REG - Aurrigo Int PLC - Interim results
25/09/2023 07:00
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RNS Number : 4389N Aurrigo International PLC 25 September 2023
25 September 2023
Aurrigo International plc
Interim results for the six months to 30 June 2023
Aurrigo International plc (AIM: AURR, the "Company" or "Aurrigo"), a leading
international provider of transport technology solutions, reports its interim
results for the six months to 30 June 2023 ("H1 23").
Highlights
· Autonomous and Aviation division making good progress following
the announcement in February 2023 of a strategic partnership with Changi
Airport Group ("CAG")
· Positive performance from the Automotive division with new
customers added
· Acquisition of GB Wiring Systems Limited ("GB Wiring") in June
2023, integrating well
· Continued progress against IPO objectives, including scaling
headcount to 97 at H1 23 (FY 22: 70)
· Sunderland Advanced Mobility Shuttle ("SAMS") project and grant
funding announced in February 2023
· Revenue growth of 35% to £3.1m (H1 22: £2.3m)
· Gross profit consistent with the prior year at £0.7m (H1 22:
£0.7m)
· Adjusted EBITDA loss of £1.6m (H1 22 loss: £0.3m), reflects the
scale up of the autonomous and aviation division
· Cash of £2.8m at period end
Post period-end
· Collaboration with UPS to develop and pilot Auto-Cargo® at East
Midlands Airport, with £483k UK Government grant announced September 2023
· European Institute of Innovation and Technology grant of €275k for
project to deploy Auto-Shuttle® in Prague announced in September 2023
· Auto-DollyTug® mk3 completed its extended development and will
be delivered to market during 2023
David Keene, CEO of Aurrigo International plc, commented:
"We saw good progress during the first half of the year, engaging with both
new and existing customers and partners. I believe that we have now developed
in the Auto-DollyTug mk3 a vehicle that will revolutionise operations at
airports internationally."
"Interest from aviation organisations and airport groups in our solutions and
the ability to showcase the capabilities of our technologies on the ground has
been invaluable. We are now seeing an accelerated level of interest in
Aurrigo's innovative aviation solutions for future deployments within Europe
and North America."
For further enquiries:
Aurrigo International plc +44 (0)2476 635818
David Keene, Chief Executive Officer
Ian Grubb, Chief Financial Officer
Singer Capital Markets (Nominated Adviser and Sole Broker) +44 (0)20 7496 3000
Phil Davies, Rick Thompson, Alaina Wong, Jalini Kalaravy
Instinctif Partners (Financial Communications) +44 (0)20 7457 2020
Rozi Morris, Tim McCall, Isadora Pegler aurrigo@instinctif.com
About Aurrigo
Aurrigo is a leading international provider of transport technology solutions.
Listed on the London Stock Exchange's AIM Market (AIM: AURR) and headquartered
in Coventry, UK, it designs, engineers, manufactures and supplies OEM products
and autonomous vehicles to the automotive and transport industries. It is
highly regarded as a specialist in autonomous and semi-autonomous technology
solutions for the aviation, ground handling and cargo industries.
Aurrigo has three divisions, Automotive, Autonomous and Aviation. For more
information, see www.aurrigo.com (http://www.aurrigo.com)
OPERATIONAL REVIEW
Summary
The first half of this year has been one of engaging with both new and
existing customers and partners, with the Autonomous and Aviation divisions
working hard with strategic partners. We have continued to operate live
demonstrations whilst at the same time developing the new Auto-DollyTug mk3.
Our marketing efforts are leading to increasing numbers of enquiries for our
automated aviation technology and good levels of industry and new customer
engagement.
The Sunderland Advanced Mobility Shuttle project, announced in February 2023,
is progressing on schedule, building three automated, zero-emission
Auto-Shuttles mk3 in partnership with Sunderland City Council.
The Automotive division has seen good growth and this has been augmented with
the Company's acquisition in June this year of GB Wiring, specialist providers
of electrical wiring harnesses and assemblies for the Automotive industry.
