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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Pires Investments Plc | LSE:PIRI | London | Ordinary Share | GB00BD07SH45 | ORD 0.25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.95 | 0.90 | 1.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 420k | -366k | -0.0020 | -475.00 | 173.81M |
From May 2019 to May 2024
TIDMPIRI
RNS Number : 0661W
Pires Investments PLC
27 July 2018
Pires Investments PLC
("Pires" or the "Company")
Unaudited interim results for the six months to 30 April 2018
Chairman's Statement
The Company is pleased to report a profit of GBP122,556 during the period under review resulting from an improvement in the value of our investment portfolio, net of disposals.
As at the period end, our net asset value amounted to GBP750,000, which represented an increase of some 20% on the position at the year end and principally comprises cash and investments.
The principal investment in the portfolio is Eco (Atlantic) Oil & Gas Limited.
Since the period end, there has been a further modest increase in the value of the portfolio.
We continue to review potentially attractive investment and reverse takeover opportunities and we are confident that further progress will be made in the coming months.
Peter Redmond
Chairman
Enquiries:
Pires Investments plc Peter Redmond, Director Tel: +44 (0) 20 7917 1817 Nominated Adviser Cairn Financial Advisers LLP Tel: +44 (0) 20 7213 0880 Liam Murray / Tony Rawlinson Broker Peterhouse Corporate Finance Tel: +44 (0) 20 7469 0935 Duncan Vasey / Lucy Williams Tel: +44 (0) 20 7469 0936
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 April 2018
Hot Features
Premium
Unaudited Unaudited Audited
6 months 6 months Year
ended ended Ended
30-Apr 30-Apr 31-Oct
2018 2017 2017
Continuing activities GBP GBP GBP
Notes
Revenue
Investment income - - -
Other income 6 5 8
Total revenue 6 5 8
Gains/(losses) on investments
held at fair value through profit
or loss 271,165 100,558 196,049
Operating expenses (148,615) (131,714) (338,973)
---------- ---------- ----------
Operating profit / (loss) from
continuing activities 122,556 (31,151) (142,916)
Profit / (Loss) before taxation
from continuing activities 122,556 (31,151) (142,916)
Tax - - -
Profit / (Loss) for the period
from continuing activities 122,556 (31,151) (142,916)
---------- ---------- ----------
Profit / (Loss) for the period
and total comprehensive income
attributable to equity holders
of the Company 122,556 (31,151) (142,916)
========== ========== ==========
Basic profit / (loss) per share 3
Equity holders
Basic and diluted 0.37p (0.091p) (0.43p)
UNAUDITED STATEMENT OF FINANCIAL POSITION
As at 30 April 2018
Unaudited Unaudited Audited
(restated)
As at As at As at
30-Apr 30-Apr 31-Oct
2018 2017 2017
GBP GBP GBP
Notes
NON-CURRENT ASSETS
Property, plant
and equipment 0 25 0
Investment in subsidiaries 1 2 1
TOTAL NON CURRENT
ASSETS 1 27 1
CURRENT ASSETS
Investments 799,101 680,823 543,421
Trade and other
receivables 7,400 77,505 9,875
Cash and cash equivalents 113,587 108,878 241,142
------------- ------------- -------------
TOTAL CURRENT ASSETS 920,088 867,206 794,438
------------- ------------- -------------
TOTAL ASSETS 920,089 867,233 794,439
============= ============= =============
EQUITY
Called up share
capital 11,914,727 11,914,727 11,914,727
Share premium account 3,581,055 3,581,055 3,581,055
Retained earnings (14,910,345) (14,921,136) (15,032,901)
Capital redemption
reserve 164,667 164,667 164,667
------------- ------------- -------------
TOTAL EQUITY 4 750,104 739,313 627,548
LIABILITIES
CURRENT LIABILITIES
Trade and other
payables 169,985 127,920 166,891
------------- ------------- -------------
TOTAL LIABILITIES
AND CURRENT LIABILITIES 169,985 127,920 166,981
TOTAL EQUITY AND
LIABILITIES 920,089 867,233 794,439
============= ============= =============
UNAUDITED CASH FLOW STATEMENT
For the six months ended 30 April 2018
Unaudited Unaudited Audited
6 months 6 months Year ended
ended ended ended
30-Apr 30-Apr 31-Oct
2018 2017 2017
GBP GBP GBP
Cash flows from operating
activities 122,556 (31,151) (142,916)
Depreciation - 205 230
Realised (gain)/loss on
disposal of investments - (44,205)
Fair value movement in investments (271,165) (100,558) (151,844)
Finance income (6) - (8)
(Increase)/decrease in receivables 2,476 (23,640) 43,990
