IamFire Plc - Interim Results to 31 October 2022

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY IAMFIRE PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

IamFire plc

                                                                                                    AQSE: FIRE

(“FIRE” or the “Company”)

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2022

CHAIRMAN’S STATEMENT

I am pleased to present the interim results for IamFire plc (AQSE: FIRE) for the period of 30 April 2022 to 31 October 2022. 

The period culminated in a successful £3.5m equity raise that was announced on 18 November 2022.  The Board was delighted with the calibre of investors that have joined the IamFire shareholder base, including the Miton UK MicroCap Trust plc, which has become a disclosable shareholder holding some 8.6% of the Company’s issued share capital. 

The Board sees the £3.5m equity raise as a strong vote of confidence in the Company’s investment portfolio and in particular the prospects of the WeShop social commerce platform as it continues to lay the foundations for its growth and scaling. 

The Board used £2.5m of the equity raise to subscribe for Convertible Loan Notes (“CLNs”) in WeShop Holdings Limited (“WeShop”) that it had an option over.  The Company retains a further £1.25m of CLNs available to be subscribed for prior to 18 May 2023.

The Company announced on 21 November 2022 that the launch of the WeShop social commerce platform was gathering real traction with user downloads at 43,000 as at 19 November 2022 and Gross Merchant Value (“GMV”) of transactions through the platform running at £12.1m on an annualised basis as at the end of October 2022.  Since then, the Board is pleased to report that the growth trajectory of the WeShop platform continues to accelerate with over 85,000 user downloads as at the current date and an annualised GMV based on January’s data in excess of £24m.

Bio2pure Limited is developing technology to clean up polluted waterways.  IamFire currently owns 10% of the issued share capital of Bio2pure which it acquired through the issuance of 4,000,000 IamFire shares at a deemed price of 20p per share in August of 2020.

Financial Review

The Company’s financial results for the six months ended 31 October 2022 show a loss of £169,560 (2021: loss of £86,186) which includes administrative costs of £100,946 (2021: £67,905), revenue of £nil (2021: £nil), finance income of £181,479 (2021: £181,479) and finance costs of £199,760 (2021: £199,760).

As at 31 October 2022, the Company had cash reserves of £79,435 (2021: £340,870).

The 2022 interim financial report of the Company has not been audited or reviewed by the Company's auditor, PKF Littlejohn LLP.

Outlook

The Board continues to look forward to the future progress in both of its primary investments, WeShop and Bio2pure Limited.  Fire will update the market on these investments in the near term and the Directors would like to thank shareholders for their continued support.

S Barblett

Chairman

30 January 2023

The Directors of the Company accept responsibility for the contents of this announcement.

REGULATORY ANNOUNCEMENT ENDS

Enquiries:

Company:

Sandy Barblett

John Taylor

Fiona Wilmot
[e-mail]

Peterhouse Capital Limited (Corporate Adviser):
Narisha Ragoonanthun / Guy Miller: + 44 (0) 20 7469 0930 (Direct)

Corporate Broker

Lucy Williams: [phone]
Duncan Vasey: [phone] (Direct)

STATEMENT OF COMPREHENSIVE INCOME

					Six months to 31  October  2022		Six months to 31 October  2021
				Note	(unaudited)		(unaudited)
					£		£
CONTINUING OPERATIONS
REVENUE					-		-
Administrative expenses					(100,946)		(67,905)
Loss on revaluation of investments					(50,333)		-
OPERATING LOSS					(151,279)		(67,905)
Finance income					181,479		181,479
Finance costs					(199,760)		(199,760)
LOSS BEFORE TAXATION					(169,560)		(86,186)
Taxation					-		-
LOSS FOR THE FINANCIAL PERIOD					(169,560)		(86,186)
Other Comprehensive Income					-		-
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD					(169,560)		(86,186)

   

Earnings per share
Basic EPS (£)				3	(0.001)		(0.002)

STATEMENT OF FINANCIAL POSITION

			As at 31  October  2022		As at 30 April 2022		As at 31 October  2021
	Note		(unaudited)		(audited)		(unaudited)
			£		£		£
ASSETS
NON-CURRENT ASSETS
Investments at FVTPL			800,000		800,000		814,677
Tangible fixed asset			1,117		1,375		-
			801,117		801,375		814,677
CURRENT ASSETS
Trade and other receivables			85,854		99,473		19,672
Investments at FVTPL			69,500		119,833		56,300
Financial assets at FVTPL			9,584,920		9,153,440		4,974,936
Cash and cash equivalents			79,435		429,386		340,870
			9,819,709		9,802,132		5,391,778
TOTAL ASSETS			10,620,826		10,603,507		6,206,455
EQUITY
Called up share capital	4		1,020,087		1,020,087		624,254
Share premium	4		7,933,038		7,933,038		3,932,752
Other reserves			463,014		463,014		107,618
Retained earnings	4		(4,085,089)		(3,915,529)		(3,469,275)
TOTAL EQUITY			5,331,050		5,500,610		1,195,349
LIABILITIES
NON-CURRENT LIABILITIES
Financial liabilities - borrowings
Interest bearing loans and interest			5,269,858		5,070,098		4,873,595
CURRENT LIABILITIES
Trade and other payables			19,918		32,799		137,511
			19,918		32,799		137,511
TOTAL LIABILITIES			5,289,776		5,102,897		5,011,106
TOTAL EQUITY AND LIABILITIES			10,620,826		10,603,507		6,206,455

