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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Concha | LSE:CHA | London | Ordinary Share | GB00B8Y82097 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.175 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMCHA
RNS Number : 6652S
Concha plc
21 March 2016
For Immediate Release 21 March 2016
Concha PLC
("Concha" or "the Company")
Interim Report for the period ended 31 December 2015
Introduction
As you will have been aware, the Board has sought to supplement its capabilities via the addition of a number of experienced appointees over the course of the last 18 months. Despite the disappointment of having to terminate discussions with an identified opportunity after such a lengthy period of negotiation, this breadth of resource has allowed the Board to pursue a number of parallel opportunities. Having adopted this approach, I was therefore pleased to announce the recent investment in Ve Interactive ("Ve"), the multi-award-winning global technology company founded in 2009 which offers a suite of apps across one platform, which help online businesses successfully drive new traffic, reduce bounce rate, increase customer engagement and minimise website abandonment.
With over 850 staff in 33 offices worldwide, Ve supports over 10,000 domestic and multi-national online businesses and retailers in the delivery of real-time marketing communications at key points within each of their customers' journeys. Having topped the Sunday Times Tech Track 100 in 2015, following an average growth rate in sales of c.305% per year between 2012 and 2014, Ve is now a global player, tracking c.2 million data points each minute, (an equivalent of 3 billion a day), by monitoring over c.650 million connected devices used by over 400 million unique users per month. Not only was your Board attracted by Ve's depth and breadth of data capabilities, but given its scale as a global player believes Ve is now well positioned to create substantial revenue and capital growth.
During the diligence process we were able to meet with the Board and senior management of Ve on several occasions and via rigorous third party reviews of the business, we have been reassured by the continuing exponential growth, technology platform and aspirations for the short to medium term. Despite topping the Sunday Times Tech Track 100, following an average growth rate in sales of c305% per year between 2012 and 2014, the business has yet to secure development funding from either venture capital or private equity markets. As such we see Ve as being ideally suited to public markets at some point either subsequent to or simultaneously with a more traditional equity backed fundraising led by an established banking institution. The Board, having met with certain of its key supportive shareholders such as Andrew Black and Nigel Wray are therefore delighted that Concha has been able to secure an early engagement in what it believes will be an exciting chapter in V's development.
We firmly believe that this is an opportunity that in the short to medium term will not only attract significant institutional interest but will also provide your Company with the ability to benefit from a substantial value uplift as Ve further establishes itself as a European "unicorn".
Interim Results
The activities of the last 18 months have enabled the Company to strengthen its balance sheet via multiple issues of placing shares and warrant exercises. Whilst the Board has sought to mitigate its losses and conserve its cash reserves, the results for this interim period to 31 December 2015 inevitably reflect the costs of evaluating certain investment opportunities regardless as to whether or not they result in a positive conclusion. Whilst the various regulatory, commercial and legal costs associated with pursuing the global opportunity, which the Company had referenced during the course of 2015 were not significant, they are reflected within the Company's reported loss of GBP384k for this 6 month period to 31 December 2015 (2014 : loss GBP278k). At 31 December 2015, prior to its investment in Ve, the Company was pleased to report cash reserves of GBP5.6m compared with GBP5.7m at the corresponding date last year.
On 9 October 2015, the Company announced the appointment of Richard Tray as part of the management team. Having now concluded discussions with the identified global opportunity and completed its investment in Ve, Richard has now left the team. Furthermore, in the absence of having required the services of Zeus Capital since their appointment in February 2014, they have now resigned as joint broker to the Company. With a now normalized administrative overhead base and cash reserves more than sufficient to meet the Company's short to medium term operating needs, your Board will now focus on the evaluation of further investment opportunities.
Outlook
The Board continues to review a number of potential investment opportunities that are in line with our stated strategy and will update the market further as and when it is appropriate to do so.
