TIDMPRIM
RNS Number : 8240J
Primorus Investments PLC
18 August 2023
Primorus Investments plc
("Primorus" or the "Company")
Interim Results for the six months ended 30 June 2023
Primorus Investments plc (AIM: PRIM) is pleased to announce its
unaudited interim results for the six months ended 30 June
2023.
Overview
The last six months have been a difficult time for the capital
markets with rising interest rates causing a general slowdown in
the deployment of capital being invested. With greater
uncertainties, investors are more cautious which has had a negative
effect on the asset valuations for some of Primorus' investments.
Despite this, we remain confident in the longer-term prospects of
these investments.
Primorus has restructured the repayments due under its
Convertible Loan Note with Bushveld Minerals Limited. At the date
of this announcement, GBP307,000 has been repaid and the balance
continues to accrue interest at 10% per annum.
Alteration Earth PLC, a special purpose acquisition company in
which Primorus holds approximately 28% of the issued share capital,
announced on 1 August 2023 its intention to acquire the entire
issued share capital of Verdant Earth Resources Limited.
In addition, Primorus has exited several non-core holdings to
ensure the Company remains in a healthy position to deliver the
objectives set out within its investing policy.
Financial Results
The operating loss for the six months to 30 June 2023 was
GBP512,000 (30 June 2022: GBP847,00 loss). The net loss after tax
was GBP512,000 (30 June 2022: GBP847,000 loss).
Total assets, including cash, at 30 June 2023 amounted to
GBP7.21 million (30 June 2022: GBP8.23 million).
Outlook
The Board remains confident that significant opportunities exist
for the Company going forward. The Board is continually seeking new
investment opportunities whilst also monitoring its existing
investments.
The Board has screened several exciting opportunities within the
period and looks forward to making further investments in the near
term.
We look forward to updating shareholders as and when our
existing investments mature, and new investments present
themselves.
The Directors would like to take this opportunity to thank our
shareholders and consultants for their continued support.
Rupert Labrum Chairman
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors. While management believes that these forward-looking
statements are reasonable as and when made, there can be no
assurance that future developments affecting the Company will be
those that it anticipates.
For further information please contact:
Primorus Investments plc
Matthew Beardmore, Chief Executive
Officer +44 (0)20 8154 7907
Nominated Adviser
Cairn Financial Advisers LLP
James Caithie / Sandy Jamieson +44 (0) 20 7213 0880
Unaudited Condensed Company Statement of Comprehensive
Income
for the six months ended 30 June 2023
6 months to 6 months Year to
to
30 June 30 June 31 December
2023 2022 2022
Unaudited Unaudited Audited
Not GBP'000 GBP'000 GBP'000
es
Continuing operations
Revenue
Investment income 40 52 93
Realised (loss)/gain on disposal
of financial investments (538) (300) (288)
Unrealised gain/(loss) on market
value movement of financial investments 314 (500) (542)
Total (losses)/gains on financial
investments (184) (748) (737)
-------------- --------- -----------
Share based payments - (63) (121)
-------------- --------- -----------
Operating costs (328) (36) (280)
-------------- --------- -----------
Impairment of financial investments - - (375)
-------------- --------- -----------
(Loss)/Profit before tax (512) (99) (1,513)
Taxation - - 29
-------------- --------- -----------
(Loss)/Profit for the period attributable
to equity shareholders of the company (512) (847) (1,484)
-------------- --------- -----------
- - -
Other comprehensive income
Total Comprehensive Income for
the year attributable to equity
shareholders of the company (512) (847) (1,484)
-------------- --------- -----------
Profit/(Loss) per share:
Basic profit/(loss) per share (pence) 2 (0.366) (0.605) (1.061)
Diluted profit/(loss) per share
(pence) 2 (0.366) (0.605) (1.061)
Unaudited Condensed Company Statement of Financial Position
as at 30 June 2023
30 June 30 June 31 December
2023 2022 2022
Unaudited Unaudited Audited
Note s GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Financial investments 5,279 7,742 5,444
--------- --------- -----------
5,279 7,742 5,444
--------- --------- -----------
Current assets
Investments 1,843 20 2,064
Trade and other receivables 49 39 34
Cash and cash equivalents 35 427 114
--------- --------- -----------
1,927 486 2,212
--------- --------- -----------
Total assets 7,206 8,228 7,656
--------- --------- -----------
EQUITY
Equity attributable to equity holders
of the parent
Share capital 280 280 280
Share based payment reserve - 76 -
Retained earnings 6,754 7,769 7.266
--------- --------- -----------
Total equity 7,034 8,125 7.546
LIABILITIES
Current liabilities
Trade and other payables 172 70 110
Corporation tax - 33 -
Total liabilities 172 103 110
--------- --------- -----------
Total equity and liabilities 7,206 8,228 7,656
--------- --------- -----------
Unaudited Condensed Company Statement of Changes in Equity
for the six months ended 30 June 2023
Share based Total attributable
Share Share payment Retained to owners
capital premium reserve earnings of parent
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Unaudited
Balance at 31
December 2021 280 - 13 8, 616 8,909
=============== ==================== ============= ================== =====================
Loss for the
