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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Graft Polymer (uk) Plc | LSE:GPL | London | Ordinary Share | GB00BMD1Z199 | ORD GBP0.001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.135 | 0.12 | 0.15 | 0.135 | 0.135 | 0.135 | 124,764 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Business Services, Nec | 542k | -2.71M | -0.0260 | -0.05 | 135.33k |
TIDMGPL
RNS Number : 2471B
Graft Polymer (UK) PLC
30 September 2022
This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).
30 September 2022
Graft Polymer (UK) Plc
("Graft Polymer", the "Company", and together with its subsidiaries, the "Group")
Interim Financial Results
Graft Polymer (UK) Plc (LSE: GPL), a business focused on the development and commercial production of polymer modification products, biological supplements, and nano-drug delivery systems, is pleased to announce its interim results for the period ended 30 June 2022.
Highlights
-- Successful admission to trading on the London Stock Exchange following the Company raising GBP5,000,000 before costs;
-- Cashflow positive operational status achieved through organic growth at the Company's production facility in Slovenia;
-- Granted a HACCP certificate for production at the Slovenian facility enabling the Company to enter the B2C market;
-- First large commercial purchase order received since IPO for 50,000 units of ArtemiC(TM) Rescue from MGC Pharmaceuticals;
-- Pre-payments made on tailor-made equipment at lower than original forecast costs which are expected to be installed in the coming weeks and will double the Company's production capacity; and
-- Strong cash reserves and nil debt, net GBP2m net cash in the bank post totalCAPEX spend.
For further information on the Company please visit www.graftpolymer.com or contact :
Roby Zomer (Chairman) Graft Polymer V ia St Brides Partners / Yifat Steuer (FD) (UK) plc J ames Pope / Andy Thacker Turner Pope Investments Tel: +44 (0)20 3 657 0050 (Broker) ------------------------ ----------------------------------- Catherine Leftley / St Brides Partners graftpolymer@stbridespartners.co.uk Ana Ribeiro / Max Bennett Ltd, Financial PR ------------------------ -----------------------------------
Chairman's Statement
I am pleased to present a review of our activities for the six months to 30 June 2022 for Graft Polymer (UK) Plc ('Graft Polymer' or the 'Company' or the 'Group'), in possibly the most significant period in the Company's history to date, following our IPO on the London Stock Exchange in January this year. The team at Graft Polymer have been working tirelessly to carry forward the strong progress made following its successful raise of GBP4.15 million, achieving a number of key objectives that we set out to do at the time of the listing.
By way of a reminder of Graft Polymer's business, having developed a proprietary set of polymer modification technologies, which uses recycled raw materials and a closed loop system to reduce plastic waste by up to 50 per cent, our technology can improve existing products and processing methodologies by enhancing performance, simplifying manufacturing, reducing material consumption, widening the choice of feedstocks, and reducing costs. Our motto, "combine the incompatible", reveals the essence of Graft Polymer's business; the use of a diverse range of modification technologies to combine immiscible and incompatible components into polymer composites.
The progress of the Company's GraftBio division in the period under review has been particularly successful, having been granted a Hazard Analysis and Critical Control Point ('HACCP') certificate at the Slovenian R&D facility which will enable the Group to enter the B2C market, commercialising its IP for bio/pharma applications, developing drug carriers for use in the pharma and the food supplement markets, thereby introducing a further revenue stream to its business.
Following on from this, post period end, the GraftBio division received its first large commercial purchase order since IPO for 50,000 units of ArtemiC(TM) Rescue from MGC Pharmaceuticals, to be sold in the US, a significant milestone for the GraftBio division and the rest of the Group. Production commenced immediately with funds expected to be remitted upon delivery of the product in the coming weeks. The Group anticipates follow on orders in the coming quarters and the ability for the GraftBio proprietary drug delivery system division to licence and produce a wide range of products for pharmaceutical clients, like MGC Pharma, and many other customers and industries going forward, demonstrates the diverse nature of our technology.
It is the nature of our industry to be constantly researching and developing to find the most efficient way to design and develop products. Whether this is through innovations of the product itself or through the production facility, where the Group switched to a two-shift operation to ensure order fulfilment, and with further investment in production line and laboratory equipment upgrades planned to maximise output to 6,000 tonnes per annum, doubling the existing capacity. These upgrades also provide a boon to Graft Polymer as they have come at a lower than budgeted price. These planned upgrades will greatly increase the profitability of the facility and will enable further R&D.
