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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Verditek Plc | LSE:VDTK | London | Ordinary Share | GB00BF2C0424 | ORD GBP0.0004 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.12 | 0.11 | 0.13 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Business Services, Nec | 509k | -1.87M | -0.0034 | -22.79 | 42.99M |
From Apr 2019 to Apr 2024
TIDMVDTK
RNS Number : 1489Y
Verditek PLC
07 September 2020
Verditek PLC
("Verditek" or the "Company" or the "Group")
Interim Report and Financial Statements for the six months to 30 June 2020
Verditek plc, (AIM:VDTK) the clean technology company is pleased to announce its interim results for the six months to 30 June 2020.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Enquiries:
Verditek plc Tel: +44 (0)20 7129 RH Lord David Willetts FRS 1110 (Non-Executive Chairman) enquiries@verditek.plc.uk Rob Richards (Chief Executive Officer) WH Ireland Limited (NOMAD Tel: +44 (0)20 7220 and Broker) 1666 Chris Hardie (Corporate Finance) Chris.hardie@whirelandcb.com
CEO's Statement
Introduction
I am delighted to be presenting my first set of interim results as CEO of Verditek plc, a cleantech company with interests in Solar, Carbon Capture, and Filtration systems.
The last six-month period for Verditek has been a defining time for the Group, as Verditek's solar business has moved from the development phase into commercialisation. Production is now increasing in order to fulfil recent orders for its lightweight solar panels. Revenues from these orders together with the anticipated revenues from the new sales pipeline will flow into the second half of the year.
Solar Division
During the period a new sales strategy was implemented which has led to significant openings of new markets and geographies previously not targeted.
As a result of this, the mining and marine sectors in particular have become a major part of our efforts to drive the Groups 's growth, as these industry verticals come under increased pressure to substitute dry fuel for wet; both these areas are recent breakthroughs for us, representing a multi-year pipeline of potential business.
In mining an illustration of the scale of the opportunity for Verditek can be demonstrated through one of our partners, who are a specialist mining consultancy with a client base that controls some 4,000 individual mines. All of the mines are capable of switching to solar, each with a greater than 1-2 MW requirement. Even supplying a small proportion of these mines would lead to a significant revenue opportunity.
The requirement for solar power is equally compelling in the Oil & Gas sector, which is under enormous pressure to operate in a more environmentally friendly manner. As a result, we have already started to actively engage with onshore facilities and with the next round of panel evolution, we expect to receive the certification required to offer this to the offshore market as well.
We continue to work on other verticals such as transportation, cellular telephone towers, carport charging, roof tiles and other applications of our flexible solar panels.
Currently, the sales team consists of 18 people geographically widely spread, along with a number of regional distributors which has resulted in promising leads across multiple continents and initial orders from Australia, Italy, Libya, Pakistan, Peru, Philippines, Sweden, Thailand and UK.
The outbreak of COVID has certainly refocussed governments around the world to rethink their choice of electricity generation methods and their clean fuel focus, both of which have started to help Verditek. However, some of the development programmes that we were involved with in Europe have been delayed due to the COVID pandemic and with a number of research and development facilities unable to operate some of the trials have been postponed.
On the product side of the business we continue to improve both the efficiency and technical specifications of the panels, allowing them to operate in differing verticals and achieve the required certification to drive into new markets. Expanding into new vertical markets represent both opportunities and challenges that will require further development and time to broaden the product range.
We continue to work in partnership with Paragraf on the exciting opportunity to develop graphene technology for photovoltaic cells and will report more on these achievements in the coming months.
Other Group Interests
Verditek plc continues to maintain its minority interests in both BBR Filtration Ltd and Industrial Climate Solutions Inc., however the Group's focus is primarily on the solar business.
Management Changes
During the period under review the Board took the decision to restructure the senior management team and route to market resulting in my appointment as Chief Executive Officer on 1 May.
Dr Geoff Nesbitt has become the Group's Chief Technology Officer (CTO) and continues to drive our products forward as well as leading our relationship with Paragraf.
From 1 September, Tim Bowen has taken the position of Chief Financial Officer. Tim has many years' experience as CFO of AIM quoted companies including a strong cleantech background. Tim has a proven track record in driving growth businesses from early stage commercialisation through to full scale operation.
