TIDMMAC
5 December 2023
Marechale Capital plc
("Marechale Capital", "Marechale" or the "Company")
Half-yearly Results
Marechale Capital plc, an established City of London based corporate finance
house with a long-term track record and a strong reputation for advising and
financing high growth consumer brands, leisure, clean energy, mineral extraction
and technology companies, announces its unaudited half-yearly results for the
six months ended 31 October 2023 (the "Period").
Chairman's Statement
Following the announcement with Marechale's full year results released in August
2023, the market continues to remain challenging, particularly in the
hospitality sector. However, the Board remains positive about the outlook for
its investments.
Marechale Capital continues to see interesting corporate finance and advisory
projects where it can take founders shares and warrants as part of its advisory
fees. On a positive note, Marechale has completed transactions during the period
for the European telecommunications technology company, Fast2fibre, Chestnut
Group, the leading East Anglian Inn Group, and for Brewhouse & Kitchen, the
expanding gastro pub business. However, the market remains a difficult
environment in which to raise capital. This has resulted in some advisory
projects that launched in the summer not being completed by the end of the
Period. Marechale continues to look for new funding partners alongside its
traditional investor relationships.
During the six months ended 31 October 2023, the Company generated gross profits
of £93,813 (2022: £72,020) and delivered an operating loss of £155,421 (2022:
loss of £178,995), resulting in an overall loss before tax of £155,803 (2022:
loss of £179,502).
The Company's balance sheet shows a net asset value of £3,340,486 (2022:
£3,456,430), representing 3.15p (2022: 3.62p) of value per share in issue. The
Company remains positive about the investments that it holds in its client
companies. As at 31 October 2023 the Company had £400,000 of cash reserves.
The Board is working on a number of initiatives to create further value for
shareholders over and above its core investment portfolio and corporate finance
projects, including working with Chris Kenning, following his strategic
investment of 9.9% of the Company announced in June 2023. The plan is to
digitise Marechale's activities and continue to develop strategic partnerships
with the objective of enhancing shareholder value.
Marechale also uses its balance sheet to co-invest in its client companies,
along with warrants and founder equity. Furthermore, the Board is hopeful to be
able to announce realisations on some of the Company's investments in the next
six months
Whist the current economic climate is difficult, Marechale Capital remains
diligent and is convinced that there will be good advisory and investment
opportunities in its core hospitality, renewable, clean energy and technology
sectors over the short to medium term.
Mark Warde-Norbury
Chairman
The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014
For further information please contact:
Marechale CapitalMark Warde Tel: +44 (0)20 7628 5582
-Norbury / Patrick Booth
-Clibborn
Cairn Financial Advisers LLPJo Tel: +44 (0)20 7213 0880
Turner / Sandy Jamieson
Income Statement (unaudited)
6 months ended 31 October 2023 2022
£
Revenue 320,603 168,001
Cost of sales (226,790) (95,981)
Gross profit 93,813 72,020
Administrative expenses (249,235) (251,015)
Operating loss (155,421) (178,995)
Interest paid (382) (507)
(Loss/profit before tax (155,803) (179,502)
Taxation - -
(Loss)/profit after tax (155,803) (179,502)
(Loss)/profit per share
(Pence) (Pence)
- Basic (0.15) (0.19)
- Diluted (0.14) (0.19)
Balance Sheet
(unaudited)
As at 31 October 31 October
2023 2022
Current assets
Available for 2,863,227 3,116,441
sale
investments
Trading 130,076 146,589
investments
Trade and 37,219 54,356
other
receivables
Cash and cash 398,229 246,808
equivalents
3,428,751 3,564,194
Current
liabilities
Trade and (51,278) (59,627)
other payables
(9,487) (10,638)
PAYE
(10,000) (10,000)
Bounce-back
Loan
Total current (70,765) (80,265)
liabilities
Net current 3,357,986 3,483,929
assets
Bounce-back (17,500) (27,500)
Loan - long
-term
Net assets 3,340,486 3,456,429
Equity
Capital and
reserves
attributable
to equity
shareholders
Share capital 847,530 763,023
Share premium 481,290 328,413
Reserve for (50,254) (50,254)
own shares
Retained 1,944,842 2,346,660
profits/
(losses)
Reserve for 117,078 68,587
share based
payments
3,340,486 3,456,429
Cash Flow
Statement
(unaudited)
6 months ended 31 October 31 October
2023 2022
£ £
Net cash from
operating
activities
Loss after tax (155,803) (179,502)
Provision for 33,091 6,275
share based
payments 381 507
Reverse interest
paid
Operating cash (122,331) (172,720)
flows before
movements in
working capital
Movement in
working capital
Decrease/ 38,714 (10,580)
(increase) in
receivables
(Decrease)/ (30,795) 12,895
Increase in
payables
Net movement in 7,919 2,315
working capital
Operating cash (114,412) (170,405)
out-flow
Investment
activities
Expenditure on (572) -
available for
sale investments
Proceeds from - 8,750
sale of
investments
Cash flow from (572) 8,750
investing
activities
Financing 235,800 -
Share Capital (5,000) (5,000)
Bounce-back Loan (381) (507)
repayments
230,419 (5,507)
Interest paid
Net financing
Net increase/ 115,435 (167,162)
(decrease) in
cash and cash
equivalents
Cash and cash 282,794 413,970
equivalents at
start of the
period
Cash and cash 398,229 246,808
equivalents at
end of the
period
Increase/ 115,435 (167,162)
(decrease) in
cash and cash
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.
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/marechale-capital-plc/r/half-year-report,c3888029
END
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