REG - Sorted Group Hldgs. - Trading subsidiary audited results

Sorted groupAnnouncement

16/08/2024 07:00

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RNS Number : 6646A  Sorted Group Holdings PLC  16 August 2024

16 August 2024

 

Sorted Group Holdings Plc

("Sorted", the "Company" or the "Group")

 

Trading subsidiary audited results for the fifteen months ended 31 December
2023

 

Sorted (AIM: SORT) announces that the audited results for Sorted Group Limited
("SGL") for the 15 months ended 31 December 2023 (the "Period") have been
filed at Companies House and will be available on the Group's website. SGL is
a 100 per cent. subsidiary of Sorted Holdings Limited ("SHL"), which in-turn
is a wholly owned subsidiary of Sorted.

 

Highlights

 

-       Revenue for the Period of £6.72 million (12 months ended 30
September 2022 ("FY 22"): £5.26 million).

-       Loss before tax for the Period of £11.72 million (FY 22:
£18.62 million).

-       Cash as at 31 December 2023 of £0.32 million (FY 22: £6.82
million).

-    Post Period, on 19 February 2024 Sorted completed its acquisition of
SHL with the enlarged group successfully admitting to trading on AIM on the
same day.

-      Creditors due within one year consists primarily of the intercompany
balance between Sorted Group Limited and Sorted Holdings Limited. This is a
historical balance arising through distributing external funding from Sorted
Holdings Limited. This was because the external funding was obtained by Sorted
Holdings Limited, but the utilisation of the funding occurred in Sorted Group
Limited, as the trading entity. In the accounts of Sorted Holdings Limited,
there is an equal gross asset. The liability in Sorted Group Limited and the
asset in Sorted Holdings limited is eliminated in the consolidated accounts of
Sorted Holdings Limited. Consequently, this liability does not exist in the
consolidated accounts of Sorted Holdings Limited or Sorted Group Holdings plc.
 The sale of Sorted Holdings Limited to Sorted Group Holdings plc for £66.67
on February 16th, 2024 does not impact this balance. Consequently, the balance
remains a liability in the accounts of Sorted Group Limited and an asset in
the accounts of Sorted Holdings Limited. This will remain the case until
settled or formally written off, bringing the balance to zero on both sides.
Sorted Holdings Limited will not seek to recover this amount. As stated above,
the elimination of this intergroup balance results in no related liability (or
asset) existing in the consolidated accounts of Sorted Holdings Limited and
Sorted Group Holdings plc.

 

 

For further information please contact:

 

Sorted Group Holdings
plc
Tel: +44 (0)3300 555 284

Simon Wilkinson, Chairman

 

Allenby Capital Limited (Nominated
Adviser)
Tel: +44 (0)20 3328 5656

David Hart

Vivek Bhardwaj

 

Turner Pope Investments (TPI) Ltd
(Broker)
Tel: +44 (0)20 3657 0050

James Pope

Andy Thacker

 

About Sorted

 

Sorted's Delivery Experience supports retailers in providing exceptional
delivery experiences and analysing post-purchase performance. It enables
customers to track deliveries and returns or exchange of parcels with ease.

 

Founded more than a decade ago, Sorted is trusted by leading retailers - such
as Asda, ASOS and M&S - to make customer purchase experiences a
differentiator.

 

www.sorted.com (http://www.sorted.com)

@SortedOfficial (https://twitter.com/SortedOfficial)

Media contact - Shaun Weston - shaun.weston@sorted.com
(mailto:shaun.weston@sorted.com)

 

SGL PROFIT AND LOSS ACCOUNT FOR THE 15 MONTH PERIOD ENDED 31 DEC 2023

 

                                                   15 month period ended 31 December 2023      Year ended 30 September 2022

                                                   Audited                                     Audited
                                                   £'000                                       £'000
 Revenue                                           6,720                                       5,266
 Operating and administrative expenses             (18,023)                                    (23,862)
 Operating loss                                    (11,303)                                    (18,596)
 Interest payable and similar expenses             428                                         (32)
 Interest receivable and other similar income      6                                           1
 Loss before taxation                              (11,725)                                    (18,627)
 Tax on loss                                       2,000                                       -
 Total comprehensive loss for the period / year    (9,725)                                     (18,627)

 

SGL BALANCE SHEET AS AT 31 DECEMBER 2023

 

                                                              31 December 2023      30 September 2022

                                                              Audited               Audited
                                                              £'000                 £'000
 Fixed assets
 Intangible assets                                            7,023                 7,108
 Tangible assets                                              34                    72
                                                              7,057                 7,090
 Current assets
 Debtors: amounts falling due within one year                 2,725                 1,483
 Cash at bank an in hand                                      322                   6,828
                                                              3,047                 8,311
 Creditors: amounts falling due within one year               (59,443)              (55,255)
 Net current liabilities                                      (56,396)              (46,944)
 Total assets less current liabilities                        (49,339)              (39,854)
 Creditors: amounts falling due after more than one year      (2,805)               (2,805)
 Net Liabilities                                              (52,144)              (42,659)

 Capital and reserves
 Called up share capital                                      -                     -
 Other reserve                                                240                   -
 Profit and loss account                                      (52,384)              (42,659)
                                                              (52,144)              (42,659)

 

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