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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 |
TIDMPIRI
RNS Number : 4704X
Pires Investments PLC
30 April 2019
Pires Investments plc
("Pires" or the "Company")
Results for the year to 31 October 2018
The Board is pleased to announce the audited results of Pires for the year ended 31 October 2018.
Chairman's Statement
The Board is pleased to announce improved results for the financial year ended 31 October 2018 as compared with the previous year. The Company achieved a profit before taxation of GBP322,069 compared to a loss before taxation of GBP142,916 for 2017. Operating costs were significantly reduced during the year to GBP252,929.
The principal factor behind the improved results was the increase in the value of our investments which almost doubled to GBP1,029,526, after allowing for share disposals during the period amounting to GBP264,881 which includes realised gains of GBP89,192. Since the period end, the value of the investment portfolio has increased by a further 45% to GBP1,490,000 after further profitable share disposals.
The main factor behind the improved performance was the increase in the value of our holding in ECO (Atlantic) Oil and Gas Limited although our other investments, principally SalvaRx plc ("SalvaRx"), also made significant advances. Since the year end, there have been significant changes in SalvaRx which are described in the Directors' Report in the section 'Events after the Reporting Period'.
In February 2019, the Board raised additional equity funds by way of a placing to raise GBP781,720 at a price of 2.4p per share, a modest discount to the then market price of the shares. As markets continue to be uncertain, the Board believed that it was prudent to raise some additional funds at this stage to ensure that the Company is well placed for the future and better able to take advantage of opportunities as they arise.
Taking account of this placing and the increased value of the Company's investments, the Company's net assets have now risen to around GBP2.35 million and comprise virtually wholly of cash and tradeable quoted shares. As previously stated, the Board considers that the Company not only represents a much more attractive investment partner but also has the resources to diversify its portfolio and to make investments from time to time on a scale which could significantly enhance shareholder value.
The Board will continue to seek value enhancing investments whether by taking minority holdings or by direct acquisition.
Peter Redmond
Chairman
STATEMENT OF COMPREHENSIVE INCOME
2018 2017 GBP GBP ------------------------------------------- ---------- ---------- CONTINUING ACTIVITIES Income Investment income - - Other Income 11 8 -------------------------------------------- ---------- ---------- Total income 11 8 Gain on investments held at fair value through profit or loss 574,987 196,049 Operating expenses (252,929) (338,973) Operating profit / (loss) from continuing activities 322,069 (142,916) Profit / (loss) before taxation from continuing activities 322,069 (142,916) Tax - - ------------------------------------------- ---------- ---------- Profit / (loss) for the year from continuing activities 322,069 (142,916) Profit / (loss) for the year and attributable to equity holders of the Company 322,069 (142,916) ============================================ ========== ========== Earnings per share Equity holders Basic and diluted 0.95p (0.43)p ============================================ ========== ==========
STATEMENT OF CHANGES IN EQUITY
Capital Share Share Redemption Retained Capital Premium Reserve Earnings Total GBP GBP GBP GBP GBP ------------------------------ ----------- ---------- ------------ ------------- ---------- Balance at 1 November 2016 11,858,477 2,997,555 164,667 (14,889,985) 130,714 Issue of shares 56,250 583,500 - - 639,750 Loss and total comprehensive Income for the year - - - (142,916) (142,916) As at 31 October 2017 11,914,727 3,581,055 164,667 (15,032,901) 627,548 Profit and total comprehensive profit for the year - - - 322,069 322,069 As at 31 October 2018 11,914,727 3,581,055 164,667 (14,710,832) 949,617 ============================== =========== ========== ============ ============= ==========
STATEMENT OF FINANCIAL POSITION
2018 2017 GBP GBP ------------------------------------------- ------------- ------------- Non-current assets Property, plant and equipment - - Investment in subsidiaries 1 1 Total non-current assets 1 1 Current assets Investments 1,029,526 543,421 Trade and other receivables 11,357 9,875 Cash and cash equivalents 48,028 241,142 -------------------------------------------- ------------- ------------- Total current assets 1,088,911 794,438 -------------------------------------------- ------------- ------------- Total assets 1,088,912 794,439 ============================================ ============= ============= Equity Issued share capital 11,914,727 11,914,727 Share premium 3,581,055 3,581,055 Retained earnings (14,710,832) (15,032,901) Capital redemption reserve 164,667 164,667 -------------------------------------------- ------------- ------------- Total equity 949,617 627,548 Liabilities Current liabilities Trade and other payables 139,295 166,891 Total liabilities and current liabilities 139,295 166,891 -------------------------------------------- ------------- ------------- Total equity and liabilities 1,088,912 794,439 ============================================ ============= ============= 1. OPERATING PROFIT / (LOSS) 2018 2017 GBP GBP ------------------------------------------------ ------ ------- Operating profit / (loss) from continuing activities is stated after charging: Depreciation of property, plant and equipment - 230 Provision against VAT receivable - 68,157 2. PROFIT / (LOSS) PER SHARE 2018 2017 GBP GBP Profit / (loss) attributable to the owners of the Company Continuing Operations 322,069 (142,916) ---------------------------------------------------- ----------- ----------- 2018 2017 No. of No. of Shares shares ---------------------------------------------------- ----------- ----------- Weighted average number of shares for calculating basic loss per share 33,900,805 33,521,353 ---------------------------------------------------- ----------- ----------- 2018 2017 Pence Pence ---------------------------------------------------- ----------- ----------- Basic and diluted profit /(loss) per share Continuing Operations - basic and diluted 0.95 (0.43) ==================================================== =========== ===========
Copies of the accounts will be posted to shareholders and will be available on the Company's website at www.piresinvestments.com
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries:
Pires Investments plc: +44 (0) 20 7580 7576
Peter Redmond, Director
Nominated Adviser: +44 (0) 20 7213 0880
Cairn Financial Advisers LLP
Liam Murray
Tony Rawlinson
Ludovico Lazzaretti
Broker: +44 (0) 20 7562 3351
Peterhouse Capital Limited
Duncan Vasey / Lucy Williams
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.
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April 30, 2019 02:00 ET (06:00 GMT)
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