We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| 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 |
From Apr 2019 to Apr 2024
TIDMPPG
RNS Number : 2222B
Plutus PowerGen PLC
29 January 2020
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
29 January 2020
PLUTUS POWERGEN PLC
("Plutus" or the "Company")
Interim Results for the Six-Month Period Ended 31 October 2019
Plutus PowerGen PLC (AIM: PPG), the AIM quoted 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 2019.
Executive Chairman's Report
Against a background of a general meeting of the Company being requisitioned by certain shareholders requesting to remove the existing board, which was successfully voted down by shareholders earlier in January, I am pleased to announce an operating profit for the six-month period of GBP115,838 (six months to 31 October 2018 - loss of GBP131,573). As detailed in the annual report for the year ended 30 April 2019, we have been cutting costs and continue to cut costs to the bare minimum. This strategy has led to a GBP247,411 positive turnaround from loss to profit in the period under review. Since Mr Lazarevic left the Company in breach of his contract in October 2019, we have made further deep cuts to costs in order that the Company is able to reshape its strategy for the tougher times ahead and these costs are now at the minimum required to be able to run a company quoted on AIM. We have taken legal advice with regards to Mr Lazarevic's breach of contract and the Company anticipates shortly commencing legal proceedings against Mr Lazarevic.
As previously announced by the Company in August 2019, Plutus was given notice that its management contracts were to be terminated in eight out of the nine companies with six months' notice because the co-owned companies needed to reduce costs further than the already reduced fees Plutus was receiving as agreed under the letters of variation with the co-owned investee companies. The Company has been accruing the balance of the fees, which are due to Plutus when the co-investee companies are sold, or the debt is refinanced under the terms of the letters of variation.
The FlexGen assets are up for sale and this is being handled by Rockpool Investments LLP advised by Jones Lang LaSalle and we look forward to a positive outcome from this sale process. The deferred fees which we are owed, totalling GBP656,856 to the date of termination, are repayable upon a change of control or upon a refinancing of the existing loan notes.
We remain in discussions with prospective new appointments to the board of Plutus or Plutus Energy, the Company's operating subsidiary. The Company intends to appoint a new independent non-executive director to the board of Plutus, subject to satisfactory completion of due diligence. Furthermore, the Company intends to appoint a new operations director to Plutus Energy responsible for the operations of the group and as a replacement for the departed Chief Operating Officer. We hope to make further announcements with regards to these prospective appointments soon.
As announced on the 21 January 2020, the Company has been provided with a loan facility of up to GBP150,000 from myself and James Longley enabling the Company to meet its short-term financing needs. This loan, which is to be drawn down in four equal monthly instalments of GBP37,500 from 31 January 2020, is expected to provide the Company with sufficient working capital through to mid-May 2020.
Outlook
We have to be prepared for tough times ahead and your incumbent directors are determined to ensure that the Company is in a good position to take advantage of opportunities going forward.
Charles Tatnall
Executive Chairman
29 January 2020
Financial Review
Highlights
Hot Features
Premium
6 months ended 6 Months ended Change
31 October 2019 31 October 2018 %
GBP GBP
Revenue 567,744 675,000 * 16
Operating Profit/(Loss) 115,838 (131,573) n/a
Profit/(Loss) per
share (pence per
share) 0.01 (0.02) n/a
The Company's net profit for the half year under review was GBP115,838 (6 months ended 31 October 2018: Loss of GBP131,573). Administration expenses were down in the period to GBP456,487 from GBP740,369, a reduction of GBP283,882 compared with the same period last year due to material cost savings being implemented. The finance costs from a GBP100,000 unsecured convertible loan note put in place in 2014 are zero going forward as the loan was converted into new ordinary shares of the company in July 2019.
As previously announced the Company's working capital position is highly constrained following, in August 2019, the termination of the management contracts in connection with the existing six Rockpool EIS funded FlexGen sites and the Company's management contract with Attune Energy. From 21 October 2019 the Company ceased to receive management fees from its six FlexGen sites and the Attune Energy management contract. Cash and short-term investments as at 31 October 2019 totalled GBP Nil (31 October 2018: GBP62,833). We have however receivables owed to us totalling GBP748,119 (31 October 2018: GBP173,412) including deferred income. As detailed above, and as announced on 22 January 2020, certain directors of the Company have put in place an unsecured loan facility with the Company totalling GBP150,000 to provide financial support for the Company which the Board believes will provide the Company with sufficient working capital until mid-May 2020. The Board remains confident that the Company would be able to raise further funds in addition to this loan facility to enable the Company's debts to be paid as they fall due, should the need arise.
