EARLY EQUITY PLC - Interim Results PR Newswire

06 June 2016

EARLY EQUITY PLC

("Early Equity" or the "Company")

Interim Results

Executive Director’s Statement

I am pleased to present the unaudited interim results for the Company for the  six month period ended 29th February 2016.

Results and Review of Business

The loss for the period was GBP45,940 (2015: GBP50,586) representing a loss per share of 0.01p (2015: 0.01p). Although the accounts show a loss for the period, this is reflective of the early stage development of the two recent investments made by the company.

The value of our investment portfolio significantly increased to GBP 622,637 (2015 – GBP 153,650) bolstered by the investment in Yicom Global Sdn Bhd (‘Yicom’). The Company continue to hold shares in Universal Outdoor Group Plc (previously known as Tangibal Group Plc) (quoted on the Frankfurt Börse), Alpha Prospects Plc and BWA Group Plc (quoted on ISDX). The Directors will continue to seek opportunities to realise these investments. During the last twelve months, we have also invested £25,000 of cash to secure a 5% stake in Devilfish Poker Limited (‘Devilfish’)

On the 15th October 2015, the Company were pleased to announce the appointment of Alexander David Securities Limited.

Post Balance Sheet Events

On the 27th May 2016 the Company was pleased to announce the appointment of Tee Lian Hing (Barry) to the board. Barry is working closely with Yicom Global Sdn Bhd to develop sales, marketing strategies, brand planning and business-development strategies. Yicom Global Sdn Bhd aims to further expand the sales volume for their health supplement products and drive revenue growth in Malaysia and the Asia Pacific Region.

Outlook

Within the last twelve months, the Company has made two investments in Devilfish Poker Limited and Yicom Global Sdn Bhd repectively. These investments are still in early stage development and the board are working closely with the management of both parties - we remain confident that these investments will prove successful. We are pleased to report that Devilfish, a well-known brand in online casino is now revenue generating. In Qtr1 over 25,000 players registered on the site with over 1,200 depositors. White Hat Gaming the provider of software and payment processing services to Devilfish (www.devilfish.com) are regulated by UK Gambling Commission. Yicom has continued to increase its network of sales agents and sales volume each month.

 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

31 May 2016

CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

FOR SIX MONTHS TO 29 FEBURARY 2016


                                                 6 months to      6 months to
                                               29 February 2016 28 February 2015

CONTINUING OPERATIONS                                GBP              GBP

TURNOVER                                              -                -

OTHER INCOME                                          -                -

ADMINISTRATIVE EXPENSES                            (46,502)         (37,445)

OTHER OPERATING EXPENSES                             954            (12,972)

FINANCE COSTS                                       (392)            (169)

(LOSS) BEFORE TAX                                  (45,940)         (50,586)

INCOME TAX                                                             -

(LOSS) FOR THE YEAR / PERIOD                       (45,940)         (50,586)

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     (45,940)         (50,586)

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

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2016

                                                 6 months to      6 months to
                                               29 February 2016 28 February 2015

                                                     GBP              GBP

INVESTMENTS

Available-for-sale financial assets                622,637          153,650

CURRENT ASSETS

Trade and other receivables                         1,394            24,413

Cash and cash equivalents                          146,341          121,994

                                                   147,735          146,407

CURRENT LIABILITIES

Trade and other payables                            (100)           (20,515)

Unsecured loan

                                                    (100)           (20,515)

NET CURRENT ASSETS / (LIABILITIES)                 147,635          125,892

NET ASSETS                                         770,272          279,542

REPRESSENTING:-

Share capital                                      809,623          674,623

Share premium                                      683,590          211,090

                                                  1,493,213         885,713

Fair value reserve                                  49,031           46,631

Accumulated losses                                (771,972)        (652,802)

SHAREHOLDERS FUNDS                                 770,272          279,542



The interim financial information for the six months ended 29 February 2016 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 2015.

The Directors of the Company accept responsibility for the announcement.

--ENDS-

Enquiries:

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

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