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Lift Global Ventures - Half Year Results


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Lift Global Ventures Plc · LFT

27/03/2024 07:00

Lift Global Ventures - Half Year Results
RNS Number : 4140I
Lift Global Ventures PLC
27 March 2024
 

 

27 March 2024

 

Lift Global Ventures Plc
("Lift" or the "Company")

 

Half Year Results

 

The Directors of Lift Global Ventures Plc (AQSE:LFT) are pleased to announce its half year results for the six-month period ended 31 December 2023.

 

Chairman's Statement

 

It is with pleasure that I take this opportunity to update shareholders of Lift Global Ventures Plc (the "Company" or "Group") on the Group's performance during the six-month period to 31 December 2023.

 

Update on Investment Strategy

 

Miriad Limited ("Miriad")

 

The Company's flagship investment, Miriad, a financial PR and IR consulting company run by well-known stock market commentator and the Company's CEO, Saqib "Zak" Mir continues to go from strength to strength, showing a heathy increase in revenue and profits in the six-month period ended 31 December 2023, compared to the same period in 2022.

 

In the period, Miriad has generated turnover of £280,261 which was 87% up on the same period last year and a net operating positive cash inflow of £48,902. During the six-month period ended 31 December 2023, Miriad made a profit after-tax of £219,373 representing an increase of 136% from the same six-month period in 2022.

 

Over the last 6-months, the average monthly sales of Miriad rose marking a notable increase from the average monthly sales in the year to 30 June 2023. This growth is largely credited to the successful attributed launch of the company's new 'Zaks Traders Cafe' website and the acquisition of 21 new customer contracts in the six-month period since 1 July 2023, not to mention the 25,800 X (Twitter) followers that Zaks Traders Café has built up.

 

It is pleasing to witness more clients realising the value of Zak Traders Café in terms of the content and distribution from a market leader in Zak Mir.

 

During the recent bear market, we have found more companies seeking the benefits of Zak's services on the basis that Zaks Traders Café has a genuine reach and trust as a market commentator amongst retail investors.  

 

Such services include:

                          Daily RNS Hot List

                          Daily Bulletin Heroes

                          Week in Small Caps

                          Daily Crypto Risers

                          Daily US Chart Breakers

 

Investment in Trans-Africa Energy Limited ("TAE")

 

In January 2023, the Company subscribed for £750,000 of unsecured convertible loan notes in TAE, a UK private company focused on the development, financing, construction and operation of energy infrastructure projects located primarily in Sub-Saharan Africa, the first of which is in Ghana.

 

The first project is the Takoradi to Tema pipeline and TAE reports that, despite weather interruptions, the field work required for the Aerial and LiDAR survey was successfully completed along the main pipeline route as well as sectional alternate routes as specified by the pipeline engineer.

 

The full set of topographical and aerial photography data was captured and processed with the information ready for the engineer's interpretation. Following the data review, and in conjunction with the geotechnical reports, the engineer will now finalise the pipeline route and complete the outstanding FEED (Front End Engineering Design) deliverables and then tender for the EPIC (engineering, procurement, installation and commissioning) package.

 

In addition, the full cadastral survey for land ownership identification can also then be undertaken, after which initial individual landowner engagements can take place.

 

The thesis for the pursuit of energy infrastructure projects in Africa is on many fronts including the fact that  Africa is soon to be home to approximately one fifth of the world's population. 

 

According to the International Energy Agency: "Boosting access to secure and sustainable energy in Africa remains essential. More than 600 million people on the continent currently live without access to electricity. To achieve Africa's development goals, as well as energy access and climate objectives, energy spending on the continent needs to more than double by 2030.

 

Investment in All Active Asset Capital Limited ("AAA")

 

In July 2023, the Company made an investment of £50,000 into AAA which is a private UK company investing in the global technology, software and Artificial Intelligence ("AI") space. AAA owns 25% of Sentiance N.V., whose technology provides motion- and mobility-related AI solutions to blue chip companies such as Uber, Absa, Verisure, DBS Bank, Microsoft and Delivery Hero, among others.

 

Sentiance could become a leading player in the insuretech sector, and its technology could be subsequently deployed in the automotive, logistics, and last mile delivery industries and beyond. The Board are pleased to have been given the opportunity to invest in AAA, who we believe has real value in being a technology disruptor in the Insurance-Banking and Gig-Mobility sectors.

