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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Inspirit Energy Holdings Plc | LSE:INSP | London | Ordinary Share | GB00B44W9L31 | ORD 0.001P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.008 | 0.007 | 0.009 | 0.008 | 0.008 | 0.008 | 32,170,103 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Air Heat & Condition Eq-whsl | 0 | -260k | 0.0000 | N/A | 628.72k |
From May 2019 to May 2024
TIDMINSP
RNS Number : 4329J
Inspirit Energy Holdings PLC
29 March 2018
29 March 2018
Inspirit Energy Holdings PLC
("Inspirit Energy", the "Group" or the "Company")
Interim Results
Inspirit Energy Holdings PLC (AIM: INSP), the developer of micro Combined Heat and Power (microCHP) boilers, is pleased to announce its interim accounts for the six months ended 31 December 2017.
Chairman's Statement:
During the period, the Group has continued working to advance its microCHP boiler (the "Inspirit Charger") towards commercialisation. The improvements to the design announced last year of the Group's Stirling engine technology, including simplification as part of the 'design for manufacture' ("DFM") process, has encouragingly maintained the peak electrical output up to 3.2kW in internal tests.
The engineering department has throughout the last period made significant developments in our regenerator technology. The increased efficiency in the regenerator will allow the Stirling engine to be manufactured from a commodity grade stainless steel derivative, which is both stronger and cheaper to manufacture than the previous proprietary "Inconel" materials.
The DFM process continues to yield several engineering improvements and manufacturing cost reductions whilst others are still expected. Whilst this DFM process remains ongoing, the Group is now looking to proceed to the certification process whereby the Inspirit Charger will be subjected to testing by a competent authority. Once this has been achieved, we can then look towards commencing field trails with commercial partners. The Company will update investors as these milestones are met over the forthcoming year.
The operating board believe that the progress over the last six months has been positive. Whilst we remain well positioned in the microCHP boiler technology market, ongoing funding for the development and commercialisation of our product remains a challenge. Accordingly, we continue to manage our resources whilst pushing forward with the product and expect this to continue in 2018.
The Board will provide further a updates in due course.
John Gunn, Chairman and CEO of Inspirit, commented,
"Last six months has seen another progressive step for the Company with reduction in development costs and the charger unit maintaining its output to management expectations."
-ends-
For further information please contact:
Inspirit Energy Holdings plc John Gunn, Chairman and CEO +44 (0) 207 048 9400 Beaumont Cornish Limited www.beaumontcornish.com (Nominated Advisor) Roland Cornish / James Biddle +44 (0) 207 628 3396 Peterhouse Corporate Finance (Joint Broker) Lucy Williams / Duncan Vasey +44 (0) 207 469 0930 SVS Securities Plc (Joint Broker) Tom Curran +44 (0) 203 700 0093
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Comprehensive Income
for the six months ended 31 December 2017
Hot Features
Premium
Group Group Group
Six months Six months Year
to to to
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
------------------------- ---------------- ---------------- ----------------
Revenue - - -
Administrative expenses (169) (214) (384)
Other Losses -Net -
---------------- ---------------- ----------------
Operating loss (169) (214) (384)
Finance costs (15) (1) (73)
---------------- ---------------- ----------------
Loss before
tax (184) (215) (457)
Income tax credit - - 38
---------------- ---------------- ----------------
Loss for the period
from continuing
operations attributable
to shareholders (184) (215) (419)
Loss per share - Pence
Basic and diluted (0.01)p (0.02)p (0.04)p
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Financial Position as at 31 December 2017
Group Group Group
As at As at As at
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
------------------------------- ---------------------- ---------------------- ------------------------
Non-Current Assets
Intangible assets 2,783 2,619 2,668
Tangible assets 49 58 53
-------------- -------------- --------------
2,832 2,677 2,721
Current assets
Trade and other receivables 48 63 174
Cash and cash equivalents 53 73 30
-------------- -------------- --------------
101 136 204
-------------- -------------- --------------
Current liabilities
Trade and other payables (287) (311) (366)
Other borrowing (180) (120) (199)
-------------- -------------- --------------
(467) (431) (565)
-------------- -------------- --------------
Net Current Liabilities (366) (295) (361)
Non-Current Liabilities
Trade and other payables - - -
