PR Newswire
London, June 26
LOMBARD CAPITAL PLC
("Lombard" or the "Company")
UNAUDITED INTERIM RESULTS FOR THE TWELVE MONTHS ENDED 31 MARCH 2020
CHAIRMAN’S STATEMENT
Dear Shareholder
On the 1st June we welcomed to the Board Barry Fromson as an executive director. Barry is a consultant and business development adviser who has worked in the financial and wealth management industry for nearly 40 years.
On the 8th June, David Grierson took the opportunity to stand down as a director and chairman of the Company and in his stead I was appointed Charman and Barry Fromson became Chief Executive.
The board has taken the opportunity to alter the year end to 30 June therefore, whist the accounts available to you now are for twelve months they are in fact classified as interims.
The increased activity in search of meaningful accretive investments has resulted in a comprehensive loss of £939,188 for the twelve-month period compared to a comprehensive loss of £303,056.
Since the period end and last financial report published in December your board and its adviser have been actively searching for new investments and I am pleased to say that this activity has resulted in the acquisition of Gaskell House through Lombard’s wholly owned subsidiary Waste and Recycling Solutions Limited.
We first announced this potential investment on 1 April and completed the investment on 23 April. The board believes this to be a stepping stone to future investments in the waste management arena providing accretive values for shareholders.
Again, since the period end, holders holding 3,200,000 warrants exercised those warrants resulting in a cash inflow of £320,000. Holders of Bonds totalling £507,000 converted their bonds into equity of 2,028,000 ordinary shares at a price of 25p per share.
We are working with our advisers to lift the share suspension at the earliest opportunity enabling the company to develop its new investment, whist searching for new opportunities
Brent Fitzpatrick
Chairman
Lombard Capital PLC
29 June 2020
The directors of Lombard Capital Plc accept responsibility for this announcement.
For further information please contact:
Brent Fitzpatrick
Tel: 07767 457101
AQSE Growth Market Corporate Adviser
Alfred Henry Corporate Finance Limited
Nick Michaels: 020 3772 0021
Condensed Statement of Comprehensive Income
Twelve months ended 31 March 2020
| Year ended 31 March 2020 | Year ended 31 March 2019 | Year ended 31 March 2018 | ||||
| Unaudited | Audited | Audited | ||||
| £ | £ | £ | ||||
| Continuing operations | ||||||
| Consultancy fees | 54,000 | |||||
| Investment income | - | - | - | |||
| Operating expenses | (993,188) | (292,337) | (384,658) | |||
| Finance charges | - | (29,469) | - | |||
| Impairment of investments | - | - | - | |||
| Operating loss and loss before taxation | (939,188) | (321,806) | (384,658) | |||
| Taxation | - | - | - | |||
| Loss for the period, attributable to the owners | (939,188) | (321,806) | (384,658) | |||
| Impairment of investments - reclassification to income statement | - | - | - | |||
| Market value adjustment to investments | - | 18,750 | - | |||
| Total comprehensive loss for the period | (939,188) | (303,056) | (384,658) | |||
| Loss per share, basic and fully diluted (in pence) | (9.8) | (9.3) | (11.1) | |||
Condensed Statement of Financial Position
As at 31 March 2020
| 31 March 2020 | 31 March 2019 | 31 March 2018 | ||||
| Unaudited | Audited | Audited | ||||
| £ | £ | £ | ||||
| Non-current assets | ||||||
| Available for sale investments | 131,250 | 131,250 | 112,500 | |||
| Financial assets at amortised cost | 700,700 | 700,700 | - | |||
| 831,950 | 831,950 | 112,500 | ||||
| Current assets | ||||||
| Trade and other receivables | 927,149 | 41,296 | - | |||
| Cash and cash equivalents | 110,698 | 12,059 | 2,154 | |||
| 1,037,847 | 53,355 | 2,154 | ||||
| Total assets | 1,869,797 | 885,305 | 114,654 | |||
| Equity | ||||||
| Ordinary shares | 9,582 | 4,219 | 4,219 | |||
| Deferred shares | 189,897 | 189,897 | 189,897 | |||
| Share premium | 1,415,684 | 954,574 | 954,574 | |||
| Share option reserve | 80,300 | 80,300 | 80,300 | |||
| Investment revaluation reserve | 118,934 | 118,934 | 100,184 | |||
| Retained earnings | (2,824,463) | (1,885,275) | (1,563,469) | |||
| (1,010,066) | (537,351) | (234,295) | ||||
| Current liabilities | ||||||
| Trade and other payables | 500,613 | 672,656 | 348,949 | |||
| Loans and other borrowings | 2,379,250 | 750,000 | - | |||
| Total equity and liabilities | 1,869,797 | 885,305 | 114,654 |
Notes to the financial statements
Twelve months ended 31 March 2020
1. Basis of preparation
The financial statements for the twelve months ended 31 March 2020 are unaudited and do not constitute statutory accounts as defined in Section 434 of Companies Act 2006. The financial information for the years ended 31 March 2019 and 31 March 2018 are extracted from the audited statutory accounts for the year then ended which have been delivered to the Registrar of Companies.
The audit report on the accounts for the year ended 31 March 2018 was unqualified and did not contain a statement under Section 498(2) or (3) of Companies Act 2006.
The audit report on the accounts for the year ended 31 March 2019 was qualified. The audit report modification was set out in an announcement made by the Company on 30 August 2019 as follows https://www.nexexchange.com/announcements?newsid=4441854.
The financial information for the twelve months ended 31 March 2020 has been prepared on the basis of the accounting policies set out in the full annual financial statements of the company for the year ended 31 March 2019.
2. Earnings per share
The basic and diluted earnings per share is calculated by dividing the loss attributable to the owners of the company by the weighted average number of ordinary shares in issue during the period.
The weighted average number of shares in issue at 31 March 2020 was 4,309,760 (31 March 2019: 4,219,157 and 31 March 2018: 3,455,865).
| 3. Investments | 31 March 2020 | 31 March 2019 | 31 March 2018 | |||||||
| Unaudited | Audited | Audited | ||||||||
| £ | £ | £ | ||||||||
| Investments at cost less impairment | 131,250 | 131,250 | 112,500 | |||||||
| Impairments: Recognised in the year | - | - | - | |||||||
| Market value adjustment | - | - | - | |||||||
| Market value at period end | 131,250 | 131,250 | 112,500 | |||||||