Autonomous and Aviation
Growth drivers
Technological developments continue to advance interest in Aurrigo's
Autonomous and Aviation product and services, with both global airport groups,
passenger and cargo airlines expressing interest in automation. The long-term
structural growth drivers which are encouraging the adoption of automation and
the efficiencies it can bring are beginning to be fuelled as air traffic and
passenger demand return to normal levels following the global pandemic.
Workforce shortages and costs post pandemic continue to be an issue, whist the
industry at the same time remains under pressure to reduce its environmental
impact. This increases the demand for efficient and sustainable vehicles,
smart airport planning software and autonomous solutions.
Aurrigo is making encouraging progress in engaging with airlines and other
airport groups. As well as site visits and airside demonstrations, there has
also been strong engagement with potential customers at key international
conferences and trade shows such as Aviation Festival Asia, Ground Handling
International and the IATA Ground Handling Conference.
Meanwhile, Aurrigo continues to build on its leadership position in aviation
automation by working with aviation industry regulator IATA and the UK
Government's Centre for Connected and Autonomous Vehicles ("CCAV") to set
industry standards for automated vehicles.
Customers and partner programmes
The formal partnership agreement with CAG announced in February 2023 is
focused on the continued joint development and testing of the Auto-Dolly(®),
Auto-DollyTug(®) and Auto-Sim(®) airport simulation software platform. The
development and testing of Aurrigo's autonomous vehicles at CAG is partially
funded by the Civil Aviation Authority of Singapore ("CAAS") through its
Aviation Development Fund ("ADF"). The ADF supports initiatives to improve
productivity in the Singapore aviation sector through the use of innovative
solutions.
The ability to showcase the technology to airport groups and stakeholders is
proving invaluable. Potential customers are responding positively to seeing
the vehicles in a live operating environment and their full range of
capabilities and the potential to revolutionise operations at airports
internationally.
The Sunderland SAMS project continues and Aurrigo is on schedule to deliver
three automated, zero-emission Auto-Shuttle mk3's to Sunderland City Council
and their transport providers in the first quarter of 2024. The success of
winning this project is resulting in conversations with other local authority
transport providers.
Post period-end, in September 2023, the Company announced a collaboration with
UPS. The project will receive £482,020 in grant funding from Innovate UK and
the Centre for Connected and Autonomous Vehicles ("CCAV"). The two companies
will develop and pilot Aurrigo's Auto-Cargo(®) over a 14-month period from
September 2023 at East Midlands Airport, the UK's second-largest cargo
terminal. If successful, it will then move to real-world driverless cargo
movement operations with in-service aircraft.
On 19 September 2023, Aurrigo announced another grant project win for the
deployment of its Auto-Shuttle autonomous passenger transport vehicle in
Prague, Czech Republic. The grant of €274,820 comes from the European
Institute of Innovation and Technology (EIT) and the project has started
immediately.
Automotive
Demand is ahead of expectations through both new and existing customers.
Additionally the acquisition of GB Wiring has contributed by diversifying the
customer base into new automotive and industrial customers. The acquisition
has integrated well and the Aurrigo and GB Wiring teams are working together
to target new customer opportunities.
R&D
The key focus for R&D during H1 23 has been completing the development of
Auto-DollyTug, an autonomous electric baggage dolly which can also pull
conventional baggage trailers. The design has had significant developments
which are IP-protected. The first Auto-DollyTug mk3 has completed development
and is expected to be delivered to market during 2023.
People
The Company's headcount continues to grow as it delivers on its strategy to
scale the business. As of June 2023, the headcount was 97 FTEs, up from 70 at
the end of December 2022. This includes new hires particularly in the
Autonomous and Aviation engineering team, as well as the additional staff from
GB Wiring.
Staff retention is currently strong, with formalised employee engagement
programmes and staff incentives in place.
Recruitment is also assisted by work experience programmes at Aurrigo's HQ in
Coventry for students at local schools and colleges, alongside a formal
academic placement programme with Warwick, Coventry and Aston Universities.
Aurrigo also has a formal Knowledge Transfer Partnership with Aston
University, helping students and researchers apply their academic knowledge to
real-world commercial projects, enhancing their experience and skills as well
as their job prospects.
