Startup Giants Plc Interim Report; Change of Directorate
30 September 2019 - 4:10PM
UK Regulatory
TIDMSUG
Startup Giants plc
("Startup Giants" or the "Company")
Interim Results for the six months' period to 30 June 2019
Board Statement
Startup Giants plc is pleased to announce its unaudited interim results for the
six months' period from 1st January 2019 to 30th June 2019. The financial
statements below have not been reviewed by the Company's auditors.
Financial Results
Financial highlights for the period, extracted from the financial statements
which follow, include: operational loss GBP(21,254) (2018, GBP(45,893)); loss per
share (2.1) pence (2018, (4.5) pence) cash and cash equivalents GBP642,680 (2018,
GBP665,033); shareholders' funds GBP699,023 (2018, GBP725,189).
Review of Business During the Period
During the period under review, the Company has held a number of events for
both founders and investors, including another investor event at NEX Exchange
in London, and has worked with its growing portfolio of founders looking for
acceleration of their startup businesses.
The Company has forged new partnerships with investment groups that invest up
to GBP150,000 into each of the Company's shortlisted startups. As part of the
first round, the Company also agrees an option that can be exercised after
three years to buy up to 15% of equity in the startup. Using these initial
funds to complete its technology and reach a degree of early adoption, the
Company will then take the startup through a private, follow-on SEIS
co-investment round and a later SEED round via its investor syndicate.
This approach reduces the Company's requirement for external funding as well as
diminishing the risks to the Company from startups that might fail within their
first three years. For those startups that do have successful follow-on
pre-seed and seed rounds, the value of the Company's options should be
reflected in the audited accounts.
Current Trading
Current trading remains in line with the directors' expectations at the
beginning of the second half of the 2019 financial year.
Post- Balance Sheet Events
1) Co-investment Terms Sheets in Place
The Company has received three signed term sheets for startups which now have
investment commitments from third parties whom the Company has introduced, with
the Company taking options as described above on each investment. A fourth
startup has an offer of investment and we await a signed term sheet. The
Company has four additional, shortlisted startups which it is in the process of
introducing to investors.
2) Change in Board of Directors
Effective today (27th September 2019), Dr. John Campbell Robertson will be
retiring as a director of the Company. The Company expects to replace Dr.
Robertson in due course; during the intervening period, Frederic Betito
(non-executive) will become the senior non-executive director. I would like to
thank Dr. Robertson for his involvement through the transition of Startup
Giants from being a private to a public company and subsequently, and to wish
him all the best in future.
Outlook
With the co-investment model starting to gain traction for first round funding,
Startup Giants expects in the next year to increase the number of startups
being funded to an average of two per month.
Conclusion
The directors would like to thank shareholders for their support during the
period under review and look forward to informing them of developments at
Startup Giants during the remainder of the current financial period and into
the future.
Jeb Buckler,
Chief Executive Officer,
Startup Giants plc,
27th September 2019
Statement of Comprehensive Income
Six months ended 30 June 2019
(Financial data for the comparative period to 31 July 2018 as previously
reported prior to the change of accounting year end to 31 December).
Six months ended Six months ended
30 June 2019 31 July 2018
GBP GBP
Turnover 45,245 -
Administrative expenses (66,499) (45,893)
Operating loss (21,254) (45,893)
Taxation - -
Loss for the period (21,254) (45,893)
Earnings per share:
Basic and Diluted (pence) (2.1)p (4.5)p
Startup Giants plc
Statement of Financial Position
As at 30 June 2019
30 June 2019 31 July 2018
GBP GBP
Non-current assets:
Goodwill 29,584 34,167
Investments 40,000 40,000
69,584 74,167
Current assets:
Trade and other receivables 70,982 68,636
Cash and cash equivalents 642,680 665,033
713,662 733,669
Total assets 783,246 807,836
Current liabilities:
Trade and other payables 84,223 82,647
Net current assets 629,439 651,022
Total liabilities 84,223 82,647
Net assets 699,023 725,189
Equity:
Called up share capital 140,510 140,510
Share premium account 769,790 769,790
Retained earnings (211,277) (185,111)
Total equity 699,023 725,189
Startup Giants plc
Statement of Cash Flows
Six months ended 30 June 2019
Six months ended Six months ended
30 June 2018 31 July 2018
GBP GBP
Loss for the year after tax (21,254) (45,893)
Adjustments for:
Amortisation of intangible assets 2,500 2,500
Movement in trade and other 5,768 (14,196)
receivables
Movement in trade and other payables 9,213 36,420
Cash absorbed by operations (3,773) (21,169)
Investing activities:
Purchase of investments - -
Financing activities:
Proceeds from issue of shares - -
(Decrease)/increase in cash and cash (3,773) (21,169)
equivalents
Cash and cash equivalents at 646,453 686,202
beginning of period
Cash and cash equivalents at end of 642,680 665,033
period
The financial information set out above has not been reviewed or audited by the
Company's auditors.
The financial information set out above has been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted for use in the
European Union.
This announcement has been made after due and careful inquiry and the directors
of Startup Giants plc accept responsibility for its content.
Enquiries:
Startup Giants plc
Cherry Martin; cherry@startupgiants.com +44 20 7 157 9764
Keith, Bayley, Rogers & Co Limited
Graham Atthill-Beck +44 20 7464 4091; +44 750 643 4107; +097 50 856 9408;
blackpearladvisers@gmail.com; Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098: Brinsley-Holman@kbrl.co.uk
END
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