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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 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMWHLP
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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