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REG - Primorus Investments - Final Results

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RNS Number : 8630K  Primorus Investments PLC  30 May 2025

Primorus Investments plc

("Primorus" or the "Company")

Final Results

Primorus Investments plc (AIM: PRIM) is pleased to report its final results
for the year ended 31 December 2024.  The Annual Report & Accounts for
the year ended 31 December 2024 ("Annual Report") are available on the
Company's website, www.primorusinvestments.com
(http://www.primorusinvestments.com) .

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. While management
believes that these forward-looking statements are reasonable as and when
made, there can be no assurance that future developments affecting the Company
will be those that it anticipates.

 

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:

 

 Primorus Investments plc

 Matthew Beardmore, Chief Executive Officer   +44 (0) 20 8154 7907

 Nominated Adviser

 Cairn Financial Advisers LLP                 +44 (0) 20 7213 0880

 Sandy Jamieson/James Caithie

 

Chairman's statement incorporating the strategic report

For the year ended 31 December 2024

 

Overview

 

I am pleased to present the Chairman's Statement and Strategic Report for the
financial results of Primorus Investments plc ("Primorus" or the "Company")
for the year ended 31 December 2024.

 

Introduction

 

2024 proved to be another year of strategic progress and financial resilience
for Primorus Investments.  Despite a challenging economic landscape in the
UK, marked by inflationary pressures and geopolitical uncertainties, the
Company has demonstrated strong performance, prudent risk management, and a
commitment to delivering long-term value for our shareholders.

 

These events have provided both challenges and opportunities for Primorus'
investee companies, with certain investee companies using the current
environment as an opportunity and are outperforming expectations.

 

We continue to look for opportunities to divest from our non-core holdings.
This year it included disposing of Engage Technology Partners Limited.

 

Concurrent with reviewing the Company's existing investments, the management
team was also presented with many new proposals and opportunities during the
period. The management team carefully reviewed each opportunity in accordance
with the strategy highlighted previously.

 

The Directors continue to align themselves with shareholders as demonstrated
by numerous share purchases by Directors on the market culminating in a
current combined director holding of approximately 27% of the shares in
issue.

In March 2024, Primorus was also pleased to pay a special dividend of 1.5p per
ordinary share.

 

Investment highlights

 

·    Fresho Pty Ltd ("Fresho") had another successful year and continued
to progress throughout 2024.  Primorus increased its investment in Fresho by
acquiring 1,254,469 preference shares, resulting in Primorus owning
approximately 5% of Fresho's issued share capital on a fully diluted basis.
This investment was part of an AUD$17m Series B funding round in order to
expand into new markets and increase its investment into new technology.
Geoff Tarrant (former Executive Chairman of Payapps) joined the Board of
Fresho.

·    Payapps Ltd ("Payapps") announced during the year that Autodesk Inc
("Autodesk") had acquired Payapps and as a result Primorus received cash
proceeds of approximately USD $6.1m (£4.8m).

·    Primorus purchased 250,000 ordinary shares in Virtualstock Holdings
Ltd ("Virtualstock") for total consideration of £500,000, Europe's largest
drop shipping and curated marketplace SaaS, which provides its cutting-edge
solutions to some of the biggest retailers and merchants in the UK.  The
holding represents approximately 1.7% of Virtualstock's issued share capital
on a fully diluted basis.

·    Interpac Limited ("Interpac") made good progress during the year with
the successful sale and installation of Interpac's initial corrugator.  The
second corrugator is currently in manufacture.  In March 2025, Primorus
invested a further £275,000 in Interpac as part of a GBP £3.6m funding
round, the proceeds of which will be used to strengthen the existing
management team as well as fund future production and sales.  Primorus now
holds 4.3% of the issued share capital of Interpac on a fully diluted basis.

·    Pri0r1ty Intelligence Group PLC ("PR1") (previously Alteration Earth
PLC ("ALTE")) acquired Pri0r1ty AI Ltd ("PAI"), a UK based artificial
intelligence SaaS company and listed on the AIM market, on 31 December 2024.
As part of the transaction, Primorus subscribed for an additional 592,592
shares in PR1.  Previously Primorus had subscribed to 18,100,000 shares in
PAI prior to the acquisition by PR1. In aggregate, from admission, the Company
holds 11,677,755 ordinary shares representing approximately 12.1% of the
issued share capital of PR1.  Primorus also holds 1,800,000 warrants over new
ordinary shares in PR1, exercisable at a price of £0.003 per new ordinary
share until July 2027.

