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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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MG Capital | LSE:MAP | London | Ordinary Share | GB00B02S3576 | ORD 50P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 3.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:1520R MG Capital PLC 31 March 2008 31 March 2008 MG CAPITAL PLC Interim Results For the six months ended 31 December 2007 Statement by Chairman The six months to 31 December 2007 saw further progress made towards the launch of new private equity products in two core areas of our business, agriculture and China. These are areas which are currently of considerable interest to investors and where we believe we can offer considerable breadth and depth of experience but where, to date, we have not had suitable investment vehicles to offer to institutional investors. We have therefore generally had to seek funds for new investments on a case by case basis, which is very time consuming. Our objective is to establish new investment vehicles over the coming months which will provide the Company with platforms upon which we can steadily expand our business over the next few years. Meanwhile, our flow of new deals has remained good, despite the negative effect of worries about the health of the global financial system upon some investors' appetite to do deals. The farming sector is now seen by many investors, rightly in our view, as a refuge from top-heavy property and equity markets and as a potential hedge against the re-emerging spectre of inflation. In China, though small businesses may be suffering from tighter credit conditions and exporters may be nervous about the dangers of slowing demand for their goods, we believe that domestic demand remains robust and continues to underpin the prospects of the well- managed, small to medium sized growth companies that we seek out. In Russia, we are currently working on deals in the agricultural sector and are involved in the aviation sector through our holding in Sky Express, the domestic low cost airline. Family Investments Limited, the Bahamas based fund advised by MG Global Investments, our FSA authorised and regulated subsidiary, has disposed of its listed holdings almost in their entirety, following the takeover bid for its main remaining quoted holding, Celtic Resources Holdings plc. The portfolio now comprises unlisted equities and convertibles and is essentially a private equity portfolio. Several of the investee companies are being prepared for sale or an initial public offering on a timescale stretching from a few months to a couple of years and, given the considerable potential upside in these investments, there is a desire not to exit from these investments prematurely. However Family Investments is open-ended and the illiquidity of the portfolio now makes it difficult to accommodate redemptions; these have therefore been suspended for the time being with the intention of optimising the exits from the portfolio over the next two years and returning the proceeds to the funds investors as they are received. Accrued performance fees from Jade Absolute Fund Managers became payable at the end of the period and these contributed to the total revenues for the period of £531,530. These were substantially lower than for the same period in the previous year due to the winding down of Jade Absolute and the non-recurrence of the one-off earnings from the Sky Express transaction. This translated to a loss of £123,372 for the period compared to a profit of £37,469 for the same period in the previous year. Looking ahead to the remainder of the current financial year, we would hope to see new revenue streams from the proposed private equity products referred to above begin to kick in towards the end of the year. Finally, I am very sad to have to report that only a few days ago my fellow director Peter Robertson died after a brave struggle against illness. He had served this company since its inception with great dedication and we deeply mourn his loss. Peter Hannen 31 March 2008 Chairman Unaudited Income Statement For the six months ended 31 December 2007 Unaudited Unaudited Audited Notes 6 months 6 months 12 months to 31 Dec to 31 Dec to 30 Jun 2007 2006 2007 £ £ £ Turnover 2 531,530 1,153,726 1,527,032 531,530 1,153,726 1,527,032 Administrative expenses (651,991) (1,053,862) (1,933,700) Operating (loss) /profit (120,461) 99,864 (406,668) Exceptional write off of investment - - (320,561) Interest receivable and similar items 5,527 5,153 15,020 Interest payable and similar charges (5,619) (9,525) (3,997) (Loss)/profit on