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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Avanti Cap. | LSE:AVA | London | Ordinary Share | GB0033869347 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 6.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMAVA
RNS Number : 2406I
Avanti Capital PLC
24 March 2015
24 March 2015
Avanti Capital plc
Interim Results for the six months ended 31 December 2014
Avanti Capital Plc, ("Avanti" or "the group") the AIM-quoted investment management company, announces its interim results for the six months ended 31 December 2014.
Highlights
-- As at 31 December 2014, the group had net assets of GBP4.6 million or 57 pence per ordinary share.
-- Key investee company, Mblox, continues to make steady progress under the leadership CEO, Tom Cotney.
ENQUIRIES:
Avanti Capital Plc Tel: 020 7299 1459
Richard Kleiner
Panmure Gordon (UK) Ltd Tel: 020 7886 2500
Andrew Potts
Company statement
Results of the group
As at 31 December 2014, the group had net assets of GBP4.6 million (2013: GBP13.3 million) or 57 pence per share (2013: 166 pence per share).
In the period to 31 December 2014, the profit after tax was GBP60,000 (2013: GBP3.2 million).
The above figures have been arrived at after including the provision for the carried interest of GBP157,000 or 1.96 pence per share. The payment of such carried interest is dependent upon the realisation of the individual assets being at values which are, at least, equal to the values stated in these interim results.
Net asset values per Avanti share by category were:
Hot Features
Premium
Carrying Value Carrying Value
Investments Pence per share GBPm
Mblox 56 GBP4.5
Other assets including 24 GBP1.9
cash
Total 80 GBP6.4
Purchase of own shares
During the period, there has been no purchase by the company of its own shares.
Mblox
Mblox the world's largest CRM mobile messaging provider completed 2014 with its most strategic accomplishments to-date. The company raised $43 million in loans from Horizon Technology Partners and Comerica to refinance debt and complete two acquisitions that accelerate its goal of being the largest Mobile Cloud Overlay Network in the world with reach to more users than any company in the world.
In June 2014, the company acquired CardBoardFish. This acquisition paved the way for the company to expand its long number products from 11 countries to 27 and its network direct connections by 15%. The move also established Mblox as a registered mobile operator in 10 countries gaining access to core network capabilities at a significantly lower cost.
In July 2014, the company acquired Zoove, a voice activated service to allow consumers to use vanity codes to dial brands like **Sears or **NFL in the US. This voice activated service complements its messaging product base by allowing calls to its exclusive range of **numbers to give consumers the option of opting in to messaging services or to deliver application downloads. The offering is initially available in the US.
As part of the fundraising at the time of the 2 acquisitions, along with other large shareholders in Mblox, the group invested into a loan instrument in the amount of $367,000. The terms of the loan instrument are included in note 6.
Through an increased focus on enterprise market penetration the company landed nine new client relationships that increased its global messaging volumes by 25%. This year, the company will bring a significant advancement in platform ease of use and lower cost of ownership to market via Atlas (the NexGen platform based on the modified Cardboardfish platform). This new capability gives Mblox customers access to more mobile subscribers via a single network "hop" than any provider of its kind in the world. CEO Tom Cotney said, "Atlas gives Mblox and its clients the lowest marginal cost of expanded use of Mobile Messaging, thus increasing the already high ROI of mobile CRM applications which we support."
"Our Cloud based overlay network remakes it even simpler for clients who see the need to serve their consumers globally. Atlas will drive our penetration of the fast growing CRM market, and its ubiquity and scalability positions us to expand in the enterprise space in more creative ways than ever, e.g., the rapidly developing Internet of Things."
The company does not publish its detailed financials.
As reported in the June 2014 Annual Report, in view of the lack of any current validation events in the form of external equity fundraisings, the board of Avanti have decided to continue to carry the group's investment in Mblox at cost, including the additional investment in loan receivable of $367,000. Accordingly, and after adjusting for movements in foreign exchange, as at 31 December 2014, the carrying value of the group's investment in Mblox was GBP4.5 million, equating to 57p per share.
Investing policy
The group's investing policy remains unchanged as the group continues to pursue its objectives through two complementary activities.
-- Its investment operation, which acquires interests in technology and trading businesses; and
-- Its consultancy operation, which offers a business development service, to develop the investee business until an exit opportunity arises.
