Business
Interim Results
Interim Results.
About this update from Acceler8 Ventures Plc
[{"type":"text","content":"\n\n21 September 2023\nACCELER8 VENTURES PLC\nInterim Report for the six months ended 30 June 2023\nAcceler8 Ventures Plc (LSE: AC8, \"AC8\" or the \"Company\") announces its unaudited condensed interim results for the six month period to 30 June 2023.\nStrategy\nAC8 was established in 2021 to undertake one or more investment and / or acquisition opportunities of businesses operating within the UK or internationally across certain sectors. \nThe Company retains a flexible investment and acquisition strategy which will, subject to appropriate levels of due diligence, enable it to deploy capital in target companies by way of minority or majority investments, or full acquisitions where it is in the interests of shareholders to do so.\nThe Company's strategic aim is to drive shareholder value through the acquisition of target companies in certain sectors where the Board believes there to be sustainable growth opportunities both organically, and through acquisition. Sectors of particular focus include gaming, media and entertainment, software and technology, industrials and business services.\nThe Company is the parent company of Acceler8 Ventures Subco Limited (a private limited company under the laws of Jersey with registered number 134587) and together will be referred to as the \"Group\" in these accounts.\nResults and developments in the six month period to 30 June 2023\nThe Group's loss after taxation was £71,918 (six month period to 30 June 2022: £55,114). This principally reflected operating expenses incurred as a listed business and due diligence activities of £72,679 (six month period to 30 June 2022: £55,172). \nThe Group generated a loss per share of £0.10 (six month period to 30 June 2022: £0.07).\nAs a result of tight cost control and moderate operating expenses, as at the 30 June 2023, AC8's cash balance was £118,261 (31 December 2022: £244,948).\nOn 20 June 2023, the Company held its Annual General Meeting in which all resolutions were unanimously passed.\nRisks\nAs the Company has yet to complete an investment or acquisition, it has limited financial statements and / or historical financial data, and limited trading history. As such, the Group and Company during the period were subject to the risks and uncertainties associated with an early-stage acquisition company. \nThe Directors are of the opinion ...