LocoSoco Group plc (LOCO) – Full year results, trading update and MyEco.site launch

LocoSoco Group plc (LOCO) – Full year results, trading update and MyEco.site launch

LocoSoco Group Plc, the Wiener Borse traded company that builds technology to profit from creating sustainable communities is pleased to provide a comprehensive trading update and FY results for the year ending May 31st 2019.

Financial Highlights:

The loss after tax was £240,550 to 31 May 2019 2019, (31 May 2018: £32,279), giving a loss per share of 2.06 pence (31 May 2018: 0.31 pence).

During the year the Group raised £305,757 through share issues (2018: £179,978). Total assets increased from £222,382 in 2018 to £304,995 in 2019, and total equity increased from £196,814 in 2018 to £262,021 in 2019.

There is no tax charge for the year.

Operational and Post Results Period Highlights:

– Over 20 brand partnerships for sustainable products and services now in place, including prestigious brands such as Delphis Eco, Bio-D, Rude Health, Twipes, London Houseguards Gin, Torti Wine, Eco-Living now signed up as sustainable product and service partners, with over 10 new partnerships with store owners of symbol groups including Nisa, Costcutter, One Stop, Premier, Budgens, Simply fresh and Spar signed up in Q4 2019 alone.

– Over 50 shops signed up, with 20 in November 2019 alone.

– Over 25 refill stations now signed up, with over 10 in October 2019 alone.

– Over 40 My Eco-Sites, our ‘instant e-commerce solution’ web store and affiliate page for community assets launched in December 2019. MyEco.Site brings over a dozen partner brands with over 300 sustainable products as part of a roll-out of services to enable community-owned enterprise at scale.

LocoSoco CEO James Perry said: “While our statutory results to May 31st 2019 reflect a period of foundation-building for a technology start-up company, I am delighted that the long-anticipated roll-out of brand partnerships, shops and refill stations has absolutely hit the ground running, with our operational size effectively doubling during Q4 2019. 

We are in the midst of a sustainable revolution both for the environment and the economy. At a rough estimate, 50% of household spend could transition into sustainable alternatives. That’s a whopping £400 billion market annually in the UK alone. A typical village with a church and local shop will generate some £1.5m in transactions, equating to around £37k per head in the village. LocoSoco can provide that community with the tools to move that spend into sustainable alternatives. 

We are also proud and excited to be launching MyEco Sites this month, providing our partner brands with a channel to address specific needs within communities. With My Eco  Sites, we have provided our sales team with a complete range of tools to roll out to local communities across the UK.  I look forward to providing a further trading update early in 2020.”

Link here to view the full announcement
Link here to view the LocoSoco company page
Link here to view the LocoSoco website

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