Half-year Report

RNS Number : 0661W
Pires Investments PLC
27 July 2018
 

 

Pires Investments PLC

("Pires" or the "Company")

 

Unaudited interim results for the six months to 30 April 2018

 

Chairman's Statement

 

The Company is pleased to report a profit of £122,556 during the period under review resulting from an improvement in the value of our investment portfolio, net of disposals.

 

As at the period end, our net asset value amounted to £750,000, which represented an increase of some 20% on the position at the year end and principally comprises cash and investments.

 

The principal investment in the portfolio is Eco (Atlantic) Oil & Gas Limited.

 

Since the period end, there has been a further modest increase in the value of the portfolio.

 

We continue to review potentially attractive investment and reverse takeover opportunities and we are confident that further progress will be made in the coming months.

 

Peter Redmond

Chairman

 

 

Enquiries:

 

Pires Investments plc

Peter Redmond, Director

 

 

Tel: +44 (0) 20 7917 1817

Nominated Adviser

Cairn Financial Advisers LLP

Liam Murray / Tony Rawlinson

 

 

Tel: +44 (0) 20 7213 0880

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 2018


Unaudited


Unaudited


Audited


6 months


6 months


Year


ended


ended


Ended


30-Apr


30-Apr


31-Oct


2018


2017


2017








£


£


£

Notes













-


-


-


6


5


8

Total revenue


6


5


8








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


271,165


100,558


196,049

Operating expenses


(148,615)


(131,714)


(338,973)

Operating profit / (loss) from continuing activities


122,556


(31,151)


(142,916)















Profit / (Loss) before taxation from continuing activities


122,556


(31,151)


(142,916)

Tax


-


-


-








Profit / (Loss) for the period from continuing activities

122,556


(31,151)


(142,916)















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


122,556


(31,151)


(142,916)








Basic profit / (loss) per share






Equity holders






Basic and diluted

0.37p


(0.091p)


(0.43p)























 

UNAUDITED STATEMENT OF FINANCIAL POSITION

As at 30 April 2018



Unaudited


Unaudited

(restated)


Audited



As at


As at


As at



30-Apr


30-Apr


31-Oct



2018


2017


2017



£


£


£


Notes













0


25


0


1


2


1


1


27


1















799,101


680,823


543,421


7,400


77,505


9,875


113,587


108,878


241,142


920,088


867,206


794,438


920,089


867,233


794,439















11,914,727


11,914,727


11,914,727


3,581,055


3,581,055


3,581,055


(14,910,345)


(14,921,136)


(15,032,901)


164,667


164,667


164,667

4

750,104


739,313


627,548




























169,985


127,920


166,891


169,985


127,920


166,981









920,089


867,233


794,439



 

UNAUDITED CASH FLOW STATEMENT

For the six months ended 30 April 2018

 


Unaudited


Unaudited


Audited


6 months

ended


6 months

ended


Year ended

ended


30-Apr


30-Apr


31-Oct


2018


2017


2017


£


£


£


122,556


(31,151)


(142,916)


-


205


230




-


(44,205)


(271,165)


(100,558)


(151,844)


(6)


-


(8)


2,476


(23,640)


43,990

3,085


2,464


41,437






(143,054)


(152,680)


(253,316)






Payments to acquire investments

(176,000)


(510,000)


(520,000)

191,493


82,360


325,252



-


-



-



6

-


8



15,499

(427,640)


(194,740)






-


639,750


639,750

-


-


-






-

639,750

639,750






(127,555)


59,430


191,694

241,142


49,448


49,448







113,587


108,878


241,142

















 

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 2018 is that of the Company only.

 

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 2017 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 2017 and 2018 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 27 July 2018.

 

 

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 2017. 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. PROFIT / 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


2018

2017

2017


£

£

£

122,556

(31,151)

(142,916)




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

 


Number of shares


33,521,353

33,900,803

33,521,353

0.37

 

(0.091)

(0.43)


 

 

 

 

 

 




Share Capital


Share Premium


Capital Redemption Reserve


Retained Earnings


Total


£


£


£


£


£

11,881,694


2,974,338


164,667


(14,889,985)


130,714

56,250


583,500






639,750

 

 






(31,151)


(31,151)

11,937,944


3,557,838


164,667


(14,921,136)


739,313







(111,765)


(111,765)

11,937,944


3,557,838


164,667


(15,032,901)


627,548
















122,556


122,556

11,937,944


3,557,838


164,667



750,104

 

5.  DISTRIBUTION OF INTERIM REPORT

 

Copies of the Interim Report for the six months ended 30 April 2018 are available on the Company's website, www.piresinvestments.com.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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