THE INFORMATION CONTAINED WITHIN THIS
ANNOUNCEMENT IS DEEMED BY IAMFIRE PLC TO CONSTITUTE INSIDE
INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU)
NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
IamFire plc
AQSE: FIRE
(“FIRE” or the
“Company”)
UNAUDITED INTERIM RESULTS FOR THE SIX
MONTHS ENDED 31 OCTOBER 2022
CHAIRMAN’S STATEMENT
I am pleased to present the interim results for IamFire plc
(AQSE: FIRE) for the period of 30 April
2022 to 31 October 2022.
The period culminated in a successful £3.5m equity raise that
was announced on 18 November 2022. The Board was delighted
with the calibre of investors that have joined the IamFire
shareholder base, including the Miton UK MicroCap Trust plc, which
has become a disclosable shareholder holding some 8.6% of the
Company’s issued share capital.
The Board sees the £3.5m equity raise as a strong vote of
confidence in the Company’s investment portfolio and in particular
the prospects of the WeShop social commerce platform as it
continues to lay the foundations for its growth and
scaling.
The Board used £2.5m of the equity raise to subscribe for
Convertible Loan Notes (“CLNs”) in WeShop Holdings Limited
(“WeShop”) that it had an option over. The Company retains a
further £1.25m of CLNs available to be subscribed for prior to
18 May 2023.
The Company announced on 21 November
2022 that the launch of the WeShop social commerce platform
was gathering real traction with user downloads at 43,000 as at
19 November 2022 and Gross Merchant
Value (“GMV”) of transactions through the platform running at
£12.1m on an annualised basis as at the end of October 2022.
Since then, the Board is pleased to report that the growth
trajectory of the WeShop platform continues to accelerate with over
85,000 user downloads as at the current date and an annualised GMV
based on January’s data in excess of £24m.
Bio2pure Limited is developing technology to clean up polluted
waterways. IamFire currently owns 10% of the issued share
capital of Bio2pure which it acquired through the issuance of
4,000,000 IamFire shares at a deemed price of 20p per share in
August of 2020.
Financial Review
The Company’s financial results for the six months ended
31 October 2022 show a loss of
£169,560 (2021: loss of £86,186) which includes administrative
costs of £100,946 (2021: £67,905), revenue of £nil (2021: £nil),
finance income of £181,479 (2021: £181,479) and finance costs of
£199,760 (2021: £199,760).
As at 31 October 2022, the Company
had cash reserves of £79,435 (2021: £340,870).
The 2022 interim financial report of the Company has not been
audited or reviewed by the Company's auditor, PKF Littlejohn
LLP.
Outlook
The Board continues to look forward to the future progress in
both of its primary investments, WeShop and Bio2pure Limited.
Fire will update the market on these investments in the near term
and the Directors would like to thank shareholders for their
continued support.
S Barblett
Chairman
30 January 2023
The Directors of the Company accept responsibility for the
contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS
Enquiries:
Company:
Sandy Barblett
John Taylor
Fiona Wilmot
info@iamfireplc.com
Peterhouse Capital Limited (Corporate Adviser):
Narisha Ragoonanthun / Guy Miller: +
44 (0) 20 7469 0930 (Direct)
Corporate Broker
Lucy Williams: +44 (0) 20 7469
0930
Duncan Vasey: +44 (0) 20 7220 9797
(Direct)
STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
|
Six months
to 31
October
2022 |
|
Six months to 31
October
2021 |
|
|
|
|
Note |
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
| CONTINUING
OPERATIONS |
|
|
|
|
|
|
|
| REVENUE |
|
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
| Administrative expenses |
|
|
|
|
(100,946) |
|
(67,905) |
|
|
|
|
|
|
|
|
| Loss on revaluation of
investments |
|
|
|
|
(50,333) |
|
- |
|
|
|
|
|
|
|
|
| OPERATING LOSS |
|
|
|
|
(151,279) |
|
(67,905) |
|
|
|
|
|
|
|
|
| Finance income |
|
|
|
|
181,479 |
|
181,479 |
|
|
|
|
|
|
|
|
| Finance costs |
|
|
|
|
(199,760) |
|
(199,760) |
|
|
|
|
|
|
|
|
| LOSS BEFORE TAXATION |
|
|
|
|
(169,560) |
|
(86,186) |
|
|
|
|
|
|
|
|
| Taxation |
|
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
| LOSS FOR THE FINANCIAL
PERIOD |
|
|
|
|
(169,560) |
|
(86,186) |
|
|
|
|
|
