TIDMPIRI
RNS Number : 7379N
Pires Investments PLC
27 September 2023
27 September 2023
Pires Investments PLC
("Pires" or the "Company")
Unaudited interim results for the six months ended 30 June
2023
Pires Investments plc (AIM: PIRI), the investment company
focused on next-generation technology, is pleased to announce its
unaudited interim results for the six-month period ended 30 June
2023.
Highlights
Company highlights
-- Net asset value ("NAV") of GBP7,310,000 as at the period end
(31 December 2022: GBP7,822,000), equating to a decrease of 6.5%
since 31 December 2022, albeit against the background of a
difficult technology market.
-- NAV per share as at the period end was 4 pence (31 December
2022: 4.28 pence) and so Pires is now trading at a 67.5% discount
to its NAV.
-- Loss of GBP512,000 during the period (six months ended 30
June 2022: profit before taxation of GBP992,000).
-- Two-year debt funding facility amounting to GBP1.235 million
announced on 22 December 2022, just prior to the start of the
period, to provide funding for further investment and a bridge to
the sale of portfolio companies.
Portfolio highlights
-- Investment made in Sure Valley Ventures ("SVV")'s new venture
capital fund, SVV3, alongside Enterprise Ireland.
-- Smarttech247, since achieving a listing on AIM in late 2022,
is continuing to grow revenue and customers.
-- A number of the portfolio companies have, and are continuing
to, successfully raise new funding against a difficult funding
background.
-- SVV1 actively focused on realising material cash returns from
its portfolio given that it is now in its investment realisation
phase.
-- SVV2, with the British Business Bank as a cornerstone
investor, is actively looking to make further investments.
Nicholas Lee, Director of Pires, commented:
" Pires invests in next generation technology with a focus on Al
either directly, or indirectly through its investment in three
funds managed by SVV and its investment in Sure Ventures plc.
The first half of 2023 has continued to be a difficult time for
small-cap listed companies and for those companies with a
technology focus. However, notwithstanding this market backdrop,
Pires has been able to broadly maintain the value of its portfolio
and a number of the Company's investments have also continued to
make good progress during the period. In particular:
- Smarttech247, as a quoted company, has continued to grow
revenue and EBITDA and is winning new contracts. Its shares are
trading at an 8% premium to its IPO price as of 26 September
2023
- Cameramatics has raised EUR3 million in new funding at an
increasing valuation. It has also won new clients in the UK and US
including customers such as Maritime Transport, one of the UK's
largest privately owned transport companies.
- Nova Leah, a leader in cyber security for connected medical
devices, raised EUR1 million in Q2 2023 at an increasing
valuation.
- Getvisibility is growing rapidly, with a number of new channel
partners being onboarded during the period.
- LandVault, a large metaverse builder, successfully raised an
additional US$3 million after extending its Series B funding round
in April 2023. It is also steadily building its pipeline.
On 23 February 2023, Pires announced that it had agreed to
invest in SVV's new venture capital fund, SVV3, alongside
Enterprise Ireland, the fund's cornerstone investor that committed
50% or EUR15 million to the fund.
Going forward, t he Company has a clear and proven strategy of
investing in next-generation technology with a focus on AI and
realising returns from its investments which, it is continuing to
implement. Furthermore, SVV1 has now entered its realisation phase
and we are looking forward to further increases in the value of the
portfolio companies and subsequent exits, which are expected to
generate cash returns to the Company. The directors believe the
portfolio of investments remains well-poised to achieve significant
growth to deliver value to Pires and its shareholders."
Investment overview
Summary
The Company's principal investment portfolio categories are
summarised below:
Category Cost or Cost or
valuation valuation
at 30 June at 31 December
2023 2022
GBP000s GBP000s
------------ ----------------
Investment in Sure Valley
Ventures 5,217 5,219
------------ ----------------
Direct investments 2,901 2,901
------------ ----------------
Cash/other listed securities 670 856
------------ ----------------
Total 8,789 8,976
------------ ----------------
Investment in Sure Valley Ventures
Pires has exposure to the SVV funds via:
- a 13% direct investment in SVV1
- a 21.9% holding in Sure Ventures plc, the principal
investments of which comprise a 25.9% interest in SVV1 and a
holding in VividQ
- a 5.9% interest in SVV2, alongside the British Business Bank
- 16.7% interest in SVV3, alongside Enterprise Ireland
Pires therefore has aggregate direct and indirect interests in
SVV1 of circa 19% and in SVV2 of 7.2%.
