Primorus Investments - Half-year Report

Primorus Investments

10/09/2021 07:00

RNS Number : 3394L

Primorus Investments PLC

10 September 2021

 

Primorus Investments plc

 

("Primorus" or the "Company")

 

Interim Results for the six months ended 30 June 2021

 

Primorus Investments plc (AIM: PRIM) is pleased to announce its interim results for the six months ended 30 June 2021.

 

Overview

 

Primorus has a strong balance sheet with no debt and with total assets (including cash of £1.346 million) as at 30 June 2021 amounting to £9.17 million (30 June 2020: £8.09 million).

 

The last six months have been a very busy time at Primorus.  The Board has spent considerable time reorganising the Company and its balance sheet to provide investors with what it believes to be a low cost, high impact strategy underpinned by the revised investing policy.

 

The Board has reduced the overall operating costs, appointed a new Chief Executive, fully appraised all the current investments, and pursued new investment opportunities.

 

The results of the appraisal of its existing investments led to the Company increasing its holdings in Fresho and Engage which, along with Zuuse, are the three companies (from investments made prior to November 2020) that the Board believes will deliver the greatest shareholder returns.

 

In addition to the above, in April the Company made a new investment into Mustang Energy PLC to gain exposure to the vanadium flow battery storage market.  The Board believes that this sector, along with other forms of renewable energy and clean technology, is going to be a financially rewarding market to be invested in.

 

Financial Results

 

The operating loss for the six months to 30 June 2021 was £115,000 (30 June 2020: £3.29m profit). The net loss after tax was £115,000 (30 June 2020: £3.29m profit).

 

Total assets, including cash, at 30 June 2021 amounted to £9.17 million (30 June 2020: £8.09 million).

 

 

Outlook

 

The Board remains confident that significant opportunities exist for the Company going forward. We look forward to the remainder of 2021 being a period in which we can further demonstrate our business model which is now underpinned by the new investing policy.

 

The Board are currently reviewing several exciting investment opportunities that are aligned with the new investing policy.  The Board has been screening several opportunities and has identified at least one that could begin to generate value for shareholders this calendar year. 

 

We look forward to updating shareholders as and when our existing investments mature, and new investments present themselves.

 

The Directors would like to take this opportunity to thank our shareholders, staff and consultants for their continued support.

 

Rupert Labrum Chairman

10 September 2021

 

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

 

 

For further information please contact:

 

PrimorusInvestmentsplc
Matthew Beardmore, Chief ExecutiveOfficer
+44 (0)20 8154 7907
NominatedAdvisor
CairnFinancialAdvisersLLP
JamesCaithie/SandyJamieson
+44(0)2072130880

 

Unaudited Condensed Company Statement of Comprehensive Income

for the six months ended 30 June 2021

 

6monthsto
6monthsto
Yearto
30June
2021
30June
2020
31December
2020
Unaudited
Unaudited
Audited
Notes
£'000
£'000
£'000
Continuingoperations
Revenue
Investmentincome
48
1
14
Realisedgainondisposaloffinancial investments
107
834
6,033
Unrealisedgain/(loss)onmarketvaluemovementoffinancialinvestments
(21)
2,715
(323)
Totalgainsonfinancialinvestments
134
3,550
5,724
Share based payments
(13)
-
-
Operating costs
(236)
(258)
(475)
Impairment of financial investments
-
-
(633)
(Loss)/Profitbeforetax
(115)
3,292
4,616
Taxation
-
-
(447)
(Loss)/Profitforthe period attributable to equity shareholders of the company
(115)
3,292
4,169
Othercomprehensiveincome
-
-
-
Total Comprehensive Income for theyearattributabletoequity shareholders of the company
(115)
3,292
4,169
(Loss)pershare:
Basicprofit/(loss)pershare(pence)
2
(0.08)
2.35
2.98
Dilutedprofit/(loss)pershare(pence)
2
(0.08)
2.09
2.98

 

Unaudited Condensed Company Statement of Financial Position

as at 30 June 2021

 

30June
2021
30June
2020
31December
2020
Unaudited
Unaudited
Audited
Notes
£'000
£'000
£'000
ASSETS
Non-currentassets
Financial investments
6,998
7,390
4,612
6,998
7,390
4,612
Currentassets
Investments
812
-
113
Tradeandotherreceivables
14
22
3
Cashandcashequivalents
1,346
676
4,673
2,172
698
4,789
Totalassets
9,170
8,088
9,401
EQUITY
Equityattributabletoequityholdersoftheparent
Sharecapital
15,391
15,391
15,391
Sharepremiumaccount
35,296
35,296
35,296
Sharebasedpaymentreserve
13
683
-
Retainedearnings
(42,016)
(43,321)
(41,901)
Totalequity
8,684
8,049
8,786
LIABILITIES
Currentliabilities
Tradeandotherpayables
486
39
502
Loans and borrowings
-
-
113
Totalliabilities
486
39
615
Totalequityandliabilities
9,170
8,088
9,401

