REG - YOLO Leisure & Tech - Half Yearly Report <Origin Href="QuoteRef">YOLO.L</Origin>

AsimilarAnnouncement

16/07/2015 12:58

RNS Number : 4211R
YOLO Leisure & Technology PLC
26 June 2015
YOLO Leisure and Technology plc
("YOLO" or the "Company")
Unaudited Interim Results for the period ended 31 March 2015
Introduction
I am pleased to report that the Company has had a very active 6 months.
As a reminder it is worth noting that the comparatives in the Consolidated Statement of Comprehensive Income refers to trading businesses of the former Pentagon Protection PLC. As reported in the annual report, these former businesses were disposed under a CVA arrangement on 17 July 2014.
The investment period for our interim six months ending March 2015 has been another solid one for YOLO Leisure and Technology PLC on our journey to establish ourselves as an investment company under AIM Rule 15.
During the period the Company made 3 investments totalling 1,167,639 into three exciting, innovative and disruptive businesses, all well positioned for growth in their sectors, namely;Gfinity Plc (eSports), Simplestream Ltd (live streaming of television channels and video streams to multi device) and AudioBoom Plc (digital platform reinventing radio), and raised funds of 576,000 before costs by a placing of 32,000,000 shares at 1.8p each. The Company continues to actively look for further investment opportunities in pursuit of its investment strategy.
Financial review
The Board has been very selective in the transactions made and our growing investment portfolio now consists of businesses with strong technology and content themes, all consistent with YOLO's investment criteria and spirit.
The current portfolio of investments consists of:
Gfinity Plc - Gfinity is an electronic sports ("eSports") business that provides a hub for a rapidly expanding community that plays a range of electronic games such as Call of Duty, League of Legends, FIFA 2015, Halo and Starcraft. Gfinity was established in September 2012 and was listed on AIM on 22 December 2014. It has established a popular on-line brand, gfinity.net, where gamers can compete, socialise and enjoy a wide range of content relating to electronic games on a proprietary technology platform. This platform enables Gfinity to run a regular roster of on-line competitions, leagues and ladders with the opportunity for gamers to win substantial prize money and/or pit their skills against professional and widely-followed "star" players.
Simplestream Limited - is an over the top television (OTT) broadcast streaming business that is well positioned for growth in this dynamic sector. The company serves both consumers directly and media broadcast companies. Our investment is accelerating the expansion of Simplestream's multi-device video streaming platform both in the UK and internationally through the development of their B2C TVPlayer product, and their B2B Media Manager product that works with Broadcasters and Content providers to stream their services and content.
AudioBoom Group Plc - AudioBoom works with some of the biggest names in sports and media such as NFL, Premier League and BBC. The AudioBoom platform allows partners and users to bring non-music content to millions of listeners worldwide via the website, embedded players, apps, Facebook and Twitter.
In December 2014 3.35m warrants were exercised at a price of 1.3p and in January 2015 the Company completed a placing of 32m ordinary 1p shares for gross proceeds of 576,000 and issued warrants for 8m shares at an exercise price of 1.8p.
Post balance sheet events 
Warrants for 389,423 and 961,538 were exercised at price of 1.3p in April and May respectively.
On 6 May 2015 the Company received confirmation from AIM that it had substantially implemented its investing policy under Rule 15.
On 19 May 2015 the Company held its AGM at which all resolutions were approved including a resolution giving Directors authority to issue up to 200m new shares.
YOLO Leisure and Technology will continue to invest wisely in disruptive businesses that demonstrate significant growth potential, provide rich and engaging user experiences and utilise technology. YOLO is very well positioned to capitalise on the foundations laid and the opportunities that lie ahead and we look forward to updating Shareholders of our intentions and investment of funds in the near future.
Simon Robinson
Chairman 
26 June 2015 
For further information please contact:
YOLO Leisure and Technology plc
Simon Robinson 
simon.robinson@yoloplc.com
Cairn Financial Advisers LLP (Nominated Adviser)
Sandy Jamieson / Liam Murray
Tel: +44 20 7148 7900
Peterhouse Corporate Finance Limited (Sole broker)
Eran Zucker / Lucy Williams
Tel: + 44 20 7469 0930
Walbrook PR Ltd 
Paul McManus/Sam Allen
Tel: +44 20 7933 8787 or
yolo@walbroookpr.com
Mob: +44 7980 541 893/+44 7884 664 686
CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2015






Unaudited
Unaudited


six months ended
six months ended


31 March 2015
31 March 2014

Notes




Revenue
3
2,333
596,412
Cost of sales

-
(443,470)
GROSS PROFIT

2,333
152,942




Unrealised gain on remeasurement to fair value
4
151,957
-




Administrative expenses

(123,311)
(532,992)
PROFIT / (LOSS) FROM OPERATIONS BEFORE FINANCING ACTIVITIES
30,979
(380,050)




