RNS Number : 5286A
Valereum PLC
24 September 2025
24/09/2025
Valereum Plc
("Valereum", the "Company" or the "Group")
Interim Results for the Six Months ended 30 June 2025
Significant Progress through Launch and Commercial Activation of
Licensed Real-World Asset (RWA) business
Valereum Plc (AQSE: VLRM), a company focused on unlocking capital and creating value in tokenised digital markets, is pleased to announce its unaudited results for the six months ended 30 June 2025.
Financial highlights:
HY25 (£m)
HY24 (£m)
Change
Profit before tax
0.3
0.4*
-24.1%
Total assets
10.2
5.2
+93.9%
Net assets
4.3
1.4
+210.3%
Basic EPS (p)
0.16
0.42*
-61.9%
*Following restatement (see note 5)
Operational highlights:
● Strategic delivery against key objectives:
o Launch and development of the pipeline of VLRM Markets, Valereum's regulated and licensed RWA marketplace.
o Continued development of a digital asset ecosystem, accelerated through investments in selected complementary digital assets businesses.
● Post period end:
o VLRM Markets has commenced revenue generation.
Outlook
● Following the successful launch and commencement of revenues from the VLRM Markets RWA business, the Company anticipates that it will be able to grow its revenue from the completion of current projects and the possible conversion of opportunities in the Company's pipeline.
Gary Cottle, Group CEO of Valereum, comments:
"I'm pleased we've made meaningful progress in the first half of 2025, as we have moved from launching services into a phase of commercial activation, all whilst pushing ahead with our strategy to build a leading trusted, regulated digital assets ecosystem.
The pipeline is beginning to generate revenue, and we look forward to swiftly scaling those revenues up."
Enquiries:
Valereum Plc Karl Moss
Tel: +44 7938 767319 Investor Hub
Fortified Securities Guy Wheatley
Tel: +44 203 4117773
AQSE Corporate Adviser First Sentinel Corporate Finance Brian Stockbridge / Paul Shackleton
Tel: +44 20 3855 5551
The Directors of the Company accept responsibility for the contents of this announcement.
For more information, please visit the Company's website at www.vlrm.com
Operational Review
Launch of Licensed and Regulated Solutions
VLRM Markets launched its licensed and regulated marketplace during May 2025. Its Digital Asset Service Provider (DASP) licence enables it to operate a lifecycle RWA platform for the creation, primary issuance, and secondary trading of tokenised real world assets, as well as the storage and brokerage of digital and tokenised assets including stablecoins, cryptocurrencies, and utility tokens.
VLRM Markets has been building a growing network of prospective issuers in multiple jurisdictions. These span industries including real estate, infrastructure, transportation, hospitality, hotel and leisure, food and beverages, the arts, and sports, with RWA's such as real estate, debt, equity, royalties, football clubs and structured products.
As part of its commitment to playing a leading role in global digital asset tokenisation, Carmen Elena Ochoa de Medina, Head of El Salvador, VLRM Markets S.A. de C.V. (VLRM Markets), was part of an exclusive four-person delegation that met the U.S. Securities and Exchange Commission on 22 April 2025. This focused on exploring collaboration opportunities, including the potential to establish a cross-border digital asset regulatory sandbox.
Management is focused on maximising revenue generation from its current projects and pipeline, as well as further expanding its pipeline of opportunities.
Investment in Selected Complementary Digital Asset Companies
To support the acceleration of its strategy to build a leading trusted, regulated digital assets ecosystem, Valereum has, during H1 2025, strategically acquired minority stakes in perceived category leaders across key segments of the digital asset value chain:
● Blubird Inc, which provides Web3 services and tools including cap table management, tokenomics modeling, RWA tokenisation, to corporate clients, carbon trading initiatives and asset managers.
● DigiShares Inc, which is a leading provider of white-label, institutional grade platforms for the compliant tokenisation of RWAs, including real estate, private equity, and infrastructure, operating in 40 countries.
