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DJ Startup Giants Plc Interim Report; Change of Directorate

 
TIDMSUG 
 
Startup Giants plc 
 
                      ("Startup Giants" or the "Company") 
 
          Interim Results for the six months' period to 30 June 2019 
 
                                Board Statement 
 
Startup Giants plc is pleased to announce its unaudited interim results for the 
six months' period from 1st January 2019 to 30th June 2019. The financial 
statements below have not been reviewed by the Company's auditors. 
 
Financial Results 
 
Financial highlights for the period, extracted from the financial statements 
which follow, include: operational loss GBP(21,254) (2018, GBP(45,893)); loss per 
share (2.1) pence (2018, (4.5) pence) cash and cash equivalents GBP642,680 (2018, 
GBP665,033); shareholders' funds GBP699,023 (2018, GBP725,189). 
 
Review of Business During the Period 
 
 During the period under review, the Company has held a number of events for 
both founders and investors, including another investor event at NEX Exchange 
in London, and has worked with its growing portfolio of founders looking for 
acceleration of their startup businesses. 
 
The Company has forged new partnerships with investment groups that invest up 
to GBP150,000 into each of the Company's shortlisted startups. As part of the 
first round, the Company also agrees an option that can be exercised after 
three years to buy up to 15% of equity in the startup.  Using these initial 
funds to complete its technology and reach a degree of early adoption, the 
Company will then take the startup through a private, follow-on SEIS 
co-investment round and a later SEED round via its investor syndicate. 
 
This approach reduces the Company's requirement for external funding as well as 
diminishing the risks to the Company from startups that might fail within their 
first three years. For those startups that do have successful follow-on 
pre-seed and seed rounds, the value of the Company's options should be 
reflected in the audited accounts. 
 
Current Trading 
 
Current trading remains in line with the directors' expectations at the 
beginning of the second half of the 2019 financial year. 
 
Post- Balance Sheet Events 
 
1)         Co-investment Terms Sheets in Place 
 
The Company has received three signed term sheets for startups which now have 
investment commitments from third parties whom the Company has introduced, with 
the Company taking options as described above on each investment. A fourth 
startup has an offer of investment and we await a signed term sheet. The 
Company has four additional, shortlisted startups which it is in the process of 
introducing to investors. 
 
2)         Change in Board of Directors 
 
Effective today (27th September 2019), Dr. John Campbell Robertson will be 
retiring as a director of the Company. The Company expects to replace Dr. 
Robertson in due course; during the intervening period, Frederic Betito 
(non-executive) will become the senior non-executive director. I would like to 
thank Dr. Robertson for his involvement through the transition of Startup 
Giants from being a private to a public company and subsequently, and to wish 
him all the best in future. 
 
Outlook 
 
With the co-investment model starting to gain traction for first round funding, 
Startup Giants expects in the next year to increase the number of startups 
being funded to an average of two per month. 
 
Conclusion 
 
The directors would like to thank shareholders for their support during the 
period under review and look forward to informing them of developments at 
Startup Giants during the remainder of the current financial period and into 
the future. 
 
Jeb Buckler, 
 
Chief Executive Officer, 
 
Startup Giants plc, 
 
27th September 2019 
 
                       Statement of Comprehensive Income 
 
                         Six months ended 30 June 2019 
 
(Financial data for the comparative period to 31 July 2018 as previously 
reported prior to the change of accounting year end to 31 December). 
 
                                      Six months ended  Six months ended 
                                          30 June 2019      31 July 2018 
 
                                                   GBP               GBP 
 
Turnover                                        45,245                 - 
 
Administrative expenses                       (66,499)          (45,893) 
 
Operating loss                                (21,254)          (45,893) 
 
Taxation                                             -                 - 
 
Loss for the period                           (21,254)          (45,893) 
 
Earnings per share: 
 
Basic and Diluted (pence)                       (2.1)p            (4.5)p 
 
                              Startup Giants plc 
 
                        Statement of Financial Position 
 
                              As at 30 June 2019 
 
                                         30 June 2019       31 July 2018 
 
                                                  GBP                GBP 
 
Non-current assets: 
 
Goodwill                                       29,584             34,167 
 
Investments                                    40,000             40,000 
 
                                               69,584             74,167 
 
Current assets: 
 
Trade and other receivables                    70,982             68,636 
 
Cash and cash equivalents                     642,680            665,033 
 
                                              713,662            733,669 
 
Total assets                                  783,246            807,836 
 
Current liabilities: 
 
Trade and other payables                       84,223             82,647 
 
Net current assets                            629,439            651,022 
 
Total liabilities                              84,223             82,647 
 
Net assets                                    699,023            725,189 
 
Equity: 
 
Called up share capital                       140,510            140,510 
 
Share premium account                         769,790            769,790 
 
Retained earnings                           (211,277)          (185,111) 
 
Total equity                                  699,023            725,189 
 
                              Startup Giants plc 
 
                            Statement of Cash Flows 
 
                         Six months ended 30 June 2019 
 
                                      Six months ended  Six months ended 
                                          30 June 2018      31 July 2018 
 
                                                   GBP               GBP 
 
Loss for the year after tax                   (21,254)          (45,893) 
 
Adjustments for: 
 
Amortisation of intangible assets                2,500             2,500 
 
Movement in trade and other                      5,768          (14,196) 
receivables 
 
Movement in trade and other payables             9,213            36,420 
 
Cash absorbed by operations                    (3,773)          (21,169) 
 
Investing activities: 
 
Purchase of investments                              -                 - 
 
Financing activities: 
 
Proceeds from issue of shares                        -                 - 
 
(Decrease)/increase in cash and cash           (3,773)          (21,169) 
equivalents 
 
Cash and cash equivalents at                   646,453           686,202 
beginning of period 
 
Cash and cash equivalents at end of            642,680           665,033 
period 
 
The financial information set out above has not been reviewed or audited by the 
Company's auditors. 
 
The financial information set out above has been prepared in accordance with 
International Financial Reporting Standards (IFRS) as adopted for use in the 
European Union. 
 
This announcement has been made after due and careful inquiry and the directors 
of Startup Giants plc accept responsibility for its content. 
 
Enquiries: 
 
Startup Giants plc 
 
Cherry Martin; cherry@startupgiants.com  +44 20 7 157 9764 
 
Keith, Bayley, Rogers & Co Limited 
 
Graham Atthill-Beck +44 20 7464 4091; +44 750 643 4107; +097 50 856 9408; 
 
blackpearladvisers@gmail.com; Graham.Atthill-Beck@kbrl.co.uk 
 
Brinsley Holman: +44 20 7464 4098: Brinsley-Holman@kbrl.co.uk 
 
 
 
END 
 

(END) Dow Jones Newswires

September 30, 2019 02:10 ET (06:10 GMT)