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DJ Milamber Ventures Plc Interim Results

 
TIDMMLVP 
 
28 December 2018 
 
                             Milamber Ventures Plc 
 
                         ("Milamber" or the "Company") 
 
                                INTERIM RESULTS 
 
                  For the Six Months Ended 30 September 2018 
 
Milamber is pleased to report its interim results for the six month period 1 
April to 30 September 2018.  Milamber is an incubator and growth accelerator 
working with a number of dynamic small companies ("Portfolio Companies") 
helping them to grow through business development activities and by securing 
funding.  Milamber has more recently expanded with the strategy of buying 
education companies outright. 
 
The Company has made significant progress since the year end.  In particular: 
 
We issued GBP254,925 in shares for services and GBP122,700 in shares for cash to 
develop the business further. 
 
On 26 July we announced that we had signed Heads of Terms to acquire Orchard 
Rock, a recognised nationwide brand delivering high quality health and social 
care training in response to regulatory need:  https:// 
orchardrocktraining.co.uk/ 
 
We have continued the turnaround and restructuring process at Essential 
Learning, working in particular with the Education Skills Funding Agency 
(ESFA), the regulatory body that oversees the Apprenticeship Levy program.  In 
the Summer we declared various issues to the ESFA that we found during the Due 
Diligence process prior to acquiring the company and in the first 90 days 
evaluation and planning process post acquisition. We have since then been 
exploring ways to fix and improve some of the issues we found while making sure 
the ESFA is kept abreast of progress so that we meet our fiduciary duty of 
protecting public monies that pay for the training being delivered by Essential 
as a registered apprentice training provider. This process is still ongoing 
with the ESFA. 
 
Since the period end we facilitated a management "buy in" of Milamber USA LLC 
by Tim Moore, Steve Hammersly and Bill Hughes. Milamber retains a 20% equity 
stake with Andy Hasoon as the Board representative.  We have also reduced our 
equity stake in Vocademia London Limited to 5%. 
 
Milamber Ventures' London advisory business won a significant number of new 
mandates which are being executed during the second half of the year, with 
strategic clients including Black Arrow, Pepper Learning, Next Step Education 
and Engage Works. 
 
Andy Hasoon, Executive Chairman of Milamber, commented: 
 
"We have continued to develop our strategy, simplifying our business, reducing 
costs and positioning for strategic acquisitions.  This will help deliver on 
our purpose, which is to drive innovation in the global education sector." 
 
We wish all our shareholders, staff and stakeholders a healthy and happy New 
Year. 
 
PROFIT AND LOSS ACCOUNT                  6 months to  6 months to Year ended 
 
                                          30-Sep-18    30-Sep-17   31-Mar-18 
 
                                            GROUP       COMPANY      GROUP 
 
                                              GBP            GBP           GBP 
 
                             Notes       (Unaudited)  (Unaudited)  (Audited) 
 
Turnover                                      287,395     147,370     754,670 
 
Cost of Sales                                 (4,597)           -    (15,305) 
 
Gross Profit                                  282,798     147,370     739,365 
 
Administrative Expenses 
 
Continuing Operations                       (609,374)   (410,017) (1,913,057) 
 
Amortisation of Development Costs                   -           -   (265,379) 
 
Operating (loss) / profit                   (326,576)   (262,647) (1,439,071) 
 
Gain / (loss) on sale of investments         (16,349)           -      46,751 
 
Loss on goodwill                                    -           -   (748,514) 
 
Loss on ordinary activities before          (342,925)   (262,647) (2,140,834) 
taxation 
 
Tax credit on loss on ordinary                      -           -           - 
activities 
 
LOSS FOR THE PERIOD          1              (342,925)   (262,647) (2,140,834) 
 
Loss per share (pence)       2 
 
 Basic and Fully Diluted: 
 
 Continuing and Total Operations               (2.6p)      (4.0p)     (29.8p) 
 
 
 
 
BALANCE SHEET                             30 Sep 18    30 Sep 17   31 Mar 18 
 
                                            GROUP       COMPANY      GROUP 
 
                                              GBP            GBP           GBP 
 
                               Notes     (Unaudited)  (Unaudited)  (Audited) 
 
Fixed Assets 
 
Development Costs                             872,745   1,322,196     745,722 
 
Investments                                 1,050,558     447,159   1,050,558 
 
Tangible Fixed Assets                          12,930           -      16,570 
 
Total Fixed Assets                          1,936,233   1,769,355   1,812,850 
 
Current Assets 
 
Debtors                                       241,374     110,073     374,240 
 
Cash at Bank                                    4,752       4,002       5,455 
 
Creditors 
 
Amounts falling due within one year       (1,026,546)   (142,922)   (960,245) 
 
Net current assets (liabilities)            (780,420)    (28,847)   (580,550) 
 
Amounts repayable in more than one year   (1,683,890) (1,281,457) (1,782,033) 
 
NET ASSETS / (LIABILITIES)                  (528,077)     459,051   (549,733) 
 
Capital and Reserves 
 
Called up Share Capital          2            294,102     217,315     242,811 
 
Share Premium                               2,537,361   1,761,814   2,032,321 
 
Capital Redemption Reserve                      2,056       2,056       2,056 
 
Equity and Other Reserves                      27,753      27,753      27,753 
 
Revaluation Reserve                           813,058     239,659     813,058 
 
Profit and Loss Account                   (4,202,407) (1,789,546) (2,788,469) 
 
Total Capital and Reserves                  (528,077)     459,051   (549,733) 
 
Notes to the interim financial statements: 
 
1.   Basis of preparation 
 
The financial statements for the six months to 30 September 2018 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 2018 
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 qualified as to limitation of scope and did not contain a 
statement under Section 498(2) or (3) of the Companies Act 2006.  With the 
deconsolidation of Milamber-USA, as announced on 20 December 2018, the basis 
for limitation of scope has been removed. 
 
In the opinion of the Directors the financial information for the six months to 
30 September 2018 presents fairly the financial position and results of 
operations for the period in conformity with UK GAAP which have been 
consistently applied. The interim statement for the six months ended 30 
September 2018 was approved by the Board of Directors on 27 December 2018. 
 
The financial information for the six months to 30 September 2018 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 2018.  The Group was formed 
on 20 December 2017 with the acquisition of Essential Learning Company Ltd and 
the prior period comparable figures therefore show only the unconsolidated 
Company accounts. 
 
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 were 
based on the numbers of shares in issue for the periods to 30 September 2017 
and 31 March 2018. 
 
The weighted average number of equity shares in issue for the period was 
13,104,261 (six months to 30 September 2017 - 6,602,727, year to 31 March 2018 
- 7,148,884) and the loss after tax attributable to ordinary shareholders was GBP 
342,925 (six months to 30 September 2017 - loss GBP262,647, year to 31 March 2018 
- loss GBP2,140,834). 
 
The Directors of the Company accept responsibility for this announcement. 
 
An updated 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 
 
First Sentinel Corporate Finance Limited (NEX Exchange Corporate Adviser) 
 
Brian Stockbridge 
 
T: 020 7183 7405 
 
Leander (Financial PR) 
 
Christian Taylor-Wilkinson 
 
T: 07795 168 157 
 
Market Abuse Regulation (MAR) Disclosure 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulation 
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory 
Information Service, this inside information is now considered to be in the 
public domain. 
 
 
 
END 
 

(END) Dow Jones Newswires

December 28, 2018 02:00 ET (07:00 GMT)