Unaudited Interim Results for the six months ended 31 March 2023
30 June 2023
The Board of Asimilar (AQSE: ASLR) announces the Group's unaudited results for the six month period ended 31 March 2023.
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- Loss for the period of £1.0 million (H1 2022: loss of £10.6 million), mainly driven by the unrealised loss on the value of the Group's holding in Launchmycareer Holdings plc ("LMC") (formerly Veative Holdings Plc) over the period. This reflected a fall in LMC carrying value as assessed by the Board from 2.77p at 30 September 2022 to 2p per share at 31 March 2023
- Net assets of £5.4 million (30 September 2022: £6.5 million), in part reflecting the unrealised loss on the LMC investment of £0.5 million
- Net asset value (NAV) per share of 4.67p (30 September 2022: 5.53p)
- Board focussed on further cost savings
- Cancellation of trading of the Company's shares on AIM effective 26 May 2023
John Taylor, Chairman, commented: "As outlined in previous updates, the six months in review (and subsequent period) have seen significant headwinds in our sectors of interest.
The Board has continued to focus on reducing its cost base as far as possible to preserve value and also to ensure that the Company's shares can remain admitted to listing on AQSE in the short to medium term. The cancellation of trading on AIM has reduced a significant amount of costs and the Board is also in the process of divesting its subsidiary structure in Jersey and associated expense. The Directors have not taken any fees since December 2022 and they will continue to defer these until the Company has sufficient liquid assets to meet them, having prioritised other commitments.
The Group awaits further news on the progress of LMC in relation to its fundraising efforts and potential re-listing but has taken the step of applying a further impairment to the carrying value of that investment to reflect market uncertainty. It also awaits further updates regarding the progress of All Active Asset Capital ("AAA"). Should either of these lead to liquidity events then it may provide flexibility to the Group in deploying additional capital in new opportunities. Pending any such developments, the Board will continue to assess the orderly realisation of its existing portfolio."
For further details please see below:
Asimilar Group plc
Oberon Capital (Aquis Corporate Adviser)
Tel + 44 20 3179 5300