TIDMESSN
RNS Number : 0681O
Essentially Group PLC
29 September 2023
29 September 2023
Essentially Group PLC
("Essentially" or the "Company")
Unaudited Interim Report For The Six Months Ended 30 June
2023
Essentially Group PLC (AQSE: ESSN), announces its interim
results for the Group for the half year ending 30 June 2023.
Period Highlights
-- Revenue from operational trading increased by 14% versus H1FY22.
-- Our retail footprint has grown by an impressive 53% in this
period, showcasing our consistent and robust natural growth.
-- Gross profit margin has increased to 52% (compared to 41%
for the year to 31(st) December 2022).
-- Commenced supply of healthy snacks to Emirates Palace Mandarin
Oriental Hotel, Marriot Hotel and Resort and the St. Regis,
all five-star hotels in the UAE.
-- Expanded the coverage of supply of beverages to all leading
petrol station operators (Emarat, ADNOC, EPPCO, ENOC). We
expect the benefit of the additional locations to materialise
in the coming months.
-- Commenced HPP tolling service for external clients for juice
and soup products.
-- The Group has recycled more than 1,083 kilograms of plastic
reducing 2,395 kgs of CO2 with our partner RECAPP by Veolia.
Post Period Highlights
-- The Group has entered into a rolling two-year private
label contract with the master UAE franchisor of a global
premium F&B brand to produce and supply 11 flavours of
juices and wellness shots. The brand has announced plans
to grow its presence in the UAE from 3 to 20 stores.
-- In line with theGroup's strategy to transition to more
environmentally friendly packaging solution, the Group
has invested in technology to supply its beverages in
biodegradable bottles. The initial investment covers
its 250ml bottles with other bottle formats to follow
in due course.
Chairman's Interim Report
The 6-month period ended 30th June 2023 was an exciting and
significant one for the Group.
Our High Pressure Processing equipment that was delivered at the
end of 2022 had successfully been installed and trials completed
during Q1. Over time we anticipate this resulting in improved gross
margins and allow us to conduct new product research and
development more efficiently and thus bringing new products to the
market quicker.
We listed on the Aquis Exchange on 17th March 2023, where I was
joined by Raja Abuljebain, our CEO, to bang the gong at the
Exchange on a chilly and quiet "FRIDAY" in the city of
London....
Strong Non-Oil exports growth will keep the UAE's current
account surplus in double digits at least until 2025.
Although there could be a deceleration in Dubai real GDP from
4.2% in 2022 to 3.8% in 2023 through elevated cost of living and
high and rising borrowing costs, that said the sustained recovery
of the wholesale and retail sector along with the robust financial
sector performance and investment activities will keep growth
strong by historical standards.
Travel and tourism sector in the UAE is also playing a role in
driving economic growth with increasing passenger numbers at Dubai
International Airport and Al Maktoum International Airport
resulting in international visitors to Dubai exceeding pre-pandemic
levels. International visitors to the UAE are expected to increase
40% in 2023.
Dubai is also hosting COP 28, the climate change conference,
between 30th November to 12th December 2023 and will be part of
this anticipated visitor growth. COP 28 is expected to be the
largest to date.
The UAE's population continues to grow, currently at 10.17
million (an increase of nearly 1% from 2022).
All of these drivers point to a bright year for our
industry.
Stuart Lever
Chairman
29 September 2023
The directors of the Company take responsibility for this
announcement.
