BWA Group Plc - Half-year Report for the 6 Months to 31 December 2024
PR Newswire
LONDON, United Kingdom, March 21
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
21 March 2025
BWA Group PLC
("BWA" or the "Company")
Interim Financial Results for the Six Months to 31 December 2024
BWA Group Plc [AQSE: BWAP], which has mineral exploration licences in both Cameroon and Canada at various early stages of development and is quoted on London's AQSE Growth Market, announces its unaudited financial results for the Interim Period of six months to 31 December 2024, following the announcement of its Audited Accounts for the year to 30 June made on 19 November 2024.
A copy of this announcement can be viewed on the Company's website, http://www.bwagroupplc.com/bwa-announcements.html.
Chairman's Statement
In the first half of its financial year, to 31 December 2024, the Company has continued to invest in developing its flagship rutile and other mineral sands exploration permits in Cameroon. The arrival of Peter Taylor to the Board of BWA Group plc in August 2024 has brought a wealth of mining operations experience, both in working in Cameroon and in mineral sands projects, which has spurred programmes of exploratory drilling activity.
Notably, this resulted in the Company's initial Mineral Resource Estimate (MRE), covering the Dehane 2 exploration permit, reported on 22 January 2025. Work continues to test the kyanite, currently reported as an Exploration Target, to determine if it has a RPEEE (Reasonable Prospect for Eventual Economic Extraction) in which case the Company can reasonably expect to positively restate the initial MRE.
Elsewhere, we are currently evaluating results from the Dehane 1 project and subsequently, those of the Nkoteng 2 and Dehane 3 exploration permits. These will be reported in due course. The Company is currently progressing renewal applications for two of the five exploration permits in Cameroon.
Mr Taylor also represented the Company at the Cape Town Mining Indaba in February and Toronto PDAC in March. This proved to be fruitful and included meetings with the Cameroon Ministry of Mines, Industry and Technological Development, potential investors, JV/earn-in partners for both our Canadian and Cameroonian assets, and potential opportunities to diversify and add to the Company's current portfolio.
Jonathan Wearing,
Chairman
The Board are responsible for the contents of this announcement.
Ends -
For further information:
BWA Group PLC James Butterfield, Managing Director Jonathan Wearing - Chairman |
+44 (0) 7770 225253 enquiries@bwagroupplc.com
|
Allenby Capital Limited Corporate Adviser Nick Harris/Lauren Wright | +44 (0) 20 3328 5656
|
INCOMESTATEMENT
| Notes | 6months ended 31December2024Unaudited £ |
| 6months ended 31December 2023 Unaudited
£ |
| 12 months ended 30 June2024 Audited £ |
Administrative expenses |
|
(162,671) |
|
(213,114) |
|
(393,040) |
|
|
|
|
|
|
|
|
|
(162,671) |
|
(213,114) |
|
(393,040) |
Other operating income |
| 160,000 |
| 160,000 |
| 260,000 |
Gain/(loss) on revaluation of investments |
|
- |
|
10 |
|
(164) |
Operatingprofit/(loss) |
|
(2,671) |
|
(53,104) |
|
(133,204) |
Interest receivable and similar income |
| 461 |
| 436 |
| 1,445 |
|
|
(2,210) |
|
(52,668) |
|
(131,759) |
Interest payable and similar expenses |
| (3,066) |
| (14,602) |
| (24,301) |
Profit/(loss)onordinaryactivities |
|
|
|
|
|
|
beforeand aftertaxation and retained |
|
|
|
|
|
|
fortheperiod |
| (5,276) |
| (67,270) |
| (156,060) |
Earnings/(loss)perordinaryshare: |
|
|
|
|
|
|
Basic (pence) | 2 | (0.01) |
| (0.01) |
| (0.02) |
Diluted (pence) | 2 | (0.01) |
| (0.01) |
| (0.02) |
All amounts relate to continuing activities.
