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Early Equity Plc - Half-year Report

·4-min read

EARLY EQUITY PLC

("Early Equity" or the "Company")

Interim Results

Executive Director’s Statement

I am pleased to present the unaudited interim results for the Company for the six month period ended 28th February 2021.

Results and Review of Business

The loss for the period was GBP£79,982 (2020: GBP344,474) representing a loss per share of 0.01p (2020: 0.038p). The losses are significantly lower than the previous year, which primarily reflected the costs associated with the subsidiary business (Meihome (M) Sdn Bhd (‘Meihome’). As this business is currently experiencing very low levels of activity due to the ongoing Covid 19 pandemic, the Company is not responsible for its general running costs. The losses in the period relate to the holding company costs.

Although the Group generated a loss in the period it has a net asset position of £1,675,432 (2020 - £1,437,516) including a cash balance of £548,185

During the period, the Company raised a total of £754,433 by way of subscription.

Post Balance Sheet Events

On 18 May 2021, the Company raised a further sum of £90,000 by way of subscription and it acquired the entire issued ordinary A share capital of Farina Investments (UK) Limited (“Farina”), representing 100% of its voting shares. Farina is a company which provides services to the insolvency industry.

The primary strategic rationale for the acquisition was that Farina holds 146,062 ordinary shares in Lotto Studios Limited (“Lotto”), a company that Early Equity already holds 17,606 ordinary shares. On 30 March 2021, Early Equity announced the appointment of Jonathan Symonds to the board who is also a director of Lotto Studios Limited. Following this acquisition, the Company holds approximately 20% of the issued share capital of Lotto. In addition, Farina holds 8 million shares in Pure Sea Nutrients, Inc (approximately 10% of it is current share capital) a life science business that the Company already has a working relationship with.

Outlook

The Group’s operations in Malaysia are still affected by Covid-19, and continues to have a material adverse impact on business operations.

As previously reported and as above, the Board have been actively seeking to diversify the Group’s activities and have been exploring opportunities in the UK within sectors that can flourish during and beyond these unprecedented times. We continue to work closely with Lotto and Pure Sea Nutrients, Inc to develop their respective businesses.

The Board are seeking to explore additional revenue generating opportunities over the coming months.

On behalf of the Board, I would like to take this opportunity to thank shareholders and professional advisers for their continued support of the Company.

Greg Collier
Executive Director

CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

FOR SIX MONTHS TO 28 FEBRUARY 2021

6 months to
28 February 2021

6 months to
29 February 2020

CONTINUING OPERATIONS

GBP

GBP

TURNOVER/DIVIDEND INCOME

-

33,805

Less Cost of Sales:

Opening Inventory

-

25,665

Purchases

-

22,144

Closing Inventory

-

(26,634)

Gross Profit

-

10,631

OTHER INCOME

ADMINISTRATIVE EXPENSES

(79,952)

(277,445)

OTHER OPERATING (EXPENSES) GAIN

-

(88,534)

FINANCE COSTS

(30)

(775)

(LOSS) BEFORE TAX

(79,982)

(344,274)

INCOME TAX

-

200

(LOSS) FOR THE YEAR / PERIOD

(79,982)

(344,474)

LOSS ATTRIBUTABLE TO:

Owners of the parent

47,989

324,604

Non-controlling interest

31,993

19,870

TOTAL COMPREHENSIVE LOSS FOR THE YEAR / PERIOD

(79,982)

(344,474)

BASIC AND DILUTED LOSS PER SHARE

(0.01p)

(0.038p)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2021

6 months to
28 February 2021

6 months to
29 February 2020

GBP

GBP

NON-CURRENT ASSETS

Goodwill

27,066

191,818

Fixed Assets

33,728

40,873

INVESTMENTS

Available-for-sale financial assets

477,854

260,794

Investment in Yicom Global Sdn Bhd

362,328

416,237

900,976

909,722

CURRENT ASSETS

Inventory

-

24,634

Deposit and prepayment

4,967

5,217

Trade and other receivables

455,519

600,134

Provision For Taxation

(8,197)

-

Cash and cash equivalents

548,185

69,529

Other Receivables

-

-

1,000,474

699,514




CURRENT LIABILITIES

Trade and other payables

201,451

99,857

Accrued Expenses

53,159

59,056

Deferred Tax Liabilities

2,905

3,175

Provision for Taxation

(2,178)

9,632

Loan

(29,318)

-

226,019

171,720

NET CURRENT ASSETS / (LIABILITIES)

774,455

527,794

NET ASSETS

1,675,432

1,437,516

REPRESENTING: -

Share capital

1,048,749

897,959

Share premium

2,693,746

2,090,191

3,742,495

2,988,150

Non-controlling interest

73,334

26,965

Loss for the year

(79,982)

(344,474)

Fair value reserve

-

334,790

Exchange reserve

2,936

(95)

Accumulated losses

(2,063,351)

(1,567,820)

SHAREHOLDERS FUNDS

1,675,432

1,437,516

The interim financial information for the six months ended 28 February 2021 is neither audited nor reviewed, but has been prepared in accordance with the accounting policies set out in the Company's annual report and accounts for the year ended 31 August 2020.

The Directors of the Company accept responsibility for the announcement.

--ENDS-

Enquiries:

Early Equity Plc
Tel: +44 (0)7830 182501
Greg Collier

Novum Securities Limited
AQSE Corporate Adviser
David Coffman / Lucy Bowden
Tel: +44 (0)207 399 9400

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