TIDMZAMZ
RNS Number : 5713I
Zamaz PLC
05 December 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU, WHICH IS PART OF UNITED
KINGDOM DOMESTIC LAW PURSUANT TO THE MARKET ABUSE (AMMENT) (EU
EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR)
IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN .
5 December 2022
Zamaz plc
"Zamaz" or "the Company"
Final Results and Audited Annual Report and Accounts
for the Year ended 31 August 2022
The Board of Directors of Zamaz is pleased to announce the
publication of its Final Results and audited Annual Report and
Accounts for the year ended 31 August 2022 (the "Annual
Report").
Highlights in the year
-- Turnover of GBP1.7m (2021 Zamaz only: GBP2.1m)
-- Gross profit margin 19% (2021 Zamaz only:22%)
-- Net loss before taxation GBP1.32m (2021 Zamaz only:GBP0.48m)
-- Completion of acquisition of Bella Dispensa S.r.l
Highlights following the year-end
-- Completion of main market listing in September
-- Completion of acquisition of Ecocarni
-- Completion of acquisition of Eccellenze
Martin Groak, Chairman commented:
"This is the final Annual Report and Accounts from Zamaz as a
private company. As of 2 September this year, we are now listed on
the Main Market of the London Stock Exchange. This has been a major
undertaking for what is essentially a three-year-old start-up.
Since the listing, we have been pleased to announce two
acquisitions to the Group and we continue to search for new brand
investments.
"The Group is currently ahead of its Business Plan in terms of
turnover, closing our first quarter as a listed company with an
annualised run-rate approaching GBP6 million.
"Zamaz' proven expertise in digital brand building, global
marketplace management and E-Commerce operations provides a
business platform that is ready to scale. As consumers migrate
increasingly towards on-line shopping globally, the Board sees
tremendous opportunities to grow; to make further acquisitions and
to aggregate an expanding portfolio of brands selling across
multiple on-line and traditional channels."
The Annual Report will be published on the Company's website:
https://www.zamaz.tech/investors/financial-results-centre-and-annual-general-meetings/
in compliance with its articles of association and the electronic
communications provisions of the Companies Act 2006. Key extracts
from the Annual Report can also be viewed below.
The Notice of Annual General Meeting will be announced
separately.
Enquiries:
Zamaz plc www.zamaz.tech
Chris Hill, CEO c/o Walbrook PR Limited
Walbrook PR Limited
Paul Vann/Nick Rome/Joe Walker Tel: 020 7933 8780 or 07768
807631 zamaz@walbrookpr.com
About Zamaz plc
Zamaz plc is a technology driven e-commerce business that
originates, acquires or licenses, operates and scales small and
medium-sized brands with category-winning products on global
marketplaces. With ever prolific customer data sources, the advent
of turnkey e-commerce website platforms, such as Shopify, and a
thriving ecosystem of third-party software integrators, the options
available to launch and build brands that can be marketed, sold,
and shipped online quickly and globally with limited risk have
never been more compelling. Such marketplaces, led by Amazon and
eBay, also provide connection to millions of consumers, and have
become a first-choice route-to-market for a generation of micro and
small and medium-sized enterprise businesses.
Zamaz mines and analyses data from such online retail technology
platforms which provide significant insights into consumer shopping
behaviour and trends and enable the business to deploy, market and
sell an optimised portfolio of brands, products, packs and prices
aligned with active, real-time consumer needs and demands
principally on UK and EU Amazon marketplaces.
Chairman's Statement
This is the final Annual Report and Accounts from Zamaz as a
private company. As of 2 September this year, we are now listed on
the Main Market of the London Stock Exchange ("LSE") by way of a
Direct Listing ("the Direct Listing"). This has been a major
undertaking for what is essentially a three-year-old start-up and I
should like to thank all our advisers and our own team for their
respective contributions.
Despite the distractions of the Direct Listing, during the year
the Group has focussed on putting the strategic building blocks in
place for future success starting with the acquisition of Bella
Dispensa S.r.l. ("BD") in September 2021. BD is an Italian-based
online retailer of gourmet Italian food products which operates in
one of the fastest growing online sectors, grocery shopping. It is
the Board's view that the extensive relationships that Bella
Dispensa has with its niche food suppliers made it a strong
addition to the Group's brand portfolio and will give Zamaz the
opportunity to showcase and sell BD products on its online
platform.
As part of the BD acquisition, Daniele Besnati, a director of
the BD vendor - Concreta - was appointed to the Zamaz board.
Daniele's appointment allowed one of Zamaz's founders - Dominic
White - to step down. Dominic left with the Board's thanks and
remains involved in Zamaz as a major shareholder through his
interest in the Company's largest shareholder, Maximum Return
Systems Group LLP.
In February 2022, I joined the Board along with Christopher
Hill. We had a mandate to implement the strategic transformation of
the Group. Christopher is an international, commercial, business
builder and multi-sector marketeer. He has held executive
leadership, profit and loss management, senior sales and marketing
roles in FTSE 100 listed multi-nationals, private equity and
venture capital backed firms on successful paths to shareholder
value creation and exit, specialising in driving international
expansion and transformative growth for consumer-packaged goods
brands and businesses across traditional and e-commerce
channels.
