TIDMPRIM
RNS Number : 3394L
Primorus Investments PLC
10 September 2021
Primorus Investments plc
("Primorus" or the "Company")
Interim Results for the six months ended 30 June 2021
Primorus Investments plc (AIM: PRIM) is pleased to announce its
interim results for the six months ended 30 June 2021.
Overview
Primorus has a strong balance sheet with no debt and with total
assets (including cash of GBP1.346 million) as at 30 June 2021
amounting to GBP9.17 million (30 June 2020: GBP8.09 million).
The last six months have been a very busy time at Primorus. The
Board has spent considerable time reorganising the Company and its
balance sheet to provide investors with what it believes to be a
low cost, high impact strategy underpinned by the revised investing
policy.
The Board has reduced the overall operating costs, appointed a
new Chief Executive, fully appraised all the current investments,
and pursued new investment opportunities.
The results of the appraisal of its existing investments led to
the Company increasing its holdings in Fresho and Engage which,
along with Zuuse, are the three companies (from investments made
prior to November 2020) that the Board believes will deliver the
greatest shareholder returns.
In addition to the above, in April the Company made a new
investment into Mustang Energy PLC to gain exposure to the vanadium
flow battery storage market. The Board believes that this sector,
along with other forms of renewable energy and clean technology, is
going to be a financially rewarding market to be invested in.
Financial Results
The operating loss for the six months to 30 June 2021 was
GBP115,000 (30 June 2020: GBP3.29m profit). The net loss after tax
was GBP115,000 (30 June 2020: GBP3.29m profit).
Total assets, including cash, at 30 June 2021 amounted to
GBP9.17 million (30 June 2020: GBP8.09 million).
Outlook
The Board remains confident that significant opportunities exist
for the Company going forward. We look forward to the remainder of
2021 being a period in which we can further demonstrate our
business model which is now underpinned by the new investing
policy.
The Board are currently reviewing several exciting investment
opportunities that are aligned with the new investing policy. The
Board has been screening several opportunities and has identified
at least one that could begin to generate value for shareholders
this calendar year.
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, staff and consultants for their continued
support.
Rupert Labrum Chairman
10 September 2021
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
For further information please contact:
Primorus Investments plc
Matthew Beardmore, Chief Executive
Officer +44 (0)20 8154 7907
Nominated Advisor
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 2021
6 months to 6 months to Year to
30 June 30 June 31 December
2021 2020 2020
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
Continuing operations
Revenue
Investment income 48 1 14
Realised gain on disposal of financial
investments 107 834 6,033
Unrealised gain/(loss) on market
value movement of financial investments (21) 2,715 (323)
Total gains on financial investments 134 3,550 5,724
------------ ----------- -----------
Share based payments (13) - -
------------ ----------- -----------
Operating costs (236) (258) (475)
------------ ----------- -----------
Impairment of financial investments - - (633)
------------ ----------- -----------
(Loss)/Profit before tax (115) 3,292 4,616
Taxation - - (447)
------------ ----------- -----------
(Loss)/Profit for the period attributable
to equity shareholders of the company (115) 3,292 4,169
------------ ----------- -----------
- - -
Other comprehensive income
Total Comprehensive Income for
the year attributable to equity
shareholders of the company (115) 3,292 4,169
------------ ----------- -----------
(Loss) per share:
Basic profit/(loss) per share (pence) 2 (0.08) 2.35 2.98
Diluted profit/(loss) per share
(pence) 2 (0.08) 2.09 2.98
Unaudited Condensed Company Statement of Financial Position
as at 30 June 2021
30 June 30 June 31
2021 2020 December
2020
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Financial investments 6,998 7,390 4,612
--------- --------- --------
6,998 7,390 4,612
--------- --------- --------
Current assets
Investments 812 - 113
Trade and other receivables 14 22 3
Cash and cash equivalents 1,346 676 4,673
--------- --------- --------
2,172 698 4,789
--------- --------- --------
Total assets 9,170 8,088 9,401
--------- --------- --------
EQUITY
Equity attributable to equity holders
of the parent
Share capital 15,391 15,391 15,391
Share premium account 35,296 35,296 35,296