The Company has also signed up to introduce apprentices across the business.
Current Trading and Outlook
The second half of the year has continued to perform well for the Automotive
division which currently delivers the majority of the business' revenues. The
strategic growth areas of autonomous vehicles and autonomous aviation
technology continue to develop significant existing and potential new customer
traction. The new partnership announced recently with UPS demonstrates an
important milestone of the Company's autonomous technology development.
The ongoing product trials at CAG, as part of the partnership agreement
announced in February 2023, have enabled substantial technical development of
the vehicles. As a result of this the project phases have been replanned to
take advantage of the increased capability, which consequently means the
revenue streams will now be realised in 2024 and 2025.
Following visits and live demonstrations in Singapore to a number of aviation
organisations, we are now seeing an accelerated level of interest in Aurrigo's
innovative aviation solutions for future deployments within Europe and North
America.
FINANCIAL REVIEW
Revenue
Revenue in the period was £3.1m (H1 22: £2.3m), an increase of £0.8m
(34.8%) compared to H1 22. This increase represents a growth in Automotive
revenues, including one month's contribution from newly acquired GB Wiring.
While a significant proportion of the increase derives from the Company's
largest customer in the period, the addition of GB Wiring and new actively
engaged customers will help to dilute customer concentration for the remainder
of the year and into 2024.
Revenue from the Autonomous segment has remained consistent with H1 22 at
£0.3m. The sale of Autonomous Passenger products and services on an enquiry
basis continued through the period but accounts for a lower proportion of the
segmental revenues in H1 2023 compared to H1 2022 as Aviation revenues
crystalise.
Gross profit
Gross profit for the period was £0.7m (H1 22: £0.7m). Gross profit margin
was 22.3% (H1 22: 32.6%) which was lower than H1 22 due in part to a change in
the sales mix with the proportion of Automotive revenues increasing compared
to the prior period. Incremental lower margin Automotive product revenues have
added to the effect of this.
Adjusted EBITDA
Adjusted EBITDA loss increased to £1.6m (H1 22: £0.9m), representing an
increase of £0.7m (77.8%), compared to H1 22. H1 23 reflects the Company's
first interim period as a public company in which it has incurred additional
governance and related costs. Increased staff recruitment, primarily within
R&D and the Autonomous division have been actioned according to the
objectives set out at IPO, increasing the Company's cost base in preparation
for future development and marketing within Aviation.
Depreciation and amortisation
The total charge for the period was £0.3m (H1 22: £0.1m), of which £0.15m
(H1 22: £0.03m) related to the amortisation of intangible assets.
Share-based payments
The total charge for the period under IFRS 2 "Share-based payments" was £0.1m
(H1 22: £0m). This charge related to the awards made under the 2022 Share
Option Plan established on admission on 15 September 2022.
Cashflow
The Company's cash is position £2.8m (H1 22: £0.02m). The net cash used for
operating activities was £1.9m (H1 22: £0.7m) with the increase reflecting
the additional costs of operating as a public company as described above. The
net cash outflow includes inflows from grants of £0.1m in the period (H1
2022: £0.5m) as the Company continues to take advantage of this form of
funding.
The acquisition of GB Wiring Systems Limited reduced cash in the period by
£0.1m.
Balance Sheet
The Group had net assets of £6.8m as at 30 June 2023 (H1 22: £3.2m).
Property, plant and equipment increased reflecting the renewal of property
related leases, capitalised in accordance with IFRS16.
