TIDMPIRI

RNS Number : 0795B

Pires Investments PLC

29 September 2022

29 September 2022

Pires Investments PLC

("Pires" or the "Company")

Unaudited interim results for the six months ended 30 June 2022

Pires Investments plc (AIM: PIRI), the investment company focused on next-generation technology, is pleased to announce its unaudited interim results for the six-month period ended 30 June 2022.

Highlights

Company highlights

-- Profit of GBP992,000 during the period (six months ended 30 June 2021: profit before taxation of GBP1.53 million)

-- Net asset value ("NAV") of GBP8,702,000 as at the period end (31 December 2021: GBP7,223,000), equating to an increase of 20% since 31 December 2021

   --    Pires is now trading at a 41% discount to its NAV per share of 5.23 pence 

-- Warrants exercised over 12,211,425 ordinary shares in the Company at 4 pence per share with total net proceeds to the Company of GBP488,457

Portfolio highlights

-- Portfolio valuation increased to GBP9,398,000 from GBP7,390,000, an increase of 27% since 31 December 2021

-- Significant increase in the valuation of the Company's holdings in Getvisibility as a result of a EUR10 million fundraise by this company in March 2022

   --    The first Sure Valley Ventures fund ("SVV1") has increased its NAV by 10.7% over the period 

-- Sure Ventures plc ("SV plc") grew its NAV by 6.2% to 125.8p per share and its share price increased by 11.4% over the period to 107.5p

-- GBP5 million commitment over the 10-year life of the fund to invest in a new Sure Valley Ventures fund ("SVV2") alongside the British Business Bank, an investment arm of the British Government

   --    Smarttech247, a recent portfolio investment, is actively progressing a stock market listing 
   --    Merger of Admix with LandVault Inc 

Post-period end highlights

   --    Placing to raise GBP500,000 before expenses, completed in August 2022 

Nicholas Lee, Director of Pires, commented:

"The Company has made strong progress during this period, with a significant uplift in the valuation of its portfolio, driven by the increasing valuation of Getvisibility, in which it has both direct and indirect interests via SVV1 and SV plc. Given the growth in NAV, the Company is now trading at a 41% discount to its NAV.

"The Company has also invested a further GBP300,000 in SVV1 during the period. SVV1 includes a number of companies, such as Getvisibility, Admix and CameraMatics, which have grown materially in value as a result of both organic growth and new investment resulting in upward revaluations. Furthermore, SVV1 has now almost completed its initial investment phase and we are now looking forward to further increases in the value of the portfolio companies and subsequent exits, resulting in cash returns to the Company.

"In March 2022, Pires invested GBP90,000 in SVV2 alongside the British Business Bank, which has committed to invest GBP50 million in this new fund. In March 2022, SVV2 led a seed round raising GBP2 million for RETìníZE Limited, the award-winning creative-tech company based in Belfast, Northern Ireland, marking this fund's first investment. We look forward to following further developments from SVV2 in due course.

"Going forward, t he Company has a clear and proven strategy of investing in next-generation technology and realising returns from its investments which it will continue to implement. Our portfolio of investments remains well-poised to achieve significant growth, delivering value to Pires and its shareholders."

Investment overview

Summary

The Company's principal investment portfolio categories are summarised below:

 
 Category                            Cost or           Cost or 
                                   valuation         valuation 
                                  at 30 June    at 31 December 
                                        2022              2021 
                                     GBP000s           GBP000s 
                                ------------  ---------------- 
 Investment in Sure Valley 
  Ventures                             5,104             4,146 
                                ------------  ---------------- 
 Direct investments                    3,694             2,835 
                                ------------  ---------------- 
 Cash/other listed securities            600               409 
                                ------------  ---------------- 
 
 Total                                 9,398             7,390 
                                ------------  ---------------- 
 

Investment in Sure Valley Ventures

Pires has exposure to the Sure Valley Ventures funds via:

   -      a 13% direct investment in SVV1 

- a 23.3% holding in Sure Ventures plc, the principal investments of which comprise a 25.9% interest in SVV1 and a holding in VividQ

   -      a 5.9% interest in SVV2 alongside the British Business Bank 

Pires therefore has an aggregate direct and indirect interest in SVV1 of circa 20%.

