Primorus Inv. Regulatory News (PRIM)

Primorus Investments plc 

("Primorus" or the "Company")

Interim Results for the six months ended 30 June 2020

Primorus Investments plc (AIM: PRIM, AQSE: PRIM) is pleased to announce its interim results for the six months ended 30 June 2020.

Overview

Primorus has a strong balance sheet with no debt and with total assets (including cash of £676,000) as at 30 June 2020 amounting to £8.09 million (30 June 2019: £4.85 million).

The year to date has been a challenging one. In these unprecedented times, the effects of COVID-19 are still reverberating around the globe and the long-term effects on the economies of the world are still unclear. Against this backdrop, Primorus has made substantial progress in both "mark to market" value of our quoted investments, our core unlisted portfolio and, in some investments, realised gains as reflected in these accounts. Some time ago and pre-COVID-19, the Company chose to take substantial exposure to gold via its investment portfolio. This strategy has been handsomely rewarded with exceptional growth in the "mark to market" value of our primary listed investment, Greatland Gold PLC (AIM: GGP). During the period we have seen a continued surge in the USD$ gold price and also in values of many of the large technology companies, as global consumer and work practices react and evolve to the changing social and business environment. 

Through our Quarterly Reports and other news flow which we have announced this year, it can be seen why we continue to believe there is unrecognised value in our investment portfolio and we see significant short, and medium, term opportunities to realise further gains from our investments.

Financial Results

The operating profit for the six months to 30 June 2020 was £3.29 million (30 June 2019: £418,000 loss). The net profit after tax was £3.29 million (30 June 2019: £418,000 loss).

Total assets, including cash, at 30 June 2020 amounted to £8.09 million (30 June 2019: £4.85 million).

Outlook

The Board remains confident that significant opportunities exist for the Company going forward. We look forward to the remainder of 2020 being a period in which we can further demonstrate our business model by exiting some more of our investment positions, thereby realising tangible value for all shareholders.

It is the intention of the Board to resolve with our lawyers and Nomad, the ability for the Company to buy back, where appropriate, up to 10% of the issued capital in the Company via a share buy-back programme to be approved by shareholders.

We will continue to seek out further investments in line with the Company's investing strategy.

The Directors would like to take this opportunity to thank our shareholders, staff and consultants for their continued support.

Jeremy Taylor-Firth

Chairman

25 August 2020

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

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Unaudited Condensed Company Statement of Comprehensive Incomefor the six months ended 30 June 2020

Unaudited Condensed Company Statement of Financial Positionas at 30 June 2020

Unaudited Condensed Company Statement of Changes in Equityfor the six months ended 30 June 2020

Unaudited Condensed Company Statement of Cash Flowsfor the six months ended 30 June 2020

Notes to the condensed interim financial statements 

1. General Information

The condensed interim financial information for the 6 months to 30 June 2020 does not constitute statutory accounts for the purposes of Section 434 of the Companies Act 2006 and has not been audited or reviewed. No statutory accounts for the period have been delivered to the Registrar of Companies.

The condensed interim financial information in respect of the year ended 31 December 2019 has been produced using extracts from the statutory accounts for that period. Consequently, this does not constitute the statutory information (as defined in section 434 of the Companies Act 2006) for the year ended 31 December 2019, which was audited. The statutory accounts for this period have been filed with the Registrar of Companies. The auditors' report was unqualified and did not contain a statement under Sections 498 (2) or 498 (3) of the Companies Act 2006.

The Report was approved by the Directors on 25 August 2020 and is available on the Company's website at www.primorusinvestments.com.

Basis of preparation and accounting

The financial information has been prepared on the historical cost basis. The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman's Statement. This statement also includes a summary of the Company's financial position and its cash flows.

These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union with the exception of International Accounting Standard ('IAS') 34 - Interim Financial Reporting. Accordingly, the interim financial statements do not include all of the information or disclosures required in the annual financial statements and should be read in conjunction with the Company's 2019 annual financial statements.

2. Earnings per share

Earnings per ordinary share has been calculated using the weighted average number of shares in issue during the period. The weighted average number of equity shares in issue was 139,830,968. IAS 33 requires presentation of diluted EPS when a company could be called upon to issue shares that would decrease earnings per share or increase the loss per share. The exercise price of the outstanding share options is significantly more than the average and closing share price. Therefore, as per IAS 33 the potential ordinary shares are disregarded in the calculation of EPS.

3. Events after the reporting date

There are no events after the end of the reporting date to disclose.