TIDMINSP
RNS Number : 0914I
Inspirit Energy Holdings PLC
30 March 2020
30 March 2020
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 2019. The
interim financial information document will also be available on
the Company's website www.inspirit-energy.com .
Chairman's Statement:
During the period, the Group continued to advance its microCHP
boiler and marine engine application with its European partners. To
this end, improvements to the design of the Group's Stirling engine
technology, including output of 6.4kW, progressed further with the
simplification as part of the 'design for manufacture' process and
meeting the challenges in new technology development, sourcing
cheaper materials and efficiency re-redesign. All these factors
resulted in further delays to the certification process although we
hope to progress forward with a higher output and cheaper cost base
product later his year.
The Group has continued discussions with a European company that
may carry out the certification process, with the new cheaper but
robust material employed in the latest model, and advanced
manufacturing processes as and when the product is approved for
production.
As mentioned previously, the applicable market for our
technology is global, either as a boiler replacement product or as
an add-on to an existing commercial plant room. In the UK there are
in excess of 20 million gas boilers installed and more than 1.6
million new and replacement domestic gas boilers are installed each
year. This is in addition to almost 300,000 commercial boiler
installations each year. Europe as a whole has approximately 70
million boilers installed. These are the first markets to which our
technology is applicable. The Company has identified other markets
where our stirling engine technology can be used including marine
engine and waste recycling.
The Company raised GBP300,000 before expenses and this was
during challenging market conditions which reflects the confidence
of investors in Inspirit's technology.
The Company converted its loan notes totalling GBP845,000 and
other debt to equity and as a result, substantially reduced its
debt close to zero. The board would like to thank the loan note
holders for their commitment and support and with recent
engineering progress and opportunity to tap into other markets. We
hope that this reduction in debt will provide the right base from
which the business can now grow.
Finally, the Board recognises that these are unprecedented times
and that the necessary actions Global Governments are taking to
control COVID-19 are inevitably causing disruption to the economy.
As with all businesses, we are not immune to this and are currently
experiencing movement and lock down restrictions in the UK and
Europe. As a result, our European partners and Marine counterparts
are reviewing constantly the timeline in resuming development and
testing of our microCHP boiler. The board will provide further
updates in due course.
Design and Development Director Statement and outlook:
At the start of 2020 Inspirit Energy set up the manufacturing
and testing site in Poland in readiness to implement the
manufacturing and testing of the charger unit. The facility is set
up for the manufacturing and testing of our developing
technology.
We have progressed with very favourable discussions with the
large marine engine manufacturer and these discussions are
continuing. We have had other interest from waste recycling
companies to adapt our technology to capture redundant waste heat
and generate electricity, we are working on a large standalone unit
which will produce over 300 Kw. Again, we 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 2019
Group Group Group
Six months Six months Year
to to to
31 December 31 December 30 June
2019 2018 2019
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
------------------------------------ ---------------- ---------------- ----------------
Revenue - - -
Administrative expenses (188) (213) (264)
---------------- ---------------- ----------------
Operating loss (188) (213) (264)
Finance costs (1) (1) -
---------------- ---------------- ----------------
Loss before tax (189) (214) (264)
Income tax credit - - 25
---------------- ---------------- ----------------
Loss for the period from continuing
operations attributable to
shareholders (189) (214) (239)
Loss per share - Pence
Basic and diluted (0.007)p (0.015)p (0.017)p
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Financial Position as at 31 December 2019
Group Group Group
As at As at As at
31 December 31 December 30 June
2019 2018 2019
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
------------------------------- ----------------- --------------------- --------------------
Non-Current Assets
Intangible assets 2,570 2,401 2,570
Tangible assets 39 42 38
-------------- -------------- --------------
2,609 2,443 2,608
Current assets
Trade and other receivables 167 37 63
Cash and cash equivalents 90** 175 40
-------------- -------------- --------------
257 212 103
-------------- -------------- --------------
Current liabilities
Trade and other payables (341) (226) (307)
Other borrowing (100) (100) (100)
-------------- -------------- --------------
(441) (326) (407)
-------------- -------------- --------------
Net Current Liabilities (184) (114) (304)
Non-Current Liabilities
Borrowings (3) (845) (845)
-------------- -------------- --------------
2,422 1,484 1,459
Equity
Share capital 1,966 1,818 1,818
Share premium 9,189 8,185 8,185
Other reserves 3 3 3
Merger reserve 3,150 3,150 3,150
Reverse acquisition reserve (7,361) (7,361) (7,361)
Retained losses (4,525) (4,311) (4,336)
-------------- -------------- --------------
Total 2,422 1,484 1,459
** At 31 December 2019, GBP145,000 was held in the Company's
broker account and is disclosed in Trade and other receivables.