1. Sure Valley Ventures Fund ("SVV1")
SVV1 is SVV's first fund which has completed its new investment
phase and has now entered its realisation phase. It has already
achieved three realisations/liquidity events to date, including the
recent listing of Smarttech247, with more expected in the future.
During the period, one of the portfolio companies, Buymie, was
disposed of and the value of the investment written off
accordingly. The impact of this on the fund was offset by valuation
gains achieved by other investments.
Within the SVV1 portfolio, highlights during the period
include:
GetVisibility
GetVisibility is a cybersecurity company focusing on data
visibility and control and uses state-of-the-art artificial
intelligence ("AI") to classify and secure unstructured
information. The company has continued to grow, with a number of
new channel partners being onboarded, leading to an increase in its
number of enterprise customers.
Pires also has a direct interest in GetVisibility and, an
additional indirect interest through SV plc.
LandVault
LandVault, a large metaverse builder, successfully raised an
additional US$3 million after extending its Series B funding round
in April 2023. This strategic funding was raised from Web3 focused
investors including, The Sandbox, The Gemini Frontier Fund, HodICo
and hedge fund Kingsway Capital. The proceeds of the fundraise are
set to assist in its global expansion, further investment in
innovative technologies and development in the building of an open
protocol, Matera, to make the metaverse experience more
accessible.
Smarttech247
Smarttech247 Group plc ("Smarttech247") (AIM: S247) is an
established global artificial intelligence-based cybersecurity
business, specialising in automated managed detection and response.
It has a successful track record of revenue growth and
profitability and is positioned at the intersection of three major
cyber security growth markets: security threat incidents, growth of
cloud adoption and proliferation of cyber security data generation
that needs to be integrated.
On 15 December 2022, the company's shares were admitted to
trading on the London Stock Exchange's AIM market raising gross
proceeds of GBP3.7 million through a placing at a price of 29.66
pence per new ordinary share. Smarttech247's share price as at 26
September 2023 was 32 pence per share, representing approximately
an 8% increase since listing and a significant uplift compared to
the level at which the investment was initially made. Recent full
year and interim results of Smarttech247, along with some new
contract wins have reinforced the company's growth trajectory.
ENGAGE XR
ENGAGE XR Holdings plc ("ENGAGE XR") (AIM: EXR) is a virtual
reality ("VR") technology company focused on becoming a leading
global provider of virtual communications solutions through its
proprietary software platform, ENGAGE. ENGAGE provides users with a
platform for creating, sharing and delivering VR content for
education, training and online events through its three solutions:
Virtual Campus, Virtual Office, and Virtual Events.
In Q4 2022, the company announced the launch of ENGAGE Link, a
new metaverse platform designed for corporations, professionals,
education organisations and event organisers. The company has seen
encouraging engagement with enterprise customers for this new
platform and was able to successfully demonstrate its capabilities
to a global audience in April 2023, with the hosting of ENGAGE XR's
first VR concert titled "Eat Sleep VR Repeat" starring Norman Cook,
AKA Fatboy Slim.
In January 2023, the company announced its first AI-powered
employee, Athena, who can answer questions, take voice commands and
complete tasks within its metaverse program. In February 2023, the
company raised EUR10.5 million by way of a placing which included a
subscription by HTC for GBP0.58 million.
For the 12 months ended 31 December 2022, the company achieved
revenue of EUR3.9 million, an increase of approximately 62% in this
period. The Group's cash position at 30 April 2023 was EUR10.3
million. In June 2023, Lenovo's new VR headset was released. Lenovo
is a channel partner for ENGAGE XR and so this is expected to
provide a new route to market for the company. In September 2023,
the company published its 2023 interim results which showed
continued revenue growth of 18% over the same period in 2022.
Cameramatics
Cameramatics offers a cloud based, SaaS solution to fleet
managers, enabling companies to deal with the increasing demands
around driver shortages, driver retention, rising fuel costs,
insurance costs, emission output and driver safety protocols. Its
in-house developed smart technologies, smart vision systems, AI
safety technologies, fleet safety/risk management tools and data
software solutions have been achieving strong results for
customers.
In Q1 2023, the company raised EUR3 million from existing
investors to assist with funding growth. The company is expanding
into new geographies, with good traction being gained in the US and
new clients being won including customers such as Maritime
Transport, one of the UK's largest privately owned transport
companies.
