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Mindflair PLC announced its unaudited interim results for the six months ended 30 June 2025, reporting a Net Asset Value of £10,428,000 and NAV per share of 1.98 pence. In April 2025, the Company sold its interests in Getvisibility for approximately £2.6 million, repaid outstanding loan notes, and held a cash balance of £1,470,000 at period end. Mindflair also made several direct and indirect investments in new companies during and post-period, and Celia Li joined the board as an independent non-executive director in July 2025.
| Date | 29 Sept 2025 |
| Time | 07:00:12 |
| Category | Results |
| ID | 1027B |
29 September 2025
Mindflair PLC
("Mindflair" or the "Company")
Unaudited interim results for the six months ended 30 June 2025
Mindflair plc (AIM: MFAI), the company focused on investing in AI related technology, is pleased to announce its unaudited interim results for the six-month period ended 30 June 2025.
Highlights
During the period
· Net asset value ("NAV") as at the period end amounted to £10,428,000 (31 December 2024: £10,793,000) and so has remained broadly flat during the period, reflecting the impact of gains from the sale of Getvisibility offset by the strengthening of the £ and € against US$ over the period, particularly with regard to the SVV1 holding in Infinite Reality.
· NAV per share as at the period end was 1.98 pence (31 December 2024: 2.05 pence) compared to the current share price of 0.85 pence as at 26 September 2025 so the Company is currently trading at a 57% discount to NAV.
· The Company's interests in Getvisibility were sold in April 2025, which generated proceeds of around £2.6 million in total and resulted in the conversion of a significant portion of the Company's investment portfolio to cash.
· The disposal of Getvisibility represents the fourth cash realisation from SVV1 since inception and generated a profit on the Company's direct investment of €1.7 million, equivalent to a 5.8x multiple on the original cost of investment in € terms. Furthermore, a profit of €1.05 million, equivalent to a 4.3x return in € terms, was generated on the Company's indirect cost of investment in Getvisibility made via SVV1.
· The cash balance at the end of the period amounted to £1,470,000 (31 December 2024: £220,000), after the repayment of the outstanding balance of the series of two‐year loan notes in April 2025, leaving the Company debt free.
· A number of new investments have been made in H1 2025 through SVV2 into companies such as Inephany, Capably and Literal Labs, and in Mirror Security and Momntum AI through SVV3.
· A direct investment has also been made in an AIM quoted company, Catenai plc, in order to obtain exposure to its principal investment, Alludium, which is a software company that is developing a Multi-Agent AGI (Artificial General Intelligence) platform for AI automation of processes and solutions for productivity.
Post period end
· The Company made a direct investment in CameraMatics in order to help fund future expansion. CameraMatics, in which the Company already has exposure through its investment in SVV1, has recently secured a number of significant new contracts.
· SVV2 made a new investment in Innex.ai, a company that helps NHS Estates and infrastructure teams to search, write and review documents more quickly.
· SVV3 has made a new investment in Kerno Investment, which is an AI platform that helps software teams detect and fix issues more quickly.
Nicholas Lee, Director of Mindflair, commented:
"The Company has continued to make excellent progress in the first half of 2025 with a significant investment realisation through the disposal of Getvisibility. This marks the fourth realisation from SVV1 and provides the Company with a strengthened cash position to support its investment strategy.
"SVV2 and SVV3 have continued to make a number of new investments in exciting high growth AI companies, and Mindflair continues to provide investors with an excellent opportunity to gain exposure to a portfolio of AI focused companies curated by a team of experts in a sector which continues to be at the forefront of technology development. The AI sector continues to represent an attractive area for investment with significant global funds being deployed in this area. Mindflair is well positioned to benefit from this focus and represents an excellent way for public market investors to gain exposure to this investment class."
