Interim Results

Good Life Plus PLC

31 October 2024

 

Strictly embargoed until 07.00, 31^st October 2024

Good Life Plus Plc / AQSE: GDLF

Good Life Plus PLC

("Good Life Plus" or the "Company")

Unaudited Interim Results for the Six Months ended 31 July 2024

Good Life Plus plc (AQSE: GDLF), a leading luxury prize draw and rewards innovator, is pleased to announce its unaudited interim results for the six months ended 31 July 2024, showing strong financial and operational progress. Significant developments post-period have further bolstered the Group's growth trajectory, including a landmark partnership and successful capital raises.

Commenting on the results, David Craven, Non-Executive Chairman, said:

"We are obviously delighted with the pace of growth and see significant scope for expansion in the UK market both in direct to consumer and our pivotal partnership programme. The results of the first half demonstrate the appeal of our product in a relatively crowded space.

"Our wider leadership team, investor base and advisory board brings deep expertise in scaling businesses and delivering shareholder value. The recent successful capital raise and significant founder ownership reinforce our strong financial foundation and investor confidence.  We are now focused on scaling aggressively, expanding our team, and developing our product to enhance further our subscribers' experience and deliver long-term growth."

Financial and Operating Highlights

·    Revenue Growth: Achieved circa. £330,000 in monthly recurring revenue (MRR), an increase of nearly 120% since the year end, driven by a scalable subscription-based model and growing market demand.

·    Subscriber Growth: The active subscriber base grew to over 37,000 by 31 July 2024 and has since exceeded 40,000, reflecting the strong appeal of our premium offering and effective customer acquisition strategies.

·  Fundraising and Investment: The Company successfully raised £2.03 million in March 2024 through a subscription, strengthening our capital base to support accelerated growth.

·    Operational Efficiency: The Group achieved reductions in churn, improvements in average revenue per user (ARPU), and enhancements in customer satisfaction, supporting sustained growth in premium subscriptions.

·   Extensive Digital Reach: Our brand now reaches over 1.1 million email subscribers and 400,000 social media followers, significantly enhancing digital engagement and market visibility.

·    Leadership Strengthened: The appointment of respected industry expert, David Craven (as Non-Executive Chairman) brings additional weight to the Board, further supporting our growth strategy and bolstering corporate governance.

Financial Results

·    Revenue: £1,687,633 for the six months ending 31 July 2024 (compared to £2,387,344 for the previous 16-month period ending 31 January 2024).

·  Operating Loss: £2,005,553 (compared to a loss of £3,129,080 for the 16 months ending 31 January 2024), reflecting investments in accelerated growth and strategic development.

·   Net Loss: £2,008,127 (compared to a net loss of £3,980,138 for the 16-month period ending 31 January 2024), indicating our investment phase as we continue building a scalable platform for long-term growth with a focus on accelerated customer acquisition.

Post-Period Developments

·     Strategic Partnership with Leading UK Mobile Network Operator: In September 2024, Good Life Plus announced a landmark partnership with a major UK mobile network operator. This partnership provides exclusive access to the operator's extensive subscriber base, enabling the Company to expand its reach to millions of potential new users and enhance brand visibility.

·     Capital Raise of £2 Million and Convertible Loan Note Conversion: In October 2024, the Company successfully raised £2 million through a placing and subscription. Additionally, £287,500 in Convertible Loan Notes were converted, strengthening our financial foundation to support aggressive customer acquisition, partnership development, and operational upgrades.

Charlie Chadd, CEO of Good Life Plus, commented:

"Our recent achievements, including strategic partnerships and media deals are critical steps in our journey to becoming a market leader in luxury prize draws. These developments allow us to reach new customers, accelerate our growth trajectory, and continue enhancing the premium experiences we offer our subscribers. With a strong capital structure and growing subscriber base, we are well-positioned to scale aggressively and bring our unique value proposition to a broader audience."

This announcement contains information that was classified as inside information prior to its disclosure, as defined under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). The Directors of the Company take responsibility for this announcement.

