REG - SEEEN PLC - Interim Results
30/09/2025 07:00
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RNS Number : 3106B SEEEN PLC 30 September 2025
30 September 2025
SEEEN plc
("SEEEN", the "Group", or the "Company")
Interim Results for the six months ended 30 June 2025
87% increase in revenues
Achieved first full six months of positive EBITDA
On track to exceed $5m revenues in FY2025
SEEEN plc (AIM: SEEN), the global media and technology platform that delivers
AI-infused Key Video Moments to drive increased views and revenues across all
video content, is pleased to announce its unaudited Interim Results for the
six months ended 30 June 2025 ("1H25") and an update on current trading and
the outlook for the Group.
Financial and Operating Highlights:
· Revenue increased by 87%, driving gross profit increase of 62%
· Achieved first full six months of positive EBITDA*
· Cash as of 30 June 2025 of $1.4m (FY24: $1.0m)
· Signed what is potentially the largest contract in the Group's
history
· Outlook continues to improve:
o On track to exceed $5.0m in revenues for FY2025
o Annualised revenue** run rate now increased to $6.5m
o Market demand for AI-infused Video Moments growing strongly; SEEEN
positioned well with data capture from natural language processing approach to
video moments
o Clear ROI metrics for customers using SEEEN technology
· Adrian Hargrave, Chief Executive Officer of SEEEN, discusses the
Company's results and trading update with focusIR here:
https://media.focusir.com/SEEEN1H25Results
(https://media.focusir.com/SEEEN1H25Results)
We are pleased to deliver for our shareholders. Revenue for 1H25 increased 87%
against 1H24, with the Group signing what is potentially its largest ever
contract to supply YouTube Creator Service Partner ("CSP") services, which is
expected to be worth approximately $3.5 million in annual revenues upon
completion of milestones. To date, this contract is currently worth $1.0
million in annual revenues. The Group is working to achieve these milestones
during the next 12 months.
Gross profit increased by 62%, as the sales mix drove a slightly lower margin
than in 1H24. This has meant that the Group maintained positive monthly
operating cash flow, allowing for atypical working capital movements, driven
primarily by timing of supplier payments, during the period.
Shareholders demonstrated their support for the Group by providing additional
growth capital through the exercise of warrants and, combined with the Group's
operating cashflow during the period, this resulted in cash of $1.4m as at 30
June 2025, up from $1.0m as at 31 December 2024.
Outlook and Interview
Growth has continued into the second half with the Board now expecting for
revenue for the 12 months to December 2025 to be in excess of $5.0m, backed by
an increasing annualised revenue run-rate** of approximately $6.5 million as
at the current date, an increase from $5.8 million at the end of 1H25.
Adrian Hargrave, Chief Executive Officer of SEEEN, will discuss the Company's
interim results and trading update with focusIR. Details can be found here:
https://media.focusir.com/SEEEN1H25Results
(https://media.focusir.com/SEEEN1H25Results)
Adrian Hargrave, CEO of SEEEN, commented:
"Our upward turn is now in full swing - both in terms of sales and EBITDA. As
announced a few weeks ago, our first half of 2025 saw the Group continue to
grow its operations rapidly. Since the end of the period, we have continued
signing up new business and we are confident that we will achieve more than $5
million in revenues during the 2025 full year, with the potential to do
significantly better, given that Q4 is traditionally our strongest quarter.
Market demand for AI-infused video moments is very strong and we are
well-positioned for customers ranging from content creators to product
companies seeking to boost sales and training, as well as to better service
customers, and sports organisations. We have successfully managed to grow
both the CSP and the technology parts of our business and we have seen
increased cross-selling and increased demand from clients for our full product
suite.
I am also very grateful to our shareholders for their ongoing support for the
business, including the recent warrant exercise to provide further capital to
the Group. From our now solid foundation, we can deploy capital to accelerate
customer growth, potentially through partnerships or acquisitions, in sectors
where our combined offering of CSP and technology is strongest, such as
sports, commerce and music.
