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DJ Lombard Capital PLC Unaudited Final Results

 
TIDMLCAP 
 
LOMBARD CAPITAL PLC 
 
                         ("Lombard" or the "Company") 
 
                            Unaudited Final Results 
 
The Company presents the unaudited results for the twelve month period to 31 
March 2014. 
 
CHAIRMAN'S STATEMENT 
 
Dear Shareholders, 
 
On 13 November 2013, the Company announced that the Board had reviewed the 
strategy of the Company in light of economic conditions at the time, and had 
decided to focus on the provision of short-term lending facilities, a model 
which had generated income for the Company. During the past six months, the 
debt business has become more challenging, as the Company has struggled to find 
companies that meet its lending criteria. Whilst we continue to look for 
suitable targets for this model, we have also been reviewing a number of 
investment opportunities in both quoted and unquoted companies. 
 
The net assets of the Company at 31 March 2014 were GBP273,459, representing a 
NAV of 0.14p per share. This represents a decrease of 36% on the previous year 
when net assets were GBP425,952, representing a NAV of 0.22p per share. The 
reduction in the net asset value has mainly been due to the disposal of 
various, historic equity investments, at a loss. 
 
On 26 June 2014, Grahame Rose stepped down from the Board of the Company to 
pursue other commitments. Grahame was a Director of the Company through very 
difficult economic conditions and the Company would like to thank him for all 
of his efforts. On the same day, Russell Darvill joined the Board as 
Non-Executive Director. Russell is a finance professional who has held a number 
of executive and non-executive board positions in both public (AIM and ISDX) 
and private companies. 
 
At the Company's financial year end, the Company held equity in the following 
companies: 
 
  * BWA Group plc, an investment company quoted on ISDX. Our shareholding 
    represents 6.7% of BWA's equity. 
 
  * Prego International Limited, an unquoted company whose business is the 
    marketing of Master- and Visa- cards principally to migrant workers 
    employed in overseas territories 
 
  * Elevate Platform Limited, an unquoted online recruitment business. Our 
    shareholding represents 2.8% of Elevate's equity. 
 
The Directors are committed to keeping costs to a minimum and building 
shareholders value. Over the period the administrative expenses of the Company 
declined by 14% from GBP97,961 in the previous year to GBP84,232 in the year to 31 
March 2014. 
 
The Board remains active in seeking a way to create value for shareholders and 
is exploring various strategies, in light of the current economic climate. The 
Board is currently evaluating a number of investment opportunities and intends 
to keep shareholders notified of any progress made. 
 
Jason Teichman 
 
Chairman 
 
INCOME STATEMENT 
 
FOR THE YEAR ENDED 31 March 2014 
 
                                                   2014                 2013 
 
                                                   GBP                       GBP 
 
Continuing operations: 
 
Loss on disposal of investments                    (44,127)      (132,645) 
 
Investment income                                  24,168        10,000 
 
Impairment of investments                          -             (26,752) 
 
Operating expenses                                 (84,232)      (106,360) 
 
Operating loss and loss before taxation            (104,191)     (255,757) 
 
Taxation expense                                   -             - 
 
Loss for the year, attributable to owners of the   (104,191)     (255,757) 
Company 
 
Loss per share attributable to owners of the       Pence         Pence 
Company during the year 
 
Basic and diluted: 
 
Total and continuing operations                    (0.05)        (0.13) 
 
STATEMENT OF FINANCIAL POSITION 
 
AS AT 31 March 2014 
 
                                                   2014         2013 
 
                                                   GBP            GBP 
 
NON CURRENT ASSETS 
 
Available for sale investments                     150,000      392,158 
 
CURRENT ASSETS 
 
Trade and other receivables                        -            6,816 
 
Cash and cash equivalents                          152,241      52,229 
 
                                                   152,241      59,045 
 
TOTAL ASSETS                                       302,241      451,203 
 
EQUITY 
 
Share capital                                      191,815      191,815 
 
Share premium                                      755,614      755,614 
 
Investment revaluation reserve                     66,986       115,288 
 
Retained earnings                                  (740,956)    (636,765) 
 
Equity attributable to owners of the Company and    273,459     425,952 
total equity 
 
CURRENT LIABILITIES 
 
Trade and other payables                           28,962       25,251 
 
TOTAL EQUITY AND LIABILITIES                        302,421     451,203 
 
NOTES: 
 
 1. The financial information contained in this announcement has not been 
    audited or reviewed by the Company's auditor. 
 
 2. The Company does not declare a dividend for the period. 
 
 3. The Company has complied with Guidance Note 69.1 of the ISDX Growth Market 
    - Rules for Issuers, throughout the relevant period. 
 
If it becomes known to the Directors of the Company that the audit report is to 
be qualified or is modified in relation to going concern or otherwise, the 
terms of such qualification or modification will be announced immediately. 
 
The Directors of Lombard are responsible for the contents of this announcement. 
 
                                   --ENDS-- 
 
ENQUIRIES: 
 
LOMBARD CAPITAL PLC 
Jason Teichman 
+44 776 888 2644 
 
PETERHOUSE CORPORATE FINANCE LIMITED 
Mark Anwyl and Fungai Ndoro 
+44 20 7469 0934 
 
 
 
END 
 

(END) Dow Jones Newswires

August 29, 2014 12:26 ET (16:26 GMT)