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For Immediate Release

29 September 2023

Adalan Ventures Plc

("Adalan" or the "Company")

Unaudited interim results

Adalan Ventures plc (the 'Company' or 'Adalan'), announces its unaudited annual results for the 6 months ended 30 June 2023

Adalan Ventures plc

Interim Condensed Consolidated Statement of profit or loss and Other Comprehensive Income for the six months ended 30 June

Adalan Ventures plc

Interim Condensed Consolidated Statement of financial position as at

   Interim Condensed Statement of changes in shareholders' equity (Unaudited)  for the six months ended 30 June 2023  (unaudited)

Interim Condensed Consolidated Statement of Cash Flows

For the six months ended 30 June

2.  Basis of preparation

The condensed consolidated interim financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards and in accordance with International Accounting Standard 34 Interim Financial Reporting. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2022, which have been prepared in accordance with International Financial Reporting Standards (IFRS).

The condensed consolidated interim financial statements set out above do not constitute statutory accounts within the meaning of the Companies Act 2006. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS). Statutory financial statements for the year ended 31 December 2022 were approved by the Board of Directors on 31 August 2023 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified.

The condensed  consolidated interim financial statements of the Company have not been audited or reviewed by the Company's auditor, Shipley's LLP.

Going concern

The Financial Statements have been prepared on a going concern basis. The Directors consider that the Company requires additional funding in order to deliver on its plan to find and acquire an operating business and undertake a reverse take over. The Directors are of the view that its current cash reserves along with any funding that it will seek to raise would provide sufficient funds to undertake its operating activities for the foreseeable future. Should the company be unsuccessful in raising additional capital then there is a significant risk that it has the ability to continue as a going concern. The company has currently reduced its cash expenditure to a minimum.  

Please refer to the going concern note in the annual report for the year ended 31 December 2022 for further information.

Further information can be found at the corporate website:  https://adalanventures.com/

Enquiries:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").