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Changes in Equity
For the six months ended 31 December 2019
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 2017 1,568 8,144 206 3,150 (7,361) (3,347) 2,360
--------------------- -------- --------- ---------- --------- ------------- --------- --------
Loss for the period - - - - - (953) (953)
TOTAL COMPREHENSIVE
INCOME FOR THE
PERIOD - - - - - (953) (953)
--------------------- -------- --------- ---------- --------- ------------- --------- --------
Share issues 250 50 - - - - 300
Share issue costs - (9) - - - - (9)
Share options
lapsed (203) 203 -
--------------------- -------- --------- ---------- --------- ------------- --------- --------
TRANSACTIONS WITH
OWNERS 250 41 (203) - - 203 291
--------------------- -------- --------- ---------- --------- ------------- --------- --------
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)
--------------------- -------- --------- ---------- --------- ------------- --------- --------
BALANCE AT 30
June 2019 1,818 8,185 3 3,150 (7,361) (4,336) 1,459
--------------------- -------- --------- ---------- --------- ------------- --------- --------
Loss for the period - - - - - (189) (189)
TOTAL COMPREHENSIVE
INCOME FOR THE
PERIOD - - - - - (189) (189)
--------------------- -------- --------- ---------- --------- ------------- --------- --------
Share issues 148 1,025 - - - - 1,173
Share issue costs - (21) - - - - (21)
--------------------- -------- --------- ---------- --------- ------------- --------- --------
TRANSACTIONS WITH
OWNERS 148 1004 - - - - 1,152
--------------------- -------- --------- ---------- --------- ------------- --------- --------
BALANCE AT 31
December 2019 1,966 9,189 3 3,150 (7,361) (4,525) 2,422
--------------------- -------- --------- ---------- --------- ------------- --------- --------
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Cash Flows
For the six months ended 31 December 2019
Group Group Group
Six months Six months Year
to to to
31 December 31 December 30 June
2019 2018 2019
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
---------------------------- ----- --------------- --------------- ---------------
Operating activities
Net cash from operating
activities 6 (258) 131 164
-------------- -------------- --------------
Net cash generated/(used)
in operating activities (258) 131 164
-------------- -------------- --------------
Investing activities
Acquisition of intangible
assets - - (169
Acquisition of plant - - -
and equipment
-------------- -------------- --------------
Net cash from financing
activities - - (169)
-------------- -------------- --------------
Financing activities
Issue of share capital 1,151 - -
(Net of fees)
Finance costs (1) (1) -
Decrease in borrowing - - -
Transactions with owners (842) -
-------------- -------------- --------------
Net cash from financing
activities 308 (1) -
-------------- -------------- --------------
Net cash outflow 50 130 (5)
Cash and cash equivalents
at the beginning of the
period 40 45 45
-------------- -------------- --------------
Cash and cash equivalents
at the end of the period 90 175 40
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 and
may benefit from feed-in tariffs or other renewable energy
incentives.
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 2019 were approved by the Board of Directors on 23
December 2019 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 2019 has not been reviewed or audited. The interim
financial report has been approved by the Board on 27 March
2020.
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
2019.
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 2019
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 2019 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 2019, 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 GBP189,000 (company's loss - 6 months to 31 December 2018
GBP214,000; year ended 30 June 2019 - GBP239,000) and a basic and
diluted weighted average number of ordinary shares of GBP0.0001
each in issue of 2,899,211,616 (31 December 2018 1,420,806,859 -
basic and diluted 1,420,806,859; 30 June 2019).
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
2019 2018 2019
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
------------------------ -------------- -------------- --------------
Operating Loss for the
period (189) (214) (264)
Adjustments for :
(Increase)/Decrease in
receivables (104) 379 352
(Decrease)/Increase in
payables 34 (35) 44
Depreciation - - 7
Finance expense 1 1 4
Tax credit - - 25
-------------- -------------- --------------
Net cash from operating
activities (258) 131 164
7. Issued and fully paid
The issued share capital is as follows
Number of Number Ordinary Deferred New Deferred Share Total
ordinary of deferred shares shares B shares premium
shares shares
GBP GBP GBP GBP GBP
-------------------- --------------- ------------- ------------ --------- ------------- ----------- -----------
At 30 June
2017 1,170,806,859 400,932 1,170,807 396,923 - 11,295,421 12,863,151
-------------------- --------------- ------------- ------------ --------- ------------- ----------- -----------
Issue of new
shares 250,000,000 - 250,000 - - 50,000 300,000
Capital
Reorganisation (1,406,599) 1,406,599 - -
Issue costs - - - - - (9,765) (9,765)
----------- -----------
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 1,478,404,757- - 147,840 - - 1,024,960 1,172,800
Issue costs - - - - - (21,140) (21,140)
At 31 December
2019 2,899,211,616 400,932 162,048 396,923 1,406,599 12,339,476 14,305,046
-------------------- --------------- ------------- ------------ --------- ------------- ----------- -----------
8. Subsequent events after the reporting period
On 23rd December 2019, the Company received a loan conversion
notices for GBP3,200 on the Convertible Loan Notes and zero (Nil)
Loan Notes remained outstanding.
In relation to these loan notes, an application was made for the
4,571,433 Ordinary Shares to be admitted to trading on or about 6
January 2020. On Admission of these shares, the Company's enlarged
issued share capital comprised 2,903,783,045 Ordinary Shares .
9. 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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