Early Equity Plc - Unaudited Interim Results PR Newswire

16 May 2017

EARLY EQUITY PLC
("Early Equity" or the "Company")

Unaudited Interim Results for the Six Months Ended 28 February 2017

Executive Director’s Statement

I am pleased to present the unaudited interim results for the Company for the six-month period ended 28th February 2017.

Results and Review of Business

The loss for the period was GBP66,791 (2016: GBP45,940) representing a loss per share of 0.01p (2016: 0.01p). Although the accounts show a loss for the period, this is reflective of the early stage development of the recent investments made by the company.

The value of our investment portfolio decreased to GBP 594,436 (2016 – GBP 622,637) due to share price movements within our listed investments (Alpha Prospects Plc and BWA Group Plc (quoted on NEX Exchange)) and the investment in Devilfish Poker (‘Devilfish’) being fully provided against on the basis that current and future performance does not indicate ability for the Company to realise the cost of our investment. The Company continue to hold shares in Yicom Global Sdn Bhd (‘Yicom’). Our shareholding in Universal Outdoor Group Plc (previously known as Tangibal Group Plc) is valued at zero.

Post Balance Sheet Events

There have been no material events, transactions or developments within the post balance sheet period.

Outlook

The Company is pleased to report that Yicom has continued to significantly increase its network of sales agents and sales volumes. Yicom is also actively pursuing representation in other territories.  

Whilst the investment in Devilfish has been written down for accounting purposes, the Company remains optimistic that the investment will prove successful. The online casino has enjoyed success in attracting player registrations and is now operating at a small profit. The management team is now preparing the Poker product to be integrated into the online gaming platform and hope to launch later this year (Q4).

The Company continues to seek further acquisitions that meet its investment criteria and intend to raise additional funds in the future when suitable investment opportunities present.

The Company's investment strategy is to invest in early stage, small to medium high-growth enterprises around the world. The Directors will continue to evaluate suitable investments opportunities.

On behalf of the Board, I would like to take this opportunity to thank shareholders and professional advisers for their continued support of the Company.

Chua Siew Lian
Executive Director




CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

FOR SIX MONTHS TO 28 FEBRUARY 2017


                                                 6 months to      6 months to
                                               28 February 2017 29 February 2016

CONTINUING OPERATIONS                                GBP              GBP

TURNOVER                                              -                -

OTHER INCOME                                          -                -

ADMINISTRATIVE EXPENSES                            (49,820)         (46,502)

OTHER OPERATING EXPENSES                           (16,331)           954

FINANCE COSTS                                       (640)            (392)

(LOSS) BEFORE TAX                                  (66,791)         (45,940)

INCOME TAX                                                             -

(LOSS) FOR THE YEAR / PERIOD                       (66,791)         (45,940)

OTHER COMPREHENSIVE INCOME / (LOSS)

Loss on fair value changes of                         -                -
available-for-sale financial assets

Reclassification of fair value gain on                -                -
disposal
of available-for-sale financial assets

OTHER COMPREHENSIVE INCOME / (LOSS) FOR THE           -                -
YEAR / PERIOD

TOTAL COMPREHENSIVE LOSS FOR THE YEAR / PERIOD     (66,791)         (45,940)

BASIC AND DILUTED LOSS PER SHARE                   (0.01)p          (0.01)p

                                                 6 months to      6 months to
CONSOLIDATED STATEMENT OF FINANCIAL POSITION   28 February 2017 29 February 2016
AS AT 28 FEBRUARY 2017

                                                     GBP              GBP

INVESTMENTS

Available-for-sale financial assets                594,436          622,637

CURRENT ASSETS

Trade and other receivables                         6,086            1,394

Cash and cash equivalents                           46,927      146,341

                                                    53,013      147,735

CURRENT LIABILITIES

Trade and other payables                           (8,450)           (100)

Unsecured loan

                                                   (8,450)           (100)

NET CURRENT ASSETS / (LIABILITIES)                  44,563          147,635

NET ASSETS                                         638,999          770,272

REPRESSENTING:-

Share capital                                      809,623          809,623

Share premium                                      683,590          683,590

                                                  1,493,213        1,493,213

Fair value reserve                                  49,031           49,031

Accumulated losses                                (903,245)        (771,972)

SHAREHOLDERS FUNDS                                 638,999          770,272



The interim financial information for the six months ended 28 February 2017 is neither audited nor reviewed, but has been prepared in accordance with the accounting policies set out in the Company's annual report and accounts for the year ended 31 August 2016.

The Directors of the Company accept responsibility for the announcement.

--ENDS-

Enquiries:

Early Equity Plc
Greg Collier
Tel: +44 (0)78 3018 2501

NEX EXCHANGE CORPORATE ADVISER:
Alexander David Securities Limited
David Scott –Corporate Finance
James Dewhurst – Corporate Broking
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA