Lift Global Ventures - Half Year Results
27/03/2024 07:00
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RNS Number : 4140I Lift Global Ventures PLC 27 March 2024
27 March 2024
Lift Global Ventures Plc
("Lift" or the "Company")
Half Year Results
The Directors of Lift Global Ventures Plc (AQSE:LFT) are pleased to announce
its half year results for the six-month period ended 31 December 2023.
Chairman's Statement
It is with pleasure that I take this opportunity to update shareholders of
Lift Global Ventures Plc (the "Company" or "Group") on the Group's performance
during the six-month period to 31 December 2023.
Update on Investment Strategy
Miriad Limited ("Miriad")
The Company's flagship investment, Miriad, a financial PR and IR consulting
company run by well-known stock market commentator and the Company's CEO,
Saqib "Zak" Mir continues to go from strength to strength, showing a heathy
increase in revenue and profits in the six-month period ended 31 December
2023, compared to the same period in 2022.
In the period, Miriad has generated turnover of £280,261 which was 87% up on
the same period last year and a net operating positive cash inflow of
£48,902. During the six-month period ended 31 December 2023, Miriad made a
profit after-tax of £219,373 representing an increase of 136% from the same
six-month period in 2022.
Over the last 6-months, the average monthly sales of Miriad rose marking a
notable increase from the average monthly sales in the year to 30 June 2023.
This growth is largely credited to the successful attributed launch of the
company's new 'Zaks Traders Cafe' website and the acquisition of 21 new
customer contracts in the six-month period since 1 July 2023, not to mention
the 25,800 X (Twitter) followers that Zaks Traders Café has built up.
It is pleasing to witness more clients realising the value of Zak Traders
Café in terms of the content and distribution from a market leader in Zak
Mir.
During the recent bear market, we have found more companies seeking the
benefits of Zak's services on the basis that Zaks Traders Café has a genuine
reach and trust as a market commentator amongst retail investors.
Such services include:
Daily RNS Hot List
Daily Bulletin Heroes
Week in Small Caps
Daily Crypto Risers
Daily US Chart Breakers
Investment in Trans-Africa Energy Limited ("TAE")
In January 2023, the Company subscribed for £750,000 of unsecured convertible
loan notes in TAE, a UK private company focused on the development, financing,
construction and operation of energy infrastructure projects located primarily
in Sub-Saharan Africa, the first of which is in Ghana.
The first project is the Takoradi to Tema pipeline and TAE reports that,
despite weather interruptions, the field work required for the Aerial and
LiDAR survey was successfully completed along the main pipeline route as well
as sectional alternate routes as specified by the pipeline engineer.
The full set of topographical and aerial photography data was captured and
processed with the information ready for the engineer's interpretation.
Following the data review, and in conjunction with the geotechnical reports,
the engineer will now finalise the pipeline route and complete the outstanding
FEED (Front End Engineering Design) deliverables and then tender for the EPIC
(engineering, procurement, installation and commissioning) package.
In addition, the full cadastral survey for land ownership identification can
also then be undertaken, after which initial individual landowner engagements
can take place.
The thesis for the pursuit of energy infrastructure projects in Africa is on
many fronts including the fact that Africa is soon to be home to
approximately one fifth of the world's population.
According to the International Energy Agency: "Boosting access to secure and
sustainable energy in Africa remains essential. More than 600 million people
on the continent currently live without access to electricity. To achieve
Africa's development goals, as well as energy access and climate objectives,
energy spending on the continent needs to more than double by 2030.
Investment in All Active Asset Capital Limited ("AAA")
In July 2023, the Company made an investment of £50,000 into AAA which is a
private UK company investing in the global technology, software and Artificial
Intelligence ("AI") space. AAA owns 25% of Sentiance N.V., whose technology
provides motion- and mobility-related AI solutions to blue chip companies such
as Uber, Absa, Verisure, DBS Bank, Microsoft and Delivery Hero, among others.
Sentiance could become a leading player in the insuretech sector, and its
technology could be subsequently deployed in the automotive, logistics, and
last mile delivery industries and beyond. The Board are pleased to have been
given the opportunity to invest in AAA, who we believe has real value in being
a technology disruptor in the Insurance-Banking and Gig-Mobility sectors.
