TIDMNWOR
RNS Number : 4971A
National World PLC
30 September 2020
National World plc
("National World," or the "Company")
Results for the six month period to 30 June 2020
National World, (LSE: NWOR.L), the investment business
established to create a modern platform for news publishing by
implementing a new operating model powered by the latest
technology, today announces its results for the six month period to
30 June 2020.
David Montgomery, Executive Chairman, said:
"The Covid-19 pandemic has impacted the news publishing sector,
accelerating the structural impact we outlined at the time of our
IPO. We remain confident in our strategy which we continue to
refine in conjunction with evaluating a number of opportunities.
Further updates will be provided to shareholders as
appropriate."
Results for the six month period to 30 June 2020
The results for the six month period to 30 June 2020 is
available on our website:
https://www.nationalworld.com/investors/reports-presentations-and-publications/year/2020
Excerpts of the results are set out below.
This announcement contains inside information for the purposes
of the Market Abuse Regulation (EU) NO. 596/2014. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain. The person responsible for
arranging for the release of this announcement on behalf of
National World is Vijay Vaghela, Chief Operating Officer.
- Ends -
For further information please contact:
National World plc
David Montgomery
Vijay Vaghela
c/o Montfort Communications
Montfort Communications
Nick Miles
Olly Scott +44 (0)78 1234 5205
Interim Management Report
I am pleased to present the Interim Report and Financial
Statements for the six month period ended30 June 2020 for National
World Plc (the "Company")
The Company has been established to pursue opportunities in the
news publishing and digital media sector and/or in associated
complementary technologies. Our objective is to create a modern
platform for news publishing by implementing a new operating model
powered by the latest technology.
National World will jettison legacy systems and archaic
industrial practices to create efficient dissemination of news and
to monetise it by matching content to audience.
The Company has continued to progress with efforts towards
identifying suitable assets for acquisition. Whilst the Company has
been engaged on a number of potential acquisitions during the
period, no acquisitions or investments have progressed to a stage
where exclusivity has been granted. Progress has been impacted by
the uncertainty created by the COVID-19 outbreak which has
adversely impacted news publishing businesses.
The impact of COVID 19 on the news publishing sector further
highlights the importance and urgent need for a transformation of
the industry with a new operating model and increased
collaboration. We continue to explore a range of opportunities
despite a rapidly changing situation.
The Company incurred a loss for the six month period ended 30
June 2020 of GBP 118,177 from the on-going administrative expenses
required to operate the Company. The Board continues to tightly
manage ongoing operating costs.
The Group had a cash balance of GBP 4,312,865 and net assets of
GBP4,324,871 as at 30 June 2020.
Since December 2019, the Company's Ordinary Shares have been
suspended from trading on the Main Market of the LSE as the Company
was considering a potential acquisition. The shares remain
suspended as the directors continue to work on potential
acquisitions and look forward to presenting a value enhancing
opportunity for consideration by shareholders.
All statements other than historical facts are forward-looking
statements and the Company does not undertake any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. There
are a number of potential risks and uncertainties which may have
material impact on the Company's performance over the remaining six
months of the financial year and could cause actual results to
differ materially from expected and historical results. The
directors do not consider that there are any changes to the
principal risks and uncertainties since the publication of the 2019
Annual Report and Accounts which are available on the Company's
website at www.nationalworld.com.
David Montgomery
Executive Chairman
30 September 2020
Statement of Comprehensive Income
For the six months ended 30 June 2020
Note Unaudited Unaudited Audited
Six months 29 May 2019 29 May 19
to 30 Jun to 30 Jun to 31 Dec
20 19 19
GBP GBP GBP
------------------------------ ----- ------------ ------------- -----------
Continuing operations
Non-recurring costs to
establish National World 5 - - (87,615)
Listing expenses 6 - - (81,268)
Administrative expenses 7 (127,900) - (167,392)
------------ ------------- -----------
Operating loss (127,900) - (336,275)
------------ ------------- -----------
Finance income 8 9,723 - 1,208
------------ -------------
Loss before tax (118,177) - (335,067)
------------ ------------- -----------
Taxation - - -
------------ -------------
Total comprehensive loss
for the period attributable
to the equity owners (118,177) - (335,067)
============ ============= ===========
Loss per share
Basic and diluted 9 (0.002) (0.00) (0.012)
------------ ------------- -----------
The above results were derived from continuing operations.
The notes form part of these Interim Financial Statements.