Very importantly with respect to the Company's commercial operations, the Slovenian manufacturing facility has also recently achieved cash flow positive status through organic growth alone, showcasing Graft Polymer's unique position within the industry. Boasting a very experienced board of directors, Graft Polymer is in an ideal situation to utilise the board's skills and knowledge to further augment the Company's growth and achieve the rest of the goals set out in the prospectus and beyond.
One of the Group's core strategies is the development of its intellectual property ('IP'). The development of our innovative IP pipeline is a significant growth driver and recently we have had seven patents granted in the period, five of which were in the EU, which boasts some of the strongest IP laws in the world, ensuring GP's proprietary products are well protected meaning the Group can continue to innovate and develop new products.
As a reminder of the Company's operations, Graft Polymer has two main divisions that aim to create maximum value for the company, boost revenue through diversification, and enhance Graft Polymer's strong IP strategy.
Polymer Modification
The Company's first division has been very successful since the Company IPO'd. The polymer division offers a diverse range of products that combine immiscible and incompatible components creating unique solutions for the Group's clients. As the Group is a newly listed company, it offers certain benefits over some of the more established players in the polymer field such as agility and flexibility. The Group can create bespoke and niche products for nearly any market/industry and has a long pipeline of potential clients with customer trials currently underway that if successful will offer a good source of revenue as well as repeat custom.
Only six months into trading, the development and manufacturing facility in Slovenia became cash flow positive representing a key financial and strategic milestone for the Company, and will, in turn, allow more extensive R&D into new products further enhancing profitability and the Group's reputation as a company that offers a wider and more unique range of products than other competitors in the market.
GraftBio
The GraftBio division is the second spinout from Graft Polymer which is targeting pharmaceutical companies with its proprietary Drug Delivery System ('DDS') that aims to reduce dosage frequency and mitigate unwanted side effects. The DDS has already been put to good effect with a successful pre-clinical trial from MGC Pharmaceuticals Ltd ('MGC Pharma') to treat Glioblastoma multiforme cells which is a fast-growing and aggressive form of brain cancer.
Separately Graft Polymer received its first US market commercial order for 50,000 units of ArtemiC(TM) Rescue, a nutraceutical which has been used to treat patients suffering from moderate Covid-19 showcasing the wide range of applications GPL's DDS can be used for.
The GraftBio division is particularly exciting for the Company as it is expected to be more profitable than the polymer division, with the belief that it can generate gross margins of around 60 per cent, furthermore, it is predicted to be less seasonal than the polymer division which is generally quieter during the summer period which will create a counterbalance to the workloads and maximise productivity throughout the year.
The GraftBio division also has a spinoff Bio-Supplement division which has been made possible through the granting of the HACCP certificate, which has enabled the Company to enter the lucrative business-to-Consumer ('B2C') market. The Bio-Supplement division further diversifies GPL's business and adds another revenue stream in the particularly lucrative supplement market that has been valued at US$ 71.81B in 2021 and is projected to grow to US$ 128.64B by 2028.
Outlook
Despite the onset of the tragic war in Ukraine and the supply shortages and supply chain issues that have occurred, the outlook for Graft Polymer remains largely positive, having reached cashflow positive at the Slovenian facility through organic growth alone represents a major milestone and a good anchor point which will allow GPL to continue its cutting-edge innovation whilst also having a strong basis of revenue to rely on. In the short-term production capacity at the Slovenian facility will be expanded which will nearly double the output and allow more orders to be fulfilled, further increasing revenue and company awareness.
It is an exciting period for the Group as it has many opportunities ahead of it in terms of its new division, cash flow positive status and large client pipeline. I am very much looking forward to updating the market with our progress. I would like to use this opportunity to thank all the team for their hard work and the considerable progress that has been made since listing.