I look forward to a strong finish to 2025 and maintaining our rapid growth
momentum for the foreseeable future."
1H25 Financial Highlights***
Revenues
● Total Group revenues of $2.1m, 87% up on previous year (1H24:
$1.1m)
Profitability
● Gross profit of $0.6 million, 62% higher than 1H24 as all parts of
the business exhibited growth
● Adjusted Group EBITDA profit(*) of $0.1m (1H24: loss of $0.3m),
reflecting the Group's revenue growth combined with prudent cost management
Balance Sheet
● Cash as at 30 June 2025 of approximately $1.4m providing
flexibility for selective investment in partnerships or acquisitions to
accelerate growth
Year To Date New Customer Wins and Implementation Success
● Total new business won since start of 2025 currently worth more
than $1.5 million in annualised revenues**
● Continued progress with selling the Group's technology products
across different verticals, with particular traction in the sports and
charitable foundation verticals for technology products
o Average 9% clickthrough rates, linked to sales, within customer videos is
driving over 100% ROI for certain key customers
● Initial pilots with re-sellers for selling technology into
specific verticals
● Upsells of technology services to CSP customers, which has driven
up to 25% increases in the revenues of certain key customers
2025 and 2026 Outlook
● Strong customer and reseller sales pipeline, driven by technology
products, CSP opportunities and sales team
o Significant large opportunities with sports clubs, sports leagues and
major publishers
o Converting initial pilots with re-sellers into full contracts and
distribution
o Sales to companies of Video Moment technology to accelerate skills
training and compliance
o Potential acquisition or partnership opportunities to accelerate customer
acquisition
Notes:
* See Note 5 to the financial statements for a full reconciliation of
adjustments between reported and adjusted figures.
** Annualised revenues assumes a run rate of revenues combining (i) technology
based SaaS sales and (ii) current levels of YouTube advertising income from
channel partners, which can be more volatile.
*** 1H24 figures have been restated in some areas to make these figures
consistent with audit adjustments noted in the Group's annual report for the
year ended 31 December 2024, which was released on 11 September 2025
For further information please contact:
SEEEN plc Tel: +44 (0)7775 701 838
Adrian Hargrave, CEO Website: seeen.com (http://www.seeen.com)
Allenby Capital Limited (Nominated Adviser) Tel: +44 (0)20 3328 5656
Alex Brearley / Lauren Wright (Corporate Finance)
Dowgate Capital Limited (Joint Broker) Tel: +44(0)20 3903 7721
Stephen Norcross / Amber Higgs
Capital Plus Partners Limited (Joint Broker) Tel: +44(0)20 3821 6167
Jonathan Critchley
focusIR (Investor Relations) Tel: +44(0) 07866 384 707
Paul Cornelius / Kat Perez seeen@focusir.com (mailto:seeen@focusir.com)
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR").
CEO's Statement
Overview
During 1H25 and into the third quarter, we have continued to execute on our
strategy of selling our technology products and associated CSP services to
customers across our target markets. This focus has driven substantial growth,
with revenues in 1H25 increasing by 87% against 1H24 to $2.1 million,
alongside a 62% improvement in gross profit to $0.5 million. Importantly, this
growth enabled the Group to first achieve monthly operating cash flow
breakeven in December 2024, a position we have maintained through the first
half of 2025, allowing for atypical movements in working capital, described in
more detail below.
In addition to expanding our customer base, we have secured larger-scale
contracts, including signing what is potentially our largest ever CSP services
contract, expected to be worth approximately $3.5 million in annual revenues
upon completion of milestones. To date, this contract has contributed $1
million in annualised revenues. Momentum has continued post-period, with our
annualised revenue run-rate** increasing to approximately $6.5 million at
present, up from $5.8 million at the end of 1H25.
We have also continued to achieve notable wins in the sports and entertainment
verticals, where our technology powers video-led websites, video commerce, and
interactive engagement. Across these customers, we continue to see strong
engagement metrics, with an average 9% clickthrough rate from sports videos,
linked directly to sales, driving in some cases 100%+ ROI.
