Pires Investments PLC Final Results

Data : 30/04/2020 @ 08:00
Fonte : UK Regulatory (RNS & others)
Titolo : Pires Investments Plc (PIRI)
Quotazione : 3.3  0.1 (3.13%) @ 13:25
Quotazione Pires Investments Grafico

Pires Investments PLC Final Results

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Da Apr 2020 a Lug 2020

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TIDMPIRI

RNS Number : 4018L

Pires Investments PLC

30 April 2020

Pires Investments plc

("Pires" or the "Company")

Results for the year to 31 October 2019

The Board is pleased to announce the audited results of Pires for the year ended 31 October 2019.

Highlights

   -       Pre-tax profits achieved of over GBP865,000 with net asset value in excess of GBP2,564,000 

- Investment strategy expanded to include the technology sector which is already yielding positive results

- Net cash proceeds of GBP1.6 million and net profit of almost GBP1 million realised from the disposal of investment in Eco Atlantic

- Investment returns and recent fund raisings leave the Company well-funded to implement its strategy going forward

Chairman's Statement

I am pleased to report significant further progress in the year to 31 October 2019. The Company achieved a pre-tax profit of GBP865,510 (2018: GBP322,069) with the value of our investment portfolio rising to GBP1,165,409 (2018: GBP1,029,526) after investment realisations during the period of GBP1,016,114 (2018: GBP264,882). Net asset value at the year-end was GBP2,564,582 (2018: GBP949,617), equivalent to 3.56p per share, and earnings were 1.64p per share (2018: 0.95p).

In February 2019, we raised just over GBP780,000 in new equity capital. In October 2019, we obtained shareholder approval for an extension of our investing policy to include technology and invested GBP1.1 million for a 13% stake in Sure Valley Ventures ("SVV"), a venture capital fund which invests in the software technology sector with a specific focus on artificial intelligence ("AI"), the internet of things ("IoT") and augmented and virtual reality ("AR/VR"). To date, we have made further investments in SVV in line with our funding commitment totalling approximately GBP370,000. Our technology investments now represent much the larger part of our portfolio, reflecting our change of investment emphasis.

Shareholders will also be aware that on 24 April 2020, the Company completed a placing to raise further funds amounting to GBP1.06 million of which GBP454,286 has been firmly placed and GBP605,714 placed conditional upon approval at the forthcoming Annual General Meeting. As part of the placing, we are pleased to welcome the well-known technology investor, Chris Akers, as a significant shareholder in the Company. The Company is now seeing a growing number of new investment opportunities and the Board believes that the Company now has the resources to enable it to take advantage of them as they arise.

Our results in the last financial year were largely the result of the increased value and partial realisation of our holding in Eco (Atlantic) Oil & Gas Limited ("Eco Atlantic") which has proved a very successful investment for the Company. The Company has now disposed of the majority of its holding in Eco Atlantic, prior to the share price fall triggered by recent market conditions and the sharp fall in oil prices. Overall, we have generated total net cash proceeds of GBP1.6 million and realised a total net profit on disposal of almost GBP1 million from this investment.

Our recent focus on technology has proved successful to date. In December 2019, very soon after our initial investment in SVV, one of its portfolio companies, Artomatix Limited, was acquired at a price 500% the valuation at which the investment was made. As realisations when achieved are paid out to investors, Pires received a cash distribution of over EUR720,000 with a balance of EUR82,000 due eighteen months after the sale.

A number of the other portfolio companies have also made significant progress since our investment. For example, the share price of VR Education Holdings plc which is quoted on AIM has increased by almost 30% since the beginning of the year. In March 2020, VividQ Limited raised a further GBP2.4 million from two strategic venture capital funds. VividQ has leading edge software providing holography to consumer electronics. In April 2020, Admix (the trading name for WAM Group Limited), which has developed a programmatic monetization platform for gaming and other entertainment developers, raised US$6.1 million from existing and new investors at a 450% premium to the valuation at which SVV's initial investment was made. Also, in April 2020, environmental technology specialist, Ambisense Limited, announced its involvement in ground surveys for a very large UK infrastructure project - the Lower Thames Essex-Kent Crossing. More recently, SVV has invested in Buymie Technologies Limited, a company that has created a platform that uses artificial intelligence to provide consumers with access to multiple large retailers - a particular pertinent investment given the Covid-19 crisis.

In March 2020, Pires announced a direct investment of EUR250,000 in Getvisibility (the trading name for Visibility Blockchain Limited), an artificial intelligence security company, addressing the substantial and increasing problem which corporations face in storing, sorting, accessing and protecting data. It has developed and launched a software platform using artificial intelligence that delivers visibility over a wide range of data.

In view of the current Covid-19 pandemic, it is appropriate to make some comment on the position of the Company. Pires, unlike very many other companies, remains able to carry on its activities effectively. Furthermore, we believe that the Company's technology investments are well positioned against the background of Covid-19. We are, however, keeping all such matters under close review

In summary, the Company has made good progress during the financial year and beyond. The Board's intention is to build a broadly based technology investment company with interests in a range of companies with exciting growth potential. We believe that the fundraisings that we completed, the successful realisation of a key part of our existing portfolio and the investments that we have made represent valuable first steps in this direction. We look forward to further progress in the current financial year.

