Half-year Report

RNS Number : 5037M
Pires Investments PLC
31 July 2017
 

 

Pires Investments PLC

("Pires" or the "Company")

 

Unaudited interim results for the six months to 30 April 2017

 

Chairman's Statement

 

During the six months to 30 April 2017, the Company has made good progress towards implementing its strategy.  It has successfully raised £675,000 gross by way of two placings at 3p.  It has also invested £500,000 into Eco (Atlantic) Oil and Gas Ltd ("Eco"), an oil and gas business, which is listed on the Toronto Stock Exchange and on AIM. The Eco share price has, to date, increased by around 15% since our investment was made and some profits on this investment have already been realised.

 

The performance of the remainder of our portfolio has also been satisfactory as evidenced by the gains on investments shown in the profit and loss account. There has been a further modest increase in the overall value of our investments since 30 April 2017. At the same time, we have continued to reduce costs and conserve cash, though the effect of the cost reduction will be more evident in the second half of the financial year.

 

Our strategy continues to be focused on undertaking a substantial transaction - we continue to review some attractive opportunities and are hopeful that an appropriate transaction will be identified in the short term which will ultimately create value for shareholders.

 

Peter Redmond

Chairman

 

 

Enquiries:

 

Pires Investments plc

Peter Redmond, Director

 

 

Tel: +44 (0) 20 7917 1817

Nominated Adviser

Cairn Financial Advisers LLP

Liam Murray

 

 

Tel: +44 (0) 20 7148 7900

Broker

Peterhouse Corporate Finance

Duncan Vasey / Lucy Williams

 

Tel: +44 (0) 20 7469 0935

Tel: +44 (0) 20 7469 0936

 

 



 

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

for the six months ended 30 April 2017



Unaudited


Unaudited


Audited



6 months


6 months


Year



ended


ended


Ended



30-Apr


30-Apr


31-Oct



2017


2016


2016








Continuing activities


£


£


£


Notes






Revenue







Investment income


-


-


33

Other income


5


13


21

Total revenue


5


13


54








Gains/(losses) on investments held at fair value through profit or loss


100,558


(22,843)


(302,463)

Operating expenses


(131,714)


(130,980)


(248,611)

Operating (loss) from continuing activities


(31,151)


(153,810)


(551,020)















(Loss) before taxation from continuing activities


(31,151)


(153,810)


(551,020)

Tax


-


342


-








(Loss) for the period from continuing activities

(31,151)


(153,468)


(551,020)








Loss on disposal of discontinued operations


-


-


(8,617)








(Loss) for the period and total comprehensive income attributable to equity holders of the Company


(31,151)


(153,468)


(559,637)








Basic (loss) per share

3






Equity holders







Basic and diluted


(0.091p)


(0.006p)


(5.00p)






















 



UNAUDITED STATEMENT OF FINANCIAL POSITION

As at 30 April 2017



Unaudited


Unaudited


Audited



As at


As at


As at



30-Apr


30-Apr


31-Oct



2017


2016


2016



£


£


£


Notes






NON-CURRENT ASSETS







Property, plant and equipment


25


503


230

Investment in subsidiaries


2


1


1

TOTAL NON CURRENT ASSETS


27


504


231








CURRENT ASSETS







Investments


680,823


483,093


152,624

Trade and other receivables


77,505


35,818


53,865

Cash and cash equivalents


108,878


52,681


49,448

TOTAL CURRENT ASSETS


867,206


571,592


255,937

TOTAL ASSETS 


867,233


572,096


256,168








EQUITY 







Called up share capital


11,937,944


11,853,192


11,858,477

Share premium account


3,557,838


2,904,840


2,997,555

Retained earnings


(14,921,136)


(14,483,815)


(14,889,985)

Capital redemption reserve


164,667


164,667


164,667

TOTAL EQUITY

4

739,313


438,884


130,714








LIABILITIES














CURRENT LIABILITIES







Trade and other payables 


127,920


133,212


125,454

TOTAL LIABILITIES AND CURRENT LIABILITIES


127,920


133,212


125,454








TOTAL EQUITY AND LIABILITIES


867,233


572,096


256,168

 



UNAUDITED CASH FLOW STATEMENT

For the six months ended 30 April 2017

 



Unaudited


Unaudited


Audited



6 months

ended


6 months

ended


Year ended

ended



30-Apr


30-Apr


31-Oct



2017


2016


2016



£


£


£

Cash flows from operating activities


(31,151)


(153,468)


(559,637)

Depreciation


205


553


827

Realised (gain)/loss on disposal of investments




-


3,996

Fair value movement in investments


(100,558)


