02 April 2024
Visum Technologies PLC
("Visum,"
the "Company," or the "Group")
Half-Year Results
Visum Technologies PLC (AQUIS: VIS), a video
technology company focused on the global leisure market, announces
its unaudited Half-Year Results for the period ended 31 December
2023. A copy of the Half-Year Results will be uploaded to the
Company's website at: https://visumtechnologies.net/.
Financial Overview
• Loss of
£342,107.31 in the period under review with revenues of
£85,288.91.
• Total net
asset position £1,894,537.58 (2022: £2,236,644.89).
Financial Position and Going Concern
Whilst the Company was in
a negative cash position at the time
of the reporting period, there is
currently cash on hand. The Company continues to
generate some revenue and to manage costs. The financial
position of the Company poses challenges, but the losses have been
reduced from the previous period and the board is confident that
the Company remains a going concern. In
addition, the Company intends to secure
additional funding as part of its acquisition plans, and it
has several new installations planned for the Spring
and Summer seasons.
Operational overview
• In partnership with GoPhoto
BV, the company opened its first photo operation at the Rockefeller
Center Christmas Tree and Rink as well as Santa photo location in
New York City.
• The Company signed Heads of
Terms with Socrates Imaging BV and Socrates Imaging Ltd.
Post period end
• In April 2024, the Company
will reopen its existing sites in Europa Park and Linnanmaki.
• In addition, the company
will be installing its first offboard ride photo camera system in
April in the United States.
• The Company has plans to
provide multiple photo locations worldwide in partnership with
various third-party operators.
Marc Dixon, Chief Executive Officer of
Visum, said:
The Company intends to expand our product offering
into other markets, including ride and other photography along with
our current video technology. This will be done internally and in
some instances with third party partnerships or strategic
alliances.
Additionally, the Company continues to explore Merger
and Acquisition opportunities to bolster the business and expand
our footprint in the European and US markets as well as acquire new
technology to expand our product offering.
Andy Edge, Chairman of Visum, said:
Whilst the Company continues to
navigate challenging times, the board and CEO continue to take the
necessary steps to manage cash on hand. Although modest, our recent
expansion into the photo capture technology sector will provide a
greater pipeline of opportunities.
Additionally, the Company continues
to explore merger and acquisitions within the travel and leisure
market. The team remains dedicated to the future of Visum
Technologies and believes that 2024 has many promising
opportunities.
This announcement contains inside information for the
purposes of the UK Market Abuse Regulation. The person who arranged
for the release of this announcement on
behalf of the Company was Marc Dixon, Chief Executive Officer of
the Company, and the Directors of the Company are responsible for
releasing this announcement.
For further information, please contact:
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Visum Technologies
PLC
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+011 (1)804 640 3003
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Marc Dixon, Chief Executive Officer
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Visum Technologies
PLC
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+353 (87)108 8646
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Andy Edge, Chairman
|
|
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First Sentinel (AQSE
Corporate Adviser)
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+44 (0) 20 3855 5551
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Brian Stockbridge
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About Visum Technologies PLC
Visum Technologies is an AQUIS-quoted provider of video capture technology
services. The Company specialises in video solutions for the travel
and leisure market. The Company has an experienced management team
who have deployed systems across this sector for over 50 years of
combined experience.
www.visumtechnologies.net
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Visum Technologies
PLC
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Income Statement for the
period to 31st December 2023
|
|
|
|
|
|
|
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JUL - DEC,
2023
|
|
JUL 2022 - JUN 2023
(PP)
|
|
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£
|
|
£
|
|
Income
|
|
|
|
|
Other Operating Income
|
|
|
|
|
Sales
|
5,277.39
|
|
0.00
|
|
Services
|
80,011.52
|
|
62,593.39
|
|
Total Income
|
85,288.91
|
|
62,593.39
|
|
Cost of Sales
|
|
|
|
|
Cost of
sales
|
28,440.28
|
|
0.00
|
|
Hosting
|
0.00
|
|
3,763.79
|
|
Storage
|
1,142.17
|
|
3,828.05
|
|
Total Cost of sales
|
29,582.45
|
|
7,591.84
|
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Purchases
|
5,273.76
|
|
8,961.63
|
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Total Cost of Sales
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34,856.21
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|
16,553.47
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GROSS PROFIT
|
50,432.70
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|
46,039.92
|
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Expenses
|
|
|
|
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Accountancy &
Audit
|
6,000.00
|
|
22,550.00
|
|
Advertising
|
0.00
|
|
6,358.00
|
|
Bank charges
|
45.40
|
|
84.00
|
|
Consultancy Fees
|
0.00
|
|
17,500.00
|
|
Consultancy Fees -
Operational
|
0.00
|
|
19,666.48
|
|
Consultancy Fees -
Technical
|
29,271.77
|
|
107,675.49
|
|
Directors Fees
|
61,384.84
|
|
126,267.46
|
|
Non-executive Directors
Fees
|
17,088.93
|
|
51,318.83
|
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Insurance
|
20,948.54
|
|
24,526.91
|
|
Interest Payable
|
26,277.44
|
|
42,196.58
|
|
Legal and professional
fees
|
570.00
|
|
5,312.50
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Co. Secretarial Fees
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3,716.88
|
|
41,049.02
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Corporate Finance Fees
|
24,000.00
|
|
52,450.00
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Investor Relations
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0.00
|
|
10,000.00
|
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IPO Listing Fees
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0.00
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|
74,241.79
|
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Marketing Support
|
0.00
|
|
4,526.20
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|
Office
expenses
|
0.00
|
|
555.77
|
|
Rent
|
110.00
|
|
360.00
|
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Subscriptions
|
192.00
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1,378.29
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Telephone
|
513.27
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|
684.36
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Travelling expenses
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18,000.00
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23,145.37
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Total Expenses
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208,119.07
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631,847.05
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NET OPERATING INCOME
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(157,686.37)
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(585,807.13)
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Other Expenses
|
|
|
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Depreciation
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186,000.00
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|
372,000.00
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Exchange Gain or Loss
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(1,579.06)
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4,749.34
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Total Other Expenses
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184,420.94
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376,749.34
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NET
PROFIT/(LOSS)
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(342,107.31)
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(962,556.47)
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Visum Technologies
PLC
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Balance Sheet as at 31st
December 2023
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AS OF DEC 31,
2023
