23 sep 25   primorus investments - half-year report primorus investments plc | prim | 3.9 0 0.0% | mkt cap: 4.96m    rns number : 3367a primorus investments plc 23 september 2025   primorus investments plc   ("primorus" or the "company")   interim results for the six months ended 30 june 2025   primorus investments plc (aim: prim) is pleased to announce its unaudited interim results for the six months ended 30 june 2025.   overview following a year of exceptional performance in 2024, the first half of 2025 has seen more measured activity, with  only one exit in the period. nevertheless, the portfolio continues to progress strongly, particularly fresho. with a solid cash position and a healthy pipeline of opportunities, we remain confident in our ability to generate attractive returns for shareholders.   fresho continues to expand its platform, reporting strong user growth and revenue momentum.   after reaching profitability in late 2024, virtualstock's volume and order growth has continued to strengthen with asda and homebase now using virtualstock's dropship technology.   interpac completed a significant funding round which has left the company well capitalised and in a strong financial position to strengthen the existing management team as well as fund future production and sales. primorus joined the funding round, investing a further £275,000, and now holds 4.3% of the issued share capital on a fully diluted basis.   priority intelligence group plc - primorus disposed of its shareholding in june this year for gross proceeds of £977,000.   at the annual general meeting, primorus proposed a share buyback programme which was subject to shareholder approval of a rule 9 waiver agreed by the takeover panel. this resolution was passed by the independent shareholders and, as at the date of these financial statements, the company has purchased 12,566,388 shares.   financial results the operating loss for the six months to 30 june 2025 was £606,000 (30 june 2024: £2,764,000 profit). the net loss after tax was £606,000 (30 june 2024: £2,764,000 profit).   total assets, including cash, at 30 june 2025 amounted to £5.30 million (30 june 2024: £5.98 million).   outlook the board expects continued resilience across the portfolio in the second half of 2025, with the hope of further realisations over the short to medium term. while global macroeconomic conditions remain uncertain, primorus is positioned to deliver long-term shareholder value through disciplined deployment and active portfolio management. we will seek to return capital to shareholders when the opportunities arise.   we look forward to updating shareholders as and when our existing investments mature, and new investments present themselves.   the directors would like to take this opportunity to thank our shareholders for their continued support.                   rupert labrum chairman 22nd september 2025       this announcement contains inside information for the purposes of the uk market abuse regulation and the directors of the company are responsible for the release of this announcement. caution regarding forward looking statements   certain statements in this announcement, are, or may be deemed to be, forward looking statements. forward looking statements are identiﬁed 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 reﬂect the directors' current beliefs and assumptions and are based on information currently available to the directors. while management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the company will be those that it anticipates.     for further information please contact:   primorus investments plc matthew beardmore, chief executive officer   +44 (0)20 8154 7907   nominated adviser cairn financial advisers llp sandy jamieson / james western   +44 (0) 20 7213 0880          unaudited condensed company statement of comprehensive income for the six months ended 30 june 2025   6 months to 6 months to year to   30 june 2025 30 june 2024 31 december 2024  unaudited unaudited unaudited  notes £'000 £'000 £'000 continuing operations     income     realised (loss)/gain on financial investments  (332) 3,206 3,168 unrealised (loss)/gain on financial investments  (19) (42) 233 other income  19 - - gross (loss)/profit  (332) 3,164 3,401      operating expenses     administrative expenses  (274) (417) (720) operating (loss)/profit  (606) 2,747 (2,681)      finance income  - 17 17 finance costs  - - (9) (loss)/profit before tax  (606) 2,764 2,689      taxation  - - - (loss)/profit for the period  (606) 2,764 2,689      other comprehensive income for the period net of tax  - - - total comprehensive income  (606) 2,764 2,689   (loss)/profit per share:     basic (loss)/profit per share (pence) 3 (0.433) 1.977 1.923 diluted (loss)/profit per share (pence) 3 (0.433) 1.977 1.923      unaudited condensed company statement of financial position as at 30 june 2025   30 june 2025 30 june 2024 31 december 2024  unaudited unaudited audited note s £'000 £'000 £'000 assets    non-current assets    financial investments 3,633 2,941 4,733  3,633 2,941 4,733   current assets    financial investments 649 2,925 1,054 trade and other receivables 68 15 101 cash and cash equivalents 956 95 42  1,673 3,035 1,197 total assets 5,306 5,976 5,930   equity    equity attributable to equity holders of    the parent    share capital 280 280 280 retained earnings 4,902 5,584 5,508 total equity 5,182 5,864 5,788 liabilities    current liabilities    