|
|
|
| Other Comprehensive Income |
|
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
| TOTAL COMPREHENSIVE LOSS FOR THE
PERIOD |
|
|
|
|
(169,560) |
|
(86,186) |
|
|
|
|
|
|
|
|
| Earnings per share |
|
|
|
|
|
|
|
| Basic EPS (£) |
|
|
|
3 |
(0.001) |
|
(0.002) |
STATEMENT OF FINANCIAL POSITION
|
|
|
As at 31
October
2022 |
|
As at
30 April
2022 |
|
As at 31
October
2021 |
|
Note |
|
(unaudited) |
|
(audited) |
|
(unaudited) |
|
|
|
£ |
|
£ |
|
£ |
| ASSETS |
|
|
|
|
|
|
|
| NON-CURRENT ASSETS |
|
|
|
|
|
|
|
| Investments at FVTPL |
|
|
800,000 |
|
800,000 |
|
814,677 |
| Tangible fixed asset |
|
|
1,117 |
|
1,375 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
801,117 |
|
801,375 |
|
814,677 |
| CURRENT ASSETS |
|
|
|
|
|
|
|
| Trade and other receivables |
|
|
85,854 |
|
99,473 |
|
19,672 |
| Investments at FVTPL |
|
|
69,500 |
|
119,833 |
|
56,300 |
| Financial assets at FVTPL |
|
|
9,584,920 |
|
9,153,440 |
|
4,974,936 |
| Cash and cash equivalents |
|
|
79,435 |
|
429,386 |
|
340,870 |
|
|
|
9,819,709 |
|
9,802,132 |
|
5,391,778 |
|
|
|
|
|
|
|
|
| TOTAL ASSETS |
|
|
10,620,826 |
|
10,603,507 |
|
6,206,455 |
|
|
|
|
|
|
|
|
| EQUITY |
|
|
|
|
|
|
|
| Called up share capital |
4 |
|
1,020,087 |
|
1,020,087 |
|
624,254 |
| Share premium |
4 |
|
7,933,038 |
|
7,933,038 |
|
3,932,752 |
| Other reserves |
|
|
463,014 |
|
463,014 |
|
107,618 |
| Retained earnings |
4 |
|
(4,085,089) |
|
(3,915,529) |
|
(3,469,275) |
|
|
|
|
|
|
|
|
| TOTAL EQUITY |
|
|
5,331,050 |
|
5,500,610 |
|
1,195,349 |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
| NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
| Financial liabilities -
borrowings |
|
|
|
|
|
|
|
| Interest bearing loans and
interest |
|
|
5,269,858 |
|
5,070,098 |
|
4,873,595 |
|
|
|
|
|
|
|
|
| CURRENT LIABILITIES |
|
|
|
|
|
|
|
| Trade and other payables |
|
|
19,918 |
|
32,799 |
|
137,511 |
|
|
|
19,918 |
|
32,799 |
|
137,511 |
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES |
|
|
5,289,776 |
|
5,102,897 |
|
5,011,106 |
|
|
|
|
|
|
|
|
| TOTAL EQUITY AND
LIABILITIES |
|
|
10,620,826 |
|
10,603,507 |
|
6,206,455 |
|
|
|
|
|
|
|
|
STATEMENT OF CASHFLOWS
|
Note |
Six
months
to 31
October
2022 |
|
Year ended 30 April 2022 |
|
Six
months
to 31
October
2021 |
|
(unaudited) |
|
(audited) |
|
(unaudited) |
|
|
|
£ |
|
£ |
|
£ |
| CASH FLOWS FROM OPERATING
ACTIVITIES |
|
|
|
|
|
|
|
| Loss for the year |
|
|
(169,560) |
|
(424,822) |
|
(86,186) |
| Adjustments for: |
|
|
|
|
|
|
|
| Depreciation |
|
|
258 |
|
172 |
|
- |
| Loss/(gain) on revaluation of fixed
assets |
|
|
50,333 |
|
14,844 |
|
3,700 |
| Finance costs |
|
|
199,760 |
|
396,263 |
|
199,760 |
| Finance income |
|
|
(181,479) |
|
(360,000) |
|
(181,479) |
| Share based payments |
|
|
- |
|
175,897 |
|
- |
| Increase in trade and other
receivables |
|
|
13,619 |
|
(86,567) |
|
(6,782) |
| Increase/(decrease) in trade and
other payables |
|
|
(12,882) |
|
(64,725) |
|
39,986 |
|
|
|
|
|
|
|
|
Net cash used in operating activities |
|
|
(99,951) |
|
(348,938) |
|
(31,001) |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
| Purchase of investments
at FVTPL |
|
- |
|
(60,000) |
|
- |
| Purchase of property,
plant and equipment |
|
- |
|
(1,547) |
|
- |
| Investment in
convertible loan notes |
|
- |
|
(4,000,000) |
|
- |
| Investment in option for
convertible loan notes |
|
(250,000) |
|
- |
|
- |
Net cash used in investing activities |
|
|
(250,000) |
|
(4,061,547) |
|
- |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
| Proceeds from the issue of ordinary
shares |
|
|
- |
|
4,831,000 |
|
363,000 |
| Net cash generated
from financing activities |
|
- |
|
4,831,000 |
|
363,000 |
|
|
|
|
|
|
|
|
| Net (decrease) in
cash and equivalents |
|
(349,951) |
|
420,515 |
|
331,999 |
|
|
|
|
|
|
|
|
| Cash and cash
equivalents at beginning of period |
|
429,386 |
|
8,871 |
|
8,871 |
|
|
|
|
|
|
|
|
| Cash and cash equivalents at end of
period |
|
|
79,435 |
|
429,386 |
|
340,870 |
STATEMENT OF CHANGES IN EQUITY
|
|
Share capital |
|
Share premium |
|
Other
reserves |
Retained
earnings |
|
Total
Equity |
|
|
£ |
|
£ |
|
£ |
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
| Balance as at 1 May
2021 |
|
593,504 |
|
3,708,120 |
|
107,618 |
(3,490,707) |
|
