TIDMTEA
RNS Number : 3663U
Teathers Financial PLC
29 July 2015
Teathers Financial PLC
(AIM: TEA)
Unaudited interim results for the six months ended 30 April
2015
Teathers Financial PLC ("Teathers" or the "Company") is pleased
to announce its interim results for the six months ended 30 April
2015.
Period highlights:
-- Change of name to Teathers Financial plc
-- Disposal of the legacy buttons and trimmings business
-- Became an Investing Company under the AIM Rules with the
Investing Policy approved by shareholders on 3 December 2014
-- GBP993,000 of equity funds raised
-- A small number of investments made during the reporting
period, with further investments made post period end
-- Launch of the Teathers crowd equity app at the UK Investor Show on 18 April 2015
-- Net Asset Value increased by 140% to GBP1.2m (30 April 2014
GBP0.4m and 31 October 2014 GBP0.5m)
-- Increase in cash at bank to GBP919,000 (30 April 2014:
GBP174,599 and 31 October 2014 GBP260,258)
-- Comprehensive loss for the period of GBP161,000 (30 April
2014: profit GBP200,832, which includes the GBP350,000 exceptional
gain on disposal from the freehold premises)
Chairman's Statement
The period under review was one of significant change for the
Company. During the period the Company, with shareholder approval:
disposed of its legacy loss making buttons and trimmings business;
changed the name of the Company to Teathers Financial Plc; and
implemented a new Investing policy.
During the period the Company raised a total of GBP993,000
though placings of GBP600,000 and GBP393,000, through the exercise
of Company warrants at a price of 3p (GBP378,000) and 6p
(GBP15,000), allowing the initial implementation of the Company's
Investing Policy.
The Investing Policy, which is to invest in AIM quoted companies
either on flotation, through secondary offerings or by purchasing
shares in the market and unquoted companies, joint ventures or
projects which the Board believes will be seeking a quotation on
AIM within 12 to 18 months of such investment, saw Teathers
participate in several investments during the period. These
included an investment in Tech Financial Plc, which was
subsequently disposed of with a 21% return in profit. The Company
continues to seek further investments in line with its Investing
Policy.
The Company also progressed with the development of its
proprietary Crowd Equity Service and Mobile App ("App") that will
provide Private investors access to placing's and IPOs. The App was
launched at the UK Investor Show on 18 April 2015.
The App, the development of which is now predominantly being
outsourced, but for which Teathers owns the intellectual property
rights, is designed to provide private investors with stock market
and quoted company information and importantly to enable qualified
users to buy shares in initial public offerings and placings at the
same price and on the same deal terms as institutional
investors.
The App is free to download from iTunes Connect (Apple), Google
Play and Android. It should however be noted that the offering of
equity placings through the App is an activity requiring an
appropriate Financial Conduct Authority ("FCA") regulated
structure. To that end the Company is currently in contractual
negotiations with a partner for the operation of the App, including
the basis for the sharing of commissions, and anticipates that the
App will be functional in the next few weeks.
Once operational, the App is intended to create a revenue stream
for Teathers and will support Teathers' main investing activities
under its Investing Policy. It is still intended that investment
through the App by qualifying investors will be commission
free.
It is further anticipated that a "white label" version of the
App will be offered to financial services organisations in the
future, enabling them to offer equity placings they are conducting
to their private investor clients. A number of expressions of
interest have already been received in this technology and the
Company believes that this could become an important source of
revenue for Teathers in the future.
Results for the Period
Operational highlights for the first half of 2014:
The Company reports a comprehensive loss to members of
GBP160,970 during the period. In the same period in the previous
year, the Company reported a profit of GBP200,832 (which included
an exceptional gain on disposal of the freehold building of
GBP415,000). The cash balance was GBP916,000 (April 2014:
GBP174,599) and Net Assets were GBP1,209,383 (April 2014
GBP345,388).
Post period end, Oliver Fattal was appointed Chief Operating
Officer and an Executive Director of the Company, having previously
held the position of Non-Executive Director.
Commenting on the results, Jason Drummond, Executive Chairman
said: "The first half of our financial year was one of significant
change for Teathers. We successfully transformed the business into
an AIM Investment Company and in line with our stated strategy
launched the Teathers Crowd Equity App. Development of the App
continues apace and we look forward to launching version 2,
together with announcing a significant partnership for the
operation of the App in the coming weeks."