-------------- -------------- --------------
2,466 2,382 2,360
Equity
Share capital 1,818 1,334 1,568
Share premium 8,184 8,097 8,144
Other reserves 206 206 206
Merger reserve 3,150 3,150 3,150
Reverse acquisition
reserve (7,361) (7,361) (7,361)
Retained losses (3,531) (3,044) (3,347)
-------------- -------------- --------------
Total 2,466 2,382 2,360
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Changes in Equity
For the six months ended 31 December 2017
Attributable to the owners of the
parent
------------------------------------------------------------------------------
Share Share Other Merger Reverse Retained Total
premium reserves reserve acquisition
reserve
capital losses Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- -------- --------- ---------- --------- ------------- --------- --------
Balance at 1 July
2015 1,098 7,305 125 3,150 (7,361) (2,371) 1,946
--------------------- -------- --------- ---------- --------- ------------- --------- --------
Loss for the year - - - - - (458) (458)
--------------------- -------- --------- ---------- --------- ------------- --------- --------
Total comprehensive
income for the
year - - - - - (458) (458)
--------------------- -------- --------- ---------- --------- ------------- --------- -------- Share issues 236 919 - - - - 1,155 Share issue costs - (46) - - - - (46) Issue of warrants - (81) 81 - - - - --------------------- -------- --------- ---------- --------- ------------- --------- -------- Transactions with owners 236 792 81 - - - 1,109 --------------------- -------- --------- ---------- --------- ------------- --------- -------- Balance at 30 June 2016 1,334 8,097 206 3,150 (7,361) (2,829) 2,597 --------------------- -------- --------- ---------- --------- ------------- --------- -------- Loss for the year - - - - - (419) (419) Total comprehensive income for the year - - - - - (419) (419) --------------------- -------- --------- ---------- --------- ------------- --------- -------- Share issues 234 58 - - - - 292 Share issue costs - (11) - - - - (11) Debt Adjustment (99) (99) --------------------- -------- --------- ---------- --------- ------------- --------- -------- Transactions with owners 234 47 - - - (99) 182 --------------------- -------- --------- ---------- --------- ------------- --------- -------- Balance as at 30 June 2017 1,568 8,144 206 3,150 (7,361) (3,347) 2,360 --------------------- -------- --------- ---------- --------- ------------- --------- -------- Loss for the period - - - - - (184) (184) Total comprehensive income for the period - - - - - (184) (184) --------------------- -------- --------- ---------- --------- ------------- --------- -------- Share issues 250 50 - - - - 300 Share issue costs - (10) - - - - (10) --------------------- -------- --------- ---------- --------- ------------- --------- -------- Transactions with owners 250 40 - - - (184) 106 --------------------- -------- --------- ---------- --------- ------------- --------- -------- Balance as at 31 December 2017 1,818 8,184 206 3,150 (7,361) (3,531) 2,466 --------------------- -------- --------- ---------- --------- ------------- --------- --------
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Cash Flows
For the six months ended 31 December 2017
Group Group Group
Six months Six months Year
to to to
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
---------------------------- ----- --------------- --------------- ---------------
Operating activities
Net cash from operating
activities 6 (137) (14) (185)
-------------- -------------- --------------
Net cash generated/(used)
in operating activities (137) (14) (185)
-------------- -------------- --------------
Investing activities
Acquisition of intangible
assets (115) (124) (173)
Acquisition of plant
and equipment - - (1)
-------------- -------------- --------------
Net cash from financing
activities (115) (124) (174)
-------------- -------------- --------------
Financing activities
Issue of share capital
(Net of fees) 290 - 204
Finance costs (15) (1) (73)
Increase in short - (46) -
term borrowing
Transactions with -
owners
-------------- -------------- --------------
Net cash from financing
activities 275 (47) 131
-------------- -------------- --------------
Net cash outflow 23 (185) (228)
Cash and cash equivalents
at the beginning
of the period 30 258 258
-------------- -------------- --------------
Cash and cash equivalents
at the end of the
period 53 73 30
INSPIRIT ENERGY HOLDINGS PLC
Consolidated Notes to the Interim Financial Information
1. General Information
The principal activity of Inspirit Energy Holdings PLC ("the Company") during the period was that of an investment company which aims to invest in disruptive products or technologies that are either proven or at the later stages of development, which own or have exclusive licence to the relevant intellectual property and may benefit from feed-in tariffs or other renewable energy incentives.