22,843


298,647

Finance income


-


(355)


(33)

(Increase)/decrease in receivables


(23,640)


40,522


22,475

Increase/(decrease) in payables


2,464


51,319


43,560








Net cash absorbed by operating activities


(152,680)


(38,586)


(190,165)








Cash flows from investing activities







Payments to acquire investments


(510,000)


-


-

Proceeds of sale of investments


82,360


10,587


61,434

Disposal of subsidiary




18,500


18,321

Net proceeds from share issue




-



Finance income received


-


355


33








Net cash (used in)/from investing activities


(427,640)


29,442


79,788

Cash flows from financing activities







Proceeds from issue of equity


639,750




98,000

Finance costs paid


-


-


-








Net cash from financing activities


639,750


-


98,000








Net increase/(decrease) in cash and cash equivalents during the period

 

 

59,430


(9,144)


(12,377)

Cash and cash equivalents at beginning of the period

 

 

49,448


61,825


61,825








Cash and cash equivalents at end of the period


108,878


52,681


49,448















 



Notes to the Unaudited Interim Report

 

1. GENERAL INFORMATION

 

Pires Investments Plc (the "Company") is a company domiciled in England whose registered office address is c/o Cooley Services Limited, Dashwood, 69 Old Broad Street, London EC2M 1QS. The condensed interim financial statements of the Company for the six months ended 30 April 2017 are for the Company only. The Company disposed of its subsidiary, Ventec Renewable Energy Limited, in February 2016. The condensed interim financial statements for the six months ended 30 April 2016 are those of the Group which had a subsidiary during that period.

 

The condensed consolidated interim financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.

 

The financial information for the year ended 31 October 2016 has been extracted from the statutory accounts for that period which were prepared in accordance with International Financial Reporting Standards ("IFRS"). The auditors' report on the statutory accounts was unqualified. A copy of those financial statements has been filed with the Registrar of Companies.

 

The financial information for the six months ended 30 April 2016 and 2017 was also prepared in accordance with IFRS.

 

The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements. 

 

The condensed interim financial statements were authorised for issue on 31 July 2017.

 

 

2. BASIS OF ACCOUNTING

 

The financial statements are unaudited and have been prepared on the historical cost basis in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS") using the same accounting policies and methods of computation as were used in the annual financial statements for the year ended 31 October 2016. As permitted, the interim report has been prepared in accordance with the AIM rules for Companies and is not compliant in all respects with IAS 34 Interim Financial Statements. The condensed consolidated interim financial statements do not include all the information required for full annual financial statements and hence cannot be construed as in full compliance with IFRS.

 



 

3. LOSS PER SHARE

 

The calculation of the basic loss per share is based on the following data:

 


Unaudited

Unaudited

Audited


6 months

6 months

Year


ended

ended

ended


30-Apr

30-Apr

31-Oct


2017

2016

2016


£

£

£

Profit/(loss) on continuing activities after tax

(31,151)

(153,468)

(551,020)

 

Basic and fully diluted




Basic and fully diluted (loss)/earnings per share have been computed based on the following data:

 



Number of shares


Weighted average number of ordinary shares for the period

33,900,803

2,321,659,864

11,400,805

Basic (loss)/earnings per share from continuing activities (p)

(0.091)

(0.006)

(5.00)

 

There were no dilutive instruments that would give rise to diluted earnings per share.


 

 

 

 

 

 



 

4. STATEMENT OF CHANGES IN EQUITY

 


Share Capital


Share Premium


Capital Redemption Reserve


Retained Earnings


Total


£


£


£


£


£

At 1 November 2015

11,853,192


2,904,840


164,667


(14,398,671)


524,028

Loss for the 6 months ended 30 April 2016

 

 






(153,468)


(153,468)

Adjustment re disposal of subsidiary







68,324


68,324

At 30 April 2016

11,853,192


2,904,840


164,667


(14,483,815)


438,884

Issue of shares

5,285


92,715






98,000

Loss for the 6 months ended 31 October 2016







(406,170)


(406,170)

At 31 October 2016

11,858,477


2,997,555


164,667


(14,889,985)


130,714

Issue of shares

56,250


583,500






639,750

Adjustment re share consolidation

23,217


(23,217)






-

Loss for the 6 months ended 30 April 2017







(31,151)


(31,151)

At 30 April 2017

11,937,944


3,557,838


164,667


(14,921,136)


739,313

 

 

 

 

5.  DISTRIBUTION OF INTERIM REPORT

 

Copies of the Interim Report for the six months ended 30 April 2017 are available on the Company's website, www.piresinvestments.com.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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