-Ends-

For further information please visit Good Life Plus Plc or contact:

Good Life Plus Plc                                                                                                              [phone]

Charlie Chadd, Chief Executive

Novum Securities Limited

AQSE Corporate Advisor

David Coffman / Daniel Harris / George Duxberry                                                       [phone]

Tennyson Securities

Broker

Peter Krens / Alan Howard                                                                                                                [phone]

Rosewood

Financial Media and Investor Communications

John West / Llew Angus / Lily Pearce                                                                             + 44 (0)20 7653 8702

Good Life Plus Plc

Chairman's Statement

Overview

Good Life Plus continues to build significant momentum within the luxury prize draw and rewards sector, with a rapid growth trajectory across both subscriber base and revenue generation through the first half of FY 2024/25.

We are capitalising on a substantial market opportunity within the global lottery and rewards space-a sector currently valued at £261 billion and projected to experience consistent growth over the next seven years.  Our commitment to a freemium model has enabled low-cost subscriber acquisition while driving recurring revenue predictability, akin to the SAAS/B2C models. With superior odds, an extensive discount ecosystem, and ongoing technological enhancements, we offer a unique, high-value proposition compared to traditional lotteries.

This is proving to be popular and consequently, the first half of FY 2024/25 saw the Group deliver a record performance in revenue, with subscriber numbers increasing 73% since the year end, supporting 59% growth in revenues from the UK marketplace since the six months ending 31 January 2024.

Strong Subscriber and Revenue Growth

Revenues for the first half of the year were £1,687,633, delivering a gross profit of £1,304,033. While losses widened during the period, showing an operating loss of £2,005,553 with a net loss for the period of £2,008,127, this is a reflection of a fully funded growth phase as the business expanded rapidly during the period.

Over the past year, we have achieved remarkable membership gains, growing from 8,000 in November 2022 to over 40,000 today. This growth has been instrumental in establishing a monthly recurring revenue (MRR) of circa. £330,000 at 31 July 2024-an approximate 120% increase since the year end-underscoring both the market demand for our offering and the appeal of our premium subscription plans. The strength of our product, combined with our commitment to continuous improvement in user experience, allows us to deliver superior odds and value compared to national lotteries.

Strong Operating Model

Our commitment to operational excellence remains a cornerstone of our strategy. The team has successfully maintained high customer satisfaction, reduced churn, improved average revenue per user (ARPU), and expanded our brand reach. We now engage a robust digital community, with over 1.1 million email subscribers and 400,000 social media followers. Our unique market position, offering both luxury prizes and an extensive discount ecosystem, creates a value proposition that strongly resonates with our audience.

Strengthened Financial Position

Our financial position was bolstered by a fundraising of £2.03 million through a subscription in March 2024.  Subsequently it has been significantly strengthened through our recent £2 million capital raise and the conversion of Convertible Loan Notes, announced post period end on 1 October 2024.  Collectively these injections of fresh capital support our ambitious growth plans.

Board Changes

During the period, the Company announced my appointment as Non-Executive Chairman.  I succeeded Keith Harris.  My background and experience are directly relevant to the Company having led the successful bid as Allwyn CEO to win the Fourth National Lottery Licence against strong contenders, including the 30-year incumbent operator, Camelot.

Experienced Leadership with a Vision for Growth

Our wider leadership team, investor base and advisory board brings deep expertise in scaling businesses and delivering shareholder value. The recent successful capital raise, our public listing, and significant founder ownership all reinforce our strong financial foundation and investor confidence.  We are now focused on scaling aggressively, expanding our team, and developing our product to enhance further our subscribers' experience and deliver long-term growth.

Current Trading and Outlook

Good Life Plus is well-positioned for sustained subscriber growth as we continue to capitalise on expanding opportunities in both established and new channels. Our strategic focus remains on aggressive customer acquisition and targeted investments in team expansion, product development, and technology. These priorities are designed to drive scalable growth, enhance the premium experience for our customers, and deliver continued value for shareholders.

