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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Dukemount Capital Plc | LSE:DKE | London | Ordinary Share | GB00BMWC6Q55 | ORD GBP0.00001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0325 | 0.03 | 0.035 | 0.0325 | 0.0325 | 0.0325 | 0.00 | 07:31:26 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Lessors Of Real Property,nec | 0 | -408k | -0.0059 | -0.05 | 20.8k |
TIDMDKE
RNS Number : 0257A
Dukemount Capital PLC
28 January 2022
Dukemount Capital Plc
("Dukemount" or "the Company")
Interim Results
Dukemount Capital Plc (LSE: DKE) is pleased to announce its unaudited interim results for the six months ended 31 October 2021 ("the Interim Report").
Highlights
-- Entered into JV agreement with HSKB Ltd (renamed DKE Flexible Energy Limited) -- Completed gas peaker funding package -- Completed purchase of two RTB 11kV energy generation sites
Operational Developments
Dukemount has successfully signed off a subordinated funding package necessary to enable completion of the senior debt funding for its gas peaking projects and through HSKB completed the purchase of two special purpose companies. Each company contains an 11kV gas peaking facility, which are ready to build, with full planning permission and grid access. HSKB has changed its name to DKE Flexible Energy Limited ("DKE Energy"). DKE Energy will initially build two gas peaking facilities. Dukemount will manage the construction of the two sites and provide its knowledge of long-dated income funding and finance to optimize the capital structure.
Dukemount is currently working with its advisors and the FCA to get a prospectus approved and the first tranche of the funding available to be able to commence the construction process.
Paul Gazzard commented:
"It has been a very positive few months for DKE and we look forward to continuing to grow the pipeline and getting into the construction phase of the new sites with the support of our funders and shareholders.
We look forward to updating the market with more developments soon as they are delivered."
For further information, please visit www.dukemountcapitalplc.com or contact:
Dukemount Capital Plc : Paul Gazzard
Media Enquiries: Miriad, Zak Mir Tel: +44 (0)7867 527 659
Shard Capital (Broker): Isabella Pierre / Damon Heath Tel: +44 (0) 20 7186 9927
Interim Management Report
I hereby present the Interim Report for the six months ended 31 October 2021. During the period the Group made a loss of GBP227,218 (six months to 31 October 2020: loss of GBP156,947). These losses are consistent with the Group's run rate and arose in the course of: pursuing transactions; maintaining the Company's listing on the Official List of the UK Listing Authority by way of a standard listing and include: consultancy fees, professional fees and directors' fees.
During the period, the board has pushed on to securing long dated income opportunities.
During the period the Company entered into a Joint Venture Agreement in relation to flexibility power expert HSKB Ltd ("HSKB"). Pursuant to the Joint Venture Agreement, Dukemount acquired 50% of the issued share capital of HSKB for nominal value.
Dukemount successfully signed off a subordinated funding package necessary to enable completion of the senior debt funding for the gas peaking projects in September 2021 and announced in October 2021 that HSKB had successfully completed the purchase of two special purpose companies. Each company contains an 11kV gas peaking facility, which are ready to build, with full planning permission and grid access. HSKB has also changed its name to DKE Flexible Energy Limited ("DKE Energy"). DKE Energy will initially build two gas peaking facilities. Dukemount will manage the construction of the two sites and provide its knowledge of long-dated income funding and finance to optimize the capital structure. DKE Energy's management brings its technical, operational and market expertise of the UK flexible power market, as well as access to a pipeline of further deals.
Outlook
Dukemount believes the opportunities presented by the joint venture to be an important milestone for Dukemount to meet its projected growth targets. Dukemount is set to rollout further joint venture projects with a focus on gas peaking and battery storage facilities. Both asset types balance the fluctuating power requirements of the grid during periods of high-level demand or shortfalls of electricity supply: a problem which is set to become more acute in the transition to a greater reliance on renewable energy sources.
I would like to take the opportunity to thank our shareholders for their support and the Dukemount team for their continuing efforts in driving this business forward.
Paul Gazzard
On behalf of the Board
28 January 2022
Responsibility Statement
We confirm that to the best of our knowledge:
-- the Interim Report has been prepared in accordance with International Accounting Standards 34, Interim Financial Reporting, as adopted by the EU;
-- gives a true and fair view of the assets, liabilities, financial position and loss of the Group;
-- the Interim Report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the set of interim financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
-- the Interim Report includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules, being the information required on related party transactions.
