Trading subsidiary audited results

Sorted Group Holdings PLC

16 August 2024

 

16 August 2024

Sorted Group Holdings Plc

("Sorted", the "Company" or the "Group")

Trading subsidiary audited results for the fifteen months ended 31 December 2023

Sorted (AIM: SORT) announces that the audited results for Sorted Group Limited ("SGL") for the 15 months ended 31 December 2023 (the "Period") have been filed at Companies House and will be available on the Group's website. SGL is a 100 per cent. subsidiary of Sorted Holdings Limited ("SHL"), which in-turn is a wholly owned subsidiary of Sorted.

Highlights

-       Revenue for the Period of £6.72 million (12 months ended 30 September 2022 ("FY 22"): £5.26 million).

-       Loss before tax for the Period of £11.72 million (FY 22: £18.62 million).

-       Cash as at 31 December 2023 of £0.32 million (FY 22: £6.82 million).

-    Post Period, on 19 February 2024 Sorted completed its acquisition of SHL with the enlarged group successfully admitting to trading on AIM on the same day.

-      Creditors due within one year consists primarily of the intercompany balance between Sorted Group Limited and Sorted Holdings Limited. This is a historical balance arising through distributing external funding from Sorted Holdings Limited. This was because the external funding was obtained by Sorted Holdings Limited, but the utilisation of the funding occurred in Sorted Group Limited, as the trading entity. In the accounts of Sorted Holdings Limited, there is an equal gross asset. The liability in Sorted Group Limited and the asset in Sorted Holdings limited is eliminated in the consolidated accounts of Sorted Holdings Limited. Consequently, this liability does not exist in the consolidated accounts of Sorted Holdings Limited or Sorted Group Holdings plc.  The sale of Sorted Holdings Limited to Sorted Group Holdings plc for £66.67 on February 16th, 2024 does not impact this balance. Consequently, the balance remains a liability in the accounts of Sorted Group Limited and an asset in the accounts of Sorted Holdings Limited. This will remain the case until settled or formally written off, bringing the balance to zero on both sides. Sorted Holdings Limited will not seek to recover this amount. As stated above, the elimination of this intergroup balance results in no related liability (or asset) existing in the consolidated accounts of Sorted Holdings Limited and Sorted Group Holdings plc.

For further information please contact:

Sorted Group Holdings plc                                                                                                   Tel: [phone]

Simon Wilkinson, Chairman

Allenby Capital Limited (Nominated Adviser)                                                                  Tel: [phone]

David Hart

Vivek Bhardwaj

Turner Pope Investments (TPI) Ltd (Broker)                                                                   Tel: [phone]

James Pope

Andy Thacker

About Sorted

Sorted's Delivery Experience supports retailers in providing exceptional delivery experiences and analysing post-purchase performance. It enables customers to track deliveries and returns or exchange of parcels with ease.

Founded more than a decade ago, Sorted is trusted by leading retailers - such as Asda, ASOS and M&S - to make customer purchase experiences a differentiator.

www.sorted.com

@SortedOfficial

Media contact - Shaun Weston - [e-mail]

SGL PROFIT AND LOSS ACCOUNT FOR THE 15 MONTH PERIOD ENDED 31 DEC 2023

		15 month period ended 31 December 2023 Audited		Year ended 30 September 2022 Audited
		£'000		£'000
Revenue		6,720		5,266
Operating and administrative expenses		(18,023)		(23,862)
Operating loss		(11,303)		(18,596)
Interest payable and similar expenses		428		(32)
Interest receivable and other similar income		6		1
Loss before taxation		(11,725)		(18,627)
Tax on loss		2,000		-
Total comprehensive loss for the period / year		(9,725)		(18,627)

SGL BALANCE SHEET AS AT 31 DECEMBER 2023

			31 December 2023 Audited		30 September 2022 Audited
			£'000		£'000
Fixed assets
Intangible assets			7,023		7,108
Tangible assets			34		72
			7,057		7,090
Current assets
Debtors: amounts falling due within one year			2,725		1,483
Cash at bank an in hand			322		6,828
			3,047		8,311
Creditors: amounts falling due within one year			(59,443)		(55,255)
Net current liabilities			(56,396)		(46,944)
Total assets less current liabilities			(49,339)		(39,854)
Creditors: amounts falling due after more than one year			(2,805)		(2,805)
Net Liabilities			(52,144)		(42,659)
Capital and reserves
Called up share capital			-		-
Other reserve			240		-
Profit and loss account			(52,384)		(42,659)
			(52,144)		(42,659)

 

END