REG - World Chess PLC - Interim Results for Six Months Ended 30 June 2025
23/09/2025 08:00
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RNS Number : 3159A World Chess PLC 23 September 2025
23 September 2025
World Chess Plc
("World Chess", the "Company" or the "Group")
Interim Results for the Six Months Ended 30 June 2025
World Chess Plc (LSE: CHSS), a leading chess organisation seeking to promote
the mass market appeal of chess globally through the offering of different
chess-related activities, is pleased to announce its unaudited condensed
consolidated interim financial information for the six months ended 30 June
2025.
Financial Overview for the six months ended 30 June 2025
● Revenue of €1.1 million (H1 2024: €1.2 million )
● Pre-tax loss of €2.1 million (H1 2024: €1.9 million )
● Fundraise of €2.3 million
Trading and refocus:
Revenue from the FIDE Online Arena (renamed to 'World Chess the official
gaming platform' after the reporting period) was broadly flat compared to
2024. The Company was focused on developing the platform, including features,
such as gamification and anti-cheating module and developing branding and
marketing structure that is required for growth. Management decided to close
the World Chess Club Berlin and put greater emphasis on developing the digital
platform.
The Berlin club became a popular chess hub, but commercially it didn't deliver
the results the Company expected, and a new, scalable venue model is under
review.
All consumer-facing platforms have been consolidated under worldchess.com,
streamlining user experience and brand identity.
Strategic Investment & Marketing Focus (subsequent events)
On 23 July 2025, after the end of the reporting period, the Company entered
into a binding subscription agreement with two strategic investors to raise
US$2.0 million through the issuance of 114.3 million new ordinary shares. This
transaction provides the financial foundation for the next phase of growth.
On 4 August 2025, after the end of the reporting period, worldchess.com
launched "The Tower", a new progression system designed to boost engagement
and subscription conversion, and on 1 September 2025 the Company announced
that worldchess.com had surpassed 1 million registered users - a significant
milestone marking expanding global reach.
This condensed consolidated interim financial information has not been audited
or reviewed by auditors pursuant to the Financial Reporting Council guidance
on Review of Interim Financial Information.
For more information, please
visit https://www.company.worldchess.com/investors
(https://www.company.worldchess.com/investors) or contact:
World Chess Plc Ilya Merenzon, CEO merenzon@worldchess.com
Novum Securities Limited Financial Adviser: David Coffman / Anastassiya Eley
+44 (0) 20 7399 9400
Notes to Editors
World Chess (LSE: CHSS) is a London-based chess gaming and entertainment
company and Fédération Internationale des Échecs ("FIDE") official
commercial partner. World Chess organised the FIDE Championship Matches in the
USA and the UK and revolutionised the sport by signing the biggest media
partnerships in chess history. World Chess develops Armageddon, the chess
league for prime-time television. World Chess also runs FIDE Online Arena, the
exclusive official chess gaming platform. More at worldchess.com.
INTERIM MANAGEMENT REPORT
Overview
The first half of 2025 was a period of both progress and adjustment for World
Chess. While the Group continued to grow its user base and develop new
engagement tools, revenue growth from the FIDE Online Arena was slower than
anticipated. In response, we have undertaken a strategic refocus, which
included the closure of the Berlin club and a sharper concentration on scaling
our digital platform.
Cash flow and liquidity
Net cash used in operating activities was €0.9 million in the first half of
2025 (H1 2024: €0.8 million), reflecting the Group's continued investment in
platform development and marketing. At 30 June 2025, the Group held cash
balances of €54k (31 December 2024: €180k). Subsequent to the period end,
the Company raised US$2.0 million (approximately €1.8 million) through a
strategic subscription, providing additional resources to support execution of
the Group's growth strategy (see note 14: Subsequent events).
World Chess Club Berlin
In April, we made the strategic decision to close the World Chess Club Berlin.
While the location served as a vibrant chess hub, it did not meet commercial
expectations. The insights gained are informing our new, scalable venue model
aligned with long-term growth and return objectives. This closure is reflected
as an exceptional charge of €0.7 million in the condensed consolidated
interim financial information.