Finance income

328
-




PROFIT / (LOSS) BEFORE TAX

31,307
(380,050)




Tax

-
(151)




PROFIT / (LOSS) FOR THE PERIOD 

31,307
(380,201)




Other comprehensive income/(expense)

-
-




TOTAL COMPREHENSIVE INCOME / (EXPENSE) 
FOR THE PERIOD 

31,307
(380,201)




Profit / (Loss) before tax and total comprehensive income / (expense) for the period are all attributable to the equity shareholders of the parent.








Profit / (Loss) per share



Basic

0.00
(0.04)p
Diluted

0.00
(0.04)p
Revenue and profit from operations for the current period all derive from continuing operations.
CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
FOR THE SIX MONTHS ENDED 31 MARCH 2015


Unaudited
Audited


31 March
30 September


2015
2014

Notes
ASSETS







Non-current assets







Investments
4
1,319,596
-


1,319,596
-
Current assets







Trade and other receivables

28,229
7,597
Cash and cash equivalents
5
194,675
912,301


222,904
919,898




TOTAL ASSETS

1,542,500
919,898




EQUITY AND LIABILITIES







Equity



Share capital
6
2,169,252
1,813,675
Share premium account

7,435,192
7,197,319
Retained earnings

(8,095,598)
(8,126,905)
Total equity attributable to equity holders of the parent




1,508,846
884,089




Current liabilities



Trade and other payables

33,654
35,809
Total liabilities

33,654
35,809








TOTAL EQUITY AND LIABILITIES

1,542,500
919,898
CONSOLIDATE INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2015









Share 
Share




Share
Premium
Based
Other
Retained 


capital
Account
Payments
reserves
earnings
Total



Reserve











Audited at 1 October 2013
905,065
7,160,948
81,415
11,198
(7,896,177)
262,449







Total comprehensive expense for the period
-
-
(4,541)
13,842
(380,201)
(370,900)







Unaudited at 31 March 2014
905,065
7,160,948
76,874
25,040
(8,276,378)
(108,451)







Audited as at 1 October 2014
1,813,675
7,197,319
-
-
(8,126,905)
884,089







Total comprehensive income for the period




31,307
31,307
Share Issue
355,577
266,673



622,250
Cost of new issue

(28,800)



(28,800)







Unaudited at 31 March 2015
2,169,252
7,435,192
-
-
(8,095,598)
1,508,846







All equity is attributable to equity shareholders of the parent.
Share premium
Represents amounts subscribed for share capital in excess of its nominal value, net of directly attributable issue costs.
Share based payment reserve
Represents the reserve account which is used for the corresponding entry to the share based payment charge through the Statement of Comprehensive Income.
CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 MARCH 2015


Unaudited
Unaudited


six months ended
six months ended


31 March 2015
31 March 2014





Operating activities



Profit / (Loss) before tax

31,307
(380,050)
Depreciation of property, plant and equipment

-
38,688
Exchange adjustment

-
(11,810)
Gain on current fair value adjustment

(151,957)
-




Changes in working capital:



Decrease in inventories

-
9,224
(Increase)/decrease in trade and other receivables

(20,633)
543,909
(Decrease)/increase in trade and other payables

(2,155)
(172,031)
Net finance cost


-
Net cash (used)/generated in operating activities

(143,438)
27,930




Investing activities



Payments to acquire property, plant and equipment

-
(19,931)
Investments

(1,167,639)
-
Net cash used in investing activities

(1,167,639)
(19,931)




Financing activities



Decrease in shareholder loan

-
(6,944)
Net proceeds from issue of shares

593,451
-




Net cash used in financing activities

593,451
(6,944)




Taxation

-
(151)




Net (decrease)/increase in cash and cash equivalents

(717,626)
904




Cash and cash equivalents at the start of the period
912,301
9,529
Cash and cash equivalents at the end of the period 
194,675
10,433
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED 31 MARCH 2015
1 General information
YOLO Leisure & Technology Plc ('the Company') is an investment company as defined under AIM Rule 15. The comparative figures show the position of the former business of the company and its subsidiaries (together 'the Group') which specialised in the supply and installation of anti-shatter/safety films, bomb blast protection, security and solar control films as well as opaque privacy films and manifestation graphics and the provision of bespoke security consultancy for high risk project management. All subsidiaries and trade were disposed of in May 2014 and July 2014 and the completed in December 2014.
The Company is a publicly listed company on AIM incorporated and domiciled in England. The address of its registered office is 18 Buckingham Gate, London, SW1E 6LB. 
  
