REG - Mindflair PLC - Half-year Report
29/09/2025 07:00
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RNS Number : 1027B Mindflair PLC 29 September 2025
29 September 2025
Mindflair PLC
("Mindflair" or the "Company")
Unaudited interim results for the six months ended 30 June 2025
Mindflair plc (AIM: MFAI), the company focused on investing in AI related
technology, is pleased to announce its unaudited interim results for the
six-month period ended 30 June 2025.
Highlights
During the period
· Net asset value ("NAV") as at the period end amounted to £10,428,000
(31 December 2024: £10,793,000) and so has remained broadly flat during the
period, reflecting the impact of gains from the sale of Getvisibility offset
by the strengthening of the £ and € against US$ over the period,
particularly with regard to the SVV1 holding in Infinite Reality.
· NAV per share as at the period end was 1.98 pence (31 December 2024:
2.05 pence) compared to the current share price of 0.85 pence as at 26
September 2025 so the Company is currently trading at a 57% discount to NAV.
· The Company's interests in Getvisibility were sold in April 2025, which
generated proceeds of around £2.6 million in total and resulted in the
conversion of a significant portion of the Company's investment portfolio to
cash.
· The disposal of Getvisibility represents the fourth cash realisation
from SVV1 since inception and generated a profit on the Company's direct
investment of €1.7 million, equivalent to a 5.8x multiple on the original
cost of investment in € terms. Furthermore, a profit of €1.05 million,
equivalent to a 4.3x return in € terms, was generated on the Company's
indirect cost of investment in Getvisibility made via SVV1.
· The cash balance at the end of the period amounted to £1,470,000 (31
December 2024: £220,000), after the repayment of the outstanding balance of
the series of two‐year loan notes in April 2025, leaving the Company debt
free.
· A number of new investments have been made in H1 2025 through SVV2 into
companies such as Inephany, Capably and Literal Labs, and in Mirror Security
and Momntum AI through SVV3.
· A direct investment has also been made in an AIM quoted company,
Catenai plc, in order to obtain exposure to its principal investment,
Alludium, which is a software company that is developing a Multi-Agent AGI
(Artificial General Intelligence) platform for AI automation of processes and
solutions for productivity.
Post period end
· The Company made a direct investment in CameraMatics in order to help
fund future expansion. CameraMatics, in which the Company already has exposure
through its investment in SVV1, has recently secured a number of significant
new contracts.
· SVV2 made a new investment in Innex.ai, a company that helps NHS
Estates and infrastructure teams to search, write and review documents more
quickly.
· SVV3 has made a new investment in Kerno Investment, which is an AI
platform that helps software teams detect and fix issues more quickly.
Nicholas Lee, Director of Mindflair, commented:
"The Company has continued to make excellent progress in the first half of
2025 with a significant investment realisation through the disposal of
Getvisibility. This marks the fourth realisation from SVV1 and provides the
Company with a strengthened cash position to support its investment strategy.
"SVV2 and SVV3 have continued to make a number of new investments in exciting
high growth AI companies, and Mindflair continues to provide investors with an
excellent opportunity to gain exposure to a portfolio of AI focused companies
curated by a team of experts in a sector which continues to be at the
forefront of technology development. The AI sector continues to represent an
attractive area for investment with significant global funds being deployed in
this area. Mindflair is well positioned to benefit from this focus and
represents an excellent way for public market investors to gain exposure to
this investment class."
Investment overview
1. Summary
Mindflair is a company focused on investing in next generation technology with
a focus on the application of AI to transform large traditional industries.
Mindflair invests in its portfolio companies directly, or indirectly, as set
out below, through: (i) its investments in three funds managed by Sure Valley
Ventures ("SVV") and (ii) its investment in Sure Ventures plc.
