TIDMBANK
RNS Number : 0773B
Fiinu PLC
29 September 2022
29 SEPTEMBER 2022
This announcement contains inside information as stipulated
under the UK version of the Market Abuse Regulation (EU) No.
596/2014 which is part of English Law by virtue of the European
(Withdrawal) Act 2018, as amended. On publication of this
announcement, this information is considered to be in the public
domain.
FIINU PLC
("Fiinu" or the "Company" or the "Group")
Interim results for the six months ended 30 June 2022
Fiinu ( AIM: BANK ), a fintech company and creator of the Plugin
Overdraft(R), announces its unaudited half-year results for the six
months ended 30 June 2022.
Business Highlights
* Previous Board determined an acquisition focused
cash-shell route for the Company
* May 2022: Immedia Broadcast Ltd., the only active
trading business, was sold on 9 May for GBP2.0
Million
* June 2022: Sprift Loan of GBP1.05 Million was sold on
6 June at face-value
* June 2022: Remaining investments in Audioboom plc
sold for a net GBP949k
* June 2022: Board agreed on 9 June to recommend
shareholders to approve the acquisition of FIINU
holdings Limited together with a fund-raise and
readmission to trading on AIM
And immediately following the end of the reporting period ,
* 1 July 2022: the acquisition of Fiinu Holdings
Limited and other matters were approved by
shareholders in general meeting
* 8 July 2022: readmission of the enlarged group to
trading on AIM as Fiinu PLC
Financial Highlights
* All remaining assets and investments of the Group
liquidated in the period
* Cash at period end GBP3.58 Million
* Accounting loss for the period GBP0.1 Million
Chris Sweeney, Fiinu's Chief Executive said:
"With the reverse take-over of Immediate Acquisition PLC and
its subsequent renaming to Fiinu PLC having successfully concluded
we are now engaged in the exciting work required to fully enable
our banking product to be ready for submission within the year
for regulatory approval.
The reverse take-over that resulted in the change of business
and its name to Fiinu took place shortly after the end of the
accounting period and consequently these financial statements
do not reflect the operating performance of the current business.
Since the period end, we have made good progress on several workstreams
that must be completed during mobilisation, including selecting
Tuum as our core banking platform and making various key hires
to strengthen our control functions and operational resilience.
Our Plugin Overdraft(R) is a revolution in UK technology led
consumer banking and we look forward to updating shareholders
on our continued progress in due course."
Key Financials
Due to the sale of the Company's only active business subsidiary,
Immedia Broadcast Limited ("IBL"), prior to the change in business
brought about by the takeover of Fiinu Holdings Limited following
the end of this period in July, the financial statements show
the results of IBL as a single line Net profit from discontinued
operations for this period. The prior periods ended 30 June 2021
and 31 December 2021 have been similarly restated.
