Milamber Ventures Plc
LSE : MLVP

August 29, 2014 13:23 ET

Unaudited Final Results

                                             MILAMBER VENTURES PLC
                                           ("MLVP" or the "Company")

                                            Unaudited Final Results


I am pleased to present the final results of Milamber Ventures Plc ("MLVP"), for the year ended 31 March 2014.

On 17 June 2014,  the Company announced  its intention to change its strategy and transform the Company from a
generalist investment vehicle,  to a company advising and investing in,  early stage growth  companies  in the
media, technology and education sectors. In July 2013, John Leece joined the Board as a Non-Executive Director
to help to take the Company through  this transitional phase and to oversee the structural changes that needed
to be made within the Company. Having completed this oversight, Mr Leece stepped down from the Board on 3 July
2014. The Company  has now successfully  changed its focus and made  various investments in the technology and
media sector over the financial period reported. On 3rd July we welcomed Oladpo ("Dapo") Alani Ladimeji to the
Board as  a Non-Executive Director.  Dapo  has  a wide range of  contacts, which the  Company can benefit from
strategically.

Total revenue  for the year was £59,774  mainly arising  from the contract with  Engage (see below).  For  the
previous year revenue was £102,550 which arose  almost entirely from the collaboration with Engage on the Flux
event held in January 2013.  The net loss for the year was £102,781, compared to the loss of £69,384 for 2013.
The loss  per share was 0.73p,  compared to a 0.54p loss  per share in 2013.  On 29 May 2014,  debt  equal  to
£86,250 was converted into ordinary shares of the Company, substantially improving the Company's balance sheet
position following the Company's financial year end. 

As at the close of business on 10 April 2014,  the mid-price of the Company's ordinary shares as quoted on the
ISDX Growth  Market was 0.825 pence per share,  which represented a 17.5  per cent discount  to the 1p nominal
value of the Company's Ordinary Shares at the time.  This restricted Company from issuing shares to raise cash
or being used  as consideration for acquisitions  and placed a severe  restriction on the Company's ability to
implement its investment strategy.  On 7 May 2014, MLVP completed a reorganisation of the share capital of the
Company.  This  was  effectively a 1 for 25 share  consolidation,  with  every 25 of  the  Company's  existing
ordinary shares of 1p being  consolidated into 1 new share of 1p and a deferred share of 24p.  The  restricted
rights  of  the  deferred  shares are such that they have no economic value.  Immediately following this share
capital reorganisation,  MLVP completed its  investment in Bull Roger Limited ("BRL") for £70,000,  payable in
MLVP shares.

Current Investments

Since changing its investment focus,  the Company has made investments in the following  companies,  which the
Directors believe will enhance Shareholders value in the long-term:

MLVP now holds a 10% stake in Engage Production Limited ("Engage") a company which uses the latest  innovation
to  improve  business performance for its clients' products  and services.  Engage is  progressing well,  with
revenues in 2013 of  £1.84million and  profit after  tax of £64,000.  In the  first 6 months of 2014  Engage's
revenues were circa £2.8million.  We are expecting Engage Production Limited to show substantial growth in the
twelve months to December 2014, compared to 2013.  MLVP also provides advisory services to Engage, the fees of
which have been providing revenues to the Company since June last year.

Engage and MLVP each own 49% of Flux Impact Limited.  On the 28 March 2014,  this  company  launched  the Flux
Innovation Lounge ("Flux"),  a permanent event space used to showcase and demonstrate how the latest technical
innovations can be used by companies to accelerate business performance. Over 350 specially invited executives
from  blue  chip  companies attended the launch event.  Since launching,  there has been some  press  coverage
including various TV  interviews including a 3 minute CNBC News clip,  with Andy Hasoon,  on "The Store of the
Future",  which can be viewed at: www.MilamberVentures.com.  Since opening its  doors 1000+ senior  executives
from blue chip organisations have attended Flux and been taken round various exhibits including: a 4 x 3 metre
multi touch,  state of the art interactive  media wall;  Google  glasses;  an  Oculus  Rift  exhibit;  various
Holographic  displays  including the HOLO designed by Conran;  plus several augmented  reality  case  studies,
including the Fashion 3D pod. These exhibits help companies to understand the value of customer engagement and
interactivity and how this can be used to accelerate business performance.

On 29 May 2014,  the Company completed the acquisition of a 35%  equity stake BRL,  a company  specialising in
brand development and digital marketing services.  We are currently working with the  management of BRL to put
a restructuring and growth plan in place for BRL.  We expect that the growth plan will start to be implemented
in September 2014 and envisage these changes to start impacting the business in early 2015.