·    Engage Technology Partners Limited ("Engage"), the end-to end
workforce management platform provider, had a difficult year and was seeking
new funding to take it through to breakeven.  Early in 2024, Engage undertook
a significant restructure which resulted in the Company's shareholding in
Engage being reduced from 4.49% to 1.97%.  In November 2024 we took the
decision to divest completely of this holding for a small sum but the Company
may receive additional consideration if the buyer sells any of the Engage
shares within two years of the disposal.

·    Clean Power Hydrogen ("CPH2") encountered several issues.  Supply
chain problems meant commissioning and delivery of its first MF220 units
experienced delays and therefore impacted planned commissioning schedules.  A
further issue was identified in the design and operation of the cryostat unit.
The company encountered funding issues due to these delays and to continue its
strategy raised additional funds of £6.1 million in December 2024.

Primorus holds several legacy investments which do not form part of its
long-term strategy and strategic future goals.  Consequently, the Company
intends to dispose of these investments when there is a suitable liquidity
event, or a fair value offer is available.

 

The legacy investments include Sport80, WeShop, Stream TV and MEVIE. These
investments are classified on the website under non-core investments.

 

Primorus will continue to actively manage its investments and liquidity which
may involve holding certain market tradeable investments.  Where active
management involves non-material transactions, it will not be reported via an
RNS, but instead the Company's website shall be updated periodically to
reflect any changes to the investments held by the Company. These changes may
include the purchase of additional shares or the disposal in part or in whole
of any individual investment.

 

Financial highlights

 

The operating profit for the year was £2.681 million (2023: loss of £2.349
million). The net profit after tax was £2.689 million (2023: loss of £2.349
million). Total assets including cash at 31 December 2024 amounted to £5.930
million (2023: £5.341 million).

 

The cash balance was £42,000 as at 31 December 2024 (2023: £775,000).

 

Investee companies

 

The majority of the Company's investments in underlying investee companies are
minority investments. Whilst we may offer advice to the management of the
investee companies, specifically about their business objectives and goals,
they can and sometimes do ignore such advice. Similarly, those investee
companies which are privately held do not have similar disclosure obligations
to publicly quoted companies and therefore, any updates they provide about
their businesses can be piecemeal and, in certain cases, non-existent save
where the Board specifically requests an update.  The Company does maintain
an open dialog with its investee companies in order to monitor performance.

 

Primorus has no operational capacity insofar as it pertains to any of its
investee companies, and whilst the Board will look to structure investments in
a format where Primorus can have a high degree of oversight, this was not done
with the Company's historic investments and, as such, there are inherent risks
in that investee companies are not as accountable to the Company as the Board
would prefer them to be. The Board intends, wherever possible, to seek more
oversight in any significant new investments which the Company makes into
private companies or unquoted public companies. It is unlikely the Company
will make investments into either such companies unless there is a clear route
to a relatively near- term liquidity event such as a trade sale or an IPO.

 

In relation to its investment in ALTE, the Company has a nominated director on
the board to ensure there is oversight on behalf of Primorus. This has been a
significant step for the Company because it is the first investment where the
Company will get an insight into the operation of the investee company and be
able to actively voice its opinions, concerns and constructive advice instead
of being informed of decisions after the event. Hedley Clark was also
appointed as a Non-Executive director on the board of Interpac.

 

Summary and Outlook

 

The year under review saw the Company start to gain some meaningful traction.
Although there have been several headwinds for Primorus and the markets in
general, the Board feels the Company is in a strong position to take advantage
of opportunities as they present themselves. The drive to net zero carbon is
clearly necessary for the benefit of the wider community and the Board feels
that it can position Primorus in this investment space for the benefit of the
Company and its shareholders.

 

The Company did not need to raise any capital in 2024 and the Board sees no
immediate need to do so due to the Company's holdings of liquid instruments
and cash. The Board is not ruling out the possibility of raising capital if
the right opportunity presents itself, but at the time of writing the Company
is not considering any potential investments which would necessitate a capital
raising to be undertaken.

 

The Board will continue to look at innovative ways to enhance the Company's
value which may involve looking at various alternative company structures.