Investments SVV1 SVV2 SVV3 Sure Ventures plc
Direct Low6, Catenai and Precog 13.0% 5.9% 16.0% 23.7%
Indirect 6.1% via Sure Ventures plc 1.4% via Sure Ventures plc Holds stakes of 25.9% of SVV1 and 5.9% of SVV2
Cornerstone investor Enterprise Ireland British Business Bank Enterprise Ireland
Mindflair net interest 19.1% 7.3% 16.0% 23.7%
The Company's principal investment portfolio categories are summarised below:
Category Cost or valuation at 30 June 2025 Cost or valuation at 31 December 2024
£000s £000s
Investment in Sure Valley Ventures 8,613 9,629
Direct Investments 426 1,514
Cash/other listed securities 1,470 220
Total 10,509 11,363
The Investment in Sure Valley Ventures reduced during the period due to the
sale of Getvisibility and the weaking of the US$ against the € which reduced
the value of SVV1's holding in Infinite Reality, offset by an upward
revaluation of CameraMatics. The value of the Direct Investments also reduced
due to the sale of Getvisibility, however, these were both offset by an
increase in cash due to the sale of Getvisibility, although some of the cash
raised was used to repay the outstanding loan notes during the period.
2. Sure Valley Ventures Fund ("SVV1")
SVV1 is SVV's first fund which has completed its new investment phase and has
now entered into its realisation phase. It has already achieved four
realisations/liquidity events to date, with more expected in the short term.
As at the period end, SVV1 had a portfolio of 10 investee companies at
different stages of development, spanning a range of sectors. This portfolio
provides Mindflair with exposure to a number of key, cutting-edge and rapidly
growing technology sectors. Further details of the portfolio companies and
recent developments are set out below:
Investment
Nova Leah An Artificial Intelligence cybersecurity risk assessment and protection
platform for connected medical devices. It is a leader in this field and sells
(Nova Leah Limited) to the top medical device manufacturers in the US. The company is currently
involved with a proof of concept and a pilot project with a National
Healthcare System with three regional hospitals.
Getvisibility An Artificial Intelligence security company addressing the substantial problem
faced by corporations in storing, sorting, accessing and protecting data. The
(Visibility Blockchain Limited) company has continued to grow its sales pipeline during the period, with a
number of new channel partners being onboarded.
Mindflair also has a direct interest in Getvisibility and an additional
indirect interest through SV plc.
In April 2025, Getvisibility was sold to Forcepoint, enabling Mindflair to
realise proceeds of around £2.6 million for its direct and indirect interests
(held via SVV1). Further proceeds may be received from its indirect interest
held through Sure Ventures plc in the event that this company makes a
distribution. This company is therefore no longer in the portfolio.
PreCog An Artificial Intelligence security solution platform company that provides
data intelligence to combat crime, terrorism and protect vulnerable people.
(Polience Limited) Customers include leading law enforcement and security agencies, and transport
infrastructure groups. During the period, the company has secured a number of
letters of intent with potential customers and is actively progressing funding
discussions with regard to the next phase of the development of its business.
Immersive Technologies
Engage XR ENGAGE XR Holdings plc is listed on AIM and is leading provider of immersive
communications technology.
(Engage XR Holdings plc)
In February 2024, the company signed its largest contract to date with a large
Middle East based company involved in the education, training and development
sector. In March 2024, it announced the launch of the School of AI in which
students can speak to notable figures of history, powered by conversational
and generative AI. In September 2024, this product was rolled out to all of
its educational clients. In January 2025, the company launched its
comprehensive education offering at the Bett 2025 conference. For the year
to 31 December 2024, it generated revenue of €3.4 million, an improving
EBITDA result and had net cash at the period end of €3.6 million.
Infinite Reality, Inc (formerly Landvault) SVV1 holds shares in Infinite Reality which is a private US company focused on
developing immersive 3D interfaces. In January 2025, the company raised US$3
billion of new funds, increasing its valuation to US$12.3 billion. In April
2025, it acquired Touchcast for US$500 million and stated that this
transaction increased the company's valuation to US$15.5 billion, although
this has not been factored into the valuation of the SVV1 holding. It has also
stated that it is currently working on ways to provide liquidity for its
shareholders. In June 2025, the company was renamed Napster Corp.
