TIDMMAX
RNS Number : 6210H
MaxRets Ventures PLC
31 July 2023
31 July 2023
MaxRets Ventures PLC ("MaxRets" or the "Company")
Unaudited Interim Results for the six months ended 30 April
2023
MaxRets Ventures plc (AQSE: MAX) (the "Company" or "MaxRets"),
an investing company focusing on early-stage growth or undervalued
later stage businesses with strong upside potential, today
announces its unaudited interim results for the six months ended 30
April 2023.
This announcement contains inside information for the purpose of
the UK Market Abuse Regulation and the Directors of the Company are
responsible for the release of this announcement.
For further information please contact:
Enquiries:
MaxRets Ventures plc c/o Walbrook PR Limited
Dominic White, Non-Executive www.maxrets.com
Chairman
Cairn Financial Advisers LLP
AQSE Corporate Adviser
Jo Turner/Emily Staples +44 20 7213 0880
--------------------------
Walbrook PR Limited +44 20 7933 8780
Paul Vann/Nick Rome/Joe Walker +44 7768 807631
maxrets@walbrookpr.com
--------------------------
Chairman's Financial Review
MaxRets is an investment company quoted on the Access Segment of
the Aquis Stock Exchange ("AQSE") Growth Market. The Company was
incorporated on 1 October 2019 and its shares were admitted to
trading on NEX on 30 December 2019.
After the approval on 28 December 2022 by shareholders to a
change in investing strategy and change in name of the Company, the
Company's underlying investment driver became predominantly
technology driven businesses based on their potential future value
enhancement and investment return.
The Board identified four sectors of initial focus and will
likely in future target other technology driven sectors. These
initial sectors include Life Sciences, Fintech Businesses and
assets that use fintech technology, Impact Investing (Environmental
and Renewables) and Retail.
The Company now follows a value and growth investment philosophy
as its investment strategy, whereby it will seek out early stage
growth or undervalued later stage businesses with strong upside
potential, with the objective of acquiring, funding, growing, and
selling-on investments through the public markets at enhanced
valuations.
The Board will not restrict the jurisdiction of investments
since the application of technology is not constrained by
geographic borders, however, the Board would expect that it will
consider more investments in Europe than elsewhere.
The Company will invest directly or indirectly in public or
private company investments and this may take the form of debt or
equity and it is expected that such investments will ordinarily
seek capital growth in the medium term in preference to income.
MaxRets has two legacy investments in the cannabis sector that
were both made in 2021.
The first investment in March 2021 was a GBP100,000 investment
in Clearly Supplements Ltd. ("Clearly") a UK based company offering
CBD products direct to customers. The investment was by way of a
convertible loan note ("CLN") with a 5 per cent. coupon and a
12-month duration. The CLN was expected to convert at the time of a
public listing at a 30 per cent. discount to the placing price at
that time. Clearly was planning to seek its own stock market
listing and their application was well progressed with the FCA and
passed eligibility. However, given changes in market conditions
they decided not to proceed with a listing. The CLN remains in
place.
Clearly has now reduced its cost structure and continued to fund
its operations through a combination of product sales and capital
raises. Following its decision to not proceed with an IPO, it is
now seeking a strategic private equity partnership, which appears
to be progressing positively.
Given a lack of funding for marketing and business development,
the underlying business sales have not grown as Clearly expected.
Management decided to focus more on a direct sales model. This has
proven more successful and the external commission only sales team
has grown from 80 in 2021 to more than 200 in 2022 with a
significantly larger number of potential direct sales members in
the pipeline. Clearly reports that it now moves towards break-even
which it expects to achieve in the coming six months.
The second investment was an equity investment of GBP100,000 in
Voyager Life plc ("Voyager"), a health and wellness business
focused on CBD and hemp seed oil, that has developed a range of
products under the Voyager and Voyager Life brands, including oils,
gummies, bath and skincare products.
Voyager has grown considerably since our investment with over 50
formulated CBD and hemp products across the Voyager and Ascend
Skincare brands, three of its own stores in Scotland and a
distribution network that is now UK-wide. More recently, the
company has begun manufacturing its own topical and skincare
products, both for its own brands and also white label and private
label customers. Voyager is expected to announce its own results in
the coming weeks with its last trading update indicating revenues
of GBP307,000, and GBP125,000 of inventory for the year ended 31
March 2023. Importantly, the company's balance sheet is strong with
approximately GBP787,000 cash as of 3 July 2023.
The Company intends to divest its holdings in Clearly and
Voyager as they are non-core assets.
Outlook
The technology-led investment sector has been revalued down in
the last 12 months, given significant changes in overall market
conditions and a reduction in availability of capital.
The Directors are of the opinion that, following a fall in
business values, there are now exciting investment
opportunities in those market sectors which the Company is focused upon.
The Board is constantly assessing potential transactions
andlooks forward to updating the market further in the near
future.