Furthermore, we continue to deepen relationships with CSP customers, upselling
our technology solutions to leverage their back catalogues more efficiently.
These upsells have enabled certain key customers to drive up to 25% more
revenue through enhanced clipping, re-mixing, and video commerce
functionality.
Our implementations continue to generate valuable case studies that
demonstrate strong ROI and repeatable sales patterns. These case studies are
now accelerating larger opportunities with sports clubs, leagues, and major
publishers, as well as opening reseller opportunities with digital marketing
agencies that are adopting our video commerce solution as a differentiated
offering for their clients. In addition to this, we have been piloting our
training solutions based on Key Video Moments and we expect this to be an
additional driver of growth in 2026.
Our strengthened financial position underpins this growth trajectory. As at 30
June 2025, the Group held approximately $1.4 million in cash. During the
period, the Group generated cash flow from operations before working capital
movements of $0.1 million, offset by atypical supplier payment timings which
led to a net cash outflow from operating activities of $0.5 million. In
addition, certain of the Group's shareholders exercised warrants during the
period. The Group's cash position provides the flexibility for selective
investment in partnerships or acquisitions to accelerate customer acquisition.
Outlook
The first nine months of 2025 have demonstrated both the scalability and
profitability of our solutions, delivering strong revenue growth and
repeatable sales across multiple industries. With a robust sales pipeline that
includes significant opportunities in sports, publishing, training, and
digital marketing, as well as expansion through resellers and strategic
partners, we are well-positioned to build on our progress.
We are extremely grateful to all of our shareholders for their support,
including the warrant exercise in May 2025, and will look to create
significant shareholder value by executing our growth plan. Our next
milestones remain focused on the continued scaling of all our offering ,
including potential corporate activity, to accelerate and capitalise on the
increasing demand for short- form video-led solutions.
Adrian Hargrave, CEO
September 30, 2025
Interim Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2025
Six months Six months Year ended
ended ended 31 December
30 June 2025 30 June 2024 2023
(restated)
$ $ $
Unaudited Unaudited Audited
Revenue 2,055,094 1,099,375 3,040,908
Cost of sales (1,523,344) (771,430) (2,397,428)
Gross profit 531,750 327,945 643,480
Administrative expenses
- Share-based payments (389) (55,571) (134,967)
- Amortisation of intangibles (584,444) (554,336) (1,023,480)
- Other administrative costs (438,582) (656,488) (1,908,200)
Total administrative expenses (1,023,415) (1,266,395) (3,066,647)
Operating loss (491,664) (938,450) (2,423,167)
Finance (expense) / income (25,289) - (2,113)
Loss before tax (516,953) (938,540) (2,425,280)
Taxation - - -
Loss for the period (516,953) (938,540) (2,425,280)
Other comprehensive income
Exchange differences arising on translation of foreign operations (137,220) (119,093) (69,910)
Total comprehensive loss for the period (654,173) (1,115,168) (2,495,190)
Earnings per share Cents Cents Cents
Basic (0.42) (0.93) (2.25)
Diluted (0.42) (0.93) (2.25)
Consolidated Statement of Financial Position as at 30 June 2024
At At At
30 June 30 June 31 December
2025 2024 2024
(restated)
$ $ $
Unaudited Unaudited Audited
ASSETS
Non-current assets
Other intangible assets 1,057,550 2,031,323 1,450,955
Other receivables 1,800 1,800 1,800
1,059,350 2,033,123 1,452,755
Current assets
Trade and other receivables 1,195,358 743,166 868,975
Cash and cash equivalents 1,412,899 1,152,380 1,003,014
2,608,257 1,895,546 1,871,989
TOTAL ASSETS 3,667,807 3,928,669 3,324,744
EQUITY AND LIABILITIES
Equity attributable to holders of the parent
Share capital 7,510,138 7,486,397 7,488,325