Board changes and governance
On 14 February 2025, Graham Woolfman stepped down as a director and as
Chairman of the Company. The Board subsequently appointed Neil Rafferty as
Interim Chair. The Company thanks Graham for his contribution to the Company
both during the IPO process and subsequently.
SUBSEQUENT EVENTS
With the support of new strategic investors, announced in July, the emphasis
is now firmly on marketing and subscriber growth.
Brand consolidation and refocus
The Group has unified all consumer-facing services under worldchess.com
(transitioning from chessarena.com), streamlining user access and
strengthening brand identity. This consolidation underpins the Group's
strategic refocus on subscriber engagement and marketing.
We continue to amplify our global visibility through high-quality content. Our
flagship television series, The World Chess Show, remains a key asset in
broadening our audience, with recent episodes delivering deep insights into
integrity and fair play in chess. These media efforts complement our digital
strategies and reinforce our branding.
Strategic investment
On 23 July 2025, we entered into a binding subscription agreement with two
strategic investors to raise US$2.0 million through the issuance of 114.3
million new ordinary shares.
Product innovation and user growth
On 4 August 2025, the Group launched "The Tower", a gamified progression
system integrated into WorldChess.com to increase engagement and accelerate
conversion to PRO subscriptions. Shortly after, the platform surpassed 1
million registered users, confirming its expanding global reach.
RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the Group remain consistent with
those disclosed in the 2024 Annual Report and Accounts, which is available on
the Company's website at https://www.company.worldchess.com/investors
(https://www.company.worldchess.com/investors) . The Board continues to
monitor these risks closely.
As noted in the Going concern section of this interim report (see note 2:
Going concern), execution of the Group's strategy is likely to require
additional funding within the next 6 months, and the timing and availability
of such funding represents an ongoing risk.
Approved by the Board on 22 September 2025 and signed on its behalf by:
Neil Rafferty Ilya Merenzon
Interim Chair and Non-Executive Director Chief Executive Officer
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR
THE SIX MONTHS ENDED 30 JUNE 2025
6 months to 30 June 2025 Unaudited 6 months to 30 June 2024 Unaudited Year ended 31 December 2024 Audited
Notes € € €
Revenue 3 1,073,229 1,218,912 2,434,173
Cost of sales (703,269) (498,394) (1,544,550)
GROSS PROFIT 369,960 720,518 889,623
Other operating income 153 2,900 16,003
Administrative expenses (1,700,690) (2,505,348) (4,561,471)
OPERATING LOSS BEFORE EXCEPTIONAL ITEMS (1,330,577) (1,781,930) (3,655,845)
Exceptional Items 4 (715,440) (8,213) -
OPERATING LOSS (2,046,017) (1,790,143) (3,655,845)
Finance costs 5 (69,303) (79,082) (187,325)
Finance income 5 68 69 139
LOSS BEFORE INCOME TAX (2,115,252) (1,869,156) (3,843,031)
Income tax - - 47,885
LOSS FOR THE PERIOD (2,115,252) (1,869,156) (3,795,146)
OTHER COMPREHENSIVE INCOME
(Loss)/gain on currency translation (26,540) 5,391 12,753
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (2,141,792) (1,863,765) (3,782,393)
Loss attributable to:
Owners of the parent (2,115,252) (1,869,156) (3,795,146)
Total comprehensive income attributable to:
Owners of the parent (2,141,792) (1,863,765) (3,782,393)
LOSS PER SHARE - CONTINUING AND TOTAL OPERATIONS
Basic and diluted 6 (0.003) (0.0027) (0.006)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 JUNE 2025
30 June 2025 Unaudited 30 June 2024 Unaudited 31 December 2024 Audited
as restated
Notes € € €
NON-CURRENT ASSETS
Owned: Intangible assets 8 3,384,580 3,015,515 3,477,150
Owned: Property, plant and equipment 9 453 1,002,220 935,240
