TIDMACRM 
 
28 September 2023 
 
Acuity RM Group plc 
 
('ACRM' or the 'Company or the "Group"') 
 
Interim Results to 30 June 2023 
 
Acuity RM Group plc (AIM:ACRM), which owns Acuity Risk Management Limited 
("Acuity"), today releases its interim results for the six months ended 30 June 
2023 ("H1 2023" or the "Period"). 
 
During the Period the Company acquired the balance of the issued and to be 
issued share capital Acuity via a reverse takeover (the "Acquisition"), 
therefore the results for H1 2023 comprise the period to 23 April 2023, prior to 
the Acquisition when the Company was constituted as an investing company, and 
the period from 23 April to 30 June 2023, following the Acquisition of the 
outstanding shares not already owned by the Company in Acuity, when the 
consolidated results incorporate the trading performance of Acuity for that 
period. 
 
H1 2023 Highlights 
 
  · During the period the Company transitioned from being an investing company 
to a trading company, following the acquisition of the outstanding share capital 
of Acuity not already by the Company, which was completed in April 2023; 
  · To reflect this the Company changed its name from Drumz plc to Acuity RM 
Group plc 
 
Post Period end highlights 
 
  · Since the completion of the Acquisition, Acuity has secured two new UK based 
contracts with a combined value of over £450,000.  In addition, since the period 
end Kerry Chambers was appointed as CEO of Acuity and as a main board Director 
of ACRM. 
 
Angus Forrest, Chief Executive of ACRM commented on the results: "The 
Acquisition is a major strategic move for ACRM, having worked with Acuity for 
three years we understand the business and its opportunities, Acuity's Key 
Performance Indicators (KPIs) are shown in my report.  They demonstrate 
continuing advances across all parts of the business and particularly the sales 
and market opportunity which is expanding quickly with major orders being won." 
 
For further information please contact: 
Acuity RM Group plc                        www.acuityrmgroup.com 
Angus Forrest                              +44 (0) 20 3582 0566 
 
WH Ireland (NOMAD & Broker)                www.whirelandcb.com 
Mike Coe / Sarah Mather                    +44 (0) 20 7220 1666 
 
Peterhouse Capital Limited (Joint broker) 
Lucy Williams / Duncan Vasey               +44 (0) 20 7469 0936 
 
Clear Capital (Joint broker) 
Andrew Blaylock                            +44 (0) 20 3869 6080 
 
Note to Editors 
 
Acuity RM Group plc 
 
Acuity RM Group plc (AIM: ACRM), is an established provider of risk management 
services. Its award-winning STREAM® software platform collects data about 
organisations to improve business decisions and management. It is used by around 
70 organisations in markets including government, utilities, defence, 
broadcasting, manufacturing and healthcare.  The Company is focused on 
delivering long term, sustainable growth in shareholder value. In the short to 
medium term this is expected to come from the organic growth of Acuity and 
thereafter may also come from complementary acquisitions. 
 
CHAIRMAN'S STATEMENT 
 
I am pleased to present the Company's interim results for the six months ended 
30 June 2023. It has been a transformative period for the Company, in which it 
has transitioned from being an investing company to a trading company, following 
the acquisition of the outstanding share capital of Acuity, not already owned by 
the Company, which was completed in April 2023 (the "Acquisition").   In 
addition to reflect this change, the Company changed its name from Drumz plc to 
Acuity RM Group plc. 
 
Acuity is an established provider of risk management services. Acuity's award 
-winning STREAM® is a GRC software platform, which collects data about 
organisations to improve business decisions and management. It is used by around 
70 organisations in markets including government, utilities, defence, 
broadcasting, manufacturing and healthcare. Most customers use it for managing 
cybersecurity and IT risks and for compliance with ISO 27001 and other standards 
and regulations. STREAM® is sold on a SaaS or private cloud delivery (on 
-premise) basis, typically with a three year licence, invoiced annually in 
advance. Sales are made directly through the Company's own sales team and via a 
growing network of partners in the UK and the US. 
 
