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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 |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSUG Startup Giants plc ("Startup Giants" or the "Company") Interim Results for the six months' period to 30 June 2019 Board Statement Startup Giants plc is pleased to announce its unaudited interim results for the six months' period from 1st January 2019 to 30th June 2019. The financial statements below have not been reviewed by the Company's auditors. Financial Results Financial highlights for the period, extracted from the financial statements which follow, include: operational loss GBP(21,254) (2018, GBP(45,893)); loss per share (2.1) pence (2018, (4.5) pence) cash and cash equivalents GBP642,680 (2018, GBP665,033); shareholders' funds GBP699,023 (2018, GBP725,189). Review of Business During the Period During the period under review, the Company has held a number of events for both founders and investors, including another investor event at NEX Exchange in London, and has worked with its growing portfolio of founders looking for acceleration of their startup businesses. The Company has forged new partnerships with investment groups that invest up to GBP150,000 into each of the Company's shortlisted startups. As part of the first round, the Company also agrees an option that can be exercised after three years to buy up to 15% of equity in the startup. Using these initial funds to complete its technology and reach a degree of early adoption, the Company will then take the startup through a private, follow-on SEIS co-investment round and a later SEED round via its investor syndicate. This approach reduces the Company's requirement for external funding as well as diminishing the risks to the Company from startups that might fail within their first three years. For those startups that do have successful follow-on pre-seed and seed rounds, the value of the Company's options should be reflected in the audited accounts. Current Trading Current trading remains in line with the directors' expectations at the beginning of the second half of the 2019 financial year. Post- Balance Sheet Events 1) Co-investment Terms Sheets in Place The Company has received three signed term sheets for startups which now have investment commitments from third parties whom the Company has introduced, with the Company taking options as described above on each investment. A fourth startup has an offer of investment and we await a signed term sheet. The Company has four additional, shortlisted startups which it is in the process of introducing to investors. 2) Change in Board of Directors Effective today (27th September 2019), Dr. John Campbell Robertson will be retiring as a director of the Company. The Company expects to replace Dr. Robertson in due course; during the intervening period, Frederic Betito (non-executive) will become the senior non-executive director. I would like to thank Dr. Robertson for his involvement through the transition of Startup Giants from being a private to a public company and subsequently, and to wish him all the best in future. Outlook With the co-investment model starting to gain traction for first round funding, Startup Giants expects in the next year to increase the number of startups being funded to an average of two per month. Conclusion The directors would like to thank shareholders for their support during the period under review and look forward to informing them of developments at Startup Giants during the remainder of the current financial period and into the future. Jeb Buckler, Chief Executive Officer, Startup Giants plc, 27th September 2019 Statement of Comprehensive Income Six months ended 30 June 2019 (Financial data for the comparative period to 31 July 2018 as previously reported prior to the change of accounting year end to 31 December). Six months ended Six months ended 30 June 2019 31 July 2018 GBP GBP Turnover 45,245 - Administrative expenses (66,499) (45,893) Operating loss (21,254) (45,893) Taxation - - Loss for the period (21,254) (45,893) Earnings per share: Basic and Diluted (pence) (2.1)p (4.5)p Startup Giants plc Statement of Financial Position As at 30 June 2019 30 June 2019 31 July 2018 GBP GBP Non-current assets: Goodwill 29,584 34,167 Investments 40,000 40,000 69,584 74,167 Current assets: Trade and other receivables 70,982 68,636 Cash and cash equivalents 642,680 665,033 713,662 733,669 Total assets 783,246 807,836 Current liabilities: Trade and other payables 84,223 82,647 Net current assets 629,439 651,022 Total liabilities 84,223 82,647 Net assets 699,023 725,189 Equity: Called up share capital 140,510 140,510 Share premium account 769,790 769,790 Retained earnings (211,277) (185,111) Total equity 699,023 725,189 Startup Giants plc Statement of Cash Flows Six months ended 30 June 2019 Six months ended Six months ended 30 June 2018 31 July 2018 GBP GBP Loss for the year after tax (21,254) (45,893) Adjustments for: Amortisation of intangible assets 2,500 2,500 Movement in trade and other 5,768 (14,196) receivables Movement in trade and other payables 9,213 36,420 Cash absorbed by operations (3,773) (21,169) Investing activities: Purchase of investments - - Financing activities: Proceeds from issue of shares - - (Decrease)/increase in cash and cash (3,773) (21,169) equivalents Cash and cash equivalents at 646,453 686,202 beginning of period Cash and cash equivalents at end of 642,680 665,033 period The financial information set out above has not been reviewed or audited by the Company's auditors. The financial information set out above has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the European Union. This announcement has been made after due and careful inquiry and the directors of Startup Giants plc accept responsibility for its content. Enquiries: Startup Giants plc Cherry Martin; cherry@startupgiants.com +44 20 7 157 9764 Keith, Bayley, Rogers & Co Limited Graham Atthill-Beck +44 20 7464 4091; +44 750 643 4107; +097 50 856 9408; blackpearladvisers@gmail.com; Graham.Atthill-Beck@kbrl.co.uk Brinsley Holman: +44 20 7464 4098: Brinsley-Holman@kbrl.co.uk END
(END) Dow Jones Newswires
September 30, 2019 02:10 ET (06:10 GMT)
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