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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tribe Technology Plc | LSE:TRYB | London | Ordinary Share | GB00BMY63X13 | ORD 0.05P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.10 | 4.00 | 4.20 | 4.10 | 4.10 | 4.10 | 11,823 | 08:00:22 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Mng Machy, Eq, Ex Oil Field | 504k | -3.28M | - | N/A | 0 |
TIDMTRYB
RNS Number : 1935Y
Tribe Technology PLC
29 December 2023
29 December 2023
Tribe Technology PLC
("Tribe Tech", the "Company" or the "Group")
Trading subsidiaries consolidated audited results for the year ended 30 June 2023 and unaudited balance sheet for the Company for the period ended 30 June 2023
Tribe Technology PLC (AIM: TRYB), a disruptive developer and manufacturer of autonomous mining equipment, is pleased to announce the consolidated audited results for its trading subsidiaries Tribe Technology Group Ltd and Tribe Technology Pty Ltd for the year ended 30 June 2023, details of which have been filed at Companies House and will be available on the Company website. The Group's unaudited balance sheet as at 30 June 2023 is also included in this announcement.
Tribe Technology PLC was incorporated on 30 March 2023 and the Group's next set of results will be its unaudited consolidated interim results for the six month period from 1 July to 31 December 2023, which will be announced by 31 March 2024 in accordance with the AIM Rules.
Highlights
-- On a consolidated basis the revenue and EBITDA numbers to 30 June 2023 were in line with management expectations
-- Successful pre-IPO fundraise of GBP2 million with a number of prominent investment firms as Tribe Tech established itself as an exciting investment opportunity
-- Mike Irvine appointed as Non-Executive Director 6 December 2022 with additional non-executive directors Caroline Bault and Preeti Mardia appointed 17 August 2023
-- Secured significant order with major mining company for autonomous drill rig -- Since reporting date, successfully admitted to trading on AIM on 5 September 2023
-- Successful raise of GBP4.6million at IPO gross of listing costs (net proceeds of GBP3.29million)
-- Secured a capital facility of GBP3 million (gross proceeds) in October 2023 with Beach Point Capital, details of which were announced on 25 October 2023
Outlook
-- Committed to developing product portfolio and research and development in Q1 2024 with its disruptive mining equipment
-- Early qualification of sample system by working with existing customers and further trials have been successfully conducted and will continue into the first half of 2024
-- The Company continues to develop and advance innovative products for the drilling sector to advance efficiency, safety and sustainability within the sector
-- The Company released a trading update on 28 December 2023 which can be accessed below Trading update - 07:00:02 28 Dec 2023 - TRYB News article | London Stock Exchange
-- As set out in the trading update, factory completion of the first generation autonomous TTDS 700 GC drill rig, originally anticipated to occur in late Q4 2023, is now expected to occur in Q1 2024
Charlie King, Chief Executive Officer at Tribe Tech, stated:
"This has been an exciting year for everyone at Tribe Tech, and we have made progress in 2023, highlighted by our successful IPO in September 2023 and the strong working relationships the Group has with a number of current and future customers. I look forward to providing shareholders with additional updates in the new year".
[The full financial statements for Tribe Technology Group Limited can be found here: Reports & Presentations - Tribe Tech Group ]
Unaudited Balance Sheet of Tribe Technology PLC
As at 30 June 2023 (GBP000s)
Current Assets (Cash) 672.8 Current Liabilities(1) (10.7) -------- Amount Owed from Subsidiary(2) 500.0 -------- Net Assets 1,162.1 -------- Equity(3) 1,162.1 --------
(1) Accrued directors fees for new NEDs
(2) Transfer to Tribe Technology Group, trading subsidiary, for working capital purposes
(3) GBP1.17M ASA funds, less loss for period
--
For further information, please visit www.tribetechgroup.com or contact:
Tribe Technology PLC via Tavistock Charlie King, Chief Executive Officer Eric Hampel, Chief Financial Officer Allenby Capital Limited (Nominated Adviser and Broker) +44 20 3328 5656 John Depasquale / Vivek Bhardwaj / Lauren info@allenbycapital.com Wright (Corporate Finance) Tony Quirke / Joscelin Pinnington (Sales & Corporate Broking) Tavistock (Financial PR) +44 20 7920 3150 Gareth Tredway / Rebecca Hislaire / Saskia tribetech@tavistock.co.uk Sizen
About Tribe Tech
Established in 2019, the Group was founded to create a safer, more efficient work environment through the development of fully autonomous reverse circulation drill rigs in the mining industry. The Group's core activities are the development, in-house manufacturing, and sale of its autonomous RC Drill Rigs incorporating its core proprietary intellectual property, the Tribe Technology Drilling System ("TTDS").
The following financial statements are for the Tribe Technology Group Limited.
