REG - Inspirit Energy Hlds - Half-year Report
28/03/2024 07:00
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RNS Number : 5695I Inspirit Energy Holdings PLC 28 March 2024
28 March 2024
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 2023. The interim financial information
document will also be available on the Company's website
www.inspirit-energy.com (http://www.inspirit-energy.com) .
Chairman's Statement:
In the period under review, our engineering team have concluded stage three
out of four on the electronic updates on the Waste Heat Recovery (WHR) system.
The team are aiming to complete stage four over the next few weeks. They will
then continue to carry out longevity testing of the WHR system. The company is
still on track to complete this task on the projected timeline between mid to
end of the 2nd quarter of 2024 as per our previous announcement. On completion
of the WHR system, the unit is targeted to achieve its intended peak
performance of 131kW.
The team have also between from late December 2023 and March 2024 started the
process of relocating back to the United Kingdom and will seek appropriate
premises to enable completion of the final stages of development and provide a
base to exhibit the technology to prospective broad range of clients.
Also as previously announced, discussions are still 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.
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
(http://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 2023
Group Group Group
Six months Six months Year
to to to
31 December 2023 31 December 2022 30 June
Unaudited Unaudited 2023
Audited
£'000s £'000s £'000s
Revenue - - -
Administrative expenses (149) (158) (303)
──────── ──────── ────────
Operating loss (149) (158) (303)
Finance costs - - -
──────── ──────── ────────
Loss before tax (149) (158) (303)
Income tax credit - 15 43
──────── ──────── ────────
Loss for the period from continuing (149) (143) (260)
operations attributable to shareholders
════════ ════════ ════════
Loss per share - Pence (0.002)p (0.003)p (0.006)p
════════ ════════ ════════
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Financial Position as at 31 December 2023
Group Group Group
As at As at As at
31 December 2023 31 December 2022 30 June
Unaudited Unaudited 2023
Audited
£'000s £'000s £'000s
Non-Current Assets
Intangible assets 3,230 3,069 3,167
Tangible assets 21 23 21
─────── ─────── ───────
3,251 3,092 3,188
Current assets
Trade and other receivables 55 120 52
Cash and cash equivalents 198 66 51
─────── ─────── ───────
253 186 103
─────── ─────── ───────
Current liabilities
Trade and other payables (902) (600) (726)
Other borrowing* (164) (164) (163)
─────── ─────── ───────
(1,066) (495) (889)
─────── ─────── ───────
Net Current Liabilities (813) (578) (786)
Non-Current Liabilities
Borrowings - - -
─────── ─────── ───────
2,438 2,514 2,402
═══════ ═══════ ═══════
Equity
Share capital 2,124 2,103 2,104
Share premium 9,952 9,783 9,787
Other reserves 3 3 3
Merger reserve 3,150 3,150 3,150
Reverse acquisition reserve (7,361) (7,361) (7,361)
Retained losses (5,430) (5,164) (5,281)
─────── ─────── ───────
Total 2,438 2,514 2,402
═══════ ═══════ ═══════
*other borrowings include the short term unsecured debt equity of £65,000
that was repaid in January 2024 and the remaining balance of £100,000 relates
to a provision on interest and fees on historic debt.
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Changes in Equity
For the six months ended 31 December 2023
Attributable to the owners of the parent
Share Share premium Other reserves Merger reserve Reverse acquisition reserve Retained Total
capital losses Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
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 - - - - - (260) (260)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD - - - - - (260) (260)
Share issued 1 4 - - - - 5
Share issues 1 4 - - - - 5
Share issue costs - - - - - -
BALANCE AT 30 June 2023 (Audited) 2,104 9,787 3 3,150 (7,361) (5,281) 2,402
Loss for the period - - - - - (149) (149)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD - - - - - (149) (149)
Share issues 20 180 - - - - 200
Share issue costs - (15) - - - - (15)
TRANSACTIONS WITH OWNERS 20 165 - - - - 185
BALANCE AT 31 December 2023 2,124 9,952 3 3,150 (7,361) (5,430) 2,438
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Cash Flows
For the six months ended 31 December 2023
Group Group Group
Six months Six months Year
to to to
31 December 2023 31 December 2022 30 June
Unaudited Unaudited 2023
Audited
Note £'000 £'000 £'000
Operating activities
Net cash from operating activities 6 25 (86) (8)
─────── ─────── ───────
Net cash generated/(used) in operating activities
25 (86) (8)
─────── ─────── ───────
Investing activities
Acquisition of intangible assets (63) (72) (169)
Acquisition of plant and equipment - - -
─────── ─────── ───────
Net cash from financing activities (63) (72) (169)
─────── ─────── ───────
Financing activities
Loan Note 64 63
Share Issue 200 5
Share issue costs
(15)
─────── ─────── ───────
Net cash from financing activities 185 64 68
─────── ─────── ───────
Net cash outflow 147 (94) (109)
Cash and cash equivalents at the beginning of the period 51 160 160
─────── ─────── ───────
Cash and cash equivalents at the end of the period
198 66 51
═══════ ═══════ ═══════
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
2023 were approved by the Board of Directors on 22 December 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 2023
has not been reviewed or audited. The interim financial report has been
approved by the Board on 27 March 2024.
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 2023.
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 2023 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 2023 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 financial statements for the year ended 30 June 2023, as described in
those annual financial 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
£149,000 (company's loss - 6 months to 31 December 2022 £143,000; year ended
30 June 2023 - £260,000) and a basic number of ordinary shares of £0.0001
each in issue of 6,287,190,896 (4,271,640,186 for 31 December 2022 and
4,271,640,186 for 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 2021 30 June
2022 Unaudited 2022
Unaudited Audited
£'000s £'000s £'000s
Operating Loss for the period (149) (143) (260)
Adjustments for :
(Increase)/Decrease in receivables (2) (11) 55
(Decrease)/Increase in payables 176 69 193
Depreciation - 2 4
Finance expense - - -
Tax credit - - (43)
Tax Received - (3) 43
─────── ─────── ───────
Net cash from operating activities 25 (86) (8)
═══════ ═══════ ═══════
7. Issued and fully paid
The issued share capital is as follows
Number of ordinary shares Number of deferred shares Ordinary shares Deferred shares New Deferred B shares Share premium Total
£ £ £ £ £
At 30 June 2022 4,271,640,186 400,932 299,292 396,923 1,406,599 12,933,447 15,036,261
At 30 June 2023 4,287,190,896 400,932 300,847 396,923 1,406,599 12,937,412 15,041,511
Issue of New Shares 2,000,000,000 - 20,000 - - 180,000 200,000
At 31 December 2023 6,287,190,896 400,932 320,847 396,923 1,406,599 13,1117,412 15,241,781
8. Subsequent events after the reporting period
On 2(nd) January 2024 and a further clarification announced on 8(th) January
2024, the company announced that it repaid the short-term, un-secured debt
of US$80,000 (approximately £65,624) that was drawn down on 8th December
2022, and the original $250,000 loan facility ceased at that date.
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.
NOTICE
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.
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