Startup Giants Plc - Interim Results to 30th June 2022

Startup Giants Plc - Interim Results to 30th June 2022

PR Newswire

London, September 30

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")

Interim Results for the six months' period to 30^thJune 2022

Board Statement

Startup Giants plc is pleased to announce its unaudited interim results for the six months' period from 1 January 2022 to 30 June 2022. The financial statements below have not been reviewed by the Company's auditors.

Financial Results

Financial highlights for the period, extracted from the financial statements below, are:

	30 June 2022	30 June 2021
Operational profit/(loss)	£5,135	£(3,858)
Profit/(loss) per share	0.41 pence	(0.32) pence
Cash and cash equivalents	£877,328	£956,364
Shareholders' funds	£697,782	£644,792

Startup Giants' focus since the beginning of 2022 has been to expand on the selection and support of global opportunities and talent represented by visa applicants seeking to bring their innovation to the United Kingdom. This has resulted in the piloting a partnership programme and a fundraising platform ('RAISE') with other start-up mentoring organisations and independent venture capital syndicates in other regions in the world.

Working with several start-up mentoring organisations providing access to over 200 nurtured start-ups, and 20 independent venture capital syndicates, the Company has been running a pilot of the programme for several months, qualifying partner investment opportunities at pre-seed and seed capital stages, and facilitating 'demo day' introductions to the venture capital syndicates for companies located in the UK, India, the USA, Canada, and the Middle East. After assimilating feedback from the parties involved, the Company is now rolling out an online platform to support this model and will look to expand the number of partners going forwards on a region-by-region basis.

In parallel, the Company has initiated the rollout of a suite of in-house utility applications for start-up founders, all of which will be made available to start-up founders for a single monthly subscription. After making the suite of apps available for a period under private beta access, the Company plans to expand the number of applications in the suite on a regular basis, based on customer demand for new features.

Startup Giants has continued to build on and strengthen its engagement model with its founders and delivery of its programmes, and has also launched a series of 'bootcamps' available to founders; the first being a pre-funding 'bootcamp' for entrepreneurs who are ready to raise new capital, the second being a 'bootcamp' on building an MVP using no-code or low-code frameworks and getting evidence of a market demand, and the third based around branding and company profile.

With these new initiatives, Startup Giants continues to support founders at the early stage, and provides them with a clear pathway to reach the RAISE platform and showcase their investment opportunity to a growing number of our venture syndicate partners as part of a demo day with follow up discussions.

Current Trading and Post Balance Sheet Developments

Current trading remains in line with the Directors' expectations at the beginning of the second part of the 2022 financial year.

Outlook

Looking forwards, 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.

The Directors are cognisant of the inflationary, supply chain and other economic pressures which now confront the UK and the rest of the world, arising from the conflict in the Ukraine that began in February of this year. They are aware, too, of the heightened levels of geopolitical uncertainty affecting regions as diverse as the UK, mainland Europe and the South China Sea. By expanding the Company's theatre of operations to include different regions around the world, the Directors hope, in the medium- to long-term, to help mitigate the risks of over-dependence on revenue sources and business expansion opportunities concentrated on a narrow geographical base.

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,

29^thSeptember 2022

Startup Giants plc

Statement of Comprehensive Income

Six months ended 30 June 2022

	Six months ended 30 June 2022	Six months ended 30 June 2021
	GBP	GBP
Turnover	243,399	215,427
Administrative expenses	(237,689)	(219,285)
Operating profit/(loss)	5,710	(3,858)
Finance costs	(575)	(184)
Profit/(loss) before taxation	5,135	(4,042)
Taxation	-	-
Profit/(loss) for the period	5,135	(4,042)
Earnings per share:
Basic and Diluted (pence)	0.41p	(0.32)p

Startup Giants plc

Statement of Financial Position

As at 30 June 2022

	30 June 2022	30 June 2021
	GBP	GBP
Non-current assets:
Goodwill	14,584	19,584
Property, plant and equipment	1,906	1,042
	16,490	20,626
Current assets:
Trade and other receivables	82,667	69,074
Cash and cash equivalents	877,328	956,364
	959,995	1,025,438
Current liabilities:
Trade and other payables	(259,120)	(376,689)
Bank borrowings	(5,000)	(5,000)
	(264,120)	(381,689)
Net current assets	695,875	643,749
Non-current liabilities	(14,583)	(19,583)
Net assets	697,782	644,792
Equity:
Called up share capital	152,405	152,405
Share premium account	960,102	960,102
Retained earnings	(414,725)	(467,715)
Total equity	697,782	644,792

Startup Giants plc

Statement of Cash Flows

Six months ended 30 June 2022

	Six months ended 30 June 2022	Six months ended 30 June 2021
	GBP	GBP
Profit/(loss) for the period after tax	5,135	(4,042)
Adjustments for:
Depreciation and amortisation	2,813	2,553
Interest expense	575	184
Movement in trade and other receivables	14,455	(38,095)
Movement in trade and other payables	(238,714)	119,342
Cash (absorbed)/generated by operations	(215,736)	79,942
Investing activities:
Purchase of property, plant and equipment	(199)	(1,096)
Financing activities:
Proceeds from issue of shares	-	202,207
Interest paid	(575)	(184)
Bank loan repaid	(5,000)	(417)
Other loan repaid	-	(46)
(Decrease)/increase in cash and cash equivalents	(221,510)	280,406
Cash and cash equivalents at beginning of period	1,098,838	675,958
Cash and cash equivalents at end of period	877,328	956,364

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.

This announcement has been made after due and careful inquiry and the Directors of Startup Giants plc accept responsibility for its content.

REGULATORY ANNOUNCEMENT ENDS

Enquiries:

Startup Giants plc

Cherry Martin; [e-mail] [phone]

Keith, Bayley, Rogers & Co Limited

Graham Atthill-Beck [phone]

[e-mail]; [e-mail]

Brinsley Holman: [phone]: [e-mail]