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Blockchain Worldwide PLC   -  BLOC   

Half-year Report

Released 11:03 27-Mar-2019

RNS Number : 1818U
Blockchain Worldwide PLC
27 March 2019
 

27th March 2019

 

BLOCKCHAIN WORLDWIDE PLC

("Blockchain" or "the Company")

 

Interim Report for the period ended 31 December 2018

  

Blockchain (ticker: BLOC) announces its unaudited interim financial results for the six months ended 31 December 2018.

 

Period events

 

·     On 7 November 2018, the Company announced the proposed acquisition of Chorum Group Limited ('Chorum'), subject to due diligence and a successful fundraise.  The Company's shares were suspended pending the outcome of this process.

 

 

Post period events

 

·     On 8 February 2019, the Company announced it had withdrawn from the proposed acquisition of Chorum due to greatly reduced levels of activity in London's equity markets.

·     The Company's investment criteria was extended to include high growth opportunities within the wider technology sector, including the blockchain industry.

·     The shares were re-listed on 13 February 2019.

 

 

Jon Hale, Chairman of Blockchain said: "A great deal of work went into the proposed Chorum acquisition, but institutional demand was not sufficient to fund the transaction at the time.

 

Having preserved as much cash as possible, we are now considering other deals in the technology space and are more determined than ever to deliver value for shareholders this year."

 

 

For information please contact:

 

Blockchain Worldwide plc

www.bloc-worldwide.com

Rodger Sargent

via Walbrook PR

 

 

Walbrook PR Ltd

Tel: 020 7933 8780 or blockchainworldwide@walbrookpr.com

Paul Cornelius

Mob: 07866 384 707

Sam Allen

Mob: 07884 664 686

 

 

 

 

CHAIRMAN'S STATEMENT

 

 

Introduction

 

I am pleased to present the unaudited interim results for the six months ended 31 December 2018.

  

During this interim period, Blockchain recorded a loss of £170,780, the vast majority of this being costs of the aborted Chorum acquisition. Cash assets at period end were £1.2 million.

 

On 7 November 2018, the Company announced the proposed acquisition of Chorum Group Limited ('Chorum'), subject to due diligence and a successful fundraise.  The Company's shares were suspended pending the outcome of this process.  

 

On 8 February 2019, the Company announced it had withdrawn from the proposed acquisition of Chorum due to greatly reduced levels of activity in London's equity markets. The Company's investment criteria was extended to include high growth opportunities with the wider technology sector, including the blockchain industry. The shares were re-listed on 13 February 2019.

 

 

Outlook

 

Having preserved as much cash as possible, we are now considering other deals in the technology space and are more determined than ever to deliver value for shareholders this year

 

Jon Hale

Chairman

 

27th March 2019

 

 

 

 

 

INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31 DECEMBER 2018

 

 

 

 

 

 

Unaudited period to 31 December 2018

Unaudited period to 31 December 2017

 

 

 

 

 

Notes

£

£

 

 

 

 

Revenue

          2

-

-

 

 

-------------------

-------------------

Gross profit

 

-

-

 

 

 

 

General & administrative expenses

 

(175,723)

(7,501)

 

 

-------------------

-------------------

Loss from operations before interest

 

(175,723)

(7,501)

 

 

 

 

Interest income

 

4,943

-

 

 

--------------------

--------------------

Loss before tax

 

(170,780)

(7,501)

 

 

 

 

Tax

 

-

-

 

 

---------------------

---------------------

Retained Loss after tax for the period

 

(170,780)

(7,501)

 

 

=============

=============

 

 

 

 

Retained loss attributable to:

 

 

 

Owners of the company

 

(170,780)

(7,501)

 

 

-------------------

-------------------

Loss for period

 

(170,780)

(7,501)

 

 

=============

=============

Total comprehensive loss attributable to:

 

 

 

Owners of the company

 

(170,780)

(7,501)

 

 

---------------------

---------------------

Total comprehensive loss for the period

 

(170,780)

(7,501)

 

 

=============

=============

Loss per share

 

 

 

Basic and diluted

3

(0.468p)

(0.0573p)

 

 

=============

=============

 

 

 

 

 

INTERIM STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018

 

 

 

 

 

 

 

 Unaudited as at 31 December 2018

 Audited as at 30 June 2018

 

Notes

                        £

                        £

ASSETS

 

 

 

 

 

 

 

Current assets

 

 

 

Cash and cash equivalents

 

1,207,093

1,412,288

 

 

-----------------------

-----------------------

TOTAL ASSETS

 

1,207,093

1,412,288

 

 

============

============

 

 

 

 

EQUITY

 

 

 

Share capital

4

365,000

365,000

Share premium reserve

 

1,089,130

1,089,130

Retained loss

 

(253,031)

(82,251)

 

 

------------------------

------------------------

TOTAL EQUITY

 

1,201,099

1,371,879

 

 

============

============

 

 

 

 

CURRENT LIABILITIES

 

 

 

Trade and other payables

 

5,994

40,409

 

 

----------------------

----------------------

TOTAL EQUITY AND LIABILITIES

 

1,207,093

1,412,288

 

 

============

============

 

 

 

 

 

 

 

 

 

 