Share premium 12,029,605 10,823,916 10,880,118
Merger reserve 8,989,501 8,989,501 8,989,501
Share based payment reserve 239,516 239,127 239,517
Convertible loan note reserve 217,538 - 198,337
Foreign exchange reserve 250,035 476,856 387,255
Retained profit (27,260,497) (25,355,623) (26,748,550)
Total Shareholders' Equity 1,970,831 2,660,164 1,434,503
Non-current liabilities
Deferred tax liability 17,408 17,408 17,408
Convertible loan note 222,111 - 178,090
Options liability 13,928 18,977 22,936
253,447 36,385 218,434
Current liabilities
Trade and other payables 1,443,329 1,232,120 1,671,807
1,443,329 1,232,120 1,671,807
TOTAL EQUITY AND LIABILITIES 3,667,807 3,928,669 3,324,744
Interim Consolidated Statement of Cash Flows
For the six months ended 30 June 2024
Six months Six months Year ended
ended ended 31 December 2024
30 June 20245 30 June 2024
(restated)
$ $ $
Unaudited Unaudited Audited
Cash flows from operating activities
Loss before tax (516,953) (938,450) (2,425,280)
Adjustments for non-cash/non-operating items:
Amortisation of intangible assets 584,444 554,336 1,023,480
Share based payments 389 55,571 134,967
Fair value movement on options liability 4,502 (57,625) (53,203)
Write off of fixed assets - - 22,959
Interest paid / (received) 25,289 - 2,113
Operating cash flows before movements in working capital 84,161 (386,168) (1,294,964)
(Increase) / decrease in trade and other receivables (326,383) 203,966 78,157
(Decrease) / increase in trade and other payables (228,478) 131,842 571,529
Cash generated/(used) by operations (470,700) (50,360) (645,278)
Income taxes paid - - -
Net cash generated/(used) in operating activities (470,700) (50,360) (645,278)
Cash flows from investing activities
Purchase of intangibles (191,039) (458,226) (373,488)
Net cash used in investing activities (191,039) (458,226) (373,488)
Cash flows from financing activities
Proceeds from issue of shares 1,100,243 661,630 686,049
Proceeds from convertible loan note - 394,720
Interest received / (paid) (25,289) - (2,113)
Net cash generated by/(used in) financing activities 1,074,954 661,630 1,078,656
Net (decrease)/increase in cash and cash equivalents 413,215 127,666 59,890
Effect of exchange rates on cash (3,330) (36,150) (117,740)
Cash and cash equivalents at the beginning of period 1,003,014 1,060,864 1,060,864
Cash and cash equivalents at end of period 1,412,899 1,152,380 1,003,014
Notes to the Interim Consolidated Financial Information
for the six months ended 30 June 2025
1 General information
The Group is a global media and technology platform that delivers Key Video
Moments and Video Commerce to transform its clients' video profitability.
The Company is a public limited company domiciled in the United Kingdom and
incorporated under registered number 10621059 in England and Wales. The
Company's registered office is 27-28 Eastcastle Street, London W1W 8DH.
2 Significant accounting policies
Basis of preparation and changes to the Group's accounting policies
The accounting policies adopted in the preparation of the interim consolidated
financial information are consistent with those of the preparation of the
Group's annual consolidated financial statements for both the completed period
ended 31 December 2024 and anticipated period ending 31 December 2025. No new
IFRS standards, amendments or interpretations became effective in the six
months to 30 June 2025.
Statement of compliance
This interim consolidated financial information for the six months ended 30
June 2025 has been prepared in accordance with UK adopted International
Accounting Standards ("Adopted IFRSs"). This interim consolidated financial
information is not the Group's statutory financial statements and should be
read in conjunction with the annual financial statements for the period ended
31 December 2024, which have been prepared in accordance with Adopted IFRS and
have been delivered to the Registrar of Companies. The auditors have reported
on those accounts; their report was unqualified and did not contain statements
under section 498(2) or (3) of the Companies Act 2006.
