Catenae Innovation Plc: Half-year Report

Data : 28/06/2019 @ 08:00
Fonte : UK Regulatory (RNS & others)
Titolo : Catenae Innovation Plc (CTEA)
Quotazione : 0.6  -0.05 (-7.69%) @ 14:43
Quotazione Catenae Innovation Grafico

Catenae Innovation Plc: Half-year Report

 
TIDMCTEA 
 
 
   CATENAE INNOVATION PLC 
 
   ("Catenae" or the "Company") 
 
   HALF YEARLY REPORT 
 
   Catenae Innovation Plc ("Catenae" or the "Company"), the AIM quoted 
(AIM: CTEA) provider of digital media and technology, announces its half 
yearly report for the six months ended 31 March 2019. 
 
   HIGHLIGHTS 
 
 
   -- OnSuite Proof of Concept agreements converted into Contracts 
 
   -- Sequestrum (Blockchain) product launched as both standalone product and 
      integrated into existing product ranges 
 
   -- Expansion to business sectors outside of Football, including Buildings 
      and Facilities Management, Charities and Rugby 
 
   -- Post period end, a Head of Sales appointed along side a lead generating 
      marketing partner 
 
 
   Tony Sanders, Chief Executive, said: 
 
   "The six months under review have seen further progress of the cost 
reduction exercise combined with growth in the sales of the OnSuite 
products (i.e. OnSite, OnGuard and OnSide). The Company is now in a 
position where it is taking advantage of the existing product suite as 
well as continuing to look at opportunities to expand into new sectors 
and diversify its revenue streams." 
 
   This announcement contains inside information for the purposes of 
Article 7 of EU Regulation 596/2014. 
 
   For further information: 
 
   Catenae Innovation Plc 
 
   Tony Sanders                                                                                                        Tel: 020 7929 7826 
 
 
   Cairn Financial Advisers LLP, Nominated Adviser 
 
   Liam Murray / Jo Turner / Ludovico Lazzaretti 
Tel: 020 7213 0880 
 
   Alexander David Securities Limited, Joint Broker 
 
   David Scott / James Dewhurst 
Tel: 020 7448 9820 
 
   Turner Pope Investments Limited, Joint Broker 
 
   Andrew Thacker 
Tel: 020 3621 4120 
 
   CHIEF EXECUTIVE'S STATEMENT 
 
   This period has seen further progress of the cost reduction exercise 
combined with year-on-year growth in the sales for the same H1 period of 
the OnSuite products (i.e. OnSite, OnGuard and OnSide). The team is now 
in place to take the revenue generating sections of the business forward 
to create positive value. 
 
   Contracts 
 
   In December 2018, STM Security UK Ltd signed a contract for OnGuard Plus 
(OnGuard incorporating Sequestrum), which provides increased visibility 
and proof of work for their man-guarding sector. This was followed in 
January 2019 with the launch of OnSite (incorporating Sequestrum, the 
Company's proprietary distributed ledger technology), an inspection and 
auditing tool that utilises blockchain to provide immutable records and 
proof of work for digital inspections. The first such contract was 
signed in January 2019 with Firedoor Guardian Ltd for use in their fire 
door inspection service. The value of this contract proved that the 
market will pay for 'best in class' products. 
 
   As previously announced, we have also seen an increasing number of 
contracts being signed following successful proof of concept agreements. 
The Company has continued to target the football sector with its OnSide 
product and has signed a number of contracts as well as continuing to 
carry out proof of concept agreements with new clubs. In January 2019, 
the first non-football proof of concept agreement for OnSide was signed 
with the Harlequins Foundation the community arm of Harlequins Rugby, 
taking the product into the Rugby sector, and post year-end agreed a 
contract with a Charity organisation that has no link to football or 
sport in general. 
 
   In addition, the Company has integrated Sequestrum, Catenae's 
distributed ledger technology (blockchain), into its core product suite, 
providing clients with the ability to store critical and regulatory 
reports in an immutable form within the Sequestrum repository, providing 
auditable proof of both the existence of the report as well as its 
original content. 
 
   Sales Team 
 
   Post period end, in May 2019, the Board announced the appointment of a 
Head of Sales. One of his first actions has been the appointment of a 
leading marketing partner to engage targeted organisations focused upon 
the core sectors for the OnSuite products. Although in its early stages, 
we are already seeing an increase in pipeline activity and appointments 
with potential new customers. 
 