In conjunction with the Acquisition, the Company raised £1.45 million (before 
expenses) by issuing new ordinary shares in a placing and the Company's name has 
been changed to "Acuity RM Group plc" from "Drumz plc". In addition, the Company 
has created a new website, which I would recommend to all shareholders, to view: 
 
www.acuityrmgroup.com 
 
Results and performance 
 
The H1 2023 results comprise the period to 23 April 2023, when the Company was 
constituted as an investing company and the period from 23 April to 30 June 
2023, following the Acquisition when the consolidated results incorporate the 
trading performance of Acuity for that period. 
 
The Group's principal assets of the Group are our wholly owned subsidiary 
Acuity, the award winning business specialising in risk management and 
cybersecurity and the legacy holding in KCR Residential REIT plc ("KCR"), a 
company listed on AIM, which owns property in the private rented residential 
sector. The share price performance of KCR continues to disappoint and these 
interim results include a further downward adjustment to the fair value of this 
investment of £73,000 (30 June 2022: loss of £146,000) to reflect its prevailing 
market price. 
 
The Group's results for the Period showed consolidated revenue of £347,000 (H1 
2022: £30,000), reflecting the income earned by Acuity for the short period it 
was fully owned by the Company.  Taking into account the increase in 
administrative costs occasioned by the Acquisition of Acuity of £387,000, the 
Group incurred an operating loss of £272,000 (30 June 2022: loss of £115,000). 
After the loss on investments referred to above of £73,000, the charge for 
amortisation and depreciation of £62,000, the write off costs of the 
Acquisition, taken through the statement of comprehensive income, £46,000 and 
the share option and other costs of £27,000 the Company made a loss before 
taxation of £384,000 (30 June 2022: loss of £261,000). 
 
The basic and fully diluted loss per share amounted to 0.5p (30 June 2022: loss 
per share of 0.4p). No dividend has been declared for the period. 
 
Principally as a result of the Acquisition, the Company's net assets have 
increased to £5,463,000 (30 June 2022: £1,374,000), As more fully set out in 
Note 7 to these financial statements, these financial statements include the 
goodwill on acquisition of £5,829,000 and the inclusion for the first time of 
capitalised development costs of £353,000. Cash and cash equivalents at 30 June 
2023 amounted to £493,000 (30 June 2022: £413,000). 
 
Board 
 
On 9 March 2023 Nish Malde, a non-executive director of the Company, resigned to 
focus on his other business commitments. The Board would like to place on record 
its thanks to Nish for his long standing commitment to the Company and to wish 
him well for the future. 
 
As anticipated at the time of the Acquisition, in June 2023, Simon Marvell, who 
had been appointed to the Board following the completion of the Acquisition of 
Acuity, stood down as a director of the Company and was replaced by Kerry 
Chambers who was appointed a director of the Company and CEO of Acuity in July. 
I am pleased to be able to report that that the Group will continue to benefit 
from Simon's good counsel, as he will continue to serve as non-executive 
director of Acuity and be available to the Group as a consultant. 
 
Outlook 
 
Over the past three years the Board has worked closely with Acuity, particularly 
in relation to sales and marketing activities and improving its key business 
indicators. I am therefore delighted that the acquisition of Acuity has now been 
completed, good progress has been made since completion of the Acquisition with 
a number of new contracts secured and I look forward to reporting further 
progress at Acuity under the leadership of Kerry Chambers and her team. I would 
also like to take this opportunity to thank my colleagues on the Board, the 
Company's advisers and its shareholders for their continued support. 
 
Simon Bennett 
 
Chairman 
 
28 September 2023 
 
CHIEF EXECUTIVE'S REPORT 
 
H1 2023 has been one of significant change for the Company. At beginning of the 
year, the Company was an investing company with two principal investments: a 25% 
stake in Acuity and a legacy shareholding in KCR Residential REIT, which will be 
realised as and when an opportunity presents itself. 
 
In April 2023, the Company completed the acquisition of the balance of the 
issued and to be issued share capital in Acuity, which it did not already own, 
for a total consideration of approximately £3.6 million, which was satisfied by 
the issue of 45,709,570 new ordinary shares and the payment of £0.5 million in 
cash. In order to fund the cash consideration of the Acquisition, pay the deal 
costs and fund the continued development of the Group, the Company raised £1.45 
million (net of expenses) through a placing and subscription of 32,222,222 new 
ordinary shares. 
 