 

It is also important to enhance clarity of those investments which the Company
holds. In the past, it has been hard to get an accurate valuation of some of
our investments but as we move towards investments with greater liquidity this
should enable the Company to be valued at a value closer to its net asset
value ("NAV"). Whilst it is usual for investment companies to trade at a
discount to their NAV, the Board believes the Company to be undervalued given
its share price and resultant market capitalisation.

 

We remain highly focused on costs, especially in these inflationary times and
will always focus on efficiency whilst working to achieve shareholder value.

 

The Board would like to thank all shareholders for their continued support and
understanding in this period of unsettling and exceptional circumstances and
wish them well during this time.

 

2025

 

The Board remains committed to its strategic criteria for each new investment
and has reiterated the core requirements below:

 

·     It must enable Primorus the opportunity to acquire a meaningful
stake in the investee company.

·     A clear and realistic exit route must be in place.

·     There should be an opportunity for the Board to play an active role
in the investee company's development.

·     The Board and the investee company's management team must share a
common vision and strategic alignment.

·     The investment committed by the Company will be proportionate to
the risk/reward opportunity.

·     There should be a greater opportunity for the Company's
shareholders to benefit directly from the increase in capital values from each
investment.

Our operational targets for the remainder of 2025, in line with our investing
policy, are:

 

·     To continue to focus on applying financial resources diligently,
with controlled corporate costs and focused investment.

·     To continue to build working capital, preferably through organic
means, by exiting investments which have generated significant returns on
investment.

·     To continue to build our external network and to develop our
managerial team to provide confidence in the market of our abilities to
achieve our strategic business objective of identifying significant
value-enhancing investment opportunities.

·     To proactively continue the work the Board has already started to
achieve with the crystallisation of value from certain investment
opportunities which it has identified.

·     To continue to review new opportunities and where financially and
operationally practical to make investments in such opportunities which
present the most upside to the Company.

·     To retain sufficient capital resources through cash or liquid
investments to enable the Company to have access to immediate capital for the
purposes of deploying into larger positions that are the most strategically
aligned opportunities.

·     To divest the non-core investments when suitable liquidity events
arise, or fair value can be achieved by alternative means.

 

Rupert Labrum

Date       29(th) May 2025

 

Statement of Profit or Loss and Other Comprehensive Income

For the year ended 31 December 2024

 

                                                                             2024                                2023
                                                           Notes             £000                                £000
 Income
  Investment income                                                          -                                   64
  Realised gain/(loss) on financial investments                              3,168                               (684)
  Unrealised gain on financial investments                                   233                                 465
 Gross Profit/(Loss)                                                         3,401                               (155)
 Operating expenses

  Administrative expenses                                                    (720)                               (504)
  Impairment gain/(loss) of financial investments          2                 -                                   (1,690)
 Operating Profit/(Loss)                                                     2,681                               (2,349)

  Finance income                                                             17                                  -
  Finance costs                                                              (9)                                 -
  Profit/(Loss) before tax                                                   2,689                               (2,349)

  Taxation                                                                   -                                   -
 Profit/(Loss) for the year                                                  2,689                               (2,349)

  Other comprehensive income for the year net of tax                         -                                   -
 Total comprehensive income                                                  2,689                               (2,349)

                              Earnings per share attributable to the ordinary equity holders of the parent
                                                                             2024                                2023
                                                                             Pence                               Pence
  Basic and diluted profit/(loss) per share                3                 1.923                               (1.680)

 

 

The notes form part of these financial statements.

 

 

Statement of Financial Position

Company Registration Number 03740688

As at 31 December 2024

 

                                             2024       2023
 ASSETS                           Notes      £000       £000

 Non-Current Assets
 Financial Investments            2          4,733      2,052
                                                        2,052
 Current Assets
 Financial Investments            2          1,054      2,502
 Trade and other receivables                 101        12
 Bank and cash balances                      42         775
                                             1,197      3,289

 Total Assets                                5,930      5,341

 LIABILITIES

 Current Liabilities
 Trade and other payables                    142        144
 Total Liabilities                           142        144

 Net Assets                                  5,788      5,197

 EQUITY

 Issued capital and reserves

 Share capital                               280        280
 Retained earnings                           5,508      4,917

 Total Equity                                5,788      5,197

 

The notes form part of these financial statements.