Inspirit Energy Holdings PLC is a company incorporated and domiciled in England and Wales and quoted on AIM, a market operated by the London Stock Exchange. The address of its registered office is 2(nd) Floor, 2 London Wall Buildings, London, EC2M 5PP, United Kingdom.
2. Basis of Preparation
The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. Statutory financial statements for the year ended 30 June 2017 were approved by the Board of Directors on 22 December 2017 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified.
The interim financial information for the six months ended 31 December 2017 has not been reviewed or audited. The interim financial report has been approved by the Board on 28 March 2018.
Going concern
The Directors, having made appropriate enquiries, consider that adequate resources exist for the Company to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the interim financial statements for the period ended 31 December 2017.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2017 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.inspirit-energy.com. The key financial risks are liquidity and credit risk.
Critical accounting estimates
The preparation of interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 2 of the Company's 2017 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.
3. Significant Accounting Policies
The accounting policies applied are consistent with those of the annual nancial statements for the year ended 30 June 2017, as described in those annual nancial statements.
4. Segmental Analysis
The Company's primary reporting format is business segments and its secondary format is geographical segments. The Company only operates in a single business and geographical segment. Accordingly no segmental information for business segment or geographical segment is required.
5. Loss per Share
The loss per ordinary share is based on the Group's loss for the period of GBP184,000 (company's loss - 6 months to 31 December 2016 - GBP215,000; year ended 30 June 2017 - GBP419,000) and a basic and diluted weighted average number of ordinary shares of GBP0.001 each in issue of 1,420,806,859 (31 December 2016 - basic and diluted 936,806,859; 30 June 2017 - basic and diluted 1,170,806,859).
6. Reconciliation of Operating Loss to Net Cash Outflow from Operating Activities
Group Group Group
Six months Six months Year
to to to
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
------------------------ -------------- -------------- --------------
Operating Loss
for the period (184) (241) (457)
Adjustments for
:
(Increase)/Decrease
in receivables 125 264 192
(Decrease)/Increase
in payables (97) (72) 29
Depreciation 4 7 11
Income tax credit
received - - -
Other adjustments - - (33)
Finance expense 15 1 73
-------------- -------------- --------------
Net cash from operating
activities (137) (14) (185)
7. Issued and fully paid
The issued share capital is as follows
Ordinary Ordinary Deferred
'A' 'B' shares
shares shares of
of of
GBP0.001 GBP0.001 GBP0.99
-------------- -------------- --------- ---------
31 December
2017 1,420,806,859 - 400,932
30 June 2017 1,170,806,859 - 400,932
31 December
2016 936,806,859 - 400,932
8. Copies of this interim financial information document are available from the Company at its registered office at 2(nd) Floor, Number 2, London Wall Buildings, London, EC2M 5PP. The interim financial information document will also be available on the Company's website www.inspirit-energy.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BBGDXSGDBGIC
(END) Dow Jones Newswires
March 29, 2018 07:09 ET (11:09 GMT)
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