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Lombard Capital PLC - Half-year Report PR Newswire

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

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2020

CHAIRMAN’S STATEMENT

Dear Shareholder

During the 6 months to 31 December 2020, the comprehensive loss for the period was GBP (325,038). As a result, the Company remains in a position where it is dependent upon its ability to generate sufficient cash flows by issuing shares, the exercise of warrants and realisation of investments and other assets, in order to meet continued operational costs and hence continue trading.

During the period the company capitalised approximately £1,460,000 of expenses in relation to Gaskell House and incurred £168,000 in finance charges. Whilst the company continues to pay its professional costs and general running costs of £164,000 the directors have, once again not drawn remuneration during this period.

The directors are exploring ways to increase the asset value and raise additional finance.

Brent Fitzpatrick
Chairman
Lombard Capital PLC
9 February 2021
 

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


For further information please contact:

Brent Fitzpatrick
Tel:  07767 457101

AQSE Growth Market Corporate Adviser
Alfred Henry Corporate Finance Limited
Nick Michaels:  020 3772 0021
 


Condensed Consolidated Statement of Comprehensive Income
Six months ended 31 December 2020

Unaudited Audited Unaudited Audited
6 Months 15 months 6 Months Year
31/12/2020 30/06/2020 31/12/2019 31/03/2019
£ £ £ £
Continuing operations
Consultancy fees - 54,000 54,000 -
Investment income 7,611 9,056 - -
Operating expenses (164,006) (626,743) (554,454) (292,337)
Finance charges (168,643) (203,640) (58,659) (29,469)
Impairment of investments - - - -
Operating loss and loss before taxation (325,038) (767,327) (559,113) (321,806)
Taxation - - - -
Loss for the period, attributable to the owners (325,038) (767,327) (559,113) (321,806)
Market value adjustment to investments - (88,499) 0 18,750
Total comprehensive loss for the period (325,038) (855,826) (559,113) (303,056)
Loss per share, basic and fully diluted (in pence) (2.2) (12.7) (13.3) (9.3)


Condensed Consolidated Statement of Financial Position
As at 31 December 2020

Unaudited Audited Unaudited Audited
31/12/2020 30/06/2020 31/12/2019 31/03/2019
£ £ £ £
Non current assets
Fixed assets 2,416,511 953,710 - -
Available for sale investments 42,751 42,751 131,250 131,250
Financial assets at amortised cost - - 653,350 700,700
2,459,262 996,461 784,600 831,950
Current assets
Trade and other receivables 1,780,270 1,765,213 390,240 41,296
Cash and cash equivalents 32,758 3,630 18,538 12,059
1,813,028 1,768,843 408,778 53,355
Total assets 4,272,290 2,765,304 1,193,378 885,305
Equity
Ordinary shares 14,940 14,810 4,219 4,219
Deferred shares 189,897 189,897 189,897 189,897
Share premium 2,562,326 2,237,456 954,574 954,574
Share option reserve 80,300 80,300 80,300 80,300
Investment revaluation reserve 30,435 30,435 118,934 118,934
Retained earnings (2,977,639) (2,652,602) (2,444,388) (1,885,275)
(99,741) (99,704) (1,096,464) (537,351)
Current liabilities
Trade and other payables 1,292,477 1,032,059 415,592 672,656
Loans and other borrowings 3,079,554 1,832,949 1,874,250 750,000
Total equity and liabilities 4,272,290 2,765,304 1,193,378 885,305


Notes to the Consolidated Interim Financial Information
Six months ended 31 December 2020

1. Basis of preparation                                                                                                                                                                  

The interim financial information for the six months ended 31 December 2020 is unaudited and does not constitute statutory accounts as defined in Section 434 of Companies Act 2006. The financial information for the fifteen months ended 30 June 2020 is extracted from the audited statutory accounts for the fifteen months then ended which have been delivered to the Registrar of Companies. The audit report on those accounts was qualified and did contain a statement under Section 498 (3) of Companies Act 2006. Those final statements can be downloaded from the company’s website.

The interim financial information for the six months ended 31 December 2020 has been prepared on the basis of the accounting policies set out in the full annual financial statements of the company for the 15 months ended 30 June 2020. This interim financial information has not been reviewed by the company auditors.

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 31 December 2020 was 14,809,784 (30 June 2020 was 6,041,726).
3. Investments Unaudited Audited Unaudited Audited
31/12/2020 30/06/2020 31/12/2019 31/03/2019
£ £ £ £
Investments at cost less impairment 42,751 131,250 131,250 131,250
Impairments : Recognised in the year - (112,499) - -
Market value adjustment - 24,000 - -
Market value at period end 42,751 42,751 131,250 131,250