30 March 2023
("Visum," the "Company," or the "Group")
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/.
• Loss of
• Total net asset position
• In November 2022, the company opened its first US location in partnership with DEI at the TILT 360 Chicago.
• 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.
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
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.
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 |
|
Cost of Sales |
|
Cost of sales |
|
Hosting |
3 763,79 |
Storage |
2 023,21 |
Total Cost of sales |
|
Purchases |
3 740,07 |
Total Cost of Sales |
|
Gross Profit |
|
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 |
|
Total Consultancy Fees |
|
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 |
|
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 |
- |
Other Expenses |
|
Unrealised Gain or Loss |
0,00 |
Depreciation |
186 000,00 |
Exchange Gain or Loss |
8 460,20 |
Total Other Expenses |
|
Net Other Income |
- |
Net Income |
- |
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 |
Total Goodwill |
|
Total Tangible assets |
|
Total Fixed Asset |
|
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 |
|
Debtors |
|
Debtors |
0,00 |
Debtors - EUR |
0,00 |
Debtors - USD |
0,00 |
Total Debtors |
£ 0,00 |
Current Assets |
|
Other debtors |
-0,43 |
Prepayments |
23 533,33 |
Total Current Assets |
|
Net current assets |
|
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 |
|
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 |
|
|
|
Net current assets (liabilities) |
- |
Total assets less current liabilities |
|
Total net assets (liabilities) |
|
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 |
Total Capital and Reserves |
|
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 provided by operations: |
|
Net cash provided by operating activities |
- |
FINANCING ACTIVITIES |
|
Ordinary share capital |
14 285,71 |
Share premium |
185 714,29 |
Net cash provided by financing activities |
|
Net cash increase/decrease for period |
- |
Cash at beginning of period |
271 367,21 |
Cash at end of period |
|
Caution regarding forward-looking statements
Certain statements in this announcement are or may be considered forward-looking. 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.
30 March 2023
("Visum," the "Company," or the "Group")
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/.
• Loss of
• Total net asset position
• In November 2022, the company opened its first US location in partnership with DEI at the TILT 360 Chicago.
• 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.
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
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.
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 |
|
Cost of Sales |
|
Cost of sales |
|
Hosting |
3 763,79 |
Storage |
2 023,21 |
Total Cost of sales |
|
Purchases |
3 740,07 |
Total Cost of Sales |
|
Gross Profit |
|
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 |
|
Total Consultancy Fees |
|
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 |
|
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 |
- |
Other Expenses |
|
Unrealised Gain or Loss |
0,00 |
Depreciation |
186 000,00 |
Exchange Gain or Loss |
8 460,20 |
Total Other Expenses |
|
Net Other Income |
- |
Net Income |
- |
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 |
Total Goodwill |
|
Total Tangible assets |
|
Total Fixed Asset |
|
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 |
|
Debtors |
|
Debtors |
0,00 |
Debtors - EUR |
0,00 |
Debtors - USD |
0,00 |
Total Debtors |
£ 0,00 |
Current Assets |
|
Other debtors |
-0,43 |
Prepayments |
23 533,33 |
Total Current Assets |
|
Net current assets |
|
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 |
|
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 |
|
|
|
Net current assets (liabilities) |
- |
Total assets less current liabilities |
|
Total net assets (liabilities) |
|
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 |
Total Capital and Reserves |
|
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 provided by operations: |
|
Net cash provided by operating activities |
- |
FINANCING ACTIVITIES |
|
Ordinary share capital |
14 285,71 |
Share premium |
185 714,29 |
Net cash provided by financing activities |
|
Net cash increase/decrease for period |
- |
Cash at beginning of period |
271 367,21 |
Cash at end of period |
|
Caution regarding forward-looking statements
Certain statements in this announcement are or may be considered forward-looking. 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.