Statement of Financial Position
As at 30 June 2020
Company Number: 12021298 Note Unaudited Unaudited Audited
As at As at As at
30 Jun 20 30 Jun 31 Dec 19
19
GBP GBP GBP
----------------------------- ----- ------------ ----------- -----------
ASSETS
Current assets
Trade and other receivables 10 40,396 100 127,628
Cash and cash equivalents 11 4,312,865 - 4,383,077
Total current assets 4,353,261 100 4,510,705
------------ ----------- -----------
Total assets 4,353,261 100 4,510,705
------------ ----------- -----------
LIABILITIES
Current liabilities
Trade and other payables 12 28,390 - 67,657
Total current liabilities 28,390 - 67,657
------------ ----------- -----------
Total liabilities 28,390 - 67,657
------------ ----------- -----------
NET ASSETS 4,324,871 - 4,443,048
============ =========== ===========
EQUITY
Share capital 13 54,000 100 54,000
Share premium 14 4,724,115 - 4,724,115
Accumulated losses 14 (453,244) - (335,067)
------------ ----------- -----------
TOTAL EQUITY 4,324,871 100 4,443,048
============ =========== ===========
The Interim Report and Financial Statements were approved by the
Board of Directors and authorised for issue on 30 September
2020.
David Montgomery
Executive Chairman
The notes form part of these Interim Financial Statements.
Statement of Changes in Equity
For the six months ended 30 June 2020
Share Capital Share Premium Accumulated Total
Losses Equity
GBP GBP GBP GBP
---------------------------- -------------- -------------- ------------ ----------
As at 29 May 2019 - - - -
Transactions with owners
Issue of ordinary shares 100 - - 100
As at 30 June 2019 100 - - 100
============== ============== ============ ==========
Share Capital Share Premium Accumulated Total
Losses Equity
GBP GBP GBP GBP
---------------------------- -------------- -------------- ------------ ----------
As at 30 June 2019 100 - - 100
Comprehensive income
Loss for the period - - (335,067) (335,067)
Transactions with owners
Issue of ordinary shares
and subdivision of shares 53,900 5,046,000 - 5,099,900
Cost to issue shares - (321,885) - (321,885)
As at 31 December 2019 54,000 4,724,115 (335,067) 4,443,048
============== ============== ============ ==========
Share Capital Share Premium Accumulated Total
Losses Equity
GBP GBP GBP GBP
---------------------------- -------------- -------------- ------------ ----------
As at 31 December 2019 54,000 4,724,115 (335,067) 4,443,048
Comprehensive income
Loss for the period - - (118,177) (118,177)
As at 30 June 2020 54,000 4,724,115 (453,244) 4,324,871
============== ============== ============ ==========
The notes form part of these Interim Financial Statements.
Statement of Cash Flows
For the six months ended 30 June 2020
Note Unaudited Unaudited Audited
Six months 29 May 19 29 May 19
to 30 Jun to 30 Jun to 31 Dec
20 19 19
GBP GBP GBP
------------------------------- ----- ------------ ----------- -----------
Cash flow from operating
activities
Operating loss (127,900) - (336,275)
Cash outflow from operating
activities (127,900) - (336,275)
Changes in working capital
Decrease/(Increase) in
trade and other receivables 10 87,232 - (127,628)
(Decrease)/Increase in
trade and other payables 12 (39,267) - 67,657
------------ ----------- -----------
Net cash used in operating
activities (79,935) - (396,246)
------------ ----------- -----------
Cash flows from investing
activities
Interest received 8 9,723 - 1,208
------------ ----------- -----------
Net cash generated from
investing activities 9,723 - 1,208
------------ ----------- -----------
Cash flows from financing
activities
Proceeds from issue of
shares, net of issue costs - - 4,778,115
------------ ----------- -----------
Net cash generated from
financing activities - - 4,778,115
------------ ----------- -----------
Net (decrease)/increase
in cash and cash equivalents (70,212) - 4,383,077
Cash and cash equivalents 4,383,077 - -
at the beginning of the
period
------------ ----------- -----------
Cash and cash equivalents
at the end of the period 4,312,865 - 4,383,077
============ =========== ===========
The notes form part of these Interim Financial Statements.
Notes to the Interim Financial Statements
1. Company information
National World PLC (the "Company") is a public company listed on
the London Stock Exchange in England and Wales. The Company is
domiciled in England and its registered office is 201 Temple
Chambers, 3-7 Temple Avenue, London, United Kingdom, EC4Y 0DT.
