Tower Gate Capital Limited
LSE : TGCP

December 24, 2010 10:48 ET

Half year report

24th December 2010

                                        TOWER GATE CAPITAL PLC
                                                   
                       INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2010
                                                  And
                                 STATEMENT OF TRADING TO DECEMBER 2010


Tower  Gate  Capital  PLC ("Tower Gate Capital" or the "Company") is pleased to announce  its  interim
results  for  the  six month period ended 30 September 2010. These figures have not  been  audited  or
reviewed by the Company's auditors.

In addition, the Company announces a general trading up-date.


    1.      Unaudited Financial Results for the six months ending 30 September 2010

GROUP PROFIT AND LOSS ACOUNT

                                                                Unaudited     Unaudited       Audited
                                                               Six months    Six months          Year
                                                                    ended         ended         ended
                                                             30 September  30 September      31 March
                                                                      2010         2009          2010
                                                                         £            £             £

Turnover                                                           120,808       16,029        94,136
Net loss arising from fixed asset investments                     (20,474)    (225,857)      (51,097)
                                                            -----------------------------------------

Gross profit/(loss)                                                100,334    (209,828)        43,039

Administrative expenses                                           (92,762)    (141,320)     (298,612)
Exceptional item - Medoco Settlement                                     -            -     (395,544)
                                                            -----------------------------------------

Operating profit/(loss)                                              7,572    (351,148)     (651,117)

Interest receivable and similar income                                   1        7,878        11,958
Interest payable and similar charges                             (114,516)     (91,057)      (10,303)
                                                            -----------------------------------------

Loss on ordinary activities before taxation                      (106,943)    (434,327)     (649,492)

Taxation                                                                 -            -             -
                                                            -----------------------------------------

Loss for the period                                              (106,943)    (434,327)     (649,462)
                                                            -----------------------------------------



All amounts relate to continuing activities.

Group statement of total recognised gains and losses
for the six months ended 30 September 2010
                                                                Unaudited     Unaudited       Audited
                                                               Six months    Six months          Year
                                                                    ended         ended         ended
                                                             30 September  30 September      31 March
                                                                      2010         2009          2010
                                                                         £            £             £

Loss for the period                                              (106,943)    (434,327)     (649,462)

Unrealised surplus on fixed asset investments                            -            -       392,726

                                                            -----------------------------------------

Total recognised gains and losses relating to the period         (106,943)    (434,327)     (256,736)
                                                            -----------------------------------------



GROUP BALANCE SHEET

                                                                 Unaudited     Unaudited       Audited
                                                              30 September  30 September      31 March
                                                                      2010         2009          2010
                                                                         £            £             £
Fixed assets
Tangible assets                                                     12,126        5,683         3,791
Investments                                                      3,412,450    3,198,072     3,543,743
                                                           ------------------------------------------

                                                                 3,424,576    3,203,755     3,547,534
                                                           ------------------------------------------


Current assets
Debtors                                                             84,576       76,583       101,848
Cash at bank and in hand                                               760        4,957         5,005
                                                           ------------------------------------------

                                                                    85,336       81,540       106,853
Creditors - amounts falling due within one year                  (913,041)    (873,083)   (1,119,980)
                                                                 ---------    ---------     ---------
Net current liabilities                                          (827,705)    (791,543)   (1,013,127)
                                                                 ---------    ---------     ---------
Total assets less current liabilities                            2,596,871    2,412,212     2,534,407

Creditors - amounts falling due in more than one year          (2,296,403)  (1,899,483)   (2,236,994)

Provisions for liabilities                                               -    (450,000)             -

                                                           ------------------------------------------


Net assets                                                         300,468       62,729       297,413
                                                           ------------------------------------------



Capital and reserves
Called up share capital                                            121,554      115,222       116,554
Share premium account                                              160,759            -        55,761
Revaluation reserve                                              1,875,490    1,588,287     1,981,013
Profit and loss account                                        (1,857,335)  (1,640,780)   (1,855,915)
                                                           ------------------------------------------

Shareholders' funds                                                300,468       62,729       297,413
                                                           ------------------------------------------




    2.      Statement of Trading 

The  business  of the Company has really mushroomed in the second half of this calendar year.  We  are
noticing increasing optimism and human energy returning to our markets.
We have signed new advisory mandates, as well as made some large strides in our portfolio companies.

We particular find ourselves working extensively in the following sectors:

            *       Energy - old and new - oil and gas, coal, wind, solar and  renewables
            *       Real estate and project finance
            *       Telecoms and technology; and
            *       Financial services

Anglo  Ukraine Energy, our Ukraine oil production investment has agreed new licences on 2  new  fields
that have been ratified by the Crimean Government.

    3.      Prospects

The  Board very much looks forward to the rest of the financial year, and is very optimistic about the
Company's prospects.

The Board accepts responsibility for the content of this announcement.
        



Tower Gate Capital PLC

CONTACT DETAILS:

Tower Gate Capital PLC:                         Matthew Hudson          Tel: 020 7409 0500

Fisher Corporate Plc                            Carolyn Hazard          Tel: 020 7380 4900

Contact Information

  • Tower Gate Capital Limited