BWA Group Plc - Final Results for the 18 Months to 30 June 2023
Announcement provided by
BWA Group plc · BWAP24/11/2023 18:29
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
24 November 2023
BWA Group PLC
(“BWA” or the “Company”)
Final Results for the 18 Months to 30 June 2023
BWA Group plc [AQSE: BWAP], which has mineral exploration licences in both
The Company has previously announced its unaudited financial results for the first interim period of the six months to 30 June 2022 on 29 September 2022, and the second interim period of six months to 31 December 2022 on 28 June 2023.
The Company also announced the publication of its annual report incorporating the Audited Accounts (the “Annual Report”). A copy of the Annual Report has been published on the Company’s website, http://www.bwagroupplc.com, in accordance with its articles of association, and can also be viewed through the link below.
Key elements of the Audited Accounts can be viewed below.
The Company’s Annual General Meeting for 2023 will be held at No.1 Bow Churchyard,
The Board are responsible for the contents of this announcement.
Ends -
For further information:
BWA Group PLC | +44 7770 225253 |
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STRATEGIC REPORT – REVIEW OF BUSINESS
The company’s principal investments are in
BWA Cameroon Limited has now been granted a further three exploration licences for Heavy Mineral Sands, (primary Rutile), in
Over the 18 month period, activity in
“Tecoma are encouraged by the level of grade and extent of all the target minerals throughout the Nkoteng and Dehane licences.
Geological setting including observed basement geology and depositional environment are considered highly prospective for alluvial heavy mineral sands development.
The results to date are considered positive and demonstrate the grades and thicknesses of potential economic interest over significant lateral extents, and warrant further investigation and advanced exploration work, including drill testing, mineral resource estimation leading to preliminary conceptual mining studies and economic evaluation.”
Over the following 18 months to 30 June 2023, BWA has continued to work on and develop its five licence sites, which have been reported in the following announcements:
- Positive Mineral Results for Nkoteng & Dehane Projects (1 February 2022)
- Completion of mechanised Auger Sampling at Nkoteng 1 of 107 holes drilled, over 193 meters with 171 primary samples (29 June 2022)
- Results of Granulometric Test-Work at Nkoteng Project (7 September 2022)
- Grant of Licences & Access for 3 Exploration Licences (13 December 2022)
- Reconnaissance Site Visit to Dehane 2 (6 April 2023)
The above announcements can be viewed on the company’s website: http://www.bwagroupplc.com/bwa-announcements.html.
The Directors are pleased with the results to date while post period-end announced an Offer for Subscription to raise up to £900,000 to finance working capital and the provision of a Mineral Resource Estimate and Preliminary Economic Assessment for the Dehane 1 area, where investigations to date have produced encouraging results.
In
INCOME STATEMENT
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023
| Period 1.1.22 to 30.6.23 | Year ended 31.12.21 |
| £ | £ |
TURNOVER | 0 | 0 |
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Administrative expenses | 432,882 | 747,430 |
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| -432,882 | -747,430 |
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Other operating income – management fees | 480,000 | 240,000 |
(Loss)/gain on revaluation of investments | -586 | 56,760 |
(Loss)/gain on disposal of investments | -23,911 | 567,529 |
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OPERATING PROFIT | 22,621 | 116,859 |
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Interest receivable and similar income | 24 | 5,707 |
Interest payable and similar charges | -75,847 | -42,876 |
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(LOSS)/PROFIT BEFORE TAXATION | -53,202 | 79,690 |
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Tax on (loss)/profit | 0 | 0 |
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(LOSS)/PROFIT FOR THE FINANCIAL PERIOD | -53,202 | 79,690 |
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(Loss)/profit per share expressed |
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in pence per share: |
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Basic | -0.01 | 0.03 |
Diluted | -0.01 | 0.01 |
BALANCE SHEET
30 JUNE 2023
| 30.6.23 | 31.12.21 |
| £ | £ |
FIXED ASSETS |
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Investments | 2,053,724 | 1,980,034 |
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CURRENT ASSETS |
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Debtors | 641,957 | 48,402 |
Cash at bank | 147,247 | 49,952 |
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| 789,204 | 98,354 |
CREDITORS |
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Amounts falling due within one year | -467,384 | -120,809 |
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321,820 | -22,455 | |
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TOTAL ASSETS LESS CURRENT LIABILITIES | 2,375,544 | 1,957,579 |
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CREDITORS |
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Amounts falling due after more than one year | -34,170 | -45,021 |
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NET ASSETS | 2,341,374 | 1,912,558 |
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CAPITAL AND RESERVES |
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Called up share capital | 2,483,292 | 1,972,239 |
Share premium | 23,858 | 23,858 |
Other reserve | -3,306,659 | -3,243,709 |
Capital redemption reserve | 288,625 | 288,625 |
Equity reserve | 4,338,948 | 4,367,983 |
Retained earnings | -1,486,690 | -1,496,438 |
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SHAREHOLDERS' FUNDS | 2,341,374 | 1,912,558 |
CASH FLOW STATEMENT
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023
| Period 1.1.22 to 30.6.23 | Year ended 31.12.21 |
| £ | £ |
Cash flows from operating activities |
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Cash generated from operations | -237,643 | -366,287 |
Interest paid | -1,638 | -18,644 |
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Net cash used in operating activities | -239,281 | -384,931 |
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Cash flows from investing activities |
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Purchase of fixed asset investments | 0 | -321,785 |
Proceeds from sale of fixed asset investments | 81,358 | 1,018,595 |
Loans to subsidiary undertakings | -179,545 | -273,017 |
Interest received | 24 | 5,707 |
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Net cash (used in)/from investing activities | -98,163 | 429,500 |
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Cash flows from financing activities |
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New loans in period | 86,000 | 0 |
Loan repayments in period | -10,724 | -41,000 |
Loan note proceeds received | 200,000 | 45,000 |
Proceeds from share issue | 159,463 | 0 |
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Net cash from financing activities | 434,739 | 4,000 |
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Increase in cash and cash equivalents | 97,295 | 48,569 |
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Cash and cash equivalents at beginning of year | 49,952 | 1,383 |
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Cash and cash equivalents at end of year | 147,247 | 49,952 |
BWA Group plc Report and Accounts 2023 |
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