Consolidated Statement of Comprehensive Income
Year ended Year ended 30 June 30 June 2023 2022 (restated) GBP'000 GBP'000 ---------- ---------- Revenue 40 2 Cost of sales (799) (293) Gross loss (759) (291) Other operating income 464 428 Administrative expenses (3,327) (2,402) Operating loss (3,622) (2,265) Finance income 2 - Finance expense (184) (105) Other losses (5) - Loss before taxation (3,809) (2,370) Taxation 533 638 ---------- ---------- Loss for the year (3,276) (1,732) ========== ========== Other comprehensive expense Foreign currency retranslation (4) (62) ---------- ---------- Total comprehensive expense (3,280) (1,794) ========== ==========
Consolidated Statement of Financial Position
As at As at As at 30 June 30 June 1 July 2023 2022 2021 (restated) (restated) GBP'000 GBP'000 GBP'000 -------- ----------- ----------- Assets Non-current assets Property, plant and equipment 206 130 39 Intangible assets 28 38 20 Right-of-use assets 523 720 676 Total non-current assets 757 888 735 -------- ----------- ----------- Current assets Inventories 1,688 832 1 Trade and other receivables 793 1,220 437 Cash and cash equivalents 207 232 64 Total current assets 2,688 2,284 502 -------- ----------- ----------- Total assets 3,445 3,172 1,237 -------- ----------- ----------- Liabilities Current liabilities Trade and other payables 2,410 1,791 513 Lease liabilities 209 205 150 Borrowings 220 489 50 -------- ----------- ----------- Total current liabilities 2,839 2,485 713 -------- ----------- ----------- Non-current liabilities Borrowings 359 211 - Lease liabilities 264 497 528 Other payables 1,737 989 830 -------- ----------- ----------- Total non-current liabilities 2,360 1,697 1,358 -------- ----------- ----------- Total liabilities 5,199 4,182 2,071 -------- ----------- ----------- Net liabilities (1,754) (1,010) (834) -------- ----------- ----------- Equity Share capital - - - Share premium 3,244 1,618 - Shares to be issued 910 - - Exchange reserve (73) (69) (7) Accumulated losses (5,835) (2,559) (827) -------- ----------- ----------- Total equity (1,754) (1,010) (834) ======== =========== ===========
Company Statement of Financial Position
As at As at As at 30 June 30 June 1 July 2023 2022 2021 (restated) (restated) GBP'000 GBP'000 GBP'000 -------- ----------- ----------- Assets Non-current assets Property, plant and equipment 167 92 15 Intangible assets 23 29 10 Right-of-use assets 431 575 531 -------- ----------- ----------- Total non-current assets 621 696 556 -------- ----------- ----------- Current assets Inventories 1,676 614 1 Trade and other receivables 1,735 2,074 940 Cash and cash equivalents 156 220 16 -------- ----------- ----------- Total current assets 3,567 2,908 957 -------- ----------- ----------- Total assets 4,188 3,604 1,513 -------- ----------- ----------- Liabilities Current liabilities Trade and other payables 2,183 1,586 481 Lease liabilities 149 160 97 Borrowings 90 489 50 -------- ----------- ----------- Total current liabilities 2,422 2,235 628 -------- ----------- ----------- Non-current liabilities Borrowings 359 211 - Lease liabilities 229 392 426 Other payables 1,737 989 811 -------- ----------- ----------- Total non-current liabilities 2,325 1,592 1,237 -------- ----------- ----------- Total liabilities 4,747 3,827 1,865 -------- ----------- ----------- Net liabilities (559) (223) (352) -------- ----------- ----------- Equity Share capital - - - Share premium 3,244 1,618 - Shares to be issued 910 - - Accumulated losses (4,713) (1,841) (352) -------- ----------- ----------- Total equity (559) (223) (352) ======== =========== ===========
The loss for the financial year of the parent company was GBP2,851k (2022: GBP1,489k). The Company has elected to take the exemption under section 408 of the Companies Act 2006 not to present the Parent Company Statement of Comprehensive Income.