Dominic White
Non-executive Chairman
30 July 2023
Unaudited Condensed Statement of Comprehensive Income
For the period ended 30 April 2023
Period ended Period ended Year ended
30 April 2023 30 April 2022 31 October
Unaudited Unaudited 2022 Audited
Note GBP'000 GBP'000 GBP'000
-------------- -------------- -------------
Administrative expenses (133) (260) (564)
-------------- -------------- -------------
Operating loss (133) (260) (564)
Interest income 11 2 5
-------------- -------------- -------------
Loss before tax (122) (258) (559)
Taxation - - -
-------------- -------------- -------------
Loss for the period (122) (258) (559)
-------------- -------------- -------------
Other comprehensive income - - -
-------------- -------------- -------------
Total comprehensive loss for
the period (122) (258) (559)
============== ============== =============
Earnings/(loss) per share (pence)
from continuing operations attributable
to owners of the Company:
============== ==============
Basic 4 (0.001) (0.002) (0.004)
Diluted 4 (0.001) (0.002) (0.004)
Unaudited Condensed Statement of Financial Position
As at 30 April 2023
30 April 30 April 31 October
2023 2022 2022
Note Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non-current assets
Financial assets 194 142 95
---------- ---------- ----------
194 142 95
Current assets
Trade and other receivables 147 93 130
Cash and cash equivalents 204 679 411
---------- ---------- ----------
Total current assets 351 772 541
---------- ---------- ----------
Total assets 545 914 636
---------- ---------- ----------
Current liabilities
Trade and other payables (170) (122) (139)
---------- ---------- ----------
Total current liabilities (170) (122) (139)
---------- ---------- ----------
Net assets 375 792 497
========== ========== ==========
Capital and reserves
Share capital 3 148 148 148
Share premium 1,587 1,587 1,587
Share based payment reserve 121 115 121
Retained earnings (1,481) (1,058) (1,359)
---------- ---------- ----------
Total equity 375 792 497
========== ========== ==========
Unaudited Condensed Statement of Changes in Equity
As at 30 April 2023
1 January 2020 to 30 April 2020
Share Share premium Share based Retained Total
capital payment Earnings
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 October
2021 148 1,587 115 (800) 1,050
Loss for the period - - - (258) (258)
Share based payments - - - - -
-------- ------------- ----------- --------- -------
Balance at 30 April
2022 148 1,587 115 (1,058) 792
Loss for the period - - - (301) (301)
Share based payments - - 6 - 6
-------- ------------- ----------- --------- -------
Balance at 31 October
2022 148 1,587 121 (1,359) 497
Loss for the period - - - (122) (122)
-------- ------------- ----------- --------- -------
Balance at 30 April
2023 148 1,587 121 (1,481) 375
======== ============= =========== ========= =======
Unaudited Condensed Statement of Cash Flows
For the period ended 30 April 2023
Year
6 months Period ended 31
to 30 April ended 30 October
2023 April 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash from operating activities
Loss before tax (122) (258) (559)
Adjustments for:
Interest income (11) (2) (5)
Share based payment charge - - 6
Fair value adjustment financial assets - 24 69
(Increase)/decrease in trade and other
receivables (17) (31) (63)
Increase/(decrease) in trade and other
payables 31 68 85
----------- ---------- --------
Net cash used in operating activities (119) (199) (467)
Cash flows from investing activities
Purchase of investment (88) -
Loans advanced - - -
----------- ---------- --------
Net cash from investing activities (88) - -
----------- ---------- --------
Net cash flow for the period (207) (199) (467)
Cash and cash equivalents at beginning
of period 411 878 878
----------- ---------- --------
Cash and cash equivalents at end of
period 204 679 411
=========== ========== ========
Notes to the financial statements
For the period ended 30 April 2023
1. General information
MaxRets Ventures plc is a public company limited by shares and
was incorporated in England on 1st October 2019 with company number
12237710. Its registered office is 5 Fleet Place, London, EC4M
7RD.
The Company's shares are traded on the Aquis Stock Exchange
Growth Market under the ticker MAX and ISIN number
GB00BJBYK814.
The Company follows a value and growth investment philosophy,
whereby it seeks out early stage, or undervalued later stage
businesses, with strong upside potential, and with the objective of
acquiring, funding, growing, and selling-on investments through the
public market at enhanced valuations.
The condensed interim financial statements do not constitute
statutory accounts as defined in Section 434 of the Companies Act
2006. The interim results have not been reviewed by the Company's
Auditors.
The financial information for the period ended 30 April 2023 is
prepared in accordance with U.K. Adopted International Financial
Reporting Standards in conformity with the Companies Act 2006
('Adopted IFRS'). The condensed interim financial statements were
authorized for issue on 30 July 2023.
2. Going concern
As at 30 April 2023, the Company had cash of GBP0.20 million. As
an investment business, the Company has limited operating cash flow
and is dependent on the performance of its investments and its cash
balances for its working capital requirements.
Annualized normal running costs of the Company are circa GBP0.3
million. As at the date of this report, the Company had
approximately GBP0.2 million of cash at bank and is due to receive
a GBP0.117 million VAT refund.
The Directors are therefore of the opinion that the Company has
adequate financial resources to enable it to continue in operation
for the foreseeable future. For this reason, it continues to adopt
the going concern basis in preparing the financial statements.
3. Share capital
Number of Ordinary Shares Amount
of 0.01 pence each GBP
------------------------- -------
At 30 April 2022 14,792,374 147,923
At 30 October 2022 14,792,374 147,923
At 30 April 2023 14,792,374 147,923
On incorporation, the company issued 1,000 ordinary shares of
GBP1 each for a cash price of GBP1 per share. The number of options
outstanding as at the period end was 349,090.
4. Earnings per share
6 months to Period ended Year ended
30 April 2023 30 April 2022 31 October
Unaudited Unaudited 2022 Audited
GBP'000 GBP'000 GBP'000
------------------ ----------------- -------------------
Earnings
Loss for the period (122) (258) (559)
Number of shares
Weighted average number
of shares for the purposes
of basic and diluted 14,792,374 14,792,374 14,792,374
Basic loss per share (pence) (0.001) (0.002) (0.004)
Fully diluted loss per share
(pence) (0.001) (0.002) (0.004)
5. Post balance sheet events
There were no reportable post balance sheet events.
6. Distribution of interim report
Copies of the Interim Report for the period ended 30 April 2023
are available on the Company's website, www.maxrets.com.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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END
NEXRPMATMTTTBFJ
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