Valereum (VLRM) H2 2023 earnings summary

Executive summary

• Loss before tax reduced to £353k for 2023 from £4.2m in 2022, driven by gains from Vinanz Ltd shares and lower impairments.

• Total assets doubled to £2.4m, mainly due to the Vinanz holding.

• Net debt fell to £0.2m from £1.3m after convertible loan reductions.

• Board expanded from 3 to 6, including new executive and non-executive directors, following a full management overhaul.

• Acquisition of GSX Group in January 2024 positions the group as a key player in asset tokenisation.

Financial highlights

• Administrative expenses for 2023 were £2.6m, down from £4.3m in 2022.

• Gain on revaluation of financial asset (Vinanz Ltd) was £2.05m.

• Impairment loss of £750k recognized on GSX Limited investment.

• Cash at year-end was £31.9k (2022: £92.5k); current liabilities at £2.1m (2022: £1.95m).

• Basic and diluted loss per share improved to (0.003) from (0.057) year-over-year.

Outlook and guidance

• Management expects to leverage the GSX acquisition and new funding to drive growth in asset tokenisation.

• £2.3m in new funding agreed for 2024, with £300k received and £2m due in July.

• Focus remains on building blockchain infrastructure and delivering sustainable returns.