With a solid financial foundation and a carefully crafted growth strategy, the Board is optimistic about the Company's FY 2025/26 performance and its potential to transition from a disruptive market player to an established leader in the luxury prize draw sector. Our efforts remain centred on long-term value creation, underpinned by our unique market positioning and commitment to operational excellence.

Presentation of Results

These results cover the six months from 31 January 2024 to 31 July 2024. The comparative six month period included within the Interim Results are for the Company when it was still known as Semper Fortis Esports Plc, prior to the reverse takeover of GL Membership Limited in December 2023, and consequently do not directly relate to the comparative underlying trading of the Company's current activities. The figures included for the 16 month period to 31 January 2024 represent the Group results as disclosed in audited financial statements for the period.

David Craven

Chairman, Good Life Plus Plc

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

			For the 6 months period ended 31 July 2024 Unaudited	For the 16 months period ended 31 January 2024 Audited	For the 6 months period ended 31 July 2023 Unaudited*
Continued operations	Note		£	£	£
Revenue	4		1,687,633	2,387,344	-
Cost of sales	5		(383,600)	(650,279)	-
Gross profit			1,304,033	1,737,065	-
Administrative expenses	6		(3,307,909)	(4,866,145)	(253,283)
Foreign exchange			(1,677)	-	-
Operating (loss)			(2,005,553)	(3,129,080)	(253,283)
Share based payment recognised on reverse acquisition	11		-	(848,911)	-
Finance expense			(2,574)	(2,147)	-
(Loss) before tax			(2,008,127)	(3,980,138)	(253,283)
Tax credit/(expense)			-	-	-
(Loss) for the period			(2,008,127)	(3,980,138)	(253,283)
Total comprehensive loss for the period attributable to the equity owners			(2,008,127)	(3,980,138)	(253,283)
Basic and diluted earnings per share (£)	10		(0.003)	(0.01)	(0.001)

*This comparative six month period is for the Company when it was still known as Semper Fortis Esports Plc, prior to the reverse takeover of GL Membership Limited in December 2023, and consequently does not directly relate to the comparative underlying trading of the Company's current activities.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	Notes	As at 31 July 2024 Unaudited £	As at 31 January 2024 Audited £	As at 31 July 2023 Unaudited* £
Non-Current Assets
Property, plant and equipment		35,982	22,794	-
Right of use asset	8	190,380	10,168	-
Intellectual property	7	812,000	840,000	-
Investments		-	-	250,000
		1,038,362	872,962	250,000
Current Assets
Trade and other receivables		63,904	6,765	57,179
VAT receivable		58,930	108,718	-
Inventory		259,062	183,007	-
Cash and cash equivalents		276,917	608,098	161,138
		658,813	906,588	218,317
Total Assets		1,697,175	1,779,550	468,317
Non-Current Liabilities
Lease liabilities		127,397	6,807	-
Intellectual property payable		421,136	532,593	-
Accrued interest		18,864	29,537	-
		567,397	568,937	-
Current Liabilities
Trade and other payables	9	906,770	1,353,061	109,271
VAT liability		550,187	390,449	-
Provision		58,567	58,567	-
Lease liabilities		63,776	3,472	-
		1,579,300	1,805,549	109,271
Total Liabilities		2,146,697	2,374,486	109,271
Net Assets		(449,522)	(594,936)	359,046
Equity attributable to owners of the Parent
Share capital		719,272	629,050	86,550
Share premium		15,483,448	13,543,670	2,577,410
Treasury shares		(56,747)	(56,747)	(56,747)
Share based payments reserve		276,683	153,142	153,142
Reverse acquisition reserve		(9,567,189)	(9,567,189)	-
Retained losses		(7,304,989)	(5,296,862)	(2,401,309)
Equity attributable to shareholders of the parent parent company		(449,522)	(594,936)	359,046

*This comparative six month period is for the Company when it was still known as Semper Fortis Esports Plc, prior to the reverse takeover of GL Membership Limited in December 2023, and consequently does not directly relate to the comparative underlying trading of the Company's current activities.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