As at the period end, SVV1 had a portfolio of 14 investee companies at different stages of development, spanning a range of sectors. The portfolio provides Pires with exposure to a number of key, cutting-edge and rapidly growing technology sectors. Further details of the portfolio companies and recent developments are set out below:

 
 Artificial      Description                           Recent developments 
  intelligence 
 Ambisense       Provides an Artificial Intelligence   New major contract 
                  platform to deliver environmental     to assess mine gas 
                  risk assessment to allow              ingress and helping 
                  real-time gas and environmental       The Lower Thames Crossing 
                  monitoring using both IoT             project stay green. 
                  and sensor solutions. 
                ------------------------------------  ------------------------------- 
 Buymie          An artificial intelligence-based      Partnership with Asda 
                  same day grocery delivery             in Leeds and Bristol 
                  company operating in both             launched in March 2022. 
                  the UK and Ireland working 
                  with companies such as Tesco, 
                  Lidl, Asda and the Co-op. 
                ------------------------------------  ------------------------------- 
 Security 
                ------------------------------------  ------------------------------- 
 Nova Leah       An Artificial Intelligence            Multiple new pilot 
                  cyber-security assessment             schemes recently established. 
                  and protection platform 
                  for connected medical devices. 
                ------------------------------------  ------------------------------- 
 Getvisibility   An Artificial Intelligence            In March 2022, it raised 
                  security company addressing           additional funds at 
                  the substantial problem               a significant premium 
                  faced by corporations in              and has been voted 
                  storing, sorting, accessing           as one of Ireland's 
                  and protecting data.                  top 18 start-ups. Revenue 
                                                        growing significantly. 
                ------------------------------------  ------------------------------- 
 PreCog          A security solution platform          New contracts and trials 
                  company that provides data            established. 
                  intelligence to combat crime, 
                  terrorism and protect vulnerable 
                  people. Customers include 
                  leading law enforcement 
                  and security agencies and 
                  transport infrastructure 
                  groups. 
                ------------------------------------  ------------------------------- 
 Smarttech247    A global artificial intelligence      The company has recently 
                  based cyber security cloud            won a number of new 
                  business that protects enterprises    clients and has just 
                  from cyber-attacks. Smarttech247      launched a new MDR 
                  has over 100 technology               product, Vision X. 
                  partners, including IBM               It is also actively 
                  and Microsoft, and more               progressing a stock 
                  than 50 clients based in              market listing. 
                  Europe and the US. 
                ------------------------------------  ------------------------------- 
 Immersive 
  Technologies 
                ------------------------------------  ------------------------------- 
 Engage XR       A developer of Virtual Reality        Revenue grew by 41% 
                  and immersive experiences             in the first half of 
                  with a specific focus on              2022. Currently developing 
                  education and enterprise              its metaverse offering 
                  learning and development.             which is expected to 
                  The company is listed on              launch in Q4. Partners 
                  AIM.                                  include HTC and the 
                                                        Virtual Human Interaction 
                                                        Lab at Stanford University. 
                ------------------------------------  ------------------------------- 
 Admix           A platform enabling the               The company is rapidly 
                  monetisation of interactive           growing its revenues 
                  programmatic brand placements         and, in June 2022, 
                  in applications such as               announced a merger 
                  video games and other AR/VR           with LandVault, a builder 
                  applications.                         of virtual experiences 
                                                        in metaverse worlds. 
                ------------------------------------  ------------------------------- 
 Warducks        A game development studio             Has been getting good 
                  known for the production              traction for its new 
                  of leading games. It is               mapping platform that 
                  currently developing a major          can use real-world 
                  new AR mobile game that               geographical locations 
                  is in the same category               to create 3D virtual 
                  as Pokémon Go.                   worlds. 
                ------------------------------------  ------------------------------- 
 VividQ          A deep tech software company          Partnered with Zemax 
                  which has developed a framework       Optics Studio in April 
                  for real-time 3D holographic          2022. In May 2022, 
                  displays for use in heads-up          they launched their 
                  displays and AR headsets              proprietary Alpha Optical 
                  and glasses.                          Engine Demonstrator 
                                                        and in July 2022 appointed 
                                                        a new Chairman, Francois 
                                                        Auque. 
                ------------------------------------  ------------------------------- 
 Volograms       An Augmented Reality capture          It is currently trialling 
                  and volumetric video company.         a new app which has 
                                                        had positive feedback 
                                                        to date. 
                ------------------------------------  ------------------------------- 
 Virtex          A company building a platform         It is actively developing 
                  for the next-generation               its new Stadium app. 
                  of live, immersive entertainment 
                  within the virtual reality 
                  ("VR") gaming and e-sports 
                  industries. 
                ------------------------------------  ------------------------------- 
 Internet of 
  things 
                ------------------------------------  ------------------------------- 
 CameraMatics    CameraMatics is a disruptive          The company is growing 
                  technology for fleet and              revenues significantly 
                  driver risk management.               in the UK and US. 
                  The CameraMatics SaaS-based 
                  full-stack platform is a 
                  modular software platform 
                  based on camera technology, 
                  vision systems, AI, machine 
                  learning and telematics, 
                  combined with fleet safety 
                  modules that help fleet 
                  operators drive to new safety 
                  standards across their fleet 
                  and drivers. 
                ------------------------------------  ------------------------------- 
 Wia             Wia is an Internet of Things          The company is actively 
                  (IoT) company with a cloud            progressing new contracts. 
                  platform, enabling developers 
                  to turn any type of sensor 
                  device quickly into a secure, 
                  smart and useful application. 
                  Wia's end-to-end platform 
                  provides full device and 
                  application management, 
                  security, data capture and 
                  storage, analysis, control, 
                  as well as the integration 
                  of enterprise systems. 
                ------------------------------------  ------------------------------- 
 