For further information, please contact:
Essentially Group Plc
Raja W Abuljebain, CEO Tel: +97156 6440676
https://essentiallyplc.com
AQSE Exchange Corporate Adviser
Alfred Henry Corporate Finance Ltd
Nick Michaels/Maya Klein Wassink Tel: +44 (0) 20 3772 0021
www.alfredhenry.com
Broker
Clear Capital Markets Ltd
Andrew Blaylock Tel: +44 (0)20 3869 6082
https://clearcapitalmarkets.co.uk
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX-MONTH PERIOD TO 30 JUNE 2023
Group Essentially Essentially
Juices Manufacturing Juices Manufacturing
LLC LLC
Period ending Period ending Year ending
30 June 30 June 31 Dec 2022
2023 2022 Audited
Unaudited Unaudited GBP
GBP GBP
-------------- ---------------------- ----------------------
Revenue 593,164 519,311 1,037,660
-------------- ---------------------- ----------------------
Cost of Goods Sold (285,683) (295,377) (610,620)
-------------- ---------------------- ----------------------
Gross Profit 307,481 223,934 427,040
-------------- ---------------------- ----------------------
Operating Costs (529,850) (270,087) (578,030)
-------------- ---------------------- ----------------------
Profit/(Loss) Before Interest
& Depreciation (222,369) (46,143) (150,990)
-------------- ---------------------- ----------------------
Depreciation (124,264) (93,874) (202,649)
-------------- ---------------------- ----------------------
Profit/(Loss) Before Interest (346,633) (140,027) (353,638)
-------------- ---------------------- ----------------------
Interest Expense (53,542) (27,781) (81,435)
-------------- ---------------------- ----------------------
Net Profit/(Loss) (400,175) (167,808) (435,073)
-------------- ---------------------- ----------------------
Pence
-------------- ---------------------- ----------------------
Earnings per Share
-------------- ---------------------- ----------------------
Basic (0.78)
-------------- ---------------------- ----------------------
Diluted (0.78)
-------------- ---------------------- ----------------------
GBP1 = AED4.55
-------------- ---------------------- ----------------------
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
Group Essentially
Juices Manufacturing
LLC
Period ending Year ending
30 June 2023 31 Dec 2022
Unaudited Audited GBP
GBP
-------------- ----------------------
Assets
-------------- ----------------------
Current Assets
-------------- ----------------------
Cash & Cash equivalent 89,027 27,654
-------------- ----------------------
Trade Receivables 292,382 151,938
-------------- ----------------------
Prepayments & Other Receivables 501,585 68,885
-------------- ----------------------
Inventory 22,651 22,109
-------------- ----------------------
Total Current Assets 905,645 270,586
-------------- ----------------------
Non-Current Assets
-------------- ----------------------
Property Plant & Equipment 835,598 931,846
-------------- ----------------------
Intangible Assets 28 1,287
-------------- ----------------------
Right of Use Assets 95,035 147,938
-------------- ----------------------
Total Non-Current Assets 930,662 1,081,071
-------------- ----------------------
Total Assets 1,836,307 1,351,657
-------------- ----------------------
Liabilities & Equity
-------------- ----------------------
Current Liabilities
-------------- ----------------------
Trade and other Payables 449,213 289,806
-------------- ----------------------
Total Current Liabilities 449,213 289,806
-------------- ----------------------
Non-Current Liabilities
-------------- ----------------------
Loan from Shareholders - 700,000
-------------- ----------------------
Lease Liabilities 104,872 157,795
-------------- ----------------------
Interest Bearing Loans & Borrowings 759,465 76,923
-------------- ----------------------
Provision for End of Service 19,547 19,457
-------------- ----------------------
Total Non-Current Liabilities 883,884 954,175
-------------- ----------------------
Equity
-------------- ----------------------
Share Capital 51,300 66,667
-------------- ----------------------
Share Premium 648,700
-------------- ----------------------
Capital Contribution 2,116,873 1,915,914
-------------- ----------------------
Accumulated Losses (2,313,663) (1,874,905)
-------------- ----------------------
Total Equity 503,210 107,676
-------------- ----------------------
Total Liabilities & Equity 1,836,307 1,351,657
-------------- ----------------------
CONSOLIDATED GROUP CASHFLOW STATEMENT
FOR THE SIX-MONTH PERIODED 30 JUNE 2023
Group Essentially
Juices Manufacturing
LLC
Period ending Year ending
30 June 2023 31 Dec 2022
Unaudited Audited GBP
GBP
-------------- ----------------------
Cash Flow from Operating activities
-------------- ----------------------
(Loss) For the period (400,175) (435,073)
-------------- ----------------------
Adjustments For:
-------------- ----------------------
Provision for Employees' End of
services 5,444 20,291
-------------- ----------------------
Depreciation of Property, Plant
& Equipment/ Amortization 75,493 111,280
-------------- ----------------------
Depreciation for Right of use Asset 48,771 98,625
-------------- ----------------------
Finance Cost 87,873 81,435
-------------- ----------------------
Broker fee paid in shares 50,000
-------------- ----------------------
Operating (loss) before Working
Capital Changes (132,595) (123,442)
-------------- ----------------------
(Increase)/Decrease in Trade Receivables (18,111) (42,513)
-------------- ----------------------