For further information please contact:
Teathers Financial Plc
Jason Drummond, Executive Chairman Tel: +44 203 021
3466
Beaumont Cornish Limited (Nominated
Adviser & Joint Broker)
Roland Cornish / Emily Staples Tel: 0207 628
3396
Peterhouse Corporate Finance (Joint
Broker)
Lucy Williams / Duncan Vasey Tel: 020 7469
0936
IFC Advisory (Financial PR and IR)
Tim Metcalfe / Graham Herring / Tel: 020 3053
Heather Armstrong 8671
TEATHERS FINANCIAL PLC
Consolidated
Statement of Comprehensive Income
for the six months ended 30 April 2015
Six months Six months Year to
to to
30-Apr-15 30-Apr-14 31-Oct-14
Unaudited Unaudited Audited
GBP GBP GBP
----------- ----------- ----------
Continuing operations
Turnover - 88,891 -
Cost of sales - (49,667) -
Gross profit - 39,224 -
Administrative expenses (172,321) (188,465) (351,085)
----------- ----------- ----------
Operating loss (172,321) (149,241) (351,085)
Finance costs (303) -
----------- ----------- ----------
Loss on ordinary activities
before taxation (172,625) (149,241) (351,085)
Income tax credit - - 237
----------- ----------- ----------
Loss for the period from
continuing operations (172,625) (149,241) (350,848)
Discontinued operations
Profit/(loss) for the
period from discontinued
operations (9,491) 350,073 172,292
----------- ----------- ----------
Loss for the period attributable
to owners of the company (182,116) 200,832 (178,556)
----------- ----------- ----------
Other comprehensive income
Gains on property revaluation - - 22,128
Gain on disposal of Investments 21,145 - -
----------- ----------- ----------
21,145 - 22,128
----------- ----------- ----------
Total comprehensive loss
for the period (160,970) 200,832 (156,428)
(Loss)/earnings per ordinary Pence Pence Pence
share from continuing
and discontinued operations
attributable to the equity
holders of the Company
during the period
From continuing operations
- Basic and fully diluted (0.004) 0.01 (1.25)
----------- ----------- ----------
From discontinued operations
- Basic and fully diluted - - 0.62
----------- ----------- ----------
From continuing and discontinued
operations - Basic and
fully diluted (0.004) 0.01 (0.64)
----------- ----------- ----------
TEATHERS FINANCIAL PLC
Consolidated
Statement of Financial Position as at 30 April 2015
Six months Six months Year
to to to
30-Apr-15 30-Apr-14 31-Oct-14
Unaudited Unaudited Audited
----------- ----------- ----------
Assets
Non-current assets
Property, plant and
equipment 14,142 13,363 -
Software Development 124,990 - -
Total non-current assets 139,132 13,363 -
----------- ----------- ----------
Current assets
Trade and other receivables 50,323 120,616 95,164
Inventories - 36,810 -
Investments 100,000 - 100,000
Cash and cash equivalents 919,927 174,599 260,258
----------- ----------- ----------
Total current assets 1,070,251 332,025 455,422
----------- ----------- ----------
Total assets 1,209,383 345,388 455,422
----------- ----------- ----------
Equity attributable
to owners of the company
Share capital 303,710 96,418 171,043
Share premium 1,449,212 319,120 650,379
Revaluation reserve - 22,128 -
Retained earnings (648,992) (159,066) (488,021)
----------- ----------- ----------
Total equity 1,103,930 278,600 333,401
----------- ----------- ----------
Liabilities
Current liabilities
Trade and other payables 105,453 66,788 122,021
Borrowings - - -
----------- ----------- ----------
Total current liabilities 105,453 66,788 122,021
----------- ----------- ----------
Total liabilities 105,453 66,788 122,021
----------- ----------- ----------
Total equity and liabilities 1,209,383 345,388 455,422
----------- ----------- ----------
TEATHERS FINANCIAL PLC
Consolidated
Statement of Changes in Equity
For the six months ended 30 April 2015
Share Share Revaluation Retained Total
capital premium reserve earnings
GBP GBP GBP GBP GBP
Changes in Equity
for the period ended