Getvisibility is a leader in data visibility and control, using state-of-the-art Artificial Intelligence ("AI") to classify and secure unstructured information. Getvisibility also provides risk and compliance assessments as well as enforcing protection on sensitive data. The company operates across the US, Europe, the Middle East and North Africa with a presence in several industry sectors including banking, healthcare and the public sector. Getvisibility's clients include a leading global producer of energy and chemicals, a major airport group, one of the largest financial institutions in the Middle East as well as US government entities in the pharmaceutical and manufacturing sectors.

Getvisibility is continuing to rapidly build revenue whilst taking on new clients, retaining existing clients and signing a number of multi-year contracts. The company has also expanded its pipeline by US$6 million and has onboarded 31 new channel partners across seven countries.

In March 2022, Getvisibility raised EUR10 million from new investors including Alpha Intelligence Capital, a global venture capital firm which invests in deep artificial intelligence/machine learning technology-based companies, and Fortino Capital Partners, a leading B2B software venture capital and growth equity firm. Pires made its original investment of EUR250,000 in March 2020, with a follow-on investment of EUR62,000 in June 2021. Since then, Getvisibility has made significant progress such that, based on the post-funding round valuation, Pires' direct stake in Getvisibility (including its additional investment) is now valued at circa EUR1,500,000 or over 4 times its total investment cost to date since it made its first investment two and a half years ago. In addition, Pires has a further interest in Getvisibility via its 13% interest in SVV1 and an indirect interest through its holding in SV plc, which together are now valued at circa EUR1,337,000. Pires' effective interest in Getvisibility, in aggregate, is therefore now valued at circa EUR2,837,000.

CameraMatics is a disruptive technology for fleet and driver risk management. The CameraMatics SaaS-based full-stack platform is a modular software platform based on camera technology, vision systems, AI, machine learning and telematics, combined with fleet safety modules that help fleet operators to drive new safety standards across their fleet and drivers. The company is growing revenues significantly in the UK and US and has recently been shortlisted for the Fleet Safety Product Award as part of the UK Fleet Champions Award 2022.

VividQ, a leading software and IP developer for holography has developed a framework for real-time 3D holographic displays for use in heads-up displays and AR headsets and glasses. In April 2022, the company announced that it was partnering with Zemax Optics Studio to demonstrate how computer-generated holography has become an accessible display for original design manufacturers who want to release high performance AR products and to showcase the prototyping of miniaturised optical engines for AR devices. In May 2022, the company launched its proprietary Alpha Optical Engine Demonstrator aimed at manufacturers of high-end augmented reality headsets. In July 2022, the company appointed a new Chairman, Francois Auque. He is a partner at InfraVia Capital, a leading independent European private equity firm and also serves as a member of the Board of Directors of Rexel, a wholesale electrical distributor. His experience in dealing with large corporations, paired with his knowledge as an investor in deep tech start-ups will prove valuable in supporting the company in its continued advancement of breakthrough technology.

