TIDMHPAC
RNS Number : 4497N
Hermes Pacific Investments PLC
24 September 2019
24 September 2019
HERMES PACIFIC INVESTMENTS PLC
(AIM: HPAC)
Final results for the year ended 31 March 2019
Hermes Pacific Investments Plc today reports its financial
results for the year ended 31 March 2019.
Chairman's Statement
I am pleased to report the results of Hermes Pacific Investments
Plc ("HPAC" or the "Company") for the year ended 31 March 2019.
During the year, the Company had no revenues as it does not have
any operating business and the Company made a loss of GBP107,000,
which is marginally higher than the loss of GBP100,000 reported for
the previous financial year. We continue our focus to minimise our
costs whilst we are looking for opportunities to deploy our cash.
At the financial year end the Company had net assets of
GBP3,742,000.
Review of the Company's Activities
The Company is an investing company and has previously made some
investments in line with its investing policy in companies involved
in financial activities within the emerging market sector. These
investments have performed in line with our expectations. We are in
a good position from a Balance Sheet perspective and our cash
balance as at 31 March 2019 stands at GBP3.596 million. We have
continued to evaluate possible suitable opportunities to deploy our
cash resources but have not found any deal that we thought fit that
we could put to the shareholders to approve. Our total
comprehensive loss for the year was GBP119,000 compared to a loss
of GBP61,000 for the previous financial year. The deficit is higher
this financial year as in the previous corresponding year there was
a gain of GBP39,000 on investments held by the company.
Global economic growth slowed down in the latter months of 2018
and also in the first half of this year. Economic uncertainty
remains high due to various factors affecting trade. The system of
global trade remains subject to political pressure, and differences
between China and the US will likely continue to inform sentiment
in the near term. However, the conclusion of major trade agreements
- including the Comprehensive and Progressive Agreement for
Trans-Pacific Partnership and the EU's bilateral agreements with
Japan and Singapore provide important counterweights that could
give impetus to international trade in the years ahead.
The slower global growth coupled with the uncertainty of Brexit
has undoubtedly dented business confidence in the UK. The continued
uncertainty over Brexit has made it harder for companies to make
calls on investment. At the same time, disruption from emerging
technology, climate change and fragile geopolitical and trade
conditions have created one of the most complex backdrops to
operate against in recent times. In view of all the uncertainties
currently present we are very cautious with regard to deployment of
our cash resources.
The Company continues to seek attractive investment
opportunities that will enhance the shareholder value while
minimising the downside risks.
Outlook
We have a strong balance sheet and cash resources that place us
in a strong position to exploit investment opportunities as they
arise.
Haresh Kanabar
Chairman
24 September 2019
Contacts
Hermes Pacific Investments Plc www.hermespacificinvestments.com
Haresh Kanabar, Non-Executive Chairman Tel: +44 (0) 207 290 3340
WH Ireland Limited (Nominated Adviser www.whirelandcb.com
& Broker)
Mike Coe/ Chris Savidge Tel: +44 (0) 117 945 3470
Statement of Comprehensive Income for the year ended 31 March
2019
Year ended Year ended
31 March 31 March
Note 2019 2018
GBP'000 GBP'000
Continuing operations
Revenue - -
Cost of sales - -
gross profit - -
Other operating income - -
Administrative expenses (124) (107)
Operating loss 2 (124) (107)
Finance income 17 7
Finance costs - -
Loss on ordinary activities before
tax (107) (100)
Tax expense - -
Loss for the year from continuing
activities (107) (100)
Discontinued operations
Loss for the year from discontinued - -
operations
Loss for the year (107) (100)
Other comprehensive income
Gains/(losses) arising in the year
on investments
(12) 39
Total comprehensive loss for the
year (119) (61)
Basic and diluted loss per share
From continuing operations 3 (4.6)p (4.3)p
Statement of Financial Position as at 31 March 2019