Unaudited Unaudited Audited
half year half year year to
to to
30 Jun 30 Jun 31 Dec
2022 2021 2021
(Restated) (Restated)
------------------------------- ------------ ------------- -------------
Revenue - - -
Gross profit - - -
Administrative expenses (983,206) (237,552) (721,972)
Net finance income 69,111 259 72,188
EBITDA* (914,095) (GBP237,293) (GBP649,784)
Loss after income tax (914,095) (GBP237,293) (GBP649,784)
Impairment charge Goodwill / (219,595) - -
Intangibles
Net gain on sale of financial 612,377 - -
assets
Net profit from discontinued
operations 425,699 (190,437) 211,187
Total loss (95,614) (GBP45,230) (GBP438,597)
Debt Nil (GBP81,797) (GBP53,959)
Net funds (cash less debt) 3,577,276 GBP2,006,952 GBP568,829
*Loss before interest, tax, depreciation, amortisation and impairment
charges
Enquiries :
Fiinu PLC via agencybrazil London
Chris Sweeney, Chief Executive Officer
Philip Tansey, Chief Financial Officer +44 (0)1932 548681
info@fiinu.com
SPARK Advisory Partners Limited
(Nomad)
Mark Brady/ Adam Dawes Tel: +44 (0) 203 368 3550
SP Angel Corporate Finance LLP (Stockbroker) Tel: +44 (0) 207 470 0470
Abigail Wayne
Matthew Johnson
Buchanan Communications (Financial
PR adviser)
Chris Lane Tel: +44 (0) 7466 5000
Jack Devoy Email: fiinu@buchanan.uk.com
Brazil London (Press office for +44 (0) 207 785 7383
Fiinu) Email: fiinu@agencybrazil.com
Joshua Van Raalte / Christine Webb
/ Jamie Lester
About Fiinu PLC
Fiinu , founded in 2017, is a fintech group, including Fiinu Bank,
which is authorised by the Bank of England's Prudential Regulatory
Authority [1] . Fiinu's Plugin Overdraft(R) is an unbundled overdraft
solution which allows customers to have an overdraft with Fiinu
Bank without changing their existing bank. The underlying Bank Independent
Overdraft(R) technology platform is bank agnostic, allowing Fiinu
Bank to serve all other banks' customers. Open Banking allows Fiinu's
Plugin Overdraft(R) to attach ("plugin") to the customer's primary
bank account, no matter which bank they may use. Fiinu's vision
is built around Open Banking, and it believes that it increases
competition and innovation in UK banking .
For more information, please visit www.fiinu.com
FIINU PLC
Unaudited Half-Year Results for the six months ended 30 June
2022
PREFACE
Introduction by founder, Dr Marko Sjoblom
We have come a long way in five years, and I am proud to have
this opportunity to introduce Fiinu, a fintech group including
Fiinu Bank, which is authorised by the Bank of England's Prudential
Regulatory Authority [2] .
Our mission is to start a new era of banking and to
revolutionise how people manage their finances, creating better
financial inclusion and increasing financial flexibility for
consumers.
We are currently focused on building a Bank Independent
Overdraft(R) platform for Fiinu Bank, which will promote its
flagship banking product in the UK - its Plugin Overdraft(R), which
will give consumers access to an overdraft facility without the
need to switch banks and current accounts. It will also help to
build credit and avoid rejection stress.
We have obtained evidence that the current macroeconomic
environment, rising inflation, and cost-of-living crisis is
resulting in more demand for an overdraft, and that the gap between
supply and demand of overdraft credit is widening in many
markets.
Background
The journey to where we are today begun when we met with the
Bank of England regulators five years ago and discussed Clayton
Christensen's disruptive innovation theory in relation to creating
a new bank independent overdraft market.
We presented a thematic analysis and details on how to
technically unbundle overdrafts from current accounts without
anyone needing to switch banks - extending access to a broader
population and improving financial inclusion. The Fiinu business
model is based on this. It is technology-led and enabled by Fiinu
Bank, using Open Banking to improve consumer outcomes in the
lending sector.
Customers will be able to link multiple bank accounts to their
dedicated Fiinu Bank overdraft account through Open Banking
application programming interfaces (APIs). The underwriting process
is also led by Open Banking, as opposed to conventional underlying
risk-based underwriting methods.
Overdraft Market Reform
In 2019, FCA research suggested that 62% of the population used
some form of overdraft at least once per annum. However, in 2020,
the Financial Conduct Authority (FCA) introduced one of the biggest
reforms in the overdraft market, which led to the removal of the
unarranged overdraft.
Research by the FCA in 2022 showed that over the last four
years, the number of personal current accounts in the UK has
increased by 15%, from 87 million to over 100 million. However,
approximately 80% of these accounts do not have access to an
overdraft.
The removal of the unarranged overdraft did not remove the
demand for credit but led some consumers to seek alternatives such
as, store cards, catalogue credit, and 'buy now pay later'.
Research by the FCA in 2017 suggested that the credit scores of
people who used these types of non-bank products worsened
significantly.
Access to Fiinu's Plugin Overdraft(R) can help individuals begin
to build their credit pro les through the provision of a credit
limit by a bank lender rather than less mainstream providers.