30 April 2015
( 488,021
At 31 October 2014 171,043 650,379 - ) 333,401
Comprehensive income
( 182,116
Loss for the period )
Other comprehensive
income 21,146
Total Comprehensive ( 648,992
loss for the year 171,043 650,379 - ) 333,401
--------- ----------- ------------ ----------- -----------
Transactions with
owners
Proceeds from share
issue (net of expenses) 132,667 798,833
Total contributions
by the owners 132,667 798,833 - - 931,500
--------- ----------- ------------ ----------- -----------
( 648,992
At 30 April 2015 303,710 1,449,212 - ) 1,103,930
Changes in Equity
for the period ended
30 April 2014
( 359,897 ( 287,769
At 31 October 2013 50,000 - 22,128 ) )
Comprehensive income
Profit for the period - - - 200,831 200,831
Total Comprehensive ( 159,066 ( 86,938
loss for the year 50,000 - 22,128 ) )
--------- ----------- ------------ ----------- -----------
Transactions with
owners
Proceeds from share
issue (net of expenses) 46,418 319,120 - - 365,538
Total contributions
by the owners 46,418 319,120 - - 365,538
--------- ----------- ------------ ----------- -----------
( 159,066
At 30 April 2014 96,418 319,120 22,128 ) 278,600
Changes in Equity
for the year ended
31 October 2014
( 359,897 ( 287,769
At 31 October 2013 50,000 - 22,128 ) )
Comprehensive income
( 178,556 ( 178,556
Loss for the year - - - ) )
Other comprehensive ( 22,128
income - - ) 22,128 -
Total Comprehensive ( 22,128 ( 156,428 ( 178,556
loss for the year - - ) ) )
--------- ----------- ------------ ----------- -----------
Transactions with
owners
Proceeds from share
issue (net of expenses) 121,043 650,379 - - 771,422
Share based payment - - - 28,304 28,304
Total contributions
by the owners 121,043 650,379 - 28,304 799,726
--------- ----------- ------------ ----------- -----------
( 488,021
At 31 October 2014 171,043 650,379 - ) 333,401
TEATHERS FINANCIAL PLC
Consolidated
Statement of Cash Flows
For the six months ended 30 April 2015
Six months Six months Year to
to to
Statement of Cash 30-Apr-15 30-Apr-14 31-Oct-14
Flows
Unaudited Unaudited Audited
GBP GBP GBP
Cash flow from operating
activities
Cash used in operations (155,307) 200,832 (753,310)
Interest paid (304) - -
Decrease in Inventory - 5,000 -
Increase/(decrease) - (19,162) -
in creditors
(Increase)/decrease - (374,371) -
in debtors
Gain on disposal - (349,003) -
of tangible asset
(155,611) (536,704) (753,310)
----------- ----------- -----------
Net cash used operating
activities
Cash flow from investing
activities
Purchase of investments - - (100,000)
Investment in intangible (137,365) - -
assets
Proceeds from sale 21,146 - -
of Investments
Proceeds from sale
of PPE - 400,000 406,215
----------- ----------- -----------
Net cash generated
from investing activities (116,220) 400,000 306,215
----------- ----------- -----------
Cash flows from
financing activities
Finance Cost - (13,165) -
Proceeds from issuance
of ordinary shares 931,500 365,537 771,422
New borrowings - - 75,000
Repayment of borrowings - (44,000) (142,000)
----------- ----------- -----------
Net cash generated
by financing activities 931,500 308,372 704,422
----------- ----------- -----------
Net increase/(decrease)
in cash and cash
equivalents 659,669 171,668 257,327
Cash and cash equivalents
at beginning of
year 260,258 2,931 2,931
----------- ----------- -----------
Cash carried forward 919,927 174,599 260,258
----------- ----------- -----------
TEATHERS FINANCIAL PLC
Consolidated Notes to the Interim Financial Information
1. General Information
The principal activity of Teathers Financial PLC ("the Company")
during the period was that of an investment company which aims to
invest in disruptive products or technologies that are either
proven or at the later stages of development, which own or have
exclusive licence to the relevant intellectual property and may
benefit from feed-in tariffs or other renewable energy
incentives.
