WeCap (WCAP) H2 2023 earnings summary

Executive summary

• Primary holding is WeShop Holdings Limited, a social commerce platform aiming for a stock exchange listing, which would be a transformational milestone.

• Additional investment of £0.9m made in WeShop via convertible loan notes, funded by a £1m share placing.

• Bio2pure, another holding, is seeing revenue growth in India but is now valued at nil due to fair value assessment.

Financial highlights

• Loss for the year ended 30 April 2024 was £863,682, improved from a loss of £1,454,657 in 2023.

• Revenues were nil for both 2024 and 2023; administrative costs decreased to £301,755 from £524,653.

• Finance income dropped to £9,500 from £220,932; finance costs increased to £448,100 from £396,263.

• Cash reserves at year-end were £49,035, down from £149,169.

• Net assets at 30 April 2024 were £7,394,507, up from £7,308,848.

Outlook and guidance

• WeShop is finalising paperwork for a stock exchange listing, expected to provide liquidity for WeShares.

• Newsflow from WeShop anticipated to increase as listing approaches.