ChallengerX Plc - Management accounts for the quarters ended 31 March 2024 and 31 December 2023

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PR Newswire

LONDON, United Kingdom, April 29

29 April 2024

ChallengerX plc
(“ChallengerX”, “CX" or the "Company")

Management accounts for the quarters ended 31 March 2024 and 31 December 2023

ChallengerX (AQUIS: CXS), the trading company with principal activity of employing both traditional and non-traditional marketing strategies to rapidly “professionalise” amateur and semi-professional sports clubs around the world announces its unaudited management accounts reports for the quarters ended 31 March 2024 and 31 December 2023.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

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For further information, please contact:

ChallengerX plc
John May, Chairman		jmay@city-westminster.com
Stuart Adam, CFO		sjadam@city-westminster.com
First Sentinel Corporate AQSE Corporate Adviser Brian Stockbridge / Gabrielle Cordeiro		+44 20 3855 5551

Directors Statement

Introduction

ChallengerX plc (the “Company” or “ChallengerX”) is quoted on the Aquis Stock Exchange (“AQSE”) Growth Market. The Company was incorporated on 7 June 2021 and its shares were admitted to trading on 23 December 2021.

Activities during the periods

The company has continued to advance its development of a platform for the promotion and marketing of sports clubs in both a traditional and non-traditional way to rapidly “professionalise” amateur and semi-professional sports clubs around the world and in August 2023 the Company announced that it entered into an exclusive licence agreement with Flash Corp Technologies Ltd (“Flash Corp”) by which the Company has acquired a renewable 13-month license over the rights of FlashBet Wheel App’s design and technology in UK and Europe. The Company has also been reviewing other products to add to its core business.

In February 2024, the Company appointed Nick Martin to the Board as Executive Director. Nick, amongst other roles, is a director of Flash Corp UK Technologies Limited (“Flash Corp”). At Flash Corp, Nick is involved in the development of FlashBet, a gaming app that enjoys the benefit of a patent granted in the US.

During the two quarters ended 31 March 2024, the Company received loan funding of £40,000. The Company also allocated 11,680,002 Treasury shares to satisfy outstanding creditors, leaving 1,546,341 shares in Treasury as at the date of this report.

Outlook

The development of the marketing platform and furtherance of the FlashBet Wheel App will require more expenditure. Additional funds will be sought for this. However, ChallengerX’s newly developed unique user conversion platform combined with the interest in the Flashbet patented accumulator bet product indicates 2 clear tiers of potential revenue from both B2B and B2C consumers which the Company hopes to achieve in the near term.

John May

Chairman

Statement of Comprehensive Income for the quarters ended 31 March 2024 and 31 December 2023

	31 March 2024	31 December 2023
	£’000	£’000
Revenue	-	-
Administrative expenses	(59)	(102)
Operating loss	(59)	(102)
Loss before tax	(59)	(102)
Taxation	-	-
Loss for the period	(59)	(102)
Total comprehensive loss	(59)	(102)
(Loss) per share (pence) from continuing operations attributable to owners of the Company – Basic and diluted earnings per share	(0.014)	(0.024)

Statement of Financial Position As at quarters ended 31 March 2024 and 31 December 2023

31 March 2024

£’000

31 December 2023

£’000

Intangible assets

Software Licence

440

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