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

·4-min read

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

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