The Interim Report was approved by the Board of Directors and the above responsibility statement was signed on its behalf by:
Paul Gazzard
Director
28 January 2022
Consolidated Statement of Comprehensive Income
For the six months ended 31 October 2021
Group Group Group Note Unaudited Unaudited Audited 6months 6months ended Year ended 31 Oct 2020 ended 31 Oct 2021 30 April 2021 GBP GBP GBP Continuing Operations Revenue from contracts with customers 4 - 1,348,227 3,296,730 Cost of sales - (1,283,553) (3,483,700) ------------- --------------- ------------ Gross Profit/(Loss) 64,674 (186,970) Other income - - 14,750 Administrative expenses (227,218) (221,621) (741,636) Operating loss (227,218) (156,947) (913,856) Interest received - - 29 Loss before taxation (227,218) (156,947) (913,827) Tax - - - Loss for the financial period attributable to equity owners (227,218) (156,947) (913,827) Total comprehensive (loss) attributable to the equity holders (227,218) (156,947) (913,827) ------------- --------------- ------------ Earnings per share - Basic and diluted 5 (0.00046) (0.00035) (0.0020)
Consolidated Statement of Financial Position
At 31October 2021
Group Group Group Note Unaudited Unaudited Audited 31 Oct 2021 31 Oct 2020 30 April GBP GBP 2021 GBP ASSETS Current assets: Trade and other receivables 6 938,836 714,728 576,316 Cash and cash equivalents 40,864 58,969 24,657 Total Current assets 979,700 773,697 600,973 ------------- ------------- ------------ Total assets 979,700 773,697 600,973 ------------- ------------- ------------ LIABILITIES Current liabilities: Trade and other payables 7 1,799,753 769,652 1,218,808 Total Current liabilities 1,799,753 769,652 1,218,808 ------------- ------------- ------------ Total liabilities 1,799,753 769,652 1,218,808 ------------- ------------- ------------ NET ASSETS (820,053) 4,045 (617,835) ------------- ------------- ------------ Capital and reserve attributable to the equity holders of the Parent Share capital 513,535 454,283 481,283 Share premium 1,107,783 1,007,035 1,115,035 Share based payments reserve 2,960 30,499 2,960 Retained earnings (2,444,331) (1,487,772) (2,217,113)
------------- ------------- ------------ TOTAL EQUITY (820,053) 4,045 (617,835) ------------- ------------- ------------
Consolidated Statement of Changes in Equity
For the six months ended 31 October 2021
Share Share Share Retained Total shareholder capital premium based losses equity payment reserve GBP GBP GBP GBP GBP Balance as at 1 May 2020 439,033 952,211 30,499 (1,330,825) 90,918 -------------------------- --------- ---------- --------- ------------ ------------------ Loss for the period - - - (156,947) (156,947) --------- ---------- --------- ------------ ------------------ Total comprehensive income for the period - - - (156,947) (156,947) --------- ---------- --------- ------------ ------------------ Issue of ordinary shares 15,250 54,824 - - 70,074 Total transactions with owners 15,250 54,824 - - 70,074 -------------------------- --------- ---------- --------- ------------ ------------------ Balance at 31 October 2020 454,283 1,007,035 30,499 (1,487,772) 4,045 -------------------------- --------- ---------- --------- ------------ ------------------ Loss for the period - - - (756,880) (756,880) --------- ---------- --------- ------------ ------------------ Total comprehensive income for the period - - - (756,880) (756,880) --------- ---------- --------- ------------ ------------------ Issue of ordinary shares 27,000 108,000 - - 135,000 --------- ---------- --------- ------------ ------------------ Exercise of warrants - - (27,539) 27,539 - Total transactions with owners 27,000 108,000 (27,539) 27,539 135,000 Balance as at 30 April 2021 481,283 1,115,035 2,960 (2,217,113) (617,835) -------------------------- --------- ---------- --------- ------------ ------------------ Loss for the period - - - (227,218) (227,218) --------- ---------- --------- ------------ ------------------ Total comprehensive income for the period - - - (227,218) (227,218) --------- ---------- --------- ------------ ------------------ Issue of ordinary shares 32,252 (7,252) - - 25,000 Total transactions with owners 32,252 (7,252) - - 25,000 -------------------------- --------- ---------- --------- ------------ ------------------ Balance at 31 October 2021 513,535 1,107,783 2,960 (2,444,331) (820,053) -------------------------- --------- ---------- --------- ------------ ------------------
Consolidated Statement of Cashflows
For the six months ended 31 October 2021
Group Group Group Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 31 Oct 2021 31 Oct 2020 30 April 2021 GBP GBP GBP Operating activities Loss before taxation (227,218) (156,947) (913,827) (Increase)/decrease in trade and other receivables (33,214) (105,170) 33,242 (Decrease) / increase in trade and other payables (419,055) (157,399) 265,070 ------------- ------------- ------------ Net cash used in operating activities (679,487) (419,516) (615,515) ------------- ------------- ------------ Cash Flows from Investing Activities Investment in JV (329,306) - - ------------- ------------- ------------ Net Cash generated from Investing (329,306) - - Activities ------------- ------------- ------------ Cash Flows from Financing Activities Loans received 1,000,000 - - Net proceeds from issue of shares - 70,074 231,761 Shares issued in lieu of expenses 25,000 - - Net Cash generated from Financing Activities 1,025,000 70,074 231,761 ------------- ------------- ------------ Increase/(Decrease) in cash and cash equivalents in period/ year 16,207 (349,442) (383,754) Cash and cash equivalents at beginning of period / year 24,657 408,411 408,411 Cash and cash equivalents at end of period / year 40,864 58,969 24,657 ------------- ------------- ------------
Notes to the Interim Report
For the six months ended 31 October 2021
1. GENERAL INFORMATION
Dukemount Capital Plc (the "Company") is a company domiciled in England. The interim report for the six months ended 31 October 2021 comprises the results of the Company and its subsidiaries (together referred to as the "Group").
