) for the                                                          -           - 
period 
 
                                                                 (63,439)    (63,960) 
 
(Loss) per share 
 
                                                                  (Pence)     (Pence) 
 
                    - Basic                                         (0.1)       (0.1) 
 
                    - Diluted                                       (0.1)       (0.1) 
 
 
 
 
Consolidated Balance Sheet (unaudited) 
 
As at                                                      31 October    31 October 
 
                                                                 2020          2019 
 
Current assets 
 
Available for sale investments                                 52,039        75,481 
 
Trading investments                                               881         1,550 
 
Trade and other receivables                                    28,162        72,309 
 
Cash and cash equivalents                                     176,675        83,545 
 
                                                              257,757       232,885 
 
Current liabilities 
 
Trade and other payables                                     (72,343)     (129,532) 
Deferred PAYE                                                (36,156)             - 
Bounce-back Loan                                             (50,000)             - 
 
Total current liabilities                                   (158,499)     (129,532) 
 
Net assets                                                     99,258       103,353 
 
 
Equity 
 
Capital and reserves attributable to equity 
shareholders 
 
Share capital                                                 461,449       461,449 
 
Reserve for own shares                                       (50,254)      (50,254) 
 
Retained losses                                             (345,965)     (319,781) 
 
Reserve for share based payments                               34,028        11,939 
 
                                                               99,258       103,353 
 
 
 
 
Consolidated Cash Flow Statement 
(unaudited) 
 
6 months ended                                             31 October    31 October 
 
                                                                 2020          2019 
 
                                                                    GBP             GBP 
 
Net cash from operating activities 
 
Operating (loss)                                             (64,439)      (92,897) 
 
Provision for share based payments                              5,075             - 
 
Operating cash flows before movements in working             (59,364)      (92,897) 
capital 
 
Movement in working capital 
 
Decrease in receivables                                        33,827        32,896 
 
(Decrease) in payables                                        (5,020)      (34,497) 
 
                                                               28,807       (1,601) 
 
Operating cash flow                                          (30,557)      (94,498) 
 
Investment activities 
 
Proceeds on disposal of available for sale investments              -        29,443 
 
Cash flow from investing activities                                 -        29,443 
 
Financing 
Bounce-back Loan                                               50,000             - 
 
 
Net (decrease)/ increase in cash and cash                      19,443      (65,055) 
equivalents 
 
Cash and cash equivalents at start of the period              157,232       148,600 
 
Cash and cash equivalents at end of the period                176,675        83,545 
 
(Decrease)/increase in cash and cash                           19,443      (65,055) 
equivalents 
 
This financial information has been prepared in accordance with IFRS and 
International Financial Reporting Interpretations Committee ('IFRIC') 
interpretations adopted by the European Union, and with those parts of the 
Companies Act 2006 applicable to companies reporting under IFRS, with the prior 
period being reported on the same basis. 
 
 
 
END 
 

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November 24, 2020 02:00 ET (07:00 GMT)