("Eight Capital" "ECP" or the "Company")
UNAUDITED INTERIM REPORT FOR THE SIX MONTHS ENDED
Chairman's Interim Report
I am pleased to present the Company's interim results to
For the six months ended
Operating costs were tightly controlled, with general expenses reduced to
Foreign exchange movements materially influenced performance. In 2025, the Company recorded a foreign exchange gain of
Profit from operations was
After finance costs of
The net asset position of the Company has strengthened significantly. Net assets increased to
During the period the Company disposed of all of its holding of shares in Evrima plc.
In
The Company continues to actively manage its existing holdings and pursue new investment opportunities. We are progressing negotiations regarding a potential new investment in a European bank, which would serve as a platform to fund a suite of fintech lending products. Discussions are advancing well.
We have made good progress in discussions with three senior professionals with strong track records in M&A, capital markets, and corporate finance to be appointed to the board. Their addition would significantly strengthen the Group's transaction and capital markets capabilities, supporting ECP's strategy and enhancing
We have also been working on tactical refinements to our strategy relating to the changing market opportunity, track record, skills and business networks of our potential new senior team. Shareholders will be updated on the appointments and tactical refinements in due course.
Recognising that the success of ECP depends on the commitment of its people, we have introduced an Employee Share Benefit Scheme. This initiative provides for the allocation of ECP shares to reward and incentivise team members.
Outlook
The Board remains confident in the trajectory of the business. Our pipeline of fintech partnerships and our acquisition strategy are expected to soon show tangible progress, with scale-up opportunities firmly in sight. The Company's security portfolio continues to represent a core financial asset with good value realisation prospects, while forthcoming leadership enhancements, refinements to strategy and the employee share scheme further strengthen our foundation for growth.
Chairman
The directors of the Company take responsibility for this announcement.
For further information, please contact:
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+44 20 3808 0029 |
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AQSE Exchange Growth Market Corporate Adviser |
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+44 20 7213 0880 |
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Jo Turner / Liam Murray |
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Eight Capital Partners plc
Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the six months ended 30 June 2025
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Note |
Six months ended 30 June 2025 Unaudited £'000 |
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Six months ended 30 June 2024 Unaudited £'000 |
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Year ended 31 December 2024 Audited £'000 |
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Revenue |
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70 |
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3 |
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48 |
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Other operating income |
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- |
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5 |
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22 |
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Corporate advisory fees |
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- |
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(31) |
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(97) |
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Foreign exchange profit/(loss) |
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1,189 |
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(535) |
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(1,344) |
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General expenses |
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(179) |
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(375) |
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(292) |
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Legal and professional fees |
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(50) |
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(159) |
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(362) |
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Rent and rates |
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- |
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(13) |
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(11) |
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Staff costs |
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(24) |
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(108) |
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(232) |
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Discontinued operations |
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- |
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55 |
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- |
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Net change in unrealised/realised gains and losses on investments at fair value through profit or loss |
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(71) |
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(390) |
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20,457 |
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Impairment of other receivables recognised at amortised cost |
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- |
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- |
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(106) |
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Profit/(loss) from operations |
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935 |
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(1,548) |
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18,083 |
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Finance income |
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- |
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294 |
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294 |
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Finance expense including debt modification gain or loss |
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(32) |
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(47) |
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(82) |
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Profit/(loss) before tax |
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903 |
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(1,301) |
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18,295 |
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Taxation |
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- |
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- |
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- |
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Profit/(loss) for the period |
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903 |
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(1,301) |
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18,295 |
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Other comprehensive income |
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- |
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- |
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- |
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Total comprehensive income |
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903 |
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(1,301) |
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18,295 |
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Basic and diluted earnings / (loss) per share (pence): |
2 |
0.0019 |
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(0.0278) |
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0.0390 |
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Eight Capital Partners plc
Unaudited Condensed Consolidated Statement of Financial Position at 30 June 2025
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Note |
As at 30 June 2025 Unaudited £'000 |
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As at 30 June 2024 Unaudited £'000 |
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As at 31 December 2024 Audited £'000 |
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Non-current assets |
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Goodwill |
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- |
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- |
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- |
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Intangible assets |
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- |
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- |
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- |
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Property, plant and equipment |
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- |
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3 |
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- |
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Total non-current assets |
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- |
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3 |
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- |
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Current assets |
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Investments |
3 |
33,057 |
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13,124 |
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33,138 |
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Trade and other receivables |
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1,316 |
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211 |
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153 |
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Cash and cash equivalents |
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2 |
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42 |
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4 |
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Total current assets |
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34,375 |
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13,377 |
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33,295 |
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Current liabilities |
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Bank overdraft |
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27 |
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16 |
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Trade and other payables |
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1,204 |
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1,004 |
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1,079 |
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Loans and borrowings |
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- |
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- |