As at the period end, SVV1 had a portfolio of 14 investee
companies at different stages of development, spanning a range of
sectors. The portfolio provides Pires with exposure to a number of
key, cutting-edge and rapidly growing technology sectors. Further
details of the portfolio companies and recent developments are set
out below:
Artificial intelligence
Ambisense Provides an artificial intelligence platform
(Ambisense Limited) to deliver environmental risk assessment to allow
real-time gas and environmental monitoring using
both loT and sensor solutions. The company has
already been awarded a number of major contracts
and has a substantial pipeline of opportunities.
----------------------------------------------------------
EveryAngle An artificial intelligence platform that uses
machine learning to provide enterprises, such
as large retailers, with line of business solutions
to reduce fraud, churn and waste using machine
vision.
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Security
----------------------------------------------------------
Nova Leah An artificial intelligence cyber-security risk
(Nova Leah Limited) assessment and protection platform for connected
medical devices.
connected medical devices.
----------------------------------------------------------
Getvisibility An artificial intelligence security company addressing
(Visibility Blockchain the substantial problem faced by corporations
Limited) in storing, sorting, accessing and protecting
data.
----------------------------------------------------------
PreCog An artificial intelligence security solution
(Polience Limited) platform company that provides data intelligence
to combat crime, terrorism and protect vulnerable
people. Customers include leading law enforcement
and security agencies, and transport infrastructure
groups.
----------------------------------------------------------
Smarttech247 An established global artificial intelligence-based
cybersecurity business, specialising in automated
managed detection and response. The company is
listed on AIM.
(Smarttech247
Group PLC)
----------------------------------------------------------
Immersive Technologies
----------------------------------------------------------
Engage XR A developer of virtual reality and immersive
(Engage XR Holdings experiences with a specific focus on education
plc) and enterprise learning and development. The
company is listed on AIM, has over 100 commercial
customers and is rapidly growing revenue and
margins.
----------------------------------------------------------
LandVault (Formerly A platform enabling the monetisation of interactive
Admix) programmatic brand placements in, for example,
video games and other AR/VR applications. The
company is rapidly growing revenues and numbers
of active users.
(WAM Group Limited)
----------------------------------------------------------
Warducks An AR/VR game development studio which has produced
(Warducks Limited) leading VR games and will soon launch a new AR
game, Edge of Earth.
----------------------------------------------------------
Vivid Q A deep tech software company which has developed
(Vivid Q Limited) a framework for real-time 3D holographic displays
for use in heads-up displays and AR headsets
and glasses.
----------------------------------------------------------
Volograms An artificial intelligence deep learning company
(Volograms Limited) that uses Al to create 3D augmented reality from
2D photos and videos. The company has launched
a consumer AR Camera app called Volu and has
pro user and enterprise versions in development.
----------------------------------------------------------
Virtex A company building a platform for the next-generation
(Virtex Limited) of live, immersive entertainment within the virtual
reality gaming and esports industries. It is
developing its new stadium app.
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Internet of things
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CameraMatics An artificial intelligence platform enabling
(MySafe Drive transport fleet managers to reduce risk, increase
Limited) driver safety and comply with growing industry
governance and compliance. The company is expanding
into new geographies, with good traction being
gained in the US and new clients being won including
customers such as Maritime Transport, one of
the UK's largest privately owned transport companies.
----------------------------------------------------------
Wia Provides a platform solution for smart buildings.
(WIA Technologies Its platform provides full device and application
Limited) management, security, data capture and storage,
analysis and control.
----------------------------------------------------------
2. Sure Valley Ventures UK Software Technology Fund ("SVV2")
In March 2022, the Company invested in a second SVV fund, the
Sure Valley Ventures UK Software Technology Fund. The principal
investor in SVV2 is the British Business Bank ("BBB") an investment
arm of the UK Government. The first close of this fund amounted to
GBP85 million, with the BBB investing up to GBP50 million and other
investors ("Private Investors"), including Pires, investing up to
GBP35 million over the 10 year life of the fund.
SVV2 is managed by the same SVV team which, to date, has been
highly successful in achieving a number of cash realisations from,
and upward revaluations of, companies in the SVV1 portfolio. The
profit share arrangements within SVV2 are designed to encourage the
involvement of private investors alongside the BBB, meaning that
Pires and the other private investors would expect to receive a
significantly enhanced share of the total return generated by the
fund compared to industry standard.
SVV2 made two investments in 2022 which are described below:
RetÌnÍZE RETiniZE Limited is an award-winning creative-tech
Limited company based in Belfast, Northern Ireland The
company is developing an innovative software
product called Animotive that is harnessing the
latest VR and Generative Al technologies to transform
the 3D animation production process.
