Vulcan Industries Plc Interim Results for the 6 Months ended 30 September 2023

 
TIDMVULC 
 
22 December 2023 
 
Vulcan Industries plc 
 
("Vulcan" or the "Company") 
 
Interim Results for the 6 Months ended 30 September 2023 
 
Vulcan Industries plc (AQSE: VULC) is pleased to announce its unaudited interim 
results for the 6-month period ended 30 September 2023. 
 
Principal activity 
 
Vulcan seeks to acquire and consolidate industrial and renewable SMEs and 
projects for value and to enhance performance in part through group synergies, 
but primarily by unlocking growth which is not being achieved as a standalone 
private company. 
 
Review of business and future developments 
 
Since admission, the focus has been to restructure the existing businesses to 
recover from the financial impact of COVID-19 and lay the foundations to develop 
the Group going forward. The initial step in this process was the acquisition on 
24 March 2022 of the entire share capital of Aftech Limited ("Aftech"). Aftech 
brings additional complementary areas of fabrication skills and product 
offering. On 6 March 2023, the Company broadened its activities into the energy 
sector with the acquisition of the entire share capital of Forepower Lincoln 
(250) Limited ("FPL(250)"). FPL(250) is a 248 MW Battery Energy Storage System 
("BESS") project, currently seeking formal planning consent. 
 
During the period under review, early stage project planning was progressed, and 
funding alternatives explored. 
 
COVID-19 had a significant impact on the financial performance of the Group 
since admission. The results for the years ended 31 March 2021 and 31 March 
2022, reflected the impact of various lock downs and the subsequent challenging 
market conditions. A strategic review, lead the board to conclude that, in order 
to lay firm foundations for future growth, it was necessary to dispose of the 
loss making businesses. M&G Olympic Products Limited was disposed of in March 
2022 and both Orca Doors Limited ("Orca") and IVI Metallics Limited ("IVI") were 
disposed of in July 2022. Time Rainham Limited ("TRR") was disposed of in 
November 2022. 
 
Consequently, the results for Orca, IVI and TRR are disclosed as discontinued 
activities and the comparatives  have been restated accordingly. The financial 
results for the Group for the six months ending 30 September 2023, show a fall 
in continuing revenue to £562,000 (2022: £695,000) and a fall in the continuing 
loss before interest, tax, depreciation and amortisation to £178,000 (2022: 
£215,000). After continuing depreciation and amortization of £19,000 (2022: 
£21,000) and continuing finance costs of £178,000 (2022: £217,000), the Group is 
reporting a reduced loss before taxation on continuing activities of £375,000 
(2022: £453,000). The disposals of Orca, IVI and TRR generated a profit on 
discontinued activities of £nil (2022: profit £1,177,000) after reporting a loss 
after tax to the date of disposal of £nil (2022: £196,000). The reported loss 
after tax for the Group is £375,000 (2022: Profit £724,000). 
 
At 30 September 2023, the Group balance sheet shows net assets of £153,000 
(2022: net liabilities £2,089,000). 
 
Outlook 
 
The disposals of the loss making legacy businesses of Orca, IVI and TRR during 
the year ended 31 March 2023 added significant benefit to the Group balance 
sheet and stemmed continued cash outflows. During the period, the Group has 
continued to lay the foundations for its future development. The acquisition of 
the FPL(250) project has broadened the sectors of Group activities. As announced 
on 25 October 2023, the Company has disposed of 49.9% of its holding in FPL 
(250) in order to fund the development of the project. Progress has been made in 
the planning process and further announcements will be made once expected 
milestones are achieved. The development phase of the project offers potential 
to expand the fabrication activities of Aftech. In addition there is a strong 
pipeline of further BESS and other opportunities which the Company will seek to 
bring into the Group in due course. 
 
Unaudited Consolidated 
Statement of 
Comprehensive Income 
 
The comparatives have 
been restated to 
reflect discontinued 
activities 
                              6 Months to        6 Months to        Year ended 
 
