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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% | 0.009 | 0.008 | 0.01 | 0.009 | 0.009 | 0.009 | 3,699,321 | 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 : 6665G
Inspirit Energy Holdings PLC
31 March 2022
31 March 2022
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 2021. 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) applications and were also in discussions with a British certification company Enertek International Ltd. Enertek International that have won several development contracts from the government (BEIS) and have gained a vast knowledge in developing backward compatible Hydrogen products such as: domestic and commercial cookers, domestic and commercial heating systems etc. They have gained the knowledge which could be very beneficial to Inspirit in developing a Hydrogen product and our existing products to make them hydrogen powered backwards compatible.
In late 2021, whilst slowly emerging from the backdrop of COVID 19 and overcoming the restrictions in supply of materials and specialised labour, the Company spent time working to refining Inspirit's Stirling technology and the specific application to the Volvo marine engine by reviewing the supply chains and detailing the product specifics with commercial partners. Inspirit also set up a workshop facility in Poland.
In February 2022, following the UK's departure from Europe, our team visited Poland to secure supply lines and personnel for the project. Our shipping agent was met with some import/export complexities in relation to shipping our equipment and components to Poland. This has caused a minor delay and we now see having the Volvo Marine application available for demonstration in Q2 of 2022.
The board will also continue to seek other opportunities that it considers will best enhance value for shareholders and 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 2021
Group Group Group Six months Six months Year to to to 31 December 31 December 30 June 2021 2020 2021 Unaudited Unaudited Audited GBP'000s GBP'000s GBP'000s ------------------------------------ ---------------- ---------------- ---------------- Revenue - - - Administrative expenses (137) (63) (277) ---------------- ---------------- ---------------- Operating loss (137) (63) (277) Finance costs - (1) - ---------------- ---------------- ---------------- Loss before tax (137) (64) (277) Income tax credit 28 24 24 ---------------- ---------------- ---------------- Loss for the period from continuing operations attributable to shareholders (109) (40) (253) Loss per share - Pence Basic and diluted (0.003)p (0.01)p (0.007)p
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Financial Position as at 31 December 2021
Group Group Group As at As at As at 31 December 31 December 30 June 2021 2020 2021 Unaudited Unaudited Audited GBP'000s GBP'000s GBP'000s ------------------------------- ---------------- -------------- ---------------------- Non-Current Assets Intangible assets 2,851 2,715 2,773 Tangible assets 28 33 30 -------------- -------------- -------------- 2,879 2,748 2,803 Current assets Trade and other receivables 49 40 37 Cash and cash equivalents 348 277 561 -------------- -------------- -------------- 397 316 598 -------------- -------------- -------------- Current liabilities Trade and other payables (395) (331) (411) Other borrowing (100) (100) (100) -------------- -------------- -------------- (495) (431) (511) -------------- -------------- -------------- Net Current Liabilities (98) (115) 87 Non-Current Liabilities Borrowings - - - -------------- -------------- -------------- 2,781 2,633 2,890 Equity Share capital 2,103 2,003 2,103 Share premium 9,783 9,413 9,783 Other reserves 3 3 3 Merger reserve 3,150 3,150 3,150 Reverse acquisition reserve (7,361) (7,361) (7,361) Retained losses (4,897) (4,575) (4,788) -------------- -------------- -------------- Total 2,781 2,633 2,890
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Changes in Equity
For the six months ended 31 December 2021
