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DJ Early Equity Plc Interim Results

 
TIDMEEQP 
 
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 
 
 
 
END 
 

(END) Dow Jones Newswires

April 09, 2018 10:58 ET (14:58 GMT)