● Fideum, which provides turnkey, regulatory-compliant modular Saas and B2B payment solutions that enable secure custody, trading, stablecoin settlements, and full compliance automation to financial institutions, banks, and SMEs across Europe, Canada, Australia, and South America. Fideum was the overall winner of Mastercard's Lighthouse FINITIV 2023 program, engaging closely on ecosystem development and demonstrating its alignment with institutional standards for security, compliance, and innovation.
These investments are anticipated to embed capabilities across tokenisation, compliance, settlement, and smart infrastructure and have enabled the businesses to build on their combined resources and contacts within the RWA environment.
Post period end, VLRM has invested in Metrikus Software Limited, a software company that has pioneered real-time building intelligence and smart building infrastructure, enabling its global clients to receive sustainability reporting and performance analytics. This investment is expected to provide Valereum with additional opportunities and connections within the global real estate ecosystem.
Leadership & Governance Developments
● During H1, the decision was made to strengthen the Board of Directors, with Non Executive Directors now constituting 60% of the Board, through the following appointments:
- Gary Cottle, previously a non Executive Director of the Company was appointed as Group CEO.
- 2 new non Executive Directors were appointed to the Board, which included the appointment of Grant Gischen, deeply experienced in global M&A and strategy with a global track record across diverse sectors, and Matthew Ripperger, US-based with over 25 years' experience in investment management and expansive healthcare expertise.
● John Evans also joined Valereum in a US advisory capacity, to support the company's US growth strategy.
Financial Review
● Profit before tax of £0.3m in H1 2025 compared to £0.4m in H1 2024, with profits in both periods being driven by the revaluation gain on VLRM's holding in London Bitcoin Company Limited (BTC.L), an asset listed on the Main Market of the London Stock Exchange.
● Total assets increased to £10.2m from £5.2m following the strategic investments in Blubird, DigiShares, and Fideum, alongside the revaluation of the Company's holding of BTC.L.
● Net Assets increased significantly to £4.3m in H1 2025 from £1.4m in H1 2024, reflecting an enhanced balance sheet as at 30 June 2025, predominantly due to the revaluation of the Company's holding of BTC.L.
● Funds amounting to £1m were raised during H1 2025, which was followed by additional funds of £0.465m being raised post period end, in August 2025, including £0.2m support from each of the Chairman and CEO of VLRM.
Summary and Outlook
We are pleased with the strategic progress achieved in H1 25. The Company has launched VLRM Markets and built a pipeline of opportunities which we are focused on converting into revenues, as well as driving its further expansion from a growing network of partnerships. We have also paved the way to accelerate the development of a leading trusted, regulated digital asset ecosystem through selectively investing in perceived category leaders across key segments of the digital asset value chain.
Following the launch and commencement of revenues, post period end, from the VLRM Markets business, revenue growth is anticipated from the completion of current projects and further conversion of pipeline opportunities.
Consolidated Interim Statement of Total Comprehensive Income
for the period ended 30 June 2025
Unaudited
Unaudited
Audited
Restated
(Note 5)
Notes
Six Months ended 30 June 2025
Six Months ended 30 June 2024
Year ended 31 December 2024
£
£
£
Revenues
19,272
Impairment of goodwill
-
(362,171)
(362,173)
Administrative expenses
(1,715,711)
(474,402)
(1,721,768)
Operating loss
(1,715,711)
(836,573)
(2,064,669)
Gain on revaluation of financial asset
1,990,198
1,195,476
1,981,075
Interest income
42
2,004
9,769
Interest expense
(142)
(22,816)
(6,129)
Foreign exchange gain
3,131
(753)
2,035
Other income
38
28,363
81,141
Profit before taxation
277,556
365,701
3,222
Tax on loss
-
-
-
Profit for the financial period/year
