Marechale Capital Plc - Final Results
("Marechale" or the "Company")
Financial Statements for the Year Ended
Chairman’s Statement
As reported in the interim results statement in
The Company entered the Period with good levels of business activity and funded clients in both the hospitality sector, as well as clients in other high growth sectors. Completed fund raising projects include further equity funding for the
Marechale continues to generate professional services income by providing advice to its clients. In the last year this included strategic and funding advice for the
Significant progress continues to be made with the lithium extraction business,
The total value of the Company’s net assets has reduced to £3,037,000 in 2025 (2024: £3,346,000) equivalent to 2.9p/share (2024: 3.1p/share), due to a combination of Operating Losses and Investment Losses, the latter by taking advantage of an opportunity to sell some Weardale shares for cash, acquired as founder shares, albeit at a discount to their current value. This is in line with Marechale’s stated strategy of using its balance sheet to co-invest in its client companies. Cash at bank at 30th April was £212,150.
Please note that, within the rules of the Accounting Standards, the Board took the decision in 2024 to declare separately as ‘Exceptional Costs’ various impairment provisions for bad debts and loan notes owed by two Investee Companies. Please be advised that at the time of writing, one of these companies remains trading but is under severe financial distress; the other is now in Administration: however, we managed to recover £10,300 from the latter which has been credited back to this year’s P&L.
It is also worth noting that the Company has £770,000 of unused capital tax losses to offset against any possible future tax liability on realisation of gains.
Marechale’s revenue for the year saw a substantial reduction to £409,500 compared to £668,800, in the previous financial year. In spite of this, gross profit increased to £274,000 compared to £197,000 in 2024 mainly due to lower commissions paid to 3rd parties on fundraising income.
Whilst we continue to navigate through various market challenges, I am pleased to report a significant reduction in Marechale’s operating loss for the year, from £296,000 in 2024 to £226,000 this year, mainly due to an improved gross margin of £275,000 (67%) compared to £197,000 (29%) in 2024. Marechale’s net loss before tax for the year stands at £337,000, a notable deterioration from the net loss of £183,000 reported in 2024. The major year-on-year swing was caused by a significant uplift on the value of investments in 2024 – principally Weardale - offset by Exceptional Costs, versus in 2025, the sale of investments at a discount – to raise cash as mentioned above. It is worth noting that we expect to record an uplift in the value of investments based on an equity fundraising already in progress but not yet closed. Administrative expenses remained steady at £500,000 (2024: £494,000).
The Company’s focus is to use its reputation and deal flow as a corporate finance adviser to build shareholder value in Marechale’s balance sheet. This has been achieved by negotiating equity and warrant positions, and joint venture arrangements as part of its terms of engagement with growth company clients. Marechale’s historical investment performance has been excellent in this regard, having achieved double digit internal rates of return across the total of all the companies that it has funded since 2010. The Board is confident that the investment in Weardale Lithium will deliver an uplift in value in due course.
Since
Whilst the current economic climate remains challenging, the Board remains positive about the investments that it holds in its client companies, and optimistic that the Company, with its sufficient cash reserves, will continue to generate further uplifts on its current and future equity and warrant investments, both in the short and longer term. The Company continues to develop further its proven track record as a corporate finance adviser by seeking further deal flow in the high growth £10-100 million Enterprise Value PE sector.
Hopefully there is now the beginning of a shift in sentiment towards investing in the SME space, driven by the Government’s drive for growth, and we hope to see support and incentives towards realising this and encouraging investment in businesses that Marechale works with.
The Board is working on a number of initiatives to create further value for shareholders, and the plan is to continue to develop Marechale’s strategic funding partnerships with the objective of enhancing shareholder value.
The Board believes, having had a number of approaches over the last few months, that the current disruption in the SME Advisory and Broking market presents an excellent opportunity to attract good quality people into Marechale’s cost effective business structure that allows them to make good earnings and have a shared interest as shareholders in Marechale’s balance sheet.
As we look to the future, the Board remains committed to building on positive momentum. The Company will continue to focus on enhancing revenue streams and delivering value to shareholders.
In closing, I would like to extend my heartfelt thanks to shareholders, employees, and clients for their continued support and confidence in the Company. The Board looks forward to another year of progress and achievement.