Investment in WeCap Plc
The Company has been continuing to gradually top up its investment in WeCap
Plc ("WeCap") (formerly IAMFIRE Plc), an investment issuer listed on the AQSE
Market Growth Exchange with an investment strategy focused on opportunities in
social commerce and green energy.
WeCap's main investment is in WeShop which is a community owned platform that
allows consumers to search for and buy products based on community reviews,
and rewards transactions and reviews with shares in WeShop called "WeShares".
See: https://we.shop
Financial Overview
As at 31 December 2023, the Group had cash reserves of £179,375, compared to
£272,603 as at 30 June 2023. The Group remains debt free.
The Group reports revenue of £280,261 for the 6-month period to 31 December
2023 (31 December 2022: £149,875) representing an increase of 87% from the
same 6-month period in 2022. During the 6-month period ended 31 December 2023,
the Group made a profit of £78,415 (31 December 2022: loss £219,520). This
profit is primarily due to the success of Miriad who generated an after-tax
profit of £219,373, representing an increase of 136% from the same 6-month
period in 2022 (31 December 2022: £92,782).
Group administration expenses for the 6-months to 31 December 2023 totalled
£167,216 (31 December 2022: £356,909). These expenses can be further broken
down as follows: Salaries totalled £75,000 (31 December 2022: £146,392),
professional, legal, and consulting fees totalled £82,624 (31 December 2022:
£145,613) and exchange listing fees of £4,693 (31 December 2022: £4,928).
Summary
I would like to congratulate Zak Mir on the strong performance over the
period. Not only did Miriad turn a profit, but they were able to sign up some
excellent customers in a very challenging period for listed small cap
companies.
We look forward with great optimism in all our investments and on behalf of
the Board, I'd like to thank our shareholders for their continued support.
Roy Kelly
Non-Executive Chairman
26 March 2024
LIFT GLOBAL VENTURES PLC
CONDENSED consolidated STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
Note Unaudited Audited Unaudited
31 December 2023 30 June 2023 31 December 2022
£ £ £
Non-Current Assets
Intangible assets 6 307,959 308,463 298,696
Fair value through profit and loss equity investments 7 93,862 34,873 36,567
Total non-current assets 401,821 343,336 335,263
Current Assets
Trade and other receivables 248,014 177,344 171,140
Cash and cash equivalents 179,375 272,603 1,199,316
Financial assets at fair value through profit and loss 8 750,000 750,000 -
Total current assets 1,177,389 1,199,947 1,370,456
Total Assets 1,579,210 1,543,283 1,705,719
Current Liabilities
Trade and other payables 50,727 93,215 159,387
Total Liabilities 50,727 93,215 159,387
Net Assets 1,528,483 1,450,068 1,546,332
Equity attributable to owners of the Parent
Share capital 9 957,100 957,100 957,100
Share premium 9 1,225,507 1,225,507 1,225,507
Other reserves 181,540 181,540 57,824
Retained earnings (835,664) (914,079) (694,099)
Total Equity 1,528,483 1,450,068 1,546,332
The condensed consolidated financial statements were approved and authorised
for issue by the Board of Directors on 26 March 2024 and were signed on its
behalf by:
Roy Kelly
Non-Executive Chairman
The accompanying notes on pages 7 to 10 form an integral part of the financial
information
LIFT GLOBAL VENTURES PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE six months ENDED 31 DECEMBER 2023
Note Unaudited Unaudited
For the 6 month period ended 31 December 2023 For the period ended 31 December 2022
£ £
Revenue 280,261 149,875
Cost of Sales (25,835) -
Gross Profit 254,426 149,875
Administration expenses 4 (167,216) (356,909)
Operating Loss (167,216) (356,909)
Valuation losses on fair value through profit and loss equity investments 7 (5,025) (12,486)
Profit/(loss) before Taxation 82,185 (219,520)
Corporation tax charge (3,770) -
Profit/(loss) for the period 78,415 (219,520)
Earnings/(loss) per share (pence) - Basic 5 0.08 (0.23)
Earnings/(loss) per share (pence) - Diluted 5 0.06 (0.23)
The Company has no Other Comprehensive Income as at 31 December 2023 (30
December 2022: £nil)
All operations are continuing.