VividQ A deep tech software company which has developed a framework for real-time 3D
holographic displays for use in heads-up displays and AR headsets and glasses.
(VividQ Limited)
Most recently, the company has made some significant progress in the
development of large-scale displays and is making good progress towards
securing additional investment and development funding.
Volograms An artificial intelligence deep learning company that uses Al to create 3D
augmented reality from 2D photos and videos. The company is continuing to work
(Volograms Limited) on a number of interesting projects.
Zenos A company building a platform for the next-generation of live, immersive
entertainment within the virtual reality gaming and esports industries. The
(Zenos Technology Limited) (formerly Virtex Limited) company is in the process of raising additional funding which may include a
specific strategic investor.
Internet of things
CameraMatics An Artificial Intelligence platform enabling transport fleet managers to
reduce risk, increase driver safety and comply with growing industry
(MySafe Drive Limited) governance and compliance.
During the period, the company has been building up its sales team in the US
and has successfully closed a number of deals both in the US and the UK. It
has also secured additional venture debt funding facilities.
Wia Provides a platform solution for smart buildings. Its platform provides full
device and application management, security, data capture and storage,
(WIA Technologies Limited) analysis and control. Wia has a contract with one of the world's most
prominent logistics companies which was announced in 2023. The agreement,
valued at over $2 million, involved a rollout of energy monitoring across 5
million square metres of property in 14 countries. This contract has now been
extended to 32 countries.
EveryAngle An artificial intelligence platform that uses machine learning to provide
enterprises, such as large retailers, with line of business solutions to
(Everyangle Limited) reduce fraud, churn and waste using machine vision.
During 2024, the company closed a major deal with a retail group which is
expected to be rolled out in the short term.
SVV1 has completed its investment in new companies and is in its realisation
phase which should lead to further returns to the Company and its
shareholders.
3. Sure Valley Ventures UK Software Technology Fund
("SVV2")
In March 2022, the Company invested in a second SVV fund, the Sure Valley
Ventures UK Software Technology Fund. The principal investor in SVV2 is the
British Business Bank ("BBB") an investment arm of the UK Government. The
first close of this fund amounted to £85 million, with the BBB investing up
to £50 million and other investors ("Private Investors"), including
Mindflair, investing up to £35 million over the 10-year life of the fund.
Mindflair expects to invest up to £5 million in total over the life of the
fund which would provide it with a circa 5.9% interest. SVV2 invests in a
range of private UK software companies with a focus on companies in the
Artificial Intelligence sector and within the subsectors of AI in the
enterprise, AI in Immersive Technologies (such as AR/VR) and AI in
Cybersecurity sectors.
The profit share arrangements within SVV2 are designed to encourage the
involvement of private investors alongside the BBB, meaning that Mindflair and
the other Private Investors would expect to receive a significantly enhanced
share of the total return generated by the fund compared to industry standard.
This portfolio now comprises 13 investments which are described below:
RETiniZE (RETiniZE Limited) The company has developed an innovative software product called Animotive that
is harnessing the latest VR and Generative Al technologies to transform the 3D
animation production process.
The company has completed a 5G project and been awarded a new grant.
Jaid Jaid is a rapidly growing company that provides AI as a Service (AIaaS)
solutions to businesses to automate a variety of use cases, including client
(Opsmatix Limited) service automation, sales automation, payment exception processing, and claims
administration processing. Jaid's technology helps businesses reduce costs,
improve efficiency, and make data‐driven decisions.
During the period, the company has completed a new funding round, added annual
recurring revenue and signed five new contracts.
