Candy Club (CLB) H1 2024 earnings summary

Executive summary

• Loss after tax of $66,811 for the half-year ended 30 June 2024, compared to a profit of $987,202 for the 12 months to December 2023.

• No trading activity during the period; focus was on assessing new project opportunities for ASX re-quotation.

• Entered into a binding agreement to acquire 100% of Scalare Partners Pty Ltd, subject to shareholder approval and ASX re-compliance.

• Company remains suspended from trading on the ASX.

Financial highlights

• Revenue and other income totaled $1,089, with no significant trading income.

• Corporate and administration expenses were $62,067; finance costs $13,021.

• Net cash used in operating activities was $70,725 for the half-year.

• Cash and cash equivalents at 30 June 2024 were $685.

• Net liabilities of $199,163 as at 30 June 2024.

Outlook and guidance

• Completion of the Scalare Partners acquisition is expected to include a capital raise of $4–8 million.

• Ongoing financial support from the majority shareholder is in place for at least 12 months.

• Directors believe the company can continue as a going concern, but material uncertainty remains if fundraising or acquisition does not proceed.