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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 | 12,183,569 | 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 |
TIDMINSP
RNS Number : 1425U
Inspirit Energy Holdings PLC
31 March 2021
31 March 2021
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 2020. The interim financial information document will also be available on the Company's website www.inspirit-energy.com .
Chairman's Statement:
During the reporting period, the Group continued to develop its microCHP boiler, Marine engine and Waste Hear Recovery (WHR) application with its European partners. Specifically, the Company has spent time working to refine Inspirit's Stirling technology, reviewing the potential supply chain and detailing the product specifics for potential commercial partners. This progress was achieved despite the significant issues resulting from the COVID-19 pandemic in Europe, which was instrumental in causing some of these European partners to cease trading and therefore necessitated their replacement with other competent manufacturers.
The Board recognises that these are still unprecedented times and that the necessary actions Global and European Governments are taking to control COVID-19 are inevitably causing disruption to the economy and supply chain for components. As with all businesses, we are not immune to this and experienced movement and lock down restrictions in the UK and Europe. As a result, our European partners and Marine counterparts are constantly reviewing the timeline in resuming development and testing of our technology.
The Company raised a total of GBP257,000 from warrant holders during the period which should support the development of Inspirit's technology.
The board will also be seeking other opportunities that it considers will best enhance value for shareholders.
The board 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 2020
Group Group Group Six months Six months Year to to to 31 December 31 December 30 June 2020 2019 2020 Unaudited Unaudited Audited GBP'000s GBP'000s GBP'000s ------------------------------------ ---------------- ---------------- ---------------- Revenue - - - Administrative expenses (63) (188) (240) ---------------- ---------------- ---------------- Operating loss (63) (188) (240) Finance costs (1) (1) - ---------------- ---------------- ---------------- Loss before tax (64) (189) (240) Income tax credit 24 - 41 ---------------- ---------------- ---------------- Loss for the period from continuing operations attributable to shareholders (40) (189) (199) Loss per share - Pence Basic and diluted (0.01)p (0.007)p (0.009)p
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Financial Position as at 31 December 2020
Group Group Group As at As at As at 31 December 31 December 30 June 2020 2019 2020 Unaudited Unaudited Audited GBP'000s GBP'000s GBP'000s ------------------------------- ---------------- --------------------- ------------------- Non-Current Assets Intangible assets 2,715 2,570 2,666 Tangible assets 33 39 35 -------------- -------------- -------------- 2,748 2,609 2,701 Current assets Trade and other receivables 40 167 49 Cash and cash equivalents 277 90 128 -------------- -------------- -------------- 316 257 177 -------------- -------------- -------------- Current liabilities Trade and other payables (331) (341) (362) Other borrowing (100) (100) (100) -------------- -------------- -------------- (431) (441) (462) -------------- -------------- -------------- Net Current Liabilities (115) (184) (285) Non-Current Liabilities Borrowings - (3) - -------------- -------------- -------------- 2,633 2,422 2,416 Equity Share capital 2,003 1,966 1,967 Share premium 9,413 9,189 9,192 Other reserves 3 3 3 Merger reserve 3,150 3,150 3,150 Reverse acquisition reserve (7,361) (7,361) (7,361) Retained losses (4,575) (4,525) (4,535) -------------- -------------- -------------- Total 2,633 2,422 2,416
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Changes in Equity
For the six months ended 31 December 2020
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 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) ------------------------ -------- --------- ------------- --------- ------------- --------- -------- Share issues - - - - - - - Share issue costs - - - - - - - ------------------------ -------- --------- ------------- --------- ------------- --------- -------- TRANSACTIONS WITH - - - - - - - OWNERS ------------------------ -------- --------- ------------- --------- ------------- --------- -------- BALANCE AT 30 June 2019 1,818 8,185 3 3,150 (7,361) (4,336) 1,459