James Longley
Chief Financial Officer and Interim Chief Executive
29 January 2020
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 OCTOBER 2019
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 October 31 October 30 April
2019 2018 2019
GBP GBP GBP
--------------------------------- -------------- -------------- ----------------
Continuing operations
Revenue 567,744 675,000 1,275,000
--------------------------------- -------------- -------------- ----------------
Gross profit 567,744 675,000 1,275,000
Administration expenses (456,487) (740,369) (1,579,744)
Share based compensation expense - (62,204) (124,408)
Pre-planning project expenses
written off/written back 6,409 - (128,549)
Impairment of Goodwill - - (1,085,000)
Operating profit/(loss) 117,666 (127,573) (1,642,701)
Finance costs (1,828) (4,000) (8,000)
--------------------------------- -------------- -------------- ----------------
Profit/(Loss) before taxation 115,838 (131,573) (1,650,701)
Taxation - - -
--------------------------------- -------------- -------------- ----------------
Profit/(Loss) for the period
and total comprehensive income 115,838 (131,573) (1,650,701)
Basic and fully diluted loss
per share
Continuing and total operations 0.01p (0.02p) (0.22p)
--------------------------------- -------------- -------------- ----------------
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 OCTOBER 2019
Called
up
share Share premium Retained Total
capital account Other reserves deficit equity
GBP GBP GBP GBP GBP
------------------------ -------------------- -------------------- ------------------ ------------ --------------------
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
Total comprehensive
income for the period - - - (1,519,128) (1,519,128)
Credit to equity in
respect of share-based
compensation charge - - 62,204 - 62,204
Issue of share capital 101,333 506,667 - - 608,000
Balance at
30 April 2019 1,630,783 7,748,243 593,693 (9,877,355) 95,364
Total comprehensive
income for the period - - - 115,838 115,838
Issue of share capital 47,273 63,636 - - 110,909
Balance at
31 October 2019 1,678,056 7,811,879 593,693 (9,761,517) 322,111
------------------------ -------------------- -------------------- ------------------ ------------ --------------------
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2019
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 October 31 October 30 April
2019 2018 2019
GBP GBP GBP
--------------------------------- ---------------- ---------------- ----------------
ASSETS
Non-current assets
Goodwill 1,085,000 -
Investments 152 152 152
--------------------------------- ---------------- ---------------- ----------------
Total non-current assets 152 1,085,152 152
--------------------------------- ---------------- ---------------- ----------------
Current assets
Trade and other receivables 748,119 173,412 475,238
Cash and cash equivalents - 62,833 45,177
--------------------------------- ---------------- ---------------- ----------------
Total current assets 748,119 236,245 520,415
--------------------------------- ---------------- ---------------- ----------------
Total assets 748,271 1,321,397 520,567
LIABILITIES
Current liabilities
Trade and other payables 426,160 277,108 325,203
Borrowings - 100,000 100,000
Total current liabilities 426,160 377,108 425,203
--------------------------------- ---------------- ---------------- ----------------
Net assets 322,111 944,289 95,364
--------------------------------- ---------------- ---------------- ----------------
EQUITY
Share capital 1,678,056 1,529,450 1,630,784
Share premium account 7,811,879 7,241,576 7,748,243
Loan note equity reserve 23,657 23,657 23,657
Share option and warrant reserve 570,036 507,832 570,036
Retained losses (9,761,517) (8,358,226) (9,877,356)
--------------------------------- ---------------- ---------------- ----------------
Total equity 322,111 944,289 95,364
--------------------------------- ---------------- ---------------- ----------------
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHSED 31 OCTOBER 2019
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 October 31 October 30 April
2019 2018 2019
GBP GBP GBP
---------------------------------------- ------------ ------------ ------------
Profit/(Loss) before tax 115,838 (131,573) (1,650,701)
Share-based compensation charge 62,204 124,408
Loan note interest charge 1,828 4,000 (8,000)
Goodwill written off - 1085,000
Project expenses written off - - 128,549
---------------------------------------- ------------ ------------ ------------
Operating cash flow before movements
in working capital 117,666 (65,369) (304,744)
(Increase)/decrease in receivables (272,881) (26,784) (457,159)
Increase in payables 100,957 22,570 158,694
---------------------------------------- ------------ ------------ ------------
Net cash used in operating activities (54,258) (69,583) (603,209)
---------------------------------------- ------------ ------------ ------------
Financing activities
Proceeds of share issues 110,909 - 519,970
Conversion of loan notes (100,000)
Interest paid (1,828) (4,000) (8,000)
---------------------------------------- ------------ ------------ ------------
Net cash generated from financing
activities 9,081 (4,000) 511,970
---------------------------------------- ------------ ------------ ------------
Net (decrease)/increase in cash
& cash equivalents (45,177) (73,583) (91,239)
Cash and cash equivalents at beginning
of year 45,177 136,416 136,416
---------------------------------------- ------------ ------------ ------------
Cash and cash equivalents at end
of year - 62,833 45,177
---------------------------------------- ------------ ------------ ------------
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 2019, 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 2019. 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 of its liabilities as they fall due. With regards to the Company, a loan facility of up to GBP150,000 from Charles Tatnall and James Longley has been provided therefore enabling the Company to meet its short-term financing needs. This loan, which was announced on 22 January 2020, is to be drawn down in four equal monthly instalments of GBP37,500 with the first instalment expected to be drawn down by 31 January 2020. The loan is expected to provide the Company with sufficient working capital through to mid-May 2020.
2. Earnings per share
The calculation of basic and diluted earnings per share is based on the total gain for the period of GBP115,838 (2018: Loss GBP131,573) and a weighted average number of ordinary shares of 872,534,994 (2018: 723,928,935). 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 2019 825,262,268 825,262 16,439,210 805,521 7,748,243
Share issues 47,272,726 47,273 - - 63,636
----------------------- ----------------- ------------- ---------------- ------------- ---------------
At 31 October
2019 872,534,994 872,535 16,439,210 805,521 7,811,879
----------------------- ----------------- ------------- ---------------- ------------- ---------------
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
For more information please contact:
Plutus PowerGen PLC Tel: +44 (0) 20 8720 6562
Charles Tatnall, Executive Chairman
Allenby Capital (Nominated Adviser and Tel: +44 (0)20 3328 5656
Joint Broker)
Nick Athanas,
James Hornigold
Turner Pope Investments (TPI) Limited Tel: +44 (0)20 3621 4120
(Joint Broker)
Andy Thacker
St Brides Partners Limited (Financial Tel: +44 (0)20 7236 1177
PR)
Cosima Akerman
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
IR BCGDBXUDDGGI
(END) Dow Jones Newswires
January 29, 2020 02:00 ET (07:00 GMT)
1 Year Plutus Powergen Chart |
1 Month Plutus Powergen Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
