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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