Investment overview
1. Summary
Mindflair is a company focused on investing in next generation technology with a focus on the application of AI to transform large traditional industries. Mindflair invests in its portfolio companies directly, or indirectly, as set out below, through: (i) its investments in three funds managed by Sure Valley Ventures ("SVV") and (ii) its investment in Sure Ventures plc.
|
|
Investments |
SVV1 |
SVV2 |
SVV3 |
Sure Ventures plc |
|
|
|
|
|
|
|
|
Direct |
Low6, Catenai and Precog |
13.0% |
5.9% |
16.0% |
23.7% |
|
Indirect |
|
6.1% via Sure Ventures plc |
1.4% via Sure Ventures plc |
|
Holds stakes of 25.9% of SVV1 and 5.9% of SVV2 |
|
Cornerstone investor |
|
Enterprise Ireland |
British Business Bank |
Enterprise Ireland |
|
|
Mindflair net interest |
|
19.1% |
7.3% |
16.0% |
23.7% |
The Company's principal investment portfolio categories are summarised below:
|
Category |
Cost or valuation at 30 June 2025 |
Cost or valuation at 31 December 2024 |
|
|
£000s |
£000s |
|
Investment in Sure Valley Ventures |
8,613 |
9,629 |
|
Direct Investments |
426 |
1,514 |
|
Cash/other listed securities |
1,470 |
220 |
|
|
|
|
|
Total |
10,509 |
11,363 |
The Investment in Sure Valley Ventures reduced during the period due to the sale of Getvisibility and the weaking of the US$ against the € which reduced the value of SVV1's holding in Infinite Reality, offset by an upward revaluation of CameraMatics. The value of the Direct Investments also reduced due to the sale of Getvisibility, however, these were both offset by an increase in cash due to the sale of Getvisibility, although some of the cash raised was used to repay the outstanding loan notes during the period.
2. Sure Valley Ventures Fund ("SVV1")
SVV1 is SVV's first fund which has completed its new investment phase and has now entered into its realisation phase. It has already achieved four realisations/liquidity events to date, with more expected in the short term.
As at the period end, SVV1 had a portfolio of 10 investee companies at different stages of development, spanning a range of sectors. This portfolio provides Mindflair with exposure to a number of key, cutting-edge and rapidly growing technology sectors. Further details of the portfolio companies and recent developments are set out below:
|
Investment |
|
|
Nova Leah (Nova Leah Limited) |
An Artificial Intelligence cybersecurity risk assessment and protection platform for connected medical devices. It is a leader in this field and sells to the top medical device manufacturers in the US. The company is currently involved with a proof of concept and a pilot project with a National Healthcare System with three regional hospitals. |
|
Getvisibility (Visibility Blockchain Limited) |
An Artificial Intelligence security company addressing the substantial problem faced by corporations in storing, sorting, accessing and protecting data. The company has continued to grow its sales pipeline during the period, with a number of new channel partners being onboarded. Mindflair also has a direct interest in Getvisibility and an additional indirect interest through SV plc.
In April 2025, Getvisibility was sold to Forcepoint, enabling Mindflair to realise proceeds of around £2.6 million for its direct and indirect interests (held via SVV1). Further proceeds may be received from its indirect interest held through Sure Ventures plc in the event that this company makes a distribution. This company is therefore no longer in the portfolio. |
|
PreCog (Polience Limited) |
An Artificial Intelligence security solution platform company that provides data intelligence to combat crime, terrorism and protect vulnerable people. Customers include leading law enforcement and security agencies, and transport infrastructure groups. During the period, the company has secured a number of letters of intent with potential customers and is actively progressing funding discussions with regard to the next phase of the development of its business. |
|
Immersive Technologies |
|
|
Engage XR (Engage XR Holdings plc) |
ENGAGE XR Holdings plc is listed on AIM and is leading provider of immersive communications technology.
In February 2024, the company signed its largest contract to date with a large Middle East based company involved in the education, training and development sector. In March 2024, it announced the launch of the School of AI in which students can speak to notable figures of history, powered by conversational and generative AI. In September 2024, this product was rolled out to all of its educational clients. In January 2025, the company launched its comprehensive education offering at the Bett 2025 conference. For the year to 31 December 2024, it generated revenue of €3.4 million, an improving EBITDA result and had net cash at the period end of €3.6 million. |
|
Infinite Reality, Inc (formerly Landvault) |
SVV1 holds shares in Infinite Reality which is a private US company focused on developing immersive 3D interfaces. In January 2025, the company raised US$3 billion of new funds, increasing its valuation to US$12.3 billion. In April 2025, it acquired Touchcast for US$500 million and stated that this transaction increased the company's valuation to US$15.5 billion, although this has not been factored into the valuation of the SVV1 holding. It has also stated that it is currently working on ways to provide liquidity for its shareholders. In June 2025, the company was renamed Napster Corp.
