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DJ Milamber Ventures Plc Interim Results

 
TIDMMLVP 
 
30 December 2016 
 
                             Milamber Ventures Plc 
                         ("Milamber" or the "Company") 
 
                                INTERIM RESULTS 
                  For the Six Months Ended 30 September 2016 
 
Milamber is pleased to report its interim results for the period from 1 April 
2016 to 30 September 2016.  Milamber is an incubator and growth accelerator 
working with a number of dynamic small companies (the "Portfolio Companies") 
helping them to grow through business development activities and by securing 
funding. 
 
The Company has made significant progress in the second half of the year, 
including: 
 
·     Fees for Services and Success Commissions from Portfolio Companies have 
now begun to come on stream after the Growth Accelerator business went live in 
April 2016; revenue in the period was GBP223,754 compared to GBP34,372 for H2 2015. 
 
·     Milamber secured cash investments of GBP135,000 which, combined with paying 
for services via shares, is being used for development purposes and to help our 
Portfolio Companies 
 
·     Barney Battles joined the Board as a non-Executive Director in June 2016 
 
·     The launch of Milamber USA which is being led by Tim Moore 
 
·     Attended several City events including Master Investor 2016 and hosted 
three of our own investor events: Milamber Summer Event, Milamber Autumn Event 
and a launch of our New York business in October 2016 
 
·     Secured a number of new Portfolio Companies, including; Playoff Lab (US), 
Alumnifire (US), Droplet (UK), and Internet Music (UK); these present 
opportunities for us to assist in funding rounds 
 
·     Specifically focused on expanding our relationship network with Angel 
Networks, Family Offices, Institutions and Corporate Investors 
 
·     We have helped our Portfolio Companies, including: 
 
­  Knowledge Motion won funding from Ingram in the US and a multi-year contract 
with Pearson Group in the UK 
 
­  The launch of Honey Comb Works (www.thehoneycombworks.com), led by Melissa 
Sabella as a spin-out of Reed Learning 
 
­  Put in place a new business development strategy for Overthrow Digital ( 
www.overthrowdigital.com) 
 
­  Launched the Founding Member funding model with So Just Shop ( 
www.sojustshop.com) 
 
­  Provided EU Grant Horizon 2020 support to  Scrapaway, by writing their 
business plan 
 
­  Provided support to M8 Content (www.m8content.com) for their online video 
campaigns for the Brexit "Leave" and "Stay" referendum 
 
After the end of the period, we executed our first acquisition, buying the 
League of Angels in December 2016. 
 
Andy Hasoon, Executive Chairman of Milamber, commented, 
 
"We have continued to develop our strategy with great success and have ended 
2016 ahead of the Board's expectations. In under 12 months we have become a 
highly recognisable brand in the business incubator and growth accelerator 
market, for the media, technology and education sectors. 
 
"We are now being fed potential high quality Portfolio Companies via our 
network of partners which allows the Board to be more selective in choosing 
those small businesses with the greatest potential to become Portfolio 
Companies and members of our network. We expect this trend to continue. The 
acquisition of The League of Angels in December 2016 has kicked-started this 
process, as we have gained access to over 5,000 partners and investors around 
the world. 
 
INCOME STATEMENT 
 
                                  Notes  6 months to     6 months to    Year ended 
 
                                           30-Sep-16       30-Sep-15     31-Mar-16 
 
                                                   GBP               GBP             GBP 
 
                                         (Unaudited)     (Unaudited)     (Audited) 
 
                                                   GBP               GBP             GBP 
 
Turnover                                     223,754          34,372        70,122 
 
Cost of sales                                      -               -             - 
 
Gross profit                                 223,754          34,372        70,122 
 
Administrative expenses 
 
Continuing operations                      (420,178)        (87,999)     (360,661) 
 
Operating (loss)/profit                     -196,424         -53,627      -290,539 
 
Gain on disposal of investments                    -               -       -70,000 
 
Loss on ordinary activities                (196,424)        (53,627)     (360,539) 
before tax 
 
Tax on ordinary activities                         -               -             - 
 
Loss on ordinary activities after          (196,424)        (53,627)     (360,539) 
tax 
 
Loss per share (pence)              2 
 
  Basic and fully diluted: 
 
