WeCap (WCAP) H1 2024 earnings summary

Executive summary

• Interim results cover the six months ended 31 October 2024, with a continued focus on holding and realising value from current investments.

• Primary holdings are WeShop Holdings Limited and a 10% stake in Bio2pure.

• WeShop is progressing toward a direct listing on a recognised stock exchange, with significant milestones achieved post-period end.

• Board changes include the appointment of Tom Richardson as Non-Executive Chairman and other director role adjustments.

Financial highlights

• Loss for the six months ended 31 October 2024 was £379,203, compared to a loss of £389,090 for the same period last year.

• Administrative expenses decreased to £133,388 from £145,466 year-over-year.

• Finance income rose to £7,568 (2023: £5,378), while finance costs increased to £235,383 (2023: £214,002), mainly due to accrued interest on the Discounted Capital Bond.

• Cash reserves at period end were £11,651, down from £104,618 a year earlier, but subsequently increased through a new equity raise.

Outlook and guidance

• The proposed listing of WeShop is viewed as a transformational event, expected to unlock significant value.

• Directors anticipate further updates on WeShop's progress and express confidence in the company's strategic direction.