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Visum Technologies - Half-Year Results


Announcement provided by

VISUM Technologies Plc · VIS

30/03/2023 16:27

Visum Technologies - Half-Year Results
RNS Number : 8316U
Visum Technologies PLC
30 March 2023
 

30 March 2023

Visum Technologies PLC

("Visum," the "Company," or the "Group")

 

Half-Year Results

 

Visum Technologies PLC (AQUIS: VIS), a video technology company focussed on the global leisure market, announces its unaudited Half-Year Results for the period ended 31 December 2022. A copy of the Half-Year Results is available on the Company's website at: https://visumtechnologies.net/.

 

Financial Overview

 

•     Loss of £457,088 in the period under review with revenues of £119,930

•     Total net asset position £2,741,141 (2021: £2,998,214).

 

Operational overview

 

•     In November 2022, the company opened its first US location in partnership with DEI at the TILT 360 Chicago. 

 

Post period end

 

•     In March 2023, the Company completed a Fee Share Agreement with Terra Nova Capital Partners to provide debt financing for rides & attractions.

 

•     In April 2023, the Company will reopen its existing sites in Europa Park and Linnanmaki.

 

•     The company intends to open a second location at Europa Park in mid-summer 2023.

 

   Marc Dixon, Chief Executive Officer of Visum, said:

 

Given the challenging trading conditions and market uncertainty, the Company has been prudent with our resources and focused on securing contract wins.

 

Visum's recent contract with Terra Nova Capital will allow us to help current and potential clients secure financing for their rides or attractions and provide the company with another revenue stream.

 

The company continues to look at mergers and acquisitions to strengthen further our value proposition in the travel and leisure sector.

 

We will continue to update the market as these, and other developments are available.

 

This announcement contains inside information for the purposes of the UK Market Abuse Regulation. The person who arranged for the release of this announcement on behalf of the Company was Marc Dixon, Chief Executive Officer of the Company, and the Directors of the Company are responsible for releasing this announcement.

 

Andy Edge, Chairman of Visum, said:

 

Having successfully listed the company in June 2022, the business worked hard to secure new installations for its video capture technology. However, given the relatively late listing in the calendar year, most of the 2022 season had passed, and new revenue stream opportunities were limited. Computer chip shortages exacerbated the short-term challenges for the business to grow its income via the core technology last season.

 

Over the last few months, the CEO has focused on finding new opportunities for video imaging technology, prudently managing the monthly cash run rate, and exploring new revenue streams to broaden potential income opportunities. The opportunity to offer complimentary but mutually supportive products and services offers much more scope for revenue growth in 2023 and beyond.

 

The IPO listing fees clearly significantly impact the net loss position in the half-year results. The board remains confident that given new opportunities that we believe exist, both within the core business and outside of it, with adequate funding, the business can grow in 2023 and beyond. Given that a large proportion of the listing costs have now been covered, we expect the financial position to improve in the next 6 months.

 

 

For further information, please contact:

Visum Technologies PLC

+011 (1)804 640 3003

Marc Dixon, Chief Executive Officer


Visum Technologies PLC

+353 (87)108 8646

Andy Edge, Chairman


First Sentinel (AQSE Corporate Adviser)

+44 (0)20 3989 2222

Brian Stockbridge / Jenny Liu


 

About Visum Technologies PLC

Visum Technologies is an AQUIS-quoted provider of video capture technology services. The Company specialises in video solutions for the travel and leisure market. The Company has an experienced management team who have deployed systems across this sector for over 50 years of combined experience.

 

www.visumtechnologies.net

 

 


Visum Technologies PLC

Profit and Loss

July - December, 2022


Total

Income

 

   Other Operating Income

66 269,85 

   Services

53 660,11 

Total Income

                                                               £119,929,96 

Cost of Sales

 

   Cost of sales

 

      Hosting

3 763,79 

      Storage

2 023,21 

   Total Cost of sales

                                                               £5,787,00 

   Purchases

3 740,07 

Total Cost of Sales

                                                                   £9,527,07 

Gross Profit

                                                               £110,402,89 

Expenses

 