Right-of-use: Property, plant and equipment - 1,131,394 1,055,967
Trade and other receivables 162,884 - 162,884
Deferred tax 111,374 63,272 111,374
3,659,291 5,212,401 5,742,615
CURRENT ASSETS
Inventories 130,513 145,818 147,549
Trade and other receivables 290,895 580,489 234,167
Tax receivable 24,323 60,093 64,734
Cash and cash equivalents 53,852 92,202 267,396
499,583 878,602 713,846
TOTAL ASSETS 4,158,874 6,091,003 6,456,461
EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Called up share capital 11 87,258 78,520 78,520
Share premium 11 16,326,477 12,754,046 12,754,046
Share capital to be issued 816,703 2,016,703 2,016,703
FX translation reserve 44,831 64,009 71,371
Retained earnings (16,085,122) (12,043,880) (13,969,870)
TOTAL EQUITY 1,190,147 2,869,398 950,770
NON-CURRENT LIABILITIES
Lease liabilities 12 1,241,112 1,174,319
Interest bearing loans and borrowings 223,020 - -
Provision for liabilities 240,443 157,887 157,887
463,463 1,398,999 1,332,206
CURRENT LIABILITIES
Trade and other payables 2,505,264 1,664,629 2,641,987
Lease liabilities 12 - 122,889 129,955
Interest bearing loans and borrowings - 35,088 1,401,543
2,505,264 1,822,606 4,173,485
TOTAL LIABILITIES 2,968,727 3,221,605 5,505,691
TOTAL EQUITY AND LIABILITIES 4,158,874 6,091,003 6,456,461
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Called up share capital Share Premium Share capital to be issued FX trans. reserve Retained Earnings Total equity
€ € € € € €
Balance at 1 January 2024 75,647 11,048,183 - 58,618 (10,174,724) 1,007,724
Changes in equity
Issue of share capital 2,873 1,705,863 - - - 1,708,736
Total comprehensive income - - - 5,391 (1,869,156) (1,863,765)
Balance at 30 June 2024 78,520 12,754,046 - 64,009 (12,043,880) 852,695
Prior period adjustment - - 2,016,703 - - -
As restated 78,520 12,754,046 2,016,703 64,009 (12,043,880) 2,869,398
Balance at 1 January 2024 78,520 12,754,046 2,016,703 71,371 (13,969,870) 950,770
Changes in equity
Issue of share capital 7,291 2,373,878 - - - 2,381,169
Share capital to be issued 1,447 1,198,553 (1,200,000) - - -
Total comprehensive income - - - (26,540) (2,115,252) (2,141,792)
Balance at 30 June 2025 87,258 16,326,477 816,703 44,831 (16,085,122) 1,190,147
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2025
6 months to 30 June 2025 Unaudited 6 months to 30 June 2024 Unaudited Year ended 31 December 2024 Audited
as restated
Notes € € €
Cash flows from operating activities
Cash generated/(absorbed) from operations 1 77,318 (3,804,674) (2,149,377)
Interest paid (20,953) (391) (34,657)
Finance cost paid (48,350) (77,060) (151,200)
Tax refund received 40,411 (60,093) (20,985)
Net cash generated from/(used in) operating activities 48,426 (3,642,218) (2,356,219)
Cash flows from investing activities
Purchase of intangible fixed assets (3,479,067) (1,455,838) (6,473,527)
Proceeds from disposal of intangible fixed assets 3,246,831 1,237,206 5,503,318
Purchase of property, plant and equipment (4,578) (31,065) (39,315)
Proceeds from disposal of property, plant and equipment 1,351 - -
Interest received 68 69 139
Net cash used in investing activities (235,395) (249,628) (1,009,385)
Cash flows from financing activities
Loan advanced in the period 2,130,385 400,000 2,279,714
Loan repayments in period (3,308,908) - (912,628)
Payment of lease liabilities (1,304,274) (56,480) (116,207)
Amount introduced by directors 134,770 222,349 165,785
Proceeds from share issue 2,347,993 1,508,736 -
Received in advance of share issuance - 2,016,703 2,016,702
Net cash (used in)/generated from financing activities (35) 4,091,308 3,433,366
Increase/(decrease) in cash and cash equivalents (187,004) (100,538) 67,762
Cash and cash equivalents at beginning of period 2 267,396 186,881 186,881
Effect of foreign exchange rate changes (26,540) 5,859 12,753
Cash and cash equivalents at end of period 2 53,852 92,202 267,396
.
