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Iconic Labs Posts Loss Due To Widecells Legacy Issues

Thu, 31st Oct 2019 18:56

(Alliance News) - Iconic Labs PLC on Thursday posted a sizeable loss for the 18 months to June due to "legacy issues" after its transformation from a stem cell firm to a media and technology business.

The company intends to provide online marketing, content and technology products under its new name, having previously traded as Widecells Group PLC.

In the 18 months ended June 30, Iconic Labs posted a total pretax loss of GBP6.1 million. This included a GBP5.8 million loss on discontinued operations and a GBP307,952 continuing operations loss. In 2017 the company's pretax loss was GBP2.8 million. In all cases, this loss resulted almost entirely from administrative expenses.

The company made no revenue on its continuing operations, but recorded GBP21,081 of revenue on those operations it has discontinued. In 2017, revenue totalled GBP50,765.

Chair David Sefton said: "We have a team in place that has a track record of building social media focussed businesses. The implementation of the strategy has been slower than we anticipated, and we have been constrained by capital being diverted to legacy issues. However, I believe we have turned the corner and we ask that shareholders bear with us while we complete the final parts of the transition and move the company to where we and you want to go, that being a leading profitable new media and technology business."

Shares in iconic Labs closed up 1.4% at 0.074 pence in London on Thursday.

By Anna Farley; annafarley@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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4 Jan 2024 13:10

IN BRIEF: Iconic Labs refocuses strategy to find acquisition target

Iconic Labs PLC - London-based media and technology business, and owner of LGBTQ+ news website Gay Star News - Intends to refocus strategic efforts on identifying a suitable acquisition target, most likely in the form of a reverse takeover. Says that it will continue to develop Gay Star News while narrowing down the pool of viable acquisition candidate.

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IN BRIEF: Iconic Labs completes creditors voluntary agreement

Iconic Labs PLC - London-based media and technology business - Says that the creditors voluntary agreement has been completed and the relevant documents have been filed at and accepted by Companies House.

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18 Sep 2023 19:34

IN BRIEF: Iconic Labs receives valid conversion notice

Iconic Labs PLC - London-based media and technology business - Receives valid conversion notice from the European High Growth Opportunities Securitization Fund. Notes the conversion notice was dated September 14 and provides for 30 convertible notes to be converted into 236,406 shares at a conversion price of GBP0.1269 at the aggregate principal amount of GBP30,000.

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12 Sep 2023 18:41

IN BRIEF: Iconic Labs allots shares to unsecured creditors

Iconic Labs PLC - London-based media and technology business - Announces that 83,256 shares were allotted to unsecured creditors in accordance with the creditors voluntary arrangement dated September 22, 2022. Following the issue of these shares, the issued ordinary share capital is around five million shares.

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IN BRIEF: Iconic Labs shareholders approve share consolidation

Iconic Labs PLC - London-based media and technology business - Shareholders approve share consolidation. Under the plan, every 10,000 will be consolidated into one, so its share capital now amounts to 4.7 million shares, down from 47.00 billion. It becomes effective on Wednesday. All other annual general meeting motions were backed.

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2 Jun 2023 14:27

IN BRIEF: Iconic Labs says European growth fund signs for GBP180,000

Iconic Labs PLC - London-based media and technology business focused on acquiring companies that operate in online media, artificial intelligence, and big data gathering, processing and analysis sectors - Says that European High Growth Opportunities Securitization Fund has subscribed for a GBP180,000 sixth tranche of convertible notes under the GBP3.0 million financing facility. Takes the total subscribed under the facility to GBP1.0 million. Application is being made for the 1.2 million new shares to be admitted to trading on the main market of the London Stock Exchange around June 8. Following the issue of these shares, company's issued ordinary share capital shall consist of 46.31 billion shares.

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