The principal activity of the Company is that of identifying and
acquiring investment projects.
The Company was incorporated on 29 May 2019 and the first
audited financial statements for the Company were for the period 29
May 2019 to 31 December 2019. Therefore, the comparative results
for the 2019 interim financial results cover the period from 29 May
2019 to 30 June 2019.
2. Accounting policies
2.1 Basis of preparation
These financial statements of the Company have been prepared on
a going concern basis in accordance with International Financial
Reporting Standards (IFRS) and IFRIC interpretations issued by the
International Accounting Standards Board (IASB) and adopted by the
European Union, in accordance with the Companies Act 2006.
Measurement bases
The financial statements have been prepared under the historical
cost convention. Historical cost is generally based on the fair
value of the consideration given in exchange for assets.
The preparation of the financial statements in compliance with
adopted IFRS requires the use of certain critical accounting
estimates and management judgements in applying the accounting
policies. The significant estimates and judgements that have been
made and their effect is disclosed in note 3.
2.2 Going concern
The Company had GBP 4,312,865 cash as at 30 June 2020 and
ongoing operational costs of cGBP300,000 per annum providing
significant headroom to fund costs associated with evaluating
acquisitions and investments, including due diligence. On this
basis, the Board considers the company to have sufficient resources
to remain in operational existence for the foreseeable future.
2.3. Significant accounting policies
The accounting policies adopted are consistent with those
followed in the preparation of the Annual Report and Accounts of
the Company for the year ended 31 December 2019. A copy of the
Annual Report and Accounts is available on the Company's website at
https://www.nationalworld.com/ .
3. Significant judgments and estimates
The preparation of the Company's financial statements under IFRS
as endorsed by the EU requires the Directors to make estimates and
assumptions that affect the reported amounts of assets and
liabilities at the statement of financial position date, amounts
reported for revenues and expenses during the period, and the
disclosure of contingent liabilities, at the reporting date.
Estimates and judgements are continually evaluated and are based
on historical experiences and other factors, including expectations
of future events that are believed to be reasonable under the
circumstances.
The Directors consider that there are no critical accounting
judgements or estimates relating to the financial information of
the Company.
4. Loss before income tax
The loss before income tax is stated after charging:
Unaudited Unaudited Audited
Six months 29 May 19 29 May 19
to 30 Jun to 30 Jun to 31 Dec
20 19 19
GBP GBP GBP
---------------------------------- ------------ ----------- -----------
Fees payable to the Company's
auditors - audit of the
Company's annual accounts 9,000 - 18,000
Fees payable to the Company's
auditors - non-statutory
audit in relation to the
Company's re-registration
as a plc. - - 2,500
Fees payable to the Company's
auditors - Reporting Accountant
fees - - 15,000
============ =========== ===========
5. Non-recurring costs to establish National World
The Company incurred costs of GBP87,615 in the second half of
2019 which were considered to be one-off to establish National
World Plc, therefore these costs were disclosed separately in the
Statement of Comprehensive Income in the year ended 31 December
2019.
6. Listing Expenses
During the second half of 2019, the Company incurred GBP81,286
in IPO costs and other fees which were disclosed separately in the
Statement of Comprehensive Income in the year ended 31 December
2019.
7. Analysis of expenses by nature
The breakdown by nature of administrative expenses is as
follows:
Unaudited Unaudited Audited
Six months 29 May 19 29 May 19
to to 30 Jun to 31 Dec
30 Jun 20 19 19
GBP GBP GBP
------------------------------- ------------ ----------- -----------
Staff costs 9,500 - 4,750
Accounting fees 12,800 - 8,000
Audit fees 9,000 - 18,000
Professional fees 18,400 - 97,577
Other costs, including
financial PR, insurance,
and other fees 78,200 - 39,065
------------ ----------- -----------
Total administrative expenses 127,900 - 167,392
============ =========== ===========
8. Finance income
Unaudited Unaudited Audited
Six months 29 May 19 29 May 19
to 30 Jun to 30 Jun to 31 Dec
20 19 19
GBP GBP GBP
---------------------- ------------ ----------- -----------
Bank interest 9,723 - 1,208
------------ ----------- -----------
Total finance income 9,723 - 1,208
============ =========== ===========
9. Loss per share
The loss per share has been calculated using the loss for the
period and the weighted average number of ordinary shares entitled
to dividend rights which were outstanding during the period, as
follows:
Unaudited Unaudited Audited
Six months 29 May 19 29 May 19
to 30 Jun to 30 Jun to 31 Dec
20 19 19
GBP GBP GBP
---------------------------------- ------------ ----------- -----------
Loss for the period attributable
to equity holders of the
Company (118,177) - (335,067)
Weighted average number
of ordinary shares 54,000,000 100 26,813,426
------------ ----------- -----------
Loss per share (0.002) - (0.012)
============ =========== ===========
10. Trade and other receivables
Unaudited Unaudited Audited
30 Jun 20 30 Jun 19 31 Dec 19
GBP GBP GBP
---------------------------- ----------- ----------- -----------
Amounts falling due within
one year:
Prepayments 27,764 - 41,863
Other receivables 12,632 100 85,765
40,396 100 127,628
=========== =========== ===========
The Directors consider that the carrying amount of trade and
other receivables is approximately equal to their value.