Cash Position
During the period under review the Group successfully raised GBP1.45m of new equity. As of the 30 June 2020 Verditek had cash reserves of GBP0.58m. A further cash inflow of GBP0.3m was received in August from the conversion of a warrant issued at IPO. In addition, as the pipeline converts into further orders, additional cash will be received from invoicing customers. The Group continues to maintain a tight rein on overheads.
Outlook
Overall, the Board believes Verditek has an excellent combination of an innovative, technologically advanced product and an increasing portfolio of opportunities ahead. We look forward to delivering profitable projects in the fast-growing green energy space.
Rob Richards
Chief Executive Officer
7 September 2020
Verditek plc
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2020
Hot Features
Premium
H1 2020 H1 2019 FY 2019
Unaudited Unaudited Audited
Note GBP GBP GBP
Continuing operations
Revenue - - -
Administrative expenses (843,354) (826,512) (1,660,719)
Operating loss (843,354) (826,512) (1,660,719)
Finance Income 52 180 185
Finance costs (74,875) (72,316) (203,779)
----------------------------------- ----- ---------- ---------- ------------
Loss before tax (918,177) (898,648) (1,864,313)
Income Tax - - -
----------------------------------- ----- ---------- ---------- ------------
Loss for the period (918,177) (898,648) (1,864,313)
----------------------------------- ----- ---------- ---------- ------------
Loss for the period attributable
to: -
Owners of the Company (916,377) (897,543) (1,867,957)
Non-controlling interest (1,800) (1,105) 3,644
----------------------------------- ----- ---------- ---------- ------------
(918,177) (898,648) (1,864,313)
----------------------------------- ----- ---------- ---------- ------------
Other comprehensive income
Items that will or may be
reclassified to profit or
loss:
Translation of foreign operations 75,194 2,257 (43,942)
Total comprehensive loss for
the period from continuing
operations (842,983) (896,391) (1,908,255)
----------------------------------- ----- ---------- ---------- ------------
Total comprehensive loss for
the period attributable to:
-
Owners of the Company (837,898) (900,671) (1,906,855)
Non-controlling interest (5,086) 4,280 (1,370)
----------------------------------- -----
(842,983) (896,391) (1,908,255)
----------------------------------- ----- ---------- ---------- ------------
Loss per share
Basic and diluted (GBP) 4 (0.004) (0.004) (0.009)
----------------------------------- ----- ---------- ---------- ------------
Condensed Consolidated Statement of Financial Position
For the 6 months ended 30 June 2020
As at 30 June As at 30 June As at 31 December
2020 2019 2019
Note Unaudited Unaudited Audited
GBP GBP GBP
Assets
Non-current assets
Investments 25,917 25,153 24,229
Property, plant and
equipment 663,208 651,159 633,491
Right of use assets 239,277 - 249,706
Non-current assets 928,402 676,312 907,426
------------------------------ ----- -------------- -------------- -------------------
Current assets
Inventories 37,525 - 35,038
Trade and other receivables 492,497 473,811 437,075
Cash and cash equivalents 588,858 221,274 107,243
Current assets 1,118,880 695,085 579,356
------------------------------ ----- -------------- -------------- ------------------- TOTAL ASSETS 2,047,282 1,371,397 1,486,782 ------------------------------ ----- -------------- -------------- ------------------- Equity and liabilities Non-current liabilities Loans and borrowings - 1,170,000 - Lease liabilities 177,260 - 186,612 Non-current liabilities 177,260 1,170,000 186,612 ------------------------------ ----- -------------- -------------- ------------------- Current liabilities Trade and other payables 763,485 701,646 959,360 Loans and borrowings 5 700,017 502,152 668,319 Lease liabilities 43,601 - 37,526 ------------------------------ ----- -------------- -------------- ------------------- Current liabilities 1,507,103 1,203,798 1,665,205 ------------------------------ ----- -------------- -------------- ------------------- TOTAL LIABILITIES 1,684,363 2,373,798 1,851,817 ------------------------------ ----- -------------- -------------- ------------------- Share capital 6 116,758 80,847 91,666 Share premium account 6 6,945,074 3,858,691 5,466,376 Share based payment reserve 88,850 15,167 21,703 Accumulated losses (6,795,093) (4,921,930) (5,878,716) Translation reserve 42,291 (390) (36,190) Non-controlling interests (34,960) (34,786) (29,874) Total shareholders' equity (362,919) (1,002,401) (365,035) ------------------------------ ----- -------------- -------------- ------------------- TOTAL EQUITY AND LIABILITIES 2,047,282 1,371,397 1,486,782 ------------------------------ ----- -------------- -------------- -------------------
Condensed Statement of Changes in Equity
For the 6 months ended 30 June 2020
Issued Share Share Accumulated Translation Non-controlling Total
share capital Premium based losses reserve interest
payment
reserve
GBP GBP GBP GBP GBP GBP GBP
As at 1 January
2019 80,847 3,858,691 8,727 (3,817,534) 749 (243,929) (112,449)
Change in
Accounting
Policy IFRS 16
adjustment - - - 24,189 - - 24,189