FINANCIAL STATEMENTS
Consolidated Income Statement
For the period ended 30 June 2023
Unaudited Unaudited Audited
Notes 6 months ended 6 months ended Year
30 June 30 June ended
2023 2022 31 December
2022
£'000 £'000 £'000
Revenue 4 3,083 2,275 5,302
Cost of sales (2,397) (1,533) (3,483)
Gross profit 686 742 1,819
Other operating income 353 139 278
Administrative expenses including non-recurring expenses, share based payment (3,013) (1,253) (4,569)
charges, depreciation and amortisation
Operating loss (1,974) (372) (2,472)
Costs of admission to AIM - - 1,010
Share based payments 121 - 143
Depreciation 131 95 208
Amortisation 147 26 172
Adjusted EBITDA * (1,575) (251) (939)
Finance income 49 - 2
Finance costs (21) (10) (26)
Loss before taxation (1,946) (382) (2,496)
Income tax (charge)/income (43) 59 301
Loss for the period attributable to equity shareholders of the parent (1,989) (323) (2,195)
Other comprehensive income: 6 - (2)
Items that will not be reclassified to profit or loss
Currency translation differences
Total other comprehensive income 6 - (2)
(1,983) (323) (2,197)
Total comprehensive loss for the period attributable to equity shareholders of
the parent
Basic EPS (£ per share) 5 (0.05) (0.27) (0.12)
Diluted EPS (£ per share) 5 (0.05) (0.27) (0.12)
* Adjusted EBITDA refers to earnings before interest, tax, depreciation and
amortisation and impairment. Share based payments and one-off costs of
admission to the AIM are also excluded.
All results were derived from continuing operations.
Consolidated Statement of Financial Position
For the period ended 30 June 2023
Notes Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
£'000 £'000 £'000
Non-current assets
Intangible assets 6 5,681 5,358 5,403
Goodwill 7 122 - -
Property, plant and equipment 8 721 155 306
Deferred tax asset - 151 -
Total non-current assets 6,524 5,664 5,709
Current assets
Inventories 959 843 931
Trade and other receivables 1,839 2,402 1,532
Current tax receivable 264 268 174
Cash and cash equivalents 2,797 179 5,386
Total current assets 5,859 3,692 8,023
Total assets 12,383 9,356 13,732
Current liabilities
Trade and other payables (1,341) (1,795) (1,143)
Borrowings (30) (30) (30)
Lease liabilities (187) (107) (79)
Deferred grant income (217) - (217)
Deferred consideration (50) - -
Total current liabilities (1,825) (1,932) (1,469)
Net current assets 4,034 1,760 6,554
Total assets less current liabilities 10,558 7,424 12,263
Non-current liabilities
Borrowings (40) (70) (55)
Lease liabilities (383) - (132)
Deferred tax liabilities - (385) -
Deferred grant income (3,333) (3,768) (3,442)
Total non-current liabilities (3,756) (4,223) (3,629)
Total liabilities (5,581) (6,155) (5,098)
Net assets 6,802 3,201 8,634
Equity attributable to equity holders of the Group
Share capital 83 - 83
Share premium account 7,103 - 7,103
Share option reserve 264 - 143
Retained earnings (648) 3,201 1,305
Total equity 6,802 3,201 8,634
Consolidated Statement of Changes in Equity
For the period ended 30 June
2023
Share Share Share Retained earnings Total equity attributable to owners of the parent
capital Premium option reserve
account
£'000 £'000 £'000 £'000 £'000
At 1 January 2022 (audited) - - - 3,524 3,524
Loss for the six month period ended 30 June 2022 - (323) (177,228)
- -
At 30 June 2022 (unaudited) - - - 3,201 3,201
Loss for the six month period ended 31 December 2022 - (1,872) (1,872)
- -
Currency translation differences - - - (2) (2)
Transactions with owners in their capacity as owners:
Issue of share capital 33 8,133 - - 8,166
Costs of issue set against share premium - (1,030) - - (1,030)
Share option expense - - 143 - 143
Deferred tax on share based payment transactions - - - 28 28
Issue of share capital from reserves 50 - - (50) -
At 31 December 2022 (audited) 83 7,103 143 1,305 8,634
Loss for the six month period ended 30 June 2023 - (1,989) (1,989)
- -
Currency translation differences - - - 6 6
Transactions with owners in their capacity as owners: - - 121
Share option expense
- 121
Deferred tax on share based payment transactions - - - 30 30
At 30 June 2023 (unaudited) 83 7,103 264 (648) 6,802
Consolidated Statement of Cash Flows
For the period ended 30 June 2023
Unaudited Unaudited Audited
6 months ended 6 months ended Year
30 June 30 June ended
2023 2022 31 December
2022
£'000 £'000 £'000
Cash flow from operating activities
Loss for the period (1,989) (323) (2,195)