Peter Redmond

Chairman

STATEMENT OF COMPREHENSIVE INCOME

 
                                                          2019        2018 
                                            Notes          GBP         GBP 
-----------------------------------------  -------  ----------  ---------- 
 CONTINUING ACTIVITIES 
 Income 
 Other Income                                            1,368          11 
--------------------------------------------------  ----------  ---------- 
 Total income                                            1,368          11 
 
 Gain on investments held at fair 
  value through profit or loss                       1,151,997     574,987 
 
 Operating expenses                                  (287,855)   (252,929) 
 Operating profit from continuing 
  activities                                           865,510     322,069 
 Profit before taxation from continuing 
  activities                                           865,510     322,069 
 Tax                                                         -           - 
-----------------------------------------  -------  ----------  ---------- 
 Profit for the year from continuing 
  activities                                           865,510     322,069 
--------------------------------------------------  ----------  ---------- 
 Other Comprehensive Income                                  -           - 
-----------------------------------------  -------  ----------  ---------- 
 Total Comprehensive Income attributable 
  to equity holders of the Company                     865,510     322,069 
==================================================  ==========  ========== 
 
 Basic profit per share 
 Equity holders 
 Basic and diluted                                       1.64p       0.95p 
==================================================  ==========  ========== 
 
 
 
 
 

STATEMENT OF CHANGES IN EQUITY

 
                                                       Capital 
                               Share       Share    Redemption        Retained 
                             Capital     Premium       Reserve        Earnings        Total 
                                 GBP         GBP           GBP             GBP          GBP 
-----------------------  -----------  ----------  ------------  --------------  ----------- 
 Balance at 1 November 
  2017                    11,914,727   3,581,055       164,667    (15,032,901)      627,548 
 Profit and total 
  comprehensive profit 
  for the year                     -           -             -         322,069      322,069 
 
 
 As at 31 October 
  2018                    11,914,727   3,581,055       164,667    (14,710,832)      949,617 
 
 
 
 
 Profit and total 
  comprehensive profit 
  for the year                     -           -             -         865,510      865,510 
 
 Issue of shares (net 
  of costs)                   81,429     668,026             -          -           749,455 
 As at 31 October 
  2019                    11,996,156   4,249,081       164,667    (13,845,322)    2,564,582 
=======================  ===========  ==========  ============  ==============  =========== 
 
 

STATEMENT OF FINANCIAL POSITION

 
 
                                                       2019           2018 
                                                        GBP            GBP 
-------------------------------------------   -------------  ------------- 
 Non-current assets 
 Investment in subsidiaries                               1              1 
 Total non-current assets                                 1              1 
 
 Current assets 
 Investments                                      1,165,409      1,029,526 
 Trade and other receivables                         11,307         11,357 
 Cash and cash equivalents                        1,426,799         48,028 
--------------------------------------------  -------------  ------------- 
 Total current assets                             2,603,515      1,088,911 
--------------------------------------------  -------------  ------------- 
 Total assets                                     2,603,516      1,088,912 
============================================  =============  ============= 
 
   Equity 
 Issued share capital                            11,996,156     11,914,727 
 Share premium                                    4,249,081      3,581,055 
 Retained earnings                             (13,845,322)   (14,710,832) 
 Capital redemption reserve                         164,667        164,667 
--------------------------------------------  -------------  ------------- 
 Total equity                                     2,564,582        949,617 
 
 Liabilities 
 Current liabilities 
 Trade and other payables                            38,934        139,295 
 Total liabilities and current liabilities           38,934        139,295 
--------------------------------------------  -------------  ------------- 
 Total equity and liabilities                     2,603,516      1,088,912 
============================================  =============  ============= 
 
 
    1. OPERATING PROFIT 
                                                   2019   2018 
                                                    GBP    GBP 
------------------------------------------------  -----  ----- 
 Operating profit from continuing activities 
  is stated after charging: 
 Depreciation of property, plant and equipment        -      - 
 
 
 
 
   2. EARNINGS PER SHARE 
                                                             2019         2018 
                                                              GBP          GBP 
 Profit attributable to the owners of the 
  Company 
 Continuing Operations                                    865,510      322,069 
----------------------------------------------------  -----------  ----------- 
 
                                                             2019         2018 
                                                           No. of       No. of 
                                                           Shares       shares 
----------------------------------------------------  -----------  ----------- 
 Weighted average number of shares for calculating 
 basic profit per share                                52,900,940   33,900,805 
----------------------------------------------------  -----------  ----------- 
                                                             2019         2018 
                                                            Pence        Pence 
----------------------------------------------------  -----------  ----------- 
 Basic and diluted profit per share 
 Continuing Operations - basic and diluted                   1.64         0.95 
====================================================  ===========  =========== 
 
 

Copies of the accounts will shortly be posted to shareholders and will be available on the Company's website at www.piresinvestments.com

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries:

Pires Investments plc: +44 (0) 20 3 368 8961

Peter Redmond, Director

Nicholas Lee, Director

Nominated Adviser: +44 (0) 20 7213 0880

Cairn Financial Advisers LLP

Liam Murray

Ludovico Lazzaretti

Broker: +44 (0) 20 7562 3351

Peterhouse Capital Limited

Duncan Vasey / Lucy Williams

Financial Media and IR: +44 (0) 20 3004 9512

Yellow Jersey pires@yellowjerseypr.com

Sarah Hollins

Henry Wilkinson

Annabel Atkins

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi ed by their use of terms and phrases such as "believe", "could", "should" "envisage", "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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April 30, 2020 02:00 ET (06:00 GMT)

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