Jaid Jaid is a rapidly growing platform that uses
Al as a Service (AIaaS) solution to help businesses
reduce costs, improve efficiency and make data-driven
decisions, including client service automation,
sales automation, payment exception processing
and claims administration processing.
----------------------------------------------------------
Whilst further investments for this fund are being reviewed, the
funding requirement is expected to be relatively limited in the
short-term and will be met from existing cash resources and/or
realisations from SVV1.
3. Sure Valley Ventures III Limited Partnership ("SVV3")
On 23 February 2023, Pires announced that it had agreed to
invest in SVV's new venture capital fund, SVV3, alongside
Enterprise Ireland, the fund's cornerstone investor that committed
50% or EUR15 million to the fund. SVV3 plans to invest in circa 15
high-growth Al software companies in sectors such as Enterprise,
Immersive Technologies and Cybersecurity across the Republic of
Ireland.
Whilst new investments for this fund are being reviewed, the
funding requirement is expected to be relatively limited in the
short-term and will be met from existing cash resources and/or
realisations from SVV1.
4. Sure Ventures plc ("SV plc")
SV plc (LSE: SURE) is a London-listed venture capital fund which
invests in early-stage software companies in the rapidly growing
technology areas of Augmented Reality, Virtual Reality, Internet of
Things and artificial intelligence. As at 30 June 2023, Pires had a
21.9% shareholding in SV plc whose principal investment is a 25.9%
interest in SVV1 and a commitment to SVV2. Pires therefore has an
aggregate (direct and indirect) interest in SVV1 of around 19%,
which comprises its original direct 13% interest in SVV1 and an
indirect interest of 5.7%, through its 21.9% shareholding in SV
plc. SV plc also has direct shareholdings in VividQ and Let's
Explore Group, although this shareholding has subsequently been
sold.
Direct investments
GetVisibility
GetVisibility is a cybersecurity company focusing on data
visibility and control. It uses state-of-the-art artificial
intelligence ("AI") to classify and secure unstructured
information. The company has continued to grow rapidly, with a
significant number of new channel partners being onboarded, leading
to a substantial increase in its number of enterprise
customers.
Pires also has indirect interests in GetVisibility through SVV1
and SV plc.
Emergent Entertainment Ltd ("Emergent")
Emergent a next-generation entertainment company focused on
bringing audiences and storytellers together by harnessing emerging
technologies.
During the period, Emergent signed an LOI to secure development
funding to develop a new game and is also in discussions on other
projects. The launch of the VR game, Peaky Blinders, was positively
received and further work is underway to increase sales. The
company has agreed terms with a massive multiplayer role-playing
game developer to fast track the development of its Web3 game,
Resurgence, which is expected to reduce development times by 12
months. The management team is also working on various initiatives
to reduce the company's cost base and it expects 2023 revenues to
be significantly ahead of the previous year.
Low6 Limited ("Low6")
Low6 is a leader in sports gaming technology that powers
franchises with their own branded gaming experiences to engage and
monetise their digital fanbases.
During the period, Low6 has continued to win new clients
including Olybet, Better Collective and BetRivers and has expanded
and increased revenue with existing clients. The company has
contracted approximately US$7 million in revenue since 1 July 2022
and revenues are expected to continue to grow in the remainder of
the year as the Premier League gets going in August and the North
America sports kick off in September. In late April 2023, the
company raised GBP800,000 from its largest shareholders as a bridge
to EBIDTDA breakeven which was achieved in July 2023. The
management team continues to work on cost reduction with the
majority of the legacy debt attributed to the pool betting
operation having been negotiated down and/or cleared now.
PreCog
PreCog is a security solution platform company that provides
data intelligence to combat crime, terrorism and protect vulnerable
people. Its customers include leading law enforcement and security
agencies, and transport infrastructure groups. The company has
continued to develop its product offering and, in particular, it
has developed an "off the shelf product" which is expected to
minimise manufacturing risk. The company operates in an exciting
security sector with significant potential demand for its products
expected going forward.
Key financial indicators
The key unaudited performance indicators are set out below:
Performance indicator 30 June 2023 31 December Change
2022
-------------------------------- ------------- ----------- ------
GBP000s GBP000s -
Loss attributable GBP(512) GBP(366) -
Net asset value GBP 7,310 GBP 7,822
Net asset value - fully diluted
per share 4.00p 4.28p
For this period, operating costs have been reduced and portfolio
valuations have remained relatively flat. However, the
strengthening of the GBP against the EUR and financing costs have
contributed to a resulting loss for the period.
