31st Oct 2024 14:23
(Alliance News) - Good Life Plus PLC on Thursday said its loss widened in the first half of its financial year despite an increase in revenue, as expenses soared more than 13 times higher.
The London-based luxury prize draw and rewards provider said its pretax loss for the six months that ended July 31 widened to GBP2.0 million from GBP253,283 the year before.
This was due to administrative expenses surging to GBP3.3 million from GBP253,283, and cost of sales also rising to GBP383,600 from nil last year.
Revenue was GBP1.7 million, up from nothing the year before.
The group also achieved around GBP330,000 in monthly recurring revenue during the six-month period, which it said had more than doubled year-on-year.
In October, after the six-month period ended, Good Life Plus raised GBP2 million through a placing and a subscription, and converted GBP287,500 in convertible loan notes. These proceeds will be used for "strengthening our financial foundation to support aggressive customer acquisition, partnership development and operational upgrades".
Chair David Craven said: "We are obviously delighted with the pace of growth and see significant scope for expansion in the UK market, both in direct to consumer and our pivotal partnership programme. The results of the first half demonstrate the appeal of our product in a relatively crowded space.
"Our wider leadership team, investor base and advisory board brings deep expertise in scaling businesses and delivering shareholder value. The recent successful capital raise and significant founder ownership reinforce our strong financial foundation and investor confidence. We are now focused on scaling aggressively, expanding our team, and developing our product to enhance further our subscribers' experience and deliver long-term growth."
Shares in Good Life Plus were flat at 2.00 pence each on the Aquis Exchange on Thursday afternoon.
By Emily Parsons, Alliance News reporter
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