Financial Inclusion
According to Experian (October 2021), the presence of an
arranged overdraft in a credit file can improve the credit rating
if consumers use it sensibly. Fiinu Bank's Open Banking-led
underwriting model is based on the principle that overdraft limits
will be provided to those who can demonstrate an ability to make
repayments within a reasonable time without adversely impacting
their overall nancial well-being or needing to borrow more
elsewhere to repay Fiinu.
Over the past 12 months, circa 10% of newly opened personal
current accounts in the UK include an agreed overdraft. Fiinu Bank
is adopting a sophisticated approach to assess affordability and to
set credit limits, thereby potentially enabling it to extend its
overdraft credit to a substantially wider population than
traditional banks.
Outlook and the Year Ahead
We are optimistic about the outlook and the year ahead. We have
achieved a sequence of critical milestones, including the granting
of a restricted banking licence, admission to the public market,
and securing GBP14m of funding in challenging market conditions. We
will provide further updates on our progress periodically, as we
continue to meet our milestones during the mobilisation phase of
Fiinu Bank.
Dr. MARKO SJOBLOM
DIRECTOR FIINU PLC
29 September 2022
Business update by Chief Executive Officer, Chris Sweeney
OVERVIEW
I am delighted to have this, my first opportunity to report to
you as CEO of this truly innovative business. In this statement I
will outline what it is that we are working on, what the key
milestones and steps are that must be achieved in order to progress
our business plan and finally, an overview of the financials for
the six months ended 30 June 2022, though it should be clearly
understood that these financials are those of an enterprise that
ceased to have any business activity in May 2022 and changed
entirely upon the reverse take-over with Fiinu that took place on 8
July 2022.
Mobilisation
An essential component of our business plan is the mobilisation
process that encompasses a period, expected to be a year, were our
deposit-taking permission is restricted while we complete the
remaining build out of our bank. This period is vital to our plans
as it allows us the time to recruit colleagues, build and test our
new technologies, commit to third-party suppliers and secure
further investment. Whilst still at an early stage in the process,
I am pleased to report that we have made encouraging progress in
recruiting key people and contracting with our critical technology
partners.
The Management Team & the Board
We continue to build our people capability and we have made
really pleasing progress with a number of key Management and
Executive hires. I am delighted to have such an experienced team
supporting me at executive and management levels and also a Board
comprising an impressive blend of experience from banking, public
company management and governance. This team will be key to the
success of Fiinu over the coming months and years and I am looking
forward to working with them all over that time.
Having this month completed the composition of the Board and
Executive Management Team, focus now moves to the remaining
management roles required. We are actively recruiting the necessary
business capabilities across, customer service, operations,
finance, risk, compliance and HR. This is also supported by a
number of short-term contractors to support our mobilisation and
technology programme delivery.
Technology
Fiinu will be using best in class technology in all its
functions. Prior to our authorisation the team has worked to
identify and assess our key technology partners that are essential
to support the delivery of our business model. A number of which we
have already contracted with to build the necessary technology
'stack' and the front-end customer facing applications. Amongst the
most critical components are (a) open banking connectivity (b)
decision engine (c) customer mobile application (d) banking
platform. The build and configuration of these technology
components has commenced and we look forward to providing further
updates on our progress against our key milestones.
Property
Up until now Fiinu has developed on an entirely virtual basis as
befits any technology enable neo-bank working through a global
pandemic. I am therefore delighted to announce that this month we
have taken occupancy of our new offices in Camberley, Surrey.
Whilst the business will continue to work flexibly this new office
will act as our new HQ and will give us the anchor site to host our
customer service and operational capabilities.
Auditors
We thank Nexia Smith & Williamson, now Evelyn Partners, for
their highly professional support over the recent years for
Immedia. The change in business to that of a banking group
necessitates the move required and we are pleased to welcome Mazars
as auditors for Fiinu PLC and its subsidiaries going forward.
