27 March 2024
Lift Global Ventures
Plc
("Lift" or the
"Company")
Half Year
Results
The Directors of Lift Global
Ventures Plc (AQSE:LFT) are pleased to announce its half year
results for the six-month period ended 31 December 2023.
Chairman's
Statement
It is with pleasure that I take this
opportunity to update shareholders of Lift Global Ventures Plc (the
"Company" or "Group") on the Group's performance during the
six-month period to 31 December 2023.
Update on Investment
Strategy
Miriad Limited ("Miriad")
The Company's flagship investment,
Miriad, a financial PR and IR consulting company run by well-known
stock market commentator and the Company's CEO, Saqib "Zak" Mir
continues to go from strength to strength, showing a heathy
increase in revenue and profits in the six-month period ended 31
December 2023, compared to the same period in 2022.
In the period, Miriad has generated
turnover of £280,261 which was 87% up on the same period last year
and a net operating positive cash inflow of £48,902. During the
six-month period ended 31 December 2023, Miriad made a profit
after-tax of £219,373 representing an increase of 136% from the
same six-month period in 2022.
Over the last 6-months, the average
monthly sales of Miriad rose marking a notable increase from the
average monthly sales in the year to 30 June 2023. This growth is
largely credited to the successful attributed launch of the
company's new 'Zaks Traders Cafe' website and the acquisition of 21
new customer contracts in the six-month period since 1 July 2023,
not to mention the 25,800 X (Twitter) followers that Zaks Traders
Café has built up.
It is pleasing to witness more
clients realising the value of Zak Traders Café in terms of the
content and distribution from a market leader in Zak
Mir.
During the recent bear market, we
have found more companies seeking the benefits of Zak's services on
the basis that Zaks Traders Café has a genuine reach and trust as a
market commentator amongst retail investors.
Such services include:
Daily RNS Hot List
Daily Bulletin Heroes
Week in Small Caps
Daily Crypto Risers
Daily US Chart Breakers
Investment in Trans-Africa Energy
Limited ("TAE")
In January 2023, the Company
subscribed for £750,000 of unsecured convertible loan notes in TAE,
a UK private company focused on the development, financing,
construction and operation of energy infrastructure projects
located primarily in Sub-Saharan Africa, the first of which is in
Ghana.
The first project is the Takoradi to
Tema pipeline and TAE reports that, despite weather interruptions,
the field work required for the Aerial and LiDAR survey was
successfully completed along the main pipeline route as well as
sectional alternate routes as specified by the pipeline
engineer.
The full set of topographical and
aerial photography data was captured and processed with the
information ready for the engineer's interpretation. Following the
data review, and in conjunction with the geotechnical reports, the
engineer will now finalise the pipeline route and complete the
outstanding FEED (Front End Engineering Design) deliverables and
then tender for the EPIC (engineering, procurement, installation
and commissioning) package.
In addition, the full cadastral
survey for land ownership identification can also then be
undertaken, after which initial individual landowner engagements
can take place.
The thesis for the pursuit of energy
infrastructure projects in Africa is on many fronts including the
fact that Africa is soon to be home to approximately one
fifth of the world's population.
According to the International
Energy Agency: "Boosting access to secure and sustainable energy in
Africa remains essential. More than 600 million people on the
continent currently live without access to electricity. To achieve
Africa's development goals, as well as energy access and climate
objectives, energy spending on the continent needs to more than
double by 2030.
Investment in All Active Asset
Capital Limited ("AAA")
In July 2023, the Company made an
investment of £50,000 into AAA which is a private UK company
investing in the global technology, software and Artificial
Intelligence ("AI") space. AAA owns 25% of Sentiance N.V., whose
technology provides motion- and mobility-related AI solutions to
blue chip companies such as Uber, Absa, Verisure, DBS Bank,
Microsoft and Delivery Hero, among others.
Sentiance could become a leading
player in the insuretech sector, and its technology could be
subsequently deployed in the automotive, logistics, and last mile
delivery industries and beyond. The Board are pleased to have been
given the opportunity to invest in AAA, who we believe has real
value in being a technology disruptor in the Insurance-Banking and
Gig-Mobility sectors.
Investment in WeCap Plc
The Company has been continuing to
gradually top up its investment in WeCap Plc ("WeCap") (formerly
IAMFIRE Plc), an investment issuer listed on the AQSE Market Growth
Exchange with an investment strategy focused on opportunities in
social commerce and green energy.
