Optima Worldwide Group PLC: INTERIM FINANCIAL REPORT TO 30 JUNE 2017
OPTIMA WORLDWIDE GROUP PLC
NASDAQ FIRST NORTH, COPENHAGEN TICKER: OWG
30 08 2017
INTERIM FINANCIAL REPORT TO 30 JUNE 2017
The Company is pleased to publish its unaudited interim financial statements for the twelve-month period to 30 June 2017.
The attached accounts show revenues in the twelve-month period of £5.7 million (12 months to 30 June 2016, £8.9 million) and a Profit for the period of £858,000 (12 months to 30 June 2016, Loss of £263,000).
Neal Griffith, Director, comments:
"I am pleased to report to my stakeholders that since my last Chairman's report for our interims 6 months ago, the company has made further progress on all fronts in delivering our long-term goal on becoming an industry respected player in the natural resource sector.
It has been decided to extend our year-end for the group to coincide with the calendar and hence these numbers are interims in order to comply with our regulatory requirements on Nasdaq First North.
Nasdaq First North has been granted UK Growth Market Status, the first market place outside the UK to achieve this. The new status means that UK based investors will receive tax exemptions on investments in UK based companies listed on Nasdaq First North. We see this as a major step forward for our existing shareholder base as we should now start to see some liquidity in our equity especially as we have finally reached a resolution to an on-going technical trading issue.
The market since my last report has remained relatively quiet as it treads water waiting to see what effect Brexit is going to have. Nobody really knows, even most economists are sitting on the fence. Hence, we have been quieter than previously predicted and expect this to be the case for the foreseeable future.
We continue to focus on our core business, Brandon Hill Capital that continues to perform well, with further improvements in the natural resource space. The business has managed to raise circa $300m for its clients in the last 12 months and our co-investments are also performing well, of which some are nearing their maturity, consequently we expect to see further improvement on our numbers when I write my next report."
"The group's financial position has improved over the last 12 months with an EBIT of £1,315,555 compared to a loss from the previous year of (£907,896). The group overheads have been reduced by just over £1m and the balance sheet reserves has been strengthened by circa £1m."
THE DIRECTORS OF OPTIMA WORLDWIDE GROUP PLC ACCEPT RESPONSIBILITY FOR THIS ANNOUNCEMENT
Optima Worldwide Group PLC is the Parent company for the Group. The Group is engaged in the provision of financial and related professional services and holds investments in a number of companies, the principal operating subsidiary being Brandon Hill Capital, which is regulated by the UK Financial Conduct Authority ("FCA")
Further information may be found at the Company's website: www.owgplc.com
Company contact details:
+44 (0) 844 997 2082
Keswick Global AG
+43 1 740 408045