Roby Zomer
Chairman
29 September 2022
Interim Financial Statements
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2022
Unaudited Unaudited Six months Six months Note to 30 Jun to 30 Jun 2022 2021 GBP'000 GBP'000 --------------------------- ------- ------------ ------------ Continuing operations Revenue 3 331 226 Cost of sales (177) (82) --------------------------- ------- ------------ ------------ Gross profit 154 144 Other income 15 1 Operational costs (155) (137) Administrative expenses (783) (365) --------------------------- ------- ------------ ------------ Operating loss 4 (769) (357) Depreciation (41) (45) Finance costs (5) (5) --------------------------- ------- ------------ ------------ Loss before taxation (815) (407) Income tax - - --------------------------- ------- ------------ ------------ Loss for the period from continuing operations (815) (407) Total loss for the period attributable to equity holders of the parent Other comprehensive (loss)/income - (8) --------------------------- ------- ------------ ------------ Total comprehensive loss for the period attributable to equity holders of the parent (815) (415) =========================== ======= ============ ============ Loss per share (p) 5 (0.79) (0.58) =========================== ======= ============ ============ Interim Financial Statements CONSOLIDATED STATEMENT OF FINANCIAL Unaudited Audited POSITION AS AT 30 June 2022 30 Jun 2022 31 Dec 2021 Note GBP'000 GBP'000 --------------------------------------- ----- Non-current assets Property, plant and equipment 6 324 310 Intangible assets 7 2,068 2,068 Other non-current assets 13 12 Total non-current assets 2,405 2,390 --------------------------------------- ----- Current assets Cash and cash equivalents 3,043 598 Trade and other receivables 9 347 142 --------------------------------------- ----- Total current assets 3,390 740 --------------------------------------- ----- ------------- -------------- TOTAL ASSETS 5,795 3,130 ======================================= ===== ============= ============== Equity attributable to owners of the parent Issued share capital 12 41 7 Share premium 7,001 942 Shares to be issued - 500 Capital reduction reserve 2,500 2,500 Foreign exchange reserve 3 3 Accumulated losses (3,955) (3,140) --------------------------------------- ----- ------------- -------------- Total equity 5,590 812 --------------------------------------- ----- ------------- -------------- Non-current liabilities Other non-current liabilities 27 - Total non-current liabilities 27 - Current liabilities Trade and other payables 10 178 958 Borrowings 11 - 1,360 Total current liabilities 178 2,318 --------------------------------------- ----- ------------- Total liabilities 205 2,318 --------------------------------------- ----- ------------- -------------- TOTAL EQUITY AND LIABILITIES 5,795 3,130 ======================================= ===== ============= ==============
Interim Financial Statements
CONSOLIDATED STATEMENT OF CASHFLOWS
For the six months ended 30 June 2022
Unaudited Unaudited Six months Six months to 30 Jun to 30 Jun 2022 2021 GBP'000 GBP'000 ------------ ------------ Cash flow from operating activities Operating loss - continuing operations (815) (407) Adjustments for: Depreciation - property, plant & equipment 41 40 Depreciation - right of use asset - 5 Finance charge 1 5 Gain on settlement of CLN's / accrued fees through issue of shares (15) - Foreign exchange loss 3 - Changes in working capital: (Increase) / decrease in trade and other receivables (205) 10 (Decrease) / increase in trade and other payables (1,182) 168 Net cash (outflow)/inflow from operating activities (2,172) (179) ----------------------------------- ------------ ------------ Cash flow from investing activities Purchase of property, plant and equipment (47) - Net cash outflow from investing activities (47) - ---------------------------------- ------------ ------------ Cash flows from financing activities Payment of lease liability - (16) Proceeds from borrowings - 150 Net proceeds from issue of shares 4,660 - Net cash inflow from financing activities 4,660 134 ----------------------------------- ------------ ------------ Net (decrease)/increase in cash and cash equivalents 2,441 (45) Cash and cash equivalents at beginning of period 598 209 Foreign exchange impact on cash 4 (10) Cash and cash equivalents at the end of the period 3,043 154 ----------------------------------- ------------ ------------
Interim Financial Statements
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months Shares Capital Foreign ended 30 June Share to be Share Reduction Exchange Accum-ulated Total 2022 Capital Issued Premium Reserve Reserve Losses Equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 January 2021 7 - 942 2,500 (12) (1,895) 1,542 Loss for the period - - - - - (407) (407) Other comprehensive income - - - - (8) - (8) -------------------------- --------- -------- --------- ----------- ---------- ------------- -------- Total comprehensive loss for the period - - - - (8) (407) (415) Balance at 30 Jun 2021 - (unaudited) 7 - 942 2,500 (20) (2,302) 1,127 -------------------------- --------- -------- --------- ----------- ---------- ------------- -------- At 1 January 2022 7 500 942 2,500 3 (3,140) 812 Loss for the period - - - - - (815) (815) Other comprehensive loss - - - - - - - -------------------------- --------- -------- --------- ----------- ---------- ------------- -------- Total comprehensive loss for the period - - - - - - (815)
-------------------------- --------- -------- --------- ----------- ---------- ------------- -------- Shares issued during the period 34 (500) 6,399 - - - 5,933 Share issue costs - - (340) - - - (340) -------------------------- --------- -------- --------- ----------- ---------- ------------- -------- Total 34 (500) 6,059 - - - 5,593 Balance at 30 June 2022 - (unaudited) 41 - 7,001 2,500 3 (3,955) 5,590 ========================== ========= ======== ========= =========== ========== ============= ========
Interim Financial Statements
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 30 June 2022
1. BASIS OF PREPARATION
The condensed consolidated interim financial statements of Graft Polymer (UK) plc (the "Company") and its subsidiaries (together the "Group") for the six-month period ended 30 June 2022 have been prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting.