As previously stated, we do not believe that the Company's net
asset value fairly represents its financial potential, given the
scope for significant valuation uplift for the companies within the
portfolio. This is clearly demonstrated by a series of gains, both
realised and unrealised, that have been achieved to date from its
investment portfolio. Furthermore, realisations that are achieved
within the SVV portfolio result in cash distributions to the
Company and are not retained within the fund thereby delivering a
real cash return to the Company.
Outlook
Overall, we remain encouraged by the progress made to date by
our investee companies and the outlook for the respective sectors
in which they operate.
We expect that in the coming months we will see some additional
realisations or liquidity events from the investment portfolio.
Furthermore, it is important to note that, as previously mentioned,
the SVV1 fund has now substantially completed its deployment phase
and so is moving towards a realisation phase which is expected to
generate further cash inflows for the Company.
In summary, we believe that our investment strategy in the
technology sector has already proven successful. Furthermore, our
portfolio is also very much AI focused and so should be attractive
to investors wanting exposure to this exciting and fast-moving
sector.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation. The person who arranged the
release of this information is Nicholas Lee, Director of the
Company.
Enquiries:
Pires Investments plc
Nicholas Lee, Director Tel: +44 (0) 20 3368 8961
Nominated Adviser
Cairn Financial Advisers LLP Tel: +44 (0) 20 7213 0880
Liam Murray/Ludovico Lazzaretti
Broker
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0935
Lucy Williams/Duncan Vasey
Notes to Editors
About Pires Investments plc
Pires Investments plc (AIM: PIRI) is a company providing
investors with access to a portfolio of next-generation technology
businesses with significant growth potential and focus on AI.
The Company is building an investment portfolio of high-tech
businesses across areas such as Artificial Intelligence, Internet
of Things, Cyber Security, Machine Learning, Immersive Technologies
and Big Data, which the Board believes demonstrate evidence of
traction and the potential for exponential growth, due to
increasing global demand for development in these sectors.
For further information, visit: https://piresinvestments.com/
.
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2023
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30-Jun 30-Jun 31-Dec
2023 2022 2022
Continuing activities GBP000s GBP000s GBP000s
Notes
Revenue
Investment income - - -
Other income 2 - -
Total revenue 2 - -
Gains on investments held
at fair value through profit
or loss (251) 1,422 420
Operating expenses (215) (430) (786)
---------- ---------- -----------
Operating (loss)/profit
from continuing activities (464) 992 (366)
(Loss)/profit before taxation
from continuing activities (464) 992 (366)
Financing cost (48) - -
Tax - - -
(Loss)/profit for the period
from continuing activities (512) 992 (366)
---------- ---------- -----------
(Loss)/profit for the period
and total comprehensive
income attributable to equity
holders of the Company (512) 992 (366)
========== ========== ===========
Basic (loss)/profit per
share 3
Equity holders
Basic and fully diluted (0.28)p 0.58p (0.20)p
UNAUDITED STATEMENT OF FINANCIAL POSITION
As at 30 June 2023
Unaudited Unaudited Audited
As at As at As at
30-Jun 30-Jun 31-Dec
2023 2022 2022
GBP000s GBP000s GBP000s
Notes
CURRENT ASSETS
Investments 8,124 8,810 8,129
Trade and other
receivables 11 9 373
Cash and cash equivalents 665 588 847
---------- ---------- ---------
TOTAL CURRENT ASSETS 8,800 9,407 9,349
---------- ---------- ---------
TOTAL ASSETS 8,800 9,407 9,349
========== ========== =========
EQUITY
Called up share
capital 457 416 457
Shares to be issued - 10 -
Share premium account 8,778 8,176 8,778
Share premium account - 155 -
for shares to be
issued
Retained earnings (13,920) (12,050) (13,408)
Capital redemption
reserve 11,995 11,995 11,995
---------- ---------- ---------
TOTAL EQUITY 4 7,310 8,702 7,822
NON-CURRENT LIABILITIES
Loan Notes 1,235 - 1,235
CURRENT LIABILITIES
Trade creditors
and other liabilities 255 705 292
---------- ---------- ---------
TOTAL LIABILITIES
AND CURRENT LIABILITIES 1,490 705 1,527
TOTAL EQUITY AND
LIABILITIES 8,800 9,407 9,349
========== ========== =========
UNAUDITED CASH FLOW STATEMENT
For the six months ended 30 June 2023
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30-Jun 30-Jun 31-Dec
2023 2022 2022
GBP000s GBP000s GBP000s
Cash flows from operating