------------------------ -------- --------- ------------- --------- ------------- --------- -------- Loss for the period - - - - - (199) (199) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD - - - - - (199) (199) ------------------------ -------- --------- ------------- --------- ------------- --------- -------- Share issues 149 1,028 - - - - 1,177 Share issue costs - (21) - - - - (21) ------------------------ -------- --------- ------------- --------- ------------- --------- -------- TRANSACTIONS WITH OWNERS 149 1,007 - - - - 1,156 ------------------------ -------- --------- ------------- --------- ------------- --------- -------- BALANCE AT 30 June 2020 1,967 9,192 3 3,150 (7,361) (4,535) 2,417 ------------------------ -------- --------- ------------- --------- ------------- --------- -------- Loss for the period - - - - - (40) (40) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD - - - - - (40) (40) ------------------------ -------- --------- ------------- --------- ------------- --------- -------- Share issues 36 221 - - - 257 Share issue costs - - - - - 0 ------------------------ -------- --------- ------------- --------- ------------- --------- -------- TRANSACTIONS WITH OWNERS 36 221 - - - - 257 ------------------------ -------- --------- ------------- --------- ------------- --------- -------- BALANCE AT 31 December 2020 2,003 9,413 3 3,150 (7,361) (4,575) 2,633 ------------------------ -------- --------- ------------- --------- ------------- --------- --------
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Cash Flows
For the six months ended 31 December 2020
Group Group Group Six months Six months Year to to to 31 December 31 December 30 June 2020 2019 2020 Unaudited Unaudited Audited Note GBP'000 GBP'000 GBP'000 ---------------------------- ----- --------------- --------------- --------------- Operating activities Net cash from operating activities 6 (58) (258) (92) -------------- -------------- -------------- Net cash generated/(used) in operating activities (58) (258) (92) -------------- -------------- -------------- Investing activities Acquisition of intangible assets (49) - (96) Acquisition of plant and equipment - - (3) -------------- -------------- -------------- Net cash from financing activities (49) - (99) -------------- -------------- -------------- Financing activities Issue of share capital (Net of fees) 257 1,151 300 Finance costs (1) (1) (21) Decrease in borrowing - - - Transactions with owners - (842) - -------------- -------------- -------------- Net cash from financing activities 256 308 279 -------------- -------------- -------------- Net cash outflow 149 50 88 Cash and cash equivalents at the beginning of the period 128 40 40 -------------- -------------- -------------- Cash and cash equivalents at the end of the period 277 90 128
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.
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 2020 were approved by the Board of Directors on 24 December 2020 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 2020 has not been reviewed or audited. The interim financial report has been approved by the Board on 29 March 2021.
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 2020.
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 2020 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 2020 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 2020, 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 GBP40,000 (company's loss - 6 months to 31 December 2019 GBP189,000; year ended 30 June 2020 - GBP199,000) and a basic and diluted weighted average number of ordinary shares of GBP0.0001 each in issue of 2,996,232,580 (31 December 2019 2,899,211,616 - basic and diluted 2,903,783,047; 30 June 2020).
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 2020 2019 2020 Unaudited Unaudited Audited GBP'000s GBP'000s GBP'000s ------------------------ -------------- -------------- -------------- Operating Loss for the period (64) (189) (199) Adjustments for : (Increase)/Decrease in receivables 11 (104) 9 (Decrease)/Increase in payables (32) 34 87 Depreciation 2 - 6
Finance expense 1 1 - Tax credit - - (41) Tax Received 24 46 -------------- -------------- -------------- Net cash from operating activities (58) (258) (92) 7. Issued and fully paid
The issued share capital is as follows
Number of Number Ordinary Deferred New Deferred Share premium Total ordinary of deferred shares shares B shares shares shares GBP GBP GBP GBP GBP ---------------- -------------- ------------- --------- --------- ------------- -------------- ----------- 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 1,482,976,188 - 148,298 - - 1,027,702 1,176,000 Issue costs - - - - - (20,625) (20,625) At 30 June 2020 2,903,783,047 400,932 162,506 396,923 1,406,599 12,342,733 14,308,761 ---------------- -------------- ------------- --------- --------- ------------- -------------- ----------- Issue of new shares 367,857,139 - 36,785 - - 220,714 257,499 Issue costs - - - - - - 0 At 31 December 2020 3,271,640,186 400,932 199,291 396,923 1,406,599 12,563,447 14,566,260 ---------------- -------------- ------------- --------- --------- ------------- -------------- ----------- 8. Subsequent events after the reporting period
None
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 .
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March 31, 2021 06:55 ET (10:55 GMT)
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