EVENTS SINCE THE START OF 2022
Whilst it is of critical importance to focus on the future of
Fiinu and the work that we need to do in order to achieve that
future and maximise the opportunity for our shareholders, we must
record the events of 2022 from a reporting perspective for the
Fiinu entity which, until 8 July 2022, was known as Immediate
Acquisition PLC and before that, up until 5 May 2022, as Immedia
Group PLC.
In the six months the key events were as follows:
-- Disposal of wholly owned subsidiary, Immedia Broadcast
Limited, for a total consideration of GBP2.0 million comprising
GBP1.718 million paid on completion of the disposal on 9 May 2022
with the balance of GBP282,000 payable in 12 equal monthly
instalments, beginning one month after completion;
-- Executive Directors, Ross Penney and John Trevorrow, stepped down on 9 May 2022;
-- The Company name was changed to Immediate Acquisition Plc.; and,
-- Remaining assets disposed of comprised the Sprift Loan for
cash consideration of GBP1.05m and the sale of the investment in
Audioboom in June .
POST-PERIOD EVENTS
Since the Group's Admission to Trading on AIM on 8 July 2022, we
have been absolutely focused on the key activities that we have to
complete during the mobilisation phase. I am pleased to report that
good progress has already been made, including the selection of
Tuum as the core banking platform to power the Group's Plugin
Overdraft(R) and various hires to strengthen our control functions
and operational resilience. The Group is making good progress with
various other mobilisation activities and I look forward to
updating shareholders on these developments in due course.
CHRIS SWEENEY
CHIEF EXECUTIVE OFFICER
29th September 2022
FIINU PLC
(Fiinu, the Company or the Group) Unaudited Half-Year results
for six months ended 30 June 2022
Consolidated statement of comprehensive income
Note 6 months 6 months ended 12 months ended
ended
30 June 2022 30 June 2021 31 Dec 2021
(unaudited) (unaudited) (audited)
Restated Restated
GBP
GBP GBP
-------------- --------------- ----------------
Continuing operations
Revenue - -
Administrative expenses - -
Gross Profit - -
Administrative expenses 983,286 237,552 (721,972)
Other Income - -
Operating loss (237,552) (721,972)
Finance income 69,111 259 72,188
Finance expense - - -
Loss before tax (914,095) (237,293) (649,784)
Tax - -
Loss from continuing operations (914,095) (237,293) (649,784)
Gain on disposal of investments 612,377 - -
Impairment of goodwill (219,595) - -
and intangible assets
Profit /(Loss) from discontinued
operations 5 425,699 (190,437) 211,187
Total Loss for the period (95,614) (427,730) (438,597)
(Loss) per share (pence)
Basic and Diluted (0.26) (1.24) (1.43)
-------------- --------------- ----------------
Consolidated statement of financial position
30 June 2022 30 June 31 Dec
2021 2021
(unaudited) (audited)
Note (unaudited) GBP GBP
GBP
------------- ------------- ------------
ASSETS
Non-current assets
Goodwill - 191,018
Owned - Intangible assets - 28,577
Owned - Property, plant and
equipment - 106,678
Right of use - Property - 9,230
Investments - 1,175,349
- 1,665,297 1,510,852
Current assets
Inventories 161,556
Trade and other receivables 388,456 2,254,937
Cash 3,577,276 622,788
2,673,931 3,039,281
Total assets 3,965,732 4,339,228 4,550,133
LIABILITIES
Non-Current liabilities
Financial liabilities (39,716)
Provisions (70,000)
(82,679) (109,716)
Current liabilities
Trade and other payables (1,330,817) (1,594,058)
Contract liabilities (101,587)
Financial liabilities (14,242)
(1,780,418) (1,709,887)
Total liabilities (1,330.817) (1,863,097) (1,819,604)
Total net assets 2,634,915 2,476,131 2,730,529
Capital and Reserves
Share capital 3,758,184 3,758,184 3,758,184
Share premium 5,189,313 4,546,541 5,189,313