Share based payment reserve 13 683 -
Retained earnings (42,016) (43,321) (41,901)
--------- --------- --------
Total equity 8,684 8,049 8,786
LIABILITIES
Current liabilities
Trade and other payables 486 39 502
Loans and borrowings - - 113
--------- --------- --------
Total liabilities 486 39 615
--------- --------- --------
Total equity and liabilities 9,170 8,088 9,401
--------- --------- --------
Unaudited Condensed Company Statement of Changes in Equity
for the six months ended 30 June 2021
Share based Total
Share Share payment Retained attributable
capital premium reserve earnings to owners
of parent
Unaudited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31
December 2019 15,391 35,296 683 (46,613) 4,757
=============== ==================== ================ ================ ====================
Profit for the
period - - - 4,169 4,169
--------------- -------------------- ---------------- ---------------- --------------------
Total
comprehensive
income for
the
period - - - 4,169 4,169
Termination and
settlement of
share options - - (140) - (140)
Cancellation of
share options - - (543) 543 -
--------------- -------------------- ---------------- ---------------- --------------------
Balance at 31
December 2020 15,391 35,296 - (41,901) 8,786
=============== ==================== ================ ================ ====================
Loss for the
period - - - (115) (115)
--------------- -------------------- ---------------- ---------------- --------------------
Total
comprehensive
income for
the period - - - (115) (115)
Share based
payment 13 - 13
Balance at 30 June
2021 15,391 35,296 13 (42,016) 8,684
=============== ==================== ================ ================ ====================
Unaudited Condensed Company Statement of Cash Flows
for the six months ended 30 June 2021
6 months to 6 months to Year to
30-Jun-21 30-Jun-20 31-Dec-20
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Operating profit/(loss) (115) 3,292 4,616
Adjustments for:
(Profit)/Loss on disposal of financial
investments (107) (835) (6,033)
Fair value movement on listed investments 21 (2,716) 323
Impairment provision on unlisted investments - - 633
Decrease/(increase) in trade and other
receivables (11) (7) 12
Increase/(decrease) in trade and other
payables (16) (69) (53)
Foreign exchange loss/(gain) 81 (2) (65)
Share based payment 13 - (140)
Taxation (paid) - - -
--------- ----------- ---------
Net cash used in operating activities (134) (337) (707)
Cash flows from investing activities
Disposal proceed from sale of financial
investments 2,533 1,048 6,939
Payment for financial investments (5,613) (80) (1,737)
--------- ----------- ---------
Net cash (used in) investing activities (3,080) 968 5,202
Net change in cash and cash equivalents (3,214) 631 4,515
--------- ----------- ---------
Cash and cash equivalents at beginning
of period 4,560 45 45
--------- ----------- ---------
Cash and cash equivalents at end of
period 1,346 676 4,560
--------- ----------- ---------
Notes to the condensed interim financial statements
1. General Information
The condensed interim financial information for the 6 months to
30 June 2021 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 2020 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 2020, 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 07 June
2021 and is available on the Company's website at
www.primorusinvestments.com .
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.
These condensed interim financial statements have been prepared
in accordance with International Financial Reporting Standards
(IFRS) as adopted by the European Union with the exception of
International Accounting Standard ('IAS') 34 -- Interim Financial
Reporting. Accordingly, the interim financial statements do not
include all of the information or disclosures required in the
annual financial statements and should be read in conjunction with
the Company's 2020 annual financial statements.
2. 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
2021 2020 2020
(Unaudited) (Unaudited) (Audited)
restated
(GBP'000) (GBP'000) (GBP'000)
Net profit/(loss) attributable to equity
holders of
the company (115) 3,292 (401)
Weighted average number of shares 139,830,968 139,830,968 139,830,968
Weighted average number of diluted
shares 151,830,968 157,630,968 139,830,968
Basic (loss)/profit per share (pence) (0.08) 2.35 2.98
Diluted (loss)/profit per share (pence) (0.08) 2.09 2.98
------------------------------------------- ----------- ----------- -----------
3. 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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