As previously announced, it is Avanti's current intention not to invest in any new investments but to support the existing investment portfolio.
Cash burn and overheads
Following the disposal of its investment in Eclectic Bar Group plc, the group reached agreement with its investment adviser, Odyssey Partners Limited, to reduce the management fees by 50%. This change took effect from 1 January 2014.
The directors have also examined means of reducing the group's cash burn and overheads in light of the reduction in the size of the investment portfolio and, in particular, the focus on achieving an exit from the position in Mblox as soon as practicable. These measures will include a substantial deferral of the management fees payable to the investment adviser in order to conserve cash flow. It is intended that this further change will be implemented with effect from 1 July 2015, being the beginning of the forthcoming financial year.
R H Kleiner
W A H Crewdson
23 March 2015
Condensed consolidated income statement for the six months ended 31 December 2014
Restated
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
Notes 31 Dec 31 Dec 30 Jun
2014 2013 2014
GBP000 GBP000 GBP000
Administrative expenses -
others 4 (364) (1,975) (2,249)
Administrative expenses -
foreign exchange 19 5 -
Administrative expenses -
exceptional 5 - (8) (8)
Operating (loss) (345) (1,978) (2,257)
Finance revenue 12 3 7
Finance cost - - -
Fair valuation movement of
financial assets held at
fair value through profit
or loss 393 112 (12)
Profit/(Loss) on ordinary
activities before taxation
from continuing operations 60 (1,863) (2,262)
Income tax expense - - -
Profit/(Loss) on ordinary
activities after taxation
from continuing operations 60 (1,863) (2,262)
Discontinued operation
Profits after tax for the
period from discontinued
operation - 5,110 5,110
Profit on ordinary activities
after taxation 60 3,247 2,848
Profit and total comprehensive
income for the period 60 3,247 2,848
Attributable to
Shareholders of the parent 60 3,157 2,758
Non-controlling interest - 90 90
Profit for the period 60 3,247 2,848
Profit per share attributable
to shareholders of the parent
- basic and diluted 3 0.74p 39.34p 34.36p
Basic and diluted from continuing
operations 0.74p (23.21p) (28.18)p
Basic and diluted from discontinued
operations - 62.55p 62.55p
Condensed consolidated balance sheet at 31 December 2014
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
Notes 31 Dec 31 Dec 30 Jun
2014 2013 2014
GBP000 GBP000 GBP000
ASSETS
Non-current assets
Property, plant & equipment 1 1 1
Financial assets held at
fair value through profit
or loss 4,472 4,213 4,079
Non-current financial assets 6 236 - -
Deferred tax asset - - -
4,709 4,214 4,080
Current Assets
Trade and other receivables 23 95 84
Cash and cash equivalents 1,652 10,741 2,048
1,675 10,836 2,132
TOTAL ASSETS 6,384 15,050 6,212
EQUITY AND LIABILITES
EQUITY
Issued share capital 80 4,815 80
Capital redemption reserve - 1,409 -
Other reserve - 2,045 -
Retained earnings 4,486 5,063 4,426
Equity attributable to equity
shareholders of the parent 4,566 13,332 4,506
Non-controlling interest - - -
TOTAL EQUITY 4,566 13,332 4,506
LIABILITIES
Current liabilities
Trade and other payables 30 33 75
30 33 75
Non-current liabilities
Provisions 7 1,788 1,685 1,631
Deferred tax liabilities - - -
1,788 1,685 1,631
TOTAL LIABILITIES 1,818 1,718 1,706
TOTAL EQUITY AND LIABILITIES 6,384 15,050 6,212
Approved by the board on 23 March 2015
R H Kleiner
W A H Crewdson
Condensed consolidated statement of cash flows for the six months ended 31 December 2014
Restated
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 Jun
2014 2013 2014
GBP000 GBP000 GBP000
Operating activities
Profit/(Loss) before tax from
continuing operations 60 (1,863) (2,262)
Profit from discontinued operations - 5,110 5,110
Depreciation and impairment
of property, plant and equipment - 505 505
Loss on financial assets at
fair value through profit
or loss - 8 8
(Gain)/loss in the fair value
of financial assets designated
at fair value through profit
or loss (393) (112) 12
Net foreign exchange difference (16) (5) -
Net interest (revenue)/expense (12) 35 35
(Gain) on disposal of subsidiary
