9th April 2018
EARLY EQUITY PLC
("Early Equity" or the "Company")
Interim Results
Executive Director's Statement
I am pleased to present the unaudited interim results for the Company for the
six month period ended 28th February 2018.
Results and Review of Business
The loss for the period was GBP109,865 (2017: GBP66,791) representing a loss
per share of 0.01p (2017: 0.01p). Although the accounts show a loss for the
period, the Company raised a total of GBP705,000 cash in the period and
significantly increased the balance sheet.
The value of our investment portfolio increased to GBP 1,013,769 (2017: GBP
594,436) due to further investments. Following our announcement on the 14th
August 2017 (pre-review period) in which we announced the acquisition of a 4%
stake in Early Infinity holdings Sdn Bhd ('EI Holdings'), on the 8th November
2017 the Company announced additional investment in Yicom Global Sdn Bhd
('Yicom'), where we acquired an additional 15% by way of share swap, raising
our total stake to 47.14%.
On the 15th December 2017 we announced investments of GBP60,000 in Truspine
Technologies Limited and GBP35,000 in Farina Investments Limited by way of
subsrciption.
Post Balance Sheet Events
There have been no material events, transactions or developments within the
post balance sheet period.
Outlook
The Company is pleased to report that Yicom has continued to increase its
network and sales volumes. The growth is represented by increased sales in
Malaysia and also by EI Holdings expanding their global network of sales
agents. EI Holdings are now operational in Malaysia, Singapore, Taiwan,
Indonesia, Thailand and Japan.
The Company continues to seek further acquisitions that meet its investment
criteria and intend to raise additional monies in the future to fund suitable
investment opportunities.
The Company's investment strategy is to invest in early stage, small to medium
high-growth enterprises around the world. The Directors will continue to
evaluate suitable investments opportunities.
On behalf of the Board, I would like to take this opportunity to thank
shareholders and professional advisers for their continued support of the
Company.
Chua Siew Lian
Executive Director
CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR SIX MONTHS TO 28 FEBRUARY 2018
6 months to 6 months to
28 February 2018 29 February 2017
CONTINUING OPERATIONS GBP GBP
TURNOVER/DIVIDEND INCOME 16,014 -
OTHER INCOME - -
ADMINISTRATIVE EXPENSES (88,348) (49,820)
OTHER OPERATING EXPENSES (34,342) (16,331)
FINANCE COSTS (3,189) (640)
(LOSS) BEFORE TAX (109,865) (66,791)
INCOME TAX -
(LOSS) FOR THE YEAR / PERIOD (109,865) (66,791)
OTHER COMPREHENSIVE INCOME / (LOSS)
Loss on fair value changes of - -
available-for-sale financial assets
Reclassification of fair value gain on - -
disposal
of available-for-sale financial assets
OTHER COMPREHENSIVE INCOME / (LOSS) - -
FOR THE YEAR / PERIOD
TOTAL COMPREHENSIVE LOSS FOR THE YEAR (109,865) (66,791)
/ PERIOD
BASIC AND DILUTED LOSS PER SHARE (0.01)p (0.01)p
6 months to 6 months to
CONSOLIDATED STATEMENT OF FINANCIAL 28 February 2018 29 February
POSITION AS AT 28 FEBRUARY 2017 2017
GBP GBP
INVESTMENTS
Available-for-sale financial assets 1,013,769 594,436
CURRENT ASSETS
Trade and other receivables 6,127 6,086
Cash and cash equivalents 428,837 46,927
Other Recievables 98,361 -
533,325 53,013
CURRENT LIABILITIES
Trade and other payables 100 (8,450)
Accrued Expenses 5,250
(5,350) (8,450)
NET CURRENT ASSETS / (LIABILITIES) 527,975 44,563
NET ASSETS 1,541,744 638,999
REPRESSENTING:-
Share capital 972,123 809,623
Share premium 1,496,090 683,590
2,468,213 1,493,213
Fair value reserve 133,364 49,031
Accumulated losses (1,059,833) (903,245)
SHAREHOLDERS FUNDS 1,541,744 638,999
The interim financial information for the six months ended 28 February 2018 is
neither audited nor reviewed, but has been prepared in accordance with the
accounting policies set out in the Company's annual report and accounts for the
year ended 31 August 2017.
The Directors of the Company accept responsibility for the announcement.
--ENDS-
Enquiries:
Early Equity Plc
Greg Collier
Tel: +44 (0)78 3018 2501
NEX EXCHANGE CORPORATE ADVISER:
Alexander David Securities Limited
David Scott -Corporate Finance
James Dewhurst - Institutional Sales
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA
