Business
Full Year Results for year ended 31 December 2024
Full Year Results for year ended 31 December 2024.
About this update from Global Connectivity Plc
[{"type":"text","content":"\n\n30 May 2025\n \n \nGlobal Connectivity Plc (the \"Company\" or \"GCON\")\n \n \nFull Year Results for the year ended 31 December 2024\n \n \nGlobal Connectivity plc (AQSE: GCON), (the \"Company\" or \"GCON\"), a company focused on communication services and technologies that enhance connectivity, and a shareholder in leading UK broadband provider Voneus Limited (\"Voneus\") through its investment in Rural Broadband Solutions Holdings Limited (\"RBSHL\") and a shareholder in PLUG Group Limited (\"PLUG\"), is pleased to announce its Full Year Results for the year ended 31 December 2024.\n \n \n \nOverview\n \n§ GCON continues its growth and strategic investments in the communications and global connectivity sectors.\n \n§ In September 2023, GCON acquired an indirect equity stake in Voneus, a leading supplier of fast broadband services to rural properties in the UK. GCON's ownership is held through RBSHL, an investment company in which investment funds managed by Tiger Infrastructure Partners LP (\"TIP\") are the largest shareholders.\n \n§ Concurrently, GCON has opted to diversify its portfolio with investments in PLUG, initiated in December 2024. PLUG's innovative technology in copper cable extraction aligns strategically with telecommunications infrastructure needs amid rising copper prices and global fibre optic adoption. PLUG's patented solutions enable copper extraction of buried copper cables, offering substantial cost savings and environmental benefits. With contracts secured with major carriers like Telefonica and V.tal in Brazil, PLUG will be poised for significant growth.\n \n \nFinancial Highlights:\n \n§ Total assets increased to £12.561 million (31 December 2023: £ 7.846 million) of which £11.7m is attributed to RBSHL.\n \n§ As at 31 December 2024, the net asset value per share is 3.81p (31 December 2023: 2.16p).\n \n§ As at 31 December 2024, GCON had current cash of £292k (31 December 2023: £461k).\n \n§ Running costs of GCON have for a quoted company been kept at a minimal level.\n \n§ In December 2024, GCON invested a total of £100,000 for a 4% stake in PLUG.\n \n \n§ In December 2024, Keith Harris surrendered the 20 million O...