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
  +0.00p +0.00% 0.03p 0.025p 0.035p 0.03p 0.03p 0.03p 1,000,000 07:46:07
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 0.0 -1.0 -0.1 - 0

Inspirit Energy Holdings PLC Half-year Report

29/03/2019 7:01am

UK Regulatory (RNS & others)


Inspirit Energy (LSE:INSP)
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1 Year : From Oct 2018 to Oct 2019

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RNS Number : 3995U

Inspirit Energy Holdings PLC

29 March 2019

29 March 2019

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 2018. The interim financial information document will also be available on the Company's website www.inspirit-energy.com.

Chairman's Statement:

During the period, the Group has continued to advance its microCHP boiler closer towards the goal of commercialisation. To this end, improvements to the design of the Group's Stirling engine technology, including simplification as part of the 'design for manufacture' process and meeting the challenges in new technology development, sourcing cheaper materials and efficiency re-redesign, has resulted in further delays to the certification process although we hope to progress forward with a higher output and cheaper cost base product latter his year.

The Group has continued discussions with a European company that may carry out the certification process, with the new cheaper but robust material employed in the latest model, and advanced manufacturing processes as and when the product is approved for production.

As mentioned previously, the applicable market for our technology is global, either as a boiler replacement product or as an add-on to an existing commercial plant room. In the UK there are in excess of 20 million gas boilers installed and more than 1.6 million new and replacement domestic gas boilers are installed each year. This is in addition to almost 300,000 commercial boiler installations each year. Europe as a whole has approximately 70 million boilers installed. These are the first markets to which our technology is applicable.

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 
 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 2018

 
                                                    Group             Group             Group 
                                               Six months        Six months              Year 
                                                       to                to                to 
                                              31 December       31 December           30 June 
                                                     2018              2017              2018 
                                                Unaudited         Unaudited           Audited 
                                                 GBP'000s          GBP'000s          GBP'000s 
------------------------------------     ----------------  ----------------  ---------------- 
 
Revenue                                                 -                 -                 - 
 
Administrative expenses                             (213)             (169)             (545) 
Impairment of development 
 assets                                                                                 (424) 
                                         ----------------  ----------------  ---------------- 
Operating loss                                      (213)             (169)             (969) 
 
Finance costs                                         (1)              (15)               (4) 
                                         ----------------  ----------------  ---------------- 
Loss before tax                                     (214)             (184)             (973) 
 
Income tax credit                                       -                 -                20 
                                         ----------------  ----------------  ---------------- 
Loss for the period from continuing 
 operations attributable to 
 shareholders                                       (214)             (184)             (953) 
 
 
Loss per share - Pence 
 
Basic and diluted                                 (0.01)p           (0.01)p           (0.07)p 
 
 
 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Financial Position as at 31 December 2018

 
                                            Group                  Group                   Group 
                                            As at                  As at                   As at 
                                      31 December            31 December                 30 June 
                                             2018                   2017                    2018 
                                        Unaudited              Unaudited                 Audited 
                                         GBP'000s               GBP'000s                GBP'000s 
-------------------------------  ----------------  ---------------------  ---------------------- 
 Non-Current Assets 
Intangible assets                           2,401                  2,783                   2,401 
Tangible assets                                42                     49                      45 
                                   --------------         --------------          -------------- 
                                            2,443                  2,832                   2,446 
Current assets 
Trade and other receivables                    37                     48                     415 
Cash and cash equivalents                     175                     53                      45 
                                   --------------         --------------          -------------- 
                                              212                    101                     460 
                                   --------------         --------------          -------------- 
Current liabilities 
Trade and other payables                    (226)                  (287)                   (263) 
Other borrowing                             (100)                  (180)                   (100) 
                                   --------------         --------------          -------------- 
                                            (326)                  (467)                   (363) 
                                   --------------         --------------          -------------- 
Net Current Liabilities                     (114)                  (366)                      97 
 
Non-Current Liabilities 
Borrowings                                  (845)                      -                   (845) 
                                   --------------         --------------          -------------- 
                                            1,484                  2,466                   1,698 
 
Equity 
Share capital                               1,818                  1,818                   1,818 
Share premium                               8,185                  8,184                   8,185 
Other reserves                                  3                    206                       3 
Merger reserve                              3,150                  3,150                   3,150 
Reverse acquisition reserve               (7,361)                (7,361)                 (7,361) 
Retained losses                           (4,311)                (3,531)                 (4,097) 
                                   --------------         --------------          -------------- 
Total                                       1,484                  2,466                   1,698 
 
 
 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Changes in Equity

For the six months ended 31 December 2018

 
                                          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 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 AT 30 
  June 2017               1,568      8,144         206      3,150        (7,361)    (3,347)     2,360 
---------------------  --------  ---------  ----------  ---------  -------------  ---------  -------- 
 Loss for the period          -          -           -          -              -      (953)     (953) 
 TOTAL COMPREHENSIVE 
  INCOME FOR THE 
  PERIOD                      -          -           -          -              -      (953)     (953) 
---------------------  --------  ---------  ----------  ---------  -------------  ---------  -------- 
 Share issues               250         50           -          -              -          -       300 
 Share issue costs            -        (9)           -          -              -          -       (9) 
 Share options 
  lapsed                                         (203)                                  203         - 
---------------------  --------  ---------  ----------  ---------  -------------  ---------  -------- 
 TRANSACTIONS WITH 
  OWNERS                    250         41       (203)          -              -        203       291 
---------------------  --------  ---------  ----------  ---------  -------------  ---------  -------- 
 BALANCE AT 30 
  June 2018               1,818      8,185           3      3,150        (7,361)    (4,097)     1,698 
---------------------  --------  ---------  ----------  ---------  -------------  ---------  -------- 
 Loss for the period          -          -           -          -              -      (214)     (214) 
 TOTAL COMPREHENSIVE 
  INCOME FOR THE 
  PERIOD                      -          -           -          -              -      (214)     (214) 
---------------------  --------  ---------  ----------  ---------  -------------  ---------  -------- 
 Share issues                 -          -           -          -              -          -         - 
 Share issue costs            -          -           -          -              -          -         - 
---------------------  --------  ---------  ----------  ---------  -------------  ---------  -------- 
 TRANSACTIONS WITH            -          -           -          -              -          -         - 
  OWNERS 
---------------------  --------  ---------  ----------  ---------  -------------  ---------  -------- 
 BALANCE AT 31 
  December 2018           1,818      8,185           3      3,150        (7,361)    (4,311)     1,484 
---------------------  --------  ---------  ----------  ---------  -------------  ---------  -------- 
 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Cash Flows

