Early Equity Plc - Audited Results Year Ending 31 August 2016 PR Newswire

20 January 2017

Early Equity Plc

("Early Equity" or "the Company")

AUDITED RESULTS FOR THE YEAR ENDING 31 AUGUST 2016

CHAIRMAN’S STATEMENT

I am pleased to present the financial results for Early Equity Plc for the year ended 31 August 2016. The total comprehensive loss for the year was £110,423 (2015 - £123,814 loss). The loss per share was 0.02p (2015 – 0.03p). The loss before tax of £110,423 (2015 - £123,814 loss) largely reflects the costs of maintaining a public listing and administration costs.

On the 1 December 2015, the Company acquired a 32.14% stake in Yicom Global Sdn. Bhd. ("Yicom”) satisfied by the issue of 100,000,000 new ordinary shares. Yicom is the sole importer and patent holder of a series of healthcare products from various countries and in particular China. Yicom has a Sole Distributorship Agreement with Early Infinity Holdings Sdn. Bhd. a direct sales company holding licences to operate a multi-level marketing business in Malaysia. Yicom started trading in February 2015 and the rate of turnover has increased each month as new distributors have been recruited. Early Infinity Holding Sdn Bhd currently have over 1,000 Agents selling their products in Malaysia and now Taiwan.

On 29 November 2015, the Company completed an equity subscription to raise £607,500 (gross of expenses), through the issue of 135,000,000 new ordinary shares of 0.1 pence each at a placing price of 0.45 pence per new ordinary share. Of the funds raised, £450,000 was utilised in the investment in Yicom Global Sdn Bhd, the remaining funds were used by the Company for additional working capital and to evaluate further potential investments.

On the 23 August 2016, the Company announced that Yicom had released its audited accounts reporting a net profit of Ringitt Malaysia (RM) 850,149 (approximately GBP160,709) and declared a dividend of Ringitt Malaysia RM 136,619 payable to Early Equity. £25,826 (RM 5.29: GBP 1) was received on 29 December 2016.

The Company was pleased to announce the appointment of Tee Lian Hing (Barry) to the board on 27 May 2016.

At year end, the value of our investment portfolio in unquoted equity securities (UK and Malaysia) stood at £540,320 (2015 - £115,320). This figure represents the Company’s acquisition within the period of 32.14% shareholding in Yicom. The Devilfish Poker investment was 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.

At year end our total investment portfolio stood at £594,436 (2015 - £172,637)

POST-BALANCE SHEET EVENTS

There have been no post balance sheet events.

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 STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST, 2016

                                                   2016       2015

                                                   GBP        GBP

CONTINUING OPERATIONS

TURNOVER                                            25,723          -

ADMINISTRATIVE EXPENSES                          (135,242)  (114,945)

OTHER OPERATING EXPENSES                                 -    (8,413)

FINANCE COSTS                                        (904)      (456)

(LOSS) BEFORE TAX                                (110,423)  (123,814)

INCOME TAX                                               -          -

(LOSS) FOR THE YEAR                             £(110,423) £(123,814)

OTHER COMPREHENSIVE INCOME

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

TOTAL COMPREHENSIVE LOSS FOR THE YEAR           £(110,423) £(123,814)

BASIC AND DILUTED LOSS PER SHARE (PENCE)            (0.02)     (0.03)



   


CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST, 2016

                                               2016      2015

                                                GBP       GBP

NON-CURRENT ASSETS

Available-for-sale financial assets            594,436   172,637

CURRENT ASSETS

Trade and other receivables                     31,518     6,682

Cash and cash equivalents                       96,134    39,499

                                               127,652    46,181

CURRENT LIABILITIES

Trade and other payables                      (16,298)  (10,105)

NET CURRENT (LIABILITIES)/ASSETS               111,354    36,076

NET ASSETS                                    £705,790  £208,713

REPRESENTING:-

Share capital                                  809,623   674,623

Share premium                                  683,590   211,090

Fair value reserve                              49,031    49,031

Accumulated losses                           (836,454) (726,031)

SHAREHOLDERS’ FUNDS                           £705,790  £208,713



This financial information has been extracted from the audited financial statements of the Group for the year ended 31 August 2015. The financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS). A copy of the Company's financial statements for the year ended 31 August 2016 will be posted to shareholders and will be delivered to the Registrar of Companies.

The Directors do not propose to pay a dividend for the year.

The Directors of the Company accept responsibility for this announcement.

--ENDS--

Enquiries:

Early Equity Plc

Tel:  +44 (0)7830 182501

Greg Collier

ISDX CORPORATE ADVISER:   

Alexander David Securities Limited 

David Scott -Corporate Finance  James Dewhurst - Institutional Sales  Telephone: +44 (0) 20 7448 9820  http://www.ad-securities.com 

49 Queen Victoria Street, London EC4N 4SA