25th Jul 2014 10:17
LONDON (Alliance News) - Marechale Capital PLC Friday said it swung to pretax profit in its recent financial year on the back of improving UK economic sentiment and more confidence in the equity markets.
In a statement, the investment banking and corporate finance business said it made a GBP79,407 pretax profit in the year ended March 31, compared with a GBP16,147 pretax loss a year earlier. Its gross profit, calculated as commission paid to third parties subtracted from revenue, increased to GBP517,600 from GBP470,200.
Revenue itself increased to GBP752,818, from GBP590,993. Administrative expenses increased by GBP16,565 to GBP590,611, meaning that Marechale still reported an operating loss, though it narrowed to GBP73,027 from GBP103,861.
The swing to pretax profit, according to a statement by Chairman Mark Warde-Norbury, resulted from net gains of GBP152,400 from Marechale's investments in its client companies.
Warde-Norbury also added that Marechale is continuing to look at a number of "potentially interesting" acquisitions, investment and merger opportunities, particularly in fund management. He said that Marechale remains open to such approaches, but said that no such approaches have been progressed to date.
Marechale shares were Friday quoted up 8.6% at 1.90 pence.
By Samuel Agini; [email protected]; @samuelagini
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