Increase/(decrease) in payables 3,085 2,464 41,437
Net cash absorbed by operating
activities (143,054) (152,680) (253,316)
Cash flows from investing
activities
Payments to acquire investments (176,000) (510,000) (520,000)
Proceeds of sale of investments 191,493 82,360 325,252
Disposal of subsidiary - -
Net proceeds from share
issue -
Finance income received 6 - 8
Net cash (used in)/from
investing activities 15,499 (427,640) (194,740)
Cash flows from financing
activities
Proceeds from issue of equity - 639,750 639,750
Finance costs paid - - -
Net cash from financing
activities - 639,750 639,750
Net increase/(decrease)
in cash and cash equivalents
during the period (127,555) 59,430 191,694
Cash and cash equivalents
at beginning of the period 241,142 49,448 49,448
Cash and cash equivalents
at end of the period 113,587 108,878 241,142
Notes to the Unaudited Interim Report
1. GENERAL INFORMATION
Pires Investments Plc (the "Company") is a company domiciled in England whose registered office address is c/o Cooley Services Limited, Dashwood, 69 Old Broad Street, London EC2M 1QS. The condensed interim financial statements of the Company for the six months ended 30 April 2018 is that of the Company only.
The condensed consolidated interim financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.
The financial information for the year ended 31 October 2017 has been extracted from the statutory accounts for that period which were prepared in accordance with International Financial Reporting Standards ("IFRS"). The auditors' report on the statutory accounts was unqualified. A copy of those financial statements has been filed with the Registrar of Companies.
The financial information for the six months ended 30 April 2017 and 2018 was also prepared in accordance with IFRS.
The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements.
The condensed interim financial statements were authorised for issue on 27 July 2018.
2. BASIS OF ACCOUNTING
The financial statements are unaudited and have been prepared on the historical cost basis in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS") using the same accounting policies and methods of computation as were used in the annual financial statements for the year ended 31 October 2017. As permitted, the interim report has been prepared in accordance with the AIM rules for Companies and is not compliant in all respects with IAS 34 Interim Financial Statements. The condensed consolidated interim financial statements do not include all the information required for full annual financial statements and hence cannot be construed as in full compliance with IFRS.
3. PROFIT / LOSS PER SHARE
The calculation of the basic loss per share is based on the following data:
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30-Apr 30-Apr 31-Oct
2018 2017 2017
GBP GBP GBP
Profit/(loss) on continuing activities
after tax 122,556 (31,151) (142,916)
Basic and fully diluted
Basic and fully diluted (loss)/earnings per share have been
computed based on the following data:
Number of shares
Weighted average number of ordinary
shares for the period 33,521,353 33,900,803 33,521,353
Basic (loss)/earnings per share
from continuing activities (p) 0.37 (0.091) (0.43)
There were no dilutive instruments that would give rise to diluted
earnings per share
4. STATEMENT OF CHANGES IN EQUITY
Share Capital Share Premium Capital Retained Earnings Total
Redemption
Reserve
GBP GBP GBP GBP GBP
At 1 November 2016
(restated) 11,881,694 2,974,338 164,667 (14,889,985) 130,714
Issue of shares 56,250 583,500 639,750
Loss for the 6 months
ended 30 April 2017 (31,151) (31,151)
At 30 April 2017 11,937,944 3,557,838 164,667 (14,921,136) 739,313
Loss for the 6 months
ended 31 October
2017 (111,765) (111,765)
At 31 October 2017 11,937,944 3,557,838 164,667 (15,032,901) 627,548
Profit for the 6
months ended 30
April 2018 122,556 122,556
At 30 April 2018 11,937,944 3,557,838 164,667 (14,910,345) 750,104
============= ============= =========== ================= =========
5. DISTRIBUTION OF INTERIM REPORT
Copies of the Interim Report for the six months ended 30 April 2018 are available on the Company's website, www.piresinvestments.com.
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
IR SEFFIWFASEDW
(END) Dow Jones Newswires
July 27, 2018 11:32 ET (15:32 GMT)
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