TIDMINSP

RNS Number : 8521U

Inspirit Energy Holdings PLC

31 March 2023

31 March 2023

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 2022. The interim financial information document will also be available on the Company's website www.inspirit-energy.com .

Chairman's Statement:

In the period under review our engineering team have been concluding the stage two build and testing and a number of tests have been conducted under varying scenarios, each for a duration of approximately one hour, with consistent performance with peak output reaching 97kw.

Stage three build and testing should be complete by the 2nd Quarter 2023, where the unit is targeted to achieve its intended peak performance of 131kW.

While we have experienced minor delays, the result of extended delivery times from suppliers of key components, the Inspirit WHR unit has met all our expectations around reliability and performance. Discussions are currently ongoing with both a major automotive group and with an alternative combustion manufacturer to potentially partner on exciting future developments relating to the Charger. In addition, the Inspirit team is also exploring opportunities to collaborate with other automotive groups, where the potential exists to achieve the same significant performance enhancements that we have achieved to date with automotive combustions engines.

The board of Inspirit has no doubt that the technology the Company has developed could have a significant impact on applications within the automotive industry where manufacturers seek to enhance performance from the recovery and electrification of waste heat. The commercial potential would seem boundless and Inspirit is extremely optimistic about the commercial prospects for the business. To the best of our understanding, we remain unique in this space at a time where manufactures of combustion engines are seeking to create more efficient engines for commercial vehicles.

Furthermore, the industrial sector is another requiring urgent solutions for waste recovery technologies where Inspirit could really apply its WHR technology. The general consensus is that the world needs to decarbonise low temperature industrial waste heat to achieve net-zero greenhouse gas emission targets. Industrial waste heat production represents an opportunity for reduction in the use of fossil fuels. Energy inefficient processes in addition to increased emissions raises the cost of plant operation, -an undesirable scenario for both industrial competitiveness and the environment. The quantity and potential applications for recovered low temperature industrial waste heat and the quantification and

characterisation of the resource could provide the needed impetus for the development and adoption of green technologies to help achieve the 2050 Net-Zero target. Significant opportunities exist in this low temperature range for waste heat recovery actions at individual sites. Research and Development (R&D) into alternative improved methods for waste heat recovery, storage, and use technologies could also produce significant positive environmental and industrial impact.

-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 2022

 
                                            Group             Group             Group 
                                       Six months        Six months              Year 
                                               to                to                to 
                                      31 December       31 December           30 June 
                                             2022              2021              2022 
                                        Unaudited         Unaudited           Audited 
                                         GBP'000s          GBP'000s          GBP'000s 
----------------------------     ----------------  ----------------  ---------------- 
 
Revenue                                         -                 -                 - 
 
Administrative expenses                     (158)             (137)             (329) 
 
                                 ----------------  ----------------  ---------------- 
Operating loss                              (158)             (137)             (329) 
 
Finance costs                                   -                 -                 - 
                                 ----------------  ----------------  ---------------- 
Loss before tax                             (158)             (137)             (329) 
 
Income tax credit                              15                28                96 
                                 ----------------  ----------------  ---------------- 
Loss for the period from 
 continuing 
 operations attributable to 
 shareholders                               (143)             (109)             (233) 
 
 
Loss per share - Pence 
 
Basic and diluted                        (0.003)p          (0.003)p          (0.005)p 
 
 
 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Financial Position as at 31 December 2022

 
                                            Group             Group                   Group 
                                            As at             As at                   As at 
                                      31 December       31 December                 30 June 
                                             2022              2021                    2022 
                                        Unaudited         Unaudited                 Audited 
                                         GBP'000s          GBP'000s                GBP'000s 
-------------------------------  ----------------  ----------------  ---------------------- 
 
  Non-Current Assets 
Intangible assets                           3,069             2,851                   2,998 
Tangible assets                                23                28                      25 
                                   --------------    --------------          -------------- 
                                            3,092             2,879                   3,023 
Current assets 
Trade and other receivables                   120                49                     107 
Cash and cash equivalents                      66               348                     160 
                                   --------------    --------------          -------------- 
                                              186               397                     267 
                                   --------------    --------------          -------------- 
Current liabilities 
Trade and other payables                    (600)             (395)       (533) 
Other borrowing                             (164)             (100)                   (100) 
                                   --------------    --------------          -------------- 
                                            (495)             (495)                   (633) 
                                   --------------    --------------          -------------- 
Net Current Liabilities                     (578)              (98)                   (366) 
 
Non-Current Liabilities 
Borrowings                                     -                  -                       - 
                                   --------------    --------------          -------------- 
                                            2,514             2,781                   2,657 
 
Equity 
Share capital                               2,103             2,103                2,103 
Share premium                               9,783             9,783                   9,783 
Other reserves                                  3                 3                       3 
Merger reserve                              3,150             3,150                   3,150 
Reverse acquisition reserve               (7,361)           (7,361)                 (7,361) 
Retained losses                           (5,164)           (4,897)                 (5,021) 
                                   --------------    --------------          -------------- 
Total                                       2,514             2,781                   2,657 
 
