Tower Gate Capital Limited
LSE : TGCP

January 29, 2010 11:20 ET

Interim Results

29 January 2010


                                          TOWER GATE CAPITAL PLC
                                                     
                         INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2009


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 2009. These figures have not been audited or reviewed  by  the
Company's auditors.


CHAIRMAN'S STATEMENT

This  statement follows a fuller Chairman's statement for the year ended 31 March 2009. Many of the  themes
of the last statement still apply to the Group, and thus this statement will be much shorter.

The  6  months ended 30 September 2009 were still very hard. Very few investment or M&A transactions closed
in  the  UK  or  US,  the earlier financial market panic was only just subsiding into  a  form  of  bruised
numbness,  and  many companies were just hunkering down into survival mode. That said, the  equity  markets
were picking themselves up (albeit on low volume) and large company bond markets were active.

The  Group,  which  works  with  smaller companies, had a quiet six months,  but  came  through  relatively
unscathed.  We  won  very  few  mandates, and we made no new investments. However  some  of  our  portfolio
companies showed continued improvement, and noticeably our oil investment, Anglo Ukraine Energy, which went
into oil production of an initial small volume, and mCentric, our Spanish based wireless software company.

Being small and nimble, flexible and tightly controlled, we remain open for new opportunities, and continue
to actively explore new mandates and investment opportunities.



Mr M Hudson
Chairman
29 January 2010



GROUP PROFIT AND LOSS ACOUNT

                                                               Six months    Six months          Year
                                                                    ended         ended         ended
                                                             30 September  30 September      31 March
                                                                      2009         2008          2009
                                                                         £            £             £

Turnover                                                            16,029      147,125       151,692
Net loss arising from fixed asset investments                    (225,857)      (2,989)     (483,866)
                                                            ---------------------------------------------
Gross loss/(profit)                                              (209,828)      144,136     (332,174)
Administrative expenses                                          (141,320)     (76,678)     (712,630)
                                                            ---------------------------------------------
Operating (loss)/profit                                          (351,148)       67,458   (1,044,804)
Interest receivable and similar income                               7,878        3,265         9,601
Interest payable and similar charges                              (91,057)     (69,590)     (149,629)
                                                            ---------------------------------------------
(Loss)/profit on ordinary activities before taxation             (434,327)        1,133   (1,184,832)
Taxation                                                                 -            -             -
                                                            ---------------------------------------------
(Loss)/profit for the period                                     (434,327)        1,133   (1,184,832)
                                                            ---------------------------------------------



GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                                                               Six months    Six months          Year
                                                                    ended         ended         ended
                                                             30 September  30 September      31 March
                                                                      2009         2008          2009
                                                                         £            £             £

(Loss)/profit for the period                                     (434,327)        1,133   (1,184,832)

Unrealised surplus on fixed asset investments                            -      453,925     1,552,182

Unrealised losses on fixed asset investments                             -            -     (355,249)


                                                            ---------------------------------------------
Total recognised gains and losses relating to the period          (434,327)     455,058        12,101
                                                            ---------------------------------------------




THE DIRECTORS OF THE ISSUER ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT

                                                 --ENDS--

CONTACT DETAILS:

Tower Gate Capital Plc:          Michael Wright           Tel: 020 7409 0500

Fisher Corporate Plc:            Carolyn Hazard           Tel: 020 7388 7000

Contact Information

  • Tower Gate Capital Limited