                              30 September 2023  30 September 2022  31 March 
 
                                                                    2023 
                        Note  £'000              £'000              £'000 
Continuing activities 
Revenue                       562                695                1,165 
Cost of sales                 (308)              (422)              (674) 
Gross profit                  254                273                491 
Operating expenses            (415)              (450)              (849) 
Other gains and losses        (36)               (59)               (224) 
Finance costs           3     (178)              (217)              (438) 
Loss before tax               (375)              (453)              (1,020) 
Income tax                    -                  -                  71 
Loss for the period           (375)              (453)              (949) 
from continuing 
activities 
Discontinued 
activities 
Profit for the period   4     -                  1,177              1,588 
from discontinued 
activities 
(Loss) / profit for           (375)              724                639 
the period 
attributable to the 
owners of the Company 
Other Comprehensive           -                  -                  - 
Income for the period 
Total Comprehensive           (375)              724                639 
Income for the period 
attributable to owners 
of the Company 
Earnings per share 
-          Basic and    5     (0.04p)            (0.08p)            (0.16p) 
Diluted earnings per 
share for loss from 
continuing operations 
attributable to the 
owners of the Company 
(pence) 
-          Basic and    5     (0.04p)            0.13p              0.11p 
Diluted earnings per 
share attributable to 
the owners of the 
Company (pence) 
 
Unaudited 
Consolidated 
Statement of 
Financial 
Position 
                     At         At         At 
 
                     30         30         31 
                     September  September  March 
                     2023       2022 
                                           2023 
               Note  £'000      £'000      £'000 
 
Non-current 
assets 
 
Goodwill             718        945        718 
Other          6     3,193      292        3,178 
intangible 
assets 
Investments          500        500        500 
Property,            127        156        131 
plant and 
equipment 
Total non            4,538      1,893      4,527 
-current 
assets 
 
Current 
assets 
 
Inventories          30         51         32 
Trade and            521        731        511 
other 
receivables 
Cash and bank        70         91         2 
balances 
Total current        621        873        545 
assets 
 
Total assets         5,159      2,766      5,072 
 
Current 
liabilities 
Trade and            (1,657)    (1,451)    (1,344) 
other 
payables 
Borrowings     7     (995)      (3,366)    (3,187) 
Total current        (2,652)    (4,817)    (4,531) 
liabilities 
 
Non-current 
liabilities 
Borrowings     7     (2,329)    -          - 
Deferred tax         (25)       (38)       (31) 
liabilities 
Total non            (2,354)    (38)       (31) 
-current 
liabilities 
 
Total                (5,006)    (4,855)    (4,562) 
liabilities 
 
Net assets /         153        (2,089)    510 
(liabilities) 
Equity 
Share capital  8     350        234        348 
Share premium        9,843      7,257      9,827 
account 
Shares to be         -          -          - 
issued 
Retained             (10,040)   (9,580)    (9,665) 
earnings 
 
Total equity         153        (2,089)    510 
attributable 
to the owners 
of the 
company 
 
Unaudited Consolidated      Share    Shares to  Share    Retained    Total 
statement of changes in              be issued  Premium  earnings    Equity 
equity                      Capital 
                            £'000    £'000      £'000    £'000       £'000 
At 1 April 2022             211      293        6,645    (10,304)    (3,155) 
Total Comprehensive income  -        -          -        724         724 
for the period 
Transactions with                    - 
shareholders 
Issue of shares             23       (293)      612      -           342 
Total transactions with     23       (293)      612      -           342 
shareholders for the 
period 
At 30 September 2022        234      -          7,257    (9,580)     (2,089) 
Total Comprehensive income  -        -          -        (85)        (85) 
for the period 
Transactions with 
shareholders 
Issue of shares             114                 2,570    -           2,684 
Shares to be issued         -        -          -        -           - 
Total transactions with     114      -          2,570    -           2,684 
shareholders for the 
period 
At 31 March 2023            348      -          9,827    (9,665)     510 
Total Comprehensive income  -        -          -        (375)       (375) 
for the period 
Transactions with 
shareholders 
Issue of shares             2        -          16       -           18 
Total transactions with     2        -          16       - 
shareholders for the 
period 
At 30 September 2023        350      -          9,843    (10,040)    153 
 
* 
 
Unaudited Consolidated            6 Months to 30  6 Months to 30  Year Ended 
Statement of Cash Flows           September 2023  September 2022 
                                                                  31March 
 
                                                                  2023 
                                  £'000           £'000           £'000 
Loss for the period from          (375)           (453)           (949) 
continuing activities 
Adjustments for: 