Admix, the leading In-Play monetisation company that bridges the gap between gaming content and brands, announced on 20 June 2022, that it is merging with LandVault Inc ("LandVault"), a builder of virtual experiences in metaverse worlds like The Sandbox and Decentraland, aimed at attracting people into blockchain and metaverse ecosystems, in order to enter into Web3.

By merging with LandVault, Admix aims to become a go-to service provider for major intellectual property holders and brands, enabling large companies across all industries to enter the metaverse and be monetised with its in-game advertising technology. The combined company, which will be known as LandVault, will be able to access US$25 million in growth capital from Admix's Series B round in October 2021. Samuel Huber, Founder and Chief Executive Officer of Admix, will remain as Chief Executive Officer of the combined business.

Smarttech247 is a global artificial intelligence-based cyber security cloud business that protects enterprises from cyber-attacks. Smarttech247 has over 100 technology partners, including IBM and Microsoft, and more than 50 clients based in Europe and the US. The company has recently won a number of new clients and has just launched a new MDR product, Vision X. It is also actively progressing a stock market listing.

SV plc grew its NAV by 6.2% to 125.8p per share and its share price increased by 11.4% over the period to 107.5p. SV plc's principal investment is a 25.9% stake in SVV1 and a shareholding in VividQ.

During the period, the Company also invested in a second SVV fund, SVV2. The principal investor in SVV2 is the British Business Bank ("BBB"), an investment arm of the UK Government. The first close of this fund amounted to GBP85 million, with BBB investing up to GBP50 million and other investors ("Private Investors"), including Pires, investing up to GBP35 million over the 10-year life of the fund.

Pires has initially invested circa GBP90,000, in SVV2 and expects to invest up to GBP5 million in total over the 10-year life of the fund which would provide it with a circa 5.9% interest. SVV2 will invest in a range of private UK software companies with a focus on companies in the Metaverse, Artificial Intelligence and Cybersecurity sectors. This fund has already made its first investment in RETi ni ZE Limited, a technology company based in Belfast which is developing an innovative software product called Animotive which is harnessing the latest VR technologies to transform the 3D animation production process.

SVV2 is being managed by the same team which, to date, has been highly successful in achieving a number of cash realisations from, and upward revaluations of, companies in SVV1. The profit share arrangements within SVV2 are designed to encourage the involvement of the private investors alongside the BBB, meaning that Pires and the other private investors would expect to receive a significantly enhanced share of the total return generated by the fund compared to industry standard.

Direct investments

Low6

Low6 has developed a next-generation sports gaming technology platform that powers franchises with their own branded gaming experiences to engage their digital fanbases .

The company's current focus is to charge customers, typically iGaming operators and sporting franchises, for developing and licensing digital free-to-play games that they embed in their mobile apps/websites as a way of driving users to their core operations. The current financial year is progressing well with signed contracts, signed term sheets or advanced contractual negotiations being achieved in respect of a significant portion of that year's revenue which, due to the investment made in the company's technology platform, is expected to be high margin. At the same time the company's cost base and burn rate have been reduced significantly. The company is currently working with its advisers and cornerstone investors to raise more capital for the business to support revenue growth and the move towards breakeven.

PreCog

A security solution platform company that provides data intelligence to combat crime, terrorism and protect vulnerable people. Customers include leading law enforcement and security agencies and transport infrastructure groups. The company is busy establishing new contracts and trials.

Getvisibility

Pires' direct stake in Getvisibility (including its additional investment) is now valued at circa EUR1,500,000 or over 4 times its total investment cost to date since it made its first investment two years ago. See above for further detail.