ordinary activities (120,553) 101,020 (721,734) before taxation Tax on loss / (profit) on ordinary (4,868) (2,146) (5,124) activities (Loss)/profit on ordinary activities after (291,443) (235,660) (1,054,336) taxation - continuing operations (Loss) / profit on ordinary activities 3 166,022 334,534 327,478 after taxation - discontinued operations Equity minority interest 2,049 (61,405) (59,252) Retained (loss)/profit for the period (123,372) 37,469 (786,110) Earnings per ordinary share - basic and 4 (0.03p) 0.78p (1.16p) diluted Consolidated Unaudited Balance Sheet As at 31 December 2007 Unaudited Unaudited Audited Notes As at As at As at 31 Dec 31 Dec 30 Jun 2007 2006 2007 £ £ £ NON-CURRENT ASSETS Tangible 12,679 17,581 15,077 Investments 195,918 1,034,602 195,918 Purchased Goodwill less impairment 115,585 196,315 115,585 324,182 1,248,498 326,580 CURRENT ASSETS Debtors 691,589 909,173 308,527 Cash at bank and in hand 113,231 142,418 324,177 804,820 1,051,591 632,704 NON-CURRENT ASSETS HELD FOR SALE - - 188,578 TOTAL ASSETS 1,129,002 2,300,089 1,147,862 LIABILITIES: Current liabilities (521,126) (632,188) (342,737) Non-current liabilities - - - (521,126) (632,188) (342,737) NET ASSETS 607,876 1,667,901 805,125 EQUITY Called up share capital 6, 7 2,402,255 2,402,255 2,402,255 Share premium account 6, 7 - - - Retained Earnings 6, 7 (1,794,379) (843,459) (1,671,007) Shareholders' funds (including non-equity 607,876 1,558,796 731,248 interests) Minority Interest - equity - 109,105 73,877 TOTAL EQUITY 607,876 1,667,901 805,125 Consolidated Unaudited Cash flow Statement For the six months ended 31 December 2007 Unaudited Unaudited Audited Notes 6 months 6 months 12 months to 31 Dec to 31 Dec to 30 Jun 2007 2006 2007 £ £ £ Net cash (outflow) from operating activities 5 (420,286) (233,903) (429,100) Returns of investments and servicing of finance Interest paid (5,619) (3,997) (9,525) Interest received 5,527 5,153 15,020 Net cash (outflow) / inflow from returns on investments (3,729) (1,691) (6,041) and servicing of finance - continuing operations Net cash (outflow) / inflow from returns on investments 3,637 2,847 11,536 and servicing of finance - discontinued operations Taxation (4,868) (2,146) (5,124) Capital expenditure and financial investment Payments to acquire tangible fixed assets (1,499) (6,039) (2,083) Payments to acquire investments (64,000) (40,688) - Receipts from sale of investments 281,205 235,965 565,510 215,706 189,238 563,427 Net cash inflow from capital expenditure and financial investment - continuing operations Net cash inflow from capital expenditure and - - - financial investment - discontinued operations Financing Net cash inflow from financing activities - - - - continuing operations Net cash inflow from financing activities - - - - discontinued operations (Decrease) / increase in cash (209,540) (45,655) 134,698 Statement of Recognised Income and Expense For the six months ended 31 December 2007 Unaudited Unaudited Audited Notes 6 months 6 months 12 months to 31 Dec to 31 Dec to 30 Jun 2007 2006 2007 £ £ £ (Loss) / Profit for the period (123,372) 37,469 (786,110) Notes to Financial Statements For the six months ended 31 December 2007 1. Basis of preparation This Interim Statement, which has not been audited and does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985, was approved by the Board on the 31st March 2008. It has been prepared on the basis of the accounting policies set out in the Group's 2007 statutory accounts. This financial information has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and IFRIC interpretations that are relevant to its operations as required by the AIM Rules. The financial information has been prepared under the historical cost convention. The Group's Interim Statement consolidates the financial statements of MG Capital plc and its subsidiaries MG Global Investment Limited, MG Research Limited, Hannen & Company Limited, Jade Absolute Fund Managers Limited and MG Maple Capital Partners Inc all of which have been made up to 31 December 2007. The results for the year ended 30 June 2007 have been extracted from the Group's published accounts for that period which have been filed with the Registrar of Companies. The auditors' report on the full statutory accounts of the Group for the year ended 30 June 2007 was unqualified. 