|
|
VividQ (VividQ Limited) |
A deep tech software company which has developed a framework for real-time 3D holographic displays for use in heads-up displays and AR headsets and glasses. Most recently, the company has made some significant progress in the development of large-scale displays and is making good progress towards securing additional investment and development funding. |
|
Volograms (Volograms Limited) |
An artificial intelligence deep learning company that uses Al to create 3D augmented reality from 2D photos and videos. The company is continuing to work on a number of interesting projects. |
|
Zenos (Zenos Technology Limited) (formerly Virtex Limited) |
A company building a platform for the next-generation of live, immersive entertainment within the virtual reality gaming and esports industries. The company is in the process of raising additional funding which may include a specific strategic investor. |
|
Internet of things |
|
|
CameraMatics (MySafe Drive Limited) |
An Artificial Intelligence platform enabling transport fleet managers to reduce risk, increase driver safety and comply with growing industry governance and compliance.
During the period, the company has been building up its sales team in the US and has successfully closed a number of deals both in the US and the UK. It has also secured additional venture debt funding facilities. |
|
Wia (WIA Technologies Limited) |
Provides a platform solution for smart buildings. Its platform provides full device and application management, security, data capture and storage, analysis and control. Wia has a contract with one of the world's most prominent logistics companies which was announced in 2023. The agreement, valued at over $2 million, involved a rollout of energy monitoring across 5 million square metres of property in 14 countries. This contract has now been extended to 32 countries. |
|
EveryAngle (Everyangle Limited) |
An artificial intelligence platform that uses machine learning to provide enterprises, such as large retailers, with line of business solutions to reduce fraud, churn and waste using machine vision.
During 2024, the company closed a major deal with a retail group which is expected to be rolled out in the short term.
|
SVV1 has completed its investment in new companies and is in its realisation phase which should lead to further returns to the Company and its shareholders.
3. Sure Valley Ventures UK Software Technology Fund ("SVV2")
In March 2022, the Company invested in a second SVV fund, the Sure Valley Ventures UK Software Technology Fund. The principal investor in SVV2 is the British Business Bank ("BBB") an investment arm of the UK Government. The first close of this fund amounted to £85 million, with the BBB investing up to £50 million and other investors ("Private Investors"), including Mindflair, investing up to £35 million over the 10-year life of the fund.
Mindflair expects to invest up to £5 million in total over the life of the fund which would provide it with a circa 5.9% interest. SVV2 invests in a range of private UK software companies with a focus on companies in the Artificial Intelligence sector and within the subsectors of AI in the enterprise, AI in Immersive Technologies (such as AR/VR) and AI in Cybersecurity sectors.
The profit share arrangements within SVV2 are designed to encourage the involvement of private investors alongside the BBB, meaning that Mindflair and the other Private Investors would expect to receive a significantly enhanced share of the total return generated by the fund compared to industry standard.
This portfolio now comprises 13 investments which are described below:
|
RETiniZE (RETiniZE Limited) |
The company has developed an innovative software product called Animotive that is harnessing the latest VR and Generative Al technologies to transform the 3D animation production process. The company has completed a 5G project and been awarded a new grant. |
|
Jaid (Opsmatix Limited) |
Jaid is a rapidly growing company that provides AI as a Service (AIaaS) solutions to businesses to automate a variety of use cases, including client service automation, sales automation, payment exception processing, and claims administration processing. Jaid's technology helps businesses reduce costs, improve efficiency, and make data‐driven decisions.
During the period, the company has completed a new funding round, added annual recurring revenue and signed five new contracts.
|
|
Captur (Captur Limited) |
Captur is a company that has built an enterprise AI platform for real‐time, rules‐based image recognition. Existing investors, MMC Ventures and Ascension Ventures participated in this round, along with other investors including ex‐Deliveroo, and enterprise AI investors Concept Ventures and Two Culture Capital, backers of ElevenLabs and Electric AI. The company's technology uses Edge AI, the implementation of artificial intelligence in an edge computing environment, which allows calculations to be completed nearby to where data is created, rather than an offsite data centre or a centralised cloud computing facility. This localised processing allows Captur's technology to make decisions using visual AI in under 3 seconds. The company is currently working with a major e‐scooter and e‐bike provider with regard to parking compliance. It has also raised some additional funding. |
|
Ittybit (Ittybit Limited) |
Ittybit provides cutting-edge APIs and tools designed to simplify the uploading, storing, and delivery of large video, image, and audio files. Leveraging state-of-the-art computer vision models, Ittybit empowers developers to filter unsafe uploads, enhance content searchability, and automate tagging and transcription processes. A standout feature of Ittybit's offering is its innovative AI-based compression tool (akin to those used by industry giants like Netflix and Meta) which ensures faster downloads and reduced storage costs without compromising visual quality. |
|
Vortex IQ (Vortex IQ Limited) |
Vortex IQ is an AI-powered automation platform for e-commerce. Vortex IQ's AI-driven platform provides actionable insights and seamless implementation, enhancing efficiency and Customer Lifetime Value. Positioned to meet the growing demand for intelligent automation, it offers tools for staging, coding, data backup, and migration.