 

Investment in WeCap Plc

 

The Company has been continuing to gradually top up its investment in WeCap Plc ("WeCap") (formerly IAMFIRE Plc), an investment issuer listed on the AQSE Market Growth Exchange with an investment strategy focused on opportunities in social commerce and green energy.

 

WeCap's main investment is in WeShop which is a community owned platform that allows consumers to search for and buy products based on community reviews, and rewards transactions and reviews with shares in WeShop called "WeShares". See: https://we.shop

 

Financial Overview

 

As at 31 December 2023, the Group had cash reserves of £179,375, compared to £272,603 as at 30 June 2023. The Group remains debt free.

 

The Group reports revenue of £280,261 for the 6-month period to 31 December 2023 (31 December 2022: £149,875) representing an increase of 87% from the same 6-month period in 2022. During the 6-month period ended 31 December 2023, the Group made a profit of £78,415 (31 December 2022: loss £219,520). This profit is primarily due to the success of Miriad who generated an after-tax profit of £219,373, representing an increase of 136% from the same 6-month period in 2022 (31 December 2022: £92,782).

 

Group administration expenses for the 6-months to 31 December 2023 totalled £167,216 (31 December 2022: £356,909). These expenses can be further broken down as follows: Salaries totalled £75,000 (31 December 2022: £146,392), professional, legal, and consulting fees totalled £82,624 (31 December 2022: £145,613) and exchange listing fees of £4,693 (31 December 2022: £4,928).

 

Summary

 

I would like to congratulate Zak Mir on the strong performance over the period. Not only did Miriad turn a profit, but they were able to sign up some excellent customers in a very challenging period for listed small cap companies.

 

We look forward with great optimism in all our investments and on behalf of the Board, I'd like to thank our shareholders for their continued support.

 

 

 

 

Roy Kelly

Non-Executive Chairman

 

26 March 2024

LIFT GLOBAL VENTURES PLC
CONDENSED consolidated STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

 

 

            Note

 

 

Unaudited

31 December 2023

£

Audited

30 June 2023

£

Unaudited

31 December 2022

£

Non-Current Assets


 

 

 

 

Intangible assets

6

 

307,959

308,463

298,696

Fair value through profit and loss equity investments

7

 

93,862

34,873

36,567

Total non-current assets


 

401,821

343,336

335,263

Current Assets


 

 


 

Trade and other receivables


 

248,014

177,344

171,140

Cash and cash equivalents


 

179,375

272,603

1,199,316

Financial assets at fair value through profit and loss

8

 

750,000

750,000

-

Total current assets


 

1,177,389

1,199,947

1,370,456

Total Assets


 

1,579,210

1,543,283

1,705,719

Current Liabilities


 

 


 

Trade and other payables



50,727

93,215

159,387

Total Liabilities


 

50,727

93,215

159,387

Net Assets


 

1,528,483

1,450,068

1,546,332

Equity attributable to owners of the Parent


 

 


 

Share capital

9

 

957,100

957,100

957,100

Share premium

9

 

1,225,507

1,225,507

1,225,507

Other reserves


 

181,540

181,540

57,824

Retained earnings


 

(835,664)

(914,079)

(694,099)

Total Equity


 

1,528,483

1,450,068

1,546,332

 

The condensed consolidated financial statements were approved and authorised for issue by the Board of Directors on 26 March 2024 and were signed on its behalf by:

 

 

 



 

Roy Kelly

Non-Executive Chairman

 

 

 

 

The accompanying notes on pages 7 to 10 form an integral part of the financial information

LIFT GLOBAL VENTURES PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE six months ENDED 31 DECEMBER 2023

 

 

 

 

Note

Unaudited

For the 6 month period ended 31 December 2023

£

Unaudited

For the period ended 31 December 2022

                     £

Revenue


280,261

149,875

Cost of Sales


(25,835)

-

Gross Profit

 

254,426

149,875

Administration expenses

4

(167,216)

(356,909)

Operating Loss


(167,216)

(356,909)

Valuation losses on fair value through profit and loss equity investments

7

(5,025)

(12,486)

Profit/(loss) before Taxation


82,185

(219,520)

Corporation tax charge


(3,770)

-

Profit/(loss) for the period


78,415

(219,520)

Earnings/(loss) per share (pence) - Basic

5

0.08

(0.23)

Earnings/(loss) per share (pence) - Diluted

5

0.06

(0.23)

 

The Company has no Other Comprehensive Income as at 31 December 2023 (30 December 2022: £nil)

 

All operations are continuing.