Following the acquisition of BD, the Group was successful in
raising finance from Atlas Capital Markets that has allowed the
Group to successfully complete the Direct Listing.
Following the successful move to the LSE, Raj Unnikandeth, one
of the founding directors of Zamaz, decided to step down from the
Board. Raj left with the Board's thanks for his service.
Since the listing, we have been pleased to announce two further
acquisitions to the Group. On 26 September 2022 BD agreed to
acquire the entire issued share capital of Ecocarni S.r.l.
("Ecocarni") a purveyor of premium quality meats and associated
products sourced from Italy and Argentina to both wholesale and
retail customers from its managed general store in Milan.
On 10 October 2022 BD agreed to acquire a 70 per cent. stake in
Eccellenze S.r.l. ("Eccellenze") a luxury food products business
based at its flagship store in one of Milan's premier districts.
The acquisition of Eccellenze will enable all three luxury branded
food businesses within the Group to access each other's customer
bases and "cross-sell" products to a similar set of high quality
clients. Moreover Eccellenze has developed a platform to optimise
margins on e-commerce sales which BD intends to leverage in all its
activities. Eccellenze is also developing a premium catering
delivery service in Milan and will now be able to significantly
enhance its offering whilst providing an additional revenue source
for both BD and Ecocarni. These three businesses are currently
being merged into one corporate entity.
The Group continues to search for new brand investments and it
appears, from our investigations, that the current tendency is
pointing towards it being a buyer's market.
Results
The results cover the period immediately prior to the Direct
Listing and therefore carry much of the burden associated with
getting onto the London Stock Exchange. There were in addition
other headwinds that had to be dealt with; in particular the
commercial complications associated with Brexit, the major increase
in logistics costs coming from the Ukraine invasion, the continuing
impact of Coronavirus creating difficulties with availability of
certain items and Amazon raising their handling fees
disproportionately. Nevertheless, we continue to have excellent
market acceptance for our largest single e-commerce brand,
Ecomoist, a non-toxic computer screen cleaner and sanitiser and
allied products.
We have been and will always be adapting our commercial approach
to confront challenges as they arise and we are constantly
revisiting and reorganising our operations to support the Group's
accelerating growth. You can read more in Chris Hill's CEO
report.
Outlook
The Group is currently ahead of its business plan in terms of
turnover: we closed our first quarter as a listed company with an
annualised run rate approaching GBP6 million. The opportunities for
organic geographical growth, just within the Amazon platforms and
just for Ecomoist are significant. Moreover, as the selling
synergies in Bella Dispensa begin to have an impact, the Board
believes it is reasonable to expect that number to rise.
Brand building, quality brand acquisition and aggregation,
coupled with E-Commerce and data-mining expertise make a very
potent commercial offering that is totally relevant to the
direction of buying habits around the world. Zamaz is unique on the
London Stock Exchange, being the first company of its type to have
listed on the Main Market. Good quality companies that want to join
us see the value of a listing, where, instead of having to rely
solely on debt - and its current uncertainties - equity can be part
of the funding mix for growth,
The Board sees tremendous opportunities and many reasons to be
optimistic.
Martin Groak
Chairman
FINAL RESULTS
References to Notes below are those to be found in the full 2022
Annual Report and Accounts
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE YEARED 31 AUGUST 2022
2022
Notes GBP
CONTINUING OPERATIONS
Revenue 3 1,679,105
Cost of sales (1,363,822)
GROSS PROFIT 315,283
Administrative expenses (1,511,652)
OPERATING LOSS (1,196,369)
Finance costs 8 (128,023)
Finance income -
LOSS BEFORE INCOME TAX 5 (1,324,392)
Income tax 6 (847)
------------
LOSS FOR THE YEAR (1,325,239)
============
Loss attributable to:
Owners of the parent (1,325,239)
Non-controlling interests -
------------
(1,325,239)
============
Loss per share expressed
in pence per share: 7
Basic (0.30)
Diluted (0.30)
============
Until the current financial year, the Group held no subsidiaries
and consolidated accounts are presented for the current financial
year only.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 AUGUST 2022
2022
Notes GBP
ASSETS
NON-CURRENT ASSETS
Intangible assets 9 223,853
Goodwill 9 20,454,876
Property, plant and equipment 10 30,130
20,708,859
------------
CURRENT ASSETS
Inventories 16 321,457
Trade and other receivables 15 767,092
Cash and cash equivalents 26,818
------------
1,115,367
------------
TOTAL ASSETS 21,824,226
============
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 13 178,031
Share premium 17 19,568,774
Translation reserve 17 5,278
Retained earnings 17 (1,639,816)
------------
TOTAL EQUITY 18,112,267
------------
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 18 1,305,003
Short term borrowings 19 47,722
Bond 19 1,482,816
Lease liability 19 1,800
------------
2,837,341
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables 18 865,254
Bond 19 -
Lease liability 19 4,479
Deferred tax liability 4,885
------------
874,618
TOTAL LIABILITIES 3,711,959
TOTAL EQUITY AND LIABILITIES 21,824,226
============
Until the current financial year, the Group held no subsidiaries
and consolidated accounts are presented for the current financial
year only.
