Titania Internet Ventures plc
LSE : TITP

November 29, 2013 06:21 ET

Preliminary Announcement of Unaudited Final Results for the Year ended 30 June 2013

                                              Titania Internet Ventures Plc

                                              ('Titania' or the 'Company')

                   Preliminary Announcement of Unaudited Final Results for the Year ended 30 June 2013


MANAGING DIRECTOR'S STATEMENT

The board of Titania (the "Board") today announces the Company's preliminary unaudited results for the year ended 30
June 2013. These results show a loss for the financial period of GBP 203,043 (2012: GBP 517,506).

During the first six month period to 31 December 2012 the Company continued its business-to-consumer penny auction
service BIDPANDA.COM through wholly owned trading subsidiary Playasol Limited, incorporated in and based in Cyprus.
Towards the end of the period, the Company started shifting efforts away from business-to-consumer operations towards
business-to-business operations due to insufficient profitability of business-to-consumer service.

In line with this shift the Company decreased marketing investments for its business-to-consumer service Bidpanda.com
and allowed the service to develop organically. The Company was also able to decrease technology investments due to
completion of a technology upgrade project commenced during the previous financial year.

During the latter six months period to 30 June 2013 the Company suspended the operation of "BIDPANDA.COM" business-to-
consumer penny auction service. The Board has taken this decision in light of recent low levels of sales from the
business-to-consumer penny auction and recent reductions of employees at Playasol Limited.

During the year to 30 June 2013, Titania raised a total of GBP 75,000 through placings of 1,875,000 ordinary shares.
During the year ended 30 June 2012, the Company raised a combined total approximately GBP 675,000 through placings of
29,861,112 ordinary shares.

The Board has now ceased all activities with its main trading subsidiary Playasol Ltd and is now fully employed in
seeking new business opportunities in order to maximise shareholder value.  The operational costs have now been reduced
to the minimum levels required to maintain the Company's quote on the ISDX Growth Market.  The Company is holding
discussions with third parties with a view to the possible sale of the Company's auction platform assets and to bringing
further funding into the Group.  There can be no certainty that such discussions will lead to a successful outcome.

The Board would like to thank the shareholders in Titania Internet Ventures Plc for their ongoing support of the
Company.

On behalf of the Board.

Pasi Marjanen

Managing Director
Titania Internet Ventures Plc



                                 TITANIA INTERNET VENTURES PLC
                                    PROFIT AND LOSS ACCOUNT
                            PERIOD FROM 1 JULY 2012 TO 30 JUNE 2013
                                                                                                
                                                        Year to 30 Jun 13      Year to 30 Jun 12
                                                                                                
                                                                      GBP                    GBP
TURNOVER                                                          159,847                159,443
                                                                                                
Cost of sales                                                   (133,363)              (112,508)
                                                               ----------             ----------
GROSS PROFIT                                                       26,484                 46,935
                                                                                                
Administrative expenses                                         (229,537)              (564,513)
                                                               ----------             ----------
OPERATING LOSS                                                  (203,053)              (517,578)
                                                                                                
Interest receivable                                                    10                     72
                                                               ----------             ----------
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                                                     
                                                                (203,043)              (517,506)
Tax on loss on ordinary activities                                      -                      -
                                                               ----------             ----------
LOSS FOR THE FINANCIAL PERIOD                                   (203,043)              (517,506)
Balance brought forward                                       (2,170,451)            (1,652,945)
                                                               ----------             ----------
Balance carried forward                                       (2,373,494)            (2,170,451)
                                                              ===========            ===========
Loss per share (pence)                                                                          
                                                                                                
Basic                                                              (0.26)                 (1.37)
                                                                =========              =========
Diluted                                                            (0.26)                 (1.37)
                                                                =========              =========


All  of  the activities of the Company are classed as continuing, however the activities of the subsidiary have  ceased.
The Company has no recognised gains or losses other than the results for the period as set out above.


                                    TITANIA INVESTMENTS PLC
                                         BALANCE SHEET
                                       AS AT 30 JUNE 2013
                                                                                                
                                                          As at 30 Jun 13        As at 30 Jun 12
                                                                      GBP                    GBP
FIXED ASSETS                                                            -                 10,105
                                                                                                
CURRENT ASSETS                                                                                  
Debtors                                                             6,002                 39,155
Cash at bank                                                       11,009                 94,893
                                                              -----------            -----------
                                                                   17,011                134,048
                                                                                                
CURRENT LIABILITIES                                                                             
CREDITORS: Amounts falling due within one year                                                  
                                                                 (42,026)               (14,070)
                                                              -----------            -----------
NET CURRENT (LIABILITIES)/ ASSETS                                (25,015)                119,978
                                                              -----------            -----------
TOTAL ASSETS LESS CURRENT LIABILITIES                                                           
                                                                 (25,015)                130,083
                                                                 ========               ========
                                                                                                
                                                                                                
CAPITAL AND RESERVES                                                                            
Called-up equity share capital                                    954,266                952,390
Share premium account                                           1,406,360              1,340,734
                                                                 (12,147)                   7410
Profit and loss account                                       (2,373,494)            (2,170,451)
                                                               ----------             ----------
(DEFICIT)/SURPLUS                                                (25,015)                130,083
                                                                 ========               ========


Notes:

Note 1 - Loss per share

The basic loss per share figure is calculated using the weighted average number of shares in issue in the year ended 30
June 2013, which was 76,692,327 (2012: 37,671,079).

The diluted loss per share figure is calculated using the weighted average number of shares in issue in the year ended
30 June 2013, which was 76,692,327 (2012: 37,748,900).

Note 2 - Accounting policies

There have been no changes to the accounting policies adopted by the Company during the year to 30 June 2013 and the
year to 30 June 2012.

Note 3 - Going concern

The Group's balance sheet at the year ended 30 June 2013 shows a deficit of GBP 25,015 (2012: surplus of GBP 126,607).
The Company's balance sheet at the year ended 30 June 2013 shows a deficit of GBP 23,908 (2012: surplus of GBP 525,998).
Since the year ended 30 June 2013, the Company's main trading subsidiary Playasol Ltd has ceased activities and as a
result the Company's operational costs have now been reduced to the minimum levels required to maintain the Company's
quote on the ISDX Growth Market.  Based on this the directors are therefore of the opinion that it is appropriate to
prepare the financial statements on a going concern basis.

Note 4 - Announcement information

The information contained within this announcement has been agreed with the Company's auditor.

Note 5 - Dividend

The Board of the Company does not recommend the payment of a dividend for the year ended 30 June 2013 (2012: Nil).

Note 6 - GUIDANCE NOTE 69.1 OF ISDX GROWTH MARKET - RULES FOR ISSUERS

During the year ended 30 June 2013 the Company did comply with Guidance Note 69.1
of the  ISDX  Growth Market - Rules for Issuers (as amended on 9 July 2013).


The Directors of the Company accept responsibility for this announcement.



Enquiries:

TITANIA INTERNET VENTURES PLC
Pasi Marjanen
Tel: +35 722 030470
pasi.marjanen@titaniaplc.com

SVS Securities plc - ISDX Corporate Adviser
Kulvir Virk
Tel: +44 (0)20 3700 0100

Contact Information

  • Titania Internet Ventures plc