 

These Financial Statements were approved and authorised for issue by the board
of directors on 29(th) May 2025.

 

R
Labrum
H Clark

Rupert
Labrum
Hedley Clark

Director
Director

 

 

Statement of Changes in Equity

For the year ended 31 December 2024

 

                                          Share capital  Share premium  Share based payment reserve  Retained earnings  Total attributable to owners of the company
                                          £000           £000           £000                         £000               £000

 Balance at 1 January 2023                280            -              -                            7,266              7,546

 Loss for the year                        -              -              -                            (2,349)            (2,349)
 Total comprehensive income for the year  -              -              -                            (2,349)            (2,349)

 Balance at 31 December 2023              280            -              -                            4,917              5,197

 Balance at 1 January 2024                280            -              -                            4,917              5,197
 Profit for the year                      -              -              -                            2,689              2,689
 Total comprehensive income for the year  -              -              -                            2,689              2,689
 Dividends                                -              -              -                            (2,098)            (2,098)

 Balance at 31 December 2024              280            -              -                            5,508              5,788

 

The notes form part of these financial statements.

Statement of Cash Flows

For the year ended 31 December 2024

 

                                                           2024         2023
                                                           £000         £000
 Cash Flows from Operating Activities

 Operating profit/(loss)                                   2,681        (2,349)
 Adjustments for:
 (Profit)/Loss on disposal of financial investments        (3,168)      684
 Fair value movements on financial investments             (233)        (465)
 Impairment provision on unlisted investments              -            1,690
 Interest income on investments                            -            (64)
 Net foreign exchange loss/ (gain)                         163          133

                                                           (557)        (371)
 Movement in working capital:
 (Increase)/Decrease in trade and other receivables        (89)         22
 (Decrease)/Increase in trade and other payables           (2)          34

 Cash used in operations                                   (648)        (315)

 Income taxes paid                                         -            -

 Net cash used in operating activities                     (648)        (315)

 Cash flows from investing activities
 Proceeds from sale of financial investments               6,121        1,051
 Purchase of financial investments                         (4,116)      (75)
 Net cash from investing activities                        2,005        976

 Cash flows from financing activities
 Dividends paid                                            (2,098)      -
 Finance income                                            17           -
 Finance cost                                              (9)          -
 Net cash (used in)/from financing activities              (2,090)      -

 Net (decrease)/increase in cash and cash equivalents      (733)        661

 Cash and Cash Equivalents at beginning of year            775          114

 Cash and Cash Equivalents at end of year                  42           775

 

The notes form part of these financial statements.

 

1.    Accounting Policies

 

Basis of Preparation

 

Primorus Investments plc is a public company incorporated and domiciled in the
United Kingdom. The Company's registered office is 48 Chancery Lane, London,
WC2A 1JF. The Company's shares are listed on the AIM market of the London
Stock Exchange.

 

The Company meets the definition of an investment company.

 

The Financial Statements are for the year ended 31 December 2024 and 2023 and
have been prepared under the historical cost convention, except for financial
investments measured at fair value.

 

The financial statements have been prepared in accordance with UK-adopted
international accounting standards in accordance with the requirements of the
Companies Act 2006.

 

These financial statements have been prepared and approved by the Directors on
29(th) May 2025 and signed on their behalf by Rupert Labrum and Hedley Clark.

 

The accounting policies have been applied consistently throughout the
preparation of these financial statements and the financial report is
presented in Pound Sterling (£) and all values are rounded to the nearest
thousand pounds (£000) unless otherwise stated.

 

Going Concern

 

The Directors noted the operating profit that the Company has made for the
year ended 31 December 2024 and the positive impact this had on the Company's
cash resources. The Directors have prepared cash flow forecasts for a period
of at least twelve months from the date of the approval of these financial
statements.

 

The cost structure of the Company comprises a high proportion of discretionary
spend and therefore in the event that cash flows become constrained, costs can
be quickly reduced to enable the Company to operate within its available
funding.

 

These forecasts demonstrate that the Company has sufficient cash and liquid
funds (i.e. investments in listed companies) available to allow it to continue
in business for a period of at least twelve months from the date of the
approval of these financial statements. Accordingly, the financial statements
have been prepared on a going concern basis.