|
|
Phinxt (Phinxt Robotics Limited) |
Phinxt has developed a decentralised edge computing software solution to enable the automation of warehouses. Their core product enables distributed real‐time synchronisation between robots, with interoperability of different OEMs increasing the level of efficient automation. During the period, the company has completed the development of its core robotics algorithm that is vendor agnostic. |
|
Purple Transform (Purple Transform Limited) |
Provides a cutting‐edge SaaS platform, SiYtE™, designed to address data overload and enhance safety and security in large infrastructures like rail networks. By leveraging advanced AI and machine vision, the platform transforms existing cameras into smart sensors, delivering real‐time alerts and predictive analytics. It seamlessly integrates with current IoT sensors and camera systems, optimizing operational efficiency and reducing costs for organizations managing extensive sensor networks. During the period, the company has raised additional funding and been growing sales. |
|
Stylus Education (Learncycle Limited) |
Stylus delivers an AI‐powered marking solution aimed at reducing teacher workload and addressing the recruitment and retention crisis in education. By automating the marking of paper‐based assessments, Stylus significantly cuts down the time teachers spend on grading. The platform provides detailed, personalized feedback for students, enhancing their learning experience. Teachers can easily scan completed assessments, which are then processed by Stylus's AI to provide immediate feedback and follow‐up questions, streamlining the evaluation process and helping to alleviate teacher fatigue.
The company has launched its suite of products in a number of schools and won an award. |
|
Vizgard (Vizgard Limited) |
Vizgard develops edge‐based visual AI software for defence and security, enabling real time intelligence and automated control of precision camera platforms. Their core product, FortifAI, enhances situational awareness by automating steerable sensors, improving detection capabilities, and reducing operator overload. The company has proven deployments in counter‐drone systems and long‐range surveillance. With a background in military engineering, the founding team brings deep domain expertise, positioning Vizgard as a key player in AI‐driven automation for visual intelligence systems.
Since the investment was made, the company has been actively adding and bidding on new contracts. |
|
Inephany (Inephany Limited)
|
Inephany, is an AI optimisation startup, developing an AI‐powered optimisation platform, which intends to revolutionise how neural networks-including Large Language Models (LLMs) - are trained and fine‐tuned. As generative AI continues to develop, the computing and energy costs of training cutting‐edge models have emerged as a major bottleneck. Inephany addresses this challenge with a novel AI‐driven optimisation system that intelligently controls the training process in real‐time. Compared to traditional approaches that rely on exhaustive trial‐and‐error optimisations, Inephany's technology improves sample efficiency, accelerates training, reduces overall development time, and enhances final model performance ‐ all while reducing computing costs. This development has the potential to unlock scalable, sustainable AI development that is significantly more cost‐effective. The company is currently working on a number of trials. |
|
Capably (Capably AI Limited)
|
Capably is an Intelligent Automation platform designed to help businesses delegate work to AI across their organisations. The company's technology merges traditional automation with Agentic AI, enabling reliable, scalable, and autonomous execution of complex tasks without the steep learning curve typically associated with legacy automation tools. The company has been increasing annual recurring revenue and making improvements to its products.
|
|
Literal Labs (Mignon Technologies Limited)
|
Literal Labs is developing a new generation of logic‐based AI models that are significantly faster, more energy efficient and more explainable than conventional neural networks. Proofs of concept are progressing well across a broad base of potential use cases.
|
|
Elelem (Elelem Limited) |
Elelem has developed an analytics platform that gives enterprises visibility and control over how their content is indexed and used by generative AI systems. Its core suite includes a GenAI observability dashboard and a unique "Block & Tackle" content governance protocol (MCP) that redirects AI crawlers to structured, trackable endpoints. The solution protects IP, enhances content visibility, and optimises AI-driven web traffic, positioning Elelem as a first mover in the emerging GenAI infrastructure category.
