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IN BRIEF: Marechale Capital swings to annual loss as asset value slips

22nd Aug 2023 11:52

Marechale Capital PLC - London-based corporate finance - Swings to pretax loss of GBP425,516 in the financial year that ended April 30 from a profit of GBP2.6 million the year before. Revenue declines to GBP375,726 from GBP621,573. More importantly, Marechale booked GBP2.7 million in unrealised investment gains in financial 2022, which isn't repeated in financial 2023. The balance sheet stands at GBP3.2 million on April 30, down 11% from GBP3.6 million a year before. Net asset value per share is 3.4 pence, down 11% from 3.8p.

"The company's focus is to use its reputation and deal flow as a corporate finance adviser to build shareholder value in Marechale's balance sheet," explains Chair Mark Warde-Norbury. He notes the strategic investment by Chris Kenning in June, taking a 9.9% stake in Marechale with the intention to help with the digitalisation of the company's activities.

"Whilst the current economic climate remains challenging, the board considers that the company has sufficient cash reserves for its current requirements and remains positive about the investments that it holds in its client companies," Warde-Norbury says.

Current stock price: 1.86p, down 4.6% in London on Tuesday.

12-month change: down 37%

By Tom Waite, Alliance News editor

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