The rationale for the Acquisition of Acuity was based on the increasing 
confidence of the Board in the progress being made at the business, since the 
Company's initial investment in Acuity in September 2020. We have worked closely 
with Acuity since then, the primary focus having been on further improving the 
commercialisation of Acuity. 
 
In that regard, contract terms have been revised and all sales of Acuity's risk 
management software, STREAM®, have been put on a SaaS or private cloud (on 
-premise) subscription basis. Sales and marketing activities have been 
strengthened, with a new digital marketing programme and the sales team has been 
strengthened through recruitment. The benefits of these measures are starting to 
be recognised and the Board believes Acuity is well placed to exploit the 
opportunities presented to it in the large and expanding global GRC (Governance, 
Risk, Compliance) market in which it operates. 
 
Further information on Acuity and its business is set out below 
 
Operating review of the Period 
 
The integration of Acuity into the Group has gone smoothly. Since the completion 
of the Acquisition, Acuity has secured two new UK based contracts with a 
combined value of over £450,000 over three years. 
 
Part of Acuity's strategy has been to focus on its partners in 2023, in line 
with the most successful suppliers of GRC software in the market place.  This 
programme has been a success, both in terms of the number of partners and, in 
addition, when measured by the winning of more customers at higher values and 
with a growing order book. 
 
The Acuity staff have reacted positively to the change in ownership. 
Furthermore, management has been strengthened post the period end with the 
appointment of both Adam Freeman as Chief Technical Officer and Tom Miller as 
Chief Financial Officer. I am pleased to be able to report that both have hit 
the ground running and begun to have a positive impact on the business. 
 
All of the Acuity's key performance Indicators ("KPIs") as at 31 March 2023 
(being Acuity's historic financial year end) were trending positive as shown in 
table below: 
 
                                   31  31 March 2022  31 March 2021 
                 March 
                                 2023 
Annual revenues                 1,754          1,558          1,226 
£'000 
Gross margin %                    89%            92%            92% 
Renewal rate                      96%            82%            81% 
Sales pipeline                  4,200          1,360          1,549 
£'000 
Net recurring                  125.6%              _              _ 
revenue % 
Monthly                           139            112             88 
recurring 
revenue£'000 
 
As at 31 August monthly recurring revenue was c. £150,000. 
 
Overview of Acuity 
 
Acuity is an established provider of governance, risk and compliance ("GRC") 
risk management software and services via its award-winning software platform 
STREAM®. STREAM® collects data about organisations and provides functionality to 
improve business decisions and management. It is in use in sectors including 
government, utilities, defence, broadcasting, manufacturing and healthcare. Most 
customers use STREAM® for GRC, managing cybersecurity and IT risks and for 
compliance with ISO 27001 and other standards and regulations, although it can 
be configured to manage other risks such as vendor management to provide a 
comprehensive view of risk and compliance across an organisation. 
 
STREAMÒ has several competitive strengths including: 
 
  · Speed of deployment - it can be deployed in four to six weeks 
  · Flexibility - STREAMÒ can be used to manage a wide range of risks 
  · Configurability - which allows the user to set the configuration themselves 
without the need for custom coding; and 
  · User experience and industry analysis - STREAMÒ has been developed over 15 
years, is simple and intuitive to use and is well reviewed by influential 
analysts, including Gartner. 
 
The GRC market, in which Acuity operates in, includes all organisations in the 
public, private and not for profit sectors which have a requirement to manage 
their risks or comply with regulations and standards. The drivers of the market 
are digital transformation and organisations' increasing awareness of their 
internal requirement to optimise all aspects of their business and external 
relations and regulation for better compliance and governance. 
 
Acuity operates in the enterprise GRC market which is large, valued at $15bn in 
2022 and expanding, and forecast to grow to $27bn by 2027 (Source 
marketsandmarketsä). 
 
