Gate Ventures PLC: Interim results for the financi
Post# of 301275
Nasdaq Copenhagen A/S Postbox 1040 Nikolaj Plads 6 DK-1007 Copenhagen
Gate Ventures PLC (GATE) Message No. 2/2017 ISIN: GB00BYX2WP92 Company No. 9376114
Friday February 24, 2017
Interim results for the financial period from 1 July 2016 to 31 December 2016
H1 2016 shows positive progress following successful investments in new entertainment and media platforms, intake of new capital and positive outlooks for musical investments.
The Board of Gate Ventures PLC (»The Company«) is pleased to announce its interim results for the first half of The Company's fiscal year 2016/2017, dated July 1 2016 to December 31 2016 (»The Period«).
»The Board of Gate Ventures is pleased to publish the Company's interim report for the financial period from 1 July 2016 to 31 December 2016. The Company has increased both investments and intake of new capital in The Period and will continue to expand its investment portfolio following its successful listing on the NASDAQ First North in Copenhagen and recent fundraise, says Chairman Dr. Johnny Hon.
Notably, The Company has increased investments in media entities R4E (now 24% holding), PlayJam (now 25% holding), Bink (steady holding of 4%) as well as Infinity House Productions Limited, which has been renamed to Gate Reality Limited (now 100% holding).
Investments in musical productions in the period proves promising; whereas Sunset Boulevard, featuring award-winning Glenn Close, has debuted on Broadway to critical applause from The New York Times et al. in February 2017, 42nd Street is set to open on Drury Lane March 2017.
Financially, The Company saw gross profits of GBP89,157 in The Period, but incurred total losses of GBP1,318,858. This is due to an upward adjustment in investments and increased overheads partly incurred by listing costs. Thus the earnings per share (basic and diluted) is a loss of 0.3 pence.
A total of EUR2,5/GBP2,25 million has been raised in The Period from investors, the fundraise will help Gate Ventures in continuing and maintaining its strategic investments.
The Company's directors have determined that the principal risks and uncertainties have not changed since the prior annual report dated June 30 2016, while the financials are on budget for The Period and
projections for the second half of the fiscal year 2016/2017 remain unchanged.
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