   Trust in Media Joint Venture 
 
   As announceed on 26 March 2018,  the Company entered into a Joint 
Venture ("JV") with Martin Heath and that JV would trade as Trust in 
Media Ltd. The board has now taken steps to place Trust in Media Ltd 
into liquidation as that venture has not performed as expected. The 
purpose of the JV was to produce payment processing, copyright and 
intellectual property solutions, initially within the Media industry, 
utilising a combination of private and public blockchain technologies 
including Catenae's Sequestrum. 
 
   Funding 
 
   The Board has continued to review the expenditure of the business to 
ensure that the appropriate resources are in place to allow the Company 
to focus on marketing and selling the products that are now developed. 
In addition, the Board has continued to manage the balance sheet with 
net liabilities reduced to GBP399,980 (30 Sept 2018: GBP891,929). 
 
   During the period, the Company raised funds through the issue of shares 
to support the development of the business. The Company raised 
GBP995,000 cash and settled GBP95,055 of services through the issue of 
shares. The Company continues to carefully manage its working capital 
position and is currently considering a number of funding opportunities. 
Further announcements will be made in due course. 
 
   Outlook 
 
   The board is also looking to further strengthen its capabilities and 
expects to announce changes in due course. 
 
   The Company is now in a position where it is taking advantage of the 
existing product suite and is seeing growth in terms of potential 
pipeline and converted sales. The Company continues to look at 
opportunities that enable it to expand its reach into new sectors and to 
significantly increase its growth. 
 
   Tony Sanders 
 
   Chief Executive Officer 
 
   STATEMENT OF COMPREHENSIVE INCOME 
 
 
 
 
                                               Unaudited          Unaudited      Audited year 
                                            six months ended   six months ended      ended 
                                                31 March           31 March         30 Sept 
                                                  2019               2018             2018 
                                                  GBP                GBP              GBP 
 
  Revenue                                        68,857             10,372           157,218 
 
  Cost of sales                                     -                  -                - 
                                           -----------------  -----------------  ------------- 
 
  Gross profit                                   68,857             10,372           157,218 
 
  Administrative expenses                       (572,134)          (562,451)       (1,282,027) 
 
                                                   (572,134)          (562,451)    (1,282,027) 
                                           -----------------  -----------------  ------------- 
 
  Loss from operations                             (503,277)          (552,079)    (1,124,809) 
 
  Net Finance income/(expense)                            44                 11        (2,460) 
 
 
  Loss before taxation                             (503,233)          (552,068)    (1,127,269) 
 
  Taxation credit                                          -                  -         20,481 
                                           -----------------  -----------------  ------------- 
 
  Total comprehensive loss for the year            (503,233)          (552,068)    (1,106,788) 
                                           =================  =================  ============= 
 
Attributable to equity shareholders of 
 the parent                                        (503,233)          (552,068)    (1,106,788) 
                                           =================  =================  ============= 
 
  Total basic and diluted loss per share              (0.04)             (0.05)         (0.06) 
 
 
   There were no comprehensive income and expense items (2018: nil) other 
than those reflected in the above income statement. All results relate 
to continuing activities. 
 
   STATEMENT OF FINANCIAL POSITION 
 
 
 
 
                                                               Unaudited     Unaudited      Audited 
                                                               six months    six months       year 
                                                                  ended         ended         ended 
                                                                31 March      31 March       30 Sept 
                                                                  2019          2018          2018 
                                                        Note       GBP           GBP           GBP 
Non-current assets 
Intangible assets                                                       11            11            11 
                                                                        11            11            11 
 
  Current assets 
Trade and other receivables                                        101,394        42,439        48,864 
Cash and cash equivalents                                          319,146       125,846        49,105 
                                                              ------------  ------------  ------------ 
                                                                   420,540       168,285        97,969 
Current liabilities 
Trade and other payables                                         (651,530)     (741,025)     (674,247) 
Interest-bearing loans                                           (169,001)     (158,300)     (315,662) 
                                                              ------------  ------------  ------------ 
                                                                 (820,531)     (899,325)     (989,909) 
 
Net Liabilities                                                  (399,980)     (731,029)     (891,929) 
                                                              ------------  ------------  ------------ 
 
 
  Capital and reserves attributable to equity holders 
  of the company 
Share capital                                              4     3,173,601     1,925,435     2,078,601 
Share premium account                                           17,068,371    18,124,709    16,999,644 
Shares to be issued                                                 18,700        50,000       187,245 
Share reserve                                                     (83,333)   (1,250,000)      (83,333) 
Merger reserve                                                  11,119,585    11,119,585    11,119,585 
Capital Redemption Reserve                                       2,732,904     2,732,904     2,732,904 
Retained losses                                               (34,429,808)  (33,433,662)  (33,926,575) 
                                                              ------------  ------------  ------------ 
 
