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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Startup Giants Plc | AQSE:SUG | Aquis Stock Exchange | Ordinary Share | GB00BYP94G30 | Ordinary shares |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMSUG STARTUP GIANTS PLC ("Startup Giants" or the "Company") Results for the 11 Months Ended 31st December 2018 Introduction Startup Giants is pleased to present its audited financial statements for the eleven months from 1st February 2018 to 31st December 2018, which have been prepared in accordance with the conventions of IFRS. The loss for the period was GBP(50,805) (2017-18, loss of GBP(71,753)), net assets were GBP720,277 (2017-18, GBP771,082) and the Company's net cash position stood at GBP646,453 (2017-18, GBP 686,202). Review During the period under review, as presaged in the last Chairman's Statement, the Company explored options to expand the pool of capital available for investment in start-ups within its B to C purview and examined a number of potential key partnerships. It also undertook consultancy work for early-stage entrepreneurs, which generated revenue of GBP58,539 (2017-18, GBP nil) and resulted in the reduced net loss stated above, translating into a loss per share of (5.03) pence (2017-18, loss of (7.17) pence per share). During the first quarter of 2018, the Company also applied for and was awarded the status of a Small UK Alternative Investment Fund Manager (AIFM) by the FCA with FRN number 799439. Current Trading and Post-Balance Sheet Developments Trading during the current financial year to date has been in line with the Directors' expectations at the beginning of the period. Since 1st January 2019, Startup Giants has continued to source new investment opportunities with the opening of a new spring accelerator round, with follow-on selection, interviews and short-listing, and to leverage potential key partnerships within both private and governmental sectors. Startup Giants has also explored the ability to support entrepreneurs from non-EU countries to bring their IP to the UK through the Innovator and Startup Route Visa programmes sponsored by the Home Office. Startup Giants has applied to the Home Office to become an endorsing body and is working towards getting the required support from the Department of Trade and Industry to complete the process. As an endorsing body, Startup Giants will thereafter be able to source new investment opportunities globally. Outlook Looking ahead, the momentum for technology companies requiring investment at the seed stage should continue, with demand apparent for the Company's accelerator model, which encompasses a delivery crew to support young start-ups with their technology and digital marketing strategies. As it moves forwards with its next accelerator round, the Company will look to increase its portfolio of investee companies. Few competitors specialise in sourcing promising consumer start-ups at the pre-seed stage and the Directors believe Startup Giants is on track to build its portfolio by sourcing new investments over the coming year from among many available opportunities. Having identified an innovative methodology for acquiring minority interests in highly prospective founders' businesses, Startup Giants will focus on its next stage of growth by increasing its portfolio investments and providing the technology and marketing services to support these investee companies. Startup Giants is one of the pioneers in the UK of start-up acceleration for companies that have a focus on consumer business models and it is well positioned to leverage its expertise, contacts, and know-how to build long-term shareholder value. Annual General Meeting ("AGM") The Company's AGM will be held at 11.00 a. m. BST on Wednesday 26th June 2019. Notice of the AGM giving full details of the location and the resolutions to be laid before shareholders will be included with the Annual Report, which will be posted to shareholders by 3rd June 2019. Conclusion I wish to thank my Board colleagues and the shareholders for their support and I look forward to reporting on future developments as and when this is appropriate. Jeb Buckler, Chairman and Chief Executive Officer London, 30th May 2019 STARTUP GIANTS PLC STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIODED 31 DECEMBER 2018 Period Year ended ended 31 December 31 January 2018 2018 Notes GBP GBP Revenue 2 58,539 - Gross profit 58,539 - Administrative expenses (109,344) (71,753) Operating