Final Results

RNS Number : 4704X

Pires Investments PLC

30 April 2019

 

Pires Investments plc

("Pires" or the "Company")

Results for the year to 31 October 2018

The Board is pleased to announce the audited results of Pires for the year ended 31 October 2018.

Chairman's Statement

The Board is pleased to announce improved results for the financial year ended 31 October 2018 as compared with the previous year. The Company achieved a profit before taxation of £322,069 compared to a loss before taxation of £142,916 for 2017. Operating costs were significantly reduced during the year to £252,929.

The principal factor behind the improved results was the increase in the value of our investments which almost doubled to £1,029,526, after allowing for share disposals during the period amounting to £264,881 which includes realised gains of £89,192. Since the period end, the value of the investment portfolio has increased by a further 45% to £1,490,000 after further profitable share disposals.

The main factor behind the improved performance was the increase in the value of our holding in ECO (Atlantic) Oil and Gas Limited although our other investments, principally SalvaRx plc ("SalvaRx"), also made significant advances. Since the year end, there have been significant changes in SalvaRx which are described in the Directors' Report in the section 'Events after the Reporting Period'.

In February 2019, the Board raised additional equity funds by way of a placing to raise £781,720 at a price of 2.4p per share, a modest discount to the then market price of the shares. As markets continue to be uncertain, the Board believed that it was prudent to raise some additional funds at this stage to ensure that the Company is well placed for the future and better able to take advantage of opportunities as they arise.

Taking account of this placing and the increased value of the Company's investments, the Company's net assets have now risen to around £2.35 million and comprise virtually wholly of cash and tradeable quoted shares. As previously stated, the Board considers that the Company not only represents a much more attractive investment partner but also has the resources to diversify its portfolio and to make investments from time to time on a scale which could significantly enhance shareholder value.

The Board will continue to seek value enhancing investments whether by taking minority holdings or by direct acquisition.

Peter Redmond

Chairman

STATEMENT OF COMPREHENSIVE INCOME

		2018 £	2017 £
CONTINUING ACTIVITIES
Income
Investment income		-	-
Other Income		11	8
Total income		11	8
Gain  on investments held at fair value through profit or loss		574,987	196,049
Operating expenses		(252,929)	(338,973)
Operating profit / (loss) from continuing activities		322,069	(142,916)
Profit / (loss) before taxation from continuing activities		322,069	(142,916)
Tax		-	-
Profit / (loss) for the year from continuing activities		322,069	(142,916)
Profit / (loss) for the year and attributable to equity holders of the Company		322,069	(142,916)
Earnings per share
Equity holders
Basic and diluted		0.95p	(0.43)p

STATEMENT OF CHANGES IN EQUITY

	Share Capital  £	Share Premium £	Capital Redemption Reserve  £	Retained Earnings £	Total  £
Balance at 1 November 2016	11,858,477	2,997,555	164,667	(14,889,985)	130,714
Issue of shares	56,250	583,500	-	-	639,750
Loss and total comprehensive Income for the year	-	-	-	(142,916)	(142,916)
As at 31 October 2017	11,914,727	3,581,055	164,667	(15,032,901)	627,548
Profit and total comprehensive profit for the year	-	-	-	322,069	322,069
As at 31 October 2018	11,914,727	3,581,055	164,667	(14,710,832)	949,617

STATEMENT OF FINANCIAL POSITION

		2018 £	2017 £
Non-current assets
Property, plant and equipment		-	-
Investment in subsidiaries		1	1
Total non-current assets		1	1
Current assets
Investments		1,029,526	543,421
Trade and other receivables		11,357	9,875
Cash and cash equivalents		48,028	241,142
Total current assets		1,088,911	794,438
Total assets		1,088,912	794,439
Equity
Issued share capital		11,914,727	11,914,727
Share premium		3,581,055	3,581,055
Retained earnings		(14,710,832)	(15,032,901)
Capital redemption reserve		164,667	164,667
Total equity		949,617	627,548
Liabilities
Current liabilities
Trade and other payables		139,295	166,891
Total liabilities and current liabilities		139,295	166,891
Total equity and liabilities		1,088,912	794,439

	1.    OPERATING PROFIT / (LOSS)
		2018 £	2017 £
Operating profit / (loss) from continuing activities is stated after charging:
Depreciation of property, plant and equipment		-	230
Provision  against VAT receivable		-	68,157

	2.    PROFIT / (LOSS) PER SHARE
		2018 £	2017 £
Profit / (loss) attributable to the owners of the Company
Continuing Operations		322,069	(142,916)
		2018 No. of Shares	2017 No. of shares
Weighted average number of shares for calculating basic loss per share		33,900,805	33,521,353
		2018 Pence	2017 Pence
Basic and diluted profit /(loss) per share
Continuing Operations - basic and diluted		0.95	(0.43)

Copies of the accounts will be posted to shareholders and will be available on the Company's website at www.piresinvestments.com

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries:

Pires Investments plc:                                                                                                         [phone]

Peter Redmond, Director                                                                                  

Nominated Adviser:                                                                                                            [phone]

Cairn Financial Advisers LLP

Liam Murray

Tony Rawlinson

Ludovico Lazzaretti

Broker:                                                                                                                                  [phone]

Peterhouse Capital Limited

Duncan Vasey / Lucy Williams

 

END

 

 

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