Consolidated Statement of Changes in Equity
Share Share Shares Accumulated Foreign Total capital premium to be losses exchange equity issued reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance At 01 July 2021 - - - (827) (7) (834) Comprehensive income Loss for the year - - - (1,732) - (1,732) Other comprehensive income - - - - (62) (62) Transactions with owners Issue of shares - 1,618 - - - 1,618 -------- Balance at 30 June 2022 - 1,618 - (2,559) (69) (1,010) ----------- --------- ======== ----------- ---------- -------- Balance at 01 July 2022 - 1,618 - (2,559) (69) (1,010) Comprehensive income Loss for the year - - - (3,276) - (3,276) Other comprehensive income - - - - (4) (4) Transactions with owners Issue of shares - 1,551 - - - 1,551 Reissue as a convertible loan - (214) - - - (214) Issue of shares on conversion of convertible loan note - 527 - - - 527 Share issue costs - (238) - - - (238) Shares to be issued - - 910 - - 910 ----------- --------- -------- ----------- ---------- -------- Balance at 30 June 2023 - 3,244 910 (5,835) (73) (1,754) ----------- --------- -------- ----------- ---------- --------
Company Statement of Changes in Equity
Share Share Shares Accumulated Total capital premium to be losses equity issued GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance At 01 July 2021 - - - (352) (352) Comprehensive income Loss for the year - - - (1,489) (1,489) Other comprehensive - - - - - income Transactions with owners Issue of shares - 1,618 - - 1,618 -------- Balance at 30 June 2022 - 1,618 - (1,841) (223) ----------- --------- ======== ------------ -------- Balance at 01 July 2022 - 1,618 - (1,841) (223) Comprehensive income Loss for the year - - - (2,872) (2,872) Other comprehensive - - - - - income Transactions with owners Issue of shares - 1,551 - - 1,551 Issue of shares on conversion of convertible loan notes - 527 - - 527 Reissue as a convertible loan - (214) - - (214) Share issue costs - (238) - - (238) Shares to be issued - - 910 - 910 ----------- --------- -------- ------------ -------- Balance at 30 June 2023 - 3,244 910 (4,713) (559) =========== ========= ======== ============ ========
Consolidated Statement of Cash Flows
As at As at 30 June 30 June 2023 2022 GBP'000 GBP'000 ------- ------- Cash flows from operating activities Loss before taxation from continuing activities (3,809) (2,370) Adjustments for non-cash/non-operating items: Depreciation of property, plant and equipment 27 15 Amortisation of intangible assets 9 5 Amortisation of right-of-use assets 175 158 Loss on disposal of property, plant and equipment 1 - Loss on disposal of right-of-use assets 7 - Shares issued in lieu of cash settlement 67 - Movement in provisions 479 177 Initial lease payments (13) (16) Loss on remeasurement of leases (22) - Finance income (2) - Finance expense 184 105 (2,897) (1,926) Increase in inventories (856) (830) Decrease/(Increase) in trade and other receivables 427 (784) Increase in trade and other payables 1,378 1,261 Cash used in operations (1,948) (2,279) R&D tax credits received 533 638 Net cash used in operating activities (1,415) (1,641) ------- ------- Cash flows from investing activities Purchase of property, plant and equipment (107) (106) Purchase of intangible assets - (23)
Interest received 2 - Net cash used in investing activities (105) (129) ------- ------- Cash flows from financing activities Principal paid on lease liabilities (181) (169) Interest paid on lease liabilities (52) (59) Cash received for shares to be issued 844 - Issue of shares 1,550 1,618 Share issue costs (238) - Issue of convertible loan notes 287 - Repayment of borrowings (1,341) - Proceeds from borrowings 740 650 Other interest paid (106) (46) Net cash from financing activities 1,503 1,994 ------- ------- Net (decrease)/ increase in cash and cash equivalents (17) 224 Cash and cash equivalents at beginning of year 232 64 Effect of foreign exchange rates (8) (56) Cash and cash equivalents at end of year 207 232 ======= =======
Company Statement of Cash Flows
As at As at 30 June 30 June 2023 2022 GBP'000 GBP'000 ------- ------- Cash flows from operating activities Loss before taxation from continuing activities (3,100) (1,885) Adjustments for non-cash/non-operating items: Depreciation of property, plant and equipment 18 7 Amortisation of intangible assets 6 3 Amortisation of right-of-use assets 139 124 Loss on disposal of property, plant and equipment 1 - Loss on disposal of right-of-use assets 5 - Shares in lieu 67 - Movement in provisions 479 177 Initial lease payments (13) (7) Loss on remeasurement of leases (22) - Finance income (2) - Finance expense 150 68 (2,272) (1,513) Increase in inventories (1,062) (613) Decrease/(increase) in trade and other receivables 336 (1,135) Increase in trade and other payables 1,095 1,104 Cash from operations (1,903) (2,157) R&D tax credits received 230 397 Net cash used in operating activities (1,673) (1,760) ------- ------- Cash flows from investing activities Purchase of property, plant and equipment (94) (85) Purchase of intangible assets - (21) Interest received 2 - Net cash used in investing activities (92) (106) ------- ------- Cash flows from financing activities Principal paid on lease liabilities (138) (131) Interest paid on lease liabilities (42) (45) Cash received for shares to be issued 844 - Issue of shares 1,550 1,618 Share issue costs (238) - Issue of convertible loan notes 287 - Repayment of borrowings (1,105) (94) Proceeds from borrowings 625 744 Other interest paid (82) (22) Net cash from financing activities 1,701 2,070 ------- ------- Net (decrease)/increase in cash and cash equivalents (64) 204 Cash and cash equivalents at beginning of year 220 16 Cash and cash equivalents at end of year 156 220 ======= =======
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December 29, 2023 03:40 ET (08:40 GMT)
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