The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the period ended 31 December 2021, which was prepared in accordance with UK adopted International Accounting Standards (IFRS) and the Companies Act 2006, and any public announcements made by Graft Polymer (UK) plc during the interim reporting period and since.
These condensed consolidated interim financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2021 prepared under IFRS have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under Section 498(2) of the Companies Act 2006.
These condensed interim financial statements are prepared in GBP to the nearest GBP'000.
The condensed consolidated interim financial statements have not been audited.
1.1 GOING CONCERN
The interim financial statement have been prepared on a going concern basis, which assumes that the Group will continue in operational existence for the foreseeable future.
Taking into account the cash reserves at period end and having reviewed the forecasts for the coming 12 months, the Directors believe the Group has sufficient resources to meet its obligations for a period of at least 12 months from the date of approval of these financial statements.
Taking these matters into consideration, the Directors consider that the continued adoption of the going concern basis is appropriate and the Interim Financial Information does not reflect any adjustments that would be required if they were to be prepared other than on a going concern basis.
1.2 CRITICAL ACCOUNTING ESTIMATES
The preparation of condensed Interim Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and disclosure of contingent assets and liabilities at the end of the reporting period.
In preparing these condensed interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial statements for the period ended 31 December 2021, with the nature and amounts of such estimates have not changed significantly during the interim period.
2. SEGEMENT REPORTING
The following information is given about the Group's reportable segments:
The Chief Operating Decision Maker is the Board of Directors. The Board reviews the Group's internal reporting in order to assess performance of the Group. Management has determined the operating segment based on the reports reviewed by the Board.
The Board considers that during the six month period ended 30 June 2022 the Group operated in the single business segment of polymer development and production.
3. REVENUE 6 Mths 6 Mths to 30 to 30 Jun 2022 Jun 2021 GBP'000 GBP'000 ---------------- ---------- ---------- Sales revenue 331 226 331 226 ---------- ---------- 4. OPERATING LOSS
Operating loss from continued operations is stated after (charging) / crediting:
6 Mths 6 Mths to 30 to 30 Jun 2022 Jun 2021 GBP'000 GBP'000 ------------------------------------ ---------- ---------- Operating costs (155) (204) Director and employee costs (324) (142) Professional and consulting fees (277) (194) Travel expenses (2) (2) Corporate and administrative costs (145) (7) Other expenses (35) (20) ---------- ---------- (938) (569) ---------- ---------- 5. EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share is calculated by dividing the profit or loss for the period by the weighted average number of ordinary shares in issue during the period.
Six months Six months to 30 Jun to 30 Jun 2022 (unaudited) 2021 (unaudited) ----------------------------------------- ------------------ ------------------ Loss for the period from continuing operations - GBP '000s (815) (407) Weighted number of ordinary shares in issue 102,967,002 70,000,000 ------------------------------------------ ------------------ ------------------ Basic and diluted earnings per share from continuing operations - pence (0.79) (0.58) ------------------------------------------ ------------------ ------------------
There is no difference between the diluted loss per share and the basic loss per share presented. Share options and warrants could potentially dilute basic earnings per share in the future. These were not included in the calculation and no diluted earnings per share presented as the Group is loss making and additional equity instruments are anti-dilutive for the periods presented.
6. PROPERTY, PLANT AND EQUIPMENT Plant & Total Equipment GBP'000 GBP'000 ------------------------------------------ ----------- ---- --------- Cost At 1 June 2021 - (audited) 550 550 Additions 1 1 Exchange impact (14) (14) ----------- --------- At 31 December 2021 - (audited) 537 537 Additions 47 47 Exchange impact 15 15 ----------- --------- At 30 June 2022 - (unaudited) 599 599 ----------- --------- Depreciation At 1 June 2021 (186) (186) Charge for the year (46) (46) Exchange impact 5 5 ----------- --------- At 31 December 2021 - (audited) (227) (227) Charge for the period (41) (41) Exchange impact (7) (7) ----------- --------- At 30 June 2022 - (unaudited) (275) (275) ----------- --------- Net book value at 31 December 2021 (audited) 310 310 ----------- --------- Net book value at 30 June 2022 (unaudited) 324 324 ----------- --------- 7. INTANGIBLE ASSETS 30 June 2022 31 Dec (unaudited) 2021 (audited) GBP'000 GBP'000 ------------------- ---- -------------- ---------------- Opening balance 2,068 2,068 Additions - - -------------- ---------------- 2,068 2,068
-------------- ----------------
At each period / year end, the Directors assess the intangible assets for any indicators of impairment and have concluded no presence of such indicators, hence concluded that no impairment charge was necessary during the year (31 Dec 2021: GBPnil).
