BLOC.L Regulatory News (BLOC)

27th March 2019

BLOCKCHAIN WORLDWIDE PLC

("Blockchain" or "the Company")

Interim Report for the period ended 31 December 2018

Blockchain (ticker: BLOC) announces its unaudited interim financial results for the six months ended 31 December 2018.

Period events

· On 7 November 2018, the Company announced the proposed acquisition of Chorum Group Limited ('Chorum'), subject to due diligence and a successful fundraise. The Company's shares were suspended pending the outcome of this process.

Post period events

· On 8 February 2019, the Company announced it had withdrawn from the proposed acquisition of Chorum due to greatly reduced levels of activity in London's equity markets.

· The Company's investment criteria was extended to include high growth opportunities within the wider technology sector, including the blockchain industry.

· The shares were re-listed on 13 February 2019.

Jon Hale, Chairman of Blockchain said: "A great deal of work went into the proposed Chorum acquisition, but institutional demand was not sufficient to fund the transaction at the time.

Having preserved as much cash as possible, we are now considering other deals in the technology space and are more determined than ever to deliver value for shareholders this year."

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CHAIRMAN'S STATEMENT

Introduction

I am pleased to present the unaudited interim results for the six months ended 31 December 2018.

During this interim period, Blockchain recorded a loss of £170,780, the vast majority of this being costs of the aborted Chorum acquisition. Cash assets at period end were £1.2 million.

On 7 November 2018, the Company announced the proposed acquisition of Chorum Group Limited ('Chorum'), subject to due diligence and a successful fundraise. The Company's shares were suspended pending the outcome of this process.

On 8 February 2019, the Company announced it had withdrawn from the proposed acquisition of Chorum due to greatly reduced levels of activity in London's equity markets. The Company's investment criteria was extended to include high growth opportunities with the wider technology sector, including the blockchain industry. The shares were re-listed on 13 February 2019.

Outlook

Having preserved as much cash as possible, we are now considering other deals in the technology space and are more determined than ever to deliver value for shareholders this year

Jon Hale

Chairman

27th March 2019

INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31 DECEMBER 2018

INTERIM STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018

INTERIM STATEMENT OF CHANGES IN EQUITY 

INTERIM STATEMENT OF CASH FLOW FOR THE SIX MONTHS TO 31 DECEMBER 2018

NOTES TO THE UNAUDITED INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2018

1. BASIS OF PREPARATION

The interim financial statements have been prepared on a going concern basis and in accordance with the recognition and measurement principles of International Financial Reporting Standards adopted for use in the European Union ("IFRS").

The interim financial statements for the six months ended 31 December 2018 have not been audited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. 

This Interim Financial Report was approved by the Board of Directors on 27thMarch 2019.

Statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard ('IAS') 34 - Interim Financial Reporting as adopted by the European Union. Accordingly the interim financial statements do not include all of the information or disclosures required in the annual financial statements. The accounting policies that the Company has applied in the preparation of these interim financial statements are consistent with the policies described in the Company's latest annual financial statements, being the accounts for the period to 30 June 2018.

Going concern

The Company reported a loss for the 6 month period ended 31 December 2018 of £170,780 (period ended 31 December 2017: £7,501). The Directors' have considered the appropriateness of the going concern basis and note that as at the balance sheet date the Company has significant cash balances of £1.2 million which is sufficient to cover the anticipated on-going operating costs of the Company for a period of at least 12 months from the date that the interim financial statements will be approved. Accordingly, the Directors' consider that the going concern basis of preparation remains appropriate.

2. TURNOVER AND SEGMENTAL ANALYSIS

All of the Company's activity and income and expenses in the period ended 31 December 2018 were incurred in the United Kingdom, and relate to Blockchain's ongoing investment activities.

3. LOSS PER SHARE

The calculation of the basis and diluted earnings per share is based on the following data:

The denominator for the purpose of calculating the basic earnings per share has been adjusted to reflect all capital raisings.

4. SHARE CAPITAL

5. AVAILABILITY OF INTERIM RESULTS

Copies of the Interim Results for the period to 31 December 2018 are available from the Company's registered address and will be available on the Company's website, later today.