YOLO Leisure and Technology reported total comprehensive income of £726,153 in the year to 30 September 2017, up from a loss of £621,530 in 2016.
During the period the company continued its targeted investment strategy while crystallising gains for investors with management focused on creating further value by investing in existing and new opportunities.
- Unrealised gains on investments of £657,935 (2016: losses £372,758)
- Realised gains on disposal of investments of £270,559 (2016: £Nil)
- As at 30 September 2017 gross assets were £4,558,402 (2016: £1,283,888)
- Net fair value investments held was £3,875,483 (2016: £1,127,262)
- Total net assets of £4,514,025 (2016: £1,206,871), representing 1.02p per share (2016: 0.68p)
- On 7 November 2016 the company placed 254,000,000 shares at 1p each raising total gross funds of £2,540,000. A further 8,400,000 fee shares were also issued at a price of 1p
- Cash at the bank at the year-end was £619,939 (2016: £139,412)
- TVPlayer's platform is growing at more than 15% per month. In November 2017 there were 1 million monthly active users and 40,000 paying subscribers. The company is currently raising additional funds for expansion, and expects its valuation to be significantly higher than the previous rounds
- Simplestream is planning to open US office in Q2 2018 with a view to doubling revenues in the next two years
- Gfinity made significant progress this year including the launch of the Elite Series season two and partnership with Formula One. The company realised a gain of £148,707 by reducing holding in Gfinity
- AudioBoom continues to make good progress towards monetising its content platform. The company increased stake in AudioBoom as part of funding round in March
- Magic Media Works recently launched its second product, Electric Jukebox ROXI, in the UK and US markets. The Company invested a further £500,000 as part of the £1.2m pre-IPO loan notes issued by Magic Media Works. The pre-IPO loan notes will convert into ordinary shares in Magic Media Works at a 33% discount to the share price on an IPO. From 1 December 2017 the Loan Notes start to accrue interest at 10% per annum
- TVPlayer raised a further £2.2m of financing in December 2017 and Yolo participated with a convertible loan of £50,000. The company expects to raise further funds in early 2018 to upgrade the TVPlayer platform, licence new content and support subscriber growth through marketing
- Magic Media Works secured commitments of £1.46m from existing and new investors towards an intended £2m new round of funding
YOLO CEO Simon Robinson said: "Yolo is well positioned as an investment company to actively grow its portfolio in 2018.
"Our purpose is to identify innovative businesses that meet our investment criteria and have significant potential to deliver value for our shareholders.
"We recognise the progress made in each of our portfolio companies and we look forward to building on this momentum in the exciting year ahead.
"We would like to thank our shareholders and advisors for continuing to show support in the board and its vision."