Business
Interim Results
Interim Results.
About this update from Bay Capital Plc
[{"type":"text","content":"\n\n21 September 2023\nBAY CAPITAL PLC\n \n(\"Bay\" or the \"Company\")\n \nInterim Results for the six months ended 30 June 2023\n \nBay Capital Plc (LSE: BAY) announces its unaudited condensed interim results for the six months to 30 June 2023 (the \"Interim Report\").\n \nPeter Tom CBE, Chairman, said:\n \n\"Since the start of the new financial year, we have made great progress in evaluating a number of high quality businesses across the industrial and construction sectors, and we continue to take a prudent approach to managing business expenses as we diligence opportunities within our M&A pipeline.\n \n\"As noted in our full year results for 2022, the macroeconomic challenges facing the UK in general and certain parts of the industrials sector in particular, continue to create very interesting opportunities for us as a business, and we look forward to updating shareholders in due course on our progress.\"\n \nStrategy\nThe Company was established in 2021 to pursue opportunities in the industrial, construction and business services sectors.\n \nThe Company has a flexible approach, enabling it to deploy capital in minority, majority or outright ownership investments across the UK and internationally. The Directors aim to identify fundamentally sound assets, where tangible opportunities exist to drive strategic, operational and performance improvements.\n \nThe Company is the parent company of Bay Capital Subco Limited (a private limited company under the laws of Jersey with registered number 134744) and together will be referred to as the \"Group\" in these accounts.\n \nResults and developments in the six month period to 30 June 2023\nThe Group's loss after taxation was £171,789 (six month period to 30 June 2022: £108,394), principally reflecting operating expenses incurred as a listed business and due diligence activities of £199,010 (six month period to 30 June 2022: £109,427).\n \nThe Group generated a loss per share of 0.2 pence (six month period to 30 June 2022: loss per share of 0.2 pence).\n \nAs a result of tight cost control and moderate operating expenses, as at 30 June 2023, the Group's cash balance was £6,342,448 (31 December 2022: £6,458,073).\n \nOn 20 June 2023, the Company held its Annual General Meeting at which all resolutions were unanimou...