Captur Captur is a company that has built an enterprise AI platform for real‐time,
rules‐based image recognition. Existing investors, MMC Ventures and
(Captur Limited) Ascension Ventures participated in this round, along with other investors
including ex‐Deliveroo, and enterprise AI investors Concept Ventures and Two
Culture Capital, backers of ElevenLabs and Electric AI.
The company's technology uses Edge AI, the implementation of artificial
intelligence in an edge computing environment, which allows calculations to be
completed nearby to where data is created, rather than an offsite data centre
or a centralised cloud computing facility. This localised processing allows
Captur's technology to make decisions using visual AI in under 3 seconds.
The company is currently working with a major e‐scooter and e‐bike
provider with regard to parking compliance. It has also raised some
additional funding.
Ittybit Ittybit provides cutting-edge APIs and tools designed to simplify the
uploading, storing, and delivery of large video, image, and audio files.
(Ittybit Limited) Leveraging state-of-the-art computer vision models, Ittybit empowers
developers to filter unsafe uploads, enhance content searchability, and
automate tagging and transcription processes. A standout feature of Ittybit's
offering is its innovative AI-based compression tool (akin to those used by
industry giants like Netflix and Meta) which ensures faster downloads and
reduced storage costs without compromising visual quality.
Vortex IQ Vortex IQ is an AI-powered automation platform for e-commerce. Vortex IQ's
AI-driven platform provides actionable insights and seamless implementation,
(Vortex IQ Limited) enhancing efficiency and Customer Lifetime Value. Positioned to meet the
growing demand for intelligent automation, it offers tools for staging,
coding, data backup, and migration.
Phinxt Phinxt has developed a decentralised edge computing software solution to
enable the automation of warehouses. Their core product enables distributed
(Phinxt Robotics Limited) real‐time synchronisation between robots, with interoperability of different
OEMs increasing the level of efficient automation.
During the period, the company has completed the development of its core
robotics algorithm that is vendor agnostic.
Purple Transform Provides a cutting‐edge SaaS platform, SiYtE™, designed to address data
overload and enhance safety and security in large infrastructures like rail
(Purple Transform Limited) networks. By leveraging advanced AI and machine vision, the platform
transforms existing cameras into smart sensors, delivering real‐time alerts
and predictive analytics. It seamlessly integrates with current IoT sensors
and camera systems, optimizing operational efficiency and reducing costs for
organizations managing extensive sensor networks.
During the period, the company has raised additional funding and been growing
sales.
Stylus Education (Learncycle Limited) Stylus delivers an AI‐powered marking solution aimed at reducing teacher
workload and addressing the recruitment and retention crisis in education. By
automating the marking of paper‐based assessments, Stylus significantly cuts
down the time teachers spend on grading. The platform provides detailed,
personalized feedback for students, enhancing their learning experience.
Teachers can easily scan completed assessments, which are then processed by
Stylus's AI to provide immediate feedback and follow‐up questions,
streamlining the evaluation process and helping to alleviate teacher fatigue.
The company has launched its suite of products in a number of schools and won
an award.
Vizgard Vizgard develops edge‐based visual AI software for defence and security,
enabling real time intelligence and automated control of precision camera
(Vizgard Limited) platforms. Their core product, FortifAI, enhances situational awareness by
automating steerable sensors, improving detection capabilities, and reducing
operator overload. The company has proven deployments in counter‐drone
systems and long‐range surveillance. With a background in military
engineering, the founding team brings deep domain expertise, positioning
Vizgard as a key player in AI‐driven automation for visual intelligence
systems.
Since the investment was made, the company has been actively adding and
bidding on new contracts.
Inephany (Inephany Limited) Inephany, is an AI optimisation startup, developing an AI‐powered
optimisation platform, which intends to revolutionise how neural
networks-including Large Language Models (LLMs) - are trained and
fine‐tuned. As generative AI continues to develop, the computing and energy
costs of training cutting‐edge models have emerged as a major bottleneck.