Pluto Digital

Pluto Digital PLC ("Pluto") is a Web3 technology company with a focus on the Metaverse, blockchain gaming and NFTs. During the period, Pluto has been working with Maze Theory Limited ("Maze Theory"), a London-based digital entertainment studio, with a view to developing high-quality games that incorporate token economics. Pluto is working on a corporate transaction which will include Emergent Games, a new Web3 gaming studio which is a joint venture with Maze Theory. A further announcement on the progress of this transaction is expected in Q4 2022.

As at 30 June 2022, the Company's equity holding in Pluto was valued at almost GBP2 million based on a price of 6 pence per share, which is the price at which the company's most recent fundraising took place and the price at which Pluto's corporate transaction with Maze is expected to take place. This represents a very significant uplift on the Company's initial investment in this sector.

Key financial indicators

The key unaudited performance indicators are set out below:

 
Performance indicator              30 June 2022  31 December  Change 
                                                        2021 
--------------------------------  -------------  -----------  ------ 
                                        GBP000s      GBP000s 
Profit attributable                      GBP992     GBP1,491 
Net asset value                       GBP 8,702    GBP 7,223 
Net asset value - fully diluted 
 per share                                5.23p        4.57p 
 

The Company has generated significant profits during the period driven by increases in value of its investment portfolio. Whilst the Company's net assets have continued to increase, we do not believe that the Company's net asset value fairly represents its financial potential, given the scope for significant valuation uplift for the companies within the portfolio. This is clearly demonstrated by a series of gains, both realised and unrealised, that have been achieved to date from its investment portfolio. Furthermore, realisations that are achieved within the SVV portfolio result in cash distributions to the Company and are not retained within the fund thereby delivering a real cash return to the Company.

During the period, the holders of warrants over 12,211,425 ordinary shares in the Company exercised their warrants at 4 pence per share with total net proceeds to the Company of GBP488,457. All warrants issued in June 2020 have now been exercised or have expired by 30 June 2022.

In July 2022, the recommended offer for Pires by Tern plc, whilst being supported by the majority of Pires shareholders voting both by number of shareholders and number of shares held, was not approved by the requisite number to effect a scheme of arrangement, and therefore lapsed.

Post the period end, the Company raised an additional GBP500,000 before expenses and a further 6,250,000 warrants were issued exercisable at 8 pence, in conjunction with 12,500,000 shares issued as part of the placing on 26 August 2022.

Outlook

We remain encouraged by the progress made to date by our investee companies and the outlook for the respective sectors in which they operate.

We expect that in the coming months we will see some additional realisations or liquidity events from the investment portfolio. Furthermore, it is important to note that, as previously mentioned, the SVV1 fund has now substantially completed its deployment phase and so is moving towards a realisation phase which is expected to generate further cash inflows for the Company.

In summary, we believe that our investment strategy in the technology sector has already proven successful. Going forward, the Company is well positioned to become a leading next-generation technology investment company with an exciting portfolio of technology companies that have the potential for significant growth and the ability to deliver real returns for shareholders.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation. The person who arranged the release of this information is Nicholas Lee, Director of the Company.

Enquiries:

 
 Pires Investments plc 
  Nicholas Lee, Director              Tel: +44 (0) 20 3368 8961 
 Nominated Adviser 
  Cairn Financial Advisers LLP        Tel: +44 (0) 20 7213 0880 
  Liam Murray/Ludovico Lazzaretti 
 Broker 
  Peterhouse Capital Limited          Tel: +44 (0) 20 7469 0935 
  Lucy Williams/Duncan Vasey 
 Financial media and PR 
  Yellow Jersey                       Tel: +44 (0) 20 3004 9512 
  Sarah Hollins 
  Henry Wilkinson 
  Annabelle Wills 
 

Notes to Editors

About Pires Investments plc

Pires Investments plc (AIM: PIRI) is an investment company providing investors with access to a portfolio of next-generation technology businesses with significant growth potential.

The Company is building an investment portfolio of high-tech businesses across areas such as Artificial Intelligence, Internet of Things, Cyber Security, Machine Learning, Immersive Technologies and Big Data, which the Board believes demonstrate evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors.

For further information, visit: https://piresinvestments.com/ .

