REG - 450 PLC - Interim Report for the period ended 31 Dec 2022

450Announcement

29/03/2023 13:00

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RNS Number : 6389U  450 PLC  29 March 2023

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE,
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WHICH IT WOULD BE UNLAWFUL TO DO SO.

 

LEI number: 2138004EUUU11OVHZW75

450 plc

(the "Company")

Interim Report for the six months ended 31 December 2022

 

The Company announces the publication of its interim results for the six
months ended 31 December 2022.

The Interim Report is available on the 'Shareholder Documents' page of the
Company's website at www.450plc.com.

Key highlights

Activity during the period and strategy

On 7 November 2022, the Company announced the appointment of Waheed Alli as
Chair. Waheed has over 30 years' experience across the media, retail,
entertainment and technology sectors, having launched and grown a number of
highly successful private and public businesses in his career. Following
Waheed's appointment, in line with his industry expertise, the Company adopted
a new investing policy to focus on building a market leader in the traditional
and digital creative industries.

The Directors believe that opportunities exist to create significant value for
shareholders through properly executed, acquisition-led growth strategies
arising within the traditional and digital creative industries encompassing
the content, media and technology sectors. The Company's principal focus will
be on making investments in the UK, Europe or North America and will target
companies with either a well-established presence in their specific segments
or companies which are in a position to become leaders in their specific
segments.

The ongoing digital transformation of the media and entertainment industries
and widespread adoption of digital media has led to a fundamental change in
the way content is created, consumed and engaged with. Audiences and consumers
are engaging with content across multiple formats, including experiential and
immersive media, utilising both physical and digital delivery, alongside the
associated emergence of augmented and virtual reality technologies. The
investment policy is included in full on the Company's website at
www.450plc.com (http://www.450plc.com) .

The Company also announced the appointment of Tom Basset as a non-executive
Director and the resignation of Mark Brangstrup Watts, both effective from 6
November 2022.

Outlook

The Directors believe there is significant opportunity to invest in content,
media or technology companies that have facilitated and are expected to
continue to benefit from the way content is created, consumed and engaged
with. The Directors have identified a number of potential acquisition
opportunities in this area, which they continue to explore and will remain
diligent in their assessment of valuations and the ability to generate long
term shareholder value through the execution of the investment strategy.

Results

The Group's loss after taxation for the six months to 31 December 2022 was
£558,000 (six months to 31 December 2021: loss of £183,000). The Group held
a cash balance at the period end of £4,526,000 (as at 30 June 2022:
£4,846,000).

 

 

Enquiries:

450 plc

Tel:+44(0)207 004 2700

Waheed Alli

James Corsellis

Numis Securities Limited (Nominated Adviser)

Tel:+44(0)207 260 1000

Kevin Cruickshank

Jamie Loughborough

 

 

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