WeCap's main investment is in WeShop
which is a community owned platform that allows consumers to search
for and buy products based on community reviews, and rewards
transactions and reviews with shares in WeShop called "WeShares".
See: https://we.shop
Financial
Overview
As at 31 December 2023, the Group
had cash reserves of £179,375, compared to £272,603 as at 30 June
2023. The Group remains debt free.
The Group reports revenue of
£280,261 for the 6-month period to 31 December 2023 (31 December
2022: £149,875) representing an increase of 87% from the same
6-month period in 2022. During the 6-month period ended 31 December
2023, the Group made a profit of £78,415 (31 December 2022: loss
£219,520). This profit is primarily due to the success of Miriad
who generated an after-tax profit of £219,373, representing an
increase of 136% from the same 6-month period in 2022 (31 December
2022: £92,782).
Group administration expenses for
the 6-months to 31 December 2023 totalled £167,216 (31 December
2022: £356,909). These expenses can be further broken down as
follows: Salaries totalled £75,000 (31 December 2022: £146,392),
professional, legal, and consulting fees totalled £82,624 (31
December 2022: £145,613) and exchange listing fees of £4,693 (31
December 2022: £4,928).
Summary
I would like to congratulate Zak Mir
on the strong performance over the period. Not only did Miriad turn
a profit, but they were able to sign up some excellent customers in
a very challenging period for listed small cap
companies.
We look forward with great optimism
in all our investments and on behalf of the Board, I'd like to
thank our shareholders for their continued support.
Roy
Kelly
Non-Executive Chairman
26 March 2024
LIFT
GLOBAL VENTURES PLC
NOTES TO
THE INTERIM REPORT
FOR THE
six months ENDED 31 DECEMBER 2023
1.
Reporting Entity
Lift
Global Ventures Plc (the "Company") is a company domiciled in the
United Kingdom. The consolidated interim financial information as
at and for the six months ended 31 December 2023 comprise the
results of the Company and its subsidiary (together referred to as
the "Group").
The
consolidated financial statements of the Group as at and for the
period ended 30 June 2023 are available upon request from the
Company's registered office at 6 Heddon Street, London, England,
W1B 4BT or at www.liftgv.com.
2.
BASIS OF
PREPARATION
The
financial information set out in this report is based on the
consolidated financial information of the Group. The financial
information of the Group for the 6 months ended 31 December 2023
was approved and authorised for issue by the Board on 26 March
2024. The interim results have not been audited. The
financial information for the period ended 31 December 2023 set out
in this interim report does not comprise the Group's statutory
accounts as defined in section 434 of the Companies Act 2006. This
financial information complies with the recognition and measurement
requirements of UK-adopted international standards.
The Group
financial information is presented in Pound Sterling and values are
rounded to the nearest pound.
The same
accounting policies, presentation and methods of computation are
followed in the interim consolidated financial information as were
applied in the Groups latest annual audited financial statements
except for those stated below or those that relate to new standards
and interpretations effective for the first time for periods
beginning on (or after) 1 July 2023 and will be adopted in the 2024
annual financial statements.
A number
of new standards, amendments and became effective on 1 July 2023
and have been adopted by the Group. None of these standards have
materially affected the Group.
3.
GOING
CONCERN
Management
has prepared a forecast covering 18 months post-period end and
believe that current cash reserves will adequately cover the
working capital requirements of the Group. Miriad Limited is a
revenue generating and profitable entity. Miriad has continued to
be revenue generating, adequately covering the operating costs of
the Company and the Group and has generated profits in the
six-month period to 31 December 2023. The Board believes this will
further strengthen over the coming 18 months. The Group has
forecast that the Group's projected that the profits generated from
Miriad will be sufficient to cover the working capital requirements
of the Group for a period of at least 18 months from the period
end.
As such,
the Directors have a reasonable expectation that the Group has, and
will have access to, adequate resources to continue in operational
existence for the foreseeable future and, therefore, continue to
adopt the going concern basis in preparing the financial
statements.
4.