277,556
365,701
3,222
Other comprehensive income
Items that may not be reclassified subsequently to profit or loss:
Unrealised gain on crypto assets
-
75,341
-
Other comprehensive income for the period/year
-
75,341
-
Total comprehensive income for the period/year
277,556
441,042
3,222
Basic earnings per share (pence)
2
0.0016
0.0042
0.00002
Diluted earnings per share (pence)
2
0.0016
0.0042
0.00002
Consolidated Interim Statement of Financial Position
At 30 June 2025
Unaudited
Unaudited
Audited
Restated(Note 5)
Notes
30 June 2025
30 June 2024
31 December 2024
£
£
£
Current assets
Loans and other receivables
242,041
172,218
109,809
Cash and cash equivalents
13,721
147,487
19,397
255,762
319,705
129,206
Non-current assets
Investments
9,866,158
3,861,896
4,633,500
Property, plant and equipment
1,762
2,643
2,202
Right of use assets
-
752,162
-
Intangible assets
40,000
304,774
285,082
9,907,920
4,921,475
4,920,784
Total assets
10,163,682
5,241,180
5,049,990
Current liabilities
Other payables including taxation and social security
2,391,912
2,470,259
1,740,106
Lease liability
-
80,000
-
Other loans
46,121
100,000
-
Provisions
-
40,000
-
Other liabilities (amounts owed on equity investments)
2,944,662
-
-
Accruals and deferred income
501,650
130,940
336,352
5,884,345
2,821,199
2,076,458
Non-current liabilities
Lease liability
-
1,041,318
-
Total liabilities
5,884,345
3,862,517
2,076,458
Net assets
4,279,337
1,378,663
2,973,532
Equity
Share capital
3
4,250,529
4,161,157
4,224,327
Share premium account
27,469,717
24,528,214
26,470,342
Translation reserve
257,478
257,478
257,478
Share-based payments reserve
234,749
562,671
238,190
Accumulated losses
(27,933,136)
28,130,857
(28,216,805)
Total equity
4,279,337
1,378,663
2,973,532
Total equity and liabilities
10,163,682
5,241,180
5,049,990
Consolidated Interim Statement of Cash Flows
for the period ended 30 June 2025
Unaudited
Unaudited
Audited
Restated (note 5)
Notes
Six Months ended 30 June 2025
Six Months ended 30 June 2024
Year ended 31 December 2024
£
£
£
Cash flows from operating activities
Profit for the period/year
277,556
365,701
3,222
Reconciliation to cash generated from operations:
Revaluation gain on equity investments
(2,019,149)
(1,195,476)
(1,981,075)
Equity settled share-based payments expense
27,674
746
24,656
Gain on disposal of fixed assets
-
-
(66,706)
Lease interest
-
16,816
16,813
Impairment of goodwill
-
362,173
362,173
Impairment of investments
-
-
13,996
Depreciation (including right of use asset depreciation)
438
47,049
46,427
Amortisation of development cost
285,000
-
19,774
Rent expense
-
-
27,500
(Increase)/decrease in receivables
(132,232)
97,772
(167,092)
Increase(decrease) in payables
817,328
66,017
(496,138)
Net cash flow from operating activities
(743,385)
(239,202)
(2,196,450)
Cash flows from investing activities
Purchase of computer equipment
-
2,643
(2,643)
Right of use lease payments
-
-
(90,301)
Cash acquired with subsidiary
-
215,070
215,070
Proceeds on disposal of investments
752,441
-
-
Payments for acquisition of crypto assets
(40,000)
-
-
Payments for acquisition of investments
(1,021,288)
-
-
Net cash flow from investing activities
(308,847)
212,427
122,126
Cash flows from financing activities
Loan proceeds
45,979
-
-
Issue of share capital
3
1,000,577
300,000
2,319,458
Repayment of loans
-
(157,669)
(257,669)
Net cash flow from financing activities
1,046,556
142,331
2,061,789
Net (decrease)/increase in cash
(5,676)
115,556
(12,535)
Cash at bank and in hand at the start of the period/ year
19,397
31,932
31,932
Cash at bank and in hand at the end of the period/ year
13,721
147,488
19,397
Notes to the Consolidated Interim Financial Statements
1. Basis of preparation
Valereum Plc (herein "the Company" or "the Group") presents its consolidated interim financial statements for the period ended 30 June 2025.
These interim consolidated financial statements have been prepared using the recognition and measurement principles of International Financial Reporting Standards as adopted for use in the United Kingdom using the accounting policies that are expected to be applicable in the preparation of the Group Annual Report for the year ended 31 December 2025.
