TIDMINSP

RNS Number : 1425U

Inspirit Energy Holdings PLC

31 March 2021

31 March 2021

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 2020. 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) application with its European partners. Specifically, the Company has spent time working to refine Inspirit's Stirling technology, reviewing the potential supply chain and detailing the product specifics for potential commercial partners. This progress was achieved despite the significant issues resulting from the COVID-19 pandemic in Europe, which was instrumental in causing some of these European partners to cease trading and therefore necessitated their replacement with other competent manufacturers.

The Board recognises that these are still unprecedented times and that the necessary actions Global and European Governments are taking to control COVID-19 are inevitably causing disruption to the economy and supply chain for components. As with all businesses, we are not immune to this and experienced movement and lock down restrictions in the UK and Europe. As a result, our European partners and Marine counterparts are constantly reviewing the timeline in resuming development and testing of our technology.

The Company raised a total of GBP257,000 from warrant holders during the period which should support the development of Inspirit's technology.

The board will also be seeking other opportunities that it considers will best enhance value for shareholders.

The board 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 2020

 
                                                    Group             Group             Group 
                                               Six months        Six months              Year 
                                                       to                to                to 
                                              31 December       31 December           30 June 
                                                     2020              2019              2020 
                                                Unaudited         Unaudited           Audited 
                                                 GBP'000s          GBP'000s          GBP'000s 
------------------------------------     ----------------  ----------------  ---------------- 
 
Revenue                                                 -                 -                 - 
 
Administrative expenses                              (63)             (188)             (240) 
 
                                         ----------------  ----------------  ---------------- 
Operating loss                                       (63)             (188)             (240) 
 
Finance costs                                         (1)               (1)                 - 
                                         ----------------  ----------------  ---------------- 
Loss before tax                                      (64)             (189)             (240) 
 
Income tax credit                                      24                 -                41 
                                         ----------------  ----------------  ---------------- 
Loss for the period from continuing 
 operations attributable to 
 shareholders                                        (40)             (189)             (199) 
 
 
Loss per share - Pence 
 
Basic and diluted                                 (0.01)p          (0.007)p          (0.009)p 
 
 
 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Financial Position as at 31 December 2020

 
                                            Group                  Group                Group 
                                            As at                  As at                As at 
                                      31 December            31 December              30 June 
                                             2020                   2019                 2020 
                                        Unaudited              Unaudited              Audited 
                                         GBP'000s               GBP'000s             GBP'000s 
-------------------------------  ----------------  ---------------------  ------------------- 
 Non-Current Assets 
Intangible assets                           2,715                  2,570                2,666 
Tangible assets                                33                     39                   35 
                                   --------------         --------------       -------------- 
                                            2,748                  2,609                2,701 
Current assets 
Trade and other receivables                    40                    167                   49 
Cash and cash equivalents                     277                     90                  128 
                                   --------------         --------------       -------------- 
                                              316                    257                  177 
                                   --------------         --------------       -------------- 
Current liabilities 
Trade and other payables                    (331)                  (341)       (362) 
Other borrowing                             (100)                  (100)                (100) 
                                   --------------         --------------       -------------- 
                                            (431)                  (441)                (462) 
                                   --------------         --------------       -------------- 
Net Current Liabilities                     (115)                  (184)                (285) 
 
Non-Current Liabilities 
Borrowings                                     -                     (3)                    - 
                                   --------------         --------------       -------------- 
                                            2,633                  2,422                2,416 
 
Equity 
Share capital                               2,003             1,966                     1,967 
Share premium                               9,413                  9,189                9,192 
Other reserves                                  3                      3                    3 
Merger reserve                              3,150                  3,150                3,150 
Reverse acquisition reserve               (7,361)                (7,361)              (7,361) 
Retained losses                           (4,575)                (4,525)              (4,535) 
                                   --------------         --------------       -------------- 
Total                                       2,633                  2,422                2,416 
 
 
 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Changes in Equity

For the six months ended 31 December 2020

 
                                               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 
  2018                       1,818      8,185              3      3,150        (7,361)    (4,097)     1,698 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 Loss for the period             -          -              -          -              -      (239)     (239) 
 TOTAL COMPREHENSIVE 
  INCOME FOR THE PERIOD          -          -              -          -              -      (239)     (239) 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 Share issues                    -          -              -          -              -          -         - 
 Share issue costs               -          -              -          -              -          -         - 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 TRANSACTIONS WITH               -          -              -          -              -          -         - 
  OWNERS 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 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                       1,967      9,192              3      3,150        (7,361)    (4,535)     2,417 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 Loss for the period             -          -              -          -              -       (40)      (40) 
 TOTAL COMPREHENSIVE 
  INCOME FOR THE PERIOD          -          -              -          -              -       (40)      (40) 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 Share issues                   36        221              -          -              -                  257 
 Share issue costs               -                         -          -              -          -         0 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 TRANSACTIONS WITH 
  OWNERS                        36        221              -          -              -          -       257 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 BALANCE AT 31 December 
  2020                       2,003      9,413              3      3,150        (7,361)    (4,575)     2,633 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Cash Flows