 

 

The accompanying notes on pages 7 to 10 form an integral part of the financial information

LIFT GLOBAL VENTURES PLC
CONDENSED CONSOLIDATED STATEMENT of CASH FLOWS 
FOR THE six months ENDED 31 DECEMBER 2023

 

 

 

 

Note

Unaudited

30 December 2023

£

Unaudited

31 December 2022

£

Cash flows from operating activities


 

 

Profit/(loss) for the period


78,415

(219,520)

Adjustments for:




Depreciation & amortisation


504

-

Impairment of receivables


40,000

-

Movement in expected credit loss provision


(70,200)

13,667

Fair value loss on equity investments


5,025

12,486

Income tax expense


3,770

-

Changes in working capital:




Increase in trade and other receivables


(49,471)

204,226

Increase in trade and other payables


(42,488)

43,969

Income tax paid


(3,770)

-

Net cash used in operating activities


(38,215)

54,828

Cash flows from investing activity


 

 

Cash paid for acquisitions, inclusive of acquisition costs


-

(201,840)

Cash paid for investments

7

(55,013)

(49,052)

Cash acquired on acquisitions


-

70,325

Net cash used in investing activity


(55,013)

(180,567)

Cash flows from financing activity


 

 

Net proceeds from issue of shares


-

-

Cost of share issues


-

2,750

Net cash generated from financing activity


-

2,750

Net increase in cash and cash equivalents


(93,228)

(122,989)

Cash and cash equivalents at start of the period


272,603

1,322,305

Cash and cash equivalents at end of period


179,375

1,199,316

 

 

Non-Cash Investing and Financing Activities

 

Unaudited 6 months ended 31 December 2023 - 513,399 Ordinary Shares were issued to Miriad Limited in lieu of services provided, totalling £14,013.

 

 

 

 

 

The accompanying notes on pages 7 to 10 form an integral part of the financial information

 
LIFT GLOBAL VENTURES PLC
CONDENSED CONSOLIDATED STATEMENT of CHANGES IN EQUITY
FOR THE six months ENDED 31 DECEMBER 2023

 

 

 

 

 

 

 

Attributable to Equity Shareholders

 

 

 

Notes

Share capital

£

Share premium

£

Other reserves

£

Retained earnings

£

Total equity

£

Unaudited - Period ended 31 December 2022

 

 

 

 

 

 

At 1 July 2022

 

915,433

1,097,757

57,824

(474,578)

1,596,436

Loss for the period


-

-

-

(219,520)

(219,520)

Total Loss for the period

 

-

-

-

(219,520)

(219,520)

Transactions with owners







Issue of ordinary shares

9

41,667

125,000

-

-

166,667

Cost of capital

9

-

2,750

-

-

2,750

Total transactions with owners

 

41,667

127,750

-

-

169,417

As at 31 December 2022

 

957,100

1,225,507

57,824

(694,098)

1,546,333

Unaudited - Period ended 31 December 2023

 

 

 

 

 

 

At 1 July 2023

 

1,225,507

181,540

(914,079)

1,450,068

Profit for the period


-

-

-

78,415

78,415

Total Profit for the period

 

-

-

-

78,415

78,415

As at 31 December 2023

 

957,100

1,225,507

181,540

(835,664)

1,528,483

 

 

The accompanying notes on pages 7 to 10 form an integral part of the financial information

 

LIFT GLOBAL VENTURES PLC
NOTES TO THE INTERIM REPORT
FOR THE six months ENDED 31 DECEMBER 2023

 

1.             Reporting Entity 

 

Lift Global Ventures Plc (the "Company") is a company domiciled in the United Kingdom. The consolidated interim financial information as at and for the six months ended 31 December 2023 comprise the results of the Company and its subsidiary (together referred to as the "Group").

 

The consolidated financial statements of the Group as at and for the period ended 30 June 2023 are available upon request from the Company's registered office at 6 Heddon Street, London, England, W1B 4BT or at www.liftgv.com. 