undertakings - (4,563) (4,563)
(Increase) in inventories - (27) (27)
Decrease/(Increase) in trade
and other receivables 65 65 160
(Decrease)/Increase in trade
and other payables (45) 294 257
Increase/(Decrease) in provisions 157 (869) (923)
Net cash flow (used in) operating
activities (184) (1,422) (1,688)
Investing activities
Interest received 8 - -
Interest paid - (35) (35)
Purchase of loan receivable (220) - -
Purchase of property, plant
& equipment - (537) (537)
Net cash transferred with
subsidiary undertakings - (607) (607)
Proceeds from disposal of
subsidiary, net of cash sold - 11,684 11,684
Proceeds from disposal of
investment - 269 269
Purchase of business combination
net of cash - (1,087) (1,087)
Proceeds from disposal of - - -
financial assets at fair value
through profit or loss
Net cash flows (used in)/generated
from investing activities (212) 9,687 9,687
Financial activities
Dividends paid - - (8,427)
Proceeds from borrowings - 750 750
Repayment of borrowings - (162) (162)
Capital element of finance
lease rental payments - (10) (10)
Net cash flows generated/(used
in) financing activities - 578 (7,849)
Net (decrease)/increase in
cash and cash equivalents (396) 8,843 150
Cash and cash equivalents
at start of period 2,048 1,898 1,898
Cash and cash equivalents
at end of period 1,652 10,741 2,048
Condensed consolidated statement of changes in equity (unaudited) for the six months ended 31 December 2014
Capital
Share Other Redemption Retained
Capital Reserve Reserve Earnings Totals
GBP000 GBP000 GBP000 GBP000 GBP000
At 1 July 2013 4,815 2,045 1,409 1,906 10,175
Profit for year ended
30 June 2014 - - - 2,758 2,758
Capital Reduction (4,735) (2,045) (1,409) 8,189 -
Dividends - - - (8,427) (8,427)
At 1 July 2014 80 - - 4,426 4,506
Profit for the period - - - 60 60
At 31 December 2014 80 - - 4,486 4,566
Notes to the Accounts for the six months ended 31 December 2014
1 Basis of preparation of interim financial information
Avanti Capital plc (the 'company') is a public limited company incorporated and domiciled in England and Wales. The company's ordinary shares are traded on the AIM market of the London Stock Exchange. The interim condensed consolidated financial statements comprise the interim financial statements of Avanti Capital Plc and its subsidiaries (collectively, the 'group') for the six months ended 31 December 2014.
The financial information for the year ended 30 June 2014 does not constitute the company's statutory accounts for that year, but is derived from those accounts.
Statutory accounts for 30 June 2014 have been delivered to the Registrar of Companies. The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under s498(2) or (3) of the Companies Act 2006.
The interim condensed consolidated financial statements for the 6 months ended 31 December 2014 have been prepared in accordance with the AIM Rules issued by the London Stock Exchange.
The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements as at 30 June 2014 which were prepared in accordance with IFRS as adopted by the European Union.
Going concern
After making appropriate enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. For those reasons, the board continues to adopt the going concern basis in preparing the interim report.
Prior year restatement
The income statement in respect of the 6 months ended 31 December 2013 has been restated such that the figures for revenue and interest receivable from discontinued operation have been included as part of discontinued operation. The corresponding cash flow statement for the 6 months period ended 31 December 2013 has also been restated accordingly.
Segmentation
Following the disposal of its investment in Eclectic Bar Group plc, the group now only has one segment being in respect of investment activities. The information relating to the geographical segmentation is set out in note 8. Such information will also be reflected in the group's annual financial statements.
2. Accounting policies
The accounting policies used in the preparation of the financial information for the 6 months ended 31 December 2014 are the accounting policies as applied to the group's financial statements for the year ended 30 June 2014, except as noted below.