 This consolidated interim financial information was approved for issue on 26 June 2015.
2 Accounting policies
2.1 Basis of preparation
The interim consolidated financial information comprises the consolidated Statements of Financial Position at 31 March 2015 and 30 September 2014 and the consolidated Statements of Comprehensive Income, Changes in Equity and Cash Flows for the periods ended 31 March 2015 and 31 March 2014 and the related notes of YOLO Leisure & Technology Plc, (hereinafter referred to as 'the interim financial information)
The interim financial information has been prepared in accordance with IAS 34, 'Interim Financial Reporting' as adopted by the European Union. In preparing this information, management have used the accounting policies set out in the Group's annual financial statements as at 30 September 2014. 
This interim financial information does not constitute a set of statutory accounts under the requirements of the Companies Act 2006 and is neither audited nor reviewed. The comparative figures for the financial year ended 30 September 2014 are an extract from the Group's 2014 financial statements, which have been reported on by the Group's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified.
This document (the Interim Statement 2015) will be published on the company's website and will be publicly available from the London Stock Exchange regulatory publications. The maintenance and integrity of the YOLO Leisure & Technology Plc website is the responsibility of the directors. Legislation in the UK governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
2.2 Going concern
 The company's activities, together with the factors likely to affect its future development and performance, the financial position of the company, its cashflow and liquidity position have been considered by the directors and the Board is of the opinion that there are sufficient funds available to continue as a going concern for the foreseeable future. The Board is also planning to raise additional funds to continue to carry out its investment strategy as opportunities arise. Accordingly the Board consider it appropriate to adopt the going concern basis in preparing these condensed financial statements.
2.3 Investments
 Financial assets and liabilities are fair valued using a hierarchy that reflects the significance of the inputs used in making the fair value assessment. The fair value hierarchy has the following levels:
 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
 Level2: inputs other than quoted prices for identical assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices) 
 Level3: inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
3. Turnover and segmental analysis
All of the company's activity, income and expenses in the period ended 31 March 2015 were incurred in the United Kingdom, all the business assets are located in the United Kingdom. The secondary reporting format is by geographic segment based on location of customers. External revenue by segment is as follows:






Unaudited
Unaudited






six months ended 
six months ended 






31 March 2015
31 March 2014













United Kingdom




2,333
412,456
Americas





-
163,741
Europe





-
3,238
Africa and Middle East



-
7,937
Far East





-
9,040






2,333
596,412
4 Investments


-
Listed
Unlisted
Total






Cost of acquisitions during the period


610,139
557,500
1,167,639






Unrealised gain on remeasurement to fair value


151,957
-
151,957






Unaudited fair value at 31 March 2015


762,096
557,500
1,319,596






5
Cash and cash equivalents
For the purpose of the consolidated interim cash flow statement, cash and cash equivalents are comprised of the following:







Unaudited
Audited







31 March
30 September







2015
2014
















Cash at bank and in hand




194,675
912,301
6
Share capital



Unaudited
Unaudited





six months ended 
Six months ended





31 March 2015
31 March 2014






Issued and fully paid






As at 31 March 2014 
Ordinary shares (11,133,908 shares of 1p each)
111,339
111,339

Deferred shares (8,819,181 shares of 9p each)
793,726
793,726

Issued 11 July 2014 (90,860,947 shares of 1p each)
908,610
-

As at 30 September and 31 March 2014
1,813,675
905,065

17 December 2014 Warrant exercised (3,557,692 shares of 1p each)
35,577
-

28 January 2015 share placement (32,000,000 shares of 1p each)
320,000
-






2,169,252
905,065
7
Dividends paid and proposed












Equity dividends on ordinary shares:




No interim dividend was paid or is proposed for the half year ended 31 March 2015.
8
Profit/(loss) per share
The calculations of (loss)/profit per share are based on the following results and number of shares:






Unaudited
Unaudited






six months ended 
six months ended 






31 March 2015
31 March 2014














(Profit/(loss) for the financial period



31,307
(380,201)






Weighted average number of shares for diluted loss per share



114,948,469
10,575,836





Weighted average number of shares for basic loss per share






114,948,469
10,575,836
At 31 March 2015, the number of ordinary shares in issue was 137,552,547.
In accordance with the provisions of IAS 33 for the periods ended 31 March 2015, 30 September 2014 and 31 March 2014, shares under option were not regarded as dilutive in calculating earnings per share. 
9
Seasonality of interim operations
YOLO Leisure & Technology Plc does not operate in a seasonal or cyclical business environment.

This information is provided by RNS
The company news service from the London Stock Exchange
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