 

2.             BASIS OF PREPARATION

 

The financial information set out in this report is based on the consolidated financial information of the Group. The financial information of the Group for the 6 months ended 31 December 2023 was approved and authorised for issue by the Board on 26 March 2024.  The interim results have not been audited. The financial information for the period ended 31 December 2023 set out in this interim report does not comprise the Group's statutory accounts as defined in section 434 of the Companies Act 2006. This financial information complies with the recognition and measurement requirements of UK-adopted international standards.

 

The Group financial information is presented in Pound Sterling and values are rounded to the nearest pound. 

 

The same accounting policies, presentation and methods of computation are followed in the interim consolidated financial information as were applied in the Groups latest annual audited financial statements except for those stated below or those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 July 2023 and will be adopted in the 2024 annual financial statements. 

 

A number of new standards, amendments and became effective on 1 July 2023 and have been adopted by the Group. None of these standards have materially affected the Group.

 

3.             GOING CONCERN

 

Management has prepared a forecast covering 18 months post-period end and believe that current cash reserves will adequately cover the working capital requirements of the Group. Miriad Limited is a revenue generating and profitable entity. Miriad has continued to be revenue generating, adequately covering the operating costs of the Company and the Group and has generated profits in the six-month period to 31 December 2023. The Board believes this will further strengthen over the coming 18 months. The Group has forecast that the Group's projected that the profits generated from Miriad will be sufficient to cover the working capital requirements of the Group for a period of at least 18 months from the period end.

 

As such, the Directors have a reasonable expectation that the Group has, and will have access to, adequate resources to continue in operational existence for the foreseeable future and, therefore, continue to adopt the going concern basis in preparing the financial statements.

 

 

4.             EXPENSES BY NATURE

 

Unaudited

31 December 2023

£

Unaudited

31 December 2022

£

Directors' fees

75,000

146,392

Employers tax contributions and other employment expenses

9,095

15,351

Termination of previous auditor fee

5,000

-

Fees paid to the Company's auditor for the audit of the Company financial statements

3,000

50

Professional, legal and consulting fees

82,624

145,613

PR and marketing

1,050

5,825

Insurance

8,379

11,163

Exchange listing fees

4,693

4,928

IT and software services

984

1,352

Rent

-

245

Depreciation

504

-

Movement in expected credit loss provisions

(70,200)

13,667

Impairment of receivables

40,000

-

Other expenses

7,087

12,323

Total administrative expenses

167,216

356,909

 

 

5.             LOSS PER SHARE

 

 

Unaudited

31 December 2023

£

Unaudited

31 December 2022

£

Net earnings/(loss) for the year from continued operations attributable to equity shareholders

78,415

(219,520)

Weighted average number of shares for the period/year (basic)

95,710,000

94,215,435

Basic earnings/(loss) per share for continued operations (expressed in pence)

0.08

(0.23)

Weighted average number of shares for the period/year (diluted)

133,659,442

132,164,877

Diluted earnings/(loss) per share for continued operations (expressed in pence)

0.06

(0.23)

 

 

The number of share options and warrants that could potentially dilute the loss per share in future periods is 37,949,442 as at 31 December 2023. A calculation for the diluted loss per share was not performed in 2022 as this would be anti-dilutive.

 

 

6.             INTANGIBLE ASSETS

 

Intangible Assets - Cost and Net Book Value

Website

£

Goodwill

£

Customer Relationships

£

Total

£

Cost

 

 

 


As at 1 July 2022

-

-

-

-

Additions

-

189,516

109,180

298,696

As at 31 December 2022

-

189,516

109,180

298,696

Additions

10,000

-

-

10,000

As at 30 June 2023

10,000

189,516

109,180

308,696

As at 31 December 2023

10,000

189,516

109,180

308,696

 

-

 

 


Amortisation

 

 

 


As at 1 July 2022

-

-

-

-

As at 31 December 2022

-

-

-

-

Additions

233

-

-

233

As at 30 June 2023

233

-

-

233

Charge for the year

504

-

-

504

As at 31 December 2023

737

-

-

737

Net book value as at 31 December 2022

-

189,516

109,180

298,696

Net book value as at 30 June 2023

9,767

189,516

109,180

308,463

Net book value as at 31 December 2023

9,263

189,516

109,180

307,959

 

 

The intangible asset classes are:

 

-       Website is the value attributed to the build of Miriad's website.

-       Goodwill is the excess of the consideration transferred and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the net identifiable assets.

