SAPO PLC - Half-year Report London Stock Exchange
RNS Number : 3539A
SAPO PLC
29 September 2020
 

SAPO PLC
("SAPO" or "the Company")

 

Interim Report

 

SAPO (AQSE: SAPO), the investment vehicle which seeks to invest in the developing market for rural broadband, today announces its Interim Results for the six months ended 30 June 2020.

 

Chairman's Statement

In my statement in our Company's Annual Report and Financial Statements for the year ended 31 December 2019, I reported on the progress your board was making in achieving the first objective of our investment strategy. I am pleased to be able now to report further significant progress in this pursuit. I refer you to my letter to Shareholders contained in the Admission Document, dated 23 September 2020, seeking inter alia your approval for the acquisition of Secure Web Services Limited and a consequent increase in our share capital which will in part fund the acquisition and provide working capital to finance its growth. If approved, this acquisition and attendant fund raising will be our first step in developing the market for rural broadband services in the UK.

 

 

 

Keith Harris

Chairman

28 September 2020

 

 

Consolidated Income Statement

 

 

(Unaudited)

Period from 1 January 2020 to 30 June 2020

(Unaudited)

Period from 1 January 2019 to 30 June 2019

(Audited)

            Year ended 31 December 2019

 

Note

£'000

£'000

£'000

 

 

 

 

 

Revenue

 

-

-

-

Total revenue

 

-

-

-

Cost of sales

 

-

(10)

(25)

Gross loss

 

-

(10)

(25)

 

 

 

 

 

Other administration fees and expenses

 

(156)

(84)

(352)

Administrative expenses

 

(156)

(84)

(352)

 

 

 

 

 

Operating loss

 

(156)

(94)

(377)

 

 

 

 

 

Finance income

 

5

1

10

Foreign exchange gain/(loss)

 

(30)

10

(5)

Net finance income/(expense)

 

(25)

11

5

 

 

 

 

 

Loss before income tax

 

(181)

(83)

(372)

 

 

 

 

 

Income tax expense

 

-

-

-

Loss for the period

 

(181)

(83)

(372)

 

 

 

 

 

Attributable to:

 

 

 

 

- Owners of the Parent

 

(181)

(83)

(372)

 

 

(181)

(83)

(372)

 

 

 

 

 

Basic and diluted loss per share (pence) attributable to the owners of the Parent during the period

3

(0.10)

(0.13)

 

(0.42)

 

 

 

 

 

Consolidated Statement of Comprehensive Income

 

 

(Unaudited)

Period from 1 January 2020 to 30 June 2020

(Unaudited)

Period from 1 January 2019 to 30 June 2019

(Audited)

Year ended

31 December 2019

 

Note

£'000

£'000

£'000

Loss for the period

 

(181)

(83)

(372)

 

 

 

 

 

Other comprehensive expense

 

 

 

 

Items reclassified to profit and loss

 

-

-

-

Accumulated foreign exchange differences arising on subsidiary operations reclassified from equity to profit and loss

 

-

-

-

Other comprehensive expense for the period

 

-

-

-

 

 

 

 

 

Total comprehensive expense for the period

 

(181)

(83)

(372)

 

 

 

 

 

Total comprehensive expense attributable to:

 

 

 

 

- Owners of the Parent

 

(181)

(83)

(372)

 

 

(181)

(83)

(372)

 

 

 

 

Consolidated Balance Sheet

 

 

(Unaudited)

As at

30 June 2020

(Unaudited)

As at 

30 June 2019

(Audited)

As at

31 December 2019

 

Note

£'000

£'000

£'000

Assets

 

 

 

 

Non-current assets

 

 

 

 

Subscriptions due

 

950

-

750

Current assets

 

 

 

 

Trade and other receivables

 

7

17

547

Cash at bank

 

303

1

94

 

 

310

18

641

Assets of disposal group classified as held for sale

 

-

436

-

Total current assets

 

310

454

641

Total assets

 

1,260

454

1,391

 

 

 

 

 

Equity

 

 

 

 

Capital and reserves attributable to owners of the Parent:

 

 

 

 