Finance costs                     190             217             463 
Depreciation of property,         4               11              29 
plant and equipment 
Depreciation of right of use      -               -               - 
assets 
Amortisation of intangible        15              25              30 
assets 
Share based payment               -               69              100 
Operating cash flows before       (166)           (131)           (327) 
movements in working capital 
Decrease / (increase) in          2               (34)            (6) 
inventories 
Increase in trade and other       (10)            (260)           (118) 
receivables 
Increase in trade and other       98              478             139 
payables 
Cash (used in) / from             (76)            53              (312) 
operating activities 
Income tax credit received        -               -               28 
Income tax paid                   -               -               (3) 
Cash (used in) /from operating    (76)            53              (287) 
activities -continuing 
Cash (used in) / from             -               254             (278) 
operating activities 
-discontinued 
Cash (used in) / from             (76)            307             (565) 
operating activities 
Investing activities 
Purchases of property, plant      -               (1)             (2) 
and equipment 
Disposal of subsidiaries -net     -               -               731 
debt retained 
Net cash (used in) / from         -               (1)             729 
investing activities - 
continuing 
Net cash (used in) / from         -               -               - 
investing activities - 
discontinued 
Net cash (used in) / from         -               (1)             729 
investing activities 
Financing activities 
Interest paid                     (11)            (205)           (271) 
Proceeds from loans and           150             -               70 
borrowings 
Repayment of borrowings           (13)            (74)            (169) 
Proceeds on issue of shares       18              275             258 
Net cash from / (used in)         144             (4)             (112) 
financing activities 
-continuing 
Net cash used in financing        -               (280)           (119) 
activities-discontinued 
Net cash from / (used in)         144             (284)           (231) 
financing activities 
 
Net increase / (decrease) in      68              22              (67) 
cash and cash equivalents 
Cash and cash equivalents at      2               69              69 
beginning of the period 
Effect of foreign exchange        -               -               - 
rate changes 
Cash and cash equivalents at      70              91              2 
end of the period 
 
Notes to the unaudited consolidated financial statements 
 
for the 6-month period ended 30 September 2023 
 
 1.      General information 
 
Vulcan Industries PLC is incorporated in England and Wales as a public company 
with registered number 11640409. The address of the Company's registered office 
is 8th Floor, The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW. 
 
These summary financial statements are presented in Sterling and are rounded to 
the nearest £'000, which is also the currency of the primary economic 
environment in which the Company and Group operate (their functional currency). 
 
Basis of accounting 
 
The condensed consolidated financial statements of the Group for the 6 months 
ended 30 September 2023, which are unaudited and have not been reviewed by the 
Company's Auditor, have been prepared in accordance with the International 
Financial Reporting Standards (`IFRS'), and accounting policies adopted by the 
Group as set out in the annual report for the period ended 31 March 2023 
(available at www.vulcanplc.com). The Group does not anticipate any significant 
change in these accounting policies for the year ended 31 March 2024. 
 
This interim report has been prepared to comply with the requirements of the 
Access Rulebook of the AQSE Growth Market. In preparing this report, the Group 
has adopted the guidance in the Access Rulebook for interim accounts which do 
not require that the interim condensed consolidated financial statements are 
prepared in accordance with IAS 34, `Interim financial reporting'. Whilst the 
financial figures included in this report have been computed in accordance with 
IFRSs applicable to interim periods, this report does not contain sufficient 
information to constitute an interim financial report as that term is defined in 
IFRSs. 
 
The financial information contained in this report also does not constitute 
statutory accounts under the Companies Act 2006, as amended. The financial 
information for the period ended 31 March 2023 is based on the statutory 
accounts for the year then ended. The Auditors reported on those accounts. 
 
The auditors referred to going concern as a key audit matter. They drew 
attention to note 3 in the financial statements, which shows conditions which 
indicate that a material uncertainty exists that may cast significant doubt on 
the company's ability to continue as a going concern. Their opinion was not 
modified in respect of this matter. 
 
The financial statements have been prepared on the historical cost basis, except 
for the certain financial instruments that are measured at fair values at the 
end of each reporting period, as explained in the accounting policies below. 
Historical cost is generally based on the fair value of the consideration given 
in exchange for goods and services. 
 
The principal accounting policies adopted are set out below. 
 
Significant accounting policies 
 
Basis of consolidation 
 
The consolidated financial statements incorporate the financial statements of 
the Company and entities controlled by the Company (its subsidiaries) made up 
for the period ended 30 September 2023. Control is achieved when the Company has 
the power: 
 
·            over the investee; 
 
·            is exposed, or has rights, to variable returns from its involvement 
with the investee; and 
 
·            has the ability to use its power to affects its returns. 
 
The Company reassesses whether or not it controls an investee if facts and 
circumstances indicate that there are changes to one or more of the three 
elements of control listed above. 
 
