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ALGW Alpha Growth Plc

1.80
0.05 (2.86%)
20 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Alpha Growth Plc LSE:ALGW London Ordinary Share GB00BYWKBC49 ORD GBP0.001
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.05 2.86% 1.80 1.70 1.90 1.80 1.685 1.75 265,221 14:07:55
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Management Consulting Svcs 5.21M -1.36M -0.0029 -6.21 8.19M

Alpha Growth PLC Half-year Report (0885O)

29/09/2023 11:00am

UK Regulatory


Alpha Growth (LSE:ALGW)
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TIDMALGW

RNS Number : 0885O

Alpha Growth PLC

29 September 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Alpha Growth plc

Unaudited interim report for period ended

30 June 2023

Chairman's Statement

PERIODED 30 JUNE 2023

I am pleased to announce our unaudited interim financial results for the period to 30 June 2023.

The key highlights during the period were as follows:

   --    53% increase in revenues compared to equivalent period; 
   --    Net assets more than doubled compared to net assets as at June 2022; 

-- Continuing progress on integrating the insurance businesses with opportunities identified to enhance profitability;

-- Bought out the minority interests in Northstar Group (Bermuda) Limited whilst further aligning the interests of Dan Gray with the Group through a share-to-share exchange; and

-- Released share-based payment reserves following the expiry of over 25 million options attributable to former directors and employees.

The relatively small drop in losses reflects the transition and integration costs associated with Alpha International Life Assurance Company that are now largely resolved.

We expect our cash flow to improve, and we continue to believe that we will not require a placing of shares, unless it is for strategic acquisition and growth purposes.

We continue to advance our buy and build strategy to ensure continued and substantive ongoing growth of the business. We continue to be presented with and review potential acquisitions that are both complementary and supplementary to its existing businesses which will further enhance free cash flow and move us close to executing the 2B plan. To this end, the appointment of Jason Sutherland as a full-time executive has greatly enhanced our ability to identify and undertake due diligence on potential targets.

Our strategy continues to insulate us from a lot of the volatility in capital markets although we appreciate that our share price performance continues to disappoint. The Directors firmly believe that the value creation strategy will feed through to the share price as the Company looks to continue to deliver on their stated goals.

I would like to take this opportunity to thank the shareholders for their continued support as we build Alpha Growth into a significant organisation within its sector.

Gobind Sahney

Chairman

29 September 2023

For more information, please visit www.algwplc.com or contact the following:

 
                                              +44 (0) 20 3959 
 Alpha Growth plc                              8600 
 Gobind Sahney, Executive Chairman            info@algwplc.com 
                                              +44 (0) 20 3328 
   Allenby Capital Limited                     5656 
 Amrit Nahal (Sales and Corporate Broking) 
 Nick Athanas / Piers Shimwell (Corporate 
  Finance) 
 
   UK Investor Relations - Mark Treharne      ir@algwplc.com 
 

RESULTS FOR THE PERIOD

INTERIM PERIODED 30 June 2023

The results of the Group have been addressed above in the Chairman's statement.

Responsibility Statement

We confirm that to the best of our knowledge:

(a) the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';

(b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year; and

(c) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

CAUTIONARY STATEMENT

This Interim Management Report (IMR) has been prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed. The IMR should not be relied on by any other party or for any other purpose.

Going Concern

The Directors have a reasonable expectation that the Group has adequate resources to continue in operation or existence for the foreseeable future thus we continue to adopt the going concern basis in preparing these interim financial statements. As detailed in the Chairman's statement the on-going expected timing of transactions that the Company plans to be involved in and generate fees from, continue as planned and therefore should benefit the Group in the longer term.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties affecting the business activities of the Group remain those detailed in the Prospectus dated 15 December 2021, a copy of which is available on the Company website at www.algwplc.com. The Board considers that these remain a current reflection of the risks and uncertainties facing the business for the remaining four months of the financial year.

