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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.001 | 10.00% | 0.011 | 0.01 | 0.012 | 0.011 | 0.01 | 0.01 | 78,088,470 | 10:14:17 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Air Heat & Condition Eq-whsl | 0 | -260k | 0.0000 | N/A | 628.72k |
TIDMINSP
RNS Number : 0914I
Inspirit Energy Holdings PLC
30 March 2020
30 March 2020
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 2019. 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 continued to advance its microCHP boiler and marine engine application with its European partners. To this end, improvements to the design of the Group's Stirling engine technology, including output of 6.4kW, progressed further with the simplification as part of the 'design for manufacture' process and meeting the challenges in new technology development, sourcing cheaper materials and efficiency re-redesign. All these factors resulted in further delays to the certification process although we hope to progress forward with a higher output and cheaper cost base product later 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. The Company has identified other markets where our stirling engine technology can be used including marine engine and waste recycling.
The Company raised GBP300,000 before expenses and this was during challenging market conditions which reflects the confidence of investors in Inspirit's technology.
The Company converted its loan notes totalling GBP845,000 and other debt to equity and as a result, substantially reduced its debt close to zero. The board would like to thank the loan note holders for their commitment and support and with recent engineering progress and opportunity to tap into other markets. We hope that this reduction in debt will provide the right base from which the business can now grow.
Finally, the Board recognises that these are unprecedented times and that the necessary actions Global Governments are taking to control COVID-19 are inevitably causing disruption to the economy. As with all businesses, we are not immune to this and are currently experiencing movement and lock down restrictions in the UK and Europe. As a result, our European partners and Marine counterparts are reviewing constantly the timeline in resuming development and testing of our microCHP boiler. The board will provide further updates in due course.
Design and Development Director Statement and outlook:
At the start of 2020 Inspirit Energy set up the manufacturing and testing site in Poland in readiness to implement the manufacturing and testing of the charger unit. The facility is set up for the manufacturing and testing of our developing technology.
We have progressed with very favourable discussions with the large marine engine manufacturer and these discussions are continuing. We have had other interest from waste recycling companies to adapt our technology to capture redundant waste heat and generate electricity, we are working on a large standalone unit which will produce over 300 Kw. Again, we will provide further updates in due course.
-ends-
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
More information on Inspirit Energy can be seen at: www.inspirit-energy.com
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 Global Investment Strategy UK Ltd (Broker) Samantha Esqulant +44 (0) 207 048 9045
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Comprehensive Income
for the six months ended 31 December 2019
Group Group Group Six months Six months Year to to to 31 December 31 December 30 June 2019 2018 2019 Unaudited Unaudited Audited GBP'000s GBP'000s GBP'000s ------------------------------------ ---------------- ---------------- ---------------- Revenue - - - Administrative expenses (188) (213) (264) ---------------- ---------------- ---------------- Operating loss (188) (213) (264) Finance costs (1) (1) - ---------------- ---------------- ---------------- Loss before tax (189) (214) (264) Income tax credit - - 25 ---------------- ---------------- ---------------- Loss for the period from continuing operations attributable to shareholders (189) (214) (239) Loss per share - Pence Basic and diluted (0.007)p (0.015)p (0.017)p
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Financial Position as at 31 December 2019
Group Group Group As at As at As at 31 December 31 December 30 June 2019 2018 2019 Unaudited Unaudited Audited GBP'000s GBP'000s GBP'000s ------------------------------- ----------------- --------------------- -------------------- Non-Current Assets Intangible assets 2,570 2,401 2,570 Tangible assets 39 42 38 -------------- -------------- -------------- 2,609 2,443 2,608 Current assets Trade and other receivables 167 37 63 Cash and cash equivalents 90** 175 40 -------------- -------------- -------------- 257 212 103 -------------- -------------- -------------- Current liabilities Trade and other payables (341) (226) (307) Other borrowing (100) (100) (100) -------------- -------------- -------------- (441) (326) (407) -------------- -------------- -------------- Net Current Liabilities (184) (114) (304) Non-Current Liabilities Borrowings (3) (845) (845) -------------- -------------- -------------- 2,422 1,484 1,459 Equity Share capital 1,966 1,818 1,818 Share premium 9,189 8,185 8,185 Other reserves 3 3 3 Merger reserve 3,150 3,150 3,150 Reverse acquisition reserve (7,361) (7,361) (7,361) Retained losses (4,525) (4,311) (4,336) -------------- -------------- -------------- Total 2,422 1,484 1,459
** At 31 December 2019, GBP145,000 was held in the Company's broker account and is disclosed in Trade and other receivables.
