TIDMVSA
RNS Number : 2601Y
VSA Capital Group PLC
02 January 2024
This is a correction to the announcement published at 07:00 on
28 December 2023 (RNS number 9703X). It incorrectly stated under
the heading Group Statement of Comprehensive Income for the
six-month period to 30 September 2023 that:
(i) administrative expenses for the year ended 2023 (audited)
were GBP(3,091,000);
(ii) operating profit for the year ended 2023 (audited) was GBP1,141,000;
(iii) losses on investments for the year ended 2023 (audited) were
GBP(859,000);
(iv) administrative expenses for the six months ended 30 September
2022 (unaudited) were GBP(1,271,000);
(v) operating losses for the six months ended 30 September 2022
(unaudited) were GBP(487,000);
(vi) losses on investments for the six months ended 30 September
2022 (unaudited) were GBP(355,000);
(vii) administrative expenses for the six months ended 30 September
2023 (unaudited) were GBP(1,472,000);
(viii) operating losses for the six months ended 30 September 2023
(unaudited) were GBP(490,000);
(ix) losses on investments for the six months ended 30 September
2023 (unaudited) were GBP(1,326,000);and
(x) the EPS for the six months ended 30 September 2022 was (4.3)p
(basic) and (2.7)p (diluted) and for the six months ended
30 September 2023 was (9.34)p (basic) and (5.88)p (diluted).
The corrected figures are:
(i) administrative expenses for the year ended 2023 (audited)
were GBP(3,090,000)
(ii) operating profit for the year ended 2023 (audited) was GBP1,142,000
(iii) losses on investments for the year ended 2023 (audited) were
GBP(860,000);
(iv) administrative expenses for the six months ended 30 September
2022 (unaudited) were GBP(1,221,000);
(v) operating losses for the six months ended 30 September 2022
(unaudited) were GBP(437,000);
(vi) losses on investments for the six months ended 30 September
2022 (unaudited) were GBP(405,000);
(vii) administrative expenses for the six months ended 30 September
2023 (unaudited) were GBP(1,473,000);
(viii) operating losses for the six months ended 30 September 2023
(unaudited) were GBP(491,000);
(ix) losses on investments for the six months ended 30 September
2023 (unaudited) were GBP(1,325,000); and
(x) EPS for the six months ended 30 September 2022 was (2.2)p
(basic) and (2.2)p (diluted) and for the six months ended
30 September 2023 was (4.8)p (basic) and (4.8)p (diluted).
Note 3 to the financial statements for the six-month period to
30 September 2023 incorrectly stated that:
(i) the weighted average number of shares for the six months ended
30 September 2022 (unaudited) was 48,720,866 and the diluted
loss per share was (1.7)p; and
(ii) the weighted average number of shares for the six months ended
30 September 2023 (unaudited) was 48,720,866 and the diluted
loss per share was (3.7)p.
The corrected figures are:
(i) the weighted average number of shares for the six months ended
30 September 2022 was 37,655,266 and the diluted loss per
share was (2.2)p; and
(ii) the weighted average number of shares for the six months ended
30 September 2023 was 37,655,266 and the diluted loss per
share was (4.8)p.
The full corrected announcement is included below.
28 December 2023
VSA CAPITAL GROUP PLC
("VSA Capital" "VSA" or the "Company")
UNAUDITED INTERIM REPORT FOR THE SIX MONTHSED 30 SEPTEMBER
2023
VSA Capital Group plc (AQSE: VSA), announces its interim results
for the half year ending 30 September 2023.
Highlights
-- Turnover of GBP1,051,000, EBITDA of (GBP1,542,000)
-- Cash position GBP546,000
-- NAV GBP2,557,000
-- Retained Corporate Clients - 27
Chairman's Interim Report
In introducing the Company's interim report this year, I do so
during very difficult political, economic and market
conditions.
On the regulatory side we have paid particular attention to our
responsibilities under the new Consumer Duty regime, and these have
been implemented successfully into our operations.
As previously signaled, we are reporting a loss for the period,
although, as Andrew Monk highlights below, this is primarily due to
non-cash items relating to the reduced value in our
shareholdings.
Notwithstanding market conditions, we have an increased
portfolio of client companies and a good pipeline of transactions
as we enter 2024 and we look forward to continuing to service our
clients professionally during these difficult times.