	Share capital	Share premium	Treasury shares reserve	Share option reserve	Reserve acquisition reserve	Retained earnings	Total
	£	£	£	£	£	£	£
Unaudited Balance as at 1 February 2023	76,550	2,487,410	(56,747)	157,598	-	(2,152,482)	512,329
(Loss) for the period	-	-	-	-	-	(253,283)	(253,283)
Total comprehensive (Loss) for the period	-	-	-	-	-	(253,283)	(253,283)
Forfeiture of share options	-	-	-	(4,456)	-	4,456	-
Shares issued (net of cost)	10,000	90,000	-	-	-	-	100,000
Total transactions with owners, recognised directly in equity	10,000	90,000	-	(4,456)	-	4,456	100,000
Balance as at 31 July 2023	86,550	2,577,410	(56,747)	153,142	-	(2,401,309)	359,046

	Share capital	Share premium	Treasury shares reserve	Share option reserve	Reverse acquisition reserve	Retained earnings	Total
	£	£	£			£	£
Balance as at 1 February 2024 (Audited)	629,050	13,543,670	(56,747)	153,142	(9,567,189)	(5,296,862)	(594,936)
(Loss) for the year	-	-	-	-	-	(2,008,127)	(2,008,127)
Total comprehensive (Loss) for the period	-	-	-	-	-	(2,008,127)	(2,008,127)
Shares issue (net of costs)	90,222	1,939,778	-		-	-	2,030,000
Options granted during the year	-	-	-	123,541	-	-	123,541
Total transactions with owners, recognised directly in equity	90,222	1,939,778	-	123,541	-	-	2,153,541
Balance as at 31 July 2024 (Unaudited)	719,272	15,483,448	(56,747)	276,683	(9,567,189)	(7,304,989)	(449,522)

CONSOLIDATED STATEMENT OF CASH FLOWS

		6 months ended 31 July 2024 Unaudited	16 months  ended 31 January 2024 Audited	6 months ended 31 July 2023 Unaudited*
	Note	£	£	£
Cash flows from operating activities
Loss before income tax		(2,008,127)	(3,980,138)	(253,283)
Adjustments:
Depreciation		3,355	2,450	-
Right of use asset depreciation	8	12,490	1,877	-
Amortisation of intellectual property	7	28,000	-	-
Interest expense		2,574	252	-
Share based payment recognized on reverse acquisition		-	848,911	-
Share based payments		123,541	-	-
Non-cash expenditure settled through issue of shares		-	150,000	-
(Increase)/decrease in trade and VAT receivables		(7,351)	464,458	(9,661)
(Increase) in inventory		(76,055)	(93,345)	-
(Decrease)/increase in payables	9	(289,750)	1,378,712	46,203
Net cash flow from operating activities		(2,211,323)	(1,226,823)	(216,741)
Cash flows from investing activities
Payment of deferred consideration on acquisition of intellectual property		(120,000)	(40,000)	-
Purchase of property, plant & equipment		(16,542)	(25,244)	-
Purchase of investments		-	-	(250,000)
Cash acquired upon on reverse acquisition		-	76,478	-
Net cash flows from investing activities		(136,542)	11,234	(250,000)
Cash flows from financing activities
Proceeds from share issue		2,030,000	1,393,760	100,000
Proceeds from convertible loan note		-	244,000	-
Repayment of lease liabilities		(13,316)	(2,129)	-
Net cash flows from financing activities		2,016,684	1,635,631	100,000
Net decrease in cash and cash equivalents		(331,181)	420,042	(366,741)
Cash and cash equivalents at beginning of period		608,098	188,056	527,879
Cash and cash equivalents at end of period		276,917	608,098	161,138

*This comparative six month period is for the Company when it was still known as Semper Fortis Esports Plc, prior to the reverse takeover of GL Membership Limited in December 2023, and consequently does not directly relate to the comparative underlying trading of the Company's current activities.

NOTES TO THE INTERIM FINANCIAL STATEMENTS

1. General Information

Good Life Plus Plc (the 'Company') and its subsidiary, GL Membership Ltd, (together the "Group') is a monthly membership and daily prize draw company listed on the AQSE Exchange Growth Market as operated by Aquis Stock Exchange Ltd ("AQSE")." The Company and its subsidiary are incorporated and registered in the United Kingdom.

