11th Jul 2023 18:56
(Alliance News) - Anemoi International Ltd on Tuesday said its loss widened as expenses increased, despite revenue soaring, in a year its chair described as "one step forward, two steps sideways".
The British Virgin Islands-based holding company said its pretax loss for 2022 was GBP823,792 compared with GBP603,530 in 2021. Its operating loss likewise widened to GBP827,829 from GBP608,472.
Anemoi said its revenue increased significantly to GBP137,288 in 2022 from GBP5,603 the previous year. However administrative expenses increased by 33% to GBP808,358 from GBP606,676, while cost of sales soared to GBP76,523 from GBP2,078. Depreciation and amortisation increased to GBP95,994 from GBP3,874.
At December 31, Anemoi had cash and cash equivalents worth GBP2.2 million, down 20% from GBP2.7 million the year before. Net assets decreased 9.7% to GBP4.9 million from GBP5.4 million.
Highlights of 2022 included the resignation of founder and Chief Executive Officer Sebastien Lalande in late December, and growth below budget for id4 AG. Anemoi engineered a reverse takeover of id4 in 2021, acquiring the software as a service company for GBP5.3 million.
"2022 can be viewed as a year of 'one step forward, two steps sideways'," commented Anemoi Chair Duncan Soukup, who blamed Lalande's departure on "the board's frustration with management’s inability to take responsibility for results".
"Costs have been further reduced and id4's sales efforts, as highlighted above, are now focused on [business to business] as well as [business to consumer], thus allowing id4 to work in collaboration with larger, better established software houses that offer complimentary solutions, but which do not offer an integrated KYC/AML as part of their software," Soukup added.
Anemoi said its board is currently pursuing a broad-based acquisition search for a reverse takeover candidate, and has narrowed it down to two strong contenders. It intends to issue an update on its progress in this area during the third quarter.
Shares in Anemoi closed untraded at 0.80 pence each on Tuesday in London. They last traded on May 2.
By Emma Curzon, Alliance News reporter
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