Gobind Sahney

Director

29 September 2023

Alpha Growth plc

CONSOLIDATED Statement of comprehensive income

INTERIM periodED 30 june 2023

 
                                             (Unaudited)   (Unaudited)     (Audited) 
                                              Six months    Six months     12 months 
                                                   Ended         Ended         Ended 
                                               30.6.2023     30.6.2022    31.12.2022 
                                     Notes           GBP           GBP           GBP 
 Continuing operations 
 Revenue from Owned Insurance 
  Companies                                    2,222,909     1,463,768     3,424,875 
 Revenue from Contracts with 
  Clients                                        275,801       169,677       346,787 
 
 Total revenue                                 2,498,710     1,633,445     3,771,662 
 
 Net movement on DAC/AVIF                       (29,620)        33,447      (16,729) 
 Interest expense and investment 
  costs                                          (4,673)       (7,189)      (27,838) 
 Bargain purchase                                      -             -     4,106,000 
 Expenses in managing owned 
  insurance companies                        (1,240,409)   (1,285,367)   (2,336,898) 
 Operating expenses                          (1,547,596)     (828,971)   (2,403,021) 
 
 Profit/(loss) before taxation                 (323,588)     (454,635)     3,093,176 
 Taxation                                         31,156             -        85,402 
 
 
 Profit/(loss) for the period                  (292,432)     (454,635)     3,178,578 
 
 Other comprehensive income 
 Items that may be reclassified 
  subsequently to profit or loss: 
 Exchange differences on foreign 
  operations                                    (76,650)             -       192,270 
 
 
 Total comprehensive income                    (369,082)     (454,635)     3,370,848 
 
 Attributable to: 
 Owners of the Company                         (358,502)     (454,635)     3,178,359 
 Non-controlling Interests                      (10,580)             -       192,489 
                                               (369,082)     (454,635)     3,370,848 
----------------------------------  ------  ------------  ------------  ------------ 
 
 Earnings / (loss) per share 
  from continuing 
 operations attributable to 
  the equity owners 
 
 Basic earnings / (loss) per 
  share (pence)                          3        (0.1p)        (0.1p)          0.7p 
 
 Fully diluted earnings / (loss) 
  per share (pence)                      3        (0.1p)        (0.1p)          0.4p 
 
 

Alpha Growth plc

CONSOLIDATED Statement of Financial Position

AS AT 30 june 2023

 
                                          (Unaudited)   (Unaudited)     (Audited) 
                                                As at         As at         As at 
                                            30.6.2023     30.6.2022    31.12.2022 
                                   Note           GBP           GBP           GBP 
 
 Assets 
 Intangible fixed asset                       960,285       845,694       939,955 
 Right of use assets                          173,096       258,574       183,672 
 Annuity contracts                          7,091,321             -     7,063,374 
 Total assets in insurance 
  business                                435,310,844   214,843,900   454,303,995 
 Trade and other receivables                  722,173       347,705       453,266 
 Cash and cash equivalents                    113,281        44,479       218,530 
 
 Total assets                             444,371,000   216,340,352   463,162,792 
 
 
 Equity and liabilities 
 Equity attributable to 
  shareholders 
 Share capital                        4       467,775       431,887       431,887 
 Share premium                        4     6,248,962     5,388,152     5,388,152 
 Option reserve                               669,948       480,674       815,474 
 Share based payment reserve                        -       113,390       113,390 
 Foreign exchange reserve                     124,857       201,473       182,748 
 Retained deficit                           (787,166)   (3,902,468)     (505,314) 
 Total equity attributable 
  to shareholders                           6,724,376     2,713,108     6,426,337 
 Non-controlling interests                          -        84,517       282,098 
 
 Total equity                               6,724,376     2,797,625     6,708,435 
--------------------------------  -----  ------------  ------------  ------------ 
 
 Liabilities 
 Lease liabilities                            202,513       271,239       238,483 
 Total liabilities in insurance 
  business                                429,900,054   213,091,992   447,956,125 
 Structured settlements                     7,091,242                   7,063,374 
 Trade and other payables                     451,269       179,496     1,196,375 
 Income tax payable                             1,546             -             - 
 
 Total liabilities                        437,646,624   213,542,727   456,454,357 
--------------------------------  -----  ------------  ------------  ------------ 
 
 Total equity and liabilities             444,371,000   216,340,352   463,162,792 
 
 

Company number: 09734404

Alpha Growth plc

CONSOLIDATED Statement of Changes in Equity

INTERIM periodED 30 june 2023

 
                      Share       Share      Option   Share-based    Foreign      Retained          Total          Non-       Total 
                    Capital     Premium     Reserve       Payment   Exchange       Deficit   Attributable   Controlling 
                                                                                                       to 
                                                          Reserve    Reserve                 Shareholders     Interests 
                        GBP         GBP         GBP           GBP        GBP           GBP            GBP           GBP         GBP 
 AS AT 31 
  DECEMBER 2021     431,887   5,404,313     480,674       113,390          -   (3,500,925)      2,929,339        89,609   3,018,948 
 