NOTES TO THE STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2025
1 RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS
Group 6 months to 30 June 2025 Unaudited 6 months to 30 June 2024 Unaudited Year ended 31 December 2024 Audited
as restated
€ € €
Loss before income tax (2,115,252) (1,869,156) (3,843,031)
Depreciation and amortisation 324,806 423,738 864,330
Exceptional impairment (see note 4) 1,993,981 - -
Provision 82,554 - -
Finance costs 69,305 79,082 187,325
Finance income (68) (69) (139)
355,326 (1,366,405) (2,791,515)
Decrease/(increase) in inventories 17,036 41,200 39,469
Decrease/(increase) in trade and other receivables (56,728) (324,025) (184,553)
Decrease in trade and other payables (238,317) (2,155,444) 787,222
Cash generated/(absorbed) from operations 77,318 (3,804,674) (2,149,377)
2 CASH AND CASH EQUIVALENTS
The amounts disclosed on the Statements of Cash Flows in respect of cash and
cash equivalents are in respect of these Statement of Financial Position
amounts:
Group 6 months to 30 June 2025 Unaudited 6 months to 30 June 2024 Unaudited Year ended 31 December 2024 Audited
€ € €
30 June 2025
Cash and cash equivalents 53,852 92,202 267,396
31 December 2024
Cash and cash equivalents 267,396 186,881 186,881
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION FOR THE
SIX MONTHS ENDED 30 JUNE 2025
1 STATUTORY INFORMATION
This unaudited condensed consolidated interim financial information is for
World Chess Plc ('the Company') and its subsidiary undertakings, (together the
'Group'). The Company is a public limited company incorporated and domiciled
in England with registration number 10589323 and registered office Eastcastle
House, 27/28 Eastcastle Street, London, W1W 8DH.
The Company is listed on the Official List and its
entire issued share capital was admitted for trading on the Main Market of the
London Stock Exchange on 6 April 2023 with ticker symbol CHSS.
2 ACCOUNTING POLICIES
Basis of preparation
This unaudited condensed consolidated financial
information which incorporate the financial information of the Company and its
subsidiary undertakings, have been prepared in accordance with Accounting
Standard IAS 34 'Interim Financial Reporting' as contained in UK-adopted
International Accounting Standards and IFRIC interpretations and with those
parts of the Companies Act 2006 applicable to companies reporting under IFRS.
The interim report does not include all the notes of
the type normally included in an annual financial report. Accordingly, this
report is to be read in conjunction with the annual report for the year ended
31 December 2024 which was approved by the Board of Directors on 29 April 2025
and any public announcements made by the Company during the interim reporting
period.
This financial information has been prepared under
the historical cost convention and unless otherwise specified are presented in
Euro which is the functional currency of the Group and rounded to the nearest
€.
Going concern
This condensed consolidated interim financial
information has been prepared on a going concern basis, which the Directors
consider to be appropriate.
At 30 June 2025 the Group had cash balances of €54k
and net current liabilities of €1.8m. The Group continues to incur operating
losses as it invests in the development and marketing of its digital platform.
Subsequent to the reporting date, on 23 July 2025,
the Company entered into a binding subscription agreement with two strategic
investors to raise US$2.0 million (approximately €1.8 million) through the
issue of 114.3 million new ordinary shares. Admission of these shares occurred
in August 2025. In addition, warrants were granted over 31.4 million new
ordinary shares, exercisable upon reaching 35,000 paid subscribers by 31
December 2026.
The Directors have prepared cash flow forecasts
covering a period of at least 12 months from the date of approval of this
condensed consolidated interim financial information. These forecasts take
account of the proceeds from the July 2025 fundraising and the Group's
expected operating cash flows.
However, the forecasts also indicate that the Group
remains dependent on successfully executing its growth plans and may require
access to additional funding during the forecast period if revenues do not
materialise as expected. These conditions represent a material uncertainty
that may cast significant doubt on the Group's ability to continue as a going
concern.
The condensed consolidated interim financial
information does not include the adjustments that would result if the Group
were unable to continue as a going concern.
Risks and uncertainties
The Group's activities expose it to a variety of
risks, including market risk (foreign currency and interest rate risk), credit
risk and liquidity risk. These risks, and the Directors' approach to managing
them, are described in detail in the 2024 Annual Report and Accounts,
available on the Company's website at
https://www.company.worldchess.com/investors
(https://www.company.worldchess.com/investors) .