Inephany addresses this challenge with a novel AI‐driven optimisation system
that intelligently controls the training process in real‐time. Compared to
traditional approaches that rely on exhaustive trial‐and‐error
optimisations, Inephany's technology improves sample efficiency, accelerates
training, reduces overall development time, and enhances final model
performance ‐ all while reducing computing costs. This development has the
potential to unlock scalable, sustainable AI development that is significantly
more cost‐effective. The company is currently working on a number of
trials.
Capably Capably is an Intelligent Automation platform designed to help businesses
delegate work to AI across their organisations. The company's technology
(Capably AI Limited) merges traditional automation with Agentic AI, enabling reliable, scalable,
and autonomous execution of complex tasks without the steep learning curve
typically associated with legacy automation tools. The company has been
increasing annual recurring revenue and making improvements to its products.
Literal Labs Literal Labs is developing a new generation of logic‐based AI models that
are significantly faster, more energy efficient and more explainable than
(Mignon Technologies Limited) conventional neural networks. Proofs of concept are progressing well across a
broad base of potential use cases.
Elelem Elelem has developed an analytics platform that gives enterprises visibility
and control over how their content is indexed and used by generative AI
(Elelem Limited) systems. Its core suite includes a GenAI observability dashboard and a unique
"Block & Tackle" content governance protocol (MCP) that redirects AI
crawlers to structured, trackable endpoints. The solution protects IP,
enhances content visibility, and optimises AI-driven web traffic, positioning
Elelem as a first mover in the emerging GenAI infrastructure category.
Post period end, it has managed to close its first annual recurring revenue
customer.
Post period end, a further investment was made by SVV2.
Innex.ai This company is building an AI-native compliance assistant for the built
environment helping NHS Estates and infrastructure teams to search, write and
review documents more quickly.
4. Sure Valley Ventures III Limited Partnership ("SVV3")
On 23 February 2023, Mindflair announced that it had agreed to invest in SVV's
new venture capital fund, SVV3, alongside Enterprise Ireland, the fund's
cornerstone investor that committed 50% or €15 million to the fund. SVV3
plans to invest in circa 15 high-growth Al software companies in sectors such
as Enterprise, Immersive Technologies and Cybersecurity across the Republic of
Ireland.
Inspeq.AI (InspeqIQ) This company is a transformative full‐stack AI Ops platform and SVV invested
alongside Delta Partners and a number of other leading investors. The platform
is designed for reliable and compliant AI operations in regulated industries
such as banking, insurance and healthcare.
During the period, the company has onboarded one of the world's largest IT
consulting companies and it has active sales engagements with a number of
Irish and Middle Eastern banks. It has also opened an R&D office in India.
Jentic AI Jentic aims to unite the expanding AI agent ecosystem by enabling developers
and companies to connect their AI agents to other systems, for the purpose of
(Jentic Technology Limited) monitoring and managing large‐scale AI deployments. Jentic is "building the
'integration layer' for AI." This will enable developers to hook their AI
systems up to the world's APIs easily and securely.
Momntum AI (Momntum AI Limited) This company is pioneering a Customer Relationship Platform powered by its
proprietary Relationship Language Model ("RLM") focused on healthcare
organisations. Co‐led by SVV and ACT Venture Capital, this investment will
support the further development of Momntum's AI infrastructure and the
expansion of its omnichannel capabilities. Early indicators show strong
traction with an AI success rate exceeding 85% and impressive ROI figures from
early clients such as Sisu Clinic and ACTION24.
Mirror Security Mirror Security is looking to deliver the first practical, end-to-end
encrypted Gen-AI stack with a focus on AI data security. This is expected to
assist Gen-AI adoption across heavily regulated industries.
Post period end, one additional investment has been made by SVV3.