 

Unaudited Condensed Company Statement of Changes in Equity 

for the six months ended 30 June 2021

                                                  

Sharecapital
Sharepremium
Sharebased
paymentreserve
Retainedearnings
Totalattributable
toownersofparent
Unaudited
£'000
£'000
£'000
£'000
£'000
Balanceat31December2019
15,391
35,296
683
(46,613)
4,757
Profitfortheperiod
-
-
-
4,169
4,169
Totalcomprehensiveincomeforthe
period
-
-
-
4,169
4,169
Termination and settlement of share options
-
-
(140)
-
(140)
Cancellation of share options
-
-
(543)
543
-
Balanceat31December2020
15,391
35,296
-
(41,901)
8,786
Lossfortheperiod
-
-
-
(115)
(115)
Totalcomprehensiveincomefortheperiod
-
-
-
(115)
(115)
Share based payment
13
-
13
Balanceat30June2021
15,391
35,296
13
(42,016)
8,684

 

Unaudited Condensed Company Statement of Cash Flows

 for the six months ended 30 June 2021

 

6monthsto
6monthsto
Yearto
30-Jun-21
30-Jun-20
31-Dec-20
Unaudited
Unaudited
Audited
£'000
£'000
£'000
Cashflowsfromoperatingactivities
Operatingprofit/(loss)
(115)
3,292
4,616
Adjustmentsfor:
(Profit)/Loss on disposal of financial investments
(107)
(835)
(6,033)
Fair value movement on listed investments
21
(2,716)
323
Impairment provision on unlisted investments
-
-
633
Decrease/(increase)intradeandotherreceivables
(11)
(7)
12
Increase/(decrease)intradeandotherpayables
(16)
(69)
(53)
Foreign exchange loss/(gain)
81
(2)
(65)
Share based payment
13
-
(140)
Taxation(paid)
-
-
-
Netcashusedinoperatingactivities
(134)
(337)
(707)
Cashflowsfrominvestingactivities
Disposal proceed from sale of financial investments
2,533
1,048
6,939
Payment for financial investments
(5,613)
(80)
(1,737)
Netcash(usedin)investingactivities
(3,080)
968
5,202
Netchangeincashandcashequivalents
(3,214)
631
4,515
Cashandcashequivalentsatbeginningofperiod
4,560
45
45
Cashandcashequivalentsatendofperiod
1,346
676
4,560

 

Notes to the condensed interim financial statements

 

1.       General Information

The condensed interim financial information for the 6 months to 30 June 2021 does not constitute statutory accounts for the purposes of Section 434 of the Companies Act 2006 and has not been audited or reviewed. No statutory accounts for the period have been delivered to the Registrar of Companies.

 

The condensed interim financial information in respect of the year ended 31 December 2020 has been produced using extracts from the statutory accounts for that period. Consequently, this does not constitute the statutory information (as defined in section 434 of the Companies Act 2006) for the year ended 31 December 2020, which was audited. The statutory accounts for this period have been filed with the Registrar of Companies. The auditors’ report was unqualified and did not contain a statement under Sections 498 (2) or 498 (3) of the Companies Act 2006.

 

The auditor’s report was approved by the Directors on 07 June 2021 and is available on the Company’s website at www.primorusinvestments.com.

 

Basis of preparation and accounting

 

The financial information has been prepared on the historical cost basis. The Company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman’s Statement. This statement also includes a summary of the Company’s financial position and its cash flows.

 

These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union with the exception of International Accounting Standard (‘IAS’) 34 – Interim Financial Reporting. Accordingly, the interim financial statements do not include all of the information or disclosures required in the annual financial statements and should be read in conjunction with the Company’s 2020 annual financial statements.

 

 

2.       Earnings per share

 

Earnings per ordinary share has been calculated using the weighted average number of shares in issue during the period. The weighted average number of equity shares in issue was 139,830,968. IAS 33 requires presentation of diluted EPS when a company could be called upon to issue shares that would decrease earnings per share or increase the loss per share.

 

Sixmonths
to
Sixmonths
to
Yearended
30June
2021
30June
2020
31December
2020
(Unaudited)
(Unaudited)
(Audited)
restated
(£'000)
(£'000)
(£'000)
Netprofit/(loss)attributabletoequityholdersof
thecompany
(115)
3,292
(401)
Weightedaveragenumberofshares
139,830,968
139,830,968
139,830,968
Weightedaveragenumberofdilutedshares
151,830,968
157,630,968
139,830,968
Basic (loss)/profit pershare(pence)
(0.08)
2.35
2.98
Diluted (loss)/profitpershare(pence)
(0.08)
2.09
2.98

 

3.       Events after the reporting date

 

There are no events after the end of the reporting date to disclose that have not already been the subject of an announcement by the Company.

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