 
 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Changes in Equity

For the six months ended 31 December 2022

 
                                               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 
  2020 (Audited)             1,967      9,192              3      3,150        (7,361)    (4,535)     2,417 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 Loss for the period             -          -              -          -              -      (253)     (253) 
 TOTAL COMPREHENSIVE 
  INCOME FOR THE PERIOD          -          -              -          -              -      (253)     (253) 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 Share issues                  136        621              -          -              -                  757 
 Share issue costs               -       (30)              -          -              -          -      (30) 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 TRANSACTIONS WITH 
  OWNERS                       136        591              -          -              -          -       727 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 BALANCE AT 30 June 
  2021 (Audited)             2,103      9,783              3      3,150        (7,361)    (4,788)     2,890 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 Loss for the period             -          -              -          -              -      (233)     (233) 
 TOTAL COMPREHENSIVE 
  INCOME FOR THE PERIOD          -          -              -          -              -      (233)     (253) 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 BALANCE AT 30 June 
  2022 (Audited)             2,103      9,783              3      3,150        (7,361)    (5,021)     2,657 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 Loss for the period             -          -              -          -              -      (143)     (143) 
 TOTAL COMPREHENSIVE 
  INCOME FOR THE PERIOD          -          -              -          -              -      (143)     (143) 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 Share issues                    -          -              -          -              -          -         - 
 Share issue costs               -                         -          -              -          -         - 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 TRANSACTIONS WITH               -          -              -          -              -          -         - 
  OWNERS 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 BALANCE AT 31 December 
  2022                       2,103      9,783              3      3,150        (7,361)    (5,164)     2,514 
------------------------  --------  ---------  -------------  ---------  -------------  ---------  -------- 
 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Cash Flows

For the six months ended 31 December 2022

 
                                               Group            Group                 Group 
                                          Six months       Six months                  Year 
                                                  to               to                    to 
                                         31 December      31 December               30 June 
                                                2022             2021                  2022 
                                           Unaudited        Unaudited               Audited 
                               Note          GBP'000          GBP'000               GBP'000 
----------------------------  -----  ---------------  ---------------  -------------------- 
 
 Operating activities 
 Net cash from operating 
  activities                    6               (86)            (135)                 (176) 
                                      --------------   --------------        -------------- 
 Net cash generated/(used) 
 in operating activities                        (86)            (135)                 (176) 
                                      --------------   --------------        -------------- 
 
 Investing activities 
 Acquisition of intangible 
 assets                                         (72)             (78)                 (225) 
 Acquisition of plant                              -                -                     - 
  and equipment 
                                      --------------   --------------        -------------- 
 Net cash from financing 
  activities                                    (72)             (78)                 (225) 
                                      --------------   --------------        -------------- 
 
 Financing activities 
 Loan Note                                        64                -                     - 
                                      --------------   --------------        -------------- 
 Net cash from financing 
  activities                                      64                -                   727 
                                      --------------   --------------        -------------- 
 Net cash outflow                               (94)            (213)                 (401) 
 
 Cash and cash equivalents 
 at the beginning of the 
 period                                          160              561                   561 
                                      --------------   --------------        -------------- 
 Cash and cash equivalents 
 at the end of the period                         66              348                   561 
 
 
 

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 200 Aldersgate Street, London EC1A 4HD, 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 2022 were approved by the Board of Directors on 5 January 2023 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 2022 has not been reviewed or audited. The interim financial report has been approved by the Board on 30 March 2023.

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 2022.

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 2022 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 2022 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 2022, 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 GBP143,000 (company's loss - 6 months to 31 December 2021 GBP109,000; year ended 30 June 2022 - GBP233,000) and a basic and diluted weighted average number of ordinary shares of GBP0.0001 each in issue of 4,271,640,183 (same for 31 December 2021and 30 June 2022).

   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 
                                    2022            2021            2022 
                               Unaudited       Unaudited         Audited 
                                GBP'000s        GBP'000s        GBP'000s 
------------------------  --------------  --------------  -------------- 
Operating Loss for the 
 period                            (143)           (137)           (233) 
Adjustments for : 
(Increase)/Decrease in 
 receivables                        (11)            (12)               3 
(Decrease)/Increase in 
 payables                             69            (16)             121 
Depreciation                           2               2               7 
Finance expense                        -               -               - 
Tax credit                             -               -            (96) 
Tax Received                         (3)              28              42 
                          --------------  --------------  -------------- 
Net cash from operating 
 activities                         (86)           (135)           (176) 
 
 
   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 
  2020             2,903,783,047        400,932    162,506    396,923      1,406,599      12,342,733   14,308,761 
----------------  --------------  -------------  ---------  ---------  -------------  --------------  ----------- 
 Issue of new 
  shares           1,367,857,139              -    136,786          -              -         620,714      757,500 
 Issue costs                   -              -          -          -              -        (30,000)     (30,000) 
 At 30 June 
  2021/2022        4,271,640,186        400,932    299,292    396,923      1,406,599      12,933,447   15,036,261 
----------------  --------------  -------------  ---------  ---------  -------------  --------------  ----------- 
 At 31 December 
  2021/2022        4,271,640,186        400,932    299,292    396,923      1,406,599      12,933,447   15,036,261 
----------------  --------------  -------------  ---------  ---------  -------------  --------------  ----------- 
 
   8.   Subsequent events after the reporting period 

On 13(th) February 2023, the company announced that Paul Needley was appointed as an independent Non-Executive Director and Anthony Samaha stepped down from the board to pursue other corporate activities.

9. Copies of this interim financial information document are available from the Company at its registered office at 200 Aldersgate Street, London EC1A 4HD. 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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