Loss for the
period - - - (897,543) - (1,105) (898,648)
Translation of
subsidiary - - - - (3,129) 5,385 2,256
------------------ --------------- ---------- --------- ------------ ------------ ---------------- ------------
Total
comprehensive
loss for the
period - - - (897,543) (3,129) 4,280 (896,392)
Acquisition of
NCI without a
change in
control - - - (206,853) 1,990 204,863 -
------------------ --------------- ---------- --------- ------------ ------------ ---------------- ------------
Total change in
ownership
interests - - - (206,853) 1,990 204,863 -
Share based
payment
reserve - - 6,440 - - - 6,440
Shareholders'
equity at 30
June
2019 80,847 3,858,691 15,167 (4,897,741) (390) (34,786) (978,212)
Loss for the
period - - - (1,867,957) - 3,644 (1,864,313)
Translation of
subsidiary - - - - (38,928) (5,014) (43,942)
------------------ --------------- ---------- --------- ------------ ------------ ---------------- ------------
Total
comprehensive
loss for the
period - - - (1,867,957) (38,928) (1,370) (1,908,255)
Acquisition of
NCI without a
change in
control - - - (217,415) 1,990 215,425 -
------------------ --------------- ---------- --------- ------------ ------------ ---------------- ------------
Total change in
ownership
interests - - - (217,415) 1,990 215,425 -
Issue of shares
net of expenses 10,819 1,607,685 - - - - 1,618,504
Share based
payment
reserve - - 12,976 - - - 12,976
Shareholders'
equity at 31
December
2019 91,666 5,466,376 21,703 (5,878,717) (36,189) (29,874) (365,035)
Loss for the
period - - - (916,377) - (1,800) (918,177)
Translation of
subsidiary - - - - 78,480 (3,286) 75,194
------------------ --------------- ---------- --------- ------------ ------------ ---------------- ------------
Total
comprehensive
loss for the
period - - - (916,377) 78,480 (5,086) (842,984)
Issue of shares
net of expenses 25,092 1,478,698 - - - - 1,503,790
Share based
payment
reserve - - 67,147 - - - 67,147
------------------ --------------- ---------- --------- ------------ ------------ ---------------- ------------
Shareholders'
equity at 30
June
2020 116,758 6,945,074 88,850 (6,795,093) 42,291 (34,960) (362,919)
------------------ --------------- ---------- --------- ------------ ------------ ---------------- ------------
Condensed Statement of Cash Flows
For the 6 months ended 30 June 2020
Note
H1 2020 H1 2019 FY 2019
Unaudited Unaudited Audited
GBP GBP GBP
Operating activities
Loss before tax from continuing
operations (918,177) (898,648) (1,864,313)
Adjustment for:
Depreciation 43,208 9,157 70,742
Loss on disposal of assets - - 1,119
Finance costs 74,875 72,316 203,779
Financial income (52) (180) (185)
Share based payment expenses 67,147 6,440 12,976
--------------------------------- ----- ------------ ----------- --------------
(732,999) (810,915) (1,575,882)
Working capital adjustments
(Increase) / decrease in
inventory (2,487) - (35,038)
(Increase) / decrease in
trade and other receivables (55,422) (42,713) (24,961)
Increase / (decrease) in
trade and other payables (147,837) 92,955 311,596
------------ ----------- --------------
Cash used in operations (938,745) (760,673) (1,324,285)
--------------------------------- ----- ------------ ----------- --------------
Taxation - - -
------------ ----------- --------------
Net cash outflow from operating
activities (938,745) (760,673) (1,324,285)
--------------------------------- ----- ------------ ----------- --------------
Investing activities
Purchase of fixed assets (2,568) (164,042) (156,399)
--------------------------------- ----- ------------ ----------- --------------
Net cash outflow from investing
activities (2,568) (164,042) (156,399)
--------------------------------- ----- ------------ ----------- --------------
Financing activities
Issue of ordinary share
capital 6 1,456,791 - 521,469
Interest paid - (1,936) (134)
Finance income 51 180 180
Loan received/ (repayable) - 458,909 455,076
Payment of lease liabilities (36,409) - (71,686)
------------ ----------- --------------
Net cash inflow from financing
activities 1,420,433 457,153 904,905
--------------------------------- ----- ------------ ----------- --------------
Net (decrease)/increase
in cash and cash equivalents 479,120 (467,562) (575,779)
Cash and cash equivalents
at the beginning of the
period 107,279 683,885 683,885
--------------------------------- ----- ------------ ----------- --------------
586,399 216,323 108,106
Exchange gains on cash and
cash equivalents 2,459 4,951 (863)
Cash and cash equivalents
at the end of the period 588,858 221,274 107,243
--------------------------------- ----- ------------ ----------- --------------
Notes to the Condensed Financial Statements
1. General Information
The Interim Financial Statements are for the six months ended 30 June 2020 and are presented in British Pounds (GBP), which is the functional currency of the parent company. They have been prepared in accordance with IAS 34 'Interim Financial Reporting'. They do not include all of the information required in annual financial statements in accordance with IFRS and should be read in conjunction with the consolidated financial statements for the year ended 31 December 2019.