Merger reserve - 2,245,333 2,245,333
Share based payment reserve 40,218 1,001,218 40,218
Investment valuation reserve - 450,000 836,265
Retained losses (6,352,800) (9,525,145) (9,338,784)
------------- ------------- ------------
Shareholders' funds 2,634,915 2,476,131 2,730,529
------------- ------------- ------------
Consolidated statement of cash flows
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 Dec 2021
2022 2021
Note (unaudited) (unaudited)* (audited)
GBP GBP GBP
------------- -------------- -------------
Operating activities
Profit / (loss) for the period
Continuing operations (521,313) (237,293) (649,784)
Discontinued operations 425,699 (190,437) 211,187
Total (95,614) (427,730) (438,597)
Adjustments for
Depreciation, amortisation 83,812 145,165
Net finance expense / income 4,777 (66,022)
Tax
Non-cash adjustment for share - 121,000 -
options charge
Increase/(decrease) in trade
receivables 86,972 (629,489)
Decrease/(increase) in trade
payables (209,577) (225,234)
Decrease/(increase) in others 24,808 (36,896)
Net cash generated from operations (315,938) (1,251,072)
Investing activities:
Purchase/sale of marketable
securities 949,000 (249,083)
Interest received 69,111 259 72,504
Investment loan 1,050,000 (800,000) (1,050,000)
Acquisition of fixed assets - (4,391) (67,619)
Cash from sale of asset 1,718,000 42
Change in net assets on sale (736,009) -
of subsidiary
Net cash generated / used
by investing activities 3,050,102 (804,132) (1,294,156)
Finance activities
Repayment of bank loan - (833) (5,517)
Repayment of lease liabilities - (55,504) (86,986)
Proceeds from issue of share
capital - 3,000,000 3,000,000
Cost of share issue - (197,229) (197,229)
Interest paid - (1,848) (6,483)
Net cash generated / used
in financing activities - 2,744,586 2,703,784
Net Increase / decrease in
cash 2,954,488 1,624,516 158,556
Cash at beginning of period 622,788 464,232 464,232
------------- -------------- -------------
Cash at end of period 3,577,276 2,088,748 622,788
------------- -------------- -------------
* Comparative figures have been reclassified to reflect the
correct loss on discontinued operations and to reflect the
reclassification of realised gains to revenue for the six months to
30 June 2021
Consolidated statement of changes in equity
Attributable to equity shareholders of the company
Called Share Retained Merger Share Investment Total
up share premium losses reserve based valuation equity
capital payment reserve
reserve
GBP GBP GBP GBP GBP GBP GBP
Balance at 1
January 2021 2,558,184 3,586,541 (8,900,186) 2,245,333 40,218 67,500 (402,410)
Balance at 30
June 2021 3,758,184 5,386,541 (9,404,145) 2,245,333 40,218 450,000 2,476,131
Balance at 31
December 2021 3,758,184 5,189,313 (9,338,783) 2,245,333 40,218 836,265 2,730,529
Balance at 1
January 2022 3,758,184 5,189,313 (9,338,783) 2,245,333 40,218 836,265 2,730,529
Loss for the
period (914,095) (914,095)
Sale of investments 1,448,642 (836,265) 612,377
Impairment of
goodwill and
intangible asset (219,595) (219,595)
Net gain on disposal
of subsidiary 425,699 425,699
Balance at 30
June 2022 3,758,184 5,189,313 6,352,800 - 40,218 - 2,634,915
---------------------- ---------- ---------- ------------ ---------- --------- ----------- ------------
NOTES TO THE FINANCIAL STATEMENTS
Financial information contained in this document does not
constitute statutory accounts within the meaning of section 434 of
the Companies Act 2006 ("the Act"). The statutory accounts for the
year ended 31 December 2021 have been filed with the Registrar of
Companies. The report of the auditors on these statutory accounts
was unqualified, did not draw to any matters by way of emphasis and
did not contain a statement under section 498(2) or (3) of the Act.