The accompanying notes on pages 7 to 10 form an integral part of the financial
information
LIFT GLOBAL VENTURES PLC
CONDENSED CONSOLIDATED STATEMENT of CASH FLOWS
FOR THE six months ENDED 31 DECEMBER 2023
Note Unaudited Unaudited
30 December 2023 31 December 2022
£ £
Cash flows from operating activities
Profit/(loss) for the period 78,415 (219,520)
Adjustments for:
Depreciation & amortisation 504 -
Impairment of receivables 40,000 -
Movement in expected credit loss provision (70,200) 13,667
Fair value loss on equity investments 5,025 12,486
Income tax expense 3,770 -
Changes in working capital:
Increase in trade and other receivables (49,471) 204,226
Increase in trade and other payables (42,488) 43,969
Income tax paid (3,770) -
Net cash used in operating activities (38,215) 54,828
Cash flows from investing activity
Cash paid for acquisitions, inclusive of acquisition costs - (201,840)
Cash paid for investments 7 (55,013) (49,052)
Cash acquired on acquisitions - 70,325
Net cash used in investing activity (55,013) (180,567)
Cash flows from financing activity
Net proceeds from issue of shares - -
Cost of share issues - 2,750
Net cash generated from financing activity - 2,750
Net increase in cash and cash equivalents (93,228) (122,989)
Cash and cash equivalents at start of the period 272,603 1,322,305
Cash and cash equivalents at end of period 179,375 1,199,316
Non-Cash Investing and Financing Activities
Unaudited 6 months ended 31 December 2023 - 513,399 Ordinary Shares were
issued to Miriad Limited in lieu of services provided, totalling £14,013.
The accompanying notes on pages 7 to 10 form an integral part of the financial
information
LIFT GLOBAL VENTURES PLC
CONDENSED CONSOLIDATED STATEMENT of CHANGES IN EQUITY
FOR THE six months ENDED 31 DECEMBER 2023
Attributable to Equity Shareholders
Notes Share capital Share premium Other reserves Retained earnings Total equity
£ £ £ £ £
Unaudited - Period ended 31 December 2022
At 1 July 2022 915,433 1,097,757 57,824 (474,578) 1,596,436
Loss for the period - - - (219,520) (219,520)
Total Loss for the period - - - (219,520) (219,520)
Transactions with owners
Issue of ordinary shares 9 41,667 125,000 - - 166,667
Cost of capital 9 - 2,750 - - 2,750
Total transactions with owners 41,667 127,750 - - 169,417
As at 31 December 2022 957,100 1,225,507 57,824 (694,098) 1,546,333
Unaudited - Period ended 31 December 2023
At 1 July 2023 957,100 1,225,507 181,540 (914,079) 1,450,068
Profit for the period - - - 78,415 78,415
Total Profit for the period - - - 78,415 78,415
As at 31 December 2023 957,100 1,225,507 181,540 (835,664) 1,528,483
The accompanying notes on pages 7 to 10 form an integral part of the financial
information
LIFT GLOBAL VENTURES PLC
NOTES TO THE INTERIM REPORT
FOR THE six months ENDED 31 DECEMBER 2023
1. Reporting Entity
Lift Global Ventures Plc (the "Company") is a company domiciled in the United
Kingdom. The consolidated interim financial information as at and for the six
months ended 31 December 2023 comprise the results of the Company and its
subsidiary (together referred to as the "Group").
The consolidated financial statements of the Group as at and for the period
ended 30 June 2023 are available upon request from the Company's registered
office at 6 Heddon Street, London, England, W1B 4BT or at www.liftgv.com.
2. BASIS OF PREPARATION
The financial information set out in this report is based on the consolidated
financial information of the Group. The financial information of the Group for
the 6 months ended 31 December 2023 was approved and authorised for issue by
the Board on 26 March 2024. The interim results have not been audited. The
financial information for the period ended 31 December 2023 set out in this
interim report does not comprise the Group's statutory accounts as defined in
section 434 of the Companies Act 2006. This financial information complies
with the recognition and measurement requirements of UK-adopted international
standards.
