TIDMFIRE
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY IAMFIRE PLC TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014, AS AMED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT
VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
IamFire plc
AQSE: FIRE
("FIRE" or the "Company")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED 31 OCTOBER 2022
CHAIRMAN'S STATEMENT
I am pleased to present the interim results for IamFire plc (AQSE: FIRE) for
the period of 30 April 2022 to 31 October 2022.
The period culminated in a successful £3.5m equity raise that was announced on
18 November 2022. The Board was delighted with the calibre of investors that
have joined the IamFire shareholder base, including the Miton UK MicroCap Trust
plc, which has become a disclosable shareholder holding some 8.6% of the
Company's issued share capital.
The Board sees the £3.5m equity raise as a strong vote of confidence in the
Company's investment portfolio and in particular the prospects of the WeShop
social commerce platform as it continues to lay the foundations for its growth
and scaling.
The Board used £2.5m of the equity raise to subscribe for Convertible Loan
Notes ("CLNs") in WeShop Holdings Limited ("WeShop") that it had an option
over. The Company retains a further £1.25m of CLNs available to be subscribed
for prior to 18 May 2023.
The Company announced on 21 November 2022 that the launch of the WeShop social
commerce platform was gathering real traction with user downloads at 43,000 as
at 19 November 2022 and Gross Merchant Value ("GMV") of transactions through
the platform running at £12.1m on an annualised basis as at the end of October
2022. Since then, the Board is pleased to report that the growth trajectory of
the WeShop platform continues to accelerate with over 85,000 user downloads as
at the current date and an annualised GMV based on January's data in excess of
£24m.
Bio2pure Limited is developing technology to clean up polluted waterways.
IamFire currently owns 10% of the issued share capital of Bio2pure which it
acquired through the issuance of 4,000,000 IamFire shares at a deemed price of
20p per share in August of 2020.
Financial Review
The Company's financial results for the six months ended 31 October 2022 show a
loss of £169,560 (2021: loss of £86,186) which includes administrative costs of
£100,946 (2021: £67,905), revenue of £nil (2021: £nil), finance income of £
181,479 (2021: £181,479) and finance costs of £199,760 (2021: £199,760).
As at 31 October 2022, the Company had cash reserves of £79,435 (2021: £
340,870).
The 2022 interim financial report of the Company has not been audited or
reviewed by the Company's auditor, PKF Littlejohn LLP.
Outlook
The Board continues to look forward to the future progress in both of its
primary investments, WeShop and Bio2pure Limited. Fire will update the market
on these investments in the near term and the Directors would like to thank
shareholders for their continued support.
S Barblett
Chairman
30 January 2023
The Directors of the Company accept responsibility for the contents of this
announcement.
REGULATORY ANNOUNCEMENTS
Enquiries:
Company:
Sandy Barblett
John Taylor
Fiona Wilmot
info@iamfireplc.com
Peterhouse Capital Limited (Corporate Adviser):
Narisha Ragoonanthun / Guy Miller: + 44 (0) 20 7469 0930 (Direct)
Corporate Broker
Lucy Williams: +44 (0) 20 7469 0930
Duncan Vasey: +44 (0) 20 7220 9797 (Direct)
STATEMENT OF COMPREHENSIVE INCOME
Six months Six months
to 31 to 31
October October
2022 2021
Note (unaudited) (unaudited)
£ £
CONTINUING OPERATIONS
REVENUE - -
Administrative expenses (100,946) (67,905)
Loss on revaluation of (50,333) -
investments
OPERATING LOSS (151,279) (67,905)
Finance income 181,479 181,479
Finance costs (199,760) (199,760)
LOSS BEFORE TAXATION (169,560) (86,186)
Taxation - -
LOSS FOR THE FINANCIAL (169,560) (86,186)
PERIOD
Other Comprehensive Income - -
TOTAL COMPREHENSIVE LOSS (169,560) (86,186)
FOR THE PERIOD
Earnings per share
Basic EPS (£) 3 (0.001) (0.002)
STATEMENT OF FINANCIAL POSITION
As at 31 As at As at 31
October 30 April October
2022 2022 2021
Note (unaudited) (audited) (unaudited)
£ £ £
ASSETS
NON-CURRENT ASSETS
Investments at FVTPL 800,000 800,000 814,677
Tangible fixed asset 1,117 1,375 -
801,117 801,375 814,677
CURRENT ASSETS
Trade and other receivables 85,854 99,473 19,672
Investments at FVTPL 69,500 119,833 56,300
Financial assets at FVTPL 9,584,920 9,153,440 4,974,936
Cash and cash equivalents 79,435 429,386 340,870
9,819,709 9,802,132 5,391,778
TOTAL ASSETS 10,620,826 10,603,507 6,206,455
EQUITY
Called up share capital 4 1,020,087 1,020,087 624,254
Share premium 4 7,933,038 7,933,038 3,932,752
Other reserves 463,014 463,014 107,618
Retained earnings 4 (4,085,089) (3,915,529) (3,469,275)
TOTAL EQUITY 5,331,050 5,500,610 1,195,349
LIABILITIES
NON-CURRENT LIABILITIES
Financial liabilities -
borrowings
Interest bearing loans and 5,269,858 5,070,098 4,873,595
interest
CURRENT LIABILITIES
Trade and other payables 19,918 32,799 137,511
19,918 32,799 137,511
TOTAL LIABILITIES 5,289,776 5,102,897 5,011,106
TOTAL EQUITY AND LIABILITIES 10,620,826 10,603,507 6,206,455
STATEMENT OF CASHFLOWS
Six months Year ended Six months
to 31 30 April to 31
October 2022 October
2022 2021
Note
(unaudited) (audited) (unaudited)
£ £ £
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the year (169,560) (424,822) (86,186)
