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 2018

CHAIRMAN'S STATEMENT
 

Dear shareholder

Your current board of directors continues to focus on investment opportunities and the issuance of asset backed investment bonds for listing on a recognised exchange.

My report for the 6 months unaudited figures to 30th September 2018 shows a comprehensive loss of GBP74,697. 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 asset backed investment bond. The project is currently making significant progress towards issuance and listing on a recognised bond market. A further announcement will be made as soon as we finalise arrangements.

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.

21 December 2018


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 3772 0021




Condensed Statement of Comprehensive Income

Six months ended 30 September 2018                           


                                      6 Months ended    Year      6 Months ended
                                                        ended

                                        30/09/2018    31/03/2018    30/09/2017

                                        Unaudited      Audited      Unaudited

                                            £             £             £

Continuing operations

Investment income                                  -           -               -

Operating expenses                          (74,697)   (384,658)       (180,518)

Impairment of                                      -           -               -
investments

Operating loss and loss                     (74,697)   (384,658)       (180,518)
before taxation

Taxation                                           -           -               -

Loss for the period,                        (74,697)   (384,658)       (180,518)
attributable to the
owners

Impairment of investments -                        -           -               -
reclassification to income statement

Market value adjustment                            -           -               -
to investments

Total comprehensive                         (74,697)   (384,658)       (180,518)
loss for the period

Loss per share, basic                          (1.8)      (11.1)           (5.4)
and fully diluted (in
pence)





Condensed Statement of Financial Position

As at 30 September 2018                                                                                                                                                     


                                30/09/2018   31/03/2018   30/09/2017

                                 Unaudited     Audited     Unaudited

                                     £            £            £

Non-current assets

Available for sale investments      112,500      112,500      112,500

Current assets

Trade and other receivables         176,216            0        7,800

Cash and cash equivalents             4,130        2,154       59,758

                                    180,346        2,154       67,558

Total assets                        292,846      114,654      180,058

Equity

Ordinary shares                       4,219        4,219        3,401

Deferred shares                     189,897      189,897      189,897

Share premium                       954,574      954,574      873,528

Share option reserve                 80,300       80,300       13,160

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

Retained earnings               (1,638,166)  (1,563,469)  (1,359,329)

                                  (308,992)    (234,295)    (179,159)

Current liabilities

Trade and other payables            601,838      348,949      359,217

Total equity and liabilities        292,846      114,654      180,058





Notes to the financial statements

Six months ended 30 September 2018                                                                                                                           

1. Basis of preparation                                                                                                                                                         

The financial statements for the six months ended 30 September 2018 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 2018 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 2018 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 2018.

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 2018 was 4,219,157 (31 March 2018 3,455,865).


3. Investments                           30/09/2018  31/03/2018  30/09/2017

                                          Unaudited     Audited   Unaudited

                                                  £           £           £

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

Impairments: Reclassified from reserves           0           0           0

Recognised in the year                            0           0           0

Market value adjustment                           0           0           0

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