Issued share capital

 

1,873

623

1,663

Retained earnings

 

(719)

(267)

(556)

Total equity

 

1,154

356

1,107

Liabilities

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

 

106

98

284

Total current liabilities

 

106

98

284

Total liabilities

 

106

98

284

Total equity and liabilities

 

1,260

454

1,391

 

 

 

 

Consolidated Statement of Changes in Equity

 

 

 

Attributable to owners of the Parent

 

 

 

Share capital

Retained earnings/(deficit)

Total

 

£'000

£'000

£'000

Unaudited

 

 

 

Balance at 1 January 2019

623

(184)

439

Comprehensive expense

 

 

 

Loss for the period

-

(83)

(83)

Total comprehensive expense for the period

-

(83)

(83)

Balance at 30 June 2019

623

(267)

356

 

 

 

 

Audited

 

 

 

Balance at 1 January 2019

623

(184)

439

Comprehensive expense

 

 

 

Loss for the period

-

(372)

(372)

Total comprehensive expense for the period

-

(372)

(372)

Transactions with owners

 

 

 

Issue of shares

1,040

-

1,040

Total transactions with owners

1,040

-

1,040

Balance at 31 December 2019

1,663

(556)

1,107

 

 

 

 

Unaudited

 

 

 

Balance at 1 January 2020

1,663

(556)

1,107

Comprehensive expense

 

 

 

Loss for the period

-

(181)

(181)

Total comprehensive expense for the period

-

(181)

(181)

Transactions with owners

 

 

 

Issue of shares

210

18

228

Total transactions with owners

210

18

228

Balance at 30 June 2020

1,873

(719)

1,154

 

 

 

 

 

 

Consolidated Cash Flow Statement

 

 

(Unaudited)

Period from 1 January 2020 to 30 June 2020

(Unaudited)

Period from 1 January 2019 to 30 June 2019

(Audited)

Year ended 

31 December 2019

 

Note

£'000

£'000

£'000

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

Loss for the period before tax

 

(181)

(83)

(372)

Adjustments for:

 

 

 

 

   Finance income

 

(5)

(1)

(10)

Foreign exchange (gain)/loss

 

30

(10)

5

Operating loss before changes in working capital

 

(156)

(94)

(377)

Decrease in trade and other receivables

 

507

47

11

Increase/(decrease) in trade and other payables

 

(170)

15

137

Cash generated from/(used in) operations

 

181

(32)

(229)

Interest received

 

-

-

-

Net cash generated from/(used in) operating activities

 

181

(32)

(229)

Cash flows from financing activities

 

 

 

 

Issue of shares

 

28

-

290

Net cash generated from financing activities

 

28

-

290

Net increase/(decrease) in cash and cash equivalents

 

209

(32)

61

Cash and cash equivalents at beginning of the period

 

94

33

33

Cash and cash equivalents at end of the period

 

303

1

94

 

 

 

 

 

 

 

 

 

 

Notes to the Financial Statements

1              General Information

 

These interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2019 which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union.

 

The interim financial statements for the six months ended 30 June 2020 are unaudited and have not been reviewed by the Company's auditors Jeffreys Henry LLP. The comparative interim figures for the six months ended 30 June 2019 are also unaudited.

 

2              Basis of preparation

 

The accounting policies applied by the Group in the preparation of these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements for the year ended 31 December 2019.

 

3              Basic and diluted loss per share

 

Basic loss per share is calculated by dividing the loss attributable to equity holders of the Group by the weighted average number of shares in issue during the period.

 

 

 

 

 

Period ended

30 June 2020 (Unaudited)

Period ended

30 June 2019 (Unaudited)

Year ended

31 December 2019 (Audited)

Loss attributable to equity holders of the Company (£'000)

(181)

(83)

(372)

Weighted average number of shares in issue (thousands)

178,853

62,293

87,896

Basic loss per share (pence per share)

(0.10)

(0.13)

(0.42)

 

The Company has no dilutive potential ordinary shares; the diluted loss per share is the same as the basic loss per share.

 

 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NEXQVLFLBKLFBBE ]]>