 Loss for the 
  period                                                                         (449,543)      (449,543)       (5,092)   (454,635) 
 Foreign exchange 
  gain 
  on conversion 
  of subsidiary           -           -           -             -    201,473             -        201,473             -     201,473 
 Total 
  comprehensive 
  income for the 
  period                  -           -           -             -    201,473     (449,543)      (248,070)       (5,092)   (253,162) 
 Share issue 
  costs                   -    (16,161)           -             -          -             -       (16,161)             -    (16,161) 
 
 AS AT 30 JUNE 
  2022              431,887   5,388,152     480,674       113,390    201,473   (3,950,468)      2,665,108        84,517   2,749,625 
                                                                                                        -                         - 
 Profit for the 
  period                  -           -           -             -          -     3,445,154      3,445,154       188,059   3,633,213 
 Foreign exchange 
  loss 
  on conversion 
  of subsidiary           -           -           -             -   (18,725)             -       (18,725)         9,522     (9,203) 
 Total 
  comprehensive 
  income for the 
  period                  -           -           -             -   (18,725)     3,445,154      3,426,429       197,581   3,624,010 
 Employee share 
  options 
  issued                  -           -     334,800             -          -             -        334,800             -     334,800 
 
 AS AT 31 
  DECEMBER 2022     431,887   5,388,152     815,474       113,390    182,748     (505,314)      6,426,337       282,098   6,708,435 
 
 Loss for the 
  period                  -           -           -             -          -     (281,852)      (281,852)      (10,580)   (292,432) 
 Foreign exchange 
  loss 
  on conversion 
  of subsidiary           -           -           -             -   (57,891)             -       (57,891)      (18,759)    (76,650) 
 Total 
  comprehensive 
  income for the 
  period                  -           -           -             -   (57,891)     (281,852)      (339,743)      (29,339)   (369,082) 
 Shares issued       35,888     860,810           -             -          -             -        896,698             -     896,698 
 Employee share 
  options 
  expired                 -           -   (145,526)             -          -             -      (145,526)             -   (145,526) 
 Exercise of 
  warrrants               -           -           -     (113,390)          -             -      (113,390)             -   (113,390) 
 Acquisition of 
  non-controlling 
  interests               -           -           -             -          -             -              -     (252,759)   (252,759) 
 
 AS AT 30 JUNE 
  2023              467,775   6,248,962     669,948             -    124,857     (787,166)      6,724,376             -   6,724,376 
-----------------  --------  ----------  ----------  ------------  ---------  ------------  -------------  ------------  ---------- 
 

Alpha Growth plc

CONSOLIDATED Statement of Cash Flows

INTERIM PERIODED 30 june 2023

 
                                          (Unaudited)   (Unaudited)     (Audited) 
                                             6 months      6 months     12 months 
                                                Ended         Ended         Ended 
                                            30.6.2023     30.6.2022    31.12.2022 
                                                  GBP           GBP           GBP 
 
 OPERATING ACTIVITIES 
 Loss for the period before interest 
  and taxation                              (318,915)     (447,446)     3,121,014 
 Adjusted for: 
 Services settled by way of payment 
  in shares/options                         (258,916)             -       334,800 
 Amortisation of intangible assets 
  and right of use assets                      39,150        22,670       116,699 
 Goodwill on the acquisition                 (48,004)             -             - 
  of non-controlling interests 
 Income tax paid                              (2,208)             -             - 
 
 Operating cash outflows before 
  movements in working capital:             (588,894)     (424,776)     3,572,513 
 
 (Increase)/decrease in trade 
  and other receivables                     (268,907)      (74,141)     (179,702) 
 Increase in non-tax net assets 
  in insurance company                        905,495       251,316   (4,460,717) 
 Increase/(decrease) in trade 
  and other payables                        (435,760)       117,777       726,657 
 
 
 Net cash used in operating activities      (388,066)     (129,824)     (341,249) 
 
 INVESTING ACTIVITIES 
 Acquisition of intangible asset                    -             -     (113,387) 
 Acquisition of subsidiary (net 
  of cash acquired)                                 -             -       193,493 
 Acquisition of non-controlling             (282,098)             -             - 
  interest 
 
 
 Net cash inflow/(outflow) from 
  investing activities                      (282,098)             -        80,106 
---------------------------------------  ------------  ------------  ------------ 
 
 FINANCING ACTIVITIES 
 Repayment of leasing liabilities            (31,783)         2,130      (30,626) 
 Interest on leasing liabilities 
  and loans                                         -       (7,189)      (19,063) 
 Loan finance                               (300,000)             -       350,000 
 Net proceeds from issuance of 
  shares net of issue costs                   896,698      (16,161)      (16,161) 
 
