Agronomics Limited – Half-year Report

Agronomics Limited – Half-year Report

The Board of Agronomics Limited, the AIM quoted company focused on investing in the nascent alternative foods sector, is pleased to announce its interim results for the six-month period ending 31 December 2019.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’).  Upon the publication of this announcement via a Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain. 

 

For further information, please contact:

Agronomics Limited

Beaumont Cornish Limited

Zeus Capital Limited

Peterhouse Capital Limited

Britton Financial PR

The Company

Nomad

Joint Broker

Joint Broker

Investor Relations

Denham Eke

+44 (0) 1624 639396

Roland Cornish/James Biddle

+44 (0) 207 628 3396

Mike Seabrook/

Rupert Woolfenden

+44 (0) 161 393 1975

Lucy Williams

+44 (0) 207 469 0936

 

Tim Blackstone

+44 (0)7957 140416

 

Interim Results

 

Chairman’s statement

 

Introduction

 

I am pleased to present the Interim Results for Agronomics Limited (the “Company”) for the six-month period ending 31 December 2019.

 

Financial Review

 

The Company recorded a net loss for the period of £493,493 (2018: loss of £16,357). During the six months, our investment income, including loan interest and net unrealised gains, reflected a gain of £84,262 (2018: gain of £53,307). Operating expenses were £577,782 (2018: £82,740), with the increase due to spending on professional fees relating to the investments acquired and fundraises completed during the period. Following the fundraises, share issue commissions of £239,940 were paid, which are considered to be exceptional costs, and included in professional fees. The prior period included no performance fee and no performance fee has been accrued during the period under review. The basic and diluted loss per share was 0.5 pence (2018: loss of 0.07 pence).

 

Our invested assets at fair value increased to £8,735,646 (30 June 2019: £1,249,955), and cash and cash equivalents stood at £4,669,881 (30 June 2019: £417,952). Our total net assets increased to £13,310,082 at 31 December 2019 (30 June 2019: £1,614,843). The increase is largely a result of two completed fundraises during July 2019 and December 2019, raising total net funds of £12,106,967 and issuing 229,849,674 new ordinary shares. As a result, the net asset value per share at 31 December 2019 is 5.2 pence, being 28% lower than at 30 June 2019 (7 pence).

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