period - - - (1,484) (1,484)
--------------- -------------------- ------------- ------------------ ---------------------
Total
comprehensive
income for
the
period - - - (1,484) (1,484)
Share based
payment expense - - 121 - 121
Reclassification
upon cancellation
of share options - - (134) 134 -
--------------- -------------------- ------------- ------------------ ---------------------
Balance at 31
December 2022 280 - - 7,266 7,546
=============== ==================== ============= ================== =====================
Loss for the
period - - - (512) (512)
--------------- -------------------- ------------- ------------------ ---------------------
Total
comprehensive
income for
the period - - - (512) (512)
Balance at 30 June
2023 280 - - 6,754 7,034
=============== ==================== ============= ================== =====================
Unaudited Condensed Company Statement of Cash Flows
for the six months ended 30 June 2023
6 months 6 months Year
to to to
30-Jun-23 30-Jun-22 31-Dec-22
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Operating Profit/(Loss) (512) (847) (1,484)
Adjustments for:
(Profit)/Loss on disposal of financial
investments 538 300 288
Fair value movement on listed investments (314) 500 542
Impairment provision on unlisted
investments - - 375
Decrease/(increase) in trade and
other receivables (15) (34) -
Increase/(decrease) in trade and
other payables 62 26 66
Foreign exchange loss/(gain) 166 (132) (112)
Interest income on investments (40) (52) (93)
Share based payment - 63 121
Income tax (credit) - - (29)
---------- ---------- ----------
(115) (176) (326)
Income taxes paid - (4) (36)
---------- ---------- ----------
Net cash used in operating activities (115) (180) (362)
Cash flows from investing activities
Disposal proceed from sale of financial
investments 36 3,026 1,937
Payment for financial investments - (3,360) (2,402)
---------- ---------- ----------
Net cash from/(used in) investing
activities 36 (334) (465)
---------- ---------- ----------
Net change in cash and cash equivalents (79) (514) (827)
========== ========== ==========
Cash and cash equivalents at beginning
of period 114 941 941
---------- ---------- ----------
Cash and cash equivalents at end
of period 35 427 114
========== ========== ==========
Notes to the condensed unaudited interim financial
statements
1. General Information
The condensed interim financial information for the 6 months to
30 June 2023 does not constitute statutory accounts for the
purposes of Section 434 of the Companies Act 2006 and has not been
audited or reviewed. No statutory accounts for the period have been
delivered to the Registrar of Companies.
The condensed interim financial information in respect of the
year ended 31 December 2022 has been produced using extracts from
the statutory accounts for that period. Consequently, this does not
constitute the statutory information (as defined in section 434 of
the Companies Act 2006) for the year ended 31 December 2022, which
was audited. The statutory accounts for this period have been filed
with the Registrar of Companies. The auditors' report was
unqualified and did not contain a statement under Sections 498 (2)
or 498 (3) of the Companies Act 2006.
The auditor's report was approved by the Directors on 15 June
2023 and is available on the Company's website at
www.primorusinvestments.com .
2. Basis of preparation and accounting
The financial information has been prepared on the historical
cost basis. The Company's business activities, together with the
factors likely to affect its future development, performance and
position are set out in the Chairman's Statement. This statement
also includes a summary of the Company's financial position and its
cash flows.
The financial statements have been prepared in accordance with
the Companies Act 2006 and UK-adopted international accounting
standards (UK-adopted IAS) and related interpretations. As
permitted, this does not include IAS 34 "Interim Financial
Reporting". This condensed set of financial statements has been
prepared applying the accounting policies that were applied in the
preparation of the Company's published financial statements for the
year ended 31(st) December 2022. As these interim financial
statements do not include all of the information or disclosures
required in the annual financial statements they should be read in
conjunction with the Company's 2022 annual financial
statements.
3. Earnings per share
Earnings per ordinary share has been calculated using the
weighted average number of shares in issue during the period. The
weighted average number of equity shares in issue was 139,830,968.
IAS 33 requires presentation of diluted EPS when a company could be
called upon to issue shares that would decrease earnings per share
or increase the loss per share.
Six months Six months Year ended
to to
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
restated
(GBP'000) (GBP'000) (GBP'000)
Net profit/(loss) attributable to equity
holders of
the company (512) (847) (1,484)
Weighted average number of shares 139,830,968 139,830,968 139,830,968
Weighted average number of diluted
shares 139,830,968 139,830,968 139,830,968
Basic (loss)/profit per share (pence) (0.366) (0.605) (1.061)
Diluted (loss)/profit per share (pence) (0.366) (0.605) (1.061)
4. Events after the reporting date
There are no events after the end of the reporting date to
disclose that have not already been the subject of an announcement
by the Company.
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END
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