918,535 |
| Loss for the
period |
|
- |
|
- |
|
|
(86,186) |
|
(86,186) |
| Total comprehensive
income |
|
- |
|
- |
|
|
(86,186) |
|
(86,186) |
| Issue of share capital
(net of issue costs) |
|
30,750 |
|
332,250 |
|
|
- |
|
363,000 |
| Balance as at 31
October 2021 |
|
624,254 |
|
4,040,370 |
|
107,618 |
(3,576,893) |
|
1,195,349 |
| Loss for the
period |
|
- |
|
- |
|
|
(338,636) |
|
(338,636) |
| Total comprehensive
loss for the period |
|
- |
|
- |
|
|
(338,636) |
|
(338,636) |
| Issue of share capital
(net of issue costs) |
|
395,833 |
|
4,072,167 |
|
|
- |
|
4,468,000 |
| Grant of
options/warrants |
|
|
|
(179,499) |
|
355,396 |
- |
|
175,897 |
| Balance as at 30
April 2022 |
|
1,020,087 |
|
7,933,038 |
|
463,014 |
(3,915,529) |
|
5,500,610 |
|
|
|
|
|
|
|
|
|
|
| Balance as at 1 May
2022 |
|
1,020,087 |
|
7,933,038 |
|
463,014 |
(3,915,529) |
|
5,500,610 |
| Loss in the
period |
|
- |
|
- |
|
|
(169,560) |
|
(169,560) |
| Total comprehensive
loss for the period |
|
- |
|
- |
|
|
(169,560) |
|
(169,560) |
| Issue of share
capital |
|
- |
|
- |
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
| Balance as at 31
October 2022 |
|
1,020,087 |
|
7,933,038 |
|
463,014 |
(4,085,089) |
|
5,331,050 |
NOTES TO THE CONDENSED INTERIM
FINANCIAL STATEMENTS
- GENERAL INFORMATION
The principal activity of the Company is to establish strategic
and portfolio investment opportunities in Social Commerce, Life
Sciences and Natural Resources.
IamFire plc is a public limited company incorporated in
England and Wales under the Companies Act (registered
number 07603259). The Company is domiciled in the United Kingdom and its registered address is
Hyde Park House, 5 Manfred Road,
London, SW15 2RS.
- BASIS OF PREPARATION
These condensed interim financial statements for the period
ended 31 October 2022 have been
prepared in accordance with the AQSE 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 interim financial statements should be
read in conjunction with the annual financial statements for the
year ended 30 April 2022, which have
been prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the European Union.
The interim financial information set out above does not
constitute statutory accounts as defined by Section 434 of the
Companies Act 2006. It has been prepared on a going concern
basis in accordance with the recognition and measurement criteria
of IFRS as adopted by the European Union. Statutory financial
statements for the year ended 30 April
2022 were approved by the Board of Directors on 27 October 2022 and delivered to the Registrar of
Companies. The report of the independent auditor on those financial
statements was unqualified.
- EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the earnings
attributable to shareholders by the weighted average number of
ordinary shares (“WANS”) outstanding in the period. Diluted
earnings per share is calculated using the weighted average number
of shares adjusted to assume the conversion of all dilutive
potential ordinary shares. Diluted loss per share has not been
calculated as the options and warrants have no dilutive effect
given the loss arising in the period.
|
Six months to 31 Oct
2022 |
Six months to 31 Oct 2021 |
Year ended 30 April
2022 |
|
|
|
|
|
|
| Earnings (£) |
(169,560) |
(86,186) |
(424,822) |
|
| WANS (No.) |
205,347,350 |
35,115,104 |
100,878,674 |
|
|
|
| Earnings per share
(£) |
(0.001) |
(0.002) |
(0.004) |
|
|
|
|
|
|
|
- CALLED UP SHARE CAPITAL
As at the end of the reporting period the issued share capital
in the Company was as follows:
|
At 31 October 2022
(unaudited) |
|
At 31 October
2021
(unaudited) |
|
At 30 April 2022
(audited) |
|
No. |
|
No. |
|
No. |
| Ordinary shares of £0.0025 |
205,347,350 |
|
47,014,017 |
|
205,347,350 |
| Deferred shares of £0.2475 |
2,047,350 |
|
2,047,350 |
|
2,047,350 |
Equity comprises the following:
Share capital: represents amounts subscribed for shares at
nominal value
Share premium: represents amounts subscribed for share capital,
net of issue costs, in excess of nominal value.
Retained earnings: represents the accumulated profits and losses
attributable to equity shareholders.
The interim financial information document will also be
available on the Company’s website www.iamfireplc.com