INTERIM STATEMENT OF CHANGES IN EQUITY 

 

 

 

 

 

FOR THE SIX MONTHS TO 31 DECEMBER 2018

 

 

 

 

 

 

Share

 

 

 

Share

premium

Retained

Total

 

capital

account

loss

equity

 

£

£

£

£

 

 

 

 

 

As at 1 July 2018

365,000

1,089,130

(82,251)

1,371,879

Loss for the period

-

-

(170,780)

(170,780)

 

 

 

 

 

Balance at 31 December 2018

365,000

1,089,130

(253,031)

1,201,099

 

 

 

 

 

FOR THE SIX MONTHS TO 31 DECEMBER 2017

 

 

 

 

 

 

 

 

 

 

 

Share

 

 

 

Share

premium

Retained

Total

 

capital

account

loss

equity

 

£

£

£

£

 

 

 

 

 

As at 15 February 2017

-

-

-

-

Loss for the period

-

-

(7,501)

(7,501)

 

 

 

 

 

Total comprehensive loss for the period

-

-

(7,501)

(7,501)

 

 

 

 

 

Share Capital issued (net of transaction costs)

365,000

1,088,265

-

1,453,265

 

 

 

 

 

Balance at 31 December 2017

365,000

1,088,265

(7,501)

1,445,764

 

 

 

 

 

 

 

 

 

INTERIM STATEMENT OF CASH FLOW FOR THE SIX MONTHS TO 31 DECEMBER 2018

 

 

Unaudited period to 31 December 2018 

Unaudited period to 31 December 2017 

 

£

£

Cash flow from operating activities

 

 

Loss for the period

(170,780)

(7,501)

 

-------------------------

-------------------------

Operating cash flows before movements in working capital

(170,780)

(7,501)

Decrease in creditors

(34,415)

-

Interest income

(4,943)

-

 

----------------------

----------------------

Net cash outflow from operating activities

(210,138)

(7,501)

 

 

 

Cash flow from investing activities

 

 

Interest income

4,943

-

 

------------------------

------------------------

Net cash flow from investing activities

4,943

-

 

 

 

Cash flow from financing activities

 

 

Net proceeds from issue of share capital

-

1,453,265

 

------------------------

------------------------

Net cash flow from financing activities

-

1,453,265

 

------------------------

------------------------

Net cash (outflow) / inflow for the period

(205,195)

1,445,764

 

----------------------

----------------------

 

 

 

Cash and cash equivalents at start of period

1,412,288

-

 

-----------------------

-----------------------

Cash and cash equivalents at end of period

1,207,093

1,445,764

 

============

============

 

 

 

 

 

 

 

 

NOTES TO THE UNAUDITED INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2018

 

1.    BASIS OF PREPARATION

 

The interim financial statements have been prepared on a going concern basis and in accordance with the recognition and measurement principles of International Financial Reporting Standards adopted for use in the European Union ("IFRS").

 

The interim financial statements for the six months ended 31 December 2018 have not been audited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. 

 

This Interim Financial Report was approved by the Board of Directors on 27thMarch 2019.

 

Statement of compliance

 

These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard ('IAS') 34 - Interim Financial Reporting as adopted by the European Union. Accordingly the interim financial statements do not include all of the information or disclosures required in the annual financial statements. The accounting policies that the Company has applied in the preparation of these interim financial statements are consistent with the policies described in the Company's latest annual financial statements, being the accounts for the period to 30 June 2018.

 

Going concern

 

The Company reported a loss for the 6 month period ended 31 December 2018 of £170,780 (period ended 31 December 2017: £7,501). The Directors' have considered the appropriateness of the going concern basis and note that as at the balance sheet date the Company has significant cash balances of £1.2 million which is sufficient to cover the anticipated on-going operating costs of the Company for a period of at least 12 months from the date that the interim financial statements will be approved. Accordingly, the Directors' consider that the going concern basis of preparation remains appropriate.

 

2.    TURNOVER AND SEGMENTAL ANALYSIS

 

All of the Company's activity and income and expenses in the period ended 31 December 2018 were incurred in the United Kingdom, and relate to Blockchain's ongoing investment activities.

 

3.   LOSS PER SHARE

 

The calculation of the basis and diluted earnings per share is based on the following data:

 

Earnings

 

Earnings for the purposes of basic earnings per share net loss for the period attributable to equity holders of the company

 

(170,780)

 

 

Number of shares

 

Weighted average number of ordinary shares in issue

36,500,000

 

The denominator for the purpose of calculating the basic earnings per share has been adjusted to reflect all capital raisings.

 

 

4.   SHARE CAPITAL

 

 

Number of

Nominal value

Premium (net of transaction costs

 

 

shares

£

£

 

 

a)    Issued and Fully Paid:

 

 

 

 

 

 

 

 

 

 

 

 

     As at 31 December 2018

36,500,000

365,000

1,100,103

 

 

 

==============

============

============

 

 

 

 

 

 

 

 

The nominal value of the shares is £0.01.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.    AVAILABILITY OF INTERIM RESULTS

 

Copies of the Interim Results for the period to 31 December 2018 are available from the Company's registered address and will be available on the Company's website, later today.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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Half-year Report - RNS