loss 3 (50,805) (71,753) Income tax expense - - Loss and total comprehensive income for the period 15 (50,805) (71,753) Earnings per share 7 Basic (5.03) (7.17) Diluted (5.03) (7.17) Earnings per share from continuing operations Basic (5.03) (7.17) Diluted (5.03) (7.17) The income statement has been prepared on the basis that all operations are continuing operations. STARTUP GIANTS PLC STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018 31 December 31 January 2018 2018 GBP GBP Notes Non-current assets Goodwill 8 32,084 36,667 Investments 9 40,000 40,000 72,084 76,667 Current assets Trade and other receivables 10 76,750 54,440 Cash and cash equivalents 646,453 686,202 723,203 740,642 Total assets 795,287 817,309 Current liabilities Trade and other payables 12 75,010 46,227 Net current assets 648,193 694,415 Total liabilities 75,010 46,227 Net assets 720,277 771,082 Equity Called up share capital 13 140,510 140,510 Share premium account 14 769,790 769,790 Retained earnings 15 (190,023) (139,218) Total equity 720,277 771,082 The financial statements were approved by the board of directors and authorised for issue on 30 May 2019 and are signed on its behalf by: V Filmer-Sankey Director Company Registration No. 09690364 STARTUP GIANTS PLC STATEMENT OF CHANGES IN EQUITYFOR THE PERIODED 31 DECEMBER 2018 Total Share Share premium Retained capital account earnings Notes GBP GBP GBP GBP Balance at 1 February 2017 100,000 - (67,465) 32,535 Year ended 31 January 2018: Loss and total comprehensive income - - (71,753) (71,753) for the year Issue of share capital 13 40,510 769,790 - 810,300 Balance at 31 January 2018 140,510 769,790 (139,218) 771,082 Period ended 31 December 2018: Loss and total comprehensive income - - (50,805) (50,805) for the period Balance at 31 December 2018 140,510 769,790 (190,023) 720,277 STARTUP GIANTS PLC STATEMENT OF CASH FLOWS FOR THE PERIODED 31 DECEMBER 2018 Notes Period ended Year 31 December ended 31 2018 January 2018 GBP GBP GBP Cash flows from operating activities 19 (39,749) (93,051) Cash absorbed by operations Net cash outflow from operating activities (39,749) (93,051) Investing activities Purchase of investments - (40,000)
Net cash used in investing activities - (40,000) Financing activities Proceeds from issue of shares - 810,300 Net cash (used in)/generated from financing activities - 810,300 Net (decrease)/increase in cash and cash (39,749) 677,249 equivalents Cash and cash equivalents at beginning of 686,202 8,953 year Cash and cash equivalents at end of year 646,453 686,202 This announcement has been made after due and careful enquiry and the Directors of Startup Giants PLC accept responsibility for its content. A copy of the Annual Report from which the financial statements reproduced here are extracted will be uploaded onto the NEX Exchange website www.nexexchange.com immediately following the posting to shareholders. REGULATORY ANNOUNCEMENT ENDS Enquiries: Startup Giants PLC Jeb Buckler; jeb@startupgiants.com; +44 747 794 9933 Cherry Martin; cherry@startupgiants.com; +44 20 7 157 9764 Keith, Bayley, Rogers & Co. Limited Graham Atthill-Beck; +44 20 7464 4090; +971 50 856 9408; blackpearladvisers@gmail.com; Graham.Atthill-Beck@kbrl.co.uk Notes for Editors: The Company at a Glance Startup Giants plc is a UK-based Investment Vehicle, which invests in technology start-ups at the concept stage and then participates on subsequent seed and expansion rounds. The Company intends to evaluate and invest in a range of businesses located in the UK and mainland Europe. The Directors and the Investment Advisory Panel have experience in technology companies and start-ups and will use their expertise and their industry contacts actively to manage the early stage development of the businesses in which it chooses to invest. The Company's revenue model is principally to realise investment gains through portfolio divestments by using the skill and experience of its executive management, supported by the non-executive Directors and investment advisory panel, to identify and mentor technology start-ups with the potential for significant growth. The Company may also provide a range of services to its portfolio companies relating to mentoring and delivery of technology and digital marketing. The Company made a net loss for the year of GBP50,805. At the year end, the Company had net assets of GBP720,227. END
(END) Dow Jones Newswires
May 31, 2019 06:17 ET (10:17 GMT)
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