Adjustments for:
Depreciation 258 172 -
Loss/(gain) on revaluation of fixed 50,333 14,844 3,700
assets
Finance costs 199,760 396,263 199,760
Finance income (181,479) (360,000) (181,479)
Share based payments - 175,897 -
Increase in trade and other 13,619 (86,567) (6,782)
receivables
Increase/(decrease) in trade and (12,882) (64,725) 39,986
other payables
Net cash used in operating activities (99,951) (348,938) (31,001)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments at FVTPL - (60,000) -
Purchase of property, plant and equipment - (1,547) -
Investment in convertible loan notes - (4,000,000) -
Investment in option for convertible loan (250,000) - -
notes
Net cash used in investing activities (250,000) (4,061,547) -
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issue of ordinary - 4,831,000 363,000
shares
Net cash generated from financing - 4,831,000 363,000
activities
Net (decrease) in cash and equivalents (349,951) 420,515 331,999
Cash and cash equivalents at beginning of 429,386 8,871 8,871
period
Cash and cash equivalents at end of 79,435 429,386 340,870
period
STATEMENT OF CHANGES IN EQUITY
Other
Share Share reserves Retained Total
capital premium earnings Equity
£ £ £ £ £
Balance as at 1 May 2021 593,504 3,708,120 107,618 (3,490,707) 918,535
Loss for the period - - (86,186) (86,186)
Total comprehensive income - - (86,186) (86,186)
Issue of share capital (net of 30,750 332,250 - 363,000
issue costs)
Balance as at 31 October 2021 624,254 4,040,370 107,618 (3,576,893) 1,195,349
Loss for the period - - (338,636) (338,636)
Total comprehensive loss for the - - (338,636) (338,636)
period
Issue of share capital (net of 395,833 4,072,167 - 4,468,000
issue costs)
Grant of options/warrants (179,499) 355,396 - 175,897
Balance as at 30 April 2022 1,020,087 7,933,038 463,014 (3,915,529) 5,500,610
Balance as at 1 May 2022 1,020,087 7,933,038 463,014 (3,915,529) 5,500,610
Loss in the period - - (169,560) (169,560)
Total comprehensive loss for the - - (169,560) (169,560)
period
Issue of share capital - - - -
Balance as at 31 October 2022 1,020,087 7,933,038 463,014 (4,085,089) 5,331,050
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
1. GENERAL INFORMATION
The principal activity of the Company is to establish strategic and portfolio
investment opportunities in Social Commerce, Life Sciences and Natural
Resources.
IamFire plc is a public limited company incorporated in England and Wales under
the Companies Act (registered number 07603259). The Company is domiciled in the
United Kingdom and its registered address is Hyde Park House, 5 Manfred Road,
London, SW15 2RS.
1. BASIS OF PREPARATION
These condensed interim financial statements for the period ended 31 October
2022 have been prepared in accordance with the AQSE rules for Companies. As
permitted, the Company has chosen not to adopt IAS 34 "Interim Financial
Statements" in preparing this interim financial information. The condensed
interim financial statements should be read in conjunction with the annual
financial statements for the year ended 30 April 2022, which have been prepared
in accordance with International Financial Reporting Standards (IFRS) as
adopted by the European Union.
The interim financial information set out above does not constitute statutory
accounts as defined by Section 434 of the Companies Act 2006. It has been
prepared on a going concern basis in accordance with the recognition and
measurement criteria of IFRS as adopted by the European Union. Statutory
financial statements for the year ended 30 April 2022 were approved by the
Board of Directors on 27 October 2022 and delivered to the Registrar of
Companies. The report of the independent auditor on those financial statements
was unqualified.
1. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the earnings attributable to
shareholders by the weighted average number of ordinary shares ("WANS")
outstanding in the period. Diluted earnings per share is calculated using the
weighted average number of shares adjusted to assume the conversion of all
dilutive potential ordinary shares. Diluted loss per share has not been
calculated as the options and warrants have no dilutive effect given the loss
arising in the period.
Six months to Year ended 30
31 Oct 2022 Six months to April 2022
31 Oct 2021
Earnings (£) (169,560) (86,186) (424,822)
WANS (No.) 205,347,350 35,115,104 100,878,674
Earnings per share (£) (0.001) (0.002) (0.004)
1. CALLED UP SHARE CAPITAL
As at the end of the reporting period the issued share capital in the Company
was as follows:
At 31 At 31 At 30 April
October October 2022
2022 2021 (audited)
(unaudited) (unaudited)
No. No. No.
Ordinary shares of £0.0025 205,347,350 47,014,017 205,347,350
Deferred shares of £0.2475 2,047,350 2,047,350 2,047,350
Equity comprises the following:
Share capital: represents amounts subscribed for shares at nominal value
Share premium: represents amounts subscribed for share capital, net of issue
costs, in excess of nominal value.
Retained earnings: represents the accumulated profits and losses attributable
to equity shareholders.
The interim financial information document will also be available on the
Company's website www.iamfireplc.com
END
(END) Dow Jones Newswires
January 30, 2023 06:18 ET (11:18 GMT)
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