Interim Results
12/09/2024 13:38
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240912:nRSL0020Ea&default-theme=true
RNS Number : 0020E Pitch Pit PLC 12 September 2024
12 September 2024
Pitch Pit plc
("Pitch Pit" or the "Company")
Interim Results
Pitch Pit (AQSE: PICH), The accelerator that is designed to foster growth for
AI and technology ventures, announces its unaudited interim results for the
period ended 30 June 2024.
Chairman's statement
I am pleased to share the Chairman's statement for the six months ended 30
June 2024. These results represent the period before Pitch Pit was formed
and they are not representative of the business going forward.
Performance
The Company made a loss of £78,000 for the period with the previous
activities of the company that have now been discontinued.
Post Balance Sheet Events
After the period end the Company changed its business activities to focus on
becoming an accelerator for AI and technology companies. Pitch Pit is
designed to foster growth for AI and technology ventures by identifying the
right companies and management teams and assisting them to procure early-stage
funding along with a comprehensive program focused on helping these companies
to grow, innovate and progress. AI is revolutionising industries worldwide
driving exceptional levels of innovation. However, in a rapidly evolving
technological landscape, even the most innovative ideas can struggle to gain
traction. The Pitch Pit Accelerator addresses this challenge by giving
startups access to critical resources, expert mentorship, and a collaborative
environment. This support enables them to move from concept to market more
swiftly than they could independently, transforming ideas into scalable,
investable businesses.
On 4 September 2024, Pitch Pit announced the proposed appointment of a new
executive management team comprising of Chandila Fernando and Judith Hough who
have experience and contacts gained from their time working at Innovate UK.
The Company also announced the appointment of Brian Stockbridge as a
non-executive Director and who has agreed to act as non-executive Chair. A
further announcement will be made once Chandila and Jude have been formally
appointed to the board and the new audit, remuneration and AQSE compliance
committees have been formed.
Outlook
On 6 September 2024, Pitch Pit announced that it would be raising up to £500k
to focus on its new strategy and that it had created an advisory board. It
is intended that further high-quality candidates will be appointed, and
further announcements will be made in due course once the funds have been
raised.
Brian Stockbridge
Chair of Pitch Pit plc
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of Regulation (EU) No
596/2014 until the release of this announcement.
The Directors of the Company accept responsibility for the contents of this
announcement.
For further information please visit www.pitchpit.ai
Pitch Pit plc
Unaudited Statement of Comprehensive Income
for the six months ended 30 June 2024
6 months 6 months
to 30 June 2024 to 30 June 2023
(unaudited) (unaudited)
£'000 £'000
Turnover - -
Administrative expenses (78) (19)
Loss on ordinary activities before taxation (78) (19)
Tax on loss on ordinary activities - -
Loss on ordinary activities after taxation (78) (19)
Retained loss for the period (78) (19)
Loss per ordinary share (pence) (0.002p) (0.007p)
Unaudited Statement of financial position
as at 30 June 2024
30-Jun-24 30-Jun-23
(unaudited) (unaudited)
£'000 £'000
Current Assets
Investments - 275
Debtors and prepayments 3 10
Cash at Bank and in hand 107 8
110 293
Creditors: amounts falling due within one year (72) (92)
Net current assets 38 201
Total assets less current liabilities 38 201
Net assets 38 201
Capital and reserves
Called up share capital 979 674
Share Premium 667 583
Profit and loss account (1,608) (1,056)
Equity shareholder funds 38 201
Unaudited Statement of Changes in Equity
for the six months ended 30 June 2024
Share Share Retained Total
Capital premium Earnings
£'000 £'000 £'000 £'000
At 1 January
2024 958 583 (1,530) 11
21 84 105
Share issue
Loss for the (78) (78)
6 months
At 30 June 979 667 (1,608) 38
2024
Unaudited Statement of Cash flow
for the period ended 30 June 2024
Unaudited Unaudited
period ended period ended
30-Jun-24 30-Jun-23
£'000 £'000
Operating activities
Loss after tax (78) (19)
(Increase)/decrease in trade and other receivables - 4
(Decrease)/increase in trade and other payables (81) (9)
Net cash (outflow)/inflow from operating activities (159) (24)
Investing activities
Cost of investments - -
Net cash outflow from investing activities - -
Finance activities
Proceeds from the issue of share capital
Share issue costs 105 -
Net cash inflow from financing activities
Net change in cash and cash equivalents (54) (24)
Cash and cash equivalents at beginning of period 161 32
Cash and cash equivalents at end of period 107 8
Notes to the interim results
1. General Information
The Company's registered office is 85 First Floor, Great Portland Street,
London, United Kingdom, W1W 7LT. The Company's ordinary shares are traded on
the AQSE Exchange Growth Market as operated by Aquis Stock Exchange Ltd
("AQSE").
2. Basis of Preparation
The interim financial statements have been prepared in accordance with the
AQSE Listing Rules. As permitted, the Company has chosen not to adopt IAS 34
"Interim Financial Statements" in preparing this interim financial
information. The interim financial statements should be read in conjunction
with the annual financial statements for the year ended 31 December 2023. The
interim financial statements have been prepared in accordance with UK adopted
International Accounting Standards.
The interim financial information set out above does not constitute statutory
accounts within the meaning of the Companies Act 2006. It has been prepared on
a going concern basis in accordance with the recognition and measurement
criteria of UK adopted International Accounting Standards.
Statutory financial statements for the period ended 31 December 2023 were
approved by the Board of Directors on 26 September 2024. The report of the
auditors on those financial statements was unqualified. The interim financial
statements are unaudited and have not been reviewed by the Company's
auditor.
Going concern
The condensed interim financial statements have been prepared on a going
concern basis with a material uncertainty. The Directors believe funds can
continue to be raised from the capital markets to support any working capital
shortfalls, though this may be affected by current extreme market volatility
in the United Kingdom. The Directors have a reasonable expectation that the
Group and Company will continue to be able to raise finance as required and to
continue in operational existence for the foreseeable future. Thus, they
continue to adopt the going concern basis of accounting in preparing the
Financial Statements
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business.
The key risks that could affect the Company's medium-term performance and the
factors that mitigate those risks have not substantially changed from those
set out in the Company's 2023 Annual Report and Financial Statements, a copy
of which is available on the Company's website: www.pitchpit.ai. The key
financial risks are market risk, exchange rate risk, liquidity risk and credit
risk.
Critical accounting estimates
The preparation of interim financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the end of the reporting period. Significant items subject to
such estimates are set out in Note 3 of the Company's 2023 Annual Report and
Financial Statements. The nature and amounts of such estimates have not
changed significantly during the interim period.
3. Accounting Policies
The same accounting policies, presentation and methods of computation are
followed in the interim consolidated financial information as were applied in
the Company's latest annual audited financial statements.
4. Earnings per Share
The calculation of loss per share is based on a retained loss of £78,000 for
the six months ended 30 June 2024 and the weighted average number of shares
in issue in the period ended 30 June 2024 of 3,265,192,000.
No diluted earnings per share is presented for the six months ended 30 June
2024 or six months ended 30 June 2023 as the effect on the exercise of share
options would be to decrease the loss per share.
5. Approval of interim financial statements
The interim financial statements were approved by the Board of Directors
on 11 September 2024.
For additional information please contact:
Pitch Pit PLC
Brian Stockbridge Via Alfred Henry
Alfred Henry Corporate Finance Ltd
AQSE Corporate Advisor
Nick Michaels, Maya Klein Wassink +44 (0) 20 3772 0021
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END NEXGPUMWBUPCGPP