Mark Steeves
Chairman
28 December 2023
CEO Interim report
A year ago, I wrote a very cautious CEO report saying that "Deal
flow has dried up and liquidity to invest has almost disappeared
completely." Sadly, in the last 12 months if anything, if it is
possible, it has got worse! There are now people asking the
question of whether quoted equities have any future. I believe they
do but it does need support from Government. On a relative basis I
believe VSA is performing as well or better than most of our peer
group, but the entire industry is suffering and basically losing
money. We hope that in 2024 we do see an improved environment and
with inflation now falling rapidly, interest rates appearing to
have peaked and possibly falling, and if war in the Middle East and
Ukraine could be stopped, I believe we could see a significantly
better market, let's hope we do for everyone's sake.
In our Final results in June, I indicated that we would report
an interim loss and we have of GBP1.8m. I also reported that I was
hopeful we would recover that to make a profit for the year ending
31 March 2024 and I reiterated that in July. Unfortunately, since
then issues around the value of our largest shareholding of
Silverwood Brands plc where we hold 0.85% of the Company, mean that
this is very unlikely and very disappointing. This will be a
non-cash loss but even so, significant.
We are fortunate that we have a good pipeline of deal flow
which, whilst some of it was expected to occur in the last quarter,
has also been delayed and may occur in the new financial year and
this will impact our current year numbers. We are also fortunate
that the nature of our deal flow is quite broad meaning that we are
not exposed to just one type of activity. Investment losses, which
although are non-cash items, are having a significant impact. At
the period end we had a good current asset position with cash and
debtors supporting our balance sheet.
A year ago, I was delighted by the "Lush Transaction" that we
completed for Silverwood. How things have changed. I find it
extraordinary how Silverwood have handled the situation since we
completed and that we now are facing legal action from the "Lush
Vendors" which we regard as without merit, and we will defend
vigorously although we have always been quite open that we will
always have "a conversation" as we know otherwise the only real
winners are the lawyers. I cannot say much more currently, now that
the situation has become legal and although we took provisions at
our full year 2023, more will be required this year. This should be
much clearer when we report our full year figures, and we can then
show the impact smoothed out over 2 years which will give a much
more accurate feel of the underlying business strength.
So, I think fair to say 2023 has been a difficult year but I
still feel that VSA has got many things right. We keep a low-cost
base, we are in sectors that have good long-term growth prospects,
and we have a very good international reach for deal flow and our
investor base and so when the markets do pick up, we are well
placed.
Andrew Monk
CEO
28 December 2023
The directors of the Company take responsibility for this
announcement.
For further information, please contact:
VSA Capital Group plc +44 20 3005 5000
Marcia Manarin - Finance Director
& COO
AQSE Exchange Growth Market Corporate
Adviser
Alfred Henry Corporate Finance Limited +44 20 3772 0021
Nick Michaels / Maya Klein Wassink enquiries@alfredhenry.com
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX-MONTH PERIOD TO 30 SEPTEMBER 2023
Six months Six months Year ended
ended ended 31 March 2023
30 September 30 September Audited
2023 2022
Unaudited Unaudited
GBP'000 GBP'000 GBP'000
GBP GBP GBP
Turnover 1,051 846 4,359
Cost of sales (89) (82) (166)
--------------------------- ---------------------------- --------------------------
Gross profit 962 764 4,193
Other operating income 20 20 39
Administrative expenses (1,473) (1,221) (3,090)
--------------------------- ---------------------------- --------------------------
Operating (loss) / profit (491) (437) 1,142
Finance income 1 1 (1)
Gains / (losses) on
investments (1,325) (405) (860)
--------------------------- ---------------------------- --------------------------
(Loss) / profit on ordinary
activities before taxation (1,815) (841) 281
Tax on profit/loss on
ordinary activities - - (33)
--------------------------- ---------------------------- --------------------------
(Loss) / profit for the year (1,815) (841) 248
Other Comprehensive income - - -
--------------------------- ---------------------------- --------------------------
Total Comprehensive income (1,815) (841) 248
=========================== ============================ ==========================
Earnings per share - profit after
tax
pence pence pence
Basic (4.8) (2.2) 0.7
Diluted (4.8) (2.2) 0.5
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
As at As at As at
30 September 30 September 31 March
2023 Unaudited 2022 Unaudited 2023
GBP'000 GBP'000 Audited
GBP'000
Non-current assets
Property, plant and equipment
- right of use 380 557 469