  Continuing  and total                      ( 4.2p)         ( 2.1p)      ( 16.6p) 
operations 
 
 
 
 
BALANCE SHEET 
 
                                          30-Sep-16        30-Sep-15          31-Mar-16 
 
                                        (Unaudited)      (Unaudited)          (Audited) 
 
                                                  GBP                GBP                  GBP 
 
Fixed assets 
 
Investments                              163,300.00       203,300.00         163,300.00 
 
Development costs                        305,167.00        85,500.00         174,000.00 
 
Loans to associates                       13,750.00        55,000.00                  - 
 
                                         482,217.00       343,800.00         337,300.00 
 
Current assets 
 
Debtors                                   86,364.54        83,412.00          81,101.00 
 
Cash at bank                              12,425.72         3,212.00             289.00 
 
                                          98,790.26        86,624.00          81,390.00 
 
Creditors 
 
Amounts falling due within             (121,508.31)      (59,074.00)        (78,170.00) 
one year 
 
Net current assets/                     (22,718.05)        27,550.00           3,220.00 
(liabilities) 
 
Amounts repayable in more              (255,236.06)      (12,752.00)        (49,333.00) 
than 1 year 
 
Net assets                               204,262.89       358,598.00         291,187.00 
 
Capital and reserves 
 
Called up share capital                  192,760.17       171,909.00         186,190.00 
 
Share premium                          1,393,788.14     1,040,194.00       1,290,858.00 
 
Shares to be issued                               -        27,500.00                  - 
 
Capital Redemption Reserve                 2,056.00                -           2,056.00 
 
Equity reserve                            27,753.00        27,753.00          27,753.00 
 
Revaluation reserve                               -      (67,004.00)                  - 
 
Profit and loss account              (1,412,094.42)     (841,754.00)     (1,215,670.00) 
 
                                         204,262.89       358,598.00         291,187.00 
 
 
Notes to the interim financial statement 
 
1.   Basis of preparation 
 
The financial statements for the 6 months to 30 September 2016 are unaudited 
and do not constitute statutory accounts as defined in section 434 of the 
Companies Act 2006.  The financial information for the year ended 31 March 2016 
is extracted from the audited statutory accounts for the year then ended which 
have been delivered to the Registrar of companies.  The audit report on these 
accounts was unqualified and did not contain a statement under Section 498(2) 
or (3) of the Companies Act 2006. 
 
In the opinion of the Directors the financial information for the 6 months to 
30 September 2016 presents fairly the financial position and results of 
operations for the period in conformity with UKGAAP which have been 
consistently applied. The interim statement for the six months ended 30 
September 2016 was approved by the Board of Directors on 29 December 2016. 
 
The financial information for the six months to 30 September 2016 has been 
prepared on the basis of the accounting policies set out in the full annual 
accounts of the Company for the year ended 31 March 2016. 
 
2.   Earnings per share 
 
The calculation of the basic earnings per share is based on the earnings 
attributable to the ordinary shareholders divided by the weighted average 
number of shares in issue during the period.  The comparative averages for the 
number of shares in issue for the periods to 30 September 2015 and 31 March 
2016 
 
The weighted average number of equity shares in issue is 4,049,702 (30 
September 2015 - 2,538,267, 31 March 2016 - 2,173,081) and the loss after tax, 
is GBP196,424 (30 September 2015 - loss GBP53,627, 31 March 2016 - loss GBP360,539). 
 
The Directors of the Company accept responsibility for this announcement. 
 
A summary in pdf format of Milamber Ventures plc can be downloaded at: 
www.milamber.co.uk/investors. 
 
Or, for further information about Milamber or its Portfolio Companies, please 
contact: 
 
Milamber Ventures plc 
Andy Hasoon 
T: 07768 875 681 
E: Andy.hasoon@milamber.co.uk 
www.Milamber.co.uk 
 
Peterhouse Corporate Finance Limited (ISDX Corporate Adviser) 
Mark Anwyl and Fungai Ndoro 
T: 020 7469 0930 
 
Cadogan Leander (Financial PR) 
Christian Taylor-Wilkinson 
T: 07795 168 157 
 
 
 
END 
 

(END) Dow Jones Newswires

December 30, 2016 02:02 ET (07:02 GMT)