EXPENSES BY
NATURE
|
|
Unaudited
31 December
2023
£
|
Unaudited
31 December
2022
£
|
|
Directors'
fees
|
75,000
|
146,392
|
|
Employers
tax contributions and other employment expenses
|
9,095
|
15,351
|
|
Termination of previous auditor fee
|
5,000
|
-
|
|
Fees paid
to the Company's auditor for the audit of the Company financial
statements
|
3,000
|
50
|
|
Professional, legal and consulting fees
|
82,624
|
145,613
|
|
PR and
marketing
|
1,050
|
5,825
|
|
Insurance
|
8,379
|
11,163
|
|
Exchange
listing fees
|
4,693
|
4,928
|
|
IT and
software services
|
984
|
1,352
|
|
Rent
|
-
|
245
|
|
Depreciation
|
504
|
-
|
|
Movement
in expected credit loss provisions
|
(70,200)
|
13,667
|
|
Impairment
of receivables
|
40,000
|
-
|
|
Other
expenses
|
7,087
|
12,323
|
|
Total administrative
expenses
|
167,216
|
356,909
|
5.
LOSS PER
SHARE
|
|
Unaudited
31 December
2023
£
|
Unaudited
31 December
2022
£
|
|
Net
earnings/(loss) for the year from continued operations attributable
to equity shareholders
|
78,415
|
(219,520)
|
|
Weighted
average number of shares for the period/year (basic)
|
95,710,000
|
94,215,435
|
|
Basic earnings/(loss) per
share for continued operations (expressed in
pence)
|
0.08
|
(0.23)
|
|
Weighted
average number of shares for the period/year (diluted)
|
133,659,442
|
132,164,877
|
|
Diluted earnings/(loss) per
share for continued operations (expressed in
pence)
|
0.06
|
(0.23)
|
The number
of share options and warrants that could potentially dilute the
loss per share in future periods is 37,949,442 as at 31 December
2023. A calculation for the diluted loss per share was not
performed in 2022 as this would be anti-dilutive.
6.
INTANGIBLE ASSETS
|
Intangible Assets - Cost and
Net Book Value
|
Website
£
|
Goodwill
£
|
Customer
Relationships
£
|
Total
£
|
|
Cost
|
|
|
|
|
|
As at 1
July 2022
|
-
|
-
|
-
|
-
|
|
Additions
|
-
|
189,516
|
109,180
|
298,696
|
|
As at 31 December
2022
|
-
|
189,516
|
109,180
|
298,696
|
|
Additions
|
10,000
|
-
|
-
|
10,000
|
|
As at 30 June
2023
|
10,000
|
189,516
|
109,180
|
308,696
|
|
As at 31 December
2023
|
10,000
|
189,516
|
109,180
|
308,696
|
|
|
-
|
|
|
|
|
Amortisation
|
|
|
|
|
|
As at 1
July 2022
|
-
|
-
|
-
|
-
|
|
As at 31 December
2022
|
-
|
-
|
-
|
-
|
|
Additions
|
233
|
-
|
-
|
233
|
|
As at 30 June
2023
|
233
|
-
|
-
|
233
|
|
Charge for
the year
|
504
|
-
|
-
|
504
|
|
As at 31 December
2023
|
737
|
-
|
-
|
737
|
|
Net book value as at 31
December 2022
|
-
|
189,516
|
109,180
|
298,696
|
|
Net book value as at 30 June
2023
|
9,767
|
189,516
|
109,180
|
308,463
|
|
Net book value as at 31
December 2023
|
9,263
|
189,516
|
109,180
|
307,959
|
The
intangible asset classes are:
- Website is the value attributed to the build of Miriad's
website.
- Goodwill is the excess of the consideration transferred and
the acquisition date fair value of any previous equity interest in
the acquiree over the fair value of the net identifiable
assets.
- Customer relations is the value attributed to the key customer
lists and relationships of Miriad.
Goodwill
The Group
is required to test, on an annual basis, whether goodwill has
suffered any impairment. The recoverable amount is determined based
on value in use calculations. The use of this method requires the
estimation of future cash flows and the determination of a discount
rate in order to calculate the present value of the cash flows.
Refer to note 22.
The key
assumptions used in performing the impairment review over the
goodwill balance are in accordance with Miriad's expected
profitability and revenue projections over an appropriate
period.
The
Directors have therefore concluded that no impairment to goodwill
is necessary.
7.