Adjustments for:
Tax charge/(credit) 43 (59) (301)
Finance costs 21 9 26
Investment income (49) - (2)
RDEC grant income (103) - (107)
Amortisation of intangible assets 131 26 172
Depreciation of tangible assets 147 95 208
Equity settled share based payment expense 121 - 143
(1,678) (252) (2,056)
Changes in working capital:
Increase in inventories (28) (65) (153)
Increase in trade and other receivables (307) (15) (367)
Increase/(decrease) in trade and other payables 163 (366) 58
Cash used in operations (1,850) (698) (2,518)
Interest paid (4) - (2)
Income taxes refunded - 1 238
Net cash used in operating activities (1,854) (697) (2,282)
Cash flow from investing activities
Capitalised development costs (395) (982) (1,155)
Grant income on capitalised research and development - 826 715
Purchase of intangible assets (30) (6) (24)
Purchase of property, plant and equipment (92) (4) (62)
Acquisition of subsidiary (net of cash acquired) (138) - -
Interest received 49 4 2
Net cash used in investing activities (606) (162) (524)
Cash flow from financing activities
Interest paid (21) (10) (21)
(Costs of) / proceeds from issue of shares - (146) 7,136
Repayments of bank loans and borrowings (15) (15) (30)
Payment of lease liabilities (91) (83) (182)
Net cash (used in) / generated from financing activities (127) (254) 6,903
(Decrease) / increase in cash and cash equivalents (2,587) (1,113) 4,097
Cash and cash equivalents at beginning of the period 5,386 1,292 1,290
Effect of foreign exchange rates (2) - (1)
Cash and cash equivalents at end of period 2,797 179 5,386
Notes to the Interim Financial Statements
For the period ended 30 June 2023
1. Company information
Aurrigo International Plc is a public limited company domiciled and
incorporated in England and Wales. The registered office is Unit 33, Bilton
Industrial Estate, Humber Avenue, Coventry, United Kingdom, CV3 1JL. These
consolidated interim financial statements comprise Aurrigo International Plc
and all of its subsidiaries, collectively the "Group".
The principal activity of the Group is that of the supply of electrical
components to the automotive industry and the development of electric
autonomous vehicles.
2. Significant accounting policies
2.1 Basis of preparation
The financial information set out in these interim consolidated financial
statements for the six months ended 30 June 2023 is unaudited. The financial
information presented are not statutory accounts prepared in accordance with
the Companies Act 2006, and are prepared only to comply with AIM requirements
for interim reporting. Statutory accounts for the year ended 31 December 2022,
on which the auditors gave an audit report which was unqualified and did not
contain a statement under Section 498(2) or (3) of the Companies Act 2006,
have been filed with the Registrar of Companies.
These financial statements have been prepared in accordance with international
accounting standards ("IFRS") as adopted by the United Kingdom ("UK") insofar
as these apply to interim financial statements.
The interim consolidated financial statements have been prepared using
consistent accounting policies as those adopted in the financial statements
for the year ended 31 December 2022.
The interim consolidated financial statements are prepared in sterling, which
is the functional currency of the group. Monetary amounts in these interim
consolidated financial statements are rounded to the nearest £1,000.
The financial statements have been prepared on the historical cost basis,
modified to include the revaluation of certain financial instruments at fair
value.
2.2 Basis of consolidation
The interim consolidated Group financial statements consist of the financial
statements of the parent company Aurrigo International Plc together with all
entities controlled by the parent company (its subsidiaries) and the Group's
share of its interests in joint ventures and associates.
All financial statements are made up to 30 June 2023. Where necessary,
adjustments are made to the financial statements of subsidiaries to bring the
accounting policies used into line with those used by other members of the
Group.
All intra-group transactions, balances and unrealised gains on transactions
between Group companies are eliminated on consolidation. Unrealised losses are
also eliminated unless the transaction provides evidence of an impairment of
the asset transferred.
