Interim Results for the Half-Year to 30 June 2023
29/09/2023 07:00
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit)
Regulations 2019. Upon the publication of this announcement via a regulatory
information service, this inside information is now considered to be in the
public domain.
29 September 2022
Igraine Plc
(“Igraine” or “the Company”)
Interim Results for the Half-Year to 30 June 2023
Igraine plc, Directors Statement,
We are pleased to present the interim results for Igraine plc (AQUIS: KING)
for the period ending 30 June 2023. This reporting period has unfolded in a
challenging economic environment, but we are encouraged by the positive
developments in our ongoing discussions and commercialisation efforts.
Despite the economic headwinds, our maiden investment with Excalibur Medicines
Ltd (“EML”) continues to progress positively. Igraine owns a 2% interest
in EML that was awarded the exclusive commercial rights to and owns the
patents on a drug, AZD1656, which is being developed as a potential
therapeutic for diabetics suffering from COVID-19. The Excalibur team is
actively engaged in commercialisation discussions, with a preference for a
potential trade sale. The Company will update the market in due course.
Additionally, recognising the volatility in global financial markets, we
remain vigilant and proactive. We are actively exploring opportunities with
businesses that offer fundamentally strong value propositions.
The interim financial results have not been reviewed by the Company’s
auditor.
On behalf of the Board
Steve Winfield
Executive Director
INTERIM INCOME STATEMENT (UNAUDITED)
For the period ended 30 June 2023
Igraine plc
6 mths to 6 mths to
30 June 30 June
2023 2022
£ GBP £ GBP
Revenue - -
Cost of Sales - -
Gross Profit/(Loss) - -
Other Operating Income - -
Loss on revaluation of investments (43,049) -
Administrative Expenses (82,020) (128,223)
Loss before Investment Activities (125,069) (128,223)
Interest income 2,479 -
(Loss) before Amortisation of Preference Shares (122,590) (128,223)
Profit/(Loss) before Taxation (122,590) (128,223)
Taxation Expense - -
Total Comprehensive Income attributable to Equity Holders of the Company (122,590) (128,223)
STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
As at 30 June 2023
Igraine plc
As at As at
30 June 30 June
2023 2022
£ GBP £ GBP
Assets
Non-current assets
Property, plant and equipment - 2,089
Investments 818,013 615,113
818,013 617,202
Current assets
Trade and other receivables 118,625 148,302
Cash and cash equivalents 226,174 765,723
344,799 914,025
Total assets 1,162,812 1,531,227
Equity and liabilities
Equity
Issued share capital 588,785 588,785
Share Premium 1,946,995 1,946,995
Other reserves 46,116 46,116
Retained earnings (1,640,657) (1,300,926)
941,239 1,280,970
Non current liabilities
Loans and borrowings 24,946 43,788
Current liabilities
Trade and other payables 196,627 206,469
Total liabilities 221,573 250,257
Total equity and liabilities 1,162,812 1,531,227
THE DIRECTORS OF THE COMPANY TAKE RESPONSIBILITY FOR THE CONTENTS OF THIS
ANNOUNCEMENT
Enquiries
Company:
Simon Grant-Rennick (Executive Director)
Steve Winfield (Executive Director)
Aquis Growth Market Corporate Adviser
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930
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