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AS OF JUN 30,
2023
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£
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|
£
|
|
Intangible assets
|
|
|
|
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Intangible
assets
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3,720,000.00
|
|
3,720,000.00
|
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Intangible assets
Amortisation
|
(652,352.85)
|
|
(466,352.85)
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Total Intangible assets
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3,067,647.15
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3,253,647.15
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Cash at bank and in hand
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(441.94)
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|
7,174.09
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Total Cash at bank and in hand
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(441.94)
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7,174.09
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Debtors
|
|
|
|
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Trade Debtors
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719.08
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0.00
|
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Total Debtors
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719.08
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0.00
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Current Assets
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|
|
|
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Other debtors
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2,305.21
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24,802.14
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Prepayments
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(0.05)
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10,151.55
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Total Current Assets
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2,305.16
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34,953.69
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NET CURRENT ASSETS
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2,582.30
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42,127.78
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Creditors: amounts falling due within one
year
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Trade Creditors
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Creditors
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352,782.12
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348,297.40
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Creditors - EUR
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(93,255.66)
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(78,131.16)
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Creditors - USD
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52,849.79
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|
61,962.91
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Total Trade Creditors
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312,376.25
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332,129.15
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Current Liabilities
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|
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Accruals
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235,664.64
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131,540.74
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Loan - Deferred
Consideration
|
506,585.53
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529,582.43
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Other loans
|
121,065.45
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|
65,877.72
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Total Current Liabilities
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863,315.62
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727,000.89
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Total Creditors: amounts falling due within one
year
|
1,175,691.87
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1,059,130.04
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NET CURRENT ASSETS
(LIABILITIES)
|
(1,173,109.57)
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(1,017,002.26)
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TOTAL ASSETS LESS CURRENT
LIABILITIES
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1,894,537.58
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2,236,644.89
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TOTAL NET ASSETS
(LIABILITIES)
|
1,894,537.58
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2,236,644.89
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|
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Capital and Reserves
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Ordinary share capital
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521,498.58
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521,498.58
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Share premium
|
3,535,490.98
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3,535,490.98
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Retained Earnings
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(1,820,344.67)
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(1,820,344.67)
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Profit for the year
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(342,107.31)
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|
-
|
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Total Capital and Reserves
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1,894,537.58
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2,236,644.89
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Visum Technologies
PLC
|
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Statement of Cash Flows for
the period to 31st December 2023
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OPERATING ACTIVITIES
|
|
|
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Net Income
|
|
|
|
|
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(£342,107.31)
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Adjustments to reconcile Net Income
to Net Cash provided by operations:
|
|
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Debtors
- USD
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|
|
|
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(£719.08)
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Prepayments
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|
|
|
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£10,151.60
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Goodwill: Goodwill
Amortisation
|
|
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£186,000.00
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Creditors
|
|
|
|
|
|
|
£4,484.72
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Creditors - EUR
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|
|
|
|
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(£15,124.50)
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Creditors - USD
|
|
|
|
|
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(£9,113.12)
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Accruals
|
|
|
|
|
|
|
£104,123.90
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Loan - Deferred
Consideration
|
|
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(£22,996.90)
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Other loans
|
|
|
|
|
|
£55,187.73
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VAT Control
|
|
|
|
|
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(£1,965.54)
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VAT Reclaim
|
|
|
|
|
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£24,462.47
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Total Adjustments to reconcile Net Income to Net Cash provided
by operations:
|
£334,491.28
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Net cash provided by operating
activities
|
|
|
|
(£7,616.03)
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NET CASH INCREASE FOR
PERIOD
|
|
|
|
|
(£7,616.03)
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|
Cash at beginning of
period
|
|
|
|
|
£7,174.09
|
|
CASH
AT END OF PERIOD
|
|
|
|
|
(£441.94)
|
Caution regarding forward-looking statements
Certain statements in this announcement are or may be
considered forward-looking. Forward-looking
statements are identified 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 reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