Changes in accounting policies
The following amendments to existing standards and interpretations were effective for the period, but either they were not applicable to or did not have a material impact on the Group:
Effective
dates*
IFRS 10 Consolidated Financial Statements 1 January
2013
IFRS 11 Joint Arrangements 1 January
2013
IFRS 12 Disclosure of Interests in Other 1 January
Entities 2013
IAS 27 Separate Financial Statements 1 January
2013
IAS 28 Investments in Associates and Joint 1 January
Ventures 2013
IAS 32 Financial Instruments: Presentation 1 January
- Offsetting Financial Assets and Financial 2014
Liabilities (Amendments)
IAS 36 Impairment of Assets - Recoverable 1 January
Amount Disclosures for Non-Financial Assets 2014
(Amendments)
IAS 39 Financial Instruments: Recognition 1 January
and Measurement - Novation of Derivatives 2014
and Continuation of Hedge Accounting (Amendments)
Investment Entities (Amendments to IFRS 1 January
10, IFRS 12 and IAS 27) 2014
IFRIC 21 Levies 1 January
2014
IAS 19 Employee Benefits - Defined Benefit 1 July
Plans: Employee Contributions (Amendments) 2014
Annual Improvements to IFRSs 2010-2012 1 July
Cycle 2014
Annual Improvements to IFRSs 2011-2013 1 July
Cycle 2014
* IFRS 10, IFRS 11, IFRS 12 and IAS 27 and IAS 28 have been adopted by the EU with an effective date of 1 January 2014.
3. Earnings per share
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 Jun
2014 2013 2014
Profit for the period
(GBP000) 60 3,157 2,758
Basic weighted and
diluted number of shares
(number) 8,025,752 8,025,752 8,025,752
Earnings per share
(pence) - Basic and
diluted (pence) 0.74p 39.34p 34.36p
4. Administrative expenses - others
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 Jun
2014 2013 2014
GBP000 GBP000 GBP000
Directors' remuneration 23 20 42
Professional fees 153 199 456
Provision for carried
interest 157 1,714 1,661
Other 31 42 90
364 1,975 2,249
5. Exceptional items
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 Jun
2014 2013 2014
GBP000 GBP000 GBP000
Loss on disposal of
financial asset held
at fair value through
profit or loss - 8 8
- 8 8
6. Non-current financial assets
The non-current financial asset comprises the secured loan that was made to Mblox in July 2014 amounting to $367,000 (equivalent amount - GBP220,000). The terms of the loan are that it has a maturity date of 31 July 2018 and attracts interest at the rate of 11% per annum. In addition, a success fee is receivable upon a future event, being a sale or IPO, the amount of which is dependent on both the date and amount of value by reference to such an event.
7. Provisions
The provision amounting to GBP1.788 million relates to the carried interest due to the investment adviser, Odyssey Partners Limited. As indicated in the annual report for the financial year 30 June 2014, the carried interest provision assumes that the group's remaining investments are realised at their respective book values.
8. Geographical segmentation
UK USA TOTAL
GBP000 GBP000 GBP000
Segment assets 1,676 236 1,912
Financial assets held
at fair value through
profit or loss - 4,472 4,472
1,676 4,708 6,384
Copies of this Announcement will be available, free of charge, from the company's office at 73 Cornhill, London, EC3V 3QQ for a period of 1 month from the date of this Announcement. A copy of this Announcement will also be available on the company's website at www.avanticap.com.
Independent review report to Avanti Capital plc
Introduction
We have been engaged by the company to review the condensed financial statements in the half-yearly financial report for the six months ended 31 December 2014, which comprises the Consolidated income statement, the Consolidated balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity and the related notes 1 to 8. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the company in accordance with the guidance contained in International Standard on Review Engagements 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the entity" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the Interim Report in accordance with the AIM Rules issued by the London Stock Exchange which require that it is presented and prepared in a form consistent with that which will be adopted in the company's annual accounts having regard to the accounting standards applicable to such annual accounts.
As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with the AIM Rules issued by the London Stock Exchange.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with the International Standard on Review Engagements 2410 (UK and Ireland), "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 December 2014 is not prepared, in all material respects, in accordance with the accounting policies outlined in Note 1 and Note 2, which comply with IFRSs as adopted by the European Union and in accordance with the AIM Rules issued by the London Stock Exchange.
Ernst & Young LLP
London
23 March 2015
This information is provided by RNS
The company news service from the London Stock Exchange
END
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