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

for the six months ended 30 June 2022

 
                                             Unaudited   Unaudited      Audited 
                                              6 months    6 months         year 
                                                 ended       ended        ended 
                                                30-Jun      30-Jun       31-Dec 
                                                  2022        2021         2021 
 
 Continuing activities                         GBP000s     GBP000s      GBP000s 
                                     Notes 
 Revenue 
 Investment income                                   -           -            - 
 Other income                                        -           -            1 
 Total revenue                                       -           -            1 
 
 Gains on investments held 
  at fair value through profit 
  or loss                                        1,422       1,802        2,081 
 Operating expenses                              (430)       (270)        (590) 
                                            ----------  ----------  ----------- 
 Operating profit from continuing 
  activities                                       992       1,532        1,491 
 
 
 Profit before taxation 
  from continuing activities                       992       1,532        1,491 
 Tax                                                 -           -            - 
 
 Profit for the period from 
  continuing activities                            992       1,532        1,491 
                                            ----------  ----------  ----------- 
 
 
 Profit for the period and 
  total comprehensive income 
  attributable to equity holders 
  of the Company                                 992        1,532         1,491 
                                            ==========  ==========  =========== 
 
 Basic profit per share                3 
 Equity holders 
 Basic and diluted                               0.58p       1.07p        1.00p 
 
 
 
 

UNAUDITED STATEMENT OF FINANCIAL POSITION

As at 30 June 2021

 
                                      Unaudited   Unaudited    Audited 
                                          As at       As at      As at 
                                         30-Jun      30-Jun     31-Dec 
                                           2022        2021       2021 
                                        GBP000s     GBP000s    GBP000s 
                              Notes 
 
 CURRENT ASSETS 
 Investments                              8,810       6,800      7,016 
 Trade and other 
  receivables                                 9           4          8 
 Cash and cash equivalents                  588         360        374 
                                     ----------  ----------  --------- 
 TOTAL CURRENT ASSETS                     9,407       7,164      7,398 
                                     ----------  ----------  --------- 
 TOTAL ASSETS                             9,407       7,164      7,398 
                                     ==========  ==========  ========= 
 
 EQUITY 
 Called up share 
  capital                                   416      12,214        396 
 Shares to be issued                         10           -          - 
 Share premium account                    8,176       7,701      7,874 
 Share premium account                      155           -          - 
  for shares to be 
  issued 
 Retained earnings                     (12,050)    (13,000)   (13,042) 
 Capital redemption 
  reserve                                11,995         165     11,995 
                                     ----------  ----------  --------- 
 TOTAL EQUITY                   4         8,702       7,080      7,223 
 
 LIABILITIES 
 
 CURRENT LIABILITIES 
 Trade creditors 
  and other liabilities                     705          84        175 
                                     ----------  ----------  --------- 
 TOTAL LIABILITIES 
  AND CURRENT LIABILITIES                   705          84        175 
 
 TOTAL EQUITY AND 
  LIABILITIES                             9,407       7,164      7,398 
                                     ==========  ==========  ========= 
 

UNAUDITED CASH FLOW STATEMENT

For the six months ended 30 June 2022

 
                                     Unaudited   Unaudited   Audited 
                                      6 months    6 months      year 
                                         ended       ended     ended 
                                        30-Jun      30-Jun    31-Dec 
                                          2022        2021      2021 
                                       GBP000s     GBP000s   GBP000s 
 Cash flows from operating 
  activities - Profit for 
  the period                               992       1,532     1,491 
 Depreciation                                -           -         - 
 Realised (gain) on disposal 
  of investments                          (14)           -      (61) 
 Fair value movement in 
  investments                          (1,408)     (1,802)   (2,020) 
 (Increase)/decrease in 
  receivables                              (1)          10         7 
 Increase/(decrease) in 
  payables                                 530        (53)        38 
 
 Net cash absorbed by 
  operating activities                      99       (312)     (545) 
 
 Cash flows from investing 
  activities 
 Payments to acquire investments         (440)     (2,969)   (1,066) 
 Proceeds of sale of investments            68           -       111 
 
 Net cash from investing 
  activities                             (372)     (2,969)     (955) 
 Cash flows from financing 
  activities 
 
 
 Net proceeds from shares 
  issued or to be issued                   487       2,622       855 
 
 Net cash from financing 
  activities                               487       2,622       855 
 
 Net increase /(decrease) 
  in cash and cash equivalents 
  during the period                        214       (659)     (645) 
 Cash and cash equivalents 
  at beginning of the period               374       1,019     1,019 
 
 Cash and cash equivalents 
  at end of the period                     588         360       374 
 
 
 

Notes to the Unaudited Interim Report

1. GENERAL INFORMATION

Pires Investments plc (the "Company") is a company domiciled in England whose registered office address is 9(th) Floor, 107 Cheapside, London EC3V 6DN. The condensed interim financial statements of the Company for the six months ended 30 June 2022 is that of the Company only.