The Group financial information is presented in Pound Sterling and values are
rounded to the nearest pound.
The same accounting policies, presentation and methods of computation are
followed in the interim consolidated financial information as were applied in
the Groups latest annual audited financial statements except for those stated
below or those that relate to new standards and interpretations effective for
the first time for periods beginning on (or after) 1 July 2023 and will be
adopted in the 2024 annual financial statements.
A number of new standards, amendments and became effective on 1 July 2023 and
have been adopted by the Group. None of these standards have materially
affected the Group.
3. GOING CONCERN
Management has prepared a forecast covering 18 months post-period end and
believe that current cash reserves will adequately cover the working capital
requirements of the Group. Miriad Limited is a revenue generating and
profitable entity. Miriad has continued to be revenue generating, adequately
covering the operating costs of the Company and the Group and has generated
profits in the six-month period to 31 December 2023. The Board believes this
will further strengthen over the coming 18 months. The Group has forecast that
the Group's projected that the profits generated from Miriad will be
sufficient to cover the working capital requirements of the Group for a period
of at least 18 months from the period end.
As such, the Directors have a reasonable expectation that the Group has, and
will have access to, adequate resources to continue in operational existence
for the foreseeable future and, therefore, continue to adopt the going concern
basis in preparing the financial statements.
4. EXPENSES BY NATURE
Unaudited Unaudited
31 December 2023 31 December 2022
£ £
Directors' fees 75,000 146,392
Employers tax contributions and other employment expenses 9,095 15,351
Termination of previous auditor fee 5,000 -
Fees paid to the Company's auditor for the audit of the Company financial 3,000 50
statements
Professional, legal and consulting fees 82,624 145,613
PR and marketing 1,050 5,825
Insurance 8,379 11,163
Exchange listing fees 4,693 4,928
IT and software services 984 1,352
Rent - 245
Depreciation 504 -
Movement in expected credit loss provisions (70,200) 13,667
Impairment of receivables 40,000 -
Other expenses 7,087 12,323
Total administrative expenses 167,216 356,909
5. LOSS PER SHARE
Unaudited Unaudited
31 December 2023 31 December 2022
£ £
Net earnings/(loss) for the year from continued operations attributable to 78,415 (219,520)
equity shareholders
Weighted average number of shares for the period/year (basic) 95,710,000 94,215,435
Basic earnings/(loss) per share for continued operations (expressed in pence) 0.08 (0.23)
Weighted average number of shares for the period/year (diluted) 133,659,442 132,164,877
Diluted earnings/(loss) per share for continued operations (expressed in 0.06 (0.23)
pence)
The number of share options and warrants that could potentially dilute the
loss per share in future periods is 37,949,442 as at 31 December 2023. A
calculation for the diluted loss per share was not performed in 2022 as this
would be anti-dilutive.
6. INTANGIBLE ASSETS
Intangible Assets - Cost and Net Book Value Website Goodwill Customer Relationships Total
£ £ £ £
Cost
As at 1 July 2022 - - - -
Additions - 189,516 109,180 298,696
As at 31 December 2022 - 189,516 109,180 298,696
Additions 10,000 - - 10,000
As at 30 June 2023 10,000 189,516 109,180 308,696
As at 31 December 2023 10,000 189,516 109,180 308,696
-
Amortisation
As at 1 July 2022 - - - -
As at 31 December 2022 - - - -
Additions 233 - - 233
As at 30 June 2023 233 - - 233
Charge for the year 504 - - 504
As at 31 December 2023 737 - - 737
Net book value as at 31 December 2022 - 189,516 109,180 298,696
Net book value as at 30 June 2023 9,767 189,516 109,180 308,463
Net book value as at 31 December 2023 9,263 189,516 109,180 307,959
The intangible asset classes are:
- Website is the value attributed to the build of Miriad's
website.
- Goodwill is the excess of the consideration transferred and the
acquisition date fair value of any previous equity interest in the acquiree
over the fair value of the net identifiable assets.
- Customer relations is the value attributed to the key customer
lists and relationships of Miriad.
