HRC WORLD PLC
NASDAQ FIRST NORTH, COPENHAGEN
TICKER: HRC
ISIN: GB00BZ3CDY20
29 November 2019
Interim Results to 30 September 2019
The Board of Directors of HRC World Plc (HRC), a company that provides café management services for developing tourist-based and event-based revenues in member restaurants as well as implementation of HRC Music initiatives, is pleased to announce its interim results for the six months ended 30 September 2019.
The Interim Results to 30 September 2019 is appended to this announcement.
For the said financial period, the Group generated net loss of USD 364,000, mainly from general and administrative expense incurred during the period. Expenses relating to the operation increased slightly to USD 375,000 as at 30 September 2019, while cash and cash equivalents stood at USD 4,009,000.
During the period, the Company’s wholly-owned subsidiary, HRC Music Plc (“HRCM”) had in May 2019 entered into a Memorandum of Understanding to consider acquiring Encore Melaka Theatre by acquiring up to 70% of equity interest in PTS Impression Sdn Bhd, who owns the theatre. Both parties to this discussion had requested an extension of time to study respective feasibility of business collaboration and the Board also hope to conclude the matter before end of the year.
Furthermore, the Company had in July 2019 successfully concluded the transaction related to the Share Sale Agreement with Ada Ventures for the sale of HRC Asia Ltd’s assets for USD20mil, which was approved in the Company’s Annual General Meeting on the 23 August 2018.
The Board remains confident with the business outlook in the South East Asia but realises that politics and other macroeconomic factors might affect market movements in the short term.
THE DIRECTORS OF HRC WORLD PLC ACCEPT RESPONSIBILITY FOR THIS ANNOUNCEMENT
About HRC World Plc
HRC World Plc is an England & Wales incorporated public company with registration number 10829936 and is quoted on Nasdaq First North (Copenhagen). HRC World provides café management services for developing tourist-based and event-based revenues in member restaurants as well as implementation of HRC Music initiatives.
Further information may be found at the Company’s website: www.hrcplc.co.uk
Company contact details
HRC World Plc
info@hrcplc.co.uk
+603 7786 0500
Certified Adviser
Keswick Global AG
info@keswickglobal.com
+43 1 740 408045
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