Final Results

20 March 2019

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A year of consolidation for the investment company and continued support for its investee businesses and their founders.

YOLO Leisure and Technology plc (AIM: YOLO), the AIM-quoted company focusing on opportunities in the technology and leisure sectors, announces its audited Final Results for the year-ended 30 September 2018.

During the period the Company continued its targeted investment strategy with management focused on creating value by investing in existing and new opportunities.

Financial Highlights

  • YOLO consolidated and subdivided its share capital into one new ordinary share of 0.01p each ("New 0.01p Ordinary Share") and one new A deferred share of 9.99p each ("New Deferred Share") in YOLO in exchange for every 10 existing ordinary shares of 1p each ("Existing Ordinary Shares").  Following completion of the share capital reorganisation, the total issued ordinary share capital of the Company was 44,132,276 New 0.01p Ordinary Shares.
  • Total comprehensive expenses for the year £1,105,214 (2016: Income £726,153)
  • Unrealised losses on investments of £841,489 (2016: gains £657,935)
  • Realised gains on disposal of investments of Nil (2017: £270,559)
  • As at 30 September 2018 gross assets were £3,441,504 (2017: £4,558,402)
  • Net fair value investments held was £3,083,995 (2017: £3,875,483)
  • Total net assets of £3,408,811 (2017: £4,514,025), representing 7.72p per share (2017: 10.23p)
  • Cash at the bank at the year end was £270,524 (2017: £619,939)

Investment Highlights

  • TVPlayer's platform continues to grow and attract new investment.  It has over 3.2 million users and 50,000 paying subscribers.  In January 2018 the company raised £1.24 in convertible loan notes from A&E Networks of which YOLO took up £50,000 and a further £2m in November 2018 from AMC Networks Inc. Due to economic uncertainty further funding is proving difficult and the company is exploring all options including a trade sale or a listing.
  • Simplestream continues to grow steadily with services now being delivered in US, Africa and the Far East. New partners signed up during the year include NOVA (a telco in Iceland) and Blue Ant Media (a global production company headquartered in North America).  In November 2018 the company launched its new sports video platform with AVOD/SVOD and PPV models out of the box so that any league, channel or federation can now generate revenue.
  • Magic Media Works developed and test launched its new TV infomercial shows across mainstream TV in the UK and the USA, in partnership with specialist infomercial content providers, to enable a scaling of the business in these markets.

Post-period highlights

  • Magic Media Works completed a further fundraise of £0.9m on 5 December 2018 to enable it to launch its Christmas 2018 TV campaign for the ROXI home music entertainment product which was broadcast on ITV2, ITV3, ITVBe, Film4, SyFy, GOLD, National Geographic, 5Select, 5USA, Fox and Talking Pictures. The largest investor in the round was private investor and Saracens Rugby Club owner Nigel Wray, who is also the largest investor in YOLO. Magic Media´s founder CEO Rob Lewis, Henrik Holmark (the previous CFO of Pandora Jewellery) and Endeavour Ventures also participated directly in the round.
  • On 5 February 2019, YOLO successfully raised £300,000 before costs via a placing ("Placing") of 8,000,000 new ordinary shares of 0.01p each with new and existing investors at an issue price of 3.75p per share. On same date, the Company invested £100,000 in Sparkledun Ltd ("Sparkledun") in equity to acquire 3.41% of its issued share capital. Sparkledun through its trading subsidiary, Fast to Fibre Limited ("Fast to Fibre"), has rights to exploit and further develop a technology solution utilising a unique patented process for the extraction of the inner core of telecoms and power cables, allowing the insertion of fibre optic without the need for excavation or other disruptive techniques.

Simon Robinson, CEO of YOLO Leisure & Technology plc, said:

"Throughout the past year we continued to work in active and collaborative partnership with our investee company founders and other board members to deliver and fulfil their business plans and visions. 

We are focusing on early stage investments where we can use our board's experience and connections to accelerate the growth of investee companies, so that they have the potential to list on a public market as a possible alternative to future venture capital investment. We will continue to actively explore the most innovative and creative strategies to optimise value for shareholders through our status as an AIM investment vehicle.  We will continue to support our portfolio of entrepreneurial technology businesses, whilst actively pursuing new and exciting opportunities."

"We would like to thank our shareholders and advisors for continuing to show support in the board and its vision."

Annual Report and Accounts

The Company's Annual Report and Accounts for the year to 30 September 2018 will be posted to shareholders shortly. 

The announcement contains information which, prior to its disclosure, was inside information for the purposes of the Market Abuse Regulation.

 

For further information please contact:

YOLO Leisure and Technology plc  
Simon Robinson simon.robinson@yoloplc.com
   
Cairn Financial Advisers LLP  
Sandy Jamieson / Liam Murray Tel: +44 20 7213 0880
   
Peterhouse Corporate Finance Limited (Sole broker)  
Duncan Vasey / Lucy Williams Tel: + 44 20 7220 9797
   
Walbrook PR Ltd Tel: +44 20 7933 8787
or yolo@walbrookpr.com
Paul McManus
Sam Allen
+44 7980 541 893
+44 7884 664 686

 

Notes to editors

YOLO Leisure and Technology plc (www.yoloplc.com)

YOLO Leisure and Technology plc aims to focus on opportunities in the technology, leisure and media sectors. The Company's investing policy is that the Company will invest in businesses which have some or all of the following characteristics:

  • strong management with a proven track record;
  • ready for investment without the need for material re-structuring by the Company;
  • generating positive cash flows or imminently likely to do so;
  • via an injection of new finances or specialist management, the Company can enhance the prospects and therefore the future value of the investment;
  • able to benefit from the directors' existing network of contacts; and
  • the potential to deliver significant returns for the Company.

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