The financial information for the six months ended 30 June 2022 and
30 June 2021 is unaudited.
This announcement was approved by the Board on 29 September
2022.
1. Reporting entity
Fiinu Plc (the "Company" or, the "Group") is a public limited
company incorporated and domiciled in England and Wales. The
address of the Company's registered office, and its principal place
of business, is Wellington Way, Brooklands Business Park,
Weybridge, KT13 0TT, UK. The consolidated financial statements of
the Company as at and for the six months ended 30 June 2022
comprise the Company and its subsidiaries (together referred to as
the "Group").
Fiinu, founded in 2017, is a fintech group, including Fiinu
Bank, authorised by the Bank of England. Fiinu's Plugin
Overdraft(R) is an unbundled overdraft solution which allows
customers to have an overdraft with Fiinu Bank without changing
their existing bank. The underlying Bank Independent Plugin
Overdraft(R) technology platform is bank agnostic, allowing Fiinu
to serve all other banks' customers. Open Banking allows Fiinu's
Plugin Overdraft(R) to attach ("plugin") to the customer's primary
bank account, no matter which bank they may use. Fiinu's vision is
built around Open Banking, and it believes that it increases
competition and innovation in UK banking. Fiinu's business became
that of Fiinu PLC, formerly Immediate Acquisition PLC, only
following the end of the half-year on 8 July 2022.
2. Basis of preparation
The interim financial information in this report has been
prepared using accounting policies consistent with IFRS as adopted
by the United Kingdom. IFRS is subject to amendment and
interpretation by the International Accounting Standards Board
(IASB) and the IFRS Interpretations Committee and there is an
ongoing process of review and endorsement by the United Kingdom.
The financial information has been prepared on the basis of IFRS
that the Directors expect to be adopted by the United Kingdom and
applicable as at 30 June 2022. The Group has chosen not to adopt
IAS 34 "Interim Financial Statements" in preparing the interim
financial information.
3. Significant accounting policies
The accounting policies set out in detail in note 2 of the
Group's consolidated financial statements to 31 December 2021 under
its previous name of Immedia Group PLC have been applied
consistently to these unaudited financial statements to 30 June
2022, with the exception of the adoption of new or amended
standards which have become applicable for accounting periods
commencing on or after 1 January 2022. There are no new standards
or amendments to standards which are material to the accounts for
the half year ended 30 June 2022.
a) Discontinued business
IFRS 5 Non-current Assets Held for Sale and Discontinued
Operations outlines how to account for non-current assets held for
sale (or for distribution to owners). In general terms, assets (or
disposal groups) held for sale are not depreciated, are measured at
the lower of carrying amount and fair value less costs to sell and
are presented separately in the statement of financial position.
Specific disclosures are also required for discontinued operations
and disposals of non-current assets.
The sum of the post-tax profit or loss of the discontinued
operation and the post-tax gain or loss recognised on the
measurement to fair value less cost to sell or fair value
adjustments on the disposal of the assets (or disposal group) is
presented as a single amount on the face of the statement of
comprehensive income. If the entity presents profit or loss in a
separate statement, a section identified as relating to
discontinued operations is presented in that separate statement.
[IFRS 5.33-33A].
Detailed disclosure of revenue, expenses, pre-tax profit or loss
and related income taxes is required either in the notes or in the
statement of comprehensive income in a section distinct from
continuing operations. [IFRS 5.33] Such detailed disclosures must
cover both the current and all prior periods presented in the
financial statements. [IFRS 5.34]
4. Events in the six months ended 30 June 2022
Highlights
-- Disposal of the wholly owned and only active subsidiary,
Immedia Broadcast Limited, for a total consideration of GBP2.0
million comprising GBP1.718 million paid on completion of the
disposal on 9 May 2022 with the balance of GBP282,000 payable in 12
equal monthly instalments, beginning one month after completion
-- Executive Directors, Ross Penney and John Trevorrow, left the Board on 9 May 2022
-- Change of Company name to Immediate Acquisition Plc.
