GLOBE CAPITAL LIMITED - Interim Results for the six month period to 30 June 2016 PR Newswire

29 September 2016

Globe Capital Limited
("Globe Capital" or the "Company")

Interim Results for the six month period to 30 June 2016

Chairman’s Statement

Globe Capital Limited is pleased to announce its unaudited interim results for the six month period to 30 June 2016. Operational costs for the period amounted to £85k compared to £56k for the 6 months to June 2015.

At the start of the year, the Company realigned its investment focus towards the retail sector with an emphasis on menswear. Following which, the Company made its maiden investment with a 25% interest in Sterling Craig Ltd, a UK based online retailer for men’s fashion.

The Board continues to review investment opportunities in line with its new investment focus and two potential acquisitions have been identified which we believe will be the start of a platform for future growth.

In January 2016, the Company raised £100k in new equity. The Directors continue to seek further investment capital and hope to report on this in the near future. Meanwhile, operational costs will be kept at a minimum until additional funds are raised.

Further announcements will be made in due course.


David Barnett
Chairman
29 September 2016





Globe Capital Limited
Statement of Comprehensive Income
Six months ended 30 June 2016


                                    6 months     6 months  Year ended
                                       ended        ended 31 December
                                30 June 2016 30 June 2015        2015

                                    GBP '000     GBP '000    GBP '000

Revenue                                    -            -           -

Other Income                               -            -           -

Gross Profit                               -            -           -

Administrative Expenses                 (85)         (56)       (129)

Profit / (Loss) from Operations         (85)         (56)       (129)

Finance Costs                              -            -           -

Profit / (Loss) Before Taxation         (85)         (56)       (129)

Taxation                                   -            -           -

Other Comprehensive Loss                   -            -           -

Profit / (Loss) for the period          (85)         (56)       (129)

Earning / (Loss) per share

Basic & Diluted (pence)              (0.10)p      (0.08)p     (0.17)p





Globe Capital Limited
Balance Sheet as at 30 June 2016


                                    30 June  30 June 31 December
                                       2016     2015        2015

                                   GBP '000 GBP '000    GBP '000

Non-current assets

Property, plant and equipment             -       17           6

Investments                              14        -           -

Current assets

Prepayments                               6        3           -

Cash and cash equivalents                 4       11          10

Total Assets                             24       31          16

Current Liabilities

Trade and other payables                 38        7          65

Financial Liabilities - Borrowings        -        -           -

Total Liabilities                        38        7          65

Net Assets                             (14)       24        (49)

Shareholders' Equity

Share Capital                           639      627         627

Reserves                              (653)    (603)       (676)

Total Equity                           (14)       24        (49)





Globe Capital Limited
Statement of Cash Flows
Period ended 30 June 2016


                                               6 months     6 months  Year ended
                                                  ended        ended 31 December
                                           30 June 2016 30 June 2015        2015

                                               GBP '000     GBP '000    GBP '000

Profit/(Loss) before tax                           (85)         (56)       (129)

Adjustment:

Other income                                          -            -           -

Depreciation                                          6           11          22

Operating profit/(loss)                            (79)         (44)       (107)

Cash flows from operating activities

(Increase)/decrease in trade and other              (6)          (3)           1
receivables

Increase/(decrease) in trade and other             (27)          (1)          57
payables

Share based payments                                 20            -           -

Cash utilised in operations                        (92)         (48)        (49)

Cash flows from investing activities

Bank interest received                                -            -           -

Purchase of investments                            (14)            -           -

Net cash from investing activities                 (14)            -           -

Cash flows from financing activities

Issue of new shares                                 100            -           -

Net cash from financing activities                  100            -           -

(Decrease)/increase in cash and cash                (6)         (48)        (49)
equivalents

Cash and cash equivalents at the beginning           10           59          59
of the period

Cash and cash equivalents at end of period            4           11          10

Cash at Bank C/F                                      4           11          10




The financial information set out above has not been reviewed or audited by the company's auditors.

Basic and diluted profit per share is calculated by dividing the loss for the period of £85,000 (2015: loss £56,000) by the weighted average number of ordinary shares of 87,773,045 (2015: 74,638,800).


The directors of Globe Capital Limited accept responsibility for this announcement.

For further information:

Globe Capital Limited
Christopher Neo, Company Secretary
+44 (0)20 3286 6388
 

CORPORATE ADVISER AND CONTACT DETAILS:

Alexander David Securities Limited
David Scott
Telephone: +44 (0) 20 7448 9820
49 Queen Victoria Street EC4N 4SA