Subsidiaries are consolidated in the Group's financial statements from the
date that control commences until the date that control ceases.
2.3 Going concern
As at 30 June 2023 the Group had net assets of £6,802k and cash and cash
equivalents of £2,797k.
Management has prepared detailed financial projections for a period of at
least twelve months from the date of signing these interim financial
statements. These projections have been subject to various sensitivity
analysis and stress-testing, so as to estimate the impact of severe but
plausible risks. The board challenged the underlying assumptions of the
projections and the stress-test models.
Having considered the Group's cashflow forecasts, the Directors believe that
there is a reasonable expectation that the Group has adequate resources to
continue in operational existence for at least twelve months from the date of
approval of these financial statements.
Accordingly, these interim financial statements have been prepared on a going
concern basis. The interim financial statements do not include the adjustments
that would result if the Group was unable to continue as a going concern.
2.4 Use of estimates and judgements
In the application of the group's accounting policies, the directors are
required to make judgements, estimates and assumptions about the carrying
amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual
results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised, if the revision affects only that period, or in the
period of revision and future periods if the revision affects both current and
future periods.
Critical judgements: Autonomous vehicles
The directors make a judgement as to the appropriate classification of each
autonomous vehicle constructed during a period. Where vehicles are constructed
for sale, autonomous vehicles are classified as inventory and are measured at
the lower of cost and estimated selling price less costs to complete and sell.
Where vehicles are intended for use on a continuing basis in the Group's
activities they are classified as tangible fixed assets and are measured at
depreciated cost.
In addition there are estimation uncertainties around determining labour and
overheads absorbed during the construction of vehicles as well as estimating
likely selling price less costs to complete and sell.
Key sources of estimation uncertainty
Development costs
Development costs included within intangible fixed assets are amortised over
their estimated useful life of 10 years, once they are brought into use. The
selection of estimated lives requires the exercise of management judgement.
Useful lives are regularly reviewed and should management's assessment of
useful lives shorter or increase then amortisation charges in the financial
statements would increase or decrease and carrying amounts of the assets would
change accordingly.
The Group is required to consider, on an annual basis, whether indications of
impairment relating to such assess exist and if so, perform an impairment
test. The recoverable amount is determined based on the higher of value in
use calculations or fair value less costs to sell. The use of value in use
method requires the estimation of future cash flows and the chose of a
discount rate in order to calculate the present value of the cash flows. The
Directors are satisfied that all recorded asests will be fully recovered from
expected future cash flows.
Capitalisation of development costs
The Group recognises as intangible fixed assets development costs that are
considered to meet the relevant capitalisation criteria. The measurement of
such costs and assessment of their eligibility in line with the appropriate
capitalisation criteria requires judgement and estimation around the time
spent by eligible staff on development, expectation around the ability to
generate future economic benefit in excess of cost and the point at which
technical feasibility is established. the costs incurred on the intangible
fixed assets were the key growth areas for the Group's admission to AIM which
helps to justify the capitalisation and demonstrates the Group's ability to
capitalise these assets.
3. Revenue
IFRS 8 'Operating Segments' requires operating segments to be identified on
the basis of internal reports of the Group that are regularly reviewed by the
Group's chief operating decision maker. The chief operating decision maker of
the Group is considered to be the Board of Directors. The Group has considered
the overriding core principles of IFRS 8 'Operating segments' as well as its
internal reporting framework, management and operating structure. The
conclusion is that the Group has two operating segments as follows:
· Automotive components - the supply of electrical components for
use in the automotive sector and across other industrial applications, as well
as trim and design components.
· Autonomous - the design, development and manufacture of
autonomous vehicles and associated autonomous design and consultancy services.
The Group applies IFRS 15 'Revenue from contracts with customers'. Under IFRS
15, the Group applies the 5-step method to identify contracts with its
customers, determine performance obligations arising under those contracts,
set an expected transaction price, allocate that price to the performance
obligations, and then recognises revenues as and when those obligations are
satisfied.