-- Disposal of the Sprift Loan for cash consideration of GBP1.05m on 6 June 2022
-- Disposal of the investment in Audioboom for net proceeds of GBP 0 . 9 m in June 2022 .
Immedia Broadcast Ltd ("IBL")
Owing to the cost of operation, the previous Board determined in
2022 that IBL would trade more efficiently without the financial
and regulatory burden of being traded on AIM and the Group
therefore sought expressions of interest from third parties. None
of these was at a level commensurate with the trading prospects of
IBL so, having received shareholder approval, on 9 May 2022 the
Group sold IBL to AVC Immedia Limited, a company led by CEO Ross
Penney .
Sprift Loan
On 15 July 2021 the Company entered into a cost recovery
agreement with Sprift Technologies Limited ("Sprift") supported by
a loan to Sprift of GBP1.05m.
On 6 June 2022 the Company disposed of the GBP1.05m Sprift Loan
to Mark Horrocks for GBP1.05m in cash consideration. This was a
related party transaction pursuant to AIM Rule 13 and the directors
at that time having consulted with the Company's nominated adviser,
believed that the terms of the disposal were fair and reasonable
insofar as shareholders are concerned .
5. Discontinued business and assets held for sale
Per IFRS 5 - Discontinued business and assets held for sale the
individual line items of the business that has been deemed 'held
for sale' are presented on the face of the income statement as one
line set out as 'Discontinued business' and the assets and
liabilities of that business presented on the statement of position
as two single lines namely 'assets of business held for sale' and
'liabilities of business held for sale'. The only active business
within the Group at 1 January 2022 was that of the wholly owned
subsidiary Immedia Broadcasting Limited (IBL) which was sold in May
for a total consideration of GBP2million.
Set out below are the individual lines that are summarised
within the Income statement by the line "Net profit / (loss)
arising from the disposal of assets held for sale".
Individual Line item 6 months ended 6 months ended 12 months
30 June 2022 30 June 2021 ended 31 December
GBP GBP 2021
GBP
Revenue 838,704 1,086,388 2,940,692
--------------- --------------- -------------------
Cost of sales (383,678) (999,025)
--------------- --------------- -------------------
Gross Profit 581,725 702,710 1,941,668
--------------- --------------- -------------------
Other Income 12,398 12,398
--------------- --------------- -------------------
Administrative expenses (590,015) (900,510) (1,736,712)
--------------- --------------- -------------------
Finance income 317
--------------- --------------- -------------------
Finance costs (626) (5,036) (6,483)
--------------- --------------- -------------------
Other costs (28,970)
--------------- --------------- -------------------
Net Profit / (Loss)
before tax (37,886) (190,437) 211,187
--------------- --------------- -------------------
Tax
--------------- --------------- -------------------
Other gains upon disposal 463,585
--------------- --------------- -------------------
Net profit/(loss) arising
from the disposal of
assets held for sale 425,699 (190,437) 211,187
--------------- --------------- -------------------
6. Post balance sheet date events
Following the disposal of Immedia Broadcast Limited, announced
21 April 2022 and the sale of the Sprift loan in June, the Company
became an AIM Rule 15 cash shell further supported by the sale for
cash of the investment in Audioboom plc and, as such, was required
to make an acquisition or acquisitions which constitute(s) a
reverse takeover under AIM Rule 14 (including seeking re-admission
as an investing company (as defined under the AIM Rules)).
Subsequently, the Board agreed on 9 June to propose the acquisition
of Fiinu holdings Limited which was approved by shareholders at the
general meeting held on 1st July with the transaction completed on
8 July 2022. On completion day the Company adopted new Articles of
Association, changed its name to Fiinu PLC and its London Stock
Exchange mnemonic to "BANK" and appointed new Board directors. Tim
Hipperson (Non-Executive Chairman) and Mark Horrocks (Non-Executive
Director) stepped down from the Board of Directors whilst Simon
Leathers remained as a non-executive director to be joined by the
new appointees:
-- David Hopton - Non-Executive Chairman
-- Chris Sweeney - Chief Executive Officer
-- Marko Sjoblom - Founder and Executive Director
-- Philip Tansey - Chief Financial Officer
-- Jerry Loy - Independent Non-Executive Director and,
-- Huw Evans - Independent Non-Executive Director.