The Board does not consider that the nature of these
risks has changed materially during the six months ended 30 June 2025.
However, as noted in the Going concern section above, execution of the Group's
strategy is likely to require additional funding within the next 12 months,
and the timing and availability of such funding represents an ongoing risk.
Dividend
The Directors do not propose the payment of an
interim dividend for the six months ended 30 June 2025 (six months ended 30
June 2024: nil).
Prior period adjustment
The comparative figures for the six months ended 30
June 2024 have been presented as restated to reflect the prior period
adjustment disclosed in the Group's annual financial statements for the year
ended 31 December 2024 (see note 31 of those financial statements). No new
prior period adjustments have been recognised in these interim results.
3 REVENUE
Revenue from contracts with customers
Revenue by business class 6 months to 30 June 2025 Unaudited 6 months to 30 June 2024 Unaudited Year ended 31 December 2024 Audited
€ € €
Tournaments 133,866 268,879 394,736
Online Arena (chessarena.com) 408,829 307,150 691,144
Clubs 252,149 333,096 581,061
Merchandising 278,385 309,787 767,232
1,073,229 1,218,912 2,434,173
By geographical area 6 months to 30 June 2025 Unaudited 6 months to 30 June 2024 Unaudited Year ended 31 December 2024 Audited
€ € €
United Kingdom 759,854 783,245 1,677,916
Europe 285,182 408,968 690,172
United States of America 28,193 26,699 66,085
1,073,229 1,218,912 2,434,173
Revenue is reported by geographical area based on the location where the
revenue is recognised in the Group's financial records, rather than the
location of the customer.
4 EXCEPTIONAL ITEMS
6 months to 30 June 2025 Unaudited 6 months to 30 June 2024 Year ended 31 December 2024 Audited
Unaudited
€ € €
Closure of World Chess Club Berlin 715,440 - -
Exchange loss on Crypto-assets - 8,213 -
715,440 8,213 -
Closure of World Chess Club Berlin
In May 2025 the Group closed its World Chess Club in
Berlin. The closure resulted in the derecognition of the related right-of-use
asset (€993,112) and the impairment of fixtures and fittings (€877,742)
and inventories held at the club (€24,591). A provision of €82,554 was
recognised in relation to termination of the lease and the remaining lease
liability of €1,262,559 was released.
The net impact recognised in profit or loss as
exceptional items in the period was a charge of €715,440.
Management continues to explore the resale of
fixtures and fittings. Any proceeds received in a future period will be
recognised as a reversal of impairment to the extent of recoverable value.
Loss on Crypto-assets
The Group has historically received some sponsorship
revenue in the form of crypto-assets which it has converted to fiat currencies
at the earliest opportunity, usually upon receipt or in accordance with an
agreed schedule of conversion. Crypto-assets are not amortised but are
reviewed for impairment if the prevailing price at which they can be converted
into fiat currency indicates their value has fallen below their carrying
value. Any impairment or realised gains on the conversion of crypto-assets to
fiat currency are recognised within exceptional items.
5 NET FINANCE COSTS
6 months to 30 June 2025 Unaudited 6 months to 30 June 2024 Unaudited Year ended 31 December 2024 Audited
€ €
Finance income:
Loan interest receivable 68 69 139
68 69 139
Finance costs:
Other loan interest 20,953 2,022 36,125
Interest on IFRS 16 lease liabilities 48,350 77,060 151,200
69,303 79,082 187,325
6 LOSS PER SHARE
The basic earnings per share is calculated by
dividing the loss attributable to owners of the parent company by the weighted
average number of ordinary shares in issue during the period. In calculating
diluted earnings per share, the weighted average number of ordinary shares in
issue is adjusted to assume conversion of all dilutive potential ordinary
shares. Potential ordinary shares are considered dilutive when their
conversion would decrease earnings per share or increase the loss per share.
For the six months ended 30 June 2025, the Company was loss-making. As such,
the inclusion of potential ordinary shares would be anti-dilutive.
Consequently, basic and diluted earnings per share are the same.