Consolidation of a subsidiary begins when the Company obtains control over the 
subsidiary and ceases when the Company loses control of the subsidiary. 
Specifically, the results of subsidiaries acquired or disposed of during the 
year are included in profit or loss from the date the Company gains control 
until the date when the Company ceases to control the subsidiary. 
 
Where necessary, adjustments are made to the financial statements of 
subsidiaries to bring the accounting policies used into line with the Group's 
accounting policies. 
 
All intragroup assets and liabilities, equity, income, expenses and cash flows 
relating to transactions between the members of the Group are eliminated on 
consolidation. 
 
Business combinations 
 
Acquisitions of businesses are accounted for using the acquisition method. The 
consideration transferred in a business combination is measured at fair value, 
which is calculated as the sum of the acquisition-date fair values of assets 
transferred by the Group, liabilities incurred by the Group to the former owners 
of the acquiree and the equity interest issued by the Group in exchange for 
control of the acquiree. Acquisition-related costs are recognised in profit or 
loss as incurred. At the acquisition date, the identifiable assets acquired and 
the liabilities assumed are recognised at their fair value at the acquisition 
date, except that deferred tax assets or liabilities and assets or liabilities 
related to employee benefit arrangements are recognised and measured in 
accordance with IAS 12 and IAS 19 respectively. 
 
Goodwill is measured as the excess of the sum of the consideration transferred, 
the amount of any non-controlling interests in the acquiree, and the fair value 
of the acquirer's previously held equity interest in the acquiree (if any) over 
the net of the acquisition-date amounts of the identifiable assets acquired and 
the liabilities assumed. 
 
Goodwill 
 
Goodwill is initially recognised and measured as set out above. 
 
Goodwill is not amortised but is reviewed for impairment at least annually. For 
the purpose of impairment testing, goodwill is allocated to each of the Group's 
cash-generating units (or groups of cash-generating units) expected to benefit 
from the synergies of the combination. Cash-generating units to which goodwill 
has been allocated are tested for impairment annually, or more frequently when 
there is an indication that the unit may be impaired. If the recoverable amount 
of the cash-generating unit is less than the carrying amount of the unit, the 
impairment loss is allocated first to reduce the carrying amount of any goodwill 
allocated to the unit and then to the other assets of the unit pro-rata on the 
basis of the carrying amount of each asset in the unit. An impairment loss 
recognised for goodwill is not reversed in a subsequent period. 
 
On disposal of a cash-generating unit, the attributable amount of goodwill is 
included in the determination of the profit or loss on disposal. 
 
Revenue recognition 
 
Revenue is measured at the fair value of the consideration received or 
receivable for goods and services provided in the normal course of business, net 
of discounts, value added taxes and other sales related taxes. 
 
Performance obligations and timing of revenue recognition: 
 
All of the Group's revenue is derived from selling goods with revenue recognised 
at a point in time when control of the goods has transferred to the customer. 
This is generally when the goods are collected or delivered to the customer, or 
in the case of fabrication project work, when the project has been accepted by 
the customer. There is limited judgement needed in identifying the point control 

passes: once physical delivery of the products to the agreed location has 
occurred, the Group no longer has physical possession, usually it will have a 
present right to payment. Consideration is received in accordance with agreed 
terms of sale. 
 
Determining the contract price: 
 
The Group's revenue is derived from: 
 
a)         sale of goods with fixed price lists and therefore the amount of 
revenue to be earned from each transaction is determined by reference to those 
fixed prices; or 
 
b)         individual identifiable contracts, where the price is defined 
 
Allocating amounts to performance obligations: 
 
For most sales, there is a fixed unit price for each product sold. Therefore, 
there is no judgement involved in allocating the price to each unit ordered. 
 
There are no long-term or service contracts in place. Sales commissions are 
expensed as incurred. No practical expedients are used. 
 
Current and deferred tax assets and liabilities are offset when there is a 
legally enforceable right to set off. 
 
 2.      Critical accounting judgements and key sources of estimation 
uncertainty 
 
In applying the Group's accounting policies, the directors are required to make 
judgements (other than those involving estimations) that have a significant 
impact on the amounts recognised and to make estimates and assumptions about the 
carrying amounts of assets and liabilities that are not readily apparent from 
other sources. The estimates and associated assumptions are based on historical 
experience and other factors that are considered to be relevant. Actual results 
may differ from these estimates. 
 
