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WHLP Wheelsure Holdings plc

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Share Name Share Symbol Market Type Share ISIN Share Description
Wheelsure Holdings plc AQSE:WHLP Aquis Stock Exchange Ordinary Share GB00BM950Z45
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -
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Wheelsure Holdings (WHLP) Annual Financial Report

26/01/2017 1:06pm

UK Regulatory


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26 January 2017

 

Wheelsure Holdings plc

 

("Wheelsure" or the "Group")

 

Final Results for the Year Ended 31 August 2016

 

CHAIRMAN'S STATEMENT

 

I am pleased to announce the results for the financial year ended 31 August 2016, a period in which we have continued to make progress in our main territories:

 
 
    -- Sales of GBP290,330 an increase of 21% compared with 2015 (GBP239,525); 
 
    -- In addition to the sales above, royalty income was received of GBP18,328 

(2015: GBP22,168);

 
    -- During the year further sales and orders were received in all our main 

strategic territories. Particular highlights include:

First order in Italy for the supply of specialist track equipment

incorporating Tracksure technology, where Tracksure will

subcontract the total manufacture;

First orders from Austrian railways, ÖBB-Infrastruktur AG; and

Growing business in Holland.

 
    -- Fund raising, in Autumn 2015 of GBP240,500 from existing and new 

investors, and a further GBP106,000 during October 2016.

 

A brief outline of the progress being made is as follows:

 

UK

 

Whilst orders continue to be received from London Underground (LUL), the previously reported budgetary constraints following the Mayoral election have severely restricted order flow during the year. However, in the post reporting period, we have received three orders from existing customers within LUL and this is very positive.

 

This is an excellent indication that where Tracksure is used it continues to perform positively and we remain confident that further orders from a broader network of customers will continue to flow.

 

Keolis Amey Docklands (maintenance provider of Docklands Light Railway (DLR)) has placed orders for two track applications during the year. In both cases Tracksure has been incorporated into the design specification. The Board believe that this, along with progress on a third track application, is a positive indication for the future.

 

In the post-reporting period, Tracksure has received its first orders for three track applications on High Speed infrastructure. These orders, totalling just over GBP30,000, follow a design and product assessment phase and are a very positive development in the UK. They are also indicative of the progress that Tracksure is making with major infrastructure managers and maintenance contractors on a widening range of infrastructure.

 

Additionally, Tracksure has submitted products for fatigue testing for the first time with Network Rail who are responsible for the majority of the UK's track assets. The products have so far tested successfully and we will seek to build upon this initiative.

 

Italy

 

Progress continues to be made in Italy with increased orders from both the state rail operator, Rete Ferroviaria Italiana (RFI) and Ferrovienord. In the case of RFI, a significant number of crossings have been built incorporating Tracksure and are now fitted in five separate locations in Italy. In addition, a successful tender was won from Ferrovienord for insulated glued joints (incorporating the Tracksure product) whereby we will manage the subcontracted manufacture. Ferrovienord are also incorporating Tracksure into their specification for crossings and the Board is confident that this business will continue to develop.

 

In the recent fundraising completed on 18 November 2016, the agent that holds the exclusive agency for Italy, also subscribed for in excess of 4.5m shares in lieu of future commissions of which 562,400 shares have been issued.

 

Germany & Austria

 

We have received orders from both countries, which flow from the previously reported DB Netz AG (DB) approval. We continue to work with Siemens AG to gain business from the broader portfolio of their brake retarder business and this is evidenced by their export of a Tracksure-fitted retarder to the USA for the first time.

 

A successful trial with Thyssen Krupp Steel Europe AG, on a private rail network in Germany, was undertaken this year and the Board is confident that this will lead to a first order.

 

In addition, Tracksure supplier status to DB (HQ1) has been renewed.

 

Holland & Belgium

 

Previously we have reported upon our developing commercial relationship with Strukton Rail Nederland B.V., one of Europe's largest rail infrastructure manufacturers. A formal agreement is still being finalised but we have already seen orders fulfilled for managed industrial sites and associated track during the period. The first order from Voestalpine Railpro BV in Holland, which we are confident will demonstrate the efficacy of Tracksure on a new group of products, has also been delivered and fitted. Voestalpine AG are one of the world's largest manufacturers of specialist rail equipment.

 

USA

 

Royalty income of GBP18,328 was received during the period. Progress in the USA has been slower than anticipated and we are addressing this with our partner. Despite this we are pleased that our supply of diamond crossing parts to the Norfolk Southern Railroad is now extending to the other main railroads and that our North American supply chain, essential to satisfy "Buy America" policy, has been established.

 

The Board remain confident that our strategy will see business develop further in the specific targeted markets as evidenced above. A considerable amount of work has also taken place with advisers to identify opportunities in other sectors and, as resources permit, these will be pursued.

 

The Board would like to thank all our shareholders for their continued support.