6 months to 30 June 2025 Unaudited 6 months to 30 June 2024 Unaudited Year ended 31 December 2024 Audited
Loss attributable to the owners of the parent company € (2,115,252) (1,869,156) (3,795,146)
Weighted average number of shares in issue 713,222,527 686,467,495 689,110,129
Basic and diluted earnings per share € (0.003) (0.003) (0.006)
After the reporting period, and as set out in note 14
(Subsequent events), 114,348,670 new ordinary shares were issued for total
cash consideration of €1,708,522
7 DIVIDENDS
No dividend was recommended or paid for the period
under review.
8 INTANGIBLE ASSETS
Exclusive FIDE rights Software Licence Online Platform Crypto-assets Total
€ € € € €
COST
At 1 January 2025 331,588 115,000 4,622,229 277,166 5,345,983
Additions - - 405,602 3,073,465 3,479,067
Disposals - - - (3,246,831) (3,246,831)
At 30 June 2025 331,588 115,000 5,027,831 103,800 5,578,219
AMORTISATION
At 1 January 2025 110,529 79,000 1,679,304 - 1,868,833
Amortisation for period 55,265 11,500 258,041 324,806
At 30 June 2025 165,794 90,500 1,937,345 - 2,193,639
NET BOOK VALUE
At 30 June 2025 165,794 24,500 3,090,486 103,800 3,384,580
At 31 December 2024 221,059 36,000 2,942,925 277,166 3,477,150
The Directors considered the carrying value at 30
June 2025 for each asset identified above, except crypto-assets, and it was
determined that no impairment was required. Where an asset does not generate
cash inflows that are largely independent of the cash inflows from other
assets or groups of assets the carrying value was considered against the
smallest identifiable group of assets that generates cash inflows (cash
generating unit or CGU).
The Directors considered the carrying value at 30
June 2025 for crypto-assets based on the prevailing exchange rate at which the
crypto-asset could readily be converted into US dollars or Euros and it was
determined that no impairment was required.
9 PROPERTY, PLANT AND EQUIPMENT
Right of use asset Fixtures and fittings Computer Equipment Total
€ € € €
COST
At 1 January 2025 1,495,114 1,322,946 1,698 2,819,758
Additions - 3,227 - 3,227
At 30 June 2025 1,495,114 1,326,173 1,698 2,822,985
DEPRECIATION
At 1 January 2025 439,147 387,706 1,698 828,551
Charge for period 62,855 60,272 - 123,127
Exceptional charge 993,112 877,742 - 1,870,854
At 30 June 2025 1,495,114 1,325,720 1,698 2,822,532
NET BOOK VALUE
At 30 June 2025 - 453 - 453
At 31 December 2024 1,055,967 935,240 - 1,991,207
Right of use asset of €993,112 and fixtures and fittings of €877,742
relating to the World Chess Club Berlin were impaired to nil during the
period. See note 4 (Exceptional items) for further detail
10 INVESTMENTS
Shares in group undertakings
30 June 2025 30 June 2024 Unaudited 31 December 2024 Audited
Unaudited
€ € €
COST
At 1 January 2025 351,616 351,616 351,616
At 30 June 2025 351,616 351,616 351,616
IMPAIRMENTS
At 1 January 2025 50,000 50,000 50,000
At 30 June 2025 50,000 50,000 50,000
CARRYING VALUE
At 30 June 2025 301,616 301,616 301,616
At 31 December 2024 301,616 301,616 301,616
The Directors considered the carrying value at 30
June 2025 for each group undertaking, identified below, and it was determined
that no further impairment was required.