The estimates and underlying assumptions are reviewed on an ongoing basis. 
Revisions to accounting estimates are recognised in the period in which the 
estimate is revised if the revision affects only that period, or in the period 
of the revision and future periods if the revision affects both current and 
future periods. 
 
Going concern 
 
The directors are confident that the existing financing set out in note 7 will 
remain available to the Group and that additional sources of finance will be 
available. The directors, with the operating initiatives already in place and 
funding options available, are confident that the Group will achieve its cash 
flow forecasts. Therefore, the directors have prepared the financial statements 
on a going concern basis. These financial statements do not include the 
adjustments that would result if the Group were unable to continue as a going 
concern. 
 
 3.        Finance costs 
 
                         6 Months to 30  6 Months to 30  Year ended 
                         September 2023  September 2022 
                                                         31March 
 
                                                         2023 
                         £'000           £'000           £'000 
Interest receivable 
Interest on quoted       12              12              25 
bond 
                         12              12              25 
Interest payable 
Interest on loans,       190             247             434 
bank overdrafts and 
leases 
Loan arrangement fees    -               18              68 
and other finance 
costs 
                         190             265             502 
 
Net finance costs        178             253             477 
 
Of which relating to:    £'000           £'000           £'000 
Continuing activities    178             217             438 
Discontinued             -               36              39 
activities 
                         178             253             477 
 
 4.        Discontinued activities 
 
                          6 Months to 30  6 Months to 30  Year ended 
                          September 2023  September 2022 
                                                          31March 
 
                                                          2023 
                          £'000           £'000           £'000 
 
Revenue                   -               926             943 
Cost of sales             -               (825)           (873) 
Gross margin              -               101             70 
Operating expenses        -               (270)           (280) 
Other Income              -               9               33 
Finance costs             -               (36)            (39) 
Loss before tax on        -               (196)           (216) 
discontinued 
activities 
Tax credit on                             -               - 
discontinued 
activities 
Profit on disposal of     -               1,372           1,804 
discontinued 
activities 
Profit on discontinued    -               1,177           1,588 
activities 
 
The Company disposed of Orca Doors Limited on 18 July 2022, IVI Metallics 
Limited on 31 July 2023 and Time Rainham Limited on 8 November 2022. 
 
 5.        Earnings per share 
 
The             6 Months to 30  6 Months to 30 September 2022  Year ended 
calculation     September 2023 
of the basic                                                   31March 
earnings 
loss per                                                       2023 
share is 
based on the 
following 
data 
                £'000           £'000                          £'000 
Loss for the    (375)           (453)                          (949) 
period from 
continuing 
activities 
Earnings /      (375)           724                            639 
(loss) for 
the period 
for the 
purposes of 
basic loss 
per share 
attributable 
to equity 
holders of 
the Company 
Weighted        872,986,621     554,051,792                    595,784,173 
average 
number of 
Ordinary 
Shares for 
the purposes 
of basic 
loss per 
share 
Basic loss      (0.04p)         (0.08p)                        (0.16p) 
per share 
(pence) from 
continuing 
activities 
Earnings /      (0.04p)         0.13p                          0.11p 
(loss) per 
share 
(pence) 
attributable 
to equity 
holders of 
the Company 
 
The Company has issued options and warrants over ordinary shares which could 
potentially dilute basic earnings per share in the future. There is no 
difference between basic loss per share and diluted loss per share as the 
potential ordinary shares are anti-dilutive. 
 
 6.        Other intangible assets 
 
                       BESS         Identified      Total 
                       Project      intangible 
                                    assets 
Cost                                £'000           £'000 
At 31 March 2022         -            1,200           1,200 
On disposal of           -            (720)           (720) 
subsidiary 
At 30 September          -            480             480 
2022 
On acquisition of        274          -               274 
subsidiary 
Recognised on            2,600        -               2,600 
acquisition 
Additions                34           -               34 
On disposal of           -            (180)           (180) 
subsidiary 
At 31 March 2023         2,908        300             3,208 
Additions                30           -               30 
At 30 September          2,938        300             3,238 
2023 
 
Amortisation 
At 31 March 2022         -            883             883 
Charge for the           -            25              25 
period 
Disposal                              (720)           (720) 
At 30 September          -            188             188 
2022 
Charge for the           -            15              15 
period 
Disposal                 -            (173)           (173) 
At 31 March 2023         -            30              30 
Charge for the           -            15              15 
period 
At 30 September          -            45              45 
2023 
 
Carrying value at        2,938        255             3,193 
30 September 2023 
Carrying value at        2,908        270             3,178 
31 March 2023 
Carrying value at        -            292             292 
30 September 2022 
 
Identified intangible assets arising on acquisition comprise; marketing related 
assets such as brands and domain names; customer related assets such as customer 
relationships, lists and existing order books. These are amortised, depending 
upon the nature of the asset and the business acquired over 1 to 10 years on a 
straight-line basis. 
 