For the six months ended 31 December 2020

 
                                               Group            Group            Group 
                                          Six months       Six months             Year 
                                                  to               to               to 
                                         31 December      31 December          30 June 
                                                2020             2019             2020 
                                           Unaudited        Unaudited          Audited 
                               Note          GBP'000          GBP'000          GBP'000 
----------------------------  -----  ---------------  ---------------  --------------- 
 
 Operating activities 
 Net cash from operating 
  activities                    6               (58)            (258)             (92) 
                                      --------------   --------------   -------------- 
 Net cash generated/(used) 
 in operating activities                        (58)            (258)             (92) 
                                      --------------   --------------   -------------- 
 
 Investing activities 
 Acquisition of intangible 
 assets                                         (49)                -             (96) 
 Acquisition of plant 
  and equipment                                    -                -              (3) 
                                      --------------   --------------   -------------- 
 Net cash from financing 
  activities                                    (49)                -             (99) 
                                      --------------   --------------   -------------- 
 
 Financing activities 
 Issue of share capital 
  (Net of fees)                                  257            1,151              300 
 Finance costs                                   (1)              (1)             (21) 
 Decrease in borrowing                             -                -                - 
 Transactions with owners                          -            (842)                - 
 
                                      --------------   --------------   -------------- 
 Net cash from financing 
  activities                                     256              308              279 
                                      --------------   --------------   -------------- 
 Net cash outflow                                149               50               88 
 
 Cash and cash equivalents 
 at the beginning of the 
 period                                          128               40               40 
                                      --------------   --------------   -------------- 
 Cash and cash equivalents 
 at the end of the period                        277               90              128 
 
 
 

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 2(nd) Floor, 2 London Wall Buildings, London, EC2M 5PP, 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 2020 were approved by the Board of Directors on 24 December 2020 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 2020 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 2020.

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 2020 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 2020 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 2020, 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 GBP40,000 (company's loss - 6 months to 31 December 2019 GBP189,000; year ended 30 June 2020 - GBP199,000) and a basic and diluted weighted average number of ordinary shares of GBP0.0001 each in issue of 2,996,232,580 (31 December 2019 2,899,211,616 - basic and diluted 2,903,783,047; 30 June 2020).

   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 
                                    2020            2019            2020 
                               Unaudited       Unaudited         Audited 
                                GBP'000s        GBP'000s        GBP'000s 
------------------------  --------------  --------------  -------------- 
Operating Loss for the 
 period                             (64)           (189)           (199) 
Adjustments for : 
(Increase)/Decrease in 
 receivables                          11           (104)               9 
(Decrease)/Increase in 
 payables                           (32)              34              87 
Depreciation                           2               -               6 
Finance expense                        1               1               - 
Tax credit                             -               -            (41) 
Tax Received                          24                              46 
                          --------------  --------------  -------------- 
Net cash from operating 
 activities                         (58)           (258)            (92) 
 
 
   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 
  2018             1,420,806,859        400,932     14,208    396,923      1,406,599      11,335,656   13,153,386 
----------------  --------------  -------------  ---------  ---------  -------------  --------------  ----------- 
 Issue of new                  -              -          -          -              -               -            - 
  shares 
 Issue costs                   -              -          -          -              -               -            - 
 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             367,857,139              -     36,785          -              -         220,714      257,499 
 Issue costs                   -              -          -          -              -               -            0 
 At 31 December 
  2020             3,271,640,186        400,932    199,291    396,923      1,406,599      12,563,447   14,566,260 
----------------  --------------  -------------  ---------  ---------  -------------  --------------  ----------- 
 
   8.   Subsequent events after the reporting period 

None

8. Copies of this interim financial information document are available from the Company at its registered office at 2(nd) Floor, Number 2, London Wall Buildings, London, EC2M 5PP. The interim financial information document will also be available on the Company's website www.inspirit-energy.com .

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END

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March 31, 2021 06:55 ET (10:55 GMT)

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