Capital for
Colleagues plc / EPIC: CFCP / Market: ISDX / Sector: Investment
28 May 2015
CAPITAL FOR
COLLEAGUES PLC
(‘Capital for Colleagues’ or the ‘Company’)
Unaudited Interim
Results for the six months ended 28 February
2015
Capital for Colleagues, the investment vehicle focused on
opportunities in the Employee Owned Business (‘EOB’) sector, is
pleased to announce its unaudited interim results for the six
months ended 28 February 2015.
Highlights
- Additional GBP 700,000 invested
in the period – GBP 450,000 in new
investments and GBP 250,000 in
follow-on funding
- Revenues of GBP 304,000 (2014:
GBP 19,000), comprising interest
receivable and monitoring fees
- Net assets of GBP 3.5 million as
at 28 February 2015 (2014: GBP
0.9 million)
- Investment portfolio now comprises 22 entities, 10 private EOBs
and 12 publically traded companies displaying demonstrable employee
engagement
- Innovative crowdfunding completed after period end – additional
GBP 300,000 raised for
investment
- Directors confident that political and economic stability will
drive further growth in the EOB sector
Chief Executive’s Statement
I am delighted
to report that Capital for Colleagues continues to make excellent
progress in implementing our active investment strategy, focusing
on companies with attractive fundamentals and a real commitment to
employee ownership. Employee ownership is a proven, successful
business model, which is recognised to improve productivity and
create wealth whilst providing a stable employment environment and
the possibility of attractive commercial returns for investors.
In the six
months ended 28 February 2015, the
Company invested a further GBP
700,000 in new and existing investee companies. I am
particularly pleased to report that a number of loans were repaid
or restructured during the period, which not only highlights the
progress made by the underlying companies but also the strength of
our investment strategy and portfolio.
We now have
investments across a range of business areas, from civil
engineering to accountancy, reflecting the diversity of the EOB
space and the breadth of investment opportunities available to the
Company.
After the end
of the interim period, Capital for Colleagues successfully raised
GBP 300,000 through an innovative
crowdfunding. These proceeds will be used by the Company for
investment in EOBs in accordance with the Company’s active growth
strategy.
Financial Results
In the period
ended 28 February 2015, the Company
generated income of GBP 304,053
(2014: GBP 18,970), principally from
interest receivable and other fees associated with our investments.
As at 28 February 2015, the
Company had net assets of GBP 3.5
million (2014: GBP 0.9
million).
Outlook
Capital for
Colleagues’ ability to advise existing and potential EOBs as well
as to provide them with funding, means that the Company is
exceptionally well placed to create growth in the EOB sector and to
benefit from that growth.
We continue to
work closely with the Employee Ownership Association and other
supporters of employee ownership to promote the commercial and
financial benefits of EOBs and we believe that the UK’s relative
political and economic stability will continue to foster an
environment where EOBs are perceived as important generators of
equitable and dynamic growth.
John Eckersley
Chief Executive
For further information please visit
http://www.capitalforcolleagues.com/ or contact:
CAPITAL FOR
COLLEAGUES PLC
Richard Bailey, Chairman
John Eckersley, Chief Executive |
0161 233 4891 |
PETERHOUSE CORPORATE
FINANCE LIMITED
Mark Anwyl
Duncan Vasey |
020 7469 0930 |
ST BRIDES PARTNERS
LTD
Hugo de Salis
Charlotte Heap |
020 7236 1177 |
PROFIT AND LOSS ACCOUNT
|
|
Unaudited 6 months
to 28 February 2015
GBP 000’s |
Unaudited 5 months
to 28 February 2014
GBP 000’s |
Audited 11 months to
31 August 2014
GBP 000’s |
Revenue |
|
304 |
19 |
212 |
Administrative expenses |
|
(216) |
(16) |
(95) |
PROFIT FROM ONGOING
OPERATIONS |
|
88 |
3 |
117 |
Costs of Initial Public
Offering |
|
- |
- |
(186) |
PROFIT/(LOSS) BEFORE
TAXATION |
|
88 |
3 |
(69) |
Tax |
- |
- |
(23) |
PROFIT/( LOSS) FOR
THE PERIOD |
88 |
3 |
(92) |
BALANCE SHEET
|
As
at
28 February 2015
GBP 000’s |
As
at
28 February 2014
GBP 000’s |
As
at
31 August 2014
GBP 000’s |
ASSETS |
|
|
|
Non Current Assets |
|
|
|
Investments held at fair value
through profit or loss |
1,329 |
499 |
1,033 |
Loans and receivables |
1,565 |
350 |
1,295 |
|
2,894 |
849 |
2,328 |
Current Assets |
|
|
|
Trade and other
receivables |
122 |
18 |
255 |
Cash and cash
equivalents |
505 |
63 |
868 |
|
627 |
81 |
1,123 |
|
|
|
|
TOTAL ASSETS |
3,521 |
930 |
3,451 |
EQUITY AND LIABILTIES |
|
|
|
Equity |
|
|
|
Called up share capital |
2,866 |
846 |
2,866 |
Share premium |
614 |
99 |
614 |
Retained (loss) |
(4) |
(16) |
(92) |
Total Equity |
3,476 |
929 |
3,388 |
Current Liabilities |
|
|
|
Trade and other
payables |
46 |
1 |
63 |
TOTAL EQUITY AND LIABILITIES |
3,521 |
930 |
3,451 |
The interim results have not been reviewed by the Company's
auditors.
The Directors of the Company are responsible for the contents of
this announcement.
Notes
Capital for Colleagues is an investment company focused on the
Employee Owned Business (‘EOB’) sector. The Company has a
clear strategy aimed at investing in, advising and growing
established, mainly UK-based, EOBs as well as assisting companies
which are looking to launch employee ownership schemes, providing
the capital and advice to help them achieve their objectives.
Capital for Colleagues has a proven management team, with a wide
network of contacts and affiliates, as well as established access
to investment opportunities, enabling the Company to execute its
strategy and identify and capitalise on EOB-focused investment
opportunities.