Concha PLC
18 Buckingham Gate, London, SW1E 6LB
Enquiries:
Concha PLC
Chris Akers, Chairman 07767 775888
Spark Advisory Partners Limited (Nominated Adviser) 020 7409 3495
Sean Wyndham-Quin
Mark Brady
Buchanan 020 7466 5000
Mark Edwards
INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD FROM 1 JULY 2015 TO 31 DECEMBER 2015
Hot Features
Premium
Half year Half year Year Ended
to to
31.12.2015 31.12.2014 30.06.2015
(Unaudited) (Unaudited) (Audited)
Notes GBP000's GBP000's GBP000's
Revenue 2 8 8 15
----------- ------------- ------------
Gross profit 8 8 15
General & administrative
expenses (397) (286) (755)
----------- ------------- ------------
Loss from operations before
exceptional items (389) (278) (740)
Exceptional items - - 108
----------- ------------- ------------
Loss from operations (389) (278) (632)
Investment income 5 - 4
----------- ------------- ------------
Loss before tax (384) (278) (628)
Tax - - -
----------- ------------- ------------
Retained Loss after tax
for the period (384) (278) (628)
_____ ______ ______
Retained loss attributable
to:
Owners of the company (384) (278) (628)
----------- ------------- ------------
Loss for period (384) (278) (628)
_____ ______ ______
Total comprehensive loss
attributable to:
Owners of the company (384) (278) (628)
----------- ------------- -------------
Total comprehensive loss
for the period (384) (278) (628)
_____ ______ ______
Loss per share
Basic and diluted 3 - - -
_____ ______ ______
INTERIM STATEMENT OF FINANCIAL POSITION
(MORE TO FOLLOW) Dow Jones Newswires
March 21, 2016 03:00 ET (07:00 GMT)
AS AT 31 DECEMBER 2015
As at As at As at
31.12.2015 31.12.2014 30.06.2015
(Unaudited) (Unaudited) (Audited)
Notes GBP000's GBP000's GBP000's
ASSETS
Non-current assets
Investments 500 500 500
----------- ------------- -------------
500 500 500
----------- ------------- -------------
Current assets
Trade and other receivables 263 348 254
Cash and cash equivalents 5,618 5,741 5,547
----------- ------------- -------------
5,881 6,089 5,801
----------- ------------- -------------
TOTAL ASSETS 6,381 6,589 6,301
====== ======= =======
EQUITY
Share capital 4 1,553 1,478 1,478
Deferred share capital 1,795 1,795 1,795
Share premium reserve 21,433 21,063 21,043
Warrant reserve 314 190 314
Retained loss (18,767) (17,991) (18,383)
------------------- ------------------- -------------------
TOTAL EQUITY 6,328 6,535 6,247
========= ========= ==========
CURRENT LIABILITIES
Trade and other payables 53 54 54
TOTAL EQUITY AND LIABILITIES 6,381 6,589 6,301
========= ========= ==========
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 1 JULY 2015 TO 31 DECEMBER 2015
Deferred Share
Share share premium Warrant Retained Total
capital capital account reserve loss
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
Balance at 1 July
2015 1,478 1,795 21,043 314 (18,383) 6,247
Loss for the period - - - - (384) (384)
Total comprehensive
income for the period - - - - (384) (384)
--------- --------- --------- --------- --------- ---------
Share capital issued 75 - 390 - - 465
Share based payments - - - - - -
Balance at 31 December
2015 1,553 1,795 21,433 314 (18,767) 6,328
========= ========= ========= ========= ========= =========
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
Balance at 1 July
2014 1,323 1,795 16,831 232 (17,755) 2,426
Loss for the year - - - - (278) (278)
Total comprehensive
income for the period - - - - (278) (278)
--------- --------- --------- --------- --------- ---------
Share capital issued 155 - 4,232 - - 4,387
Share based payments - - - (42) 42 -
Balance at 31 December
2014 1,478 1,795 21,063 190 (17,991) 6,535
========= ========= ========= ========= ========= =========
INTERIM STATEMENT OF CASH FLOW
FOR THE PERIOD FROM 1 JULY 2015 TO 31 DECEMBER 2015
Half Year Half Year Year Ended
to to
31.12.2015 31.12.2014 30.06.2015
GBP000's GBP000's GBP000's
(Unaudited) (Unaudited) (Audited)
Cash flow from operating
activities
Loss for the period (384) (278) (628)
Share based payment - - 82
------------- -------------- ----------------
Operating cash flows before
movements in working Capital (384) (278) (546)
Increase in receivables (14) (189) (95)
(Decrease) / increase in payables (1) (85) 17
------------- -------------- ----------------
(15) (274) (78)
Investment income 5 - 4
------------- -------------- ----------------
Net cash outflow from operating
activities (394) (552) (620)
Cash flow from financing
activities
Net proceeds from issue of
share capital 465 4,499 4,363
Loans advanced - (10) -
------------- -------------- ----------------
Net cash flow from financing
activities 465 4,489 4,363
Net cash inflow for the period 71 3,937 3,743
-------------- ---------------- -------------
Cash and cash equivalents at
start of period 5,547 1,804 1,804
-------------- ---------------- -------------
Cash and cash equivalents at
end of period 5,618 5,741 5,547
======= ====== ======
NOTES TO THE UNAUDITED INTERIM REPORT
FOR THE PERIOD ENDING 31 DECEMBER 2015
1. BASIS OF PREPARATION
The interim financial statements have been prepared on a going concern basis and in accordance with the recognition and measurement principles of International Financial Reporting Standards adopted for use in the European Union ("IFRS"). The accounting policies are unchanged from the financial statements for the year ended 30 June 2015.
The interim financial statements for the period ended 31 December 2015 have not been audited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 30 June 2015, prepared in accordance with IFRS, have been filed with the Registrar of Companies. The Auditors' report on these accounts was unmodified, did not include any matters to which the Auditors drew attention by way of emphasis of matter without qualifying their report and did not contain any statements under section 498 of the Companies Act 2006.
This Interim Financial Report was approved by the Board of Directors on 21 March 2015.
Statement of compliance
(MORE TO FOLLOW) Dow Jones Newswires
March 21, 2016 03:00 ET (07:00 GMT)
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