 
 Net cash (outflow)/inflow from 
  financing activities                        564,915      (21,220)       284,150 
---------------------------------------  ------------  ------------  ------------ 
 
 Net (decrease)/increase in cash 
  and cash equivalents                      (105,249)     (151,044)        23,007 
 Cash and cash equivalents at 
  beginning of period                         218,530       195,523       195,523 
 
 
 Cash and cash equivalents at 
  end of period                               113,281        44,479       218,530 
---------------------------------------  ------------  ------------  ------------ 
 

Alpha Growth plc

Notes to the Financial Statements

interim results to 30 june 2023

   1.   Organisation and Trading Activities 

The company is incorporated and domiciled in England and Wales as a public limited company and operates from its registered office 35 Berkeley Square, Mayfair London, United Kingdom W1J 5BF

The principal activity of the Group is the provision of advice and consultancy services to institutional investors and existing and prospective holders of Senior Life Settlements through the management of its funds and the ownership of life insurance companies.

   2.   Summary of Significant Accounting Policies 

The principal accounting policies adopted and applied in the preparation of these interim Group Financial statements are set out below.

These have been consistently applied to all the periods presented unless otherwise stated:

Basis of accounting

These interim financial statements of Alpha Growth plc (the "Group") have been prepared in accordance with UK adopted international accounting standards ("UK-adopted IAS") applied in accordance with the provisions of the Companies Act 2006.

The interim financial statements have been prepared under the historical cost convention on the basis of the accounting policies as set out in the Group's audited annual financial statements and are presented in GBP GBP the presentational and functional currency of the Group. The Group has applied IAS 34 in the preparation of these interim financial statements.

This announcement was approved and authorised by the Board of directors on 28 September 2023. Copies of this interim report will be made available on the Company's website at www.algwplc.com .

These condensed interim financial statements for the six months ended 30 June 2023 are unaudited and do not constitute fully prepared statutory accounts. The comparative figures for the 12 month period ended 31 December 2022 are extracted from the 2022 audited financial statements. The independent auditor's report on the 2022 financial statements was not qualified.

Going concern

Any consideration of the foreseeable future involves making a judgement, at a particular point in time, about future events which are inherently uncertain.

The Directors have a reasonable expectation that the Group has sufficient cash and liquid reserves in order to meet any future obligations and thus to continue operating for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the Financial Statements.

   3.   EARNINGS per Share 

The basic earnings per share is based on the loss for the period divided by the weighted average number of shares in issue during the year. The weighted average number of ordinary shares for the Company the period ended 30 June 2023 assumes that all shares have been included in the computation based on the weighted average number of days since issue. Since the Group has made a loss in the current and each of the prior periods, the warrants in issue are not dilutive.

 
                                          30.6.2023     30.6.2022    31.12.2022 
                                                GBP           GBP           GBP 
 
 Profit/(loss) for the period 
  from continuing operations:             (292,432)     (454,635)     3,178,578 
-------------------------------------  ------------  ------------  ------------ 
 
 Weighted average number of ordinary 
  shares in issue for basic earnings    447,084,823   431,887,388   431,887,388 
 Fully diluted average number 
  of shares in issue                    447,084,823   431,887,388   777,100,388 
 
 Basic earnings / (loss) per 
  share                                      (0.1p)        (0.1p)          0.7p 
 Fully diluted earnings / (loss) 
  per share                                  (0.1p)        (0.1p)          0.4p 
 
   4.   Share capital AND SHARE PREMIUM 
 
                                    Ordinary    Share capital   Share premium 
                                   shares of 
                                    GBP0.001 
                                        each 
                                      Number              GBP             GBP 
 
 At 1 January 2022               431,887,388          431,887       5,404,313 
------------------------------  ------------  ---------------  -------------- 
 
 Costs related to listing of 
  shares issued 15 March 2021              -                -        (16,161) 
 
 At 31 December 2022             431,887,388          431,887       5,388,152 
------------------------------  ------------  ---------------  -------------- 
 
 Warrant exercise                 18,750,000           18,750         469,640 
 Share issue                      17,137,680           17,138         421,780 
 Costs of issue                            -                -        (30,610) 
 
 At 30 June 2023                 467,775,068          467,775       6,248,962 
------------------------------  ------------  ---------------  -------------- 
 

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END

IR NKFBDNBKBACB

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September 29, 2023 06:00 ET (10:00 GMT)

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