Essentially Grp PLC - Interim Results

29 September 2023

Essentially Group PLC

("Essentially" or the "Company")

Unaudited Interim Report For The Six Months Ended 30 June 2023

Essentially Group PLC (AQSE: ESSN), announces its interim results for the Group for the half year ending 30 June 2023.

Period Highlights

Post Period Highlights

Chairman's Interim Report

The 6-month period ended 30th June 2023 was an exciting and significant one for the Group.

Our High Pressure Processing equipment that was delivered at the end of 2022 had successfully been installed and trials completed during Q1. Over time we anticipate this resulting in improved gross margins and allow us to conduct new product research and development more efficiently and thus bringing new products to the market quicker.

We listed on the Aquis Exchange on 17th March 2023, where I was joined by Raja Abuljebain, our CEO, to bang the gong at the Exchange on a chilly and quiet "FRIDAY" in the city of London….

Strong Non-Oil exports growth will keep the UAE's current account surplus in double digits at least until 2025.

Although there could be a deceleration in Dubai real GDP from 4.2% in 2022 to 3.8% in 2023 through elevated cost of living and high and rising borrowing costs, that said the sustained recovery of the wholesale and retail sector along with the robust financial sector performance and investment activities will keep growth strong by historical standards.

Travel and tourism sector in the UAE is also playing a role in driving economic growth with increasing passenger numbers at Dubai International Airport and Al Maktoum International Airport resulting in international visitors to Dubai exceeding pre-pandemic levels. International visitors to the UAE are expected to increase 40% in 2023.

Dubai is also hosting COP 28, the climate change conference, between 30th November to 12th December 2023 and will be part of this anticipated visitor growth. COP 28 is expected to be the largest to date.

The UAE's population continues to grow, currently at 10.17 million (an increase of nearly 1% from 2022).

All of these drivers point to a bright year for our industry.

Stuart Lever

Chairman

29 September 2023

The directors of the Company take responsibility for this announcement.

GROUP STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX-MONTH PERIOD TO 30 JUNE 2023

GROUP STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2023

CONSOLIDATED GROUP CASHFLOW STATEMENT

FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2023

NOTES TO THE FINANCIAL STATEMENTS

FOR THE SIX-MONTH PERIOD TO 30 JUNE 2023

Essentially Group PLC  is a listed public limited company (Aquis: ESSN) incorporated in the UK and registered in England and Wales (Company Number 14299324). The Company's registered office is at Eastcastle House, 27 - 28 Eastcastle Street, London W1W 8DH.

The interim consolidated financial statements of Essentially Group Plc are unaudited condensed financial statements for the six months ended 30^th June 2023 (the "Interim Statements"). The Interim Statements do not constitute statutory financial statements within the meaning of section 434 of the Companies Act 2006.

A copy of the audited financial statements for the year ended 31^st December 2022 for Essentially Juices Manufacturing L.L.C, the principal operating company of the Group is available in which the auditor's opinion on those financial statements was unqualified and did not draw attention to any matters by way of an emphasis of matter paragraph. These Interim Statements have been prepared on the basis of the accounting policies and the accrual basis of accounting and expected to apply for the financial year to 31^st December 2023 based on the recognition and measurement principles adopted International Financial Reporting Standards (IFRS), in accordance with the provisions of the Companies Act 2006, applicable to companies reporting under IFRS.

The Interim Statements have been prepared under the historical cost convention. The Group's presentation and functional currency is £ Sterling. The Interim Statements do not include all of the information required for full annual financial statements and do not comply with all the disclosures in IAS 34 'Interim Financial Reporting. Accordingly, whilst the Interim Statements have been prepared in accordance with IFRS, they cannot be construed as being in full compliance with IFRS. The preparation of financial statements in conformity with United Kingdom adopted International Financial Reporting Standards (IFRS) requires the use of certain critical accounting estimates.

It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The accounting policies adopted are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31st December 2023.

The Interim Statements incorporate the assets and liabilities of Essentially Group PLC ("Company") as at 30th June 2023 and the result of all subsidiaries for the period then ended. Essentially Group Plc and its subsidiaries together are referred to in these financial statements as the "Group".

Subsidiaries are all those entities over which the Company has control. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. Intercompany transactions, as well as balances and unrealized gains stemming from transactions among entities within the Group are removed. Where required, the accounting policies of subsidiaries have been adjusted to align with the policies adopted by the Group to maintain consistency.

The accounting for the acquisition of subsidiaries follows the acquisition method. A change in ownership interest without losing control, it is treated as an equity transaction. In this scenario, any variance between the consideration paid and share for share is directly recorded in the equity section of Company.