STREAM® is sold via subscription on a SaaS or private cloud delivery (on 
-premise) basis (using a customer's infrastructure), typically on a three year 
licence, invoiced annually in advance. The first year's price will be higher as 
it will usually include an element of consultancy for both customisation and 
implementation of the system. Sales are made directly through Acuity's own sales 
team and via a growing network of partners in the UK and the US. The software is 
usually delivered from the cloud hosted by the SaaS business, often utilising an 
international platform such as Amazon Web Services, Microsoft Azure, Google 
Cloud or similar. 
 
Strategy 
 
The future strategy of the Company following the acquisition of Acuity is to 
develop its business to deliver long term, sustainable growth in shareholder 
value. In the short to medium term this is expected to come from organic growth 
and thereafter may also come from complementary acquisitions. 
 
The Group will be focused on key business objectives including: 
 
  · accelerating revenue growth organically in both existing and new global 
markets; 
  · further penetrating existing markets by forging stronger customer and 
partner relationships; 
  · improving operational efficiencies; 
  · continuing to invest in developing STREAM® to enhance its offering; and 
  · becoming a profitable and cash generative group. 
 
Summary 
 
The focus is on building the value of Acuity, through growth of the customer 
base, winning new orders which will produce rising revenues.  Recent contract 
wins and a strong pipeline of opportunities are giving the Board increasing 
confidence that the initiatives that have already been implemented are beginning 
to deliver. 
 
The Board is confident that further progress will be made in the second half 
despite the general economic gloom and looks forward to updating shareholders in 
due course. 
 
Angus Forrest 
 
Chief Executive 
 
Condensed consolidated statement of comprehensive income 
 
                Notes             Unaudited              Unaudited   Audited 12 
                                  six months             six         months to 
                                  to 30 June             months to   31 
                                      23                 30 June     Dec 22 
                                                         22 
                       Continuing  Acquisition24  Total  Continuing  Continuing 
                       operations  Apr - 30 Jun          operations  operations 
                         £'000         £'000      £'000    £'000       £'000 
Revenues                   20           327        347       18          60 
Cost of sales              -           (33)       (33)       -           - 
Gross profit               20           294        314       18          60 
 
Administration           (199)         (387)      (586)    (133)       (316) 
costs 
 
Operating loss           (179)         (93)       (272)    (115)       (256) 
Loss on                   (73)                    (73)     (146)        (85) 
investments 
Amortisation                           (60)       (60)       -           - 
of 
intangible 
assets 
Depreciation                            (3)        (3)       -           - 
Share option               25                      25 
provision 
Finance                                 (1)        (1) 
Loss before              (227)         (157)      (384)    (261)       (341) 
tax 
Tax                        -             -          - 
 
Loss for                 (227)         (157)      (384)    (261)       (341) 
period 
 
Earnings per     (4)     (0.3)         (0.2)      (0.5)    (0.4)       (0.8) 
share 
Basic EPS from   (4)     (0.3) 
continuing 
operations 
Basic EPS from   (4)                   (0.2)      (0.5)    (0.4)       (0.8) 
loss for the 
period 
 
Diluted earnings per share is taken as equal to basic earnings per share as the 
Company is loss making and the average share price during the period is lower 
than the exercise price and therefore the effect of including share options is 
anti-dilutive. 
 
Condensed consolidated statement of financial position 
 
                                    Unaudited as  Unaudited as  Audited as 
                                      at 30 June    at 30 June   at 31 Dec 
                                            2023          2022        2022 
                              Note         £'000         £'000       £'000 
ASSETS 
Non-current assets 
Investments at fair value      9             232           942         930 
through profit or loss 
Tangible assets                               10 
Intangible assets              7           6,204 
                                           6,446           942         930 
Current assets 
Trade and other receivables                  678            34         122 
Cash and cash equivalents                    493           413         222 
                                           1,171           447         344 
Total assets                               7,617         1,389       1,274 
LIABILITIES 
Current liabilities 
Trade and other payables                     568            15          47 
Deferred income                            1,406 
Total liabilities                          1,974            15          47 
Net assets                                 5,643         1,374       1,227 
EQUITY 
Share capital                 8            2,767         2,688       2,688 
Share premium account                     12,269         8,385       8,385 
Share option reserve                          67            41          51 
Convertible loan                               -             -           - 
Merger reserve                             1,833         1,012       1,012 
Retained earnings                       (11,293)      (10,752)    (10,909) 
Total equity attributable to               5,643         1,374       1,227 
shareholders of the company 
 