   Accountancy & Audit

4 550,00 

   Advertising

6 358,00 

   Bank charges

42,00 

   Consultancy Fees

6 000,00 

      Consultancy Fees - Operational

29 392,48 

      Consultancy Fees - Technical

60 507,37 

      Directors Fees

24 008,19 

         Directors Fees - Other

1 366,74 

      Total Directors Fees

                                                               £25,374,93 

   Total Consultancy Fees

                                                               £121,274,78 

   Directors' remuneration

64 442,75 

   Insurance

4 223,93 

   Interest Payable

20 575,52 

   Legal and professional fees

850,00 

      Co. Secretarial Fees

21 771,11 

      Corporate Finance Fees

30 750,00 

      IPO Listing Fees

74 241,79 

   Total Legal and professional fees

                                                               £127,612,90 

   Marketing Support

4 526,20 

   Rent

270,00 

   Subscriptions

1 236,29 

   Telephone

342,18 

   Travelling expenses

17 576,64 

Total Expenses

                                                               373,031,19 

Net Operating Income

-£262,628,30 

Other Expenses

 

   Unrealised Gain or Loss

0,00 

   Depreciation

186 000,00 

   Exchange Gain or Loss

8 460,20 

Total Other Expenses

                                                               £194,460,20 

Net Other Income

-£194,460,20 

Net Income

-£457,088,50 

 



 

 

 

 

 

 

 

 

 

 

Visum Technologies PLC

Balance Sheet

As of December 31, 2022

 



Total

Fixed Asset

 

   Tangible assets

 

      Goodwill

3 720 000,00 

         Goodwill Amortisation

-244 083,00 

      Total Goodwill

                      £3,475,917,00 

   Total Tangible assets

                      £3,475,917,00 

Total Fixed Asset

                      £3,475,917,00 

Cash at bank and in hand

 

   CORPAY Cross Borders

1 154,75 

   CORPAY Cross Borders EURO

-0,01 

   CORPAY Cross Borders USD

-0,01 

   Lloyds Account 5660

101 770,41 

   Ridercam Bank

0,00 

   Ridercam EURO

0,00 

   Ridercam USD

0,00 

Total Cash at bank and in hand

                         £102,925,14 

Debtors

 

   Debtors

0,00 

   Debtors - EUR

0,00 

   Debtors - USD

0,00 

Total Debtors

£                                    0,00 

Current Assets

 

   Other debtors

-0,43 

   Prepayments

23 533,33 

Total Current Assets

                           £23,532,90 

Net current assets

                         £126,458,04 

Creditors: amounts falling due within one year

 

   Trade Creditors

 

      Creditors

306 460,14 

      Creditors - EUR

-84 073,55 

      Creditors - USD

40 410,15 

   Total Trade Creditors

                         £262,796,74 

   Current Liabilities

 

      Accruals

80 038,69 

      Convertible Loan Note

0,00 

      Loan - Ridercam Deferred Consideration

538 207,43 

      Other loans

6 000,00 

      VAT Control

-20 982,48 

      VAT Suspense

-4 826,22 

   Total Current Liabilities

                         £598,437,42 


Total Creditors: amounts falling due within one year

                         £861,234,16 

Net current assets (liabilities)

-£734,776,12 

Total assets less current liabilities

                      £2,741,140,88 

Total net assets (liabilities)

                      £2,741,140,88 

Capital and Reserves

 

   Ordinary share capital

521 498,58 

   Retained Earnings

-858 760,18 

   Share premium

3 535 490,98 

   Profit for the year

-457 088,50 

Total Capital and Reserves

                      £2,741,140,88 



 

Visum Technologies PLC

Statement of Cash Flows

July - December, 2022

 



Total

OPERATING ACTIVITIES

 

   Net Income

-457 088,50 

   Adjustments to reconcile Net Income to Net Cash provided by operations:

 

      Debtors - EUR

0,00 

      Debtors - USD

0,00 

      Other debtors

348 339,43 

      Prepayments

-13 533,33 

      Goodwill:Goodwill Amortisation

186 000,00 

      Creditors

19 192,83 

      Creditors - EUR

-58 724,51 

      Creditors - USD

-52 417,64 

      Accruals

-18 897,31 

      Convertible Loan Note

-200 000,00 

      Loan - Ridercam Deferred Consideration

-138 730,54 

      Other loans

6 000,00 

      VAT Control

16 243,72 

      VAT Suspense

-4 826,22 

   Total Adjustments to reconcile Net Income to Net Cash provided by operations:

                                                                              £88,646,43 

Net cash provided by operating activities

-£368,442,07 

FINANCING ACTIVITIES

 

   Ordinary share capital

14 285,71 

   Share premium

185 714,29 

Net cash provided by financing activities

                                                                            £200,000,00 

Net cash increase/decrease for period

-£168,442,07 

Cash at beginning of period

271 367,21 

Cash at end of period

                                                                            £102,925,14 

 

 

 

 

Caution regarding forward-looking statements

 

Certain statements in this announcement are or may be considered forward-looking. Forward-looking statements are identified 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 reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

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