Kerno Investment Kerno is an AI-powered platform that helps software teams detect and fix
issues faster. Kerno integrates with a number of common tools, enabling teams
to move faster, prevent outages and keep software running smoothly with the
help of AI-driven intelligence.
5. Sure Ventures plc ("SV plc")
SV plc (LSE: SURE) is a London-listed investment trust which invests in
early-stage software companies in the rapidly growing technology areas of
Augmented Reality, Virtual Reality, Internet of Things and artificial
intelligence.
As at 30 June 2025, Mindflair had a 23.7% shareholding in SV plc whose
principal investments comprise a 25.9% interest in SVV1 and a 5.9% interest in
SVV2.
Consequently, as a result of its shareholding in SV plc, Mindflair has an
aggregate (direct and indirect) interest in SVV1 of around 19.1%, which
comprises its original direct 13% interest in SVV1 and an indirect interest of
6.1%. It also has an aggregate interest of 7.2% in SVV2.
The investment in SV plc is carried at its market value. As at 30 June 2025,
the share price was 85.5 pence, compared to SV plc's NAV per share of 168.6
pence at that date and so the SV plc shares are carried at a value
representing a 49% discount to their underlying asset value notwithstanding
its attractive portfolio of investments.
6. Direct investments
Getvisibility Details of this investment are covered in the section above.
During the period, Getvisibility was sold to Forcepoint, enabling Mindflair to
realise proceeds of around £2.6 million for its direct and indirect interests
(held via SVV1).
Low6 Low6 is focused on the revenue generative free‐to‐play and affiliate
markets in North America with the ambition to be the global leader in fan
engagement. A number of partnerships have been established, including the
appointment as the National Hockey League ("NHL") free to play provider for a
period of 3 years, who have also invested in Low6. This contract has now been
extended for an additional two years. The company has continued to make good
progress with significant revenue growth to £4.5 million and EBITDA of over
£300K for the year to June 2024. This progress has continued into 2025 with
the continued growth in revenue and EBITDA expected.
Precog See description under the SVV1 portfolio.
Catenai plc An investment was made in AIM quoted Catenai plc in order to gain exposure to
its underlying investment, Alludium Ltd ("Alludium").
Alludium is a software company which has developed a Multi-Agent AGI
(Artificial General Intelligence) platform for AI automation of processes and
solutions for productivity. Alludium is the next evolution of Agentic AI and
has a wide degree of applications, for example, in the enterprise automation
software market, a $120 billion market according to Grand Markets Reports and
also replacing Business Process Outsourcing, a market worth $280 billion
(Grand View Research).
CameraMatics See description under the SVV1 portfolio description.
Post period end, a direct investment was made in order to help fund future
expansion and the company has already won a number of significant new
contracts.
Key financial indicators
The key unaudited performance indicators are set out below:
Performance indicator 30 June 2025 31 December 2024 Change
£000s £000s
(Loss) / profit attributable £(365) £3,159
Net asset value £10,428 £10,793 (3.4)%
Net asset value - basic per share 1.98p 2.05p (3.4)%
Other
In July 2025, Celia Li joined the board as an independent non-executive
director bringing significant experience of marketing and public relations.
Outlook
Our investment strategy is focused on AI based next generation technology
businesses and we believe that significant progress has been made by the
majority of our investments during the period and that the outlook for the
respective sectors in which they operate remains encouraging. Furthermore, the
level of investment activity by SVV2 and SVV3 has increased in order to take
advantage of the exciting opportunities that are available in the
fast‐moving and developing AI sector.
The disposal of one of our investments, Getvisibility, not only further
demonstrates the value that can be generated from our investment portfolio but
has also strengthened the Company's financial position, being debt free with
significant cash to deploy.
We expect that in the coming months we will see some additional realisations
or liquidity events from our investment portfolio which is expected to
generate further cash inflows for the Company.
In summary, we believe that our Company enables public market investors to
gain exposure to an excellent portfolio of companies at the forefront of the
AI revolution with the potential for significant growth and the ability to
deliver real returns for shareholders.