As at As at
31 March 31 March
2019 2018
Notes GBP'000 GBP'000
ASSETS
Non-current assets
Investments 162 174
162 174
Current assets
Trade and other receivables 1 1
Cash and cash equivalents 3,596 3,725
3,597 3,726
LIABILITIES
Current liabilities
Trade and other payables (17) (39)
(17) (39)
Net current assets 3,580 3,687
NET ASSETS 3,742 3,861
SHAREHOLDERS' EQUITY
Issued share capital 3,576 3,576
Share premium account 5,781 5,781
Share based payments reserve 139 139
Fair value reserve (11) 1
Retained earnings (5,743) (5,636)
TOTAL EQUITY 3,742 3,861
Cash Flow Statement for the year ended 31 March 2019
Note Year ended Year ended
31 March 31 March
2019 2018
GBP'000 GBP'000
Cash flows from operating activities (146) (95)
Cash flows from investing activities
Acquisition of investments - -
Income from disposal of subsidiary - -
undertakings
Net cash (used in)/from investing - -
activities
Cash flows from financing activities
Proceeds of share issues - -
Other operating activities 17 6
Cost of share issue - -
Net cash from financing activities 17 6
(Decrease)/increase in cash and
cash equivalents (129) (89)
Cash and cash equivalents at start
of period 3,725 3,814
Cash and cash equivalents at end
of period 3,596 3,725
Statement of Changes in Equity for the year ended 31 March
2019
Share Share
Ordinary Deferred premium based
share share payments Retained Revaluation
capital capital reserve earnings reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
5,781
At 1 April 2017 2,333 1,243 - 139 (5,536) (38) 3,922
Total
comprehensive
loss/profit for
the
period - - - - (100) 39 (61)
At 1 April 2018 2,333 1,243 5,781 139 (5,636) 1 3,861
Total
comprehensive
loss/profit for
the
period - - - - (107) (12) (119)
At 31 March 2019 2,333 1,243 5,781 139 (5,743) (11) 3,742
Notes to the financial statements for the year ended 31 March
2019
1. General information
Hermes Pacific Investments Plc is a company incorporated
in the United Kingdom under the Companies Act 2006. The
nature of the company's operations and its principal activities
are set out in the Directors' Report on page 3.
Statement of compliance
The financial statements comply with International Financial Reporting
Standards as adopted by the European Union. At the date of approval
of these financial statements, various Standards and Interpretations
affecting the Company, which have not been applied in these financial
statements, were in issue, but not yet effective (and in some cases
had not been adopted by the EU). The Directors have considered these
new standards and interpretations and do not expect them to have
a material impact on the company.
2. Operating loss
Year ended Year ended
31 March 31 March
2019 2018
GBP'000 GBP'000
The operating loss is stated after
charging the following, included
in administrative expenses:
Staff costs 44 44
Other admin costs 80 63
124 107
3. Loss per share
Year ended Year ended
31 March 31 March
2019 2018
Basic
Loss from continuing activities
(GBP'000) (107) (100)
(107) (100)
Number of shares 2,333,295 2,333,295
Basic loss per share (p)
From continuing operations (4.6)p (4.3)p
(4.6))p (4.3)p
4. Publication of non-statutory accounts
The financial information set out in this announcement does not
comprise the Group's statutory accounts for the years ended 31
March 2019 or 31 March 2018. The financial information has been
extracted from the statutory accounts of the Company for the years
ended 31 March 2019 and 31 March 2018.
The auditors' opinion on those accounts was unmodified and did
not contain a statement under 498 (2) or section 498 (3) of the
Companies Act 2006 and did not include references to any matters to
which the auditor drew attention by the way of emphasis.
The statutory accounts for the year ended 31 March 2018 have
been delivered to the Registrar of Companies, whereas those for the
year ended 31 March 2019 will be delivered to the Registrar of
Companies following the Company's Annual General Meeting.
5. Publication of non-statutory accounts
The Annual Report will be posted to shareholders and will be
available on the Company's website
(www.hermespacificinvestments.com) shortly.
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 USVWRKBAKURR
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