The Supply@Me Capital PLC (LON: SYME) share price fell 10% after releasing its interim results for the six months ended 30 June 2023. The company generated group revenues worth £0.1 million, slightly improving from the nil revenues in H1 2022.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The company’s revenues were accumulated from various elements, including origination and due diligence fees (pre-IM), charged directly by the Group to the Client Companies. The firm also generates fees from using its platform and servicing costs (post-IM) charged to the relevant stock company involved in each IM.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
The higher revenues also reflect finalising the first IM transactions in the past 12 months and the continuing due diligence processes. The company recorded an operating loss of £2.3 million in the six months, compared to £2.1 million in H1 2022.
SYME revealed that its financing costs had been reduced significantly by about £1.4 million in H1 2023 versus H1 2022 following the replacement of Mercator Capital Management Fund LP debt financing with longer-term equity funding from Venus Capital S.A. during 2022 and H1 2023.
The company also highlighted some crucial milestones achieved during H1 2022, including the TradeFlow business restructuring completed on 30 June 2023, which marked a crucial step for the inventory monetisation firm.
SYME received £0.7 million after disposing of its 81% stake in TradeFlow Capital, recognised in H1 2023. The disposal will allow SYEM to better serve its ciient companies by eliminating any perception of a conflict of interest.
The company is now focused on its core business lines: IM transactions from the pipeline originated by the Group and funded by third-party investors. IM deals with local commercial banks and their client companies.
Alessandro Zamboni, CEO of Supply@ME Capital plc, said: “The past six months have been productive for Supply@ME, with our team working tirelessly on several key development workstreams. I am delighted with the progress we have made. We've started to build our track record on IMs, which have unlocked a significant increase in engagement and interest in the Supply@ME Platform, both in our core markets and further afield. Our pipeline is strong, and the experience we have gained continues to streamline the onboarding process.”
Supply@Me Capital (SYME) share price.
The Supply@Me (SYME) share price fell 10% to trade at 0.09p, from Thursday’s closing price of 0.10p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.