The Company's registered office is 6 Heddon Street, London, W1B 4BT.

2. Basis of Preparation

The consolidated interim financial statements have been prepared in accordance with UK-adopted International Accounting Standards. The interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 January 2024. The comparative period relates to the Company only figures for the 6 months ended 31 July 2023, which was before the reverse acquisition and therefore relate to Semper Fortis Esports PLC.

The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of UK adopted international accounting standards.

Statutory financial statements for the year ended 31 January 2024 were approved by the Board of Directors on 26 July 2024 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified with a material uncertainty in relation to the Company's ability to continue as a going concern. The condensed interim financial statements are unaudited and have not been reviewed by the Company's auditor. 

Going concern

These financial statements have been prepared on the going concern basis. Given the Group's current cash position and its demonstrated ability to raise capital, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting preparing the interim financial statements for the period ended 31 July 2024.

Notwithstanding the above, a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern and, therefore, that the Group may be unable to realise their assets or settle their liabilities in the ordinary course of business. As a result of their review, and despite the aforementioned material uncertainty, the Directors have confidence in the Groups forecasts and have a reasonable expectation that the Group will continue in operational existence for the going concern assessment period and have therefore used the going concern basis in preparing these consolidated financial statements.

The factors that were extant at 31 January 2024 are still relevant to this report and as such reference should be made to the going concern note and disclosures in the 2024 Annual Report and Financial Statements ("2024 Annual Report").

Risks and uncertainties

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2024 Annual Report and Financial Statements, a copy of which is available on the Company's website: https://investors.goodlifeplus.co.uk/investors/.  

Critical accounting estimates

The preparation of interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in Note 4 of the Company's 2024 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.

3. Accounting Policies

Except as described below, the same accounting policies, presentation and methods of computation have been followed in these interim financial statements as were applied in the preparation of the Company's annual financial statements for the period ended 31 January 2024.

3.1 Changes in accounting policy and disclosures

(a) New and amended standards adopted by the Group and Company

The International Accounting Standards Board (IASB) issued various amendments and revisions to International Financial Reporting Standards and IFRIC interpretations. The amendments and revisions were applicable for the period ended 31 July 2024 but did not result in any material changes to the financial statements of the Group or Company.

Of the other IFRS and IFRIC amendments, none are expected to have a material effect on future Group or Company Financial Statements. 

(b) New standards, amendments and Interpretations in issue but not yet effective or not yet endorsed and not early adopted

The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the condensed interim financial statements are listed below. The Group intends to adopt these standards, if applicable when they become effective.

Standard		Impact on initial application		Effective date
IAS 21 (Amendments)		Lack of exchangeability		1 January 2025

None are expected to have a material effect on the Group or Company Financial Statements.

4. Revenue from contracts

	6 months period ended 31 July 2024 £	16 months period ended 31 January 2024 £	6 months period ended 31 July 2023 £
Membership sales in UK	1,687,633	2,387,344	-
	1,687,633	2,387,344	-

Revenue is recognised over the period of the membership.

5. Cost of Sales

	6 months period ended 31 July 2024 £	16 months period ended 31 January 2024 £	6 months period ended 31 July 2023 £
Prizes awarded to members	383,600	650,279	-
	383,600	650,279	-

6. Administrative expenses

		6 months period ended 31 July 2024 £	16 months period ended 31 January 2024 £	6 months period ended 31 July 2023 £
Directors' Remuneration		138,019	86,167	79,134
Salaries		427,856	484,644	-
Advertising		1,473,420	2,025,334	-
Audit		-	67,998	-
Consulting and professional fees		395,901	189,758	166,928
Acquisition Related Costs		-	640,378
Recruitment fees		148,199	35,283	-
Office expenses		101,163	152,684	-
IT & Software		140,969	250,452	-
Exchange related costs		29,478	-	-
Travel and entertainment		7,204	18,550	-
Depreciation and amortisation		37,882	4,328	-
Card processing fees		106,621	133,054	-
Subscriptions		-	378,636
Share option expenses		123,541	-	-
Other taxes		159,738	398,879	-
Other expenses		17,918	-	7,221
		3,307,909	4,866,145	253,283