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation. The person who arranged the release of this
information is Nicholas Lee, Director of the Company.
Enquiries:
Mindflair plc
Nicholas Lee, Director Tel: +44 (0) 20 3368 8961
Nominated Adviser
Cairn Financial Advisers LLP Tel: +44 (0) 20 7213 0880
Liam Murray/Ludovico Lazzaretti / James Western
Joint Brokers
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0935
Lucy Williams/Duncan Vasey
Joint Brokers
Shard Capital Partners LLP Tel: +44 (0) 20 7601 6100
Damon Heath
Notes to Editors
About Mindflair plc
Mindflair plc (AIM: MFAI) is a company providing investors with access to a
portfolio of next-generation technology businesses with significant growth
potential and focus on AI.
The Company is building an investment portfolio of high-tech businesses across
areas such as Artificial Intelligence, Internet of Things, Cyber Security,
Machine Learning, Immersive Technologies and Big Data, which the Board
believes demonstrate evidence of traction and the potential for exponential
growth, due to increasing global demand for development in these sectors. For
further information, visit: https://mindflair.tech/ (https://mindflair.tech/)
.
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2025
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30-Jun 30-Jun 31-Dec
2025 2024 2024
Continuing activities £000s £000s £000s
Notes
Income
Other income 2 2 4
Total Income 2 2 4
(Loss)/gain on investments held at fair value through profit or loss 16 1,819 3,533
Operating expenses (383) (177) (378)
Operating (loss)/profit from continuing activities (365) 1,644 3,159
(Loss)/profit before taxation from continuing activities (365) 1,644 3,159
Tax - - -
(Loss)/profit for the period from continuing activities (365) 1,644 3,159
Total Comprehensive Income attributable to equity holders of the Company (365) 1,644 3,159
Basic (loss)/profit per share 3
Equity holders
Basic (0.069)p 0.6p 1.00p
Fully diluted (0.069)p 0.5p 0.86p
UNAUDITED STATEMENT OF FINANCIAL POSITION
As at 30 June 2025
Unaudited Unaudited Audited
As at As at As at
30-Jun 30-Jun 31-Dec
2025 2024 2024
£000s £000s £000s
Notes
CURRENT ASSETS
Investments 9,039 8,659 11,143
Trade and other receivables 10 40 467
Cash and cash equivalents 1,470 359 220
TOTAL CURRENT ASSETS 10,519 9,058 11,830
TOTAL ASSETS 10,519 9,058 11,830
EQUITY
Issued share capital 1,317 686 917
Share premium 10,395 9,236 9,875
Retained earnings (13,279) (14,429) (12,914)
Share capital to be issued reserve - - 920
Capital redemption reserve 11,995 11,995 11,995
TOTAL EQUITY (NET ASSETS) 4 10,428 7,488 10,793
NON-CURRENT LIABILITIES
Term loan - - 401
CURRENT LIABILITIES
Trade and other payables 91 194 152
Term Loan - 1,376 484
TOTAL LIABILITIES AND CURRENT LIABILITIES 91 1,570 1,037
NET CURRENT ASSETS
10,428 7,488 11,194
TOTAL EQUITY AND LIABILITIES 10,519 9,058 11,830
UNAUDITED CASH FLOW STATEMENT
For the six months ended 30 June 2025
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30-Jun 30-Jun 31-Dec
2025 2024 2024
£000s £000s £000s
Cash flows from operating activities - Loss/profit for the period (365) 1,644 3,159
Fair value movement in investments (16) (1,819) (3,533)
Finance income (2) (2) (4)
Finance cost 60 46 133
Decrease in receivables 457 652 225
(Decrease)/increase in payables (946) 21 (512)
Net cash used/generated in operating activities (812) 542 (532)
Cash flows from investing activities
Payments to acquire investments (440) (342) (1,112)
Proceeds of disposal of investments 2,560 - -
Net cash generated/(used) in investing activities 2,120 (342) (1,112)
Cash flows from financing activities
Net Finance cost (58) (44) (129)
Net proceeds from share capital issued or to be issued in the year - - 1,790
Net cash from financing activities (58) (44) 1,661
Net increase/(decrease) in cash and cash equivalents during the period 1,250 156 17
Cash and cash equivalents at beginning of the period 220 203 203
Cash and cash equivalents at end of the period 1,470 359 220
Notes to the Unaudited Interim Report
1. GENERAL INFORMATION
Mindflair plc is a company domiciled in England whose registered office
address is 9(th) Floor, 107 Cheapside, London EC2V 6DN. The condensed interim
financial statements of the Company for the six months ended 30 June 2025 is
that of the Company only.