-       Customer relations is the value attributed to the key customer lists and relationships of Miriad.

 

Goodwill

 

The Group is required to test, on an annual basis, whether goodwill has suffered any impairment. The recoverable amount is determined based on value in use calculations. The use of this method requires the estimation of future cash flows and the determination of a discount rate in order to calculate the present value of the cash flows. Refer to note 22.

 

The key assumptions used in performing the impairment review over the goodwill balance are in accordance with Miriad's expected profitability and revenue projections over an appropriate period.

 

The Directors have therefore concluded that no impairment to goodwill is necessary.

 

 

7.             FAIR VALUE THROUGH PROFIT AND LOSS EQUITY INVESTMENTS

 

 

£

1 July 2022

-

Additions at cost

49,052

Change in fair value recognised in profit and loss

(12,485)

31 December 2022

36,567

 

 

1 January 2023

36,567

Additions at cost

20,833

Change in fair value recognised in profit and loss

(22,527)

30 June 2023

34,873

 

 

1 July 2023

34,873

Additions at cost

64,014

Change in fair value recognised in profit and loss

(5,025)

31 December 2023

93,862

 

Fair value through profit and loss equity investments include the following;

 


31 December 2023

£

30 June 2023

£

31 December 2022

£

Quoted:

Equity securities - United Kingdom

 

93,862

 

34,873

 

36,567


93,862

34,873

36,567

 

The fair value of quoted securities is based on published market prices.

 

All assets and liabilities for which fair value is measured are categorised within the fair value hierarchy. The fair value hierarchy prioritises the inputs to valuation techniques used to measure fair value. The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments and other assets and liabilities for which the fair value was used:

 

-              level 1: quoted prices in active markets for identical assets or liabilities;

-              level 2: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and

-             level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

 

The following tables set forth, by level, equity investments measured at fair value on a recurring basis as at 31 December 2022, 30 June 2023 and 31 December 2023:

 

 

Quoted Prices in Active Markets for Identical Assets and Liabilities

(Level 1)

 

31 December

2022

£

Significant Other Observable Inputs

 

(Level 2)

 

31 December

2022

£

Significant Unobservable

Inputs

(Level 3)

 

31 December

2022

£

Description

Equity securities:

 

 

 

 

 

 

31 December 2022

36,567

-

-

30 June 2023

34,873

-

-

31 December 2023

93,862

-

-

 

 

8.             financial asset at fair value through profit and loss

 

On 31 January 2023, the Company subscribed for £750,000 of unsecured convertible loan notes in TAE, a UK private company focused on the development, financing, construction and operation of energy infrastructure projects located in Sub- Saharan Africa.


31 December 2023

£

At 1 July 2022

-

Principal loaned

750,000

At 30 June 2023

750,000

As at 31 December 2023

750,000

 

The loan notes do not carry an interest rate, other than in the event of a default by TAE. Other key terms of the convertible loan notes are as follows:

•       Date of maturity of 2 August 2024.

•       Conversion price is equal to:

(i)            on Admission, lower of: (i) price per new share at admission with a 20% discount, and (ii) price per share with deemed market capitalisation of £50 million;

(ii)           on Relevant Fundraising, a price per share with a 20% discount to the subscription price;

(iii)          on a Change of Control, a price per share equivalent to what is being paid by the acquiring entity.

 

9.             Share capital

 

Number of shares

Ordinary shares

£

Share premium

£

Total

£

At 30 June 2022

91,543,334

915,433

1,097,757

2,013,190

Issue of new shares - 5 September 2022

4,166,666

41,667

125,000

166,667

   Cost of Capital

-

-

2,750

2,750

At 31 December 2022

95,710,000

957,100

1,225,507

2,182,607

 

At 30 June 2023

95,710,000

957,100

1,225,507

2,182,607

At 31 December 2023

95,710,000

957,100

1,225,507

2,182,607

 

 

10.          EVENTS AFTER THE REPORTING DATE

 

There have been no events since the reporting date.

 

The Directors of the Company accept responsibility for the contents of this announcement.

 

Enquiries:

 

Lift Global Ventures Plc


Zak Mir, CEO

+44 (0)203 745 1865

Optiva Securities (AQSE Corporate Adviser and Broker)


Christian Dennis

Daniel Ingram

+44 (0)203 411 1881

 

 

For more information please visit: www.liftgv.com 

 

END

 

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