  Total Equity                                                   (399,980)     (731,029)     (891,929) 
                                                              ------------  ------------  ------------ 
 
 
 
   STATEMENT OF CASH FLOWS 
 
 
 
 
                                                   Unaudited       Unaudited        Audited 
                                                   six months      six months         year 
                                                      ended           ended          ended 
                                                  31 March 2019   31 March 2018   30 Sept 2018 
                                                       GBP             GBP            GBP 
 
  Loss for the period                               (503,233)       (552,068)      (1,106,788) 
Adjustments for: 
Net bank and other interest (income) / charges             (44)           2,121          2,460 
Issue of share options / warrant charge                       -           6,318         68,126 
Services settled by the issue of shares                  63,782          38,000        317,513 
 
  Net (loss) before changes in working capital        (439,495)       (505,629)      (718,689) 
(Increase) / decrease in trade and other 
 receivables                                           (52,530)          34,699         28,272 
(Decrease) / increase in trade and other 
 payables                                              (22,720)       (321,816)      (411,961) 
                                                 --------------  --------------  ------------- 
 
  Cash from operations                                (514,745)       (792,746)    (1,102,378) 
 
  Interest received                                          44              11             15 
Interest paid                                                 -               -        (2,475) 
Net cash flows from operating activities              (514,701)       (792,735)    (1,104,838) 
                                                 --------------  --------------  ------------- 
 
  Investing activities 
Investment in joint venture                                   -            (10)           (10) 
                                                 --------------  --------------  ------------- 
Net cash flows from investing activities                      -            (10)           (10) 
                                                 --------------  --------------  ------------- 
 
  Financing Activities 
Issue of ordinary share capital                         931,403         305,000        381,500 
Repayment of loan                                     (210,842)       (241,227)      (375,090) 
New loans raised                                         64,181         105,000        397,725 
                                                 --------------  --------------  ------------- 
Net cash flows from financing activities                784,742         168,773        404,135 
                                                 --------------  --------------  ------------- 
 
 
  Net increase / (decrease) in cash                     270,041       (623,972)      (700,713) 
Cash and cash equivalents at beginning of 
 period                                                  49,105         749,818        749,818 
Cash and cash equivalents at end of period              319,146         125,846         49,105 
                                                 --------------  --------------  ------------- 
 
 
 
   STATEMENT OF CHANGES IN EQUITY 
 
 
 
 
               Share        Share      Shares to      Other       Retained       Total 
              Capital      Premium     be issued    reserves       losses        Equity 
                GBP          GBP          GBP          GBP           GBP          GBP 
             ----------  ------------  ----------  -----------  -------------  ---------- 
Balance at 
 31 March 
 2018         1,925,435    18,124,709      50,000   12,602,489   (33,433,662)   (731,029) 
             ----------  ------------  ----------  -----------  -------------  ---------- 
Loss for 
 the 
 period               -             -           -            -      (554,720)   (554,720) 
Conclusion 
 of 
 defaulting 
 shares 
 issue                -   (1,166,667)           -    1,166,667              -           - 
Share issue 
 agreed in 
 advance              -             -     137,245            -              -     137,245 
Share 
 capital 
 issued         153,166        41,602           -            -              -     194,768 
Share 
 options 
 charge               -             -           -            -         61,807      61,807 
             ----------  ------------  ----------  -----------  -------------  ---------- 
Balance at 
 30 Sept 
 2018         2,078,601    16,999,644     187,245   13,769,156   (33,926,575)   (891,929) 
             ----------  ------------  ----------  -----------  -------------  ---------- 
Loss for 
 the 
 period               -             -           -            -      (503,233)   (503,233) 
Share issue 
 agreed in 
 advance              -             -   (168,545)            -              -   (168,545) 
Share 
 capital 
 issued       1,095,000        68,727           -            -              -   1,163,727 
Share 
options 
charge                -             -           -            -              -           - 
             ----------  ------------  ----------  -----------  -------------  ---------- 
Balance at 
 31 March 
 2019         3,173,601    17,068,371      18,700   13,769,156   (34,429,808)   (399,980) 
             ----------  ------------  ----------  -----------  -------------  ---------- 
 
 
 
   NOTES TO THE HALF YEARLY REPORT 
 
   1.                   General information 
 
   The principal activity of Catenae Innovation Plc ("Catenae" or "the 
Company") is the provision of digital media and technology. 
 
   Catenae is incorporated in the United Kingdom with registration number 
4689130. Catenae is domiciled in the United Kingdom and has its 
registered office at 27 Old Gloucester Street, London WC1N 3AX, and this 
is its principal place of business for the Company is 199 Bishopsgate, 
London 
 
   EC2M 3TY. 
 
