Half-yearly Financial Report

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THE DIRECTORS OF STARTUP GIANTS PLC CONSIDER THIS ANNOUNCEMENT TO CONTAIN INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO. 594/2014 OF THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 16 APRIL 2014 ON MARKET ABUSE AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. BY PUBLICATION OF THIS ANNOUNCEMENT, THE INFORMATION SET OUT WITHIN IT IS DEEMED NOW TO BE IN THE PUBLIC DOMAIN.

 

STARTUP GIANTS PLC

 

(“Startup Giants” or the “Company”; AQSE: SUG)

 

HALF-YEARLY FINANCIAL REPORT

 

 

The directors of Startup Giants (the “Directors”) present below the Company’s half-yearly financial report for the six month period from 1 January 2023 to 30 June 2023. 

 

Startup Giants is a UK-based start-up accelerator that invests in and mentors internet technology start-up businesses in the UK and internationally.  

 

Financial Results

 

Financial highlights for the period, extracted from the financial statements below (which have not been reviewed by the Company’s auditors), are:

 

 

30 June 2023

30 June 2022

 

 

 

Operational profit/(loss)

£70,770

£5,135

 

 

 

Profit/(loss) per share

5.7 pence

0.41 pence

 

 

 

Cash and cash equivalents

£665,281

£877,328

 

 

 

Shareholders’ funds

£629,905

£697,782

 

 

The focus of Startup Giants in 2023 to date has been to support its portfolio of founders to target further investment rounds and showcase their investment opportunities to a growing number of venture syndicate partners, and the Company has seen a number of founders successfully complete investment rounds in the current period.

 

Startup Giants has also continued to build on its engagement model and delivery programmes with early stage start-up founders both in the United Kingdom and Europe to source new talent and innovation.

 

Current Trading and Post Balance Sheet Developments

 

Current trading remains in line with the Directors’ expectations at the beginning of the second half of the 2023 financial year.

 

Outlook

 

Looking ahead, the Company will continue to explore expanding its services into regions outside the United Kingdom and to scaling its RAISE platform for private venture capital syndicates.

 

Conclusion

 

The Directors would like to thank shareholders for their continuing support during the period under review and look forward to informing them of developments at Startup Giants during the remainder of the current financial year and beyond.

 

 

Jeb Buckler

Chief Executive Officer

Startup Giants plc

 

 

Startup Giants plc

Statement of Comprehensive Income

Six months ended 30 June 2023

 

 

Six months ended 30 June 2023

Six months ended 30 June 2022

 

GBP

GBP

 

 

 

Turnover

100,396

243,399

 

 

 

Administrative expenses

(106,176)

(237,689)

Gain on investments held at fair value

76,750

-

 

 

 

Operating profit/(loss)

70,969

5,710

 

 

 

Finance costs

(199)

(575)

 

 

 

Profit/(loss) before taxation

70,770

5,135

 

 

 

Taxation

-

-

 

 

 

Profit/(loss) for the period

70,770

5,135

 

 

 

Earnings per share:

 

 

Basic and Diluted (pence)

5.7p

0.41p

 

 

Startup Giants plc

Statement of Financial Position

As at 30 June 2023

 

 

30 June 2023

30 June 2022

 

GBP

GBP

 

 

 

Non-current assets:

 

 

Goodwill

9,584

14,584

Property, plant and equipment

1,005

1,906

Investments

77,100

-

 

87,689

16,490

 

 

 

Current assets:

 

 

Trade and other receivables

20,672

82,667

Cash and cash equivalents

665,281

877,328

 

685,953

959,995

 

 

 

Current liabilities:

 

 

Trade and other payables

(132,153)

(259,120)

Bank borrowings

(5,000)

(5,000)

 

(137,153)

(264,120)

 

 

 

Net current assets

548,799

695,875

 

 

 

Non-current liabilities

(9,583)

(14,583)

 

 

 

Net assets

626,905

697,782

 

 

 

Equity:

 

 

Called up share capital

152,405

152,405

Share premium account

960,102

960,102

Retained earnings

(485,602)

(414,725)

 

 

 

Total equity

629,905

697,782

 

 

 

Startup Giants plc

Statement of Cash Flows

Six months ended 30 June 2023

 

 

Six months ended 30 June 2023

Six months ended 30 June 2022

 

GBP

GBP

 

 

 

Profit/(loss) for the period after tax

70,770

5,135

 

 

 

Adjustments for:

 

 

Depreciation and amortisation

2,940

2,813

Interest expense

199

575

Gain on investments held at fair value

(76,750)

-

Movement in trade and other receivables

11,187

14,455

Movement in trade and other payables

(49,905)

(238,714)

 

 

 

Cash absorbed by operations

(41,559)

(215,736)

 

 

 

Investing activities:

 

 

Purchase of property, plant and equipment

-

(199)

Purchase of investments

(350)

-

 

 

 

Financing activities:

 

 

Interest paid

(199)

(575)

Bank loan repaid

(5,000)

(5,000)

 

 

 

(Decrease)/increase in cash and cash equivalents

(47,108)

(221,510)

 

 

 

Cash and cash equivalents at beginning of period

712,389

1,098,838

 

 

 

Cash and cash equivalents at end of period

665,281

877,328

 

The financial information set out above has not been reviewed or audited by the Company’s auditors.

 

The financial information set out above has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the European Union.

 

The Directors of Startup Giants plc accept responsibility for this announcement.

 

 

Enquiries:

 

Startup Giants plc

Cherry Martin

cherry@startupgiants.com

+44 (0)207 157 9764

 

Keith Bayley Rogers & Co. Limited

Brinsley Holman

brinsley.holman@kbrl.co.uk

+44 (0)7776 302 228

 

Stephen Clayson

stephen.clayson@kbrl.co.uk

+44 (0)7771 871 847

 

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