Condensed consolidated statement of changes in equity 
 
                          Share    Share 
                 Share  premium   option    Merger  Retained   Total 
               capital  account  Reserve   reserve  earnings  equity 
                 £'000    £'000    £'000     £'000     £'000   £'000 
Balance at 1     2,688    8,385       30     1,012  (10,568)   1,547 
January 2022 
Total                -        -       __         - 
comprehensive 
profit 
Share option        __       __                 __         _ 
reserve 
Balance at 30    2,688    8,385       30     1,012  (10,568)   1,547 
June 2022 
Total                -        -      __-         -     (341)   (341) 
comprehensive 
loss 
Share option        __       __       21        __                21 
reserve 
Balance at 31    2,688    8,385       51     1,012  (10,909)   1,227 
December 2022 
Total                -        -        -         -     (384)   (384) 
comprehensive 
loss 
Issue of            79    3,884                                3,963 
shares net of 
costs 
Fair value           -        -        -       821               821 
adjustment 
Share option        __       __       16        __        __      16 
reserve 
Balance at 30    2,767   12,269       67     1,833  (11,293)   5,643 
June 2023 
 
Condensed consolidated statement of cash flows 
 
                           Unaudited 6        Unaudited 6   Audited year to 
                     months to 30 June  months to 30 June  31 December 2022 
                                  2023               2022 
                                 £'000              £'000             £'000 
Cash flows from 
operating 
activities 
(Loss)/profit                    (384)              (184)             (341) 
before taxation 
Adjustments for: 
Fair value                          73                 73                85 
adjustment for 
listed investments 
Depreciation and                    63 
amortisation 
Share option                      (25)                 11                21 
reserve 
Changes in working 
capital: 
- (Increase)/decrea              (544)               (11)              (99) 
se in trade and 
other receivables 
- (Decrease)/increa              2,059               (37)               (5) 
se in trade and 
other payables 
Subsidiary working             (1,849) 
capital movement 
on acquisition 
Net cash used in                 (607)              (148)             (339) 
operating 
activities 
Cash flows from                    878 
investing 
activitiesPurchase 
of investmentsCash 
flows from 
financing 
activitiesCash 
raised through 
issue of shares 
(net of 
transaction costs) 
Cash received from                 878 
financing 
activities 
Net increase /                     271              (148)             (339) 
(decrease) in cash 
and cash 
equivalents 
Cash and cash                      222                561               561 
equivalents at 
beginning of 
period 
Cash and cash                      493                413               222 
equivalents at end 
of period 
 
1. Nature of operations and general information 
 
The principal activity of the Company is investing in and managing technology 
companies, which offer value creation opportunities over the short and medium 
term. In the period the Company acquired Acuity Risk Management Ltd on 24 April 
2023 from which date it has been classified as a trading business and is 
actively participating in the management of Acuity Risk Management Ltd. 
 
Acuity RM Group plc is incorporated and domiciled in the United Kingdom. The 
address of the registered office is 2[nd] Floor 80 Cheapside, London, EC2V 6EE. 
 
The Company's shares are listed on AIM, a market operated by the London Stock 
Exchange. The condensed consolidated interim financial report was approved for 
issue by the Board of Directors on [27] September 2023. 
 
The financial information set out in this interim financial report does not 
constitute statutory accounts as defined in Sections 434(3) and 435(3) of the 
Companies Act 2006. The Company's statutory financial statements for the year 
ended 31 December 2022 have been filed with the Registrar of Companies and are 
available at www.acuityrmgroup.com. The auditor's report on those financial 
statements was unqualified and did not contain any statement under Section 
498(2) or Section 498(3) of the Companies Act 2006. 
 
2. Basis of preparation 
 
The condensed consolidated interim financial report has been prepared in 
accordance with the requirements of the AIM Rules for Companies. As permitted, 
the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in 
preparing this interim financial information. The condensed consolidated interim 
financial statements should be read in conjunction with the annual financial 
statements for the year ended 31 December 2022. The interim financial statements 
have been prepared in accordance with International Financial Reporting 
Standards (IFRSs) as adopted by the United Kingdom which have not differed from 
the previously EU-endorsed IFRS, and hence the previously reported accounting 
policies still apply. 
 