Verditek plc ("Verditek", "Company") is a public limited company incorporated, registered and domiciled in England Wales (registration number 10114644), whose shares are quoted on the Alternative Investment Market on the London Stock Exchange. Its registered office is located at 29 Farm Street, London W1J 5RL.
Verditek is the holding company of a group of companies engaged in the clean technology sector.
The Interim Financial Statements have been approved for issue by the Board of Directors on 3(rd) September 2020.
2. Basis of Preparation
The financial information presented in this condensed consolidated interim report for the half-year has been prepared in accordance with the recognition and measurement requirements of International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board, as adopted by the European Union. The principal accounting policies adopted in the preparation of the financial information in this Interim Report are unchanged from those used in the company's financial statements for the year ended 31 December 2019.
The financial information for the year ended 31 December 2019 presented in this Interim Report does not constitute the company's statutory accounts for that period but has been derived from them. The Annual Report and Accounts for the year ended 31 December 2019 were audited and have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Accounts for the year ended 31 December 2019 was unqualified and did not draw attention to any matters by way of emphasis and did not contain statements under s498(2) or (3) of the Companies Act 2006. The financial information for the periods ended 30 June 2019 and 30 June 2020 is unaudited.
A copy of the audited consolidated financial statements for the year ended 31 December 2019 is available on the Company's website.
New Standards adopted as at 1 January 2020
Accounting pronouncements which have become effective from 1 January 2020 are:
-- IFRS 3 Business Combinations - definition of a business -- IAS 1 and IAS 8 - definition of material -- IFRS 9, IFRS 7 and IAS 39 - interest rate benchmark -- IFRS 7 - Insurance contracts
These accounting pronouncements do not have a significant impact on the Group's financial results or position.
Going concern
The interim financial statements have been prepared under the going concern basis as the directors are satisfied that sufficient funds are or will become available to the group to meet its on-going working capital requirements. The Group's forecasts take account of ongoing impact from Covid-19, and appropriate steps have been taken to control costs. However, the Group has expanded its sales team and is actively pursuing new commercial opportunities. The Group has agreed several sales contracts in recent months in new sectors and geographies, including Pakistan and Libya. The Group has also received further funding following the exercise of a warrant (granted at IPO) in August, which has raised a further GBP0.3m in funding. After considering the forecasts and the risks, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis of accounting.
Dividends
The directors do not propose an interim dividend.
Material changes in accounting estimates or judgments
The preparation of unaudited interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses for the current and its corresponding financial period under review. Actual results may differ from these estimates.
In preparing the unaudited interim financial information, the significant judgements made by the management in applying the Group's accounting policies and the sources of estimates uncertainty were consistent with those applied to the audited financial statements for the year ended 31 December 2019.
3. Segmental Information
The chief operating decision-maker is considered to be the Board of Directors of Verditek. The chief operating decision-maker allocates resources and assesses performance of the business and other activities at the operating segment level.
The chief operating decision maker has determined that in the period ended 30 June 2020 Verditek had one operating segment, the development and commercialisation of clean technologies, although it is likely that in future periods the Group's segmental reporting will be expanded as different technologies are developed and commercialised.
