PRESS RELEASE

from Anemoi International Ltd (isin : VGG0419A1057)

Anemoi International Ltd: 2024 Interim Results

Anemoi International Ltd (AMOI)
Anemoi International Ltd: 2024 Interim Results

27-Sep-2024 / 07:00 GMT/BST


Anemoi International Ltd

 

 

 

 

Anemoi International Ltd

(Reuters: AMOI.L, Bloomberg: AMOI:LN)

("Anemoi" or the "Company")

 

Interim Results for the period ended 30 June 2024

 

The Company is pleased to announce its results for the six months ended 30 June 2024. The unaudited interim results have been submitted to the FCA and will shortly be available on the Company’s website: www.anemoi-international.com

Chairman’s Statement

 

Unaudited interim results for the six months to 30 June 2024.

H1 2024 Revenues were disappointing and whilst we succeeded in cutting costs substantially, the Company still registered a loss for the period, albeit a substantially reduced loss compared to H1 2023.

As I have previously stated, I believe in the future of id4 but the Company is too small to sustain the costs of a public company. We have, therefore, explored a number of potential acquisitions, some in unrelated industries, in order to scale the business; upon closer inspection, none have yet fulfilled our acquisition criteria.

With regard to the future of id4, we are redoubling our efforts to increase revenues and are implementing an amended sales strategy to target intermediaries, such as resellers, consultants, system integrators and other service providers with broader and better client access, as well as continuing with our direct client sales efforts, which I am now directly supporting.

Current sales pipeline is positive, and we are working hard to close some pending contracts, which have the potential for a material positive impact on H2 2024/H1 2025 results.

 

Duncan Soukup

Chairman

Anemoi International Ltd

26 September 2024

 

 

Financial Review

During the period under review Book Value per share decreased by 5.0% from 2.60p as at 31 December 2023 to £2.47p per share at 30 June 2024, driven by ongoing operating losses in ID4 AG, partially offset by investment returns of £26k on listed securities and a decision by the Chairman to waive all of his consultancy fees which had been accrued from 2021 through H1 2024.

The Group Operating Loss for the period was reduced by 92% from £(288)k in H1 2023 to £(22)k in 1H 2024.

The Group Loss Before Tax for the period was also reduced by 69% from £(352)k in 1H 2023 to £(108)k in H1 2024.

Total Income declined 11.2% from £82k in 1H 2023 to £72k in H1 2024. The decline in Software services’ income was partially offset by positive contribution from financial holdings and increased interest income.

Total Administrative Expenses declined 76% from £363k in 1H 2023 to £85k in H1 2024, due to the waiving of the Chairman’s consultancy fees in the current period (£0.2m impact) and, in the comparative period, £49k severance pay. £35k of other savings were identified in the current period vs the comparative period across other Administrative Expenses categories, including IT (accounting software savings), rent/office expenses and Insurance.

Development Costs capitalised to Intangible Assets were reduced from £106k in H1 2023 to £78k in H1 2024 helping to preserve cash, alongside stable Software Services Cost of Sales and stable Personnel costs (excluding impact of the consultancy fees waiver).

 

Responsibility Statement

 

We confirm that to the best of our knowledge:

a)    the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';

b)    the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

c)    the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

Cautionary statement

This Interim Management Report (IMR) has been prepared solely to provide additional information to shareholders to enable them to assess the Company’s strategy and the potential for that strategy to succeed. The IMR should not be relied on by any other party or for any other purpose.

 

Duncan Soukup

Chairman

Anemoi International Ltd

26 September 2024

 

 

Interim Condensed Consolidated Statement of Income

For the six months ended 30 June 2024

 

 

6 Months to

6 Months to

Year Ended

 

 

Jun 2024

Jun 2023

Dec 2023

 

GBP

GBP

GBP

Note

Unaudited

Unaudited

Audited

Software services income

 

46,265

79,563

136,119

Net gains/(losses) on investments at fair value

 

7,597

-

-

Investment interest income

 

18,504

1,995

11,351

Currency losses

 

-

(48)

(29,444)

Total Income

 

72,366

81,510

118,026

Software services expenses

 

(5,865)

(5,869)

(12,983)

Financial holdings expenses

 

(3,113)

(1,402)

(2,643)

Total Cost of Sales

 

(8,978)

(7,271)

(15,626)

Gross profit

 

63,388

74,239

102,400

Administrative expenses excluding exceptional costs

 

(85,467)

(313,199)

(622,654)

Exceptional administration costs

 

-

(49,441)

(228,378)

Total administrative expenses

 

(85,467)

(362,640)

(851,032)

Operating loss before depreciation

 

(22,079)

(288,401)

(748,632)

Depreciation and Amortisation

5

(83,196)

(63,392)

(137,609)

Operating loss

 

(105,275)

(351,793)

(886,241)

Net financial income/(expense)

 

(2,873)

(35)

(114)

Share of profits of associated entities

 

-

-

12,349

Profit/(loss) before taxation

 

(108,148)

(351,828)

(874,006)

Taxation

 

(1,676)

(220)

(23,139)

Profit/(loss) for the period

 

(109,824)

(352,048)

(897,145)

 

 

 

 

 

 

 

 

 

 

Earnings per share - pence (using weighted average number of shares)

 

 

 

 

Basic and Diluted

 

(0.07)

(0.22)

(0.57)

Basic and Diluted

4

(0.07)

(0.22)

(0.57)

 

 

The notes on pages 12 to 16 form an integral part of this consolidated interim financial information.


Interim Condensed Consolidated Statement of
Comprehensive Income

For the six months ended 30 June 2024

 

 

6 Months to

6 Months to

Year Ended

 

Jun 2024

Jun 2023

Dec 2023

 

GBP

GBP

GBP

 

Unaudited

Unaudited

Audited

 

 

 

 

Loss for the financial year

(109,824)

(352,048)

(897,145)

Other comprehensive income:

 

 

 

Exchange differences on re-translating foreign operations

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