TIDMVIS
RNS Number : 8316U
Visum Technologies PLC
30 March 2023
30 March 2023
Visum Technologies PLC
("Visum," the "Company," or the "Group")
Half-Year Results
Visum Technologies PLC (AQUIS: VIS), a video technology company
focussed on the global leisure market, announces its unaudited
Half-Year Results for the period ended 31 December 2022. A copy of
the Half-Year Results is available on the Company's website at:
https://visumtechnologies.net/.
Financial Overview
-- Loss of GBP457,088 in the period under review with revenues of GBP119,930
-- Total net asset position GBP2,741,141 (2021: GBP2,998,214).
Operational overview
-- In November 2022, the company opened its first US location in
partnership with DEI at the TILT 360 Chicago.
Post period end
-- In March 2023, the Company completed a Fee Share Agreement
with Terra Nova Capital Partners to provide debt financing for
rides & attractions.
-- In April 2023, the Company will reopen its existing sites in Europa Park and Linnanmaki.
-- The company intends to open a second location at Europa Park in mid-summer 2023.
Marc Dixon, Chief Executive Officer of Visum, said:
Given the challenging trading conditions and market uncertainty,
the Company has been prudent with our resources and focused on
securing contract wins.
Visum's recent contract with Terra Nova Capital will allow us to
help current and potential clients secure financing for their rides
or attractions and provide the company with another revenue
stream.
The company continues to look at mergers and acquisitions to
strengthen further our value proposition in the travel and leisure
sector.
We will continue to update the market as these, and other
developments are available.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation. The person who arranged for the
release of this announcement on behalf of the Company was Marc
Dixon, Chief Executive Officer of the Company, and the Directors of
the Company are responsible for releasing this announcement.
Andy Edge, Chairman of Visum, said:
Having successfully listed the company in June 2022, the
business worked hard to secure new installations for its video
capture technology. However, given the relatively late listing in
the calendar year, most of the 2022 season had passed, and new
revenue stream opportunities were limited. Computer chip shortages
exacerbated the short-term challenges for the business to grow its
income via the core technology last season.
Over the last few months, the CEO has focused on finding new
opportunities for video imaging technology, prudently managing the
monthly cash run rate, and exploring new revenue streams to broaden
potential income opportunities. The opportunity to offer
complimentary but mutually supportive products and services offers
much more scope for revenue growth in 2023 and beyond.
The IPO listing fees clearly significantly impact the net loss
position in the half-year results. The board remains confident that
given new opportunities that we believe exist, both within the core
business and outside of it, with adequate funding, the business can
grow in 2023 and beyond. Given that a large proportion of the
listing costs have now been covered, we expect the financial
position to improve in the next 6 months.
For further information, please contact:
Visum Technologies PLC +011 (1)804 640 3003
Marc Dixon, Chief Executive Officer
Visum Technologies PLC +353 (87)108 8646
Andy Edge, Chairman
First Sentinel (AQSE Corporate Adviser) +44 (0)20 3989 2222
Brian Stockbridge / Jenny Liu
About Visum Technologies PLC
Visum Technologies is an AQUIS-quoted provider of video capture
technology services. The Company specialises in video solutions for
the travel and leisure market. The Company has an experienced
management team who have deployed systems across this sector for
over 50 years of combined experience.