In May 2014,  Milamber acquired a 20% equity stake in a start-up company, Miss Amelia Presents Limited ("MAP")
and the Board is working closely with the founder to put in place a launch strategy for 2015.  MAP was founded
by  Miss  Amelia Kallman,  the  business aims to amuse and engage global  audiences  through  provocative  and
compelling storytelling across a wide range of digital multimedia platforms. 

Milamber is  also working  on a number of other ventures in the media,  technology and  education space.  More
recently  we  have  been working with the  European Innovation Network (EIN)  to  prepare our  first EU  Grant
application which will, hopefully, be submitted in October 2014 for the new Framework 8 - Horizon 2020 funding
programme ("Horizon 2020").  Horizon 2020 is a  large EU research  and innovation programme with  nearly EUR80
billion of funding available  over 7 years  (2014 to 2020).  It promises  more breakthroughs,  discoveries and
world-firsts by taking great ideas from the lab to the market. Despite grant funding not being easy to access,
the  Board  and the Company's experienced team have a great deal of experience in this area  and  through  our
partnership with EIN we hope to make these funds more accessible for UK companies. 

The Company is being asked to evaluate several new business proposals each month.  The Directors  go through a
rigorous selection process in taking  on companies that we believe we  can add strategic value to.  We believe
the  best  way  to grow a company is to secure more sales and fund growth through the profits  generated  from
paying customers. From this, we believe that significant results can be achieved.

Milamber  now generates enough income from fees  associated with the services it provides to various companies
to cover the majority of its administrative costs and the Board looks forward to making investments we believe
will create value for our shareholders moving forward. 

Andy Hasoon
Executive Chairman 


PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 March 2014


                                                                     2014        2013
                                                                        £           £
--------------------------------------------------------------------------------------
Turnover                                                           59,774     102,550
                                                                                      
Cost of sales                                                      (6,149)    (71,185)
--------------------------------------------------------------------------------------
Gross profit                                                       53,625      31,365

Administrative expenses                                          (147,681)    (83,746)
--------------------------------------------------------------------------------------
Total operating loss                                              (94,056)    (52,381)

Loss on disposal of investments                                    (8,725)    (17,003)
--------------------------------------------------------------------------------------
LOSS ON ORDINARY ACTIVITIES BEFORE TAX                           (102,781)    (69,384)

Tax on ordinary activities                                              -           -
--------------------------------------------------------------------------------------
LOSS ON ORDINARY ACTIVITIES AFTER TAX                            (102,781)    (69,384)
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
                                                                                      
Loss per share attributable to owners of the Company during
the year:                                                           pence       pence

Basic and fully diluted:                                                              
Continuing and total operations                                     (0.73)      (0.54)
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------


BALANCE SHEET
AS AT 31 March 2014


                                                                     2014        2013
                                                                        £           £
--------------------------------------------------------------------------------------
                                                       
FIXED ASSETS                                           
Investments                                                        33,300       2,184
Loan to associate                                                 131,160           -
--------------------------------------------------------------------------------------
                                                                  164,460       2,184
--------------------------------------------------------------------------------------

CURRENT ASSETS                                         
Debtors                                                             4,800     132,501
Cash at bank                                                        6,125         709
--------------------------------------------------------------------------------------
                                                                   10,925     133,210
CREDITORS
Amounts falling due within one year                               (59,664)    (74,283)
--------------------------------------------------------------------------------------
NET CURRENT (LIABILITIES)/ASSETS                                  (48,739)     58,927

CREDITORS PAYABLE IN MORE THAN 1 YEAR                             (68,825)          -

--------------------------------------------------------------------------------------
NET ASSETS                                                         46,896      61,111
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------

CAPITAL AND RESERVES
Share capital                                                     152,631     127,631
Share premium                                                     683,222     658,222
Equity reserve                                                     27,753      27,753
Revaluation reserve                                               (67,004)   (105,570)
Profit and loss account                                          (749,706)   (646,925)
--------------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' FUNDS                                          46,896      61,111   
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------

NOTES:

The  financial  information contained in this announcement  has not been audited or reviewed by the  Company's
auditor. 

The Company does not declare a dividend for the period.

The Company has complied with Guidance Note 69.1 of the ISDX Growth Market - Rules for Issuers, throughout the
relevant period.

The Directors of the Company accept responsibility for this announcement.


                                                    --ENDS--

Enquiries:

Milamber Ventures plc 
Andy Hasoon
T: 07768 875 681
E: Andy.hasoon@milamberventures.com 

Peterhouse Corporate Finance Limited
Mark Anwyl and Fungai Ndoro
T: 020 7469 0930

Contact Information

  • Milamber Ventures Plc