Going concern 
 
The Directors, having made appropriate enquiries, consider that adequate 
resources exist for the Company and Group to continue in operational existence 
for the foreseeable future and that, therefore, it is appropriate to adopt the 
going concern basis in preparing the condensed consolidated interim financial 
statements for the period ended 30 June 2023. 
 
Risks and uncertainties 
 
The Board continuously assesses and monitors the key risks of the business. The 
key risks that could affect the Group's medium-term performance and the factors 
that mitigate those risks have not substantially changed from those set out in 
the Company's 2022 Annual Report and Financial Statements, a copy of which is 
available on the Company's website: www.acuityrmgroup.com. 
 
Critical accounting estimates 
 
The preparation of condensed consolidated interim financial report requires 
management to make estimates and assumptions that affect the reported amounts of 
assets and liabilities at the end of the reporting period. Significant items 
subject to such estimates are set out in the Company's 2022 Annual Report and 
Financial Statements. The nature and amounts of such estimates have not changed 
significantly during the interim period. 
 
3. Accounting policies 
 
Except as described below, the same accounting policies, presentation and 
methods of computation have been followed in these condensed consolidated 
interim financial statements as were applied in the preparation of the Group's 
annual financial statements for the year ended 31 December 2022. 
 
3.1 Changes in accounting policy and disclosures 
 
(a) Accounting developments during 2023 
 
The International Accounting Standards Board (IASB) issued various amendments 
and revisions to International Financial Reporting Standards and IFRIC 
interpretations. The amendments and revisions were applicable for the period 
ended 30 June 2023 but did not result in any material changes to the financial 
statements of the Group or Company. 
 
Standard    Impact on initial          Effective date 
            application 
IAS 8       Accounting estimates       1 January 2023 
IAS 1       Classification of          1 January 2023 
            Liabilities as Current or 
            Non-Current. 
IAS 1       Disclosure of Accounting   1 January 2023 
            Policies 
 
(b) New standards, amendments and interpretations in issue but not yet effective 
or not yet endorsed and not early adopted 
 
The Group is evaluating the impact of the new and amended standards above which 
are not expected to have a material impact on the Group's results or 
shareholders' funds. 
 
4. Loss per ordinary share 
 
The loss per ordinary share is based on the weighted average number of ordinary 
shares in issue during the period of 70,042,357 ordinary shares of 0.1p (2022: 
41,982,205 ordinary shares of 0.1p adjusted for share reorganisation 24 April 
2023) and the following figures: 
 
                         Unaudited 6        Unaudited 6        Audited year to 
                         months to 30 June  months to 30 June  31 December 2022 
                         2023               2022 
Loss attributable to     (384)              (184)              (341) 
equity shareholders 
£'000 
Loss per ordinary share  (0.5)p             (0.4)p             (0.8)p 
 
There was a 1 for 2,000 consolidation followed by a 200 for 1 subdivision of the 
ordinary shares of 0.1p on 24 April 2023.  Following that exercise, each new 
ordinary share is worth approximately 10 old shares.  All share numbers and loss 
per share set out above have been adjusted to reflect the change, in that they 
are calculated using the new consolidated ordinary shares 
 
Diluted loss per share is taken as equal to basic earnings per share as the 
Company's average share price during the period is lower than the exercise price 
and therefore the effect of including share options is anti-dilutive. 
 
5. Segmental analysis 
 
There Company now manages its wholly owned subsidiary a software company, Acuity 
Risk Management Limited and may acquire other technology businesses. 
 
Six months to 30 June 2023 
 
                Acuity Risk Management Ltd  Acuity RM Group plc  Total 
                          £'000                    £'000         £'000 
Revenue                    327                      20            347 
Cost of sales              (33)                                  (33) 
Admin costs               (387)                    (199)         (586) 
Operating Loss             (93)                    (179)         (272) 
Amortisation               (63)                                  (63) 
and 
depreciation 
Finance                    (1)                                    (1) 
Loss on                                            (73)          (73) 
investment 
Share option                                        25            25 
charge 
Tax 
 
Loss of period            (157)                    (227)         (384) 
 
All activities are based mainly in the United Kingdom. 
 