The Company successfully raised GBP8.01 million (before
expenses) via a placing of 40,050,000 new ordinary shares at an
issue price of 20 pence per share (the "Placing"). The net proceeds
of the Placing will be used in combination with the Company's
existing capital resources for regulatory capital, investment in
technology and general operating expenses. The number of shares in
issue immediately after Admission is 265,131,861 giving the Company
a market capitalisation of approximately GBP53 million at the issue
price of 20 pence per share. The Company holds no shares in
treasury.
7. Earnings per share
Unaudited Unaudited Full Year
Half Year Half Year Audited
2021
2022 Number 2021 Number Number
Basic
Weighted average number
of ordinary shares
in issue 37,581,844 35,460,297 31,581,844
Less weighted average
number of own shares (832,374) (832,374) (832,374)
Weighted average number
of shares in issue
for basic earnings
per share 36,749,470 34,627,923 30,749,470
============ ============ ===========
The basic and diluted earnings per share are calculated using
the after tax loss attributable to equity shareholders for the
financial period of GBP95,614 (30 June 2021: loss GBP427,730; 31
December 2021: loss GBP438,597) divided by the weighted average
number of Ordinary shares in issue in each of the relevant periods:
30 June 2022: 37,581,844 shares (30 June 2021: 34,627,923 shares
and 31 December 2021: 37,581,844 shares). For the year-ended 31
December 2021 the opening number in issue was 25,581,844 and with
12,000,000 issued in the year the closing number was 37,581,844.
For the period to 30 June 2022 and the year to 31 December 2021 and
period to 30 June 2021 and in accordance with IAS 33, the diluted
loss per share is stated as the same amount as basic as there is no
dilutive effect.
8. Share capital
Allotted, issued and fully paid:
Number of shares Nominal value
GBP
Ordinary shares with nominal value
of GBP0.10 per share as at:
30 June 2020 14,556,844 1,455,684
Issued in the half year 11,025,000 1,102,500
----------------- --------------
31 December 2020 25,581,844 2,558,184
Issued in the half year 12,000,000 1,200,000
----------------- --------------
30 June 2021 37,581,844 3,758,184
30 June 2022 37,581,844 3,758,184
================= ==============
Following the end of the half-year on 8 July a further
227,550,017 shares, comprising 40,050,000 placement shares and
187,550,017 consideration shares with a nominal value of GBP0.10
per share, were issued as part of the reverse take-over and the
acquisition of Fiinu Holdings Limited as discussed in Note 6.
There are no restrictions on the transfer of shares in Fiinu
Plc. All shares carry equal voting rights.
FORWARD LOOKING STATEMENTS
This document contains certain forward-looking statements which
reflect the knowledge and information available to the Company
during the preparation and up to the publication of this document.
By their very nature, these statements depend upon circumstances
and relate to events that may occur in the future thereby involving
a degree of uncertainty. Although the Group believes that the
expectations reflected in these statements are reasonable, it can
give no assurance that these expectations will prove to have been
correct. Given that these statements involve risks and
uncertainties, actual results may differ materially from those
expressed or implied by these forward-looking statements.
The Group undertakes no obligation to update any forward-looking
statements whether because of new information, future events or
otherwise.
[1] Fiinu Bank Limited obtained its UK deposit-taking banking
licence with restrictions from the Prudential Regulation Authority
(PRA) and the Financial Conduct Authority (FCA) in July 2022
[2] Fiinu Bank Limited obtained its UK deposit-taking banking
licence with restrictions from the Prudential Regulation Authority
(PRA) and the Financial Conduct Authority (FCA) in July 2022
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END
IR FZGZLLRVGZZM
(END) Dow Jones Newswires
September 29, 2022 02:00 ET (06:00 GMT)
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