REG - HeiQ PLC - Notice of Results and Audit Update

HeiqAnnouncement

23/10/2023 07:15

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RNS Number : 8847Q  HeiQ PLC  23 October 2023

23 October 2023

HeiQ Plc

("HeiQ" or "the Company")

Notice of Results and Audit Update

HeiQ (LSE:HEIQ), a leading company in materials innovation and hygiene
technologies, announces that its audited accounts for the year ended 31
December 2022 ("2022 Accounts") will be published this week alongside its
results for the six months ended 30 June 2023 ("H1 2023"). Following
publication, the Company expects shares to recommence trading shortly
thereafter. The announcement of the 2022 Accounts will contain details on the
timing of resumption of trading. Additionally, the Company gives the below
update regarding the audit work which is now in its final stages.

Audit Update

With the audit work reaching its final stages, the Company has concluded that
it is necessary to defer revenues (and corresponding profits) that were
originally recognized in H1 2022 and H2 2022 from certain milestone
partnership agreements. Following our review of the contractual arrangements
it is now deemed appropriate to recognize such revenues over a longer time
period to coincide with specific exclusivity rights being granted by HeiQ to
the partners. Consequently, revenue of US$4.0 million that was previously
recognized during FY 2022 has been deferred over a period of 4 years with
initial revenues being recognized in H2 2022. This means the Company now
expects revenues for FY 2022, alongside gross profits and loss from
operations, to be below previous market guidance. Some of these changes will
also impact the H1 2023 interim reporting, which will be published together
with the FY 2022.

This change in revenue recognition has not impacted on the Company's cash
position and the Directors maintain their view that the Group continues to
have adequate resources. The financial statements continue to be prepared on a
going concern basis, notwithstanding the material uncertainty previously
announced due to the uncommitted nature of the Company's credit facilities.

 

For further information, please contact:

 HeiQ Plc                                          +41 56 250 68 50

 Carlo Centonze (CEO)
 Cavendish Securities plc (Broker)                 +44 (0) 207 397 8900

 Stephen Keys / Callum Davidson
 SEC Newgate (Media Enquiries)                     +44 (0) 20 3757 6882

 Elisabeth Cowell / Molly Gretton / Tom Carnegie   HeiQ@s (mailto:HeiQ@secnewgate.co.uk) ecnewgate (mailto:HeiQ@secnewgate.co.uk)
                                                   .co.uk (mailto:HeiQ@secnewgate.co.uk)

 

About HeiQ

HeiQ is a Swiss-based international company that innovates pioneering and
differentiating materials in partnership with established global brands. We
bridge the academic and commercial worlds to conceive performance-enhancing
materials and technologies, working with aligned brands to research,
manufacture and bring products to market, aiming for lab to consumer in
months. Our goal is to improve the lives of billions by innovating the
materials that go into everyday products, making them more hygienic,
comfortable, protective, and sustainable.

Our strong IP portfolio positions us as an innovation leader for niche,
premium and high-margin products in the textile chemicals, man-made fibers,
paints and coatings, antimicrobial plastics, probiotics and household cleaner
markets. We have also expanded into healthcare facilities, probiotic cleaning,
and hygiene coatings markets to help make hospitals and healthcare
environments more hygienic.

We have developed over 200 technologies in partnership with 300 major brands.
With a substantial research and development pipeline, including key technology
development projects HeiQ AeoniQ, HeiQ ECOS, HeiQ GrapheneX, and HeiQ Synbio,
HeiQ aims to deliver shareholder value through sales growth and entry into new
lucrative markets through disruptive innovation and M&A.

We have built a strong reputation for ESG & sustainable innovation, having
won multiple awards including the Swiss Technology Award twice and the Swiss
Environmental Award. Under experienced leadership, we are committed to driving
our profit in close connection with people and the planet. For more
information, please visit www.heiq.com.

 

 

 

 

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