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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Plutus Powergen Plc | LSE:PPG | London | Ordinary Share | GB00B1GDWB47 | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.025 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPPG
RNS Number : 4624O
Plutus PowerGen PLC
30 January 2019
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
Plutus PowerGen Plc / Ticker: PPG / Index: AIM
30 January 2019
PLUTUS POWERGEN PLC
("Plutus" or the "Company")
Interim Results for the Six-Month Period Ended 31 October 2018
Plutus PowerGen PLC (AIM: PPG), the AIM listed power company focused on the development and operation of flexible energy generation ("FlexGen") projects and gas-powered generation sites ("peakers") in the UK announces its interim results for the six-month period ended 31 October 2018.
Executive Chairman's Report
We remain focused on building a portfolio of FlexGen and gas peaker sites across the UK and strengthening our position in the power generation arena. Our first six 20MW FlexGen sites are working well, assisting in alleviating the UK's current and forecast risk of an energy deficit.
Our substantial pipeline of gas assets continues to gain momentum and we are making a strategic shift to the development of higher margin gas operations, in which the Company will hold higher equity interests. The Company has a strong track record in the power generation arena, having already developed six operating 20MW FlexGen sites.
The Company is also developing two 20MW sites in house, both of which look very promising and are entering planning imminently. We estimate, when the sites are fully packaged as "shovel ready", these would cost between GBP600,000 and GBP1 million if acquired from a third party and therefore will have a similar value. When funding is achieved for our gas peaker portfolio, we will look to acquire further "shovel ready" sites from third parties; and we already have a comprehensive pipeline of available projects.
From a funding prospective, we continue to work to secure the appropriate funding for our pipeline of gas sites and discussions with potential financial partners are ongoing.
Post Balance sheet events
In mid-November 2018, we raised GBP500,000 gross through the issue of 83,333,333 ordinary shares of 0.1 pence each ("Ordinary Shares") at an issue price of 0.6 pence per share in a placing conducted by Turner Pope Investments ("TPI") Limited. The Company also issued 18,000,000 Ordinary Shares in lieu of fees.
Outlook
In conclusion, the Company had a robust first half and whilst revenues were flat, the Board's efforts to reduce costs successfully resulted in reduced operating losses. Furthermore, with the Directors concentrating on the operations of the FlexGen portfolio, which are working well, and progressing talks with regard to achieving a suite of equity and debt for its planned "gas peaker" portfolio, we look forward to being able to update the market with progress thereon.
The fundamentals of our business case remain strong: flexible energy will continue to play a crucial role in the foreseeable future, filling the supply gaps created as a result of the increased use of intermittent energy in the UK energy mix. Our track-record of developing FlexGen sites, in tandem with our robust development/financial partnership network, places us in a strong position to capitalise on this opportunity. We therefore look forward to the future with confidence.
I would like to thank all the staff and the Directors for their considerable efforts and support, together with our advisors and consultants, who assist us in developing and executing both our FlexGen and Gas operations.
Charles Tatnall
Executive Chairman
30 January 2019
Financial Review
The Company's net loss for the half year under review was GBP131,573 (6 months ended 31 October 2017: loss of GBP392,489). Administration expenses were down in the period to GBP736,369 from GBP888,939 in the same period last year due to a management review of costs with material cost savings being implemented which will benefit the Company going forward. The loss before taxation also reduced due to a smaller non-cash charge for the Directors' share option scheme of GBP62,204 (2017: GBP159,748). This charge does not affect the cash flow of the Company. The Company continues to control costs as tightly as possible. Finance costs from the convertible loans were GBP4,000 (6 months ended 31 October 2017: GBP8,000) as half the loan was converted into equity in the last full financial year.
Net reimbursable expenses have reduced from the Rockpool Investee Companies and now constitute ongoing expenses which are initially paid by Plutus, but which are ultimately borne by the nine operating investee companies. Plutus continues to make payments for its own gas sites under development. These are capitalised or written off if the sites do not proceed. The Directors are confident that the current sites under development in house will be successful, subject to planning.