The condensed interim financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.

The financial information for the year ended 31 December 2021 has been extracted from the statutory accounts for that period which were prepared in accordance with International Financial Reporting Standards ("IFRS"). The auditors' report on the statutory accounts was unqualified. A copy of those financial statements has been filed with the Registrar of Companies.

The financial information for the six months ended 30 June 2021 and 30 June 2022 were also prepared in accordance with IFRS.

The condensed interim financial statements do not include all of the information required for full annual financial statements.

The condensed interim financial statements were authorised for issue on 28 September 2022.

2. BASIS OF ACCOUNTING

The financial statements are unaudited and have been prepared on the historical cost basis in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS") using the same accounting policies and methods of computation as were used in the annual financial statements for the year ended 31 December 2021. As permitted, the interim report has been prepared in accordance with the AIM rules for Companies and is not compliant in all respects with IAS 34 Interim Financial Statements. The condensed interim financial statements do not include all the information required for full annual financial statements and hence cannot be construed as in full compliance with IFRS.

3. PROFIT/LOSS PER SHARE

The calculation of the basic profit per share is based on the following data:

 
                                          Unaudited     Unaudited       Audited 
                                           6 months      6 months          year 
                                              ended         ended         ended 
                                             30-Jun        30-Jun        31-Dec 
                                               2022          2021          2021 
                                            GBP000s       GBP000s       GBP000s 
 
 Profit on continuing activities 
  after tax                                     992         1,532         1,491 
 
   Basic and fully diluted 
 Basic and fully diluted earnings per share have been computed 
  based on the following data: 
                                                        Number of 
                                                           shares 
 Weighted average number of ordinary 
  shares for the period                 159,463,671   143,210,371   149,021,386 
 Basic earnings per share from 
  continuing activities (p)                     0.6          1.07          1.00 
 
   There were no dilutive instruments that would give rise to diluted 
   earnings per share. 
 
 

4. STATEMENT OF CHANGES IN EQUITY

 
                  Share Capital         Shares  Share Premium      Capital   Retained Earnings    Total 
                                  to be issued                  Redemption 
                                                                   Reserve 
                        GBP000s        GBP000s        GBP000s      GBP000s             GBP000s  GBP000s 
At 1 January 
 2021                    12,135              -          5,158          165            (14,532)    2,926 
Issue of shares 
 (net of costs)              79              -          2,543                                -    2,622 
Loss for the 
 6 months ended 
 30 June 2021                 -              -              -               -            1,532    1,532 
                                 ------------- 
At 30 June 
 2021                    12,214              -          7,701          165            (13,000)    7,080 
Issue of shares 
 (net of costs)              11              -            173            -                   -      184 
Cancellation 
 of deferred 
 shares                (11,830)              -                      11,830                            - 
                                 ------------- 
Loss for the 
 6 months ended 
 31 December 
 2021                         -                             -            -                (41)     (41) 
                                 ------------- 
At 31 December 
 2021                       396              -          7,874       11,995            (13,042)    7,223 
Issue of shares 
 (net of costs)              20            165            302            -                   -      487 
Profit for the 
 6 months ended 
 30 June 2022                 -              -              -               -              992      992 
                                 ------------- 
At 30 June 
 2022                       416            165          8,176       11,995            (12,050)    8,702 
                  =============  -------------  =============  ===========   =================  ======= 
 

5. DISTRIBUTION OF INTERIM REPORT

Copies of the Interim Report for the six months ended 30 June 2022 are available on the Company's website, www.piresinvestments.com .

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. 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

IR SEWESAEESESU

(END) Dow Jones Newswires

September 29, 2022 02:00 ET (06:00 GMT)

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