 

G Mulder

 

Chairman

 

25 January 2017

 

WHEELSURE HOLDINGS PLC

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

for the Year Ended 31 August 2016

 
                                              2016       2015 
                                              GBP          GBP 
TURNOVER                                      290,330    239,525 
Cost of sales                                 (153,003)  (123,360) 
GROSS PROFIT                                  137,327    116,165 
Administrative expenses                       (405,109)  (354,872) 
                                              (267,782)  (238,707) 
Other operating income                        18,328     22,168 
OPERATING LOSS                                (249,454)  (216,539) 
Interest receivable and similar income        22         2 
Interest payable and similar charges          (12,713)   (11,492) 
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION   (262,145)  (228,029) 
Tax on loss on ordinary activities            15,146     10,640 
LOSS FOR THE FINANCIAL YEAR                   (246,999)  (217,389) 
OTHER COMPREHENSIVE INCOME                    -          - 
TOTAL COMPREHENSIVE LOSS FOR THE YEAR         (246,999)  (217,389) 
BASIC AND DILUTED LOSS PER 
SHARE                                         0.16p      0.16p 
 
 

WHEELSURE HOLDINGS PLC

 

CONSOLIDATED BALANCE SHEET

 

31 August 2016

 
                       2016                      2015 
                       GBP          GBP              GBP          GBP 
FIXED ASSETS 
Intangible assets                 88,282                    87,862 
Tangible assets                   3,198                     5,923 
                                  91,480                    93,785 
CURRENT ASSETS 
Stocks                 52,620                    34,639 
Debtors                140,767                   84,455 
Cash at bank           24,752                    41,827 
                       218,139                   160,921 
CREDITORS 
Amounts falling due    (230,129)                 (186,195) 
within one year 
NET                               (11,990)                  (25,274) 
CURRENT LIABILITIES 
TOTAL ASSETS                      79,490                    68,511 
LESS CURRENT 
LIABILITIES 
CAPITAL AND RESERVES 
Called up share                   1,641,942                 1,381,442 
capital 
Share premium                     3,443,250                 3,443,250 
Retained earnings                 (5,005,702)               (4,756,181) 
SHAREHOLDERS' FUNDS               79,490                    68,511 
 
 

NOTES TO THE FINANCIAL STATEMENTS

 

1. PUBLICATION OF NON-STATUTORY ACCOUNTS

 

The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in section 435 of the Companies Act 2006.

 

The financial information for the year ended 31 August 2016 has been extracted from the audited financial statements to that date, which were prepared in accordance with UK GAAP and with the requirements of the Companies Act 2006. These financial statements have yet to be delivered to the Registrar of Companies. The financial statements for the year ended 31 August 2015 have been delivered to the Registrar of Companies. The auditors' report in relation to both years was unqualified, contained an emphasis of matter with respect to going concern, and did not contain a statement under section 498 of the Companies Act 2006.

 

This announcement contains information which, prior to its disclosure, was inside information for the purposes of the Market Abuse Regulation.

 

2. ACCOUNTING POLICY - GOING CONCERN

 

The Directors have approved budgets and cash flows for the Group for the period to 31 January 2018. These budgets and cash flows forecast that the Group will generate sufficient cash from its trading operations to remain as a going concern until at least 31 January 2018.

 

The Directors are confident that, even if there was a slippage in the value or timing of the forecast sales, the Group would still generate sufficient cash flow to remain as a going concern until at least 31 January 2018. The Directors are confident that by a combination of either reducing the Group's expenditure and/or raising additional capital they would achieve the required cash flow. The Group has already successfully raised additional funds of GBP106,000 since the year ended 31 August 2016.

 

However, given the significant level of the increase in the forecast sales and the unpredictability of sales forecasting there exists a material uncertainty regarding the value and timing of these future forecast sales and the effect of any shortfall on the Company's ability to continue as a going concern.

 

The Directors have concluded that, after considering the above and the financial position of the Group, they have reasonable expectations that the Group will have adequate cash resources to continue in operational existence until at least 31 January 2018 and for this reason they continue to adopt the going concern basis in preparing the financial statements of the Group.

 

3. DIVIDENDS

 

No dividends are proposed for the year ended 31 August 2016.

 

4. Copies of the Report and Accounts will be sent to shareholders shortly and will be available from the registered office of the Company, 8 Woburn Street, Ampthill, Bedfordshire, MK45 2HP, and also on the company's website, www.tracksure.co.uk.

 

Enquires:

 
Wheelsure Holdings plc 
Gerhard Dodl, CEO                    01525 840 557 
Daniel Stewart & Company Plc         0207 776 6550 
Daphne Zhang - Corporate Adviser 
David Lawman - Broker 
 
 
 
 

View source version on businesswire.com: http://www.businesswire.com/news/home/20170126005561/en/

 
This information is provided by Business Wire 
 
 

(END) Dow Jones Newswires

January 26, 2017 08:06 ET (13:06 GMT)

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