Inspirit Energy Holdings PLC Half-year Report

Data : 30/03/2020 @ 15:33
Fonte : UK Regulatory (RNS & others)
Titolo : Inspirit Energy Holdings Plc (INSP)
Quotazione : 0.025  0.0 (0.00%) @ 08:40
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Inspirit Energy Holdings PLC Half-year Report

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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 .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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