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Thursday 29 December, 2022
Iconic Labs PLC
Final Results 2021
RNS Number : 2448L
Iconic Labs PLC
29 December 2022
29 December 2022
Iconic Labs PLC
("Iconic" or the "Company")
Full Year Results for the year ended 30 June 2021
Iconic Labs Plc (LSE:ICON), a multi-divisional new media and technology business, today announces its audited financial results for the year ended 30 June 2021.
Copies of the Report and Accounts for the year ended 30 June 2021 will be sent to shareholders.
ENQUIRIES:
Brad Taylor ir@iconiclabs.co.uk
Chief Executive Officer
CHIEF EXECUTIVE AND CHAIRMAN'S REPORT
I am pleased to present the audited accounts for the twelve months ended 30 June 2021. I took over as Chief Executive Officer of Iconic on 23 March 2021 and since that time have worked with our team to restructure and stabilize the Company amid challenging circumstances.
While these accounts cover the period ended 30 June 2021, given the administration that began on 4 June 2021 and suspension of trading, our focus has, of necessity, been on restructuring the Company, settling various legal disputes, and exiting administration rather than on the accounting, operational, and strategic tasks that we would have undertaken in normal circumstances. As such, it is only now, in the fourth quarter of 2022 that we have been able to prepare these accounts.
The Company Voluntary Arrangement (the "CVA") was approved by the creditors, any other legal disputes relating to this period have been settled, the challenge period for the CVA expired without any objections, and the administration ended such that control of Iconic is once again in the hands of the Directors.
With this successful restructuring behind us, our goal now is to get the suspension of Iconic's shares lifted so that trading can resume, financing can continue, and we can implement our strategic objectives for the Company.
Therefore, in this report, we will not only be providing the Audited Annual Report & Accounts for the twelve months ended 30 June 2021, but we will also be providing an update on where Iconic stands as of the fourth quarter of 2022 in the interest of full transparency and providing the market with the most up to date information on the Company.
Before doing so, an overview of the situation prior to entering administration is in order.
Prior to Administration
The twelve months ended 30 June 2021 involved a split period in terms of the Board of Directors and management of the Iconic, with the current Directors taking over in March of 2021.
During the second half of 2020, the former Directors continued the process of cleaning up the old WideCells business that had failed to make any com