www.visumtechnologies.net
Visum Technologies PLC
Profit and Loss
July - December, 2022
Total
-------------------------------------------------------------------------------
Income
Other Operating Income 66 269,85
Services 53 660,11
Total Income GBP119 , 929,96
Cost of Sales
Cost of sales
Hosting 3 763,79
Storage 2 023,21
Total Cost of sales GBP5,787,00
Purchases 3 740,07
GBP9 ,
Total Cost of Sales 527,07
Gross Profit GBP110 , 402,89
Expenses
Accountancy & Audit 4 550,00
Advertising 6 358,00
Bank charges 42,00
Consultancy Fees 6 000,00
Consultancy Fees - Operational 29 392,48
Consultancy Fees - Technical 60 507,37
Directors Fees 24 008,19
Directors Fees - Other 1 366,74
Total Directors Fees GBP25 , 374,93
Total Consultancy Fees GBP121 , 274,78
Directors' remuneration 64 442,75
Insurance 4 223,93
Interest Payable 20 575,52
Legal and professional
fees 850,00
Co. Secretarial Fees 21 771,11
Corporate Finance Fees 30 750,00
IPO Listing Fees 74 241,79
Total Legal and professional
fees GBP127 , 612,90
Marketing Support 4 526,20
Rent 270,00
Subscriptions 1 236,29
Telephone 342,18
Travelling expenses 17 576,64
Total Expenses 373 , 031,19
Net Operating Income - GBP262 , 628,30
Other Expenses
Unrealised Gain or Loss 0,00
Depreciation 186 000,00
Exchange Gain or Loss 8 460,20
Total Other Expenses GBP194 , 460,20
Net Other Income -GBP194 , 460,20
Net Income -GBP457 , 088,50
Visum Technologies PLC
Balance Sheet
As of December 31, 2022
Total
-----------------------------------------
Fixed Asset
Tangible assets
Goodwill 3 720 000,00
Goodwill Amortisation -244 083,00
GBP3 , 475
Total Goodwill , 917,00
GBP3 , 475
Total Tangible assets , 917,00
GBP3 , 475
Total Fixed Asset , 917,00
Cash at bank and in hand
CORPAY Cross Borders 1 154,75
CORPAY Cross Borders EURO -0,01
CORPAY Cross Borders USD -0,01
Lloyds Account 5660 101 770,41
Ridercam Bank 0,00
Ridercam EURO 0,00
Ridercam USD 0,00
Total Cash at bank and in
hand GBP102 , 925,14
Debtors
Debtors 0,00
Debtors - EUR 0,00
Debtors - USD 0,00
Total Debtors GBP 0,00
Current Assets
Other debtors -0,43
Prepayments 23 533,33
Total Current Assets GBP23 , 532,90
Net current assets GBP126,458,04
Creditors: amounts falling
due within one year
Trade Creditors
Creditors 306 460,14
Creditors - EUR -84 073,55
Creditors - USD 40 410,15
Total Trade Creditors GBP262 , 796,74
Current Liabilities
Accruals 80 038,69
Convertible Loan Note 0,00
Loan - Ridercam Deferred Consideration 538 207,43
Other loans 6 000,00
VAT Control -20 982,48
VAT Suspense -4 826,22
Total Current Liabilities GBP598 , 437,42
Total Creditors: amounts falling
due within one year GBP861 , 234,16
-GBP734 ,
Net current assets (liabilities) 776,12
Total assets less current GBP2,741 ,
liabilities 140,88
GBP2 , 741
Total net assets (liabilities) , 140,88
Capital and Reserves
Ordinary share capital 521 498,58
Retained Earnings -858 760,18
Share premium 3 535 490,98
Profit for the year -457 088,50
GBP2 , 741
Total Capital and Reserves , 140,88
Visum Technologies PLC
Statement of Cash Flows
July - December, 2022
Total
------------------------------------------------------------------------------------
OPERATING ACTIVITIES
Net Income -457 088,50
Adjustments to reconcile
Net Income to Net Cash
provided
by operations:
Debtors - EUR 0,00
Debtors - USD 0,00
Other debtors 348 339,43
Prepayments -13 533,33
Goodwill:Goodwill
Amortisation 186 000,00
Creditors 19 192,83
Creditors - EUR -58 724,51
Creditors - USD -52 417,64
Accruals -18 897,31
Convertible Loan Note -200 000,00
Loan - Ridercam Deferred
Consideration -138 730,54
Other loans 6 000,00
VAT Control 16 243,72
VAT Suspense -4 826,22
Total Adjustments to
reconcile
Net Income to Net Cash GBP88
provided ,
by operations: 646,43
Net cash provided by operating
activities -GBP368 , 442,07
FINANCING ACTIVITIES
Ordinary share capital 14 285,71
Share premium 185 714,29
Net cash provided by financing GBP200 ,
activities 000,00
Net cash increase /decrease
for period -GBP168,442,07
Cash at beginning of period 271 367,21
GBP102 ,
Cash at end of period 925,14
Caution regarding forward-looking statements
Certain statements in this announcement are or may be considered
forward-looking. Forward-looking statements are identi ed by their
use of terms and phrases such as "believe", "could", "should,"
"envisage", "estimate", "intend", "may", "plan", "potentially",
"expect," "will" or the negative of those, variations, or
comparable expressions, including references to assumptions. These
forward-looking statements are not based on historical facts but
rather on the Directors' current expectations and assumptions
regarding the Company's future growth, results of operations,
performance, future capital, and other expenditures (including the
amount, nature, and sources of funding thereof), competitive
advantages, business prospects, and opportunities. Such
forward-looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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END
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