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Lombard Capital PLC - Half-year Report

·4-min read

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