Post period end, it has managed to close its first annual recurring revenue customer.
|
Post period end, a further investment was made by SVV2.
|
Innex.ai
|
This company is building an AI-native compliance assistant for the built environment helping NHS Estates and infrastructure teams to search, write and review documents more quickly. |
4. Sure Valley Ventures III Limited Partnership ("SVV3")
On 23 February 2023, Mindflair announced that it had agreed to invest in SVV's new venture capital fund, SVV3, alongside Enterprise Ireland, the fund's cornerstone investor that committed 50% or €15 million to the fund. SVV3 plans to invest in circa 15 high-growth Al software companies in sectors such as Enterprise, Immersive Technologies and Cybersecurity across the Republic of Ireland.
|
Inspeq.AI (InspeqIQ) |
This company is a transformative full‐stack AI Ops platform and SVV invested alongside Delta Partners and a number of other leading investors. The platform is designed for reliable and compliant AI operations in regulated industries such as banking, insurance and healthcare. During the period, the company has onboarded one of the world's largest IT consulting companies and it has active sales engagements with a number of Irish and Middle Eastern banks. It has also opened an R&D office in India. |
|
Jentic AI (Jentic Technology Limited) |
Jentic aims to unite the expanding AI agent ecosystem by enabling developers and companies to connect their AI agents to other systems, for the purpose of monitoring and managing large‐scale AI deployments. Jentic is "building the 'integration layer' for AI." This will enable developers to hook their AI systems up to the world's APIs easily and securely. |
|
Momntum AI (Momntum AI Limited)
|
This company is pioneering a Customer Relationship Platform powered by its proprietary Relationship Language Model ("RLM") focused on healthcare organisations. Co‐led by SVV and ACT Venture Capital, this investment will support the further development of Momntum's AI infrastructure and the expansion of its omnichannel capabilities. Early indicators show strong traction with an AI success rate exceeding 85% and impressive ROI figures from early clients such as Sisu Clinic and ACTION24. |
|
Mirror Security
|
Mirror Security is looking to deliver the first practical, end-to-end encrypted Gen-AI stack with a focus on AI data security. This is expected to assist Gen-AI adoption across heavily regulated industries. |
Post period end, one additional investment has been made by SVV3.
|
Kerno Investment
|
Kerno is an AI-powered platform that helps software teams detect and fix issues faster. Kerno integrates with a number of common tools, enabling teams to move faster, prevent outages and keep software running smoothly with the help of AI-driven intelligence. |
5. Sure Ventures plc ("SV plc")
SV plc (LSE: SURE) is a London-listed investment trust which invests in early-stage software companies in the rapidly growing technology areas of Augmented Reality, Virtual Reality, Internet of Things and artificial intelligence.
As at 30 June 2025, Mindflair had a 23.7% shareholding in SV plc whose principal investments comprise a 25.9% interest in SVV1 and a 5.9% interest in SVV2.
Consequently, as a result of its shareholding in SV plc, Mindflair has an aggregate (direct and indirect) interest in SVV1 of around 19.1%, which comprises its original direct 13% interest in SVV1 and an indirect interest of 6.1%. It also has an aggregate interest of 7.2% in SVV2.
The investment in SV plc is carried at its market value. As at 30 June 2025, the share price was 85.5 pence, compared to SV plc's NAV per share of 168.6 pence at that date and so the SV plc shares are carried at a value representing a 49% discount to their underlying asset value notwithstanding its attractive portfolio of investments.
6. Direct investments
|
Getvisibility
|
Details of this investment are covered in the section above. During the period, Getvisibility was sold to Forcepoint, enabling Mindflair to realise proceeds of around £2.6 million for its direct and indirect interests (held via SVV1).
|
|
Low6
|
Low6 is focused on the revenue generative free‐to‐play and affiliate markets in North America with the ambition to be the global leader in fan engagement. A number of partnerships have been established, including the appointment as the National Hockey League ("NHL") free to play provider for a period of 3 years, who have also invested in Low6. This contract has now been extended for an additional two years. The company has continued to make good progress with significant revenue growth to £4.5 million and EBITDA of over £300K for the year to June 2024. This progress has continued into 2025 with the continued growth in revenue and EBITDA expected. |
|
Precog |
See description under the SVV1 portfolio. |
|
Catenai plc |
An investment was made in AIM quoted Catenai plc in order to gain exposure to its underlying investment, Alludium Ltd ("Alludium").