COMPANY STATEMENT OF FINANCIAL POSITION
31 AUGUST 2022
2022 2021
Notes GBP GBP
As restated
ASSETS
NON-CURRENT ASSETS
Intangible assets 9 103,945 149,304
Property, plant and equipment 10 25,711 21,254
Investments 11 20,487,259 -
------------ ------------
20,616,915 170,558
------------ ------------
CURRENT ASSETS
Inventories 321,457 378,092
Trade and other receivables 15 704,750 445,732
Cash and cash equivalents 22,727 350,568
------------ ------------
1,048,934 1,174,392
------------ ------------
TOTAL ASSETS 21,665,849 1,344,950
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 13 178,031 50,000
Share premium 17 19,568,774 -
Retained earnings 17 (1,593,743) (314,577)
TOTAL EQUITY 18,153,062 (264,577)
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 18 1,105,831 88,948
Short term borrowings 19 47,722 49,726
Bond 19 1,482,816 -
Lease liability 19 1,800 1,800
------------ ------------
2,638,169 140,474
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables 18 865,254 1,331
Long term bond 19 - 1,457,370
Lease liability 19 4,479 6,314
Deferred tax liability 4,885 4,038
------------ ------------
874,618 1,469,053
TOTAL LIABILITIES 3,512,787 1,609,527
TOTAL EQUITY AND LIABILITIES 21,665,849 1,344,950
============ ============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 AUGUST 2022
Called
up share Share Translation Retained Total
capital premium reserve earnings equity
GBP GBP GBP GBP GBP
Balance at 1 September
2021 (as restated) 50,000 - - (314,577) (264,577)
Loss for the year - - - (1,325,239) (1,325,239)
Other comprehensive
income
Exchange difference
on consolidation - - 5,278 - 5,278
---------- ----------- ------------ ------------ ------------
Total comprehensive
loss - - 5,278 (1,325,239) (1,319,961)
Transactions with
owners
Issue of share capital 128,031 19,568,774 - - 19,696,805
Total transactions
with owners 128,031 19,568,774 - - 19,696,805
Balance at 31 August
2022 178,031 19,568,774 5,278 (1,639,816) 18,112,267
========== =========== ============ ============ ============
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 AUGUST 2022
Called
up share Retained Share
capital earnings premium Total equity
GBP GBP GBP GBP
Balance at 1 September
2020 (as previously stated) 50,000 133,122 - 183,122
Loss for the year (as
previously stated) - (178,352) - (178,352)
Prior period adjustment
(Note 23) (269,347) (269,347)
----------- ------------ ----------- -------------
Total transactions with
owners (as restated) - (477,699) - (447,699)
Balance at 31 August
2021 (as restated) 50,000 (314,577) - (264,577)
Loss for the year - (1,279,166) - (1,279,166)
----------- ------------ ----------- -------------
Total comprehensive loss - (1,279,166) - (1,279,166)
Transactions with owners
Issue of share capital 128,031 - 19,568,774 19,696,805
Total transactions with
owners 128,031 - 19,568,774 19,696,805
Balance at 31 August
2022 178,031 (1,593,743) 19,568,774 18,153,062
=========== ============ =========== =============
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2022
2022
Notes GBP
Cash flows from operating activities
Cash generated from operations 1 (219,844)
Cash flows from investing activities
Purchase of property, plant and equipment (10,009)
Purchase of intangibles (113,551)
Cash acquired with subsidiary acquisition 6,135
Net cash from investing activities (117,425)
----------
Cash flows from financing activities
Repayment of borrowings (81,339)
Proceeds from borrowings 77,500
Bond interest paid (59,182)
Proceeds of share issue 74,800
Net cash from financing activities 11,779
----------
(Decrease) / Increase in cash and cash equivalents (325,490)
Cash and cash equivalents at beginning of
year 350,568
Effect of foreign exchange rate changes 1,739
----------
Cash and cash equivalents at end of year 26,818
==========
Until the current financial year, the Group held no subsidiaries
and consolidated accounts are presented for the current financial
year only.
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2022
2022 2021
Notes GBP GBP
As restated
Cash flows from operating activities
Cash generated from operations 1 (329,611) 105,954
Cash flows from investing activities
Purchase of property, plant and
equipment (10,009) (8,000)
Purchase of intangibles - (181,432)
Interest received - 12
Net cash from investing activities (10,009) (189,420)
---------- ------------
Cash flows from financing activities
Repayment of borrowings (81,339) -
Bond interest paid (59,182) (51,207)
Proceeds of share issue 74,800 -
Proceeds from borrowings 77,500 57,840
---------- ------------
Net cash from financing activities 11,779 6,633
---------- ------------
(Decrease) / Increase in cash and
cash equivalents (327,841) (76,833)
Cash and cash equivalents at beginning
of year 350,568 427,401
Effect of foreign exchange rate
changes - -
---------- ------------
Cash and cash equivalents at end
of year 22,727 350,568
========== ============
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