The interim consolidated financial information for the six months ended 30
June 2025 is unaudited. In the opinion of the Directors, the interim
consolidated financial information presents fairly the financial position, and
results from operations and cash flows for the period. Comparative numbers for
the six months ended 30 June 2024 are unaudited.
This interim consolidated financial information is presented in US Dollars
($), rounded to the nearest dollar.
Foreign currencies
Functional and presentational currency
Items included in this interim consolidated financial information are measured
using the currency of the primary economic environment in which each entity
operates which is considered by the Directors to be Pounds Sterling (£) for
the Parent Company and US Dollars ($) for all the Company's subsidiaries. This
interim consolidated financial information has been presented in US Dollars
which represents the dominant economic environment in which represents the
dominant economic environment in which the Group operates. The effective
exchange rate at 30 June 2025 was £1 = US$1.373 (30 June 2023: £1 = US$1.266
and 31 December 2024: £1 = US$1.252).
Critical accounting estimates and judgments
The preparation of interim consolidated financial information requires
management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets and
liabilities and the reported amounts of income and expenses during the
reporting period. Although these estimates are based on management's best
knowledge of current events and actions, the resulting accounting estimates
will, by definition, seldom equal the related actual results.
In preparing this interim consolidated financial information, the significant
judgements made by management in applying the Group's accounting policies and
the key sources of estimation uncertainty were the same as those that applied
to the consolidated financial statements for the year ended 31 December 2024,
together with the recognition of development expenditure, described below.
Development expenditure
The Group recognises costs incurred on development projects as an intangible
asset which satisfies the requirements of IAS 38. The calculation of the costs
incurred includes the percentage of time spent by certain employees and
contractors on relevant development projects. The decision whether to
capitalise and how to determine the period of economic benefit of development
projects requires an assessment of the commercial viability of the projects
and the prospect of selling the project to new or existing customers. During
the six months ended 30 June 2025, the Group capitalized $0.2m of development
expenditure (1H24: $0.5m).
Going Concern
The directors have a reasonable expectation that the Group has adequate
resources to continue operating for the foreseeable future, and for this
reason they have adopted the going concern basis of preparation in the
consolidated interim financial statements.
3 Trade Payable and Receivables
The majority of trade payables and receivables relate to receivables from
YouTube and payables to creator partners. In addition, trade and other
payables includes accruals for expenses to be accrued during the year,
payments to consultants who are paid monthly in arrears and historic
liabilities of the acquired businesses that relate to payables more than two
years ago and the Group does not expect to need to pay.
4 Loss per share
The loss per share has been calculated using the loss for the period and the
weighted average number of ordinary shares outstanding during the period, as
follows:
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December
2024
(restated)
Unaudited Unaudited Audited
Earnings attributable to shareholders of the Company ($)
(516,953) (883,257) (2,425,280)
Weighted average number of ordinary shares 122,347,892 95,451,309 107,841,702
Diluted weighted average number of ordinary shares 122,347,892 95,451,309 107,841,702
Loss per share (cents) (0.42) (0.93) (2.25)
Diluted loss per share (cents) (0.42) (0.93) (2.25)
5 Summary of Adjustments between Reported and Adjusted EBITDA and
Operating Profit
$ 1H25 Reported Adjustment 1H25 Adjusted
Revenues 2,055,095 - 2,055,095
Cost of Sales (1,523,344) - (1,523,344)
Gross Profit 531,751 - 531,751
Operating expenses (1,023,415) - (1,023,415)
Share based payments (389) 389 -
Other adjustments - - -
Operating Profit (491,664) 389 (491,275)
Amortisation - Development cost (584,444) - (584,444)
EBITDA 93,169 - 93,558
6 Publication of announcement and the Interim Results
A copy of this announcement will be available at the Company's registered
office (27-28 Eastcastle Street, London, W1W 8DH) from the date of this
announcement and on its website - seeen.com (http://www.seeen.com) . This
announcement is not being sent to shareholders.
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