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867 |
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Total current liabilities |
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1,231 |
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1,004 |
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1,962 |
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Non-current liabilities |
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Long term bond |
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- |
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882 |
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- |
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Total non-current liabilities |
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- |
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882 |
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- |
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Net assets |
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33,144 |
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11,494 |
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31,333 |
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Capital and reserves |
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4 |
20,366 |
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20,042 |
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20,042 |
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Share premium account |
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22,583 |
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21,999 |
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21,999 |
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Convertible debt option reserve |
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84 |
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84 |
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84 |
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Currency translation reserve |
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- |
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- |
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- |
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Retained earnings |
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(9,889) |
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(30,631) |
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(10,792) |
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Total equity |
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33,144 |
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11,494 |
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31,333 |
Eight Capital Partners plc
Unaudited Condensed Consolidated Cash Flow Statement for the six months ended 30 June 2025
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Note |
Six months ended 30 June 2025 Unaudited £'000 |
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Six months ended 30 June 2024 Unaudited £'000 |
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Year ended 31 December 2024 Audited £'000 |
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Cash flows from operating activities |
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Profit/(loss) for the period |
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903 |
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(1,301) |
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18,295 |
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Adjustments for: |
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Depreciation of property plant and equipment |
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- |
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- |
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3 |
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Amortisation of intangible fixed assets |
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- |
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- |
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- |
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Equity settled current liability |
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27 |
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- |
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- |
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Finance income |
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- |
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(294) |
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(294) |
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Finance expense |
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32 |
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47 |
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82 |
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Net change in unrealised / realised gains and losses on investments at fair value through profit or loss |
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71 |
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390 |
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(20,457) |
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Impairment of other receivables at amortised cost |
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- |
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- |
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106 |
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Net foreign exchange (gain)/loss |
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(1,189) |
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535 |
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1,344 |
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(156) |
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(623) |
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(921) |
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Movements in working capital: |
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(Increase)/Decrease in trade and other receivables |
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(1,163) |
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276 |
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591 |
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Increase/(decrease) in trade and other payables |
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98 |
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(358) |
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(367) |
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Net cash used in operating activities |
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(1,221) |
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(705) |
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(697) |
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Cash flows from investing activities |
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Proceeds on disposal of property plant and equipment |
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- |
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12 |
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Proceeds on sale of financial assets |
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1,240 |
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434 |
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(6) |
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Interest received |
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- |
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304 |
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656 |
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Net cash from investing activities |
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1,240 |
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750 |
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650 |
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Cash flows from financing activities |
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Proceeds from borrowings |
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- |
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- |
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- |
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Interest paid |
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(32) |
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(38) |
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- |
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Net cash used in financing activities |
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(32) |
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(38) |
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- |
Eight Capital Partners plc
Unaudited Condensed Consolidated Cash Flow Statement for the six months ended 30 June 2025
(continued)
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Net (decrease)/increase in cash and cash equivalents |
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(13) |
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7 |
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(47) |
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Cash and cash equivalents at the beginning of the period |
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(12) |
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35 |
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35 |
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Cash and cash equivalents at the end of the period |
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(25) |
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42 |
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(12) |
Eight Capital Partners plc
Unaudited Condensed Consolidated Statement of Changes in Equity for the six months ended 30 June 2025
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Share capital |
Share premium |
Convertible debt option reserve |
Other reserves |
Retained Earnings |
Total equity |
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At |
20,042 |
21,999 |
84 |
- |
(29,330) |
12,795 |
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Changes in equity for period |
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Loss for period |
- |
- |
- |
- |
(1,301) |
(1,301) |
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Other comprehensive income |
- |
- |
- |
- |
- |
- |
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At |
20,042 |
21,999 |
84 |
- |
(30,631) |
11,494 |
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Changes in equity for period |
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Profit for period |
- |
- |
- |
- |
19,596 |
19,596 |
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Discontinued activities |
- |
- |
- |
- |
243 |
243 |
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At |
20,042 |
21,999 |
84 |
- |
10,792 |
31,333 |
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Changes in equity for period |
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Profit for period |
- |
- |
- |
- |
903 |
903 |
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Share capital issue |
324 |
584 |
- |
- |
- |
908 |
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At |
20,366 |
22,583 |
84 |
- |
(9,889) |
33,144 |
Eight Capital Partners plc
Notes to the Interim Financial Statements
For the six months ended 30 June 2025
1. Accounting policies
Basis of preparation
These interim financial statements have been prepared in accordance with UK-adopted international accounting standards.