(Increase)/Decrease in Other Receivables (432,699) (12,023)
-------------- ----------------------
(Increase)/Decrease in Inventory (542) (5,833)
-------------- ----------------------
Increase/(Decrease) in Trade Payables 55,621 100,054
-------------- ----------------------
Cash (used in) Operating activities (528,326) (83,757)
-------------- ----------------------
Employees' End of Service Payment (4,624) (7,664)
-------------- ----------------------
Finance Cost Paid (18,819) (21,612)
-------------- ----------------------
Net Cash used in Operating activities (551,769) (113,033)
-------------- ----------------------
Cash flow from Investing Activities
-------------- ----------------------
Property Plant & Equipment (10,016) (604,396)
-------------- ----------------------
-
-------------- ----------------------
Net Cash (used in) Investing Activities (10,016) (604,396)
-------------- ----------------------
Cash flow from Financing Activities
-------------- ----------------------
Loan from Shareholders - 700,000
-------------- ----------------------
Net movement in interest bearing
loan & Borrowing (17,458) (25,251)
-------------- ----------------------
Share Capital 600,000 -
-------------- ----------------------
Capital Contribution 47,250 156,423
-------------- ----------------------
Lease Payments (57,187) (118,696)
-------------- ----------------------
Net Cash Generated from Financing
Activities 572,605 712,476
-------------- ----------------------
Net (decrease)/Increase in cash
& cash equivalent 10,819 (4,953)
-------------- ----------------------
Cash & Cash equivalent at the start
of period 77,829 32,608
-------------- ----------------------
Cash & cash equivalent at the
end of period 89,027 27,654
-------------- ----------------------
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX-MONTH PERIOD TO 30 JUNE 2023
1 General Information
Essentially Group PLC is a listed public limited company (Aquis:
ESSN) incorporated in the UK and registered in England and Wales
(Company Number 14299324). The Company's registered office is at
Eastcastle House, 27 - 28 Eastcastle Street, London W1W 8DH.
2 Basis of Preparation
The interim consolidated financial statements of Essentially
Group Plc are unaudited condensed financial statements for the six
months ended 30(th) June 2023 (the "Interim Statements"). The
Interim Statements do not constitute statutory financial statements
within the meaning of section 434 of the Companies Act 2006.
A copy of the audited financial statements for the year ended
31(st) December 2022 for Essentially Juices Manufacturing L.L.C,
the principal operating company of the Group is available in which
the auditor's opinion on those financial statements was unqualified
and did not draw attention to any matters by way of an emphasis of
matter paragraph. These Interim Statements have been prepared on
the basis of the accounting policies and the accrual basis of
accounting and expected to apply for the financial year to 31(st)
December 2023 based on the recognition and measurement principles
adopted International Financial Reporting Standards (IFRS), in
accordance with the provisions of the Companies Act 2006,
applicable to companies reporting under IFRS.
The Interim Statements have been prepared under the historical
cost convention. The Group's presentation and functional currency
is GBP Sterling. The Interim Statements do not include all of the
information required for full annual financial statements and do
not comply with all the disclosures in IAS 34 'Interim Financial
Reporting. Accordingly, whilst the Interim Statements have been
prepared in accordance with IFRS, they cannot be construed as being
in full compliance with IFRS. The preparation of financial
statements in conformity with United Kingdom adopted International
Financial Reporting Standards (IFRS) requires the use of certain
critical accounting estimates.
It also requires management to exercise its judgement in the
process of applying the Group's accounting policies. The accounting
policies adopted are consistent with those followed in the
preparation of the Group's annual financial statements for the year
ended 31st December 2023.
3 Basis of Consolidation
The Interim Statements incorporate the assets and liabilities of
Essentially Group PLC ("Company") as at 30th June 2023 and the
result of all subsidiaries for the period then ended. Essentially
Group Plc and its subsidiaries together are referred to in these
financial statements as the "Group".
Subsidiaries are all those entities over which the Company has
control. Subsidiaries are fully consolidated from the date on which
control is transferred to the Company. Intercompany transactions,
as well as balances and unrealized gains stemming from transactions
among entities within the Group are removed. Where required, the
accounting policies of subsidiaries have been adjusted to align
with the policies adopted by the Group to maintain consistency.
The accounting for the acquisition of subsidiaries follows the
acquisition method. A change in ownership interest without losing
control, it is treated as an equity transaction. In this scenario,
any variance between the consideration paid and share for share is
directly recorded in the equity section of Company.
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END
NEXFLFVRATITFIV
(END) Dow Jones Newswires
September 29, 2023 02:00 ET (06:00 GMT)
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