For the six months ended 31 December 2018

 
                                               Group            Group            Group 
                                          Six months       Six months             Year 
                                                  to               to               to 
                                         31 December      31 December          30 June 
                                                2018             2017             2018 
                                           Unaudited        Unaudited          Audited 
                               Note          GBP'000          GBP'000          GBP'000 
----------------------------  -----  ---------------  ---------------  --------------- 
 
 Operating activities 
 Net cash from operating 
  activities                    6                131            (137)            (960) 
                                      --------------   --------------   -------------- 
 Net cash generated/(used) 
 in operating activities                         131            (137)            (960) 
                                      --------------   --------------   -------------- 
 
 Investing activities 
 Acquisition of intangible 
 assets                                            -            (115)            (157) 
 Acquisition of plant                              -                -                - 
  and equipment 
                                      --------------   --------------   -------------- 
 Net cash from financing 
  activities                                       -            (115)            (157) 
                                      --------------   --------------   -------------- 
 
 Financing activities 
 Issue of share capital 
  (Net of fees)                                    -              290              291 
 Finance costs                                   (1)             (15)              (4) 
 Increase in borrowing                             -                -                - 
 Transactions with owners                                                          845 
 
                                      --------------   --------------   -------------- 
 Net cash from financing 
  activities                                     (1)              275            1,132 
                                      --------------   --------------   -------------- 
 Net cash outflow                                130               23               15 
 
 Cash and cash equivalents 
 at the beginning of the 
 period                                           45               30               30 
                                      --------------   --------------   -------------- 
 Cash and cash equivalents 
 at the end of the period                        175               53               45 
 
 
 

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 2018 were approved by the Board of Directors on 28 December 2018 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 2018 has not been reviewed or audited. The interim financial report has been approved by the Board on 28 March 2019.

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 2018.

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 2018 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 2018 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 2018, 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 GBP214,000 (company's loss - 6 months to 31 December 2017 GBP184.000; year ended 30 June 2018 - GBP953,000) and a basic and diluted weighted average number of ordinary shares of GBP0.001 each in issue of 1,470,806,859 (31 December 2017 1,420,806,859 - basic and diluted 1,470,806,859; 30 June 2018).

   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 
                                    2018            2017            2018 
                               Unaudited       Unaudited         Audited 
                                GBP'000s        GBP'000s        GBP'000s 
------------------------  --------------  --------------  -------------- 
Operating Loss for the 
 period                            (214)           (184)           (549) 
Adjustments for : 
(Increase)/Decrease in 
 receivables                         379             125           (241) 
(Decrease)/Increase in 
 payables                           (35)            (97)           (183) 
Depreciation                           -               4               9 
Finance expense                        1              15               4 
                          --------------  --------------  -------------- 
Net cash from operating 
 activities                          131           (137)           (960) 
 
 
   7.   Issued and fully paid 

The issued share capital is as follows

 
                            Number of         Number      Ordinary   Deferred   New Deferred        Share        Total 
                             ordinary    of deferred        shares     shares       B shares      premium 
                               shares         shares 
                                                               GBP        GBP            GBP          GBP          GBP 
---------------------  --------------  -------------  ------------  ---------  -------------  -----------  ----------- 
 At 30 June 2016          936,806,859        400,932       936,807    396,923              -   11,247,671   12,581,401 
---------------------  --------------  -------------  ------------  ---------  -------------  -----------  ----------- 
 Issue of new 
  shares                  234,000,000              -       234,000          -              -       58,500      292,500 
 Issue costs                        -              -             -          -              -     (10,750)     (10,750) 
 At 30 June 2017        1,170,806,859        400,932     1,170,807    396,923              -   11,295,421   12,863,151 
---------------------  --------------  -------------  ------------  ---------  -------------  -----------  ----------- 
 Issue of new 
  shares                  300,000,000              -       250,000          -              -       50,000      300,000 
 Capital 
  Reorganisation                                       (1,406,599)                 1,406,599            -            - 
 Issue costs                        -              -             -          -              -      (9,765)      (9,765) 
                                                                                              -----------  ----------- 
 At 30 June 2018        1,470,806,859        400,932        14,208    396,923      1,406,599   11,335,656   13,153,386 
---------------------  --------------  -------------  ------------  ---------  -------------  -----------  ----------- 
 Issue of new                       -              -             -          -              -            -            - 
  shares 
 Issue costs                        -              -             -          -              -            -            - 
 At 31 December 
  2018                  1,470,806,859        400,932        14,208    396,923      1,406,599   11,335,656   13,153,386 
---------------------  --------------  -------------  ------------  ---------  -------------  -----------  ----------- 
 

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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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March 29, 2019 03:01 ET (07:01 GMT)

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