Chairman
This announcement contains inside information for the purposes of the
For further information please contact:
Marechale Capital plc Tel: +44 (0)20 7628 5582
Mark Warde-Norbury / Patrick Booth-Clibborn Cairn Financial Advisers LLP (Nomad and Broker) Tel: +44 (0)20 7213 0880
Jo Turner / Sandy Jamieson
Statement of Comprehensive Income
For year ended
Year ended Year ended
30-Apr 30-Apr
Notes 2025 2024
(£) (£)
Revenue 4 409,413 668,816
Cost of sales (134,731) (471,433)
Gross profit 274,682 197,384
Administrative expenses (500,477) (493,643)
Operating loss 5 (225,795) (296,260)
Net interest received/(paid) 975 (428)
Other gains/(losses) 6 (122,822) 223,004
Exceptional items 7 10,316 (109,303)
Loss before tax (337,325) (182,987)
Taxation 8 - -
Loss for the year (337,325) (182,987)
Earnings per share (Pence) (Pence)
Continuing operations - Basic 10 (0.32) (0.18)
- Diluted 10 (0.32) (0.18)
Loss for the year (337,325) (182,987)
Total recognised comprehensive profit
(all attributable to owners of the (337,325) (182,987)
company)
The notes form an integral part of the financial statements.
Statement of Financial Position
As at
Year ended Year ended
30-Apr 30-Apr
2025 2024
Notes (£) (£)
Current assets
Investment in subsidiary 11 2 2
Equity investments at fair value through 12 2,807,827 3,039,659
profit and loss
Warrants at fair value through profit and 13 58,800 108,482
loss
Trade and other receivables 14 104,426 34,590
Cash and cash equivalents 15 212,150 248,196
Total current assets 3,183,205 3,430,929
Total assets 3,183,205 3,430,929
Current liabilities
Trade and other payables 16 (133,489) (62,035)
Borrowings 17 (10,000) (10,000)
Total current liabilities (143,489) (72,035)
Net current assets 3,039,716 3,358,895
Long-term liabilities
Borrowings 17 (2,500) (12,500)
Net assets 3,037,216 3,346,395
Equity
Capital and reserves attributable to equity
shareholders
Share capital 18 847,530 847,530
Share premium 18 481,290 481,290
Reserve for own shares (50,254) (50,254)
Reserve for share based payments 178,315 150,168
Retained earnings 1,580,336 1,917,661
3,037,216 3,346,395
The financial statements were approved by the
Board of Directors and authorised for issue on 21
August 2025 .
They were signed on its behalf by:
Mark Warde-Norbury
Director
Company No: 03515836
The notes form an integral part of the financial statements.
Statement of Changes in Equity
For year ended
Share Reserve for Reserve for Retained
capital Share premium own shares share based earnings Total
payments
Balance at
30 April 763,690 329,330 (50,254) 83,988 2,100,648 3,227,401
2023
Loss for the
financial - - - - (182,987) (182,987)
year
Share based
payments in - - - 66,180 - 66,180
the year
Issued in 83,840 151,960 - - - 235,800
year
Total
movement in 83,840 151,960 - 66,180 (182,987) 118,993
shareholders
funds
Balance at
30 April 847,530 481,290 (50,254) 150,168 1,917,661 3,346,394
2024
Loss for the
financial - - - - (337,325) (337,325)
year
Share based
payments in - - - 28,147 - 28,147
the year
Issued in - - - - - 0
year
Total
movement in - - - 28,147 (337,325) (309,178)
shareholders
funds
Balance at
30 April 847,530 481,290 (50,254) 178,315 1,580,336 3,037,216
2025
The notes form an integral part of the financial statements.
Statement of Changes of Cash Flows
For year ended
Cash Flow Statement Note Year ended Year ended
Year ended 30 April 2025 30-Apr 30-Apr
2025 2024
(£) (£)
Net cash from operating activities
Loss before tax (337,325) (182,987)
Reverse provision for share based payments 28,147 66,180
Reverse unrealised losses/ (gains) on fair value 31,832 (228,406)
investment through profit and loss
(Add back)/reverse provision for exceptional costs (10,316) 109,303
Reverse realised gains on warrants (8,847) -
Reverse losses on disposal of equity investments 99,837 5,402
Reverse net interest (income)/ expense (975) 428
Operating cash outflows before movements in working (197,648) (230,080)
capital
Movement in working capital
(Increase)/decrease in receivables (59,520) 3,539
Increase/(decrease) in payables 71,455 (29,523)
Tax paid - -
11,935 (25,983)
Cash outflow from operating activities (185,713) (256,063)
Investment activities
Interest received 1,390 272
Expenditure on equity investments - (6,572)
Proceeds from sale of equity investments and 158,692 2,664
warrants through profit and loss
Cash inflow/(outflow) from investing activities 160,082 (3,636)
Financing
Issue of ordinary share capital - 235,800
Repayment of borrowings (10,000) (10,000)
Interest payable (415) (699)
Cash (outflow)/inflow from financing activities (10,415) 225,101
Net decrease in cash and cash equivalents (36,046) (34,599)
Cash and cash equivalents at start of the financial 248,196 282,795
year
Cash and cash equivalents at end of the financial 15 212,150 248,196
year
The notes form an integral part of the financial statements.
