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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