The condensed interim financial statements do not constitute statutory
accounts as defined in Section 434 of the Companies Act 2006.
The financial information for the year ended 31 December 2024 has been
extracted from the statutory accounts for that period which were prepared in
accordance with International Financial Reporting Standards ("IFRS"). The
auditors' report on the statutory accounts was unqualified. A copy of those
financial statements has been filed with the Registrar of Companies.
The financial information for the six months ended 30 June 2024 and 30 June
2025 were also prepared in accordance with IFRS.
The condensed interim financial statements do not include all of the
information required for full annual financial statements.
The condensed interim financial statements were authorised for issue on 26
September 2024.
2. BASIS OF ACCOUNTING
The financial statements are unaudited and have been prepared on the
historical cost basis in accordance with International Financial Reporting
Standards as adopted by the EU ("IFRS") using the same accounting policies and
methods of computation as were used in the annual financial statements for the
year ended 31 December 2024. As permitted, the interim report has been
prepared in accordance with the AIM Rules for Companies and is not compliant
in all respects with IAS 34 Interim Financial Statements. The condensed
interim financial statements do not include all the information required for
full annual financial statements and hence cannot be construed as in full
compliance with IFRS.
3. PROFIT/(LOSS) PER SHARE
The calculation of the basic profit per share is based on the following data:
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30-Jun 30-Jun 31-Dec
2025 2024 2024
£000s £000s £000s
(Loss)/profit on continuing activities after tax (365) 1,644 3,159
Basic and fully diluted
Basic and fully diluted earnings per share have been computed based on the
following data:
Number of shares
Weighted average number of ordinary shares for the period 526,662,106 270,243,455 365,525,879
Basic earnings per share from continuing activities (p) (0.069) 0.61 1.00
Diluted earnings per share (p) (0.069) 0.52 0.86
As at the end of the period, there were 88,672,617 warrants outstanding
exercisable at 2.5 pence per share.
4. STATEMENT OF CHANGES IN EQUITY
Share Capital Share capital to be issued Reserve Share Premium Capital Redemption Reserve Retained Earnings Total
£000s £000s £000s £000s £000s £000s
At 1 January 2024 457 687 8,778 11,995 (16,073) 5,844
Profit for the 6 months ended 30 June 2024 - - - - 1,644 1,644
Issue of shares (net of costs 229 (687) 458 - -
At 30 June 2024 686 - 9,236 11,995 (14,429) 7,488
Shares issued and to be issued (net of costs) 231 920 639 - - 1,790
Profit for the 6 months ended 31 December 2024 - - - 1,515 1,515
At 31 December 2024 917 920 9,875 11,995 (12,914) 10,793
Issue of shares (net of costs) 400 (920) 520 - - -
Loss for the 6 months ended 30 June 2025 - - - - (365) (365)
At 30 June 2025 1,317 - 10,395 11,995 (13,279) 10,428
5. DISTRIBUTION OF INTERIM REPORT
Copies of the Interim Report for the six months ended 30 June 2025 are
available on the Company's website: www.mindflair.tech
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.
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