Gate Ventures PLC
Interim results
ISIN Number: GB00BYX2WP92
TICKER: GATE
Gate Ventures PLC
Press Release
February 28, 2018
Gate Ventures PLC
(»Gate Ventures« or »Gate« or »The Company«)
Interim results for the financial period from July 1, 2017 to December 31, 2017
The Board of Gate Ventures PLC (»The Board«) is pleased to announce its interim results for the first half of The Company’s fiscal year 2017/2018 dated July 1, 2017 to December 31, 2017 (»The Period«).
»The Board is pleased to publish The Company’s interim report for the financial period from July 1, 2017 to December 31, 2017. The Company has increased both investments and intake of new capital in The Period and will continue to expand its investment portfolio in the second half of the fiscal year«, says Gate Ventures Chairman Lord Michael Grade.
Notably, The Company has made new investments in art-tech marketplace Rise Art Ltd. (15% holding) as well as Chinese/Hong Kong film productions Fagara in Mara (10% holding) and Theory of Ambitions (2.5% holding), which are to premiere across cinemas in China and Hong Kong in 2018.
Loyalty card app Bink (4% holding), SaaS provider Ensygnia (7% holding), interactive casual games network PlayJam (25% holding) and AR/VR production studio Gate Reality (wholly-owned subsidiary) are all at steady holding and performing in line with expectations. Gate’s theatre business has also shown some positive progress with 42nd Street being extended to October 2018 at the Theatre Royal Drury Lane, whilst Sunset Boulevard’s financial performance is being observed.
Infinity Creative Media (16% holding) did however not perform as expected, leading Gate to recognize a fair value loss. The Board also decided to realise its investment in Reach 4 Entertainment (24% holding) thus incurring a minor loss.
In The Period, The Board were delighted to announce the appointment of Sarah Ferguson, Duchess of York, to The Board as Executive Director, whilst Dr. Johnny Hon stepped down as Chairman, the position being taken up by Director Lord Michael Grade. The Board were also delighted to announce the appointment of Anita Luu as Chief Operating Officer.
Financially, The Company generated revenues of £1,090k in The Period from the investments described above. Less the administrative costs of £3,063k, an operating loss of £2,047k and a loss before tax of £2,038k was incurred. A total of £6,385k has been raised in The Period from investors, which will help Gate Ventures in continuing and maintaining its strategic investments.
The Company's directors have determined that the principal risks and uncertainties have not changed since the prior annual report dated June 30, 2017, while the financials are on budget for The Period and projections for the second half of the fiscal year 2017/2018 remain unchanged.
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Further Enquiries:
Gate Ventures PLC (The Company): assistance@gateplc.com // +44 (0) 20 3150 2477
Keswick Global AG (Certified Adviser): info@keswickglobal.com // +43 1 740 408045
Rossen & Company ApS (Financial PR): nic@rossen.com // +45 2072 9972
Notes to Editors:
Gate Ventures was founded in 2015 to make investments and capitalise on investment opportunities in the media and entertainment sectors. The Company focuses primarily on investments and operational opportunities in the UK and China covering theatre, television, media technology and e-commerce.
The Company's investments include various theatre productions such as the successful Sunset Boulevard and 42nd Street (which is currently showing in London), virtual reality (»VR«), and technology companies Bink and PlayJam amongst many others. Gate Ventures has made a total of ten investments since it was established, and to date, has successfully raised over EUR25 million reflecting the Company's significant growth thus far.
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Interim release, management report and consolidated accounts, 280218
