PRIMORUS INVESTMENTS PLC Primorus Investments plc
("Primorus" or the "Company")
Interim Results for the six months ended 30 June 2021
Primorus Investments plc (AIM: PRIM) is pleased to announce its interim results for the six months ended 30 June 2021.
Overview
Primorus has a strong balance sheet with no debt and with total assets (including cash of £1.346 million) as at 30 June 2021 amounting to £9.17 million (30 June 2020: £8.09 million).
The last six months have been a very busy time at Primorus. The Board has spent considerable time reorganising the Company and its balance sheet to provide investors with what it believes to be a low cost, high impact strategy underpinned by the revised investing policy.
The Board has reduced the overall operating costs, appointed a new Chief Executive, fully appraised all the current investments, and pursued new investment opportunities.
The results of the appraisal of its existing investments led to the Company increasing its holdings in Fresho and Engage which, along with Zuuse, are the three companies (from investments made prior to November 2020) that the Board believes will deliver the greatest shareholder returns.
In addition to the above, in April the Company made a new investment into Mustang Energy PLC to gain exposure to the vanadium flow battery storage market. The Board believes that this sector, along with other forms of renewable energy and clean technology, is going to be a financially rewarding market to be invested in.
Financial Results
The operating loss for the six months to 30 June 2021 was £115,000 (30 June 2020: £3.29m profit).
The net loss after tax was £115,000 (30 June 2020: £3.29m profit).
Total assets, including cash, at 30 June 2021 amounted to £9.17 million (30 June 2020: £8.09 million).
Outlook
The Board remains confident that significant opportunities exist for the Company going forward. We look forward to the remainder of 2021 being a period in which we can further demonstrate our business model which is now underpinned by the new investing policy.
The Board are currently reviewing several exciting investment opportunities that are aligned with the new investing policy. The Board has been screening several opportunities and has identified at least one that could begin to generate value for shareholders this calendar year.
We look forward to updating shareholders as and when our existing investments mature, and new investments present themselves.
The Directors would like to take this opportunity to thank our shareholders, staff and consultants for their continued support.
Rupert Labrum
Chairman
10 September 2021
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information please contact: | |
Primorus Investments plc | |
Matthew Beardmore, Chief Executive Officer | +44 (0)20 8154 7907 |
Nominated Advisor | |
Cairn Financial Advisers LLP | +44 (0) 20 7213 0880 |
James Caithie / Sandy Jamieson |
Unaudited Condensed Company Statement of Comprehensive Income for the six months ended 30 June 2021
Continuing operations
Revenue
Investment income
Realised gain on disposal of financial investments
Unrealised gain/(loss) on market value movement of financial investments
6 months to | 6 months to | Year to | |
30 June | 30 June | 31 December | |
2021 | 2020 | 2020 | |
Unaudited | Unaudited | Audited | |
Not | £'000 | £'000 | £'000 |
es | |||
48 | 1 | 14 | |
107 | 834 | 6,033 | |
(21) | 2,715 | (323) |
Total gains on financial investments | 134 | 3,550 | 5,724 |
Share based payments | (13) | - | - |
Operating costs | (236) | (258) | (475) |
Impairment of financial investments
(Loss)/Profit before tax
Taxation
(Loss)/Profit for the period attributable to equity shareholders of the company
Other comprehensive income
Total Comprehensive Income for the year attributable to equity shareholders of the company
(Loss) per share: | |
Basic profit/(loss) per share (pence) | 2 |
Diluted profit/(loss) per share (pence) | 2 |
- | - | (633) |
(115) | 3,292 | 4,616 |
- | - | (447) |
(115) | 3,292 | 4,169 |
- | - | - |
(115) | 3,292 | 4,169 |
(0.08)2.352.98
(0.08)2.092.98
Unaudited Condensed Company Statement of Financial Position as at 30 June 2021
30 June | 30 June | 31 December | ||
2021 | 2020 | 2020 | ||
Unaudited | Unaudited | Audited | ||
Note | £'000 | £'000 | £'000 | |
s | ||||
ASSETS | ||||
Non-current assets | ||||
Financial investments | 6,998 | 7,390 | 4,612 | |
6,998 | 7,390 | 4,612 | ||
Current assets | ||||
Investments | 812 | - | 113 | |
Trade and other receivables | 14 | 22 | 3 | |
Cash and cash equivalents | 1,346 | 676 | 4,673 | |
2,172 | 698 | 4,789 | ||
Total assets | 9,170 | 8,088 | 9,401 | |
EQUITY | ||||
Equity attributable to equity holders of | ||||
the parent | ||||
Share capital | 15,391 | 15,391 | 15,391 | |
Share premium account | 35,296 | 35,296 | 35,296 | |
Share based payment reserve | 13 | 683 | - | |
Retained earnings | (42,016) | (43,321) | (41,901) | |
Total equity | 8,684 | 8,049 | 8,786 | |
LIABILITIES | ||||
Current liabilities | ||||
Trade and other payables | 486 | 39 | 502 | |
Loans and borrowings | - | - | 113 | |
Total liabilities | 486 | 39 | 615 | |
Total equity and liabilities | 9,170 | 8,088 | 9,401 |
Unaudited Condensed Company Statement of Changes in Equity for the six months ended 30 June 2021
Share | Total | ||||||
Share | Share | based | Retained attributable | ||||
capital | premium | payment | earnings | to owners | |||
reserve | of parent | ||||||
Unaudited | £'000 | £'000 | £'000 | £'000 | £'000 | ||
Balance at 31 December 2019 | 15,391 | 35,296 | 683 | (46,613) | 4,757 | ||
Profit for the period | - | - | - | 4,169 | 4,169 | ||
Total comprehensive income for the | |||||||
period | - | - | - | 4,169 | 4,169 | ||
Termination and settlement of share | - | - | (140) | - | (140) | ||
options | |||||||
Cancellation of share options | - | - | (543) | 543 | - | ||
Balance at 31 December 2020 | 15,391 | 35,296 | - | (41,901) | 8,786 | ||
Loss for the period | - | - | - | (115) | (115) | ||
Total comprehensive income for the | |||||||
period | - | - | - | (115) | (115) | ||
Share based payment | 13 | - | 13 | ||||
Balance at 30 June 2021 | 15,391 | 35,296 | 13 | (42,016) | 8,684 | ||
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Primorus Investments plc published this content on 10 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 September 2021 23:21:05 UTC.