7. Intellectual property (IP)

	Group
	As at 31 July 2024	As at 31 January 2024
	£	£
Intellectual Property	840,000	840,000
Amortisation	(28,000)	-
	812,000	840,000

The intellectual property relates to the sale and purchase agreement between Chadd Media Limited (a company with a shareholding of 60% owned by Charlie Chadd and 40% owned by Joseph Chadd) and Good Life Plus PLC.

The consideration of £840,000 was agreed for the transfer of assets from Chadd Media Limited to Good Life Plus PLC on 29 November 2023. The assets include the Business Intellectual Property Rights, the Records (including books, accounts, customer lists, designs, plans and advertising materials) the Social Media Accounts and the Domain Name.

The intellectual property assets have been considered to have a finite life of 20 years and therefore are being amortised over this period in line with IAS 36. An impairment assessment had been carried out during the period ended 31 January 2024 as part of annual review and no impairment indicators were noted. There has been no change in circumstances or additional indicators were identified which would indicate otherwise during the period.

8. Right of Use Asset

Group
		Office assets £		Total £
Cost
As at 1 October 2022	-			-
Additions	12,045			12,045
As at 31 January 2024	12,045			12,045
As at 1 February 2024	12,045			12,045
Additions	192,702			192,702
As at 31 July 2024	204,747			204,747
Depreciation
As at 1 October 2022	-			-
Charge for the period	1,877			1,877
As at 31 January 2024	1,877			1,877
As at 1 February 2024	1,877			1,877
Charge for the period	12,490			12,490
As at 31 July 2024	14,367			14,367
Net book value as at 31 January 2024	10,168			10,168
Net book value as at 31 July 2024	190,380			190,380

9. Trade and other payables

	Group
Current:	As at 31 July 2024	As at 31 January 2024
	£	£
Trade payables	272,081	551,176
Accrued liabilities	231,695	348,350
Intellectual property payable	216,280	211,584
Accrued interest	23,720	28,416
Deferred revenue to be recognised in the next year	97,149	151,029
VAT liability	550,187	390,449
Tax and payroll	65,845	62,506
	1,456,957	1,743,510
Non current:
Intellectual property payable	421,136	532,593
Accrued interest	18,864	29,537
	440,000	562,130

10. Earnings per share

	Period ended 31 July 2024 £	Period ended 31 January 2024 £	Period ended 31 July 2023 £
Result for the period
Total loss for the period attributable to equity shareholders	(2,008,127)	(3,980,138)	(253,283)
Weighted average number of shares	Number	Number	Number
For basic earnings per share	703,408,955	499,339,721	467,433,502
Loss per share (£)	(0.003)	(0.01)	(0.001)

As the result for the period was a loss, the basic and diluted loss per share are the same. The loss attributable to equity holders and the weighted average number of ordinary shares for the purposes of calculating diluted earnings per ordinary share are identical to those used for basic earnings per ordinary share.  

11. Reverse Acquisition

On 18 December 2023, Good Life Plus PLC acquired 100% of the share capital of GL Membership Limited. Further details of this reverse acquisition can be found in the 2024 Annual Financial Statements.

12. Events after the balance sheet date

On 2 September 2024, the Company issued 275,000 convertible loan notes of £1 each for a total of £275,000.

On 1 October 2024, the Company issued 80 million ordinary shares of £0.001 each at a price of £0.025 for a total of £2,000,000. 3 million broker warrants were also issued at £0.025 per warrant and will be exercisable at £0.025 for a period of 5 years. In addition, £287,500 of convertible loan notes were converted to 12,777,777 new ordinary shares of £0.0225 each.

13. Approval of interim financial statements

The Condensed interim financial statements were approved by the Board of Directors on 30 October 2024.

14.  Availability of this announcement

Copies of this announcement are available from Good Life + website at https://goodlifeplus.co.uk  

 

END