STATEMENTOFOTHERCOMPREHENSIVEINCOME
| Notes | 6months ended 31December2024Unaudited £ |
| 6months ended 31December 2023 Unaudited
£ |
| 12 months ended 30 June2024 Audited £ |
Profit/(loss)fortheperiod |
|
(5,276) |
|
(67,270) |
|
(156,060) |
Othercomprehensiveincome |
| - |
| - |
| - |
Totalcomprehensiveprofit/(loss) |
|
|
|
|
|
|
fortheperiod |
| (5,276) |
| (67,270) |
| (156,060)
|
BALANCESHEET
| Notes | At |
| At |
| At |
|
| 31December 2024 |
| 31December 2023 |
| 30June2024 |
|
| Unaudited £ |
| Unaudited £ |
| Audited £ |
FixedAssets |
|
|
|
|
|
|
Investments |
| 2,744,433 |
| 2,273,752 |
| 2,443,191 |
Current Assets |
|
|
|
|
|
|
Debtors and prepayments |
| 1,037,092 |
| 773,704 |
| 872,304 |
Cash at bank and in hand |
| 55,238 |
| 125,185 |
| 45,138 |
|
|
1,092,330 |
|
898,889 |
|
914,442 |
Creditors:amountsfallingdue |
|
|
|
|
|
|
withinone year |
| (370,826) |
| (298,267) |
| (336,752) |
Netcurrentassets/(liabilities) |
|
721,504 |
|
600,622 |
|
580,690 |
Totalassetslesscurrentliabilities |
|
3,465,937 |
|
2,874,374 |
|
3,023,881 |
Creditors:amountsfallingdue |
|
|
|
|
|
|
after one year |
| (26,076) |
| (33,839) |
| (28,745) |
Netassets |
|
3,439,861 |
|
2,840,535 |
|
2,995,136 |
Capitalandreserves |
|
|
|
|
|
|
Called up share capital | 3 | 4,663,018 |
| 3,035,608 |
| 4,213,017 |
Share premium | 4 | 66,288 |
| 23,858 |
| 66,288 |
Capital redemption reserve | 4 | 288,625 |
| 288,625 |
| 288,625 |
Other reserve | 4 | (300,541) |
| (3,306,649) |
| (300,541) |
Equity reserve | 4 | 370,333 |
| 4,353,063 |
| 370,333 |
Retained earnings | 4 | (1,647,862) |
| (1,553,970) |
| (1,642,586) |
Shareholders'funds |
|
3,439,861 |
|
2,840,535 |
|
2,995,136 |
CASHFLOWSTATEMENT
| Notes | 6 monthsended |
| 6 monthsended |
| 12 months ended |
|
| 31December 2024 |
| 31 December 2023 |
| 30 June 2024 |
|
| Unaudited £ |
| Unaudited £ |
| Audited £ |
Cashflowsfrom operatingactivities |
| (66,003) |
| (336,388) |
| (374,568) |
Cashflowsfrominvestingactivities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to subsidiary undertakings |
| (471,689) |
| (140,000) |
| (389,631) |
Interest received |
| 461 |
| 436 |
| 1,445 |
Net cash from investing activities |
|
(471,228) |
|
(139,564) |
|
(388,186) |
Cashflowsfromfinancingactivities |
|
|
|
|
|
|
New loans in period |
| 100,000 |
| - |
| 50.000 |
Loans repaid |
| (2,669) |
| (3,110) |
| (11,956) |
Issue of shares |
| 450,000 |
| 457,000 |
| 622,601 |
Net cash from financing activities |
|
547,331 |
|
453,890 |
|
660,645 |
Increase/(decrease)incashand |
|
|
|
|
|
|
cashequivalents |
| 10,100 |
| (22,062) |
| (102,109) |
Cashandcashequivalentsat |
|
|
|
|
|
|
beginningofperiod |
| 45,138 |
| 147,247 |
| 147,247 |
Cashandcashequivalentsatendofperiod |
55,238 |
125,185 |
45,138 | |||
NOTES TO THE FINANCIAL INFORMATION
- Status of these accounts
The interim accounts for the period from 1 July 2024 to 31 December 2024 are unaudited. The financial information set out in this statement does not constitute statutory accounts within the meaning of the Companies Act 2006.