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Changes in Equity
For the six months ended 31 December 2019
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 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 - - - - - (239) (239) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD - - - - - (239) (239) --------------------- -------- --------- ---------- --------- ------------- --------- -------- BALANCE AT 30 June 2019 1,818 8,185 3 3,150 (7,361) (4,336) 1,459 --------------------- -------- --------- ---------- --------- ------------- --------- -------- Loss for the period - - - - - (189) (189) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD - - - - - (189) (189) --------------------- -------- --------- ---------- --------- ------------- --------- -------- Share issues 148 1,025 - - - - 1,173 Share issue costs - (21) - - - - (21) --------------------- -------- --------- ---------- --------- ------------- --------- -------- TRANSACTIONS WITH OWNERS 148 1004 - - - - 1,152 --------------------- -------- --------- ---------- --------- ------------- --------- -------- BALANCE AT 31 December 2019 1,966 9,189 3 3,150 (7,361) (4,525) 2,422 --------------------- -------- --------- ---------- --------- ------------- --------- --------
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Cash Flows
For the six months ended 31 December 2019
Group Group Group Six months Six months Year to to to 31 December 31 December 30 June 2019 2018 2019 Unaudited Unaudited Audited Note GBP'000 GBP'000 GBP'000 ---------------------------- ----- --------------- --------------- --------------- Operating activities Net cash from operating activities 6 (258) 131 164 -------------- -------------- -------------- Net cash generated/(used) in operating activities (258) 131 164 -------------- -------------- -------------- Investing activities Acquisition of intangible assets - - (169 Acquisition of plant - - - and equipment -------------- -------------- -------------- Net cash from financing activities - - (169) -------------- -------------- -------------- Financing activities Issue of share capital 1,151 - - (Net of fees) Finance costs (1) (1) - Decrease in borrowing - - - Transactions with owners (842) - -------------- -------------- -------------- Net cash from financing activities 308 (1) - -------------- -------------- -------------- Net cash outflow 50 130 (5) Cash and cash equivalents at the beginning of the period 40 45 45 -------------- -------------- -------------- Cash and cash equivalents at the end of the period 90 175 40
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 2019 were approved by the Board of Directors on 23 December 2019 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 2019 has not been reviewed or audited. The interim financial report has been approved by the Board on 27 March 2020.
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 2019.
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 2019 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 2019 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 2019, 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 GBP189,000 (company's loss - 6 months to 31 December 2018 GBP214,000; year ended 30 June 2019 - GBP239,000) and a basic and diluted weighted average number of ordinary shares of GBP0.0001 each in issue of 2,899,211,616 (31 December 2018 1,420,806,859 - basic and diluted 1,420,806,859; 30 June 2019).
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 2019 2018 2019 Unaudited Unaudited Audited GBP'000s GBP'000s GBP'000s ------------------------ -------------- -------------- -------------- Operating Loss for the period (189) (214) (264) Adjustments for : (Increase)/Decrease in receivables (104) 379 352 (Decrease)/Increase in payables 34 (35) 44 Depreciation - - 7 Finance expense 1 1 4 Tax credit - - 25 -------------- -------------- -------------- Net cash from operating activities (258) 131 164 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 2017 1,170,806,859 400,932 1,170,807 396,923 - 11,295,421 12,863,151 -------------------- --------------- ------------- ------------ --------- ------------- ----------- ----------- Issue of new shares 250,000,000 - 250,000 - - 50,000 300,000 Capital Reorganisation (1,406,599) 1,406,599 - - Issue costs - - - - - (9,765) (9,765) ----------- ----------- At 30 June 2018 1,420,806,859 400,932 14,208 396,923 1,406,599 11,335,656 13,153,386 -------------------- --------------- ------------- ------------ --------- ------------- ----------- ----------- Issue of new - - - - - - - shares Issue costs - - - - - - - At 30 June 2019 1,420,806,859 400,932 14,208 396,923 1,406,599 11,335,656 13,153,386 -------------------- --------------- ------------- ------------ --------- ------------- ----------- ----------- Issue of new shares 1,478,404,757- - 147,840 - - 1,024,960 1,172,800 Issue costs - - - - - (21,140) (21,140) At 31 December 2019 2,899,211,616 400,932 162,048 396,923 1,406,599 12,339,476 14,305,046 -------------------- --------------- ------------- ------------ --------- ------------- ----------- ----------- 8. Subsequent events after the reporting period
On 23rd December 2019, the Company received a loan conversion notices for GBP3,200 on the Convertible Loan Notes and zero (Nil) Loan Notes remained outstanding.
In relation to these loan notes, an application was made for the 4,571,433 Ordinary Shares to be admitted to trading on or about 6 January 2020. On Admission of these shares, the Company's enlarged issued share capital comprised 2,903,783,045 Ordinary Shares .
9. 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.
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IR BXGDXCDXDGGG
(END) Dow Jones Newswires
March 30, 2020 09:33 ET (13:33 GMT)
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