Globe Capital Limited - Interim Results for the six months to 30 June 2020 PR Newswire

30 September 2020

Globe Capital Limited

("Globe Capital" or the "Company")

Interim Results for the six months period to 30 June 2020

Chairman’s Statement

Globe Capital Limited is pleased to announce its unaudited interim results for the 6 months period to 30 June 2020. Operational costs for the period amounted to £61k compared to £82k for the 6 months to June 2019.

The Company’s investment strategy continues to be that to seek medium-to-long term investments in businesses that exhibit growth potential. The Company continues to be an active investor in situations where the Company can make a clear contribution to the growth and development of the investment. 

The company continues its operations through the subsidiary Vogel Marketing Services FSZ in Ajman, United Arab Emirates which promotes companies from the UK and EU within the Gulf Region, however the results from this region have been frustrated by the delays due to Brexit and now Covid-19, however it is continuing to explore a number of opportunities which the board believe will come to fruition in the new year.

The company continues to receive support from its shareholders and loan note holders to meet its ongoing costs.

30th September 2020

David Barnett
Chairman



Globe Capital Limited

Profit and Loss and Other Comprehensive Income

Six months ended 30 June 2020

 6 months
ended
30 June 2020
 6 months
ended
30 June 2019
 Year ended
31 December
2019 
 GBP '000   GBP '000   GBP '000 
Revenue 10 - 10
Cost of services - - (8)
Gross Profit 10 - 2
Other Income 2 6 10
Administrative Expenses (61) (82) (182)
Finance Costs (6) - (12)
Profit / (Loss) Before Taxation (55) (76) (182)
Taxation - - -
Other Comprehensive Loss   - - -
Profit / (Loss) for the period (55) (76) (182)
Earning / (Loss) per share
Basic & Diluted (pence)  (0.02)p  (0.03)p  (0.07)p



Globe Capital Limited

Balance Sheet as at 30 June 2020

 30 June
2020 
 30 June
2019 
 31 December
2019 
 GBP '000   GBP '000   GBP '000 
Non-current assets
Property, plant and equipment - 9
Investments 14 -
Loans Receivable - - -
Current assets
Prepayments 15 22 20
Cash and cash equivalents 14 12 5
Other debtors and receivables 56 146 85
Total Assets 85 203 119
Current Liabilities
Trade and other payables 66 168 191
Creditors: falling due after more than one year
Amounts due to directors 26 17 16
Amounts due to a shareholder 18 - -
Other payables 118 - -
Total Liabilities 228 185 207
Net Assets (143) 18 (88)
Shareholders' Equity
Share Capital 645 645 645
Reserves (788) (627) (733)
Total Equity (143) 18 (88)



Globe Capital Limited

Statement of Cash Flows

Period ended 30 June 2020

 6 months ended
30 June 2020
 6 months ended
30 June 2019
 Year ended
31 December
2019 
 GBP '000   GBP '000   GBP '000 
Profit/(Loss) before tax (55) (76) (182)
Adjustment:
Depreciation 9 - 7
Impairment of goodwill - - 1
Interest expenses 6 - 12
Other income (2) - (10)
Loss on disposal of an associate 13
Operating profit/(loss) (42) (76) (159)
Cash flows from operating activities
Prepayments 5 3 28
Other payables (13) 6 17
Amounts due to directors 10 3 2
Amounts due to shareholders 18 - -
Cash utilised in operations (22) (64) (112)
Cash flows from investing activities 
Interest received 2 6 10
Loans receivable 29 13 50
Net cash from investing activities 31 19 60
(Decrease)/increase in cash and cash equivalents 9 (45)  (52)
Cash and cash equivalents at the beginning of the period 5  57 57
Cash and cash equivalents at end of period 14 12 5
Cash at Bank C/F 14 12 5

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 £55,000 (2019: loss £76,000) by the weighted average number of ordinary shares of 255,919,752 (2019: 255,919,752).

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

For further information

Globe Capital Limited
David Barnett
Chairman
+1-855-280-6793

CORPORATE ADVISER AND CONTACT DETAILS:

Brian Stockbridge 
First Sentinel Corporate Finance
72 Charlotte Street
London
W1T 4QQ

Tel +44 (0) 207 183 7405 
E-mail: Brian@first-sentinel.com