   Catenae's shares are quoted on the AIM market of the London Stock 
Exchange. 
 
   Catenae's financial statements are presented in Pounds Sterling (GBP). 
 
   This financial information has been approved for issue by the Board of 
Directors on 27 June 2019. 
 
   2.                   Basis of preparation 
 
   The financial information in the half yearly report has been prepared 
using the recognition and measurement principles of International 
Accounting Standards, International Financial Reporting Standards and 
Interpretations adopted for use in the European Union (collectively 
Adopted IFRSs). The principal accounting policies used in preparing the 
half yearly report are those the Company expects to apply in its 
financial statements for the year ending 30 September 2019 and are 
unchanged from those disclosed in the Directors' Report and financial 
statements for the year ended 30 September 2018. 
 
   The financial information for the six months ended 31 March 2019 and the 
six months ended 31 March 2018 is unaudited and does not constitute the 
Company's statutory financial statements for those periods. The 
comparative financial information for the full year ended 30 September 
2018 has, however, been derived from the audited statutory financial 
statements for that period. A copy of those statutory financial 
statements has been delivered to the Registrar of Companies. 
 
   While the financial figures included in this half-yearly report have 
been computed in accordance with IFRSs applicable to interim periods, 
this half-yearly report does not contain sufficient information to 
constitute an interim financial report as that term is defined in IAS 
34. 
 
   Going concern 
 
   As stated in the accounts for the year to 30 September 2018, the future 
business model of the Company is based around the generation of 
sustainable revenues and profits through strategic partnerships and 
internal projects. As described in the Chief Executive's statement, 
progress has been and continues to be made to develop the Company's 
activities and associated revenues. However, as also noted in the 30 
September 2018 accounts, the Company needs to raise further funds from 
the placing of shares or through other means, whilst the revenues and 
profits from these solutions are fully developed. 
 
   During the period the Company has raised funds of GBP995,000 through the 
issuing of shares for cash and settled GBP95,055 of services through the 
issue of shares. 
 
   In line with the plans and projections prepared by the Board, the 
Company's activities continue to build, however in accordance with those 
plans, in the short term the Company needs to continue to raise funds 
from a combination of trading and placement of shares to fund its 
activities. 
 
   3.                   Loss per share 
 
   The calculation of the basic loss per share is based on the loss 
attributable to ordinary shareholders divided by the average weighted 
number of shares in issue during the period. The calculation of diluted 
loss per share is based on the basic loss per share, adjusted to allow 
for the issue of shares and the post tax effect of dividends and 
interest, on the assumed conversion of all other dilutive options and 
other potential ordinary shares. 
 
   There were 162,702,116 share options and 110,931,460 share warrants 
outstanding at 31 March 2019 (2018: 163,213,116 and 385,098,130), 
however the figures have not been adjusted to reflect conversion of 
these share options as the effects would be anti-dilutive. 
 
 
 
 
                        Weighted                                               Weighted 
Loss for 6 months to     average                       Loss for 6 months to     average 
    31 March 2019       number of    Per share amount      31 March 2018       number of    Per share amount 
         GBP             shares           (pence)               GBP             shares           (pence) 
     (503,233)        1,321,073,786       (0.04)            (552,068)        1,120,104,463       (0.05) 
 
 
   4.                   Share Capital 
 
 
 
 
                                        31 March                   30 Sept 
                                           2019                      2018 
                            Number         GBP        Number         GBP 
Allotted, called up and 
fully paid 
Ordinary shares of 0.1p  3,173,601,652  3,173,601  2,078,601,652   2,078,601 
                         3,173,601,652  3,173,601  2,078,601,652   2,078,601 
                         -------------  ---------  -------------  ---------- 
 
 
   On 7 November 2018, the Company issued 500,000,000 ordinary shares at a 
price of 0.12 pence per share for a cash consideration of GBP524,945 and 
for settlement of outstanding trade payables of GBP75,055. 
 
   On 5 March 2019, the Company issued 595,000,000 ordinary shares at a 
price of 0.10 pence per share for a cash consideration of GBP575,000 and 
for the settlement of outstanding trade payables of GBP20,000. 
 
   5.             Availability of the Half Yearly Report 
 
   Copies of the half yearly report are available to shareholders on the 
Company's website at www.catenaeinnovation.com and from the Company's 
trading address: 199 Bishopsgate, London EC2M 3TY. 
 
 
 
 
 
 

(END) Dow Jones Newswires

June 28, 2019 02:00 ET (06:00 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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