FAIR VALUE THROUGH PROFIT AND LOSS EQUITY
INVESTMENTS
|
|
£
|
|
1 July 2022
|
-
|
|
Additions
at cost
|
49,052
|
|
Change in
fair value recognised in profit and loss
|
(12,485)
|
|
31 December
2022
|
36,567
|
|
|
|
|
1 January
2023
|
36,567
|
|
Additions
at cost
|
20,833
|
|
Change in
fair value recognised in profit and loss
|
(22,527)
|
|
30 June
2023
|
34,873
|
|
|
|
|
1 July 2023
|
34,873
|
|
Additions
at cost
|
64,014
|
|
Change in
fair value recognised in profit and loss
|
(5,025)
|
|
31 December
2023
|
93,862
|
Fair value
through profit and loss equity investments include the
following;
|
|
31 December
2023
£
|
30 June
2023
£
|
31 December
2022
£
|
|
Quoted:
Equity
securities - United Kingdom
|
93,862
|
34,873
|
36,567
|
|
|
93,862
|
34,873
|
36,567
|
The fair
value of quoted securities is based on published market
prices.
All assets
and liabilities for which fair value is measured are categorised
within the fair value hierarchy. The fair value hierarchy
prioritises the inputs to valuation techniques used to measure fair
value. The Group uses the following hierarchy for determining and
disclosing the fair value of financial instruments and other assets
and liabilities for which the fair value was used:
-
level 1: quoted prices in active markets for identical assets or
liabilities;
-
level 2: inputs other than quoted prices included in level 1 that
are observable for the asset or liability, either directly (as
prices) or indirectly (derived from prices); and
-
level 3: inputs for the asset or
liability that are not based on observable market data
(unobservable inputs).
The following tables set forth, by
level, equity investments measured at fair value on a recurring
basis as at 31 December 2022, 30 June 2023 and 31 December
2023:
|
|
Quoted Prices in Active
Markets for Identical Assets and Liabilities
(Level 1)
31 December
2022
£
|
Significant Other Observable
Inputs
(Level 2)
31 December
2022
£
|
Significant
Unobservable
Inputs
(Level 3)
31 December
2022
£
|
|
Description
Equity securities:
|
|
|
|
|
31
December 2022
|
36,567
|
-
|
-
|
|
30
June 2023
|
34,873
|
-
|
-
|
|
31
December 2023
|
93,862
|
-
|
-
|
8.
financial asset at fair value through profit and
loss
On 31 January 2023, the Company
subscribed for £750,000 of unsecured convertible loan notes in TAE,
a UK private company focused on the development, financing,
construction and operation of energy infrastructure projects
located in Sub- Saharan Africa.
|
|
31 December
2023
£
|
|
At 1 July 2022
|
-
|
|
Principal loaned
|
750,000
|
|
At
30 June 2023
|
750,000
|
|
As
at 31 December 2023
|
750,000
|
The loan notes do not carry an
interest rate, other than in the event of a default by TAE. Other
key terms of the convertible loan notes are as follows:
• Date of maturity of 2
August 2024.
• Conversion price is
equal to:
(i)
on Admission, lower of: (i) price per new share at admission with a
20% discount, and (ii) price per share with deemed market
capitalisation of £50 million;
(ii)
on Relevant Fundraising, a price per share with a 20% discount to
the subscription price;
(iii) on
a Change of Control, a price per share equivalent to what is being
paid by the acquiring entity.
9.
Share capital
|
|
Number of
shares
|
Ordinary
shares
£
|
Share
premium
£
|
Total
£
|
|
At
30 June 2022
|
91,543,334
|
915,433
|
1,097,757
|
2,013,190
|
|
Issue of new shares - 5 September
2022
|
4,166,666
|
41,667
|
125,000
|
166,667
|
|
Cost of
Capital
|
-
|
-
|
2,750
|
2,750
|
|
At
31 December 2022
|
95,710,000
|
957,100
|
1,225,507
|
2,182,607
|
|
At
30 June 2023
|
95,710,000
|
957,100
|
1,225,507
|
2,182,607
|
|
At
31 December 2023
|
95,710,000
|
957,100
|
1,225,507
|
2,182,607
|
10.
EVENTS AFTER THE REPORTING DATE
There have been no events since the
reporting date.
The Directors of the Company accept
responsibility for the contents of this announcement.
Enquiries:
|
Lift Global Ventures Plc
|
|
|
Zak Mir, CEO
|
+44 (0)203 745 1865
|
|
Optiva Securities (AQSE Corporate Adviser and
Broker)
|
|
|
Christian Dennis
Daniel Ingram
|
+44 (0)203 411 1881
|
For
more information please visit: www.liftgv.com
END