Notes to the Financial Statements
Year ended
1. General information
The Company's registered office and principal place of business is
The Company's registered number is 03515836.
2. Basis of preparation
a. Going concern
In establishing the applicability of the going concern basis, the Directors have made enquiries as to the financial resources of the Company. The Company has unpredictable revenue due to the nature of corporate finance advisory and the reliance upon deal-driven transactions, however as at the year end the company had £212k of cash reserves (2024: £248k) which as at that date equated to approximately 7 months of cash overheads. Whilst the company generated operating losses of £226k in the financial year (2024: £296k) the directors remain confident that the project pipeline will generate sufficient income on top of the cash reserves in order to meet the company’s liabilities as they fall due over the next twelve months from the date of approving these financial statements. Furthermore, there is the ability to fund working capital by equity issues, sales of investments and/or warrants and deferral of directors' salaries.
b. Basis of accounting
These financial statements have been prepared in accordance with
The financial statements have been prepared on the historical cost basis as modified by the valuation of certain financial instruments, as described below.
The Directors have chosen not to prepare consolidated accounts because the two subsidiaries,
Subsidiaries are entities over which the Group has control, being the power to govern the financial and operating policies of the acquired entity so as to obtain benefits from its activities.
3. Business and geographical segments
The directors consider that there is only one activity undertaken by the Company, that of corporate finance professional services advisory. All of this activity was undertaken in the
2025 2024
(£) (£)
Broking commissions and fees earned from corporate finance 409,413 668,816
4. Other gains/ (losses)
2025 2024
(£) (£)
Realised (losses) on equity investments (99,837) (5,402)
Unrealised gains/(losses) on equity investments (31,832) 250,000
Realised gains on equity warrants 8,847 -
Unrealised (losses) on equity warrants - (21,594)
(122,822) 223,004
5. Earnings per share
2025 2024
Earnings Earnings
(£) (£)
Based on Profit for the year. (337,325) (182,987)
No. shares No. shares
Weighted average number of Ordinary Shares in issue 105,941,247 104,194,580
for the purpose of basic earnings per share
The loss attributable to equity shareholders and weighted average number of ordinary shares for the purposes of calculating diluted earnings per ordinary share are identical to those used for basic earnings per ordinary share. This is because the exercise of share options would have the effect of reducing the loss per ordinary share and is therefore under the terms of IAS33 anti-dilutive.
6. Other matters and Market Abuse Regulation (MAR) Disclosure
The financial information for the year ended
“We have audited the financial statements of
In our opinion the financial statements:
-- give a true and fair view of the state of the Company’s affairs as at 30
April 2025 and of the loss for the year then ended;
-- have been properly prepared in accordance with UK adopted International
Accounting Standards; and
-- have been prepared in accordance with the requirements of the Companies
Act 2006.”
7. Related Party Transactions
Company in which the Company holds an investment which have paid fees to the Company
Burgh
The Company owned 10,640 shares, 4% in BI at
Directors
During the year, an interest free travel advance of £5,000 (2024: £5,000) was extended to
Disclosure of control
The company is under the control of its shareholders and not any one party.
Key management personnel
The key management personnel consist of the Directors, whose remuneration is disclosed in the Directors' Report, and the Company Secretary/Financial Officer,
The group owed Shand £2,806 at
8. Post balance sheet events
There are no past balance sheet events to report
Cautionary statement
Certain statements made in this announcement are forward-looking statements. Such statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results expressed or implied in these forward-looking statements. Persons receiving this announcement should not place undue reliance on forward-looking statements. Unless otherwise required by applicable law, regulation or accounting standard, the Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