 

It is the prime responsibility of the Board to ensure the Company remains a
going concern.  On 31 December 2024 the Company had cash and cash equivalents
of £42,000.  The Company also has listed financial investments of

£2,368,000 as at 31st December 2024 of which £1,054,000 are classified as
current assets.  The Company has minimal contractual expenditure commitments,
and the Board considers the present funds, including those raised from the
sales of its unlisted investment, and future disposals of its listed financial
investments sufficient to maintain the working capital of the Company for a
period of at least 12 months from the date of signing the Annual Report and
Financial Statements. For these reasons the Directors adopt the going concern
basis in preparation of the Financial Statements.

 

2.    Financial investments

 

                                                      £000     £000     £000     £000
                                                      Level 1  Level 2  Level 3  Total
 Fair Value at 31 December 2022                       1,203    -        6,305    7,508
 Additions                                            -        -        75       75
 Interest - Unlisted Convertible Loan                 -        -        64       64
 Fair value changes                                   465      -        -        465
 Loss on disposals                                    (684)    -        -        (684)
 Disposal                                             (116)    -        (935)    (1,051)
 Impairment provision                                 -        -        (1,690)  (1,690)
 Foreign Exchange                                     -        -        (133)    (133)
 Fair Value at 31 December 2023                       868      -        3,686    4,554
 Additions                                            2,180    -        1,936    4,116
 Transfer                                             300      -        (300)    -
 Fair value changes                                   233      -        -        233
 Profit on disposals                                  17       -        3,151    3,168
 Disposal                                             (1,230)  -        (4,891)  (6,121)
 Foreign Exchange                                     -        -        (163)    (163)
 Fair Value at 31 December 2024                       2,368    -        3,419    5,787

 The 2024 financial assets are split as follows:
 Current assets - listed                              1,054    -        -        1,054
 Non- current assets - listed                         1,314    -        -        1,314
 Non-current assets - unlisted                        -        -        3,419    3,419
 Total                                                2,368    -        3,419    5,787

 The 2023 financial assets are split as follows:
 Current assets - listed                              868      -        -        868
 Current assets - unlisted                            -        -        1,634    1,634
 Non-current assets - unlisted                        -        -        2,052    2,052
 Total                                                868      -        3,686    4,554

 

         Financial investments (continued)

 

     £000     £000     £000     £000
     Level 1  Level 2  Level 3  Total
 Loss on investments held at fair value through profit or loss for 2024
 Fair value gain on investments                                     233  -  -      233
 Realised gain on disposal of investments                           17   -  3,151  3,168
 Net loss on investments held at fair value through profit or loss  250  -  3,151  3,401

Loss on investments held at fair value through profit or loss for 2024

Fair value gain on investments

233

-

-

233

Realised gain on disposal of investments

17

-

3,151

3,168

Net loss on investments held at fair value through profit or loss

250

-

3,151

3,401

 

     £000     £000     £000     £000
     Level 1  Level 2  Level 3  Total
 Loss on investments held at fair value through profit or loss for 2023
 Fair value gain on investments                                     465    -  -  465
 Realised loss on disposal of investments                           (684)  -  -  (684)
 Net loss on investments held at fair value through profit or loss  (219)  -  -  (219)

Loss on investments held at fair value through profit or loss for 2023

Fair value gain on investments

465

-

-

465

Realised loss on disposal of investments

(684)

-

-

(684)

Net loss on investments held at fair value through profit or loss

(219)

-

-

(219)

 

 

Level 1         represents those assets, which are measured using
unadjusted quoted prices for identical assets.

Level 2         applies inputs other than quoted prices included in
Level 1 that are observable for the assets either directly (as prices) or
indirectly (derived from prices).

Level 3         applies inputs, which are not based on observable
market data.

 

Investments are held at fair value through profit and loss using a three-level
hierarchy for estimating fair value.

 

At the year end, the Directors have reviewed the carrying value of the
investments and have determined that no further impairment is required (2023:
£1,689,777).

 

Investments comprise both listed and unlisted investments. The listed
investments are traded on stock markets throughout the world and are held by
the Company as a mix of strategic and short-term investments.