2. Turnover - Geographical Analysis Unaudited Unaudited Audited 6 months 6 months 12 months to 31 Dec to 31 Dec to 30 Jun 2007 2006 2007 £ £ £ United Kingdom 344,975 754,411 700,707 United States of America 158,699 133,058 410,195 Far East / Australasia 1,856 70,339 89,600 Other European 26,000 195,918 326,530 531,530 1,153,726 1,527,032 3. Discontinued operations - (Loss) / profit on ordinary activities after taxation Unaudited Unaudited Audited 6 months 6 months 12 months to 31 Dec to 31 Dec to 30 Jun 2007 2006 2007 £ £ £ Turnover 417,346 719,008 821,301 Expenditure 251,324 384,474 495,823 Profit on ordinary activities before 166,022 334,534 327,478 taxation Tax on profit on ordinary activities - - - Profit on ordinary activities after 166,022 334,534 327,478 taxation 4. Earnings per share The basic earnings per share for the six months to 31 December 2007 is calculated by dividing the Group's (loss) / profit after taxation of (£123,372) (six months to 31 December 2006: £37,469, year to 30 June 2007: (£786,110)) by the weighted average number of shares in issue during the period of 4,804,510 (six months to 31 December 2006:4,804,510, year to 30 June 2007: 67,880,102). 5. Reconciliation of operating (loss) / profit to net cash inflow from operating activities Unaudited Unaudited Audited 6 months 6 months 12 months to 31 Dec to 31 Dec to 30 Jun 2007 2006 2007 £ £ £ (Loss) / profit on ordinary activities (120,553) 101,020 (721,734) before taxation Interest received (5,527) (5,153) (15,020) Interest paid 5,619 3,997 9,525 Depreciation and impairment 3,897 16,475 101,049 Investments received in consideration - (195,918) (195,918) for consultancy services provided (Profit)/Loss on disposal of (92,627) 13,915 - investments (Increase) / decrease in debtors (383,062) (593,080) 7,566 Increase in creditors 179,795 437,816 146,959 Write off of fixed asset investment - - 325,211 Minority interest movement (7,828) (12,975) (86,738) Net cash (outflow) from Operating (420,286) (233,903) (429,100) Activities 6. Capital and reserves Following court approval on 11 October 2006, 223,520,300 deferred ordinary shares of 0.1p each were cancelled and the deferred shares and the share premium account were both written back to reserves. 7. Changes in Equity Share Capital Share Premium Retained Minority Total Earnings Interest £ £ £ £ £ As at 30/06/06 4,637,458 5,101,552 (8,221,652) 101,363 1,618,721 Cancellation of share - (5,101,552) 5,101,552 - - premium Cancellation of deferred (2,235,203) - 2,235,203 - - ordinary shares Profit in period - - 41,438 7,742 49,180 As at 31/12/06 2,402,255 - (843,459) 109,105 1,667,901 Loss in period - - (827,548) (35,228) (862,776) As at 30/06/07 2,402,255 - (1,671,007) 73,877 805,125 Loss in period - - (123,372) - (123,372) Acquisition of minority - - - (73,877) (73,877) interest As at 31/12/07 2,402,255 - (1,794,379) - 607,876 8. Transition to IFRS Unaudited Unaudited Audited 6 months 6 months 12 months to 31 Dec to 31 Dec to 30 Jun 2007 2006 2007 £ £ £ (Loss) / profit before tax as reported under (120,553) 101,020 (721,734) UK GAAP IFRS Adjustments: Reversal of goodwill amortisation - 12,606 29,346 Impairment of goodwill - (12,606) (29,346) (Loss) / profit before tax as reported under (120,553) 101,020 (721,734) IFRS INDEPENDENT REVIEW REPORT TO MG CAPITAL PLC Introduction We have been instructed by the Company to review the financial information for the six months ended 31 December 2007 which comprises the income statement, the balance sheet, the statement of changes in equity and the cash flow statement and the related notes to the accounts and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the AIM Rules of the London Stock Exchange and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Directors' Responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the Directors. The Directors are responsible for preparing the interim report in accordance with the AIM Rules of the London Stock Exchange which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the annual accounts except where any changes, and the reasons for them, are disclosed. Review Work Performed We conducted our review in accordance with International Standard on Review Engagements 2410 "Review of interim financial information performed by the independent auditor of the entity" issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK and Ireland) and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review Conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 31 December 2007. CLB Littlejohn Frazer Chartered Accountants 1 Park Place Canary Wharf London E14 4HJ 31 March 2008 -Ends- For further information: Charles Fowler, Managing Director, MG Capital plc Tel: +44 20 7332 2040 Hugh Oram, Nominated Adviser, Nabarro Wells & Co. Limited Tel: +44 20 7710 7400 This information is provided by RNS The company news service from the London Stock Exchange END IR EAFDFDAEPEFE
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