trade and other payables 124 112 142 corporation tax - - - total liabilities 124 112 142 total equity and liabilities 5,306 5,976 5,930  unaudited condensed company statement of changes in equity for the six months ended 30 june 2025     share capital   retained earnings total attributable to owners of parent unaudited £'000 £'000 £'000         balance at 31 december 2023   280   4,917   5,197   profit for the period   -   2,689   2,689   total comprehensive income for the period   -   2,689   2,689   dividend paid during the period   -   (2,098)   (2,098) balance at 31 december 2024 280 5,508 5,788   loss for the period   -   (606)   (606)   total comprehensive income for the period   -   (606)   (606) balance at 30 june 2025 280 4,902 5,182                                                     unaudited condensed company statement of cash flows for the six months ended 30 june 2025     6 months to 6 months to year to  30 jun 25 30 jun 24 31 dec 24  unaudited unaudited audited  £'000 £'000 £'000 cash flows from operating activities        operating (loss)/profit before tax (606) 2,764 2,681 adjustments for:    loss/(profit) on disposal of financial investments 332 (3,206) (3,168) fair value movements on financial investments 19 42 (233) net foreign exchange loss 61 59 163  (194) (341) (557)     movement in working capital:    decrease/(increase) in trade and other receivables 33 (3) (89) (decrease)/increase in trade and other payables (18) (32) (2)     cash used in operations (179) (376) (648) income taxes paid - - - net cash used in operating activities (179) (376) (648) cash flows from investing activities    proceeds from sale of financial investments 1,368 4,789 6,121 purchase of financial investments (275) (2,995) (4,116) net cash from investing activities 1,093 1,794 2,005     dividends paid - (2,098) (2,098) finance income   17 finance cost   (9) cash flow from financing activities - (2,098) (2,090)     net change in cash and cash equivalents 914 (680) (733)   cash and cash equivalents at beginning of period   42   775   775 cash and cash equivalents at end of period 956 95 42      notes to the condensed unaudited interim financial statements   1.         general information   the condensed interim financial information for the 6 months to 30 june 2025 does not constitute statutory accounts for the purposes of section 434 of the companies act 2006 and has not been audited or reviewed. no statutory accounts for the period have been delivered to the registrar of companies.   the condensed interim financial information in respect of the year ended 31 december 2024 has been produced using extracts from the statutory accounts for that period. consequently, this does not constitute the statutory information (as defined in section 434 of the companies act 2006) for the year ended 31 december 2024, which was audited. the statutory accounts for this period have been filed with the registrar of companies. the auditors' report was unqualified and did not contain a statement  under sections 498 (2) or 498 (3) of the companies act 2006.   the auditor's report was approved by the directors on 29 may 2025 and is available on the company's website at www.primorusinvestments.com.   2.         basis of preparation and accounting   the financial information has been prepared on the historical cost basis.  the company's business activities, together with the factors likely to affect its future development, performance and position are set out in the chairman's statement. this statement also includes a summary of the company's financial position and its cash flows.   the financial statements have been prepared in accordance with the companies act 2006 and uk-adopted international accounting standards (uk-adopted ias) and related interpretations. as permitted, this does not include ias 34 "interim financial reporting". this condensed set of financial statements has been prepared applying the accounting policies that were applied in the preparation of the company's published financial statements for the year ended 31 december 2024.  as these interim financial statements do not include all the information or disclosures required in the annual financial statements they should be read in conjunction with the company's 2024 annual financial statements.   3.         earnings per share   earnings per ordinary share has been calculated using the weighted average number of shares in issue during the period. the weighted average number of equity shares in issue was 139,830,968. ias 33 requires presentation of diluted eps when a company could be called upon to issue shares that would decrease earnings per share or increase the loss per share.   6 months to 6 months to year ended  30 june 2025 30 june 2024 31 december 2024  (unaudited) (unaudited) (audited)      £'000 £'000 £'000 net (loss)/profit attributable to equity holders of   the company (606) 2,764 2,689 weighted average number of shares 139,830,968 139,830,968 139,830,968 weighted average number of diluted shares 139,830,968 139,830,968 139,830,968 basic profit/(loss) per share (pence) (0.433) 1.977 1.923 diluted profit/(loss) per share (pence) (0.433) 1.977 1.923      4.         events after the reporting date   there are no events after the end of the reporting date to disclose that have not already been the subject of an announcement by the company. 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 dggdcxuddgud return to news summary

Label: Gesunken