Cash and short-term investments as at 31 October 2018 totalled GBP62,833 (2017: GBP126,212). The Directors believe the Company has sufficient working capital for the foreseeable future.
James Longley
Chief Financial Officer and Interim Chief Executive
30 January 2019
For more information please contact:
Plutus PowerGen PLC Tel: +44 (0)20 7582 Charles Tatnall, Executive Chairman 6598 James Longley, Chief Financial Officer Cantor Fitzgerald Europe (Nominated adviser and broker) David Foreman Tel: +44 (0) 20 7894 7000 Richard Salmond Tel: +44 (0) 20 7894 7000 St Brides Partners Limited Tel: +44 (0)20 7236 Isabel de Salis 1177 Cosima Akerman
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 OCTOBER 2018
Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 31 October 31 October 30 April 2018 2017 2018 GBP GBP GBP --------------------------------- -------------- -------------- ---------------- Continuing operations Revenue 675,000 675,000 1,350,000 --------------------------------- -------------- -------------- ---------------- Gross profit 675,000 675,000 1,350,000 Administration expenses (740,369) (888,939) (1,513,022) Share based compensation expense (62,204) (159,748) (289,338) Pre-planning project expenses written off - (10,802) (50,153) Finance costs (4,000) (8,000) (64,670) --------------------------------- -------------- -------------- ---------------- Loss before taxation (131,573) (392,489) (567,183) Taxation - - - --------------------------------- -------------- -------------- ---------------- Loss for the period and total comprehensive income (131,573) (392,489) (201,501) Basic and fully diluted loss per share Continuing and total operations (0.02p) (0.06p) (0.03p) --------------------------------- -------------- -------------- ----------------
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 OCTOBER 2018
Called up share Share premium Retained Total capital account Other reserves loss equity GBP GBP GBP GBP GBP ------------------------- ---------- -------------- --------------- ------------ ------------ Balance at 1 May 2017 1,496,950 6,994,076 164,309 (7,659,471) 995,864 Total comprehensive income for the period - - - (392,489) (392,489) Issue of shares on exercise of warrants 20,000 160,000 - - 180,000 Credit to equity in respect of share-based compensation charge - - 159,748 - 159,748 Balance at 31 October 2017 1,516,950 7,154,076 324,057 (8,051,960) 943,123 Total comprehensive income for the period - - - (174,694) (174,694) Credit to equity in respect of share-based compensation charge - - 145,228 145,228 Issue of shares on exercise of warrants 12,500 87,500 - - 100,000 Balance at 30 April 2018 1,529,450 7,241,576 469,285 (8,226,654) 1,013,657 Total comprehensive income for the period - - - (131,573) (131,573) Credit to equity in respect of share-based compensation charge - - 62,204 - 62,204 Balance at
31 October 2018 1,529,450 7,241,576 531,489 (8,358,227) 944,288 ------------------------- ---------- -------------- --------------- ------------ ------------
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2018
Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 31 October 31 October 30 April 2018 2017 2018 GBP GBP GBP --------------------------------- ---------------- ---------------- ---------------- ASSETS Non-current assets Goodwill 1,085,000 1,085,000 1,085,000 Investments 152 152 152 --------------------------------- ---------------- ---------------- ---------------- Total non-current assets 1,085,152 1,085,152 1,085,152 --------------------------------- ---------------- ---------------- ---------------- Current assets Trade and other receivables 173,412 254,884 146,627 Cash and cash equivalents 62,833 126,212 136,416 --------------------------------- ---------------- ---------------- ---------------- Total current assets 236,245 381,096 283,043 --------------------------------- ---------------- ---------------- ---------------- Total assets 1,321,397 1,466,248 1,368,195 LIABILITIES Current liabilities Trade and other payables 277,108 323,125 254,538 Borrowings 100,000 200,000 100,000 Total current liabilities 377,108 523,125 354,538 --------------------------------- ---------------- ---------------- ---------------- Net assets 944,289 943,123 1,013,657 --------------------------------- ---------------- ---------------- ---------------- EQUITY Share capital 1,529,450 1,516,950 1,529,450 Share premium account 7,241,576 7,154,076 7,241,576 Loan note equity reserve 23,657 23,657 23,657 Share option and warrant reserve 507,832 300,400 445,628 Retained losses (8,358,226) (8,051,960) (8,226,654) --------------------------------- ---------------- ---------------- ---------------- Total equity 944,289 943,123 1,013,657 --------------------------------- ---------------- ---------------- ----------------