Subsidiary Name % holding Registered Office Nature of business
World Chess Events Limited 100 Eastcastle House, 27/28 Eastcastle Street, United Kingdom, W1W 8DH Organising chess events (Worldwide)
World Chess US, Inc 100 1201 N. Orange Street, Suite 762, Wilmington, New Castle County, DE, USA 19801 Organising chess events (USA), online chess
World Chess Europe GmbH 100 Mittelstrasse 51 - 53, 10117 Berlin, Deutschland Various chess related activities
World Chess Sakartvelo LLC 100 Georgia, City Tbilisi, Didube district, Ak. Tsereteli Avenue, N 49-51-51a, Organising chess events, chess club activities
Entrance 3, Floor 13, Apartment N 128
11 CALLED UP SHARE CAPITAL
30 June 2025 31 December 2024
Unaudited Audited
Number of shares € Number of shares €
Allotted, issued, and fully paid Ordinary shares of £0.0001 765,256,477 87,258 691,724,039 78,520
Number of shares Nominal value Share capital Share Premium (€)
(€)
At 31 December 2024 691,724,039 £0.0001 78,520 12,754,046
At 30 June 2025 765,256,477 £0.0001 87,258 16,326,477
12 FINANCIAL LIABILITIES
Group
30 June 2024 30 June 2023 31 December 2024 Audited
Unaudited Unaudited
€ € €
Current:
Interest-bearing loans and borrowings - 35,088 1,401,543
Lease liabilities - 122,889 129,955
- 157,977 1,531,498
Non-current:
Interest-bearing loans and borrowings 223,020 - -
Lease liabilities - 1,241,112 1,174,319
223,020 1,241,112 1,174,319
Following the closure of the Berlin Club, the associated lease was terminated.
Lease liability of €1,262,559 was derecognised with €82,554 recognised as
settlement cost. See note 4 (Exceptional items)
13 RELATED PARTIES' DISCLOSURES
Related party transactions during the six months ended 30 June 2025 were
consistent in nature with those disclosed in the Group's annual report for the
year ended 31 December 2024 which was approved by the Board of Directors on 29
April 2025
At 30 June 2025, the following balances were (payable to)/receivable from the
Group and its directors:
30 June 2025 30 June 2024 31 December 2024 Audited
Unaudited Unaudited
€ € €
Ilya Merenzon (312,686) (307,353) (147,217)
Matvey Shekhovtsov (16,800) (18,200) (16,800)
Graham Woolfman* - (6,236) (6,236)
Jamison Firestone (4,698) (4,698) (4,698)
Richard Collett (14,673) (14,673) (14,673)
Neil Rafferty (3,752) (6,269) (4,698)
*Graham Woolfman resigned on 14 February 2025.
All balances are unsecured, interest-free, and
repayable on demand.
In addition balances owed by Group undertakings to
the Company totalled €9,728,181 (31 December 2024: €7,857,730).
14 SUBSEQUENT EVENTS
On 23 July 2025 the Company entered into a binding subscription agreement with
two strategic investors to raise US$2.0 million through the issue of
114,348,670 new ordinary shares at approximately 1.3p per share. In connection
with the subscription, investors received warrants to subscribe for up to
31,414,470 additional shares, exercisable only if the online platform reaches
35,000 paid subscribers by 31 December 2026.
On 23 July 2025 the Company announced the
centralisation of its consumer-facing assets under WorldChess.com, bringing
together its various domains and services into a single platform to enhance
user experience and streamline marketing activities.
On 4 August 2025 the Company launched "The Tower", a
new progression system integrated into WorldChess.com to support user
engagement and subscription growth.
15 OTHER
Copies of the unaudited half-yearly results have not
been sent to shareholders, however copies are available at
https://www.company.worldchess.com/investors
(https://www.company.worldchess.com/investors) or on request from the
Company's Registered Office.
16 APPROVAL OF UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
Responsibility Statement
The Company's Directors, whose names and functions appear below this
statement, are responsible for preparing this unaudited interim condensed
consolidated financial information in accordance with the Disclosure Guidance
and Transparency Rules of the United Kingdom's Financial Conduct Authority
('DTR') and with Accounting Standard IAS 34 'Interim Financial Reporting'.
The Directors, and each Director individually, confirms that, to the best of
their knowledge, this unaudited condensed consolidated financial information
gives a true and fair view of the assets, liabilities, financial position and
profit or loss of the Group and that the interim management report includes a
fair review of the information required by DTR4.2.7R 7R (indication of
important events during the first six months and description of principal
risks and uncertainties for the remaining six months of the year) and by
DTR4.2.8R (disclosure of material related parties' transactions).
Board of Directors:
Ilya Merenzon (Chief Executive Officer)
Matvey Shekhovtsov (Chief Operating Officer)
Richard Collett (Chief Financial Officer)
Neil Rafferty (Interim Chair and Non-Executive Director)
Jamison Reed Firestone (Non-Executive Director)
This unaudited condensed consolidated financial information was approved by
the Board on 22 September 2025.
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