REG - Primorus Investments - Half-year Report
23/09/2025 07:00
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RNS Number : 3367A Primorus Investments PLC 23 September 2025
Primorus Investments plc
("Primorus" or the "Company")
Interim Results for the six months ended 30 June 2025
Primorus Investments plc (AIM: PRIM) is pleased to announce its unaudited
interim results for the six months ended 30 June 2025.
Overview
Following a year of exceptional performance in 2024, the first half of 2025
has seen more measured activity, with only one exit in the period.
Nevertheless, the portfolio continues to progress strongly, particularly
Fresho. With a solid cash position and a healthy pipeline of opportunities, we
remain confident in our ability to generate attractive returns for
shareholders.
Fresho continues to expand its platform, reporting strong user growth and
revenue momentum.
After reaching profitability in late 2024, VirtualStock's volume and order
growth has continued to strengthen with Asda and Homebase now using
Virtualstock's dropship technology.
Interpac completed a significant funding round which has left the company well
capitalised and in a strong financial position to strengthen the existing
management team as well as fund future production and sales. Primorus joined
the funding round, investing a further £275,000, and now holds 4.3% of the
issued share capital on a fully diluted basis.
Priority Intelligence Group plc - Primorus disposed of its shareholding in
June this year for gross proceeds of £977,000.
At the Annual General Meeting, Primorus proposed a share buyback programme
which was subject to shareholder approval of a rule 9 waiver agreed by the
Takeover Panel. This resolution was passed by the independent shareholders
and, as at the date of these financial statements, the Company has purchased
12,566,388 shares.
Financial Results
The operating loss for the six months to 30 June 2025 was £606,000 (30 June
2024: £2,764,000 profit). The net loss after tax was £606,000 (30 June 2024:
£2,764,000 profit).
Total assets, including cash, at 30 June 2025 amounted to £5.30 million (30
June 2024: £5.98 million).
Outlook
The Board expects continued resilience across the portfolio in the second half
of 2025, with the hope of further realisations over the short to medium term.
While global macroeconomic conditions remain uncertain, Primorus is positioned
to deliver long-term shareholder value through disciplined deployment and
active portfolio management. We will seek to return capital to shareholders
when the opportunities arise.
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
for their continued support.
Rupert Labrum Chairman
22(nd) September 2025
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.
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.
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 Western
Unaudited Condensed Company Statement of Comprehensive Income
for the six months ended 30 June 2025
6 months to 6 months to Year to
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Unaudited
Notes £'000 £'000 £'000
Continuing operations
Income
Realised (loss)/gain on financial investments (332) 3,206 3,168
Unrealised (loss)/gain on financial investments (19) (42) 233
Other income 19 - -
Gross (Loss)/profit (332) 3,164 3,401
Operating expenses
Administrative expenses (274) (417) (720)
Operating (Loss)/profit (606) 2,747 (2,681)
Finance income - 17 17
Finance costs - - (9)
(Loss)/profit before tax (606) 2,764 2,689
Taxation - - -
(Loss)/profit for the period (606) 2,764 2,689
Other comprehensive income for the period net of tax - - -
Total Comprehensive Income (606) 2,764 2,689
(Loss)/profit per share:
Basic (loss)/profit per share (pence) 3 (0.433) 1.977 1.923
Diluted (loss)/profit per share (pence) 3 (0.433) 1.977 1.923
Unaudited Condensed Company Statement of Financial Position
as at 30 June 2025
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
Note s £'000 £'000 £'000
ASSETS
Non-current assets
Financial investments 3,633 2,941 4,733
3,633 2,941 4,733
Current assets
Financial investments 649 2,925 1,054
Trade and other receivables 68 15 101
Cash and cash equivalents 956 95 42
1,673 3,035 1,197
Total assets 5,306 5,976 5,930
EQUITY
Equity attributable to equity holders of the parent
Share capital 280 280 280
Retained earnings 4,902 5,584 5,508
Total equity 5,182 5,864 5,788
LIABILITIES
Current liabilities
Trade and other payables 124 112 142
Corporation tax - - -
Total liabilities 124 112 142
Total equity and liabilities 5,306 5,976 5,930
Unaudited Condensed Company Statement of Changes in Equity
for the six months ended 30 June 2025
Total attributable to owners of parent
Share capital Retained earnings
Unaudited £'000 £'000 £'000
Balance at 31 December 2023
280 4,917 5,197
Profit for the period - 2,689 2,689
Total comprehensive income for the period - 2,689 2,689
Dividend paid during the period - (2,098) (2,098)
Balance at 31 December 2024 280 5,508 5,788
Loss for the period - (606) (606)
Total comprehensive income for the period - (606) (606)
Balance at 30 June 2025 280 4,902 5,182
Unaudited Condensed Company Statement of Cash Flows
for the six months ended 30 June 2025
6 months to 6 months to Year to
30 Jun 25 30 Jun 24 31 Dec 24
Unaudited Unaudited Audited
£'000 £'000 £'000
Cash Flows from Operating Activities
Operating (loss)/profit before tax (606) 2,764 2,681
Adjustments for:
Loss/(profit) on disposal of financial investments 332 (3,206) (3,168)
Fair value movements on financial investments 19 42 (233)
Net foreign exchange loss 61 59 163
(194) (341) (557)
Movement in working capital:
Decrease/(increase) in trade and other receivables 33 (3) (89)
(Decrease)/increase in trade and other payables (18) (32) (2)
Cash used in operations (179) (376) (648)
Income taxes paid - - -
Net cash used in operating activities (179) (376) (648)
Cash flows from investing activities
Proceeds from sale of financial investments 1,368 4,789 6,121
Purchase of financial investments (275) (2,995) (4,116)
Net cash from investing activities 1,093 1,794 2,005
Dividends paid - (2,098) (2,098)
Finance income 17
Finance cost (9)
Cash flow from financing activities - (2,098) (2,090)
Net change in cash and cash equivalents 914 (680) (733)
Cash and cash equivalents at beginning of period 42 775 775
Cash and cash equivalents at end of period 956 95 42
Notes to the condensed unaudited interim financial statements
1. General Information
The condensed interim financial information for the 6 months to 30 June 2025
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 2024 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 2024, 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 29 May 2025 and is
available on the Company's website at www.primorusinvestments.com
(http://www.primorusinvestments.com) .
2. 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.
The financial statements have been prepared in accordance with the Companies
Act 2006 and UK-adopted international accounting standards (UK-adopted IAS)
and related interpretations. As permitted, this does not include IAS 34
"Interim Financial Reporting". This condensed set of financial statements has
been prepared applying the accounting policies that were applied in the
preparation of the Company's published financial statements for the year ended
31 December 2024. As these interim financial statements do not include all
the information or disclosures required in the annual financial statements
they should be read in conjunction with the Company's 2024 annual financial
statements.
3. 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.
6 months to 6 months to Year ended
30 June 30 June 31 December
2025 2024 2024
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Net (loss)/profit attributable to equity holders of (606) 2,764 2,689
the company
Weighted average number of shares 139,830,968 139,830,968 139,830,968
Weighted average number of diluted shares 139,830,968 139,830,968 139,830,968
Basic profit/(loss) per share (pence) (0.433) 1.977 1.923
Diluted profit/(loss) per share (pence) (0.433) 1.977 1.923
4. 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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