Alludium is a software company which has developed a Multi-Agent AGI (Artificial General Intelligence) platform for AI automation of processes and solutions for productivity. Alludium is the next evolution of Agentic AI and has a wide degree of applications, for example, in the enterprise automation software market, a $120 billion market according to Grand Markets Reports and also replacing Business Process Outsourcing, a market worth $280 billion (Grand View Research). |
|
CameraMatics |
See description under the SVV1 portfolio description. Post period end, a direct investment was made in order to help fund future expansion and the company has already won a number of significant new contracts. |
Key financial indicators
The key unaudited performance indicators are set out below:
|
Performance indicator |
30 June 2025 |
31 December 2024 |
Change |
|
|
|
£000s |
£000s |
|
|
|
(Loss) / profit attributable |
£(365) |
£3,159 |
|
|
|
Net asset value |
£10,428 |
£10,793 |
(3.4)% |
|
|
Net asset value - basic per share |
1.98p |
2.05p |
(3.4)% |
|
Other
In July 2025, Celia Li joined the board as an independent non-executive director bringing significant experience of marketing and public relations.
Outlook
Our investment strategy is focused on AI based next generation technology businesses and we believe that significant progress has been made by the majority of our investments during the period and that the outlook for the respective sectors in which they operate remains encouraging. Furthermore, the level of investment activity by SVV2 and SVV3 has increased in order to take advantage of the exciting opportunities that are available in the fast‐moving and developing AI sector.
The disposal of one of our investments, Getvisibility, not only further demonstrates the value that can be generated from our investment portfolio but has also strengthened the Company's financial position, being debt free with significant cash to deploy.
We expect that in the coming months we will see some additional realisations or liquidity events from our investment portfolio which is expected to generate further cash inflows for the Company.
In summary, we believe that our Company enables public market investors to gain exposure to an excellent portfolio of companies at the forefront of the AI revolution with the potential for significant growth and the ability to deliver real returns for shareholders.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation. The person who arranged the release of this information is Nicholas Lee, Director of the Company.
Enquiries:
|
Mindflair plc Nicholas Lee, Director |
Tel: +44 (0) 20 3368 8961
|
|
Nominated Adviser Cairn Financial Advisers LLP Liam Murray/Ludovico Lazzaretti / James Western
|
Tel: +44 (0) 20 7213 0880 |
|
Joint Brokers Peterhouse Capital Limited Lucy Williams/Duncan Vasey
|
Tel: +44 (0) 20 7469 0935
|
|
Joint Brokers Shard Capital Partners LLP Damon Heath
|
Tel: +44 (0) 20 7601 6100
|
|
|
|
Notes to Editors
About Mindflair plc
Mindflair plc (AIM: MFAI) is a company providing investors with access to a portfolio of next-generation technology businesses with significant growth potential and focus on AI.
The Company is building an investment portfolio of high-tech businesses across areas such as Artificial Intelligence, Internet of Things, Cyber Security, Machine Learning, Immersive Technologies and Big Data, which the Board believes demonstrate evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors. For further information, visit: https://mindflair.tech/.