Geographical Segments
Apart from holding company activities in the UK the Group's had operations in Milan, in Italy in the period. An analysis of non-current assets by geographical market is given below:
6 months ended 6 months ended For the year
30 June 20 30 June 19 ended 31 December
19
Unaudited Unaudited Audited
GBP GBP GBP
---------------- --------------- --------------- -------------------
UK 26,460 27,981 24,994
Rest of Europe 901,942 648,331 882,431
Total 928,402 676,312 907,425
---------------- --------------- --------------- -------------------
4. Loss Per Share
The calculation of loss per share is based on the following loss and number of shares:
For the year
6 months ended 6 months ended ended 31 December
30 June 20 30 June 19 19
Unaudited Unaudited Audited
GBP GBP GBP
-------------------------- --------------- --------------- -------------------
Loss for the period from
continuing operations
(GBP) (916,377) (897,543) (1,867,957)
-------------------------- --------------- --------------- -------------------
Weighted average number
of shares: Basic 249,774,633 202,117,265 206,787,734
Loss per share (GBP) (0.004) (0.004) (0.009)
-------------------------- --------------- --------------- -------------------
Basic loss per share is calculated by dividing the loss for the period from continuing operations of the Group by the weighted average number of ordinary shares in issue during the period.
For diluted loss per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potential dilutive options and warrants over ordinary shares. Potential ordinary shares resulting from the exercise of share options and warrants have an anti-dilutive effect due to the Group being in a loss position. As a result, diluted loss per share is disclosed as the same value as basic loss per share.
5. Loans and Borrowings
6 months 6 months For the year
ended 30 ended 30 ended 31 December
June 20 June 19 19
Unaudited Unaudited Audited
GBP GBP GBP
-------------------------- ---------- ---------- -------------------
Current
Interest free related
party loan 43,243 43,243 43,243
Interest bearing related
party secured loan 486,774 458,909 455,076
Convertible loans 170,000 - 170,000
Total Current loans and
borrowings 700,017 502,152 668,319
---------------------------- ---------- ---------- -------------------
6 months 6 months For the year
ended 30 ended 30 ended 31 December
June 20 June 19 19
Unaudited Unaudited Audited
GBP GBP GBP
------------------------ ---------- ---------- -------------------
Non - current
Convertible loans - 1,170,000 -
Total Non-current loans - 1,170,000 -
and borrowings
------------------------ ---------- ---------- -------------------
Cashflow - net debt analysis
Finance Foreign
01-Jan-20 Debt Funding Other cashflows costs Exchange 30-Jun-20
GBP GBP GBP GBP GBP GBP
----------------- ---------- ------------- ---------------- -------- ---------- ----------
Cash and cash
equivalents (107,243) 36,409 (515,529) - (2,495) (588,858)
Related party
loan 43,243 - - - - 43,243
Convertible
bonds 170,000 - - - - 170,000
Secured loan 455,076 - - - 31,698 486,774
Lease liability 224,138 (36,409) - 17,884 15,248 220,861
785,214 - (515,529) 17,884 44,451 332,200
----------------- ---------- ------------- ---------------- -------- ---------- ----------
6. Share capital and premium
Number of
Shares Share capital Share premium
Par Value
GBP0.0004 GBP GBP
--------------------------------- ------------ -------------- --------------
At 31 December 2019 229,163,534 91,666 5,466,376
--------------------------------- ------------ -------------- --------------
Shares issued (net of expenses)
March 2020 20,230,000 8,092 493,405
--------------------------------- ------------ -------------- --------------
Shares issued (net of expenses)
May 2020 42,500,000 17,000 985,293
--------------------------------- ------------ -------------- --------------
At 30 June 2020 291,893,534 116,758 6,945,074
--------------------------------- ------------ -------------- --------------
On 9 March 2020, the company issued 20,230,000 ordinary shares of 0.04 pence each at 2.5 pence per share, raising GBP505,750 before expenses of GBP4,253. On 7 May 2020, the company issued 40,000,000 ordinary shares of 0.04 pence each at 2.5 pence per share, raising GBP1,000,000 before expenses. On 27 May 2020, the company issued 2,500,000 shares in satisfaction of outstanding debts with an advisor, valued at GBP47,000.
7. Copies of the interim report
Copies of this interim report are available on the Company's website at www.verditek.plc.uk and from the Company's registered office, 29 Farm Street, London W1J 5RL.
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END
IR KKABPOBKDCCK
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September 07, 2020 02:00 ET (06:00 GMT)
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