Teathers Financial PLC is a company incorporated and domiciled
in England and Wales and quoted on the AIM market of the London
Stock Exchange. The address of its registered office is The Plaza,
535 Kings Road, London SW10 0SZ
2. Basis of Preparation
The condensed interim financial information set out above does
not constitute statutory accounts within the meaning of Section 435
of the Companies Act 2006. It has been prepared on a going concern
basis in accordance with the recognition and measurement criteria
of International Financial Reporting Standards (IFRS) as adopted by
the European Union. The financial information for the year ended 31
October 2014 has been extracted from the statutory financial
statements for the year ended 31 October 2014 which were approved
by the Board of Directors on 29 April 2015 and delivered to the
Registrar of Companies. The report of the auditors on those
financial statements was unqualified.
The condensed interim financial information for the six months
ended 30 April 2015 has not been reviewed or audited. The interim
financial report has been approved by the Board on 28 July
2015.
The 2015 condensed interim financial statements of the Company
have not been reviewed by the Company's auditor, Welbeck
Associates.
Change in accounting policy
These interim financial statements, for the 6 months ended 30
April 2015, are the first the Company has prepared in accordance
with IFRS. The adoption of the International Financial Reporting
Standards occurred during the year to 31 October 2014. For periods
up to and including 30 April 2014, the Company prepared its
financial statements in accordance with United Kingdom Generally
Accepted Accounting Practice (UK GAAP). For the transition from UK
GAAP to IFRS there are no material differences, which the Directors
feel need to be disclosed within these interim financial statements
to enable the user to better understand the effect of the change in
accounting policy.
Going concern
The Directors, having made appropriate enquiries, consider that
adequate resources exist for the Company to continue in operational
existence for the foreseeable future and that, therefore, it is
appropriate to adopt the going concern basis in preparing the
interim financial statements for the period ended 30 April
2015.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of
the business. The key risks that could affect the Company's medium
term performance and the factors that mitigate those risks have not
substantially changed from those set out in the Company's 2014
Annual Report and Financial Statements, a copy of which is
available on the Company's website: www.teathers.com.
Critical accounting estimates
The preparation of interim financial statements requires
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities at the end of the
reporting period. Significant items subject to such estimates are
set out in note 4 of the Company's 2014 Annual Report and Financial
Statements. The nature and amounts of such estimates have not
changed significantly during the interim period.
3. Significant Accounting Policies
The accounting policies applied are consistent with those of the
annual nancial statements for the year ended 31 October 2014, as
described in those annual nancial statements.
4. Segmental Analysis
The Company's primary reporting format is business segments and
its secondary format is geographical segments. The Company only
operates in a single business and geographical segment. Accordingly
no segmental information for business segment or geographical
segment is required.
5. Earnings per share
Six months Six months Year
to to to
30-Apr-15 30-Apr-14 31-Oct-14
Unaudited Unaudited Audited
GBP GBP GBP
Profit (loss) attributable
to equity holders
of the company (160,970) 200,832 (178,556)
Loss from continuing
operations attributable
to equity holders
of the company (160,970) 200,832 (350,848)
Profit/(loss) from
discontinued operations
attributable to
equity holders
of the company - - 172,292
---------------------------- ----------- ------------ ------------
Weighted average
number of ordinary
shares in issue 39,657,895 19,283,478 28,007,122
---------------------------- ----------- ------------ ------------
Pence per Pence per Pence
share share per share
Basic (loss) per
share (0.004) 0.01 (0.64)
Basic (loss) per
share from continuing
operations (0.004) 0.01 (1.25)
Basic earnings/(loss)
per share from
discontinued operations - - 0.62
6. Taxation
The tax expense represents the sum of the tax currently payable
or recoverable together with deferred tax.
The tax currently recoverable is based on taxable loss for the
year. Taxable loss differs from net loss as reported in the
Statement of Comprehensive Income because it excludes items of
income or expense that are taxable or deductible in other years and
it further excludes items that are never taxable or deductible. The
Corporation Tax recoverable is calculated by using tax rates that
have been enacted or substantively enacted by the end of the
reporting period.
7. Post period end
Oliver Fattal was appointed Chief Operating officer and
Executive Director of the Company, previously he held the position
of Non-Executive Director.
The Company made a number of investments and disposals, details
of which can be found on the Company's website.
Copies of this interim financial information document are
available from the Company at its registered office at The Plaza,
535 Kings Road, London SW10 0SZ. The interim financial information
document will also be available on the Company's website
www.teathers.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR RPMPTMBTTBMA
Teathers Fin (LSE:TEA)
Gráfica de Acción Histórica
De Dic 2024 a Ene 2025
Teathers Fin (LSE:TEA)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025
