Lombard Capital PLC - Half-year Report PR Newswire

LOMBARD CAPITAL PLC
("Lombard" or the "Company")

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017

CHAIRMAN'S STATEMENT

Dear shareholder

Your current board of directors was formed with my appointment on 15th January 2016. At the same time, I was appointed Chairman.

My report for the 6 months unaudited figures to 30 September 2017 shows a comprehensive loss of GBP180,518. This loss is attributable to the overhead costs incurred during the period.

During the period your directors have continued to issue unsecured convertible loan notes and warrants to raise funds to cover overheads and for selected investment purposes.

Your directors have continued to progress towards our target of issuing an investment bond that is secured by reinsurance. The project is currently making significant progress towards issuance and listing on a recognised bond market. I hope to make an announcement in the immediate future.

I look forward to the future with enthusiasm and thank all my colleagues and our professionals for their support and advice.

I also thank you all as shareholders for your continuing support.

David Grierson.
Chairman
Lombard Capital Plc.
12 December 2017

The directors of Lombard Capital Plc accept responsibility for this announcement.

For further information please contact:

Brent Fitzpatrick
Tel:  07718 883813

NEX Exchange Corporate Adviser:
Alfred Henry Corporate Finance Limited
Nick Michaels:  020 7251 3762

Condensed Statement of Comprehensive Income
Six months ended 30 September 2017                           


                                               6 Months      Year      6 Months

                                              30/09/2017  31/03/2017  30/09/2016

                                                  £           £           £

Continuing operations

Investment income                                      -           -           -

Operating expenses                             (180,518)   (190,440)    (76,174)

Impairment of investments                              -           -           -

Operating loss and loss before taxation        (180,518)   (190,440)    (76,174)

Taxation                                               -           -           -

Loss for the period, attributable to the       (180,518)   (190,440)    (76,174)
owners

Impairment of investments - reclassification           -           -           -
to income statement

Market value adjustment to investments                 -           -           -

Total comprehensive loss for the period        (180,518)   (190,440)    (76,174)

Loss per share, basic and fully diluted (in        (5.4)       (7.1)       (3.3)
pence)



Condensed Statement of Financial Position
As at 30 September 2017                                                                                                                                                     


                                 30/09/2017   31/03/2017   30/09/2016

                                  Unaudited      Audited    Unaudited

                                          £            £            £

Non-current assets

Available for sale investments      112,500      112,500      135,810

Current assets

Trade and other receivables           7,800        7,800        7,500

Cash and cash equivalents            59,758          622        7,137

                                     67,558        8,422       14,637

Total assets                        180,058      120,922      150,447

Equity

Ordinary shares                       3,401        3,326        2,726

Deferred shares                     189,897      189,897      189,897

Share premium                       873,528      866,103      812,793

Share option reserve                 13,160       13,160       26,320

Investment revaluation reserve      100,184      100,184      100,184

Retained earnings               (1,359,329)  (1,178,811)  (1,064,545)

                                  (179,159)      (6,141)       67,375

Current liabilities

Trade and other payables            359,217      127,063       83,072

Total equity and liabilities        180,058      120,922      150,447



Notes to the financial statements
Six months ended 30 September 2017                                                                                                                           

1. Basis of preparation                                                                                                                                                         

The financial statements for the six months ended 30 September 2017 are unaudited and do not constitute statutory accounts as defined in Section 434 of Companies Act 2006. The financial information for the year ended 31 March 2017 is extracted from the audited statutory accounts for the year then ended which have been delivered to the Registrar of Companies. The audit report on those accounts was unqualified and did not contain a statement under Section 498(2) or (3) of Companies Act 2006.

The financial information for the six months ended 30 September 2017 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 2017.

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 30 September 2017 was 3,363,014 (31 March 2017 2,682,971).


3. Investments                           30/09/2017  31/03/2017  30/09/2016

                                          Unaudited     Audited   Unaudited

                                                  £           £           £

Investments at cost less impairment         112,500     112,500      35,626

Impairments: Reclassified from reserves           0           0           0

Recognised in the year                            0           0           0

Market value adjustment                           0           0     100,184

Market value at period end                  112,500     112,500     135,810