(‘Capital for Colleagues’ or the ‘Company’)
Unaudited Interim Results for the six months ended
Highlights
-- AdditionalGBP 323,800 invested in the period –GBP 23,800 in new investments andGBP 300,000 in follow-on funding -- Revenues of GBP [138,000] (2017:GBP 198,000 ), comprising interest receivable and other fees -- Net assets ofGBP 6.4 million as at28 February 2018 (28 February 2017 :GBP 4.2 million ) -- A loss ofGBP 170,000 for the six-month period (2017: loss ofGBP 1.06 million ) -- Investment portfolio at the period end comprised 17 (28 February 2017 : 15) unquoted EOBs -- NAV per share of41.52 pence (28 February 2017 :43.54 pence per share) -- Directors confident of continuing growth from existing and new investments
Chief Executive’s Statement
In the six months ended
In accordance with our business plan, we are continuing to align our interests with those of employee stakeholders at our investee companies as they become more established co-owned businesses. In this context, many of our portfolio companies have accepted our offer to convert our existing debt instruments into equity, a progression we are delighted with. One of the by-products of this change is the short-term effect on the Company’s income, whereby interest previously receivable is exchanged for long-term capital value and dividend income. There is inevitably a short-term gap between these two investment models and the Board is continually reviewing the carrying value of all investments to ensure that they are fairly reflected.
Financial Results
In the six months ended
Outlook
Capital for Colleagues’ ability to advise existing and potential EOBs as well as to provide them with funding, means that the Company is exceptionally well placed to create growth in the EOB sector and to benefit from that growth.
We continue to work closely with the
Chief Executive
For further information, please visit www.capitalforcolleagues.com or contact:
CAPITAL FOR COLLEAGUES PLC 0161 464 3260Richard Bailey , ChairmanJohn Eckersley , Chief Executive PETERHOUSE CAPITAL LIMITED 020 7469 0930Mark Anwyl Duncan Vasey
PROFIT AND LOSS ACCOUNT
Unaudited 6 months Unaudited 6 months Audited 12 months to 28 February 2018 to 28 February 2017 to 31 August 2017 GBP 000’s GBP 000’s GBP 000’s Revenue 138 198 372 Unrealised (104) 208 312 (Losses)/gains 34 406 684 Administrative (204) (247) (530) expenses PROFIT FROM ONGOING (170) 159 154 OPERATIONS Exceptional Item - (1,321) (1,321)- PROFIT/(LOSS) (170) (1,162) (1,167) BEFORE TAXATION Tax - 102 120) PROFIT/(LOSS) FOR (170) (1,060) (1,047) THE PERIOD
BALANCE SHEET
As at As at As at 28 February 2018 28 February 2017 31 August 2017 GBP 000’s GBP 000’s GBP 000’s ASSETS Non Current Assets Investments held at fair value 4,594 3,296 4,592 through profit or loss Loans and receivables 1,034 689 535 5,628 3,985 5,127 Current Assets Trade and other receivables 88 208 276 Cash and cash equivalents 789 161 1,283 877 369 1,559 TOTAL ASSETS 6,505 4,354 6,686 EQUITY AND LIABILTIES Equity Called up share capital 6,167 3,850 6,154 Share premium 1099 1,036 1,097 Retained (loss) (853) (695) (683) Total Equity 6,413 4,191 6,568 Current Liabilities Trade and other payables 84 163 110 Provision for liabilities 8 - 8 TOTAL EQUITY AND LIABILITIES 6,505 4,354 6,686
The interim results have not been reviewed by the Company's auditors.
The Directors of the Company are responsible for the contents of this announcement.
The Company’s joint venture,
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a