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2025
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
6 months |
|
6 months |
|
year |
|
|
|
ended |
|
ended |
|
ended |
|
|
|
30-Jun |
|
30-Jun |
|
31-Dec |
|
|
|
2025 |
|
2024 |
|
2024 |
|
|
|
|
|
|
|
|
|
Continuing activities |
|
£000s |
|
£000s |
|
£000s |
|
|
Notes |
|
|
|
|
|
|
Income |
|
|
|
|
|
|
|
Other income |
|
2 |
|
2 |
|
4 |
|
Total Income |
|
2 |
|
2 |
|
4 |
|
|
|
|
|
|
|
|
|
(Loss)/gain on investments held at fair value through profit or loss |
|
16 |
|
1,819 |
|
3,533 |
|
Operating expenses |
|
(383) |
|
(177) |
|
(378) |
|
Operating (loss)/profit from continuing activities |
|
(365) |
|
1,644 |
|
3,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit before taxation from continuing activities |
|
(365) |
|
1,644 |
|
3,159 |
|
Tax |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
(Loss)/profit for the period from continuing activities |
|
(365) |
|
1,644 |
|
3,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Comprehensive Income attributable to equity holders of the Company |
|
(365) |
|
1,644 |
|
3,159 |
|
|
|
|
|
|
|
|
|
Basic (loss)/profit per share |
3 |
|
|
|
|
|
|
Equity holders |
|
|
|
|
|
|
|
Basic |
|
(0.069)p |
|
0.6p |
|
1.00p |
|
Fully diluted |
|
(0.069)p |
|
0.5p |
|
0.86p |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED STATEMENT OF FINANCIAL POSITION
As at 30 June 2025
|
|
|
Unaudited |
|
Unaudited
|
|
Audited |
|
|
|
As at |
|
As at |
|
As at |
|
|
|
30-Jun |
|
30-Jun |
|
31-Dec |
|
|
|
2025 |
|
2024 |
|
2024 |
|
|
|
£000s |
|
£000s |
|
£000s |
|
|
Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
Investments |
|
9,039 |
|
8,659 |
|
11,143 |
|
Trade and other receivables |
|
10 |
|
40 |
|
467 |
|
Cash and cash equivalents |
|
1,470 |
|
359 |
|
220 |
|
TOTAL CURRENT ASSETS |
|
10,519 |
|
9,058 |
|
11,830 |
|
TOTAL ASSETS |
|
10,519 |
|
9,058 |
|
11,830 |
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
Issued share capital |
|
1,317 |
|
686 |
|
917 |
|
Share premium |
|
10,395 |
|
9,236 |
|
9,875 |
|
Retained earnings |
|
(13,279) |
|
(14,429) |
|
(12,914) |
|
Share capital to be issued reserve |
|
- |
|
- |
|
920 |
|
Capital redemption reserve |
|
11,995 |
|
11,995 |
|
11,995 |
|
TOTAL EQUITY (NET ASSETS) |
4 |
10,428 |
|
7,488 |
|
10,793 |
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term loan |
|
- |
|
- |
|
401 |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
Trade and other payables |
|
91 |
|
194 |
|
152 |
|
Term Loan |
|
- |
|
1,376 |
|
484 |
|
TOTAL LIABILITIES AND CURRENT LIABILITIES
NET CURRENT ASSETS |
|
91
10,428 |
|
1,570
7,488 |
|
1,037
11,194 |
|
|
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
10,519
|
|
9,058 |
|
11,830 |
UNAUDITED CASH FLOW STATEMENT
For the six months ended 30 June 2025
|
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
6 months ended |
|
6 months ended |
|
year ended |
|
|
|
30-Jun |
|
30-Jun |
|
31-Dec |
|
|
|
2025 |
|
2024 |
|
2024 |
|
|
|
£000s |
|
£000s |
|
£000s |
|
Cash flows from operating activities - Loss/profit for the period |
|
(365) |
|
1,644 |
|
3,159 |
|
Fair value movement in investments |
|
(16) |
|
(1,819) |
|
(3,533) |
|
Finance income |
|
(2) |
|
(2) |
|
(4) |
|
Finance cost |
|
60 |
|
46 |
|
133 |
|
Decrease in receivables |
|
457 |
|
652 |
|
225 |
|
(Decrease)/increase in payables |
|
(946) |
|
21 |
|
(512) |
|
|
|
|
|
|
|
|
|
Net cash used/generated in operating activities |
|
(812) |
|
542 |
|
(532) |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
Payments to acquire investments |
|
(440) |
|
(342) |
|
(1,112) |
|
Proceeds of disposal of investments |
|
2,560 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
Net cash generated/(used) in investing activities |
|
2,120 |
|
(342) |
|
(1,112) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
Net Finance cost |
|
(58) |
|
(44) |
|
(129) |
|
Net proceeds from share capital issued or to be issued in the year |
|
- |
|
- |
|
1,790 |
|
|
|
|
|
|
|
|
|
Net cash from financing activities |
|
(58) |
|
(44) |
|
1,661 |
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents during the period |
|
1,250 |
|
156 |
|
17 |
|
Cash and cash equivalents at beginning of the period |
|
220 |
|
203 |
|
203 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of the period |
|
1,470 |
|
359 |
|
220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to the Unaudited Interim Report
1. GENERAL INFORMATION
Mindflair plc is a company domiciled in England whose registered office address is 9th Floor, 107 Cheapside, London EC2V 6DN. The condensed interim financial statements of the Company for the six months ended 30 June 2025 is that of the Company only.