Other receivables comprise VAT due on expenses.
11. Cash and cash equivalents
Unaudited Unaudited Audited
30 Jun20 30 Jun 19 31 Dec 19
GBP GBP GBP
-------------- ---------- ----------- -----------
Cash at bank 4,312,865 - 4,383,077
---------- ----------- -----------
4,312,865 - 4,383,077
========== =========== ===========
All bank balances are denominated in pounds sterling with GBP4.2
million held on a term deposit with Barclays Bank plc which
requires 30 days' notice for any withdrawal.
12. Trade and other payables
Unaudited Unaudited Audited
30 Jun 20 30 Jun 19 31 Dec 19
GBP GBP GBP
--------------------------- ----------- ----------- -----------
Amounts falling due in
one year:
Other taxation and social
security 329 - 699
Trade payables 2,361 - 31,969
Other payables - - 1,234
Accruals 20,700 - 33,755
23,390 - 67,657
=========== =========== ===========
13. Share capital
Number of Share Capital Share premium
Shares GBP GBP
Issued and fully paid
Ordinary shares of GBP1
each
At 30 June 2019 100 100 -
=========== ============== ==============
Issued and fully paid
Ordinary shares of 0.1
pence each
At 31 December 2019 54,000,000 54,000 4,724,115
At 30 June 2020 54,000,000 54,000 4,724,115
=========== ============== ==============
The Company was incorporated on 29 May 2019. On incorporation,
100 ordinary shares of GBP1 per par value were issued at par. On 22
July 2019, the Company performed a share subdivision to split the
existing 100 ordinary shares into 100,000 ordinary shares. The new
par value of the shares was 0.1p.
On 25 July 2019, a further 1,700,000 ordinary shares of 0.1p
were issued at 2.64p for a cash consideration of GBP44,900 and
2,200,000 ordinary shares of 0.1p were issued at 2.5p for a cash
consideration of GBP55,000.
On 19 September 2019, 50,000,000 ordinary shares of 0.1p were
issued at 10p, this totalled further cash consideration of
GBP5,000,000.
The holders of ordinary shares are entitled to one voting right
per share and are entitled to dividends out of the profits of the
Company available for distribution.
14. Reserves
Share premium
Includes all premiums in excess of the nominal value of shares
received on issue of share capital.
Accumulated losses
Includes all losses incurred since incorporation.
15. Related party transactions
The related parties are considered to be the Directors who each
have shares on the Company. Their remuneration is as follows:
Unaudited Unaudited Audited
Six months 29 May 19 29 May 19
to 30 Jun to 30 Jun to 31 Dec
20 19 19
GBP GBP GBP
----------------------------- ------------ ----------- -----------
Directors emoluments,
including salary and fees:
D Montgomery 2,500 - 1,250
V Vaghela 2,500 - 1,250
M Hollinshead 1,500 - 750
J Rowe 1,500 - 750
S Barber 1,500 - 750
------------ ----------- -----------
9,500 - 4,750
============ =========== ===========
16. Contingent Liabilities
The Company has agreed that it will pay its former solicitors,
Cooley LLP, GBP90,000 if the Company completes an acquisition. As
this is wholly contingent on an acquisition being made, a liability
has not been recognised at 30 June 2020.
17. Ultimate controlling party
The Company has no ultimate controlling party.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR BLGDCRXDDGGC
(END) Dow Jones Newswires
September 30, 2020 02:00 ET (06:00 GMT)
National World (LSE:NWOR)
Historical Stock Chart
From Mar 2024 to Apr 2024
National World (LSE:NWOR)
Historical Stock Chart
From Apr 2023 to Apr 2024