Property, plant and equipment
- owned 65 94 78
Intangible Assets 827 1,158 992
---------------- ---------------- ----------
Total non-current assets 1,272 1,809 1,539
---------------- ---------------- ----------
Current assets
Trade and other receivables 323 497 382
Investments 1,106 555 2,141
Cash and cash equivalents 546 1,247 1,273
Total current assets 1,975 2,299 3,796
---------------- ---------------- ----------
Total assets 3,247 4,108 5,335
================ ================ ==========
Current liabilities
Trade and other payables 365 272 529
Finance liabilities - borrowings 162 189 217
Total current liabilities 527 461 746
---------------- ---------------- ----------
Non-current liabilities
Finance liabilities - borrowings 163 325 217
Total non-current liabilities 163 325 217
---------------- ---------------- ----------
Total liabilities 690 786 963
---------------- ---------------- ----------
Equity
Share Capital 3,524 3,524 3,524
Share premium account 418 418 418
Share-based payments reserve 13 52 13
Accumulated profits/(losses) (1,398) (672) 417
Total equity 2,557 3,322 4,372
---------------- ---------------- ----------
Total Equity and Liabilities 3,247 4,108 5,335
================ ================ ==========
CONSOLIDATED GROUP CASHFLOW STATEMENT
FOR THE SIX-MONTH PERIODED 30 SEPTEMBER 2023
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2023 2022 2023
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit / (loss) before income tax (1,815) (841) 281
Tax paid - - -
Depreciation and amortisation 270 270 540
(Gain) / loss on current asset investments 1,325 405 860
Sales settled by shares - - (2,277)
(Increase) / decrease in trade /
other receivables (234) 40 107
Increase / (decrease) in trade /
other payables (164) (285) (13)
Change in share based payments reserve - - (38)
NET CASH USED IN OPERATING ACTIVITIES (618) (411) (540)
-------------- -------------- ----------
Cash flows from investing activities
Proceeds from disposal of plant,
property and equipment - - -
Purchase of plant, property and equipment (3) (3) (3)
Proceeds from other investing activities 37 11 280
Purchase of other investments (34) (279) (312)
NET CASH GENERATED FROM INVESTING
ACTIVITIES - (271) (35)
-------------- -------------- ----------
Cash flows from financing activities
Share capital issue - - -
Purchase of shares into treasury - - -
New finance leases - - -
Finance lease repayments (109) (81) (162)
-------------- -------------- ----------
NET CASH GENERATED FROM FINANCING
ACTIVITIES (109) (81) (162)
-------------- -------------- ----------
NET (DECREASE)/INCREASE IN CASH AND
CASH EQUIVALENTS (727) (763) (737)
Cash and cash equivalents at beginning
of period 1,273 2,010 2,010
CASH AND CASH EQUIVALENTS AT
OF PERIOD 546 1,247 1,273
============== ============== ==========
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX-MONTH PERIOD TO 30 SEPTEMBER 2023
1 General Information
VSA Capital Group plc is a listed public limited company (Aquis:
VSA) incorporated in the UK and registered in England and Wales
(Company Number 04918684). The Company's registered office is at
Park House, 16-18 Finsbury Circus, London, EC2M 7EB.
These interim financial statements do not include all of the
information required for full annual financial statements and
should be read in conjunction with the consolidated financial
statements of the Group as at and for the year ended 31 March 2022
which have been prepared in accordance with International Financial
Reporting Standards ("IFRS") as adopted by the European Union.
The interim financial statements for the six months ended 30
September 2023 are unaudited and have not been reviewed by the
Company's auditors Hilden Park Accountants Limited. The comparative
interim figures for the six months ended 30 September 2022 are also
unaudited.
2 Basis of preparation
The accounting policies applied by the Group in the preparation
of these condensed consolidated interim financial statements are
the same as those applied by the Group in its consolidated
financial statements for the year ended 31 March 2023.
3 Profit or loss per share
Six months Six months
ended 30 ended 30 Year ended
September September 31 March
2023 2022 2023
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
----------- ----------- -----------
Basic
Profit/ (Loss) for the period
attributable to owners of
the Company (1,815) (841) 248
Weighted average number of
shares: 37,655,266 37,655,266 37,655,266
Basic earnings/(loss) per
share (pence): (4.8) (2.2) 0.7
Diluted
Profit/ (Loss) for the period
attributable to owners of
the Company (1,815) (841) 248
Weighted average number of
shares: 37,655,266 37,655,266 48,720,866
Diluted earnings/(loss)
per share (pence): (4.8) (2.2) 0.5
----------- ----------- -----------
The basic and diluted earnings per share were determined by
dividing the profit or loss attributable to the equity holders of
the Company by the weighted average number of shares outstanding
during the periods.
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END
NEXBLBDDXGDDGXC
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