Interim Results

31st March 2014

Concha PLC

("Concha" or "the Company")

Interim Report for the period ended 31 December 2013

Concha PLC announces its interim results for the six months ended 31 December 2013.

Aside from costs associated with the operation of a publically quoted company, operating overheads for the six months were £203,000 and included professional fees associated with the administration of Moshen Limited ("Moshen") and the pursuance of the recovery of amounts advanced to Churchill Media Limited ("CML") following its failure to make repayment under the terms of the loan on 30 September 2013.

In August 2013, the company completed the placing of 182,499,999 ordinary shares raising £638,750 from a combination of new and existing shareholders. This funding was used to complete the acquisition of a 30% equity holding in The Works, The Complete Design Facility Limited, ("Works"). Works is a specialist media design agency focusing on the sports sector, dealing with branding, motion, and events. The stake was bought for cash consideration of £400,000. In October 2013, following the appointment of Administrators to Moshen Limited, a business in which the company held a 40% interest, the Board, together with the management at Works formed a new digital agency which will progress opportunities and will trade under the name of "Works Digital".

In December 2013 the Company placed a further 50,000,000 ordinary shares, with the proceeds of £100,000, being used to fund the company's working capital requirements. At the time of the placing the company issued a put and call option over a further 50,000,000 ordinary shares exercisable on or before the 14 February 2014. On 7 February 2014, the Board received notification of an intention to exercise the option whereby further funds of £100,000 were secured.

Outlook

Concha's principal investment in Works continues to perform well, now supplemented by Works Digital and the additional digital service offerings it is able to offer to both existing and prospective clients alike. The Board continues to progress its action against its former legal advisors in respect of the failure to register a valid security interest in loan amounts advanced to the former Moshen business and expects to conclude this process before the end of the current financial year. The Board also continues to seek a resolution with respect to the CML loan and will provide a further update when appropriate.

Concha's strategy remains to identify and invest in growth companies in the technology, media and communications sectors. The Board has identified a number of potential acquisition opportunities in these sectors, which it believes offer good opportunities to generate shareholder value. Whilst there can be no guarantee that one or more acquisition opportunities can be concluded successfully, the Board remains confident of creating shareholder value through Concha and looks forward to providing further updates in due course.

Concha PLC

18 Buckingham Gate, London, SW1E 6LB 

Enquiries:

Concha PLC

Chris Akers, Chairman 07767 775888 

Strand Hanson Limited (Nominated Adviser) 020 7409 3495

James Harris

Andrew Emmott

Ritchie Balmer

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013

INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2013

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013

INTERIM CONSOLIDATED STATEMENT OF CASH FLOW

FOR THE PERIOD FROM 1 JULY 2012 TO 31 DECEMBER 2013

NOTES TO THE UNAUDITED INTERIM REPORT

FOR THE PERIOD ENDING 31 DECEMBER 2013

1. BASIS OF PREPARATION

The consolidated interim financial statements have been prepared on a going concern basis and in accordance with the recognition and measurement principles of International Financial Reporting Standards adopted for use in the European Union ("IFRS"). The accounting policies are unchanged from the financial statements for the year ended 30 June 2013.

The interim financial statements for the period ended 31 December 2013 have not been audited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 30 June 2013, prepared in accordance with IFRS, have been filed with the Registrar of Companies. The Auditors' report on these accounts was unmodified, did not include any matters to which the Auditors drew attention by way of emphasis of matter without qualifying their report and did not contain any statements under section 498 of the Companies Act 2006. 

This Interim Financial Report was approved by the Board of Directors on 31 March 2014.

Statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard ('IAS') 34 - Interim Financial Reporting as adopted by the European Union. Accordingly the interim financial statements do not include all of the information or disclosures required in the annual financial statements and should be read in conjunction with the Group's 2013 annual financial statements.

Basis of consolidation

The consolidated financial statements comprise the financial statements of Concha PLC and its controlled entities. The financial statements of controlled entities are included in the consolidated financial statements from the date control commences until the date control ceases.

The financial statements of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies.

All inter-company balances and transactions have been eliminated in full.

2. TURNOVER AND SEGMENTAL ANALYSIS

All the companies activity and income and expenses in the periods ended 31 December 2013 and 31 December 2012 and for the year ended 30 June 2013 were incurred in the United Kingdom, and relate to Concha's on going investment activities.

3. LOSS PER SHARE

The calculation of the basis and diluted earnings per share is based on the following data:

The denominator for the purpose of calculating the basic earnings per share has been adjusted to reflect all capital raisings. Due to the loss incurred in the period, there is no dilutive effect resulting from the issue of share options, warrants and shares to be issued.

In February 2014, the company received executed notices in respect of the exercise of options over 50,000,000 new ordinary shares of 0.1p each for a cash consideration of 0.2p per share, pursuant to a put and call option granted in December 2013.

6. AVAILABILITY OF INTERIM RESULTS

Copies of the Interim Results for the six months to 31 December 2013 are available from the Company's registered address and will be available on the Company's website, www.concha-plc.com, later today.