The condensed interim financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.
The financial information for the year ended 31 December 2024 has been extracted from the statutory accounts for that period which were prepared in accordance with International Financial Reporting Standards ("IFRS"). The auditors' report on the statutory accounts was unqualified. A copy of those financial statements has been filed with the Registrar of Companies.
The financial information for the six months ended 30 June 2024 and 30 June 2025 were also prepared in accordance with IFRS.
The condensed interim financial statements do not include all of the information required for full annual financial statements.
The condensed interim financial statements were authorised for issue on 26 September 2024.
2. BASIS OF ACCOUNTING
The financial statements are unaudited and have been prepared on the historical cost basis in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS") using the same accounting policies and methods of computation as were used in the annual financial statements for the year ended 31 December 2024. As permitted, the interim report has been prepared in accordance with the AIM Rules for Companies and is not compliant in all respects with IAS 34 Interim Financial Statements. The condensed interim financial statements do not include all the information required for full annual financial statements and hence cannot be construed as in full compliance with IFRS.
3. PROFIT/(LOSS) PER SHARE
The calculation of the basic profit per share is based on the following data:
|
|
Unaudited |
Unaudited |
Audited |
|
|
6 months |
6 months |
year |
|
|
ended |
ended |
ended |
|
|
30-Jun |
30-Jun |
31-Dec |
|
|
2025 |
2024 |
2024 |
|
|
£000s |
£000s |
£000s |
|
|
|
|
|
|
(Loss)/profit on continuing activities after tax |
(365)
|
1,644 |
3,159 |
|
Basic and fully diluted |
|
|
|
|
Basic and fully diluted earnings per share have been computed based on the following data:
|
|||
|
|
|
Number of shares |
|
|
Weighted average number of ordinary shares for the period |
526,662,106 |
270,243,455 |
365,525,879 |
|
Basic earnings per share from continuing activities (p) |
(0.069)
|
0.61 |
1.00 |
|
Diluted earnings per share (p) |
(0.069) |
0.52 |
0.86 |
|
As at the end of the period, there were 88,672,617 warrants outstanding exercisable at 2.5 pence per share. |
|||
|
|
|||
4. STATEMENT OF CHANGES IN EQUITY
|
|
Share Capital |
|
Share capital to be issued Reserve |
Share Premium |
|
Capital Redemption Reserve |
|
Retained Earnings |
|
Total |
|
|
£000s |
|
£000s |
£000s |
|
£000s |
|
£000s |
|
£000s |
|
At 1 January 2024 |
457 |
|
687 |
8,778 |
|
11,995 |
|
(16,073) |
|
5,844
|
|
Profit for the 6 months ended 30 June 2024 |
-
|
|
- |
- |
|
|
- |
1,644 |
|
1,644 |
|
Issue of shares (net of costs |
229 |
|
(687) |
458 |
|
|
|
- |
|
- |
|
At 30 June 2024 |
686 |
|
- |
9,236 |
|
11,995 |
|
(14,429) |
|
7,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued and to be issued (net of costs) |
231 |
|
920 |
639 |
|
- |
|
- |
|
1,790 |
|
Profit for the 6 months ended 31 December 2024 |
- |
|
|
- |
|
- |
|
1,515 |
|
1,515 |
|
At 31 December 2024 |
917 |
|
920 |
9,875 |
|
11,995 |
|
(12,914) |
|
10,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of shares (net of costs) |
400 |
|
(920) |
520 |
|
- |
|
- |
|
- |
|
Loss for the 6 months ended 30 June 2025 |
- |
|
- |
- |
|
|
- |
(365) |
|
(365)
|
|
At 30 June 2025 |
1,317 |
|
- |
10,395 |
|
11,995 |
|
(13,279) |
|
10,428 |
5. DISTRIBUTION OF INTERIM REPORT
Copies of the Interim Report for the six months ended 30 June 2025 are available on the Company's website: www.mindflair.tech
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.