The interim financial statements do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2024 audited annual report. The statutory financial statements for the year ended
The interim financial information is unaudited, has not been reviewed by the Company's auditors and does not constitute statutory accounts as defined in the Companies Act 2006.
The interim financial information was approved and authorised for issue by the Board of directors on
Going concern
As at the date of this report, the Group had cash or cash equivalents, listed shares and contractually agreed receivables amounting to an aggregate
The Board noted that as at
Whilst this provides no guarantee of income from its securities portfolio or other sources, the Board feels that such connections further strengthen the Company's overall position in terms of future liquidations and income. These items together provide the board with confidence that there will be cash and other liquid assets forthcoming from the Company's other operating activities, to provide sufficient working capital for ECP for at least the next 12 months.
The Board believes that the Company will have sufficient working capital for at least the next 12 months from the date of these accounts.
2. Earnings per share
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Six months ended £'000 |
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Six months £'000 |
Year ended £'000 |
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Basic and diluted |
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(Loss) / profit for the period attributable to owners of the Company |
903 |
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(1,301) |
18,295 |
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Weighted average number of shares: Restated for June and |
47,673,251 |
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46,862,926 |
46,862,926 |
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Basic earnings / (loss) per share (pence): |
0.0019 |
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In
In addition, in
Earnings per share for the six months ended
Eight Capital Partners plc
Notes to the Interim Financial Statements
For the six months ended 30 June 2025 (continued)
3. Investments
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Listed investments |
Total |
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£'000 |
£'000 |
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Fair value at |
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14,517 |
14,517 |
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Disposals |
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(434) |
(434) |
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Fair value adjustments |
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(400) |
(400) |
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Foreign exchange adjustment |
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(559) |
(559) |
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Fair value at |
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13,124 |
13,124 |
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Additions |
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284 |
284 |
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Discontinued activities |
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(285) |
(285) |
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Fair value adjustment |
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20,857 |
20,857 |
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Foreign exchange adjustments |
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(842) |
(842) |
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Fair value at |
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33,138 |
33,138 |
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Disposals |
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(1,249) |
(1,249) |
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Fair value loss on listed investments |
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(27) |
(27) |
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Foreign exchange adjustments |
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1,195 |
1,195 |
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Fair value at |
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33,057 |
33,057 |
The table below sets out the fair value measurements using the fair value hierarchy. Categorisation within the hierarchy has been determined on the basis of the lowest level of input that is significant to the fair value measurement of the relevant asset as follows:
Level 1 - valued using quoted prices in active markets for identical assets.
Level 2 - valued by reference to valuation techniques using observable inputs other than quoted prices included within Level 1.
Level 3 - valued by reference to valuation techniques using inputs that are not based on observable market data.
There were no transfers between categories during the period.
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Six months ended £'000 |
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Six months £'000 |
Year ended £'000 |
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Categorised as |
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Level 1 - quoted investments |
15 |
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175 |
42 |
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Level 2 - unquoted investments using quoted prices |
- |
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- |
- |
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Level 3 - unquoted investments and illiquid quoted investments |
33,042 |
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12,949 |
33,096 |
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33,057 |
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13,124 |
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Eight Capital Partners plc
Notes to the Interim Financial Statements
For the six months ended 30 June 2025 (continued)
4. Share capital
Ordinary share capital is summarised below:
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Number of Ordinary Shares of 0.01p |
Nominal value £'000 |
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As at |
187,451,702,503 |
18,745 |
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Number of Ordinary Shares of 40p |
Nominal value £'000 |
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As at |
47,673,251 |
20,366 |
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Deferred share capital is summarised below:
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Number of Deferred Shares of 0.24p |
Nominal value £'000 |
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As at |
540,166,760 |
1,297 |
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