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DJ Lombard Capital PLC Half-year Report

 
TIDMLCAP 
 
LOMBARD CAPITAL PLC 
("Lombard" or the "Company") 
 
UNAUDITED INTERIM RESULTS FOR THE TWELVE MONTHS ENDED 31 MARCH 2020 
 
CHAIRMAN'S STATEMENT 
 
Dear Shareholder 
 
On the 1st June we welcomed to the Board Barry Fromson as an executive 
director. Barry is a consultant and business development adviser who has worked 
in the financial and wealth management industry for nearly 40 years. 
 
On the 8th June, David Grierson took the opportunity to stand down as a 
director and chairman of the Company and in his stead I was appointed Charman 
and Barry Fromson became Chief Executive. 
 
The board has taken the opportunity to alter the year end to 30 June therefore, 
whist the accounts available to you now are for twelve months they are in fact 
classified as interims. 
 
The increased activity in search of meaningful accretive investments has 
resulted in a comprehensive loss of GBP939,188 for the twelve-month period 
compared to a comprehensive loss of GBP303,056. 
 
Since the period end and last financial report published in December your board 
and its adviser have been actively searching for new investments and I am 
pleased to say that this activity has resulted in the acquisition of Gaskell 
House through Lombard's wholly owned subsidiary Waste and Recycling Solutions 
Limited. 
 
We first announced this potential investment on 1 April and completed the 
investment on 23 April.  The board believes this to be a stepping stone to 
future investments in the waste management arena providing accretive values for 
shareholders. 
 
Again, since the period end, holders holding 3,200,000 warrants exercised those 
warrants resulting in a cash inflow of GBP320,000. Holders of Bonds totalling GBP 
507,000 converted their bonds into equity of 2,028,000 ordinary shares at a 
price of 25p per share. 
 
We are working with our advisers to lift the share suspension at the earliest 
opportunity enabling the company to develop its new investment, whist searching 
for new opportunities 
 
 
Brent Fitzpatrick 
Chairman 
Lombard Capital PLC 
29 June 2020 
 
 
The directors of Lombard Capital Plc accept responsibility for this 
announcement. 
 
For further information please contact: 
 
Brent Fitzpatrick 
Tel:  07767 457101 
 
AQSE Growth Market Corporate Adviser 
Alfred Henry Corporate Finance Limited 
Nick Michaels:  020 3772 0021 
 
 
Condensed Statement of Comprehensive Income 
Twelve months ended 31 March 2020 
 
                                          Year ended   Year ended   Year ended 
                                            31 March     31 March     31 March 
                                                2020         2019         2018 
 
                                           Unaudited      Audited      Audited 
 
                                                   GBP            GBP            GBP 
 
Continuing operations 
 
Consultancy fees                              54,000 
 
Investment income                                -            -            - 
 
Operating expenses                         (993,188)    (292,337)    (384,658) 
 
Finance charges                                  -       (29,469)          - 
 
Impairment of investments                        -            -            - 
 
Operating loss and loss before taxation    (939,188)    (321,806)    (384,658) 
 
Taxation                                         -            -            - 
 
Loss for the period, attributable to       (939,188)    (321,806)    (384,658) 
the owners 
 
Impairment of investments -                      -            -            - 
reclassification to income statement 
 
Market value adjustment to investments           -         18,750          - 
 
Total comprehensive loss for the period    (939,188)    (303,056)    (384,658) 
 
Loss per share, basic and fully diluted        (9.8)        (9.3)       (11.1) 
(in pence) 
 
Condensed Statement of Financial Position 
As at 31 March 2020 
 
                                              31 March      31 March      31 March 
                                                  2020          2019          2018 
 
                                             Unaudited       Audited       Audited 
 
                                                     GBP             GBP             GBP 
 
Non-current assets 
 
Available for sale investments                 131,250       131,250       112,500 
 
Financial assets at amortised cost             700,700       700,700             - 
 
                                               831,950       831,950       112,500 
 
Current assets 
 
Trade and other receivables                    927,149        41,296             - 
 
Cash and cash equivalents                      110,698        12,059         2,154 
 
                                             1,037,847        53,355         2,154 
 
Total assets                                 1,869,797       885,305       114,654 
 
Equity 
 
Ordinary shares                                  9,582         4,219         4,219 
 
Deferred shares                                189,897       189,897       189,897 
 
Share premium                                1,415,684       954,574       954,574 
 
Share option reserve                            80,300        80,300        80,300 
 
Investment revaluation reserve                 118,934       118,934       100,184 
 
Retained earnings                          (2,824,463)   (1,885,275)   (1,563,469) 
 
                                           (1,010,066)     (537,351)     (234,295) 
 
Current liabilities 
 
Trade and other payables                       500,613       672,656       348,949 
 
Loans and other borrowings                   2,379,250       750,000             - 
 
Total equity and liabilities                 1,869,797       885,305       114,654 
 
Notes to the financial statements 
 
Twelve months ended 31 March 2020 
 
1. Basis of preparation 
 
The financial statements for the twelve months ended 31 March 2020 are 
unaudited and do not constitute statutory accounts as defined in Section 434 of 
Companies Act 2006. The financial information for the years ended 31 March 2019 
and 31 March 2018 are extracted from the audited statutory accounts for the 
year then ended which have been delivered to the Registrar of Companies. 
 
The audit report on the accounts for the year ended 31 March 2018 was 
unqualified and did not contain a statement under Section 498(2) or (3) of 
Companies Act 2006. 
 
The audit report on the accounts for the year ended 31 March 2019 was 
qualified. The audit report modification was set out in an announcement made by 
the Company on 30 August 2019 as follows https://www.nexexchange.com/ 
announcements?newsid=4441854. 
 
The financial information for the twelve months ended 31 March 2020 has been 
prepared on the basis of the accounting policies set out in the full annual 
financial statements of the company for the year ended 31 March 2019. 
 
2. Earnings per share 
 
The basic and diluted earnings per share is calculated by dividing the loss 
attributable to the owners of the company by the weighted average number of 
ordinary shares in issue during the period. 
 
The weighted average number of shares in issue at 31 March 2020 was 4,309,760 
(31 March 2019: 4,219,157 and 31 March 2018: 3,455,865). 
 
3. Investments                               31 March      31 March     31 March 
                                                 2020          2019         2018 
 
                                            Unaudited       Audited      Audited 
 
                                                    GBP             GBP            GBP 
 
Investments at cost less impairment           131,250       131,250      112,500 
 
Impairments: Recognised in the year               -             -            - 
 
Market value adjustment                           -             -            - 
 
Market value at period end                    131,250       131,250      112,500 
 
 
 
 
END 
 

(END) Dow Jones Newswires

June 29, 2020 02:00 ET (06:00 GMT)