2024 Interim Results
30 July 2024
MaxRets Ventures PLC
("MaxRets" or the "Company")
Unaudited Interim Results for the six months ended 30 April 2024
MaxRets Ventures plc (the "Company" or "MaxRets"), an investing company focusing on early-stage or undervalued later stage businesses with strong upside potential, today announces its unaudited interim results for the six months ended 30 April 2024.
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:
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MaxRets Ventures plc Dominic White, Non-Executive Chairman
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c/o Walbrook PR Limited
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Cairn Financial Advisers LLP AQSE Corporate Adviser Jo Turner/Emily Staples
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+44 20 7213 0880 |
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Walbrook PR Limited Paul Vann/Nick Rome/Joe Walker |
+44 20 7933 8780 +44 7768 807631
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Chairman's Strategic and Financial Review
MaxRets is an investment company quoted on the Access Segment of the Aquis Stock Exchange ("AQSE") Growth Market, the successor to the NEX Exchange Growth Market ("NEX"). The Company was incorporated on 1st October 2019 and its shares were admitted to trading on NEX on 30 December 2019.
The Company's strategy is to invest in technology driven businesses based on their potential for future value enhancement and overall investment return. It follows a growth incubator and pre-IPO investment philosophy whereby it seeks out early stage or undervalued later stage businesses with strong upside potential, with the objective of acquiring, funding, growing, and selling-on investments through the public market at enhanced valuations.
The Board will not restrict the jurisdiction of investments since the application of technology is not constrained by geographic borders.
The Company will invest directly or indirectly in public or private companies and 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 continues to own two legacy investments in the cannabis sector that were both made in 2021.
The first investment in March 2021 was a £100,000 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") which was expected to convert at the time of a public listing at a 30 per cent. discount to the placing price. However, given changes in market conditions they have decided not to proceed with a listing and are now seeking a strategic private equity partnership.
As we noted at the time of the full year results to 31 October 2023, Clearly has challenging trading conditions in a market that has not developed as was hoped. Given the lack of progress made by Clearly the Maxrets board wrote down the investment to nil in the year to 31 October 2023.
The second was an equity investment of £100,000 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 completed an IPO on the AQSE market in June 2021, resulting in the Company holding approximately 2.8% of the issued share capital at the time of flotation. At the time of our full year results to 31 October 2023 we reported that Voyager had been unable to complete a corporate acquisition and associated fundraise and as a result the Board decided to write down it's investment in Voyager plc to nil.
Since that point Voyager has changed direction, securing an option to acquire M3 Helium Corp. in Kansas USA, a business that produces helium gas for the US market, and at the same time having raised approximately £864k in additional funding. We are pleased to see the company recapitalised.
Outlook
The market outlook for technology driven investments remains positive.
The Directors are of the opinion that there are exciting investment opportunities in those market sectors which the Company is focused upon.
The Board is constantly assessing potential transactions and looks forward to updating the market further in the near future.
