Marechale Capital says board considering its options amid losses
Source - SMW
Marechale Capital said its board was considering its options after it swung to a loss and revenue plunged.
First-half revenue fell to a "below budget" £125,000, compared to £531,000 in the previous corresponding period.
The company said it made a loss of £460,000, compared to a profit of £10,000 in the previous corresponding period, partly owing to asset writedowns.
'The fall in revenues is largely due to delays in a number of the transactions we are involved in, although I am pleased to be able to report that we have recently closed a transaction for a leisure sector client which generated a fee of around £300,000,' chairman Mark Warde-Norbury said.
'Whilst our deal flow remains strong, it is still taking longer to complete transactions.'
'One of Marechale Capital's key strategies is the achievement of growth in net asset value generated from options and investments in client and partner companies. Unfortunately, NUKS and Future Biogas have diminished significantly in value recently, resulting in the write-downs referred to above.'
'In light of the above, the board of Marechale Capital continues to consider its options.'