BESS Project 
                                   £'000 
Fair value on acquisition          2,874 
Additions                          34 
At 31 March 2023                   2,908 
Additions                          30 
At 31 March 2023                   2,938 
 
Forepower Lincoln (250) Limited is a 248MW Battery Energy Storage System Project 
("BESS") which was acquired on 6 March 2023. The value at 31 March 2023 
represents the project costs incurred by FPL(250) together with a fair value 
adjustment on acquisition of £2.6 million, being the consideration paid by the 
company. The fair valuation adjustment reflects a discount from comparable 
market values for similar projects to take into account the early stage of 
development of the project. On 25 October 2023, the Company disposed of 49.9% of 
its holding in FPL (250) in order to fund the development of the project and 
value is expected to be generated as the project moves through the planning 
process and obtains a firm connection date to the national grid. Further uplifts 
in value are expected as project mile-stones are achieved. 
 
 7.        Borrowings 
 
                       At                 At                 At 
 
                       30 September 2023  30 September 2022  31 March 
 
                                                             2023 
                       £'000              £'000              £'000 
Non-current 
liabilities 
Secured 
Convertible loan       475                -                  - 
note 
Other Loans            1,854              -                  - 
                       2,329              -                  - 
Current liabilities 
Secured 
Corona virus           700                703                700 
business 

interruption loan 
Factoring facility     250                334                145 
Convertible loan       -                                     475 
note 
Other Loans            45                 1,854              1854 
Unsecured 
Other Loans                               -                  13 
Convertible loan                          475 
note 
                       995                3,366              3,187 
 
Total Borrowings       3,324              3,366              3,187 
 
The convertible loan note has a coupon of 5%. The lender has the right to 
convert the outstanding principal into ordinary share of the Company at a price 
of 1p per share. In the event that the lender does not exercise its conversion 
rights by 30 June 2025, the loan shall become immediately repayable by the 
Company. 
 
Other loans falling due in more than one year of £1,854,000 (HY22 £1,854,000) 
are secured by means of a debenture and chattels mortgage. The loans mature in 
April and July 2025. The loans bear an interest rate of 18% per annum. 
 
Following the disposal of IVI Metallics Limited and its subsequent 
administration, pursuant to the cross guarantee, HSBC issued a final demand for 
repayment for the outstanding principal under its CBIL. The Company is in 
negotiations with the bank to reschedule the loan. Pending the outcome, the 
outstanding capital is classified as falling due within one year. 
 
The factoring facilities are secured on certain trade receivables. There is a 
factoring charge of 1% of the Gross debt and a discount rate of 5% above bank 
base rate on net advances. The agreement provides for 3 months' notice by either 
party and certain minimum fee levels. 
 
Other loans falling due in less than one year of £45,000 (HY22 £nil) are secured 
by means of a debenture over the assets of Forepower Lincoln (250) Limited.  The 
Loan is interest free. 
 
Reconciliation to cash flow statement 
 
                         At 1   Drawn down  Repaid  At 30 
 
                         April                      September 
 
                         2023                       2023 
                         £'000  £'000       £'000   £'000 
Secured borrowings 
Other Loans              1,854  45          -       1,899 
Convertible Loan Note    475    -           -       475 
CBIL                     700    -           -       700 
Factoring facilities     145    105         -       250 
                         3,174  150         -       3,324 
 
Other loan               13     -           (13)    - 
Total borrowings         3,187  150         (13)    3,324 
 
 8.      Share capital 
 
                              Number         £'000 
Issued and fully paid: 
At 31 March 2022              526,334,602    218 
Issued during the period      55,081,892     16 
At 30 September 2022          581,416,494    234 
Issued during the period      289,111,111    114 
At 31 March 2023              870,527,605    348 
Issued during the period      3,333,333      2 
At 30 September 2023          873,860,938    350 
 
 9. Post balance sheet events 
 
On 25 October 2023, the Company disposed of 49.9% of its holding in FPL (250) in 
order to fund the development of the BESS project. 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END 
 
 

(END) Dow Jones Newswires

December 22, 2023 08:01 ET (13:01 GMT)