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 OCTOBER 2018
Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 31 October 31 October 30 April 2018 2017 2018 GBP GBP GBP ---------------------------------------- ------------ ------------ ---------- Loss before tax (131,573) (392,489) (567,183) Share-based compensation charge 62,204 159,748 304,976 Loan note interest charge 4,000 8,000 (64,670) Project expenses written off - - 50,153 ---------------------------------------- ------------ ------------ ---------- Operating cash flow before movements in working capital (65,369) (224,741) (147,384) (Increase)/decrease in receivables (26,784) 13,854 71,958 Increase in payables 22,570 93,490 24,903 ---------------------------------------- ------------ ------------ ---------- Net cash used in operating activities (69,583) (117,397) (50,523) ---------------------------------------- ------------ ------------ ---------- Financing activities Proceeds of share issues - 180,000 180,000 Interest paid (4,000) (8,000) (64,670) ---------------------------------------- ------------ ------------ ---------- Net cash generated from financing activities (4,000) 172,000 115,330 ---------------------------------------- ------------ ------------ ---------- Net (decrease)/increase in cash & cash equivalents (73,583) 54,603 64,807 Cash and cash equivalents at beginning of year 136,416 71,609 71,609 ---------------------------------------- ------------ ------------ ---------- Cash and cash equivalents at end of year 62,833 126,212 136,416 ---------------------------------------- ------------ ------------ ----------
NOTES TO THE INTERIM REPORT
1. Basis of preparation
The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The Company's statutory financial statements for the period ended 30 April 2018, prepared under International Financial Reporting Standards (IFRS), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
The interim financial information has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) and on the same basis and using the same accounting policies as used in the financial statements for the year ended 30 April 2018. The interim financial statements have not been audited or reviewed in accordance with the International Standard on Review Engagement 2410 issued by the Auditing Practices Board.
The financial statements have been prepared on a going concern basis under the historical cost convention.
The Directors believe that the going concern basis is appropriate for the preparation of the financial statements as the Company is in a position to meet all its liabilities as they fall due.
2. Earnings per share
The calculation of basic and diluted earnings per share is based on the total loss for the period of GBP131,573 (2017: loss GBP392,489) and a weighted average number of ordinary shares of 723,928,935 (2017: 709,461,722). The number of shares used in the calculation of the diluted loss per share is the same as that used for the basic loss per share for the current period, as the exercise of options would be anti-dilutive.
3. Share Capital Number of Number of Share Ordinary Value Deferred Value Premium shares GBP shares GBP GBP -------------------- ------------ -------- ----------- -------- ---------- Issued and fully paid At 1 May 2018 723,928,935 723,929 16,439,210 805,521 7,241,576 Share issues - - - - - -------------------- ------------ -------- ----------- -------- ---------- At 31 October 2018 723,928,935 723,929 16,439,210 805,521 7,241,576 -------------------- ------------ -------- ----------- -------- ---------- 4. Dividend
No interim dividend will be paid.
Copies of the interim report can be obtained from: The Company Secretary, Plutus PowerGen PLC, 27/28 Eastcastle Street, London W1E 8DH and are available to view and download from the Company's website: www.plutuspowergen.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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January 30, 2019 02:00 ET (07:00 GMT)
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