2. Earnings per ordinary share
Basic and diluted earnings per share figures are based on the following profits / (losses) and numbers of shares:
|
| 6 monthsended |
| 6 monthsended |
| 12 months ended |
|
| 31December 2024 |
| 31December2023 |
| 30June2024 |
|
| Unaudited £ |
| Unaudited £ |
| Audited £ |
Profit/ (loss) before tax £ (5,276) £ (67,270) £ (156,060)
Weighted average number of shares for
The purpose of basic earnings per share 881,674,545 519,654,805 629,723,685
Weighted average number of shares for
the purpose of diluted earnings per share 881,674,545 519,654,805 629,723,685
- Share capital
|
| At |
| At |
| At |
|
| 31December 2024 |
| 31December 2023 |
| 30 June 2024 |
|
| Unaudited £ |
| Unaudited £ |
| Audited £ |
Allotted, called up and fully paid
932,603,530 ordinary shares of 0.5p
(31 December 2023: 607,121,547;
30 June 2024: 842,603,530) 4,663,018 3,035,608 4,213,017
4. |
Reserves |
|
Capital |
| |||
|
| Share premium | redemption reserve | Other reserve | Equity reserve | Retained Earnings |
Total |
|
| £ | £ | £ | £ | £ | £ |
| At1 January2023 | 23,858 | 288,625 | (3,306,383) | 4,310,948 | (1,384,938) | (67,890) |
| Loss for the period | - | - | - | - | (169,298) | (169,298) |
| Loan note interest | - | - | - | 42,115 | - | 42,115 |
| Reserves transfer | - | - | (266) | - | 266 | - |
|
At31 December 2023 |
23,858 |
288,625 |
(3,306,649) |
4,353,063 |
(1,553,970) |
(195,073) |
|
Loss for the period |
- |
- |
- |
- |
(88,790) |
(88,790) |
| Loan note conversion | 42,430 | - | - | (985,706) | - | (943,276) |
| Loan note interest | - | - | - | 9,258 | - | 9,258 |
| Loan note cancellation | - | - | 3,006,282 | (3,006,282) | - | - |
| Reserves transfer | - | - | (174) | - | 174 | - |
|
At30 June 2024 |
66,288 |
288,625 |
(300,541) |
370,333 |
(1,642,586) |
(1,217,881) |
|
Loss for the period |
- |
- |
- |
- |
(5,276) |
(5,276) |
|
At31 December2024 |
66,288 |
288,625 |
(300,541) |
370,333 |
(1,647,862) |
(1,223,157) |
5. Valuation ofInvestments
The whole of the Company's investment in Cameroon, including loans made to BWA Resources (UK) Limited and BWA Resources (Cameroon) Limited, is carried in the balance sheet at £2,240,331. The Company's investment in Kings of the North Corp ('KOTN') is valued and under review at £1,418,000 plus an intercompany loan account of £120,030. The valuation of unlisted investments requires the Directors to make judgments, estimates and assumptions that are believed to be reasonable under the circumstances, but which affect the reported fair value of those investments. The recoverability of the investments in Cameroon and KOTN is dependent on the future profitability of the underlying businesses. The Directors have reviewed the current position and, after taking into account a number of factors, believe that the valuations at 31 December 2024 remain appropriate.
6. Related Party Transactions
During the interim period, the Company issued the following shares in new share subscriptions for cash:
Name | Value | Number of Shares |
Jonathan Wearing | £450,000 | 90,000,000 |
[NH1]
[NH1]Jonathan's purchase in Jan 2025 for the 500k shares was on market so does not constitute a RPT as it was not from the Company.