activities - (Loss)/profit
for the period (512) 992 (366)
Realised (gain) on disposal
of investments - (14) (14)
Fair value movement in
investments 251 (1,408) (406)
Interest income (2) - -
Financing cost 48 - -
Decrease/(increase) in
receivables 362 (1) (365)
(Decrease)/increase in
payables (37) 530 117
Net cash absorbed by
operating activities 110 99 (1,034)
Cash flows from investing
activities
Payments to acquire investments (246) (440) (760)
Proceeds of sale of investments - 68 66
Net cash from investing
activities (246) (372) (694)
Cash flows from financing
activities
Interest received 2 - -
Financing cost (48) - -
Net proceeds from shares
issued or to be issued - 487 966
Issue of loan notes - - 1,235
Net cash from financing
activities (46) 487 2,201
Net (decrease)/increase
in cash and cash equivalents
during the period (182) 214 473
Cash and cash equivalents
at beginning of the period 847 374 374
Cash and cash equivalents
at end of the period 665 588 847
Notes to the Unaudited Interim Report
1. GENERAL INFORMATION
Pires Investments plc (the "Company") is a company domiciled in
England whose registered office address is 9(th) Floor, 107
Cheapside, London EC2V 6DN. The condensed interim financial
statements of the Company for the six months ended 30 June 2023 is
that of the Company only.
The condensed interim financial statements do not constitute
statutory accounts as defined in Section 434 of the Companies Act
2006.
The financial information for the year ended 31 December 2022
has been extracted from the statutory accounts for that period
which were prepared in accordance with International Financial
Reporting Standards ("IFRS"). The auditors' report on the statutory
accounts was unqualified. A copy of those financial statements has
been filed with the Registrar of Companies.
The financial information for the six months ended 30 June 2022
and 30 June 2023 were also prepared in accordance with IFRS.
The condensed interim financial statements do not include all of
the information required for full annual financial statements.
The condensed interim financial statements were authorised for
issue on 26 September 2023.
2. BASIS OF ACCOUNTING
The financial statements are unaudited and have been prepared on
the historical cost basis in accordance with International
Financial Reporting Standards as adopted by the EU ("IFRS") using
the same accounting policies and methods of computation as were
used in the annual financial statements for the year ended 31
December 2022. As permitted, the interim report has been prepared
in accordance with the AIM Rules for Companies and is not compliant
in all respects with IAS 34 Interim Financial Statements. The
condensed interim financial statements do not include all the
information required for full annual financial statements and hence
cannot be construed as in full compliance with IFRS.
3. (LOSS)/PROFIT PER SHARE
The calculation of the basic profit per share is based on the
following data:
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30-Jun 30-Jun 31-Dec
2023 2022 2022
GBP000s GBP000s GBP000s
(Loss)/profit on continuing activities
after tax (512) 992 (366)
Basic and fully diluted
Basic and fully diluted earnings per share have been computed
based on the following data:
Number of
shares
Weighted average number of ordinary
shares for the period 182,956,642 159,463,671 171,274,697
Basic earnings per share from
continuing activities (p) (0.28) 0.6 (0.20)
There were no dilutive instruments that would give rise to diluted
earnings per share.
4. STATEMENT OF CHANGES IN EQUITY
Share Capital Shares Share Premium Capital Retained Earnings Total
to be issued Redemption
Reserve
GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
At 1 January
2022 396 - 7,874 11,995 (13,042) 7,223
Issue of shares
(net of costs) 20 165 302 - 487
Profit for the
6 months ended
30 June 2022 - - - - 992 992
-------------
At 30 June
2022 416 165 8,176 11,995 (12,050) 8,702
Issue of shares
(net of costs) 41 (165) 602 - - 478
Loss for the
6 months ended
31 December
2022 - - - (1,358) (1,358)
-------------
At 31 December
2022 457 - 8,778 11,995 (13,408) 7,882
Loss for the
6 months ended
30 June 2023 - - - - (512) (512)
-------------
At 30 June
2023 457 - 8,778 11,995 (13,920) 7,310
============= ------------- ============= =========== ================= =======
5. DISTRIBUTION OF INTERIM REPORT
Copies of the Interim Report for the six months ended 30 June
2023 are available on the Company's website,
www.piresinvestments.com .
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
This information is provided by RNS, the news service of the
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