2. BASIS OF PREPARATION
The condensed consolidated interim financial statements have been prepared under the historical cost convention and on a going concern basis and in accordance with International Financial Reporting Standards, International Accounting Standards and IFRIC interpretations endorsed for use in the United Kingdom ("IFRS"). The condensed consolidated interim financial statements contained in this document do not constitute statutory accounts. In the opinion of the directors, the condensed consolidated interim financial statements for this period fairly presents the financial position, result of operations and cash flows for this period. The Board of Directors approved this Interim Financial Report on 27 January 2022.
Statement of compliance
The Interim Report includes the consolidated interim financial statements which have been prepared 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 period ended 30 April 2021, which have been prepared in accordance with IFRS endorsed for use in the United Kingdom.
Accounting policies
The condensed consolidated interim financial statements for the period ended 31 October 2021 have not been audited or reviewed in accordance with the International Standard on Review Engagements 2410 issued by the Auditing Practices Board. The figures were prepared using applicable accounting policies and practices consistent with those adopted in the statutory annual financial statements for the year ended 30 April 2021. There have been no new accounting policies adopted since 30 April 2021.
Going concern
The Group has assessed its ability to continue as a going concern. The Directors, having made due and careful enquiry, are of the opinion that the Group will have access to adequate working capital to meet its obligations for the period of at least twelve months from the date when the condensed interim financial statements are authorised for issue. The Directors therefore have made an informed judgement, at the time of approving these condensed interim financial statements, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. As a result, the Directors have adopted the going concern basis of accounting in the preparation of the condensed interim financial statements for the period ended 31 October 2021.
3. RISKS AND UNCERTAINTIES
The Board continually assesses and monitors the key risks of the business. The key risks that could affect the Group's short and medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2021 audited financial statements, a copy of which is available on the Company's website: http://www.dukemountcapitalplc.com .
4. REVENUE
Revenue relates to amounts contractually due under a property development agreement at the balance sheet date relating to the stage of completion of a contract as measured by surveys of work performed to date. Revenue is recognised for services when the Group has satisfied its contractual performance obligation in respect of the services. The amount recognised for the services performed is the consideration that the Group is entitled to for performing the services provided. Revenue from contracts with customers is recognised over time.
Group Unaudited Group Unaudited Group 31 Oct 2021 31 Oct 2020 Audited 30 April 2021 GBP GBP GBP Revenue from contracts with customers - 1,348,227 3,296,730 5. EARNINGS PER SHARE
The basic loss per share is derived by dividing the loss for the period attributable to ordinary shareholders by the weighted average number of shares in issue.
Group Unaudited Group Unaudited Group 31 Oct 2021 31 Oct 2020 Audited 30 April 2021 GBP GBP GBP Loss for the period (227,218) (156,947) (913,827) Weighted average number of shares - expressed in thousands 496,352 450,950 456,930 Basic earnings per share - expressed in pence (0.00046) (0.00035) (0.0020) 6. TRADE AND OTHER RECEIVABLES Group Unaudited Group Unaudited Group 31 Oct 2021 31 Oct 2020 Audited 30 April 2021 GBP GBP GBP Trade and other receivables 377,620 30,623 15,100 Amounts recoverable on contracts 561,216 684,105 561,216 ---------------- ---------------- --------------- 938,836 714,728 576,316 ================ ================ ===============
Amounts recoverable on contracts represents sales invoices issued after the period end in respect of work undertaken during the period with appropriate provision being made in accruals and deferred income for costs incurred in undertaking such work but which had not been invoiced at the period end.
7. TRADE AND OTHER PAYABLES Group Unaudited Group Unaudited Group 31 Oct 2021 31 Oct 2020 Audited 30April 2021 GBP GBP GBP Trade and other payables 1,681,253 264,016 1,052,660 Accruals 118,500 93,500 166,148 Accrued property costs - 412,136 - 1,799,753 769,652 1,218,808 ================ ================ ============== 8. APPROVAL OF INTERIM FINANCIAL STATEMENTS
The Condensed interim financial statements were approved by the Board of Directors on 28 January 2022. A copy can be obtained on the Company's website at www.dukemountcapitalplc.com
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January 28, 2022 08:43 ET (13:43 GMT)
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