Goodwill
The Group is required to test, on an annual basis, whether goodwill has
suffered any impairment. The recoverable amount is determined based on value
in use calculations. The use of this method requires the estimation of future
cash flows and the determination of a discount rate in order to calculate the
present value of the cash flows. Refer to note 22.
The key assumptions used in performing the impairment review over the goodwill
balance are in accordance with Miriad's expected profitability and revenue
projections over an appropriate period.
The Directors have therefore concluded that no impairment to goodwill is
necessary.
7. FAIR VALUE THROUGH PROFIT AND LOSS EQUITY INVESTMENTS
£
1 July 2022 -
Additions at cost 49,052
Change in fair value recognised in profit and loss (12,485)
31 December 2022 36,567
1 January 2023 36,567
Additions at cost 20,833
Change in fair value recognised in profit and loss (22,527)
30 June 2023 34,873
1 July 2023 34,873
Additions at cost 64,014
Change in fair value recognised in profit and loss (5,025)
31 December 2023 93,862
Fair value through profit and loss equity investments include the following;
31 December 2023 30 June 2023 31 December 2022
£ £ £
Quoted:
Equity securities - United Kingdom 93,862 34,873 36,567
93,862 34,873 36,567
The fair value of quoted securities is based on published market prices.
All assets and liabilities for which fair value is measured are categorised
within the fair value hierarchy. The fair value hierarchy prioritises the
inputs to valuation techniques used to measure fair value. The Group uses the
following hierarchy for determining and disclosing the fair value of financial
instruments and other assets and liabilities for which the fair value was
used:
- level 1: quoted prices in active markets for
identical assets or liabilities;
- level 2: inputs other than quoted prices included
in level 1 that are observable for the asset or liability, either directly (as
prices) or indirectly (derived from prices); and
- level 3: inputs for the asset or liability that are not
based on observable market data (unobservable inputs).
The following tables set forth, by level, equity investments measured at fair
value on a recurring basis as at 31 December 2022, 30 June 2023 and 31
December 2023:
Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable
(Level 1) Inputs
(Level 2) (Level 3)
31 December
2022 31 December 31 December
£ 2022 2022
£ £
Description
Equity securities:
31 December 2022 36,567 - -
30 June 2023 34,873 - -
31 December 2023 93,862 - -
8. financial asset at fair value through profit and loss
On 31 January 2023, the Company subscribed for £750,000 of unsecured
convertible loan notes in TAE, a UK private company focused on the
development, financing, construction and operation of energy infrastructure
projects located in Sub- Saharan Africa.
31 December 2023
£
At 1 July 2022 -
Principal loaned 750,000
At 30 June 2023 750,000
As at 31 December 2023 750,000
The loan notes do not carry an interest rate, other than in the event of a
default by TAE. Other key terms of the convertible loan notes are as follows:
• Date of maturity of 2 August 2024.
• Conversion price is equal to:
(i) on Admission, lower of: (i) price per new share at
admission with a 20% discount, and (ii) price per share with deemed market
capitalisation of £50 million;
(ii) on Relevant Fundraising, a price per share with a 20%
discount to the subscription price;
(iii) on a Change of Control, a price per share equivalent
to what is being paid by the acquiring entity.
9. Share capital
Number of shares Ordinary shares Share premium Total
£ £ £
At 30 June 2022 91,543,334 915,433 1,097,757 2,013,190
Issue of new shares - 5 September 2022 4,166,666 41,667 125,000 166,667
Cost of Capital - - 2,750 2,750
At 31 December 2022 95,710,000 957,100 1,225,507 2,182,607
At 30 June 2023 95,710,000 957,100 1,225,507 2,182,607
At 31 December 2023 95,710,000 957,100 1,225,507 2,182,607
10. EVENTS AFTER THE REPORTING DATE
There have been no events since the reporting date.
The Directors of the Company accept responsibility for the contents of this
announcement.
Enquiries:
Lift Global Ventures Plc
Zak Mir, CEO +44 (0)203 745 1865
Optiva Securities (AQSE Corporate Adviser and Broker)
Christian Dennis +44 (0)203 411 1881
Daniel Ingram
For more information please visit: www.liftgv.com (http://www.liftgv.com/)
END
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