Dominic White
Non-executive Chairman 30 July 2024
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Unaudited Condensed Statement of Comprehensive Income For the period ended 30 April 2024 |
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Period ended 30 April 2024 Unaudited |
Period ended 30 April 2023 Unaudited |
Year ended 31 October 2023 Audited |
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Note |
£'000 |
£'000 |
£'000 |
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Administrative expenses |
|
(181) |
(133) |
(484) |
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Operating loss |
|
(181) |
(133) |
(484) |
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Interest income |
|
4 |
11 |
6 |
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Loss before tax |
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(177) |
(122) |
(478) |
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Taxation |
|
- |
- |
- |
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Loss for the period |
|
(177) |
(122) |
(478) |
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Other comprehensive income |
|
- |
- |
- |
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Total comprehensive loss for the period |
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(177) |
(122) |
(478) |
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Earnings/(loss) per share (pence) from continuing operations attributable to owners of the Company: |
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Basic |
3 |
(1.19) |
(0.83) |
(3.24) |
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Diluted |
3 |
(1.19) |
(0.83) |
(3.24) |
Unaudited Condensed Statement of Financial Position
As at 30 April 2024
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|
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30 April |
30 April |
31 October |
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Note |
2024 Unaudited £'000 |
2023 Unaudited £'000 |
2023 Audited £'000 |
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Non-current assets |
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Financial assets |
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- |
194 |
- |
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|
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194 |
- |
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Current assets |
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|
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|
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Trade and other receivables |
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8 |
147 |
133 |
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Cash and cash equivalents |
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42 |
204 |
15 |
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Total current assets |
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50 |
351 |
148 |
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|
|
|
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Total assets |
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50 |
545 |
148 |
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Current liabilities Trade and other payables |
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(208) |
(170) |
(129) |
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Total current liabilities |
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(208) |
(170) |
(129) |
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|
|
|
|
|
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Net assets/(Net liabilities) |
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(158) |
375 |
19 |
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Capital and reserves |
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|
|
|
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Share capital |
2 |
148 |
148 |
148 |
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Share premium |
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1,587 |
1,587 |
1,587 |
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Share based payment reserve |
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108 |
121 |
108 |
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Retained earnings |
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(2,001) |
(1,481) |
(1,824) |
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Total equity |
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(158) |
375 |
19 |
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Year |
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6 months |
Period |
ended 31 |
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to 30 April |
ended 30 |
October |
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2024 |
April 2023 |
2023 |
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Unaudited |
Unaudited |
Audited |
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£'000 |
£'000 |
£'000 |
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Cash from operating activities Loss before tax |
(177) |
(122) |
(478) |
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Adjustments for: |
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|
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Interest income |
(4) |
(11) |
- |
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Share based payment charge |
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- |
- |
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Fair value adjustment financial assets |
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- |
95 |
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(Increase)/decrease in trade and other receivables |
125 |
(17) |
(3) |
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Increase/(decrease) in trade and other payables |
79 |
31 |
(10) |
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|
|
|
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Cash generated/used from operations |
23 |
(119) |
(396) |
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|
|
|
|
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Interest received/(paid) |
4 |
- |
- |
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|
|
|
|
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Net cash used in operating activities |
27 |
(119) |
(396) |
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Cash flows from investing activities Purchase of investment |
- |
(88) |
- |
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Loans advanced |
- |
- |
- |
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Net cash from investing activities |
- |
(88) |
- |
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Net cash flow for the period |
27 |
(207) |
(396) |
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Cash and cash equivalents at beginning of period |
15 |
411 |
411 |
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Cash and cash equivalents at end of period |
42 |
204 |
15 |
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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's investment strategy is to focus on investments related to health, wellness and plant based medicine investments.
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 2024 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 2024.
2. Going concern
As at 30 April 2024, the Company had cash of £42k. 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.
The annual running costs of the Company have been reduced significantly. As at the date of this report, the Company had approximately £42k of cash at bank and is due to receive £3k VAT refunds.
The Company has the support of its principal shareholder and 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.
2. Share capital
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Number of Ordinary Shares of 0.01 pence each |
Amount £ |
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At 30 April 2023 |
14,792,374 |
147,923 |
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At 30 October 2023 |
14,792,374 |
147,923 |
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At 30 April 2024 |
14,792,374 |
147,923 |
On incorporation, the company issued 1,000 ordinary shares of £1 each for a cash price of £1 per share. The number of options outstanding as at the period end was 349,090.
3. Earnings per share
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6 months to 30 April 2024 Unaudited £'000 |
Period ended 30 April 2023 Unaudited £'000 |
Year ended 31 October 2023 Audited £'000 |
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Earnings Loss for the period |
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(177) |
(122) |
(478) |
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Number of shares |
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|
|
|
|
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Weighted average number of shares for the purposes of basic and diluted |
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14,792,374 |
14,792,374 |
14,792,374 |
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Basic loss per share (pence) |
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(1.19) |
(0.83) |
(3.24) |
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Fully diluted loss per share (pence) |
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(1.19) |
(0.83) |
(3.24) |
4. Post balance sheet events
There were no reportable post balance sheet events.
5. Distribution of interim report
Copies of the Interim Report for the period ended 30 April 2024 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 identified 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 reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
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