 

Significant additions and disposals during the year and subsequent to the year
end

 

Sale of Payapps Limited ("Payapps)

During the year Payapps was purchased by Autodesk Inc.  This resulted in the
Company receiving approximately USD 6.1m, of which approximately USD 65,000
which has been retained as an indemnity in escrow until February 2027.  The
purchase was for the Payapps' Construction Payment Management businesses
(Payapps, GCPay and Webcontractor) and the acquisition did not include the
Facilities Management ("FMI") business, which was separated out of Payapps
prior to the closing of the acquisition and retained for the benefit of
Payapps' existing shareholders. Further proceeds from the sale of the FMI
business amounting to approximately AUS 91,000 is due to be distributed to
Payapps shareholders in January 2025.

 

Purchase of shares in Fresho Pty Ltd

At various times during the year the Company purchased additional shares in
Fresho Pty Ltd ("Fresho") for a total amount of £1.136m.  Following these
various purchases the Company now owns 4,245,531 ordinary shares and 1,254,469
preference shares in Fresho, representing approximately 5.01% of Fresho's
issued capital on a fully diluted basis.

 

Purchase of shares in Virtualstock Holding Limited

In May 2024 the Company purchased 250,000 shares in Virtualstock Holdings
Limited for £2.00 per share, a total investment of £500,000.

 

Purchase of shares in Pri0r1ty AI PLC ("Pri0r1ty")

·    In August 2024 the Company purchased 18,100,000 shares in Pri0r1ty AI
PLC for £0.0166 per share, a total investment of £300,460.  In December
2024, these shares were acquired by Alteration Earth PLC ("ALTE") in exchange
for 6,085,163 shares in ALTE, a company in which Primorus had an existing
investment.  ALTE had previously been listed on the main market of the London
Stock Exchange and following the acquisition of Pri0r1ty by ALTE the company
relisted on the AIM market of the London Stock Exchange and changed its name
to Pri0r1ty Intelligence Group PLC  On admission to the AIM market the
Company subscribed for a further 592,593 shares in ALTE for an investment of
£80,000.  In aggregate, from admission, the Company holds 11,677,755
ordinary shares representing approximately 12.1% of the issued share capital
of Pri0r1ty.  The Company also holds 1,800,000 warrants over new ordinary
shares in Pri0r1ty, exercisable at a price of £0.003 per new ordinary share
until July 2027.

 

Sale of shares in Engage Technology Partners Limited ("Engage")

In April 2024 Engage undertook a significant restructure which resulted in the
Company's shareholding in Engage being reduced from 4.49% to 1.97%.  This
dilution, along with a reassessment by the directors of the current valuation
of Engage, resulted in a reduction in the carrying value of Engage in the
Company's balance sheet to £158,000, approximately an 89% reduction.  This
impairment in value was recognised in the financial statements ending 31
December 2023.  In November 2024, the Company disposed of its holding in
Engage for £1,000.  Under the share purchase agreement, the Company may
receive additional consideration for the Engage shares, in the event the buyer
sells any of the Engage shares within two years of the above disposal.

 

Significant additions and disposals in 2023

 

Disposal in Bushveld Minerals Limited

During the prior year the Company was repaid the convertible loan note owed by
Bushveld Minerals Limited.  The final payment was received in November
2023.  During the prior year the Company received £64,000 of interest on the
outstanding loan notes.

 

 

3.    Earnings per share

 

 Basic and diluted earnings per share                                            2024         2023
                                                                                 Pence        Pence
 From continuing operations attributable to the ordinary equity holders of the   1.923        (1.680)
 Company
 Total basic and diluted earnings per share attributable to the ordinary equity  1.923        (1.680)
 holders of the Company

 The calculation of the profit or loss per share is based on the profit or loss  2024         2023
 after taxation divided by the weighted average number of shares in issue
 during the period:
                                                                                 £000         £000
 Profit/(Loss) for the year                                                      2,689        (2,349)

 Weighted average number of shares used as the denominator
                                                                                 2024         2023
 Weighted average number of ordinary shares used as the denominator in           139,830,968  139,830,968
 calculating basic earnings per share
 Options                                                                         -            -
 Weighted average number of ordinary shares and potential ordinary shares used   139,830,968  139,830,968
 as the denominator in calculating diluted earnings per share

 

4.    Events after the reporting date

 

In March 2025 the Company purchased a further 27,500 shares in Interpac
Limited for £10.00 per share, a total investment of £275,000.  Following
this investment Primorus now holds 79,610 shares in Interpac representing
approximately 5.1% of Interpac's issued share capital (4.3% share option
diluted shareholding).

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