par Anemoi International Ltd (isin : VGG0419A1057)
Anemoi International Ltd: 2024 Interim Results
Anemoi International Ltd (AMOI) Anemoi International Ltd
Anemoi International Ltd (Reuters: AMOI.L, Bloomberg: AMOI:LN) ("Anemoi" or the "Company")
Interim Results for the period ended 30 June 2024
The Company is pleased to announce its results for the six months ended 30 June 2024. The unaudited interim results have been submitted to the FCA and will shortly be available on the Company’s website: www.anemoi-international.com Chairman’s StatementUnaudited interim results for the six months to 30 June 2024. H1 2024 Revenues were disappointing and whilst we succeeded in cutting costs substantially, the Company still registered a loss for the period, albeit a substantially reduced loss compared to H1 2023. As I have previously stated, I believe in the future of id4 but the Company is too small to sustain the costs of a public company. We have, therefore, explored a number of potential acquisitions, some in unrelated industries, in order to scale the business; upon closer inspection, none have yet fulfilled our acquisition criteria. With regard to the future of id4, we are redoubling our efforts to increase revenues and are implementing an amended sales strategy to target intermediaries, such as resellers, consultants, system integrators and other service providers with broader and better client access, as well as continuing with our direct client sales efforts, which I am now directly supporting. Current sales pipeline is positive, and we are working hard to close some pending contracts, which have the potential for a material positive impact on H2 2024/H1 2025 results.
Duncan Soukup Chairman Anemoi International Ltd 26 September 2024
Financial Review During the period under review Book Value per share decreased by 5.0% from 2.60p as at 31 December 2023 to £2.47p per share at 30 June 2024, driven by ongoing operating losses in ID4 AG, partially offset by investment returns of £26k on listed securities and a decision by the Chairman to waive all of his consultancy fees which had been accrued from 2021 through H1 2024. The Group Operating Loss for the period was reduced by 92% from £(288)k in H1 2023 to £(22)k in 1H 2024. The Group Loss Before Tax for the period was also reduced by 69% from £(352)k in 1H 2023 to £(108)k in H1 2024. Total Income declined 11.2% from £82k in 1H 2023 to £72k in H1 2024. The decline in Software services’ income was partially offset by positive contribution from financial holdings and increased interest income. Total Administrative Expenses declined 76% from £363k in 1H 2023 to £85k in H1 2024, due to the waiving of the Chairman’s consultancy fees in the current period (£0.2m impact) and, in the comparative period, £49k severance pay. £35k of other savings were identified in the current period vs the comparative period across other Administrative Expenses categories, including IT (accounting software savings), rent/office expenses and Insurance. Development Costs capitalised to Intangible Assets were reduced from £106k in H1 2023 to £78k in H1 2024 helping to preserve cash, alongside stable Software Services Cost of Sales and stable Personnel costs (excluding impact of the consultancy fees waiver).
Responsibility Statement
We confirm that to the best of our knowledge: a) the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting'; b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and c) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein). Cautionary statement This Interim Management Report (IMR) has been prepared solely to provide additional information to shareholders to enable them to assess the Company’s strategy and the potential for that strategy to succeed. The IMR should not be relied on by any other party or for any other purpose.
Duncan Soukup Chairman Anemoi International Ltd 26 September 2024
Interim Condensed Consolidated Statement of IncomeFor the six months ended 30 June 2024
The notes on pages 12 to 16 form an integral part of this consolidated interim financial information.
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| 6 Months to | 6 Months to | Year Ended |
| Jun 2024 | Jun 2023 | Dec 2023 |
| GBP | GBP | GBP |
| Unaudited | Unaudited | Audited |
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Loss for the financial year | (109,824) | (352,048) | (897,145) |
Other comprehensive income: |
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Exchange differences on re-translating foreign operations |