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DJ V22 Plc V22 Plc Group's results for six-months to 30 June 2016

V22 Plc 
     ("V22", the "Company" or, together with its subsidiary, the "Group") 
                Interim Report for Half-Year Ended 30 June 2016 
V22 Plc announces the Group's results for the six-month period to 30 June 2016. 
Co-Chairperson's statement 
  * In the half year to 30 June 2016, V22 generated a profit after tax of GBP 
    190,232 (2015: loss of GBP (18,198). 
  * The Group's net asset value per share (valuing the art portfolio at cost) 
    increased to 
    1.55 pence (2015: 1.00 pence), 65% above the year end value of 0.94 pence. 
  * The collection has not been revalued at the half year, therefore for the 
    purposes of these interim results and to assess the value of the art 
    portfolio, the Directors have used the valuation as at 31 December 2015 of 
    GBP 1,670,429. 
  * Using the art portfolio valuation figure as at 31 December 2015, the 
    Group's net asset value per share is 5.10 pence. This does not take into 
    consideration any possible movement in the value of the portfolio since 1 
    January 2016. 
  * As at 30 June 2016 the Group had a cash balance of GBP 47,690. 
The Directors are pleased to report our results for the half year. Much of the 
profit comes through the sale of part of an option on our Peckham/South 
Bermondsey premises. As reported in May 2016, in conjunction with entering into 
a lease agreement on the building, V22 accrued an interest entitling the 
Company to an option to acquire 30 per cent of the freehold interest in the 
building. During the period the Company sold 50 per cent of its option for a 
consideration of GBP 225,000 in cash. The remaining 50 per cent is still held 
by the Company. 
The success of our property strategy is also reflected in the increase in net 
asset value. Our subsidiary V22 London Ltd was delighted to enter into a 
125-year lease on Louise House in Forest Hill, London, in May this year. A 
premium of GBP 250,000 was paid for the long leasehold and we expect the upside 
of a revised valuation to be reflected in the accounts at the end of 2016. As 
part of funding arrangements for our not-for-profit company, V22 London sold a 
long lease on the rear building of this property to V22 Foundation. V22 
Foundation raised significant grant funding from the Mayor of London and Arts 
Council England toward repairs for the properties and landscaping works for the 
gardens. We look forward to inviting shareholders to view the buildings and 
celebrate V22's ten-year anniversary later in 2016. 
Although these two significant steps are welcomed and make great headline 
announcements, the hard work continues behind the scenes. As part of the growth 
strategy of V22 London, they have taken on an extra 41,588 square foot of 
lettable space in the last year - as reflected in growing turnover and 
corresponding increased costs. The second phase of works on its premises in 
Hackney Wick were completed in June 2016 and lettings were agreed. Income from 
this will only be realised post this period and will be reflected in the year 
end results. V22 London continues to manage its original Dalston building, 
which is fully let, with a waiting list. It is also managing buildings in 
Forest Hill, Peckham, Hackney Wick and Lewisham, and will shortly take on a 
lease of a new property in Shoreditch, on the city fringe. V22 London is also 
piloting a workspace crèche in its Dalston premises for tenants who are working 
parents (another project supported by the Mayor of London) and the introduction 
of letting of desk spaces across a number of locations. 
Future strategy is centred around driving income and controlling costs whilst 
taking advantage of opportunities for growth and further development. V22 
continues to expand in scope and reputation and, as ever, we would like to 
thank our artists, shareholders, staff, business partners, advisors and friends 
for their on-going support. 
Co-Chairperson           Co-Chairperson 
G. Hunt                  K. T. Cranswick 
30 September 2016 
V22 PLC Interim Report for Half-Year 
Ended 30 June 2016 
                                                   Unaudited    Unaudited      Audited 
                                                    6 months     6 months    12 Months 
                                                          to           to           to 
                                                   30-Jun-16    30-Jun-15    31-Dec-15 
                                         Note            GBP          GBP          GBP 
TURNOVER                                             587,005      358,045      822,314 
Cost of sales                                        496,407      276,383      621,940 
GROSS PROFIT                                          90,598       81,662      200,374 
Administration expenses                              165,784       92,128      229,722 
OPERATING LOSS                                      (75,186)     (10,466)     (29,348) 
Other Non-Operating Income               1           279,545            0            0 
Interest payable and similar charges                   3,218        2,475        4,691 
BEFORE TAXATION                                      201,141     (12,941)     (34,039) 
Tax on profit on ordinary activities                  10,909        5,257        6,336 
PROFIT FOR THE FINANCIAL YEAR                        190,232     (18,198)     (40,375) 
Other comprehensive income                                 0            0            0 
THE YEAR                                             190,232     (18,198)     (40,375) 
PROFIT PER SHARE - basic                               0.60p      (0.06)p      (0.13)p 
Note 1 
This comprises of: 
Disposal of a fixed asset - GBP 54,545 
Sale of an option - GBP 225,000 
V22 PLC Interim Report for Half-Year 
Ended 30 June 2016 
30 JUNE 2016 
                                           Unaudited     Unaudited       Audited 
                                           30-Jun-16     30-Jun-15     31-Dec-15 
                                                 GBP           GBP           GBP 
Tangible assets                              429,274        98,997       179,233 
Debtors                                      258,195       129,041        80,114 
Trade investments                            558,181       555,758       558,181 
Cash at bank and in hand                      47,690        52,900        36,984 
                                             864,066       737,699       675,279 
Amounts falling due within one year          745,684       522,337       495,667 
NET CURRENT ASSETS                           118,382       215,362       179,613 
TOTAL ASSETS LESS CURRRENT LIABILITIES       547,656       314,359       358,845 
Amounts falling due after more than one     (42,654)      (20,118)      (56,784) 
PROVISION FOR LIABILITIES                   (18,720)             0       (7,811) 
NET ASSETS                                   486,282       294,241       294,250 
Called up share capital                        6,650         6,444         6,629 
Share premium account                        713,289       689,510       711,510 
Profit and Loss account                    (233,657)     (401,713)     (423,889) 
SHAREHOLDERS' FUNDS                          486,282       294,241       294,250 
Net Asset Value per share (valuing             1.55p         1.00p         0.94p 
current asset investments at the lowers 
of cost and net realisable value) 
Net Asset Value per share if current           5.10p         3.84p         4.49p 
asset investments valued at last 
valuation (31 December 2015) 
Interim report notes 
 1. The interim report was approved by the Directors on 30 September 2016. 
 2. The financial information for the period ended 30 June 2016 has not been 
    audited or reviewed by the Group's auditors and does not constitute 
    statutory accounts within the meaning of Section 434 of the Companies Act 
 3. These interim financial statements consolidate the financial statements of 
    the Company and its subsidiary, V22 London Limited. 
 4. Current asset investments - art collection. The art collection which is 
    valued at the lower of cost and net realisable value. 
The Directors of the Company accept responsibility for this announcement. 
Contact Details: 
V22 PLC: 
Tara Cranswick 
Fungai Ndoro and Eran Zucker 
+44 20 7469 0930 

(END) Dow Jones Newswires

September 30, 2016 02:00 ET (06:00 GMT)