4. Segmental analysis of revenue
Unaudited Unaudited Audited
6 months ended 6 months ended Year
30 June 30 June ended
31 December
2023 2022
2022
£'000 £'000 £'000
Automotive components 2,771 1,951 4,803
Autonomous 312 324 499
Total revenue from contracts with customers 3,083 2,275 5,302
Revenue from customers who individually accounted for more than 10% of total
Group revenue was as follows:
Unaudited Unaudited Audited
6 months ended 6 months ended Year
30 June 30 June ended
2023 2022 31 December
2022
£'000 £'000 £'000
Customer 1 696 716 1,454
Customer 2 1,796 720 2,597
2,492 1,436 4,051
5. Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data:
Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
Earnings used in calculation (£'000) (1,989) (323) (2,195)
Weighted average number of ordinary shares 41,666,667 1,208,215 18,721,737
Basic EPS (£) (0.05) (0.27) (0.12)
Weighted average number of dilutable shares 41,666,667 1,208,215 18,721,737
Diluted EPS (£) (0.05) (0.27) (0.12)
On 27 July 2022 the Group reorganised its share capital and issued new shares
in anticipation of the AIM floatation. The EPS disclosures presented for June
2022 were not restated to include any necessary adjustments for this
reorganisation.
In the current, prior period and prior year the group has incurred losses and
as such has not presented any dilutive shares in accordance with IAS 33
'Earnings per share'. The diluted earnings per share is therefore the same as
the basic earnings.
6. Intangible assets
Patents Research and development Total
£'000
£'000 £'000
Cost
At 1 January 2022 71 4,331 4,402
Additions 6 982 988
At 30 June 2022 77 5,313 5,390
Additions 19 173 192
At 31 December 2022 96 5,486 5,582
Additions 30 395 425
At 30 June 2023 126 5,881 6,007
Amortisation and impairment
At 1 January 2022 6 - 6
Amortisation charged for the period 2 24 26
At 30 June 2022 8 24 32
Amortisation charged for the period 3 144 147
At 31 December 2022 11 168 179
Amortisation charged for the period 3 144 147
At 30 June 2023 14 312 326
Carrying amount
At 30 June 2023 (unaudited) 112 5,569 5,681
At 31 December 2022 (audited) 85 5,318 5,403
At 30 June 2022 (unaudited) 69 5,289 5,358
7. Business combinations
On 31 May 2023, Aurrigo International Plc acquired 100% of the ordinary share
capital of GB Wiring Systems Limited. In accordance with IFRS 3 Business
Combinations, goodwill of £122k arising from the acquisition has been
provisionally recognised, subject to final completion accounts being provided.
The Group expects to provide a finalised business combinations calculation in
the financial statements for the year ended 31 December 2023.
The following amounts of assets, liabilities and contingent liabilities have
been provisionally recognised at the date of acquisition, based on book value:
Provisional
Book value
£'000
Assets and liabilities acquired:
Inventory 11
Trade and other receivables 159
Cash and cash equivalents 81
Trade and other payables (104)
Provisional identifiable assets 147
Goodwill 122
Total provisional purchase consideration 269
Provisional
£'000
Consideration:
Cash 219
Deferred consideration 50
269
The deferred consideration is payable by 31 May 2024 and included within
current liabilities. There is no contingent element pertaining to the deferred
consideration.
Additional cash payments may be due upon receipt of the completion accounts,
although the impact of this is not expected to be material to the financial
statements.
The June 2023 results for GB Wiring Systems Limited have been consolidated
with those of the pre-existing Group members in these financial statements
from the date of acquisition.
8. Property, plant and equipment
Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
£'000 £'000 £'000
Property, plant and equipment 165 59 101
Right of use assets 556 96 205
721 155 306
The Group has lease contracts for buildings and vehicles used in its
operations.
During the period, property leases were renewed at three locations each for a
duration of 3 years. As a result, additions amounting to £455k (year ended 31
December 2022: £215k; 6 months period ended 30 June 2021: £8k) have been
recorded within right of use assets. The depreciation charge relating to right
of use assets for the period was £102k (year ended 31 December 2022: £176k;
6 months period ended 30 June 2021: £78k).
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