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 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 (Audited) 1,967 9,192 3 3,150 (7,361) (4,535) 2,417 ------------------------ -------- --------- ------------- --------- ------------- --------- -------- Loss for the period - - - - - (253) (253) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD - - - - - (253) (253) ------------------------ -------- --------- ------------- --------- ------------- --------- -------- Share issues 136 621 - - - 757 Share issue costs - (30) - - - - (30) ------------------------ -------- --------- ------------- --------- ------------- --------- -------- TRANSACTIONS WITH OWNERS 136 591 - - - - 727 ------------------------ -------- --------- ------------- --------- ------------- --------- -------- BALANCE AT 30 June 2021 (Audited) 2,103 9,783 3 3,150 (7,361) (4,788) 2,890 ------------------------ -------- --------- ------------- --------- ------------- --------- -------- Loss for the period - - - - - (109) (109) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD - - - - - (109) (109) ------------------------ -------- --------- ------------- --------- ------------- --------- -------- Share issues - - - - - - - Share issue costs - - - - - - ------------------------ -------- --------- ------------- --------- ------------- --------- -------- TRANSACTIONS WITH - - - - - - - OWNERS ------------------------ -------- --------- ------------- --------- ------------- --------- -------- BALANCE AT 31 December 2021 2,103 9,783 3 3,150 (7,361) (4,897) 2,781 ------------------------ -------- --------- ------------- --------- ------------- --------- --------
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Cash Flows
For the six months ended 31 December 2021
Group Group Group Six months Six months Year to to to 31 December 31 December 30 June 2021 2020 2021 Unaudited Unaudited Audited Note GBP'000 GBP'000 GBP'000 ---------------------------- ----- --------------- --------------- -------------------- Operating activities Net cash from operating activities 6 (135) (58) (184) -------------- -------------- -------------- Net cash generated/(used) in operating activities (135) (58) (184) -------------- -------------- -------------- Investing activities Acquisition of intangible assets (78) (49) (108) Acquisition of plant and equipment - - (2) -------------- -------------- -------------- Net cash from financing activities (78) (49) (110) -------------- -------------- -------------- Financing activities Issue of share capital (Net of fees) - 257 757 Finance costs - (1) (30) -------------- -------------- -------------- Net cash from financing activities - 256 727 -------------- -------------- -------------- Net cash outflow (213) 149 433 Cash and cash equivalents at the beginning of the period 561 128 128 -------------- -------------- -------------- Cash and cash equivalents at the end of the period 348 277 561
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 200 Aldersgate Street, London EC1A 4HD, 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 2021 were approved by the Board of Directors on 29 December 2021 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 2021 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 2021.
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 2021 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 2021 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 2021, 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 GBP109,000 (company's loss - 6 months to 31 December 2020 GBP40,000; year ended 30 June 2021 - GBP253,000) and a basic and diluted weighted average number of ordinary shares of GBP0.0001 each in issue of 4,271,640,183 (31 December 2020: 2,996,232,580 - basic and diluted 3,339,326,136; 30 June 2021).
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 2021 2020 2021 Unaudited Unaudited Audited GBP'000s GBP'000s GBP'000s ------------------------ -------------- -------------- -------------- Operating Loss for the period (137) (64) (253) Adjustments for : (Increase)/Decrease in receivables (12) 11 (6) (Decrease)/Increase in payables (16) (32) 50 Depreciation 2 2 7
Finance expense - 1 - Tax credit - - (24) Tax Received 28 24 42 -------------- -------------- -------------- Net cash from operating activities (135) (58) (184) 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 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 1,367,857,139 - 136,786 - - 620,714 757,500 Issue costs - - - - - (30,000) (30,000) At 30 June 2021 4,271,640,186 400,932 299,292 396,923 1,406,599 12,933,447 15,036,261 ---------------- -------------- ------------- --------- --------- ------------- -------------- ----------- At 31 December 2021 4,271,640,186 400,932 299,292 396,923 1,406,599 12,933,447 15,036,261 ---------------- -------------- ------------- --------- --------- ------------- -------------- ----------- 8. Subsequent events after the reporting period
None
9. Copies of this interim financial information document are available from the Company at its registered office at 200 Aldersgate Street, London EC1A 4HD. The interim financial information document will also be available on the Company's website www.inspirit-energy.com .
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(END) Dow Jones Newswires
March 31, 2022 02:00 ET (06:00 GMT)
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