STATEMENT OF CASHFLOWS

	Note		Six months to 31 October  2022		Year ended 30 April 2022		Six months to 31  October  2021
			(unaudited)		(audited)		(unaudited)
			£		£		£
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the year			(169,560)		(424,822)		(86,186)
Adjustments for:
Depreciation			258		172		-
Loss/(gain) on revaluation of fixed assets			50,333		14,844		3,700
Finance costs			199,760		396,263		199,760
Finance income			(181,479)		(360,000)		(181,479)
Share based payments			-		175,897		-
Increase in trade and other receivables			13,619		(86,567)		(6,782)
Increase/(decrease) in trade and other payables			(12,882)		(64,725)		39,986
Net cash used in operating activities			(99,951)		(348,938)		(31,001)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments at FVTPL			-		(60,000)		-
Purchase of property, plant and equipment			-		(1,547)		-
Investment in convertible loan notes			-		(4,000,000)		-
Investment in option for convertible loan notes			(250,000)		-		-
Net cash used in investing activities			(250,000)		(4,061,547)		-
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issue of ordinary shares			-		4,831,000		363,000
Net cash generated from financing activities			-		4,831,000		363,000
Net (decrease) in cash and equivalents			(349,951)		420,515		331,999
Cash and cash equivalents at beginning of period			429,386		8,871		8,871
Cash and cash equivalents at end of period			79,435		429,386		340,870

STATEMENT OF CHANGES IN EQUITY

		Share capital		Share premium		Other reserves	Retained earnings		Total Equity
		£		£		£	£		£
Balance as at 1 May 2021		593,504		3,708,120		107,618	(3,490,707)		918,535
Loss for the period		-		-			(86,186)		(86,186)
Total comprehensive income		-		-			(86,186)		(86,186)
Issue of share capital (net of issue costs)		30,750		332,250			-		363,000
Balance as at 31 October 2021		624,254		4,040,370		107,618	(3,576,893)		1,195,349
Loss for the period		-		-			(338,636)		(338,636)
Total comprehensive loss for the period		-		-			(338,636)		(338,636)
Issue of share capital (net of issue costs)		395,833		4,072,167			-		4,468,000
Grant of options/warrants				(179,499)		355,396	-		175,897
Balance as at 30 April 2022		1,020,087		7,933,038		463,014	(3,915,529)		5,500,610
Balance as at 1 May 2022		1,020,087		7,933,038		463,014	(3,915,529)		5,500,610
Loss in the period		-		-			(169,560)		(169,560)
Total comprehensive loss for the period		-		-			(169,560)		(169,560)
Issue of share capital		-		-			-		-
Balance as at 31 October 2022		1,020,087		7,933,038		463,014	(4,085,089)		5,331,050

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

1. GENERAL INFORMATION

The principal activity of the Company is to establish strategic and portfolio investment opportunities in Social Commerce, Life Sciences and Natural Resources.

IamFire plc is a public limited company incorporated in England and Wales under the Companies Act (registered number 07603259). The Company is domiciled in the United Kingdom and its registered address is Hyde Park House, 5 Manfred Road, London, SW15 2RS.

1. BASIS OF PREPARATION

These condensed interim financial statements for the period ended 31 October 2022 have been prepared in accordance with the AQSE rules for Companies.  As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 30 April 2022, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

The interim financial information set out above does not constitute statutory accounts as defined by Section 434 of the Companies Act 2006.  It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of IFRS as adopted by the European Union.  Statutory financial statements for the year ended 30 April 2022 were approved by the Board of Directors on 27 October 2022 and delivered to the Registrar of Companies. The report of the independent auditor on those financial statements was unqualified.

1. EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the earnings attributable to shareholders by the weighted average number of ordinary shares (“WANS”) outstanding in the period. Diluted earnings per share is calculated using the weighted average number of shares adjusted to assume the conversion of all dilutive potential ordinary shares. Diluted loss per share has not been calculated as the options and warrants have no dilutive effect given the loss arising in the period.

		Six months to 31 Oct 2022	Six months to 31 Oct 2021	Year ended 30 April 2022
Earnings (£)		(169,560)	(86,186)	(424,822)
WANS (No.)		205,347,350	35,115,104	100,878,674
Earnings per share (£)		(0.001)	(0.002)	(0.004)

1. CALLED UP SHARE CAPITAL

As at the end of the reporting period the issued share capital in the Company was as follows:

	At 31 October 2022 (unaudited)		At 31 October  2021 (unaudited)		At 30 April 2022 (audited)
	No.		No.		No.
Ordinary shares of £0.0025	205,347,350		47,014,017		205,347,350
Deferred shares of £0.2475	2,047,350		2,047,350		2,047,350

Equity comprises the following:

Share capital:  represents amounts subscribed for shares at nominal value

Share premium: represents amounts subscribed for share capital, net of issue costs, in excess of nominal value.

Retained earnings: represents the accumulated profits and losses attributable to equity shareholders.

The interim financial information document will also be available on the Company’s website www.iamfireplc.com

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