The accounting policies applied are consistent with those disclosed in the Group Annual Report for the year ended 31 December 2024 and in accordance with the additional accounting policies as stated below.
The interim consolidated financial statements have not been subject to a review by the Company's independent auditor.
These interim consolidated financial statements are not the statutory accounts of the Company. The statutory accounts of the Company were approved and were authorised for issue by the Directors on 30 June 2025 and were filed with the Registrar. The independent auditor's report on those financial statements was unqualified but drew reference to a material uncertainty in relation to the going concern status of the Company.
2. Earnings per share
Unaudited
Unaudited
Audited
Six Months ended 30 June 2025
Six Months ended 30 June 2024
Year ended 31 December 2024
£
£
£
Profit or loss for the year attributable to the shareholders of the Parent Company
277,556
441,042
3,222
Weighted average number of ordinary shares in issue at end of period/ year
178,039,815
105,916,753
138,052,705
Basic earnings per share
0.0016
0.0042
0.00002
Diluted earnings per share
0.0016
0.0042
0.00002
At 30 June 2025 the number of warrants outstanding over ordinary shares of £0.001 each was 66,282,633. There was no dilutive effect of those outstanding warrants.
3. Share capital
Unaudited
Unaudited
Audited
30 June 2025
30 June 2024
31 December 2024
Authorised
£
£
£
6,000,000,000 Ordinary Shares of £0.001 each
6,000,000
6,000,000
6,000,000
Issued
Number of shares issued at beginning of period/ year
172,332,349
96,645,048
96,645,048
Number of shares issued during period/ year
26,202,367
12,517,857
75,687,301
Number of shares in issue at end of period/ year
198,534,716
109,162,905
172,332,349
Shares were issued during the period as follows:
Number of shares
Issued on 22 January 2025 following the exercise of warrants at 0.01p per share
577,367
Issued on 13 May 2025 to raise capital at 0.04p per share
12,500,000
Issued on 4 June 2025 to raise capital at 0.04p per share
12,500,000
Issued on 4 June 2025 in lieu of cash fees payable to the company's broker at 0.04p per share
625,000
26,202,367
4. Events after the end of the reporting period
The Board was strengthened through the appointments of Gary Cottle as CEO, Matthew Ripperger and Grant Gischen as Non-Executive Directors, while Nick Cowan, Karl Moss and Peter Sekhon stepped down from the Board.
Since the end of the period, the Company has realised proceeds of £1,687,789 from the disposal of 20,265,892 shares in its holding of BTC.L at an average price of £0.0833 per share and concluded the raising of £0.465 million of funds, comprised of £0.2m each from its Chairman, James Bannon, through the issuance of 6,451,613 new ordinary shares of £0.001 each at £0.031 per share which were admitted to trading on 7 August 2025 and £0.065m from a WRAP Retail Offer to existing shareholders at a price of £0.031 pence per share through the issuance of 2,091,362 new ordinary shares which were admitted to trading on 19 August 2025.
On 3 July 2025, the Company announced that options and warrants have been exercised by Executive Directors and employees over a total of 17,675,000 ordinary shares of £0.001 each for total proceeds of £17,675, and the issue of 13,000,000 warrants over ordinary shares of £0.001 each in the Company, comprised of a total of 5,000,000 warrants to the new Non-Executive Directors, 5,000,000 warrants to a crypto advisory service provider and 3,000,000 warrants to non-Board Employees.
5. Restatement of interim results for the period ended 30 June 2024
The interim results for the period ended 30 June 2024 were restated as follows:
£
Profit as previously stated
322,789
Adjustment on preliminary valuation of assets acquired on acquisition of GSX Group in January 2024
42,912
Profit as restated
365,701
Total comprehensive income as previously stated
398,130
Adjustment on preliminary valuation of assets acquired on acquisition of GSX Group in January 2024
42,912
Total comprehensive loss as restated
441,042
Total equity as previously stated
1,335,751
Adjustment on preliminary valuation of assets acquired on acquisition of GSX Group in January 2024
42,912
Total equity as restated
1,378,663
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