Marlowe Holdings Limited Half Yearly Report (9402D)
October 30 2015 - 3:00AM
UK Regulatory
TIDMMRL
RNS Number : 9402D
Marlowe Holdings Limited
30 October 2015
30 October 2015
Marlowe Holdings Limited ("Marlowe")
Half-Year Results 2015
Marlowe (AIM:MRL), the AIM listed cash shell, today issues its
half-year results for the period to 30 September, 2015.
Summary:
-- Placing of GBP5.2m completed in May to pursue investment
opportunities; total cash currently available for acquisitions of
GBP8.3m;
-- Potential platform and bolt-on acquisition targets identified;
-- Strategy fine-tuned to focus on annuity-type recurring asset
maintenance services underpinned by the customer's obligation to
meet stringent regulatory and legislative requirements;
-- Acquisitions team strengthened by new appointments;
attractive pipeline of investment opportunities;
-- Half-year results show a broadly break-even performance (loss
of GBP2k) for the 6 months to September.
Commenting on progress Alex Dacre, Chief Executive, said:
"Since the appointment of the new Board on 15 May 2015, and the
completion of an oversubscribed share placing, we have been
encouraged by the progress made in developing Marlowe's
buy-and-build growth strategy.
During the period, we have identified attractive potential
platform and bolt-on targets in line with our investment strategy.
We believe that the targets identified could form the foundations
of a dynamic B2B service group, focused on delivering essential
annuity-type recurring asset maintenance services underpinned by
the customer's obligation to meet stringent regulatory and
legislative requirements. These requirements can result in a high
level of forward revenue visibility. The targets occupy large,
fragmented and operationally complex markets which we believe are
poised for consolidation, offer attractive economies of scale and
have growing barriers to entry. We look forward to executing our
strategy and are confident that significant further progress will
be made in the coming months.
Since May, as we have fine-tuned this strategy, we have made key
appointments to the acquisitions team and have developed an
attractive pipeline of investment opportunities. These represent
the kind of deals that members of the Marlowe Board have a proven
track record in completing. The markets that we are targeting offer
significant scope for further growth through bolt-on acquisitions
which can be executed at fair valuations and frequently fall below
the radar of private equity or the large US owned multi-nationals
who often occupy these types of markets. And, as a UK focused
specialist with short lines of communication and the ability to
move decisively and quickly, we believe we have a significant
competitive advantage.
Finally, I'd like to take this opportunity to thank our
shareholders for their continued support. I would only add that I
and my fellow directors have, as a demonstration of our commitment
to the success of your company, been working without remuneration
since the Board's appointment. We look forward to updating
shareholders of Marlowe's progress in due course."
Suspension of shares to trading on AIM
The Company notes the announcement made yesterday concerning the
movement in share price and that it is contemplating a potential
acquisition which would constitute a reverse takeover under the AIM
Rules. As a result, trading in the Company's shares will be
suspended until such time as an admission document is published in
relation to the potential acquisition or the talks otherwise
conclude. The Company will update shareholders with further
information in due course. There can be no certainty that these
discussions will lead to any transaction completing.
Enquires and further information:
Marlowe Holdings Limited
Alex Dacre, Chief Executive IR@marloweplc.com
Derek O'Neill, Group Finance Director +44 207 248 6700
Cenkos Securities
Nicholas Wells +44 207 397 8920
Summarised
Income
Statement
(unaudited)
Six months
ended
September 30 2015 2014
GBP000 GBP000
Interest Income 65 48
Administrative
expenses (67) (35)
Net
profit/(loss)
before and
after
taxation (2) 13
--------------------------------------------------------- ----------------------------------------------------------
Earnings per
ordinary
share (basic
and
diluted)
--------------------------------------------------------- ----------------------------------------------------------
(in pence) (0.02) 0.20
--------------------------------------------------------- ----------------------------------------------------------
Summarised
Balance
Sheet 30 September 31 March
2015 2015
(unaudited) (audited)
GBP000 GBP000
Fixed Assets
Property, plant
and
equipment 6 -
Current Assets
Cash and cash
equivalents 8,293 3,156
Other
receivables 21 26
--------------------------------------------------------- ----------------------------------------------------------
Total assets 8,320 3,182
Current
liabilities
Other
payables (10) (21)
Net assets 8,310 3,161
--------------------------------------------------------- ----------------------------------------------------------
Shareholders'
equity
Share capital 7,292 3,000
Share premium 859 -
Retained
earnings 159 161
--------------------------------------------------------- ----------------------------------------------------------
Total
shareholders'
equity 8,310 3,161
--------------------------------------------------------- ----------------------------------------------------------
Summarised
Statement
of Cash
Flows
(unaudited)
Six months
ended
September 30 2015 2014
GBP000 GBP000
---------------------------------------------------------- ----------------------------------------------------------
Net cash
generated
from
operating
activities (20) 39
Net cash
generated
from
investing
activities 6 -
Net cash
generated
from
financing
activities 5,151 -
---------------------------------------------------------- ----------------------------------------------------------
Net increase
in cash
for the
period 5,137 39
---------------------------------------------------------- ----------------------------------------------------------
Cash at
beginning
of period 3,156 3,128
---------------------------------------------------------- ----------------------------------------------------------
Cash at end
of period 8,293 3,167
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