6. Business combinations 
 
On 24 April 2023 the Group acquired the ordinary shares in Acuity Risk 
Management Limited which it did not own, valuing Acuity Risk Management Ltd at 
£5 million.  The consideration for the shares acquired was £3,585,396.  This 
investment is included in the parent company's Statement of Financial Position 
at its fair value at the date of acquisition. 
 
The completion accounts show a breakdown of the assets and liabilities of the 
acquired company to be as follows: 
 
                Book value  Fair value adjustment  Fair value to Group 
                  £'000             £'000                 £'000 
Investments 
Intangible        1,493             4,711                 6,204 
fixed assets 
Tangible fixed      10                                     10 
assets 
Receivables        385                                     385 
Cash and Bank      163                                     163 
Payables          (363)                                   (363) 
Deferred         (1,399)                                 (1,399) 
revenues 
Deferred tax 
Net assets on      289              4,711                 5,000 
acquisition 
Goodwill on                                              (1,415) 
acquisition 
Total                                                     3,585 
consideration 
 
Discharged by: 
Shares in                                                 3,085 
Acuity RM 
Group plc 
Cash payment                                               500 
Total                                                     3,585 
 
The revenue and loss included in the Consolidated Statement of Comprehensive 
Income for the nine weeks to 30 June was £327,000 and (£157,000) Pre-tax 
respectively 
 
7.  Intangible assets 
 
                Other      Goodwill    Development costs  Total 
              Intangible  acquired on 
                Assets    acquisition 
                £'000        £'000           £'000        £'000 
Cost 
1 January         -            -               -            - 
2023 
 
Additions         22         5,829            353         6,204 
At 30 June        22         5,829            353         6,204 
2023 
 
Amortisation 
At 1 January      -            -               -            - 
2023 
Charge in                      - 
period 
At 30 June                     - 
2023 
 
Net book 
value 
30 June 2023      22         5,829            353         6,204 
 
31 December       -            -               -            - 
2022 
 
8.  Share capital 
 
As at 30 June 2023 the Company's share capital was as follows: 
 
Allotted, issued and fully paid       No.        Value £ 
 
Ordinary shares of 0.1p each       121,025,303    121,025 
Deferred shares of 0.1p each     2,645,954,765  2,645,955 
 
Total                                           2,766,980 
 
As at 31 December 2022   41,982,205 (adjusted for reorganisation approved 24 
April 2023) 
 
There was a consolidation and subdivision of the ordinary shares of 0.1p on 24 
April 2023.  Following that exercise, the number of shares was reduced on the 
basis of 1 for 10. 
 
9.  Investment 
 
The Company made investments as follows during the years ended 31 December: 
 
2018 it acquired 2,435,710 shares in KCR Residential REIT PLC, an AIM listed 
real estate investment trust specialising in the acquisition and management of 
rented residential portfolios in the UK. 
 
The cost was £1,705,000. 
 
In accordance with IFRS 7, financial instruments are measured by level of the 
following fair value measurement hierarchy: 
 
Level 1: quoted prices in an active market for identical assets or liabilities. 
The fair value of financial instruments traded in active markets is based on 
quoted market prices at the balance sheet date. A market is regarded as active 
if quoted prices are readily and regularly available and those prices represent 
actual and regularly occurring market transactions on an arm's-length basis. The 
quoted market price used for financial assets held by the Group is the closing 
price on the last day of the financial year of the Group. These instruments are 
included in level 1 and comprise FTSE and AIM-listed investments classified as 
held at fair value through profit or loss. 
 
Fair value at 30 June 2023 was £232,000 (31 December 2022 £305,000) and at 30 
June 2022: £317,000). 
 
It is the directors' intention to realise this investment when there is an 
appropriate opportunity. 
 
In the period the Company acquired 100% of the issued share capital of Acuity 
Risk Management Ltd, a company in which it had previously owned a 25% 
shareholding and in previous periods had been accounted for as an investment. 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END 
 
 

(END) Dow Jones Newswires

September 28, 2023 03:04 ET (07:04 GMT)

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