8. INVESTMENT
Company subsidiary undertakings
The Group owned interests in the following subsidiary undertakings, which are included in the consolidated financial statements:
Business Country Registered Name Holding Activity of Incorporation Address 30 Jun 31 Dec 2022 2021 ---------------- ------- ------- -------------------- ------------------ --------------------- Emonska Cesta Graft Polymer Polymer development 8, 1000, Ljubljana, d.o.o. 100% 100% and production Slovenia Slovenia ---------------- ------- ------- -------------------- ------------------ --------------------- Eccleston Holder of Yards, 25 all Group Eccleston Graft Polymer Intellectual England & Place, London, IP Limited 100% 100% Property Wales SW1W 9NF ---------------- ------- ------- -------------------- ------------------ --------------------- 9. TRADE AND OTHER RECEIVABLES 30 June 2022 31 Dec 2021 (unaudited) (audited) GBP'000 GBP'000 --------------------------------------------- ---- -------------- ------------- Trade receivables 25 20 Advanced payments for plant and equipment 152 - Other taxes and social security 61 99 Other receivables 107 23 -------------- ------------- 345 142 -------------- ------------- 10. TRADE AND OTHER PAYABLES 30 June 2022 31 Dec 2021 (unaudited) (audited) GBP'000 GBP'000 ------------------ ---- -------------- ------------- Trade payables 67 841 Accruals 72 480 Other payables 39 39 -------------- ------------- 178 1,360 -------------- ------------- 11. BORROWINGS 30 June 2022 31 Dec 2021 (unaudited) (audited) GBP'000 GBP'000 ------------------------------- ---- --------------- ------------- Convertible note borrowings - 958 - 958 ---------------------------------------------------- ------------- 30 June 2022 31 Dec 2021 (unaudited) (audited) GBP'000 GBP'000 ----------------------------------- ---- -------------- ------------- Opening balance 958 653 Convertible loans issued - 300 Exchange impact - (3) Interest (repaid) / accrued (8) 8 Settlement of convertible loans (950) -------------- Closing balance - 958 -------------- -------------
During the period, the Company completed the Admission to the London Stock exchange as part of the admission, the entire outstanding convertible loan note balance of GBP950,000 was converted through the issue of 7,947,786 Ordinary shares, with the balance of GBP8,000 in accrued interest settled in cash.
12. SHARE CAPITAL 20 Jun 2022 31 Dec 2021 (unaudited) (audited) --------------------------------------------- ------------- ------------ Issued and fully paid ordinary shares with a nominal value of 0.1p (2020: 0.01p) Number of shares 104,097,299 70,000,000 Nominal value (GBP'000) 41 7 ------------- ------------
Change in issued Share Capital and Share Premium:
Number of Share Share shares capital premium Total Ordinary shares GBP'000 GBP'000 GBP'000 Balance at 31 May 2021 70,000,000 7 942 949 ------------ --------- --------- -------- Balance at 31 December 2021 70,000,000 7 942 949 ------------ --------- --------- -------- Shares issued during the 34,097,299 period (1) 34 6,399 6,433 Share issue costs - (340) (340) Balance at 30 June 2022 104,097,299 41 7,001 7,042 ------------ --------- --------- --------
(1) On 6 January 2022, the Group was admitted to the London Stock Exchange and upon Admission issued the following ordinary shares:
- 23,255,813 shares we issued at a price of GBP0.215 raising GBP5,000,000 before costs; - 7,947,785 share were issued in settlement of convertible loan notes; and
- 2,893,701 shares were issued in settlement of accrued fees to directors and consultants outstanding as at 30 September 2021.
The share premium represents the difference between the nominal value of the shares issued and the actual amount subscribed less; the cost of issue of the shares, the value of the bonus share issue, or any bonus warrant issue.
Capital and reserves
During the previous period, the Company received GBP500,000 in relation to the subscription of shares for the Company's admission onto the London Stock Exchange which occurred during the current period.
During previous periods, the Directors approved a GBP2,500,000 reduction in capital resulting in a transfer being made from share premium to the capital reduction reserve.
The Group statements of changes in equity are set out on page 4 of this report.
13. EVENTS SUBSEQUENT TO PERIOD END
Other than as disclosed in these financial statement, there have been no further events subsequent to period end.
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END
IR SEFFWUEESEEU
(END) Dow Jones Newswires
September 30, 2022 02:00 ET (06:00 GMT)
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