Inspirit Energy Hlds - Half-year Report

Inspirit Energy Holdings

31/03/2021 11:54

RNS Number : 1425U

Inspirit Energy Holdings PLC

31 March 2021

 

31 March 2021

 

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 2020. The interim financial information document will also be available on the Company's website www.inspirit-energy.com.

 

 

Chairman's Statement:

 

During the reporting period, the Group continued to develop its microCHP boiler, Marine engine and Waste Hear Recovery (WHR) application with its European partners. Specifically, the Company has spent time working to refine Inspirit's Stirling technology, reviewing the potential supply chain and detailing the product specifics for potential commercial partners. This progress was achieved despite the significant issues resulting from the COVID-19 pandemic in Europe, which was instrumental in causing some of these European partners to cease trading and therefore necessitated their replacement with other competent manufacturers.

 

The Board recognises that these are still unprecedented times and that the necessary actions Global and European Governments are taking to control COVID-19 are inevitably causing disruption to the economy and supply chain for components. As with all businesses, we are not immune to this and experienced movement and lock down restrictions in the UK and Europe. As a result, our European partners and Marine counterparts are constantly reviewing the timeline in resuming development and testing of our technology.

 

The Company raised a total of £257,000 from warrant holders during the period which should support the development of Inspirit's technology.

 

The board will also be seeking other opportunities that it considers will best enhance value for shareholders.

 

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

 

 

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 2020

 

 

Group
Six months
to
31 December 2020
Unaudited
Group
Six months
to
31 December 2019
Unaudited
Group
Year
to
30 June
2020
Audited
£'000s
£'000s
£'000s
Revenue
-
-
-
Administrative expenses
(63)
(188)
(240)
────────
────────
────────
Operating loss
(63)
(188)
(240)
Finance costs
(1)
(1)
-
────────
────────
────────
Loss before tax
(64)
(189)
(240)
Income tax credit
24
-
41
────────
────────
────────
Loss for the period from continuing
operations attributable to shareholders
(40)
(189)
(199)
════════
════════
════════
Loss per share - Pence
Basic and diluted
(0.01)p
(0.007)p
(0.009)p
════════
════════
════════


 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Financial Position as at 31 December 2020

 

Group
As at
31 December 2020
Unaudited
Group
As at
31 December 2019
Unaudited
Group
As at
30 June
2020
Audited
£'000s
£'000s
£'000s
Non-Current Assets
Intangible assets
2,715
2,570
2,666
Tangible assets
33
39
35
───────
───────
───────
2,748
2,609
2,701
Current assets
Trade and other receivables
40
167
49
Cash and cash equivalents
277
90
128
───────
───────
───────
316
257
177
───────
───────
───────
Current liabilities
Trade and other payables
(331)
(341)
(362)
Other borrowing
(100)
(100)
(100)
───────
───────
───────
(431)
(441)
(462)
───────
───────
───────
Net Current Liabilities
(115)
(184)
(285)
Non-Current Liabilities
Borrowings
-
(3)
-
───────
───────
───────
2,633
2,422
2,416
═══════
═══════
═══════
Equity
Share capital
2,003
1,966
1,967
Share premium
9,413
9,189
9,192
Other reserves
3
3
3
Merger reserve
3,150
3,150
3,150
Reverse acquisition reserve
(7,361)
(7,361)
(7,361)
Retained losses
(4,575)
(4,525)
(4,535)
───────
───────
───────
Total
2,633
2,422
2,416
═══════
═══════
═══════


 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Changes in Equity

For the six months ended 31 December 2020

 

 

 

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 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)
Share issues
-
-
-
-
-
-
-
Share issue costs
-
-
-
-
-
-
-
TRANSACTIONS WITH OWNERS
-
-
-
-
-
-
-
BALANCE AT 30 June 2019
1,818
8,185
3
3,150
(7,361)
(4,336)
1,459
Loss for the period
-
-
-
-
-
(199)
(199)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
-
-
-
-
-
(199)
(199)
Share issues
149
1,028
-
-
-
-
1,177
Share issue costs
-
(21)
-
-
-
-
(21)
TRANSACTIONS WITH OWNERS
149
1,007
-
-
-
-
1,156
BALANCE AT 30 June 2020
1,967
9,192
3
3,150
(7,361)
(4,535)
2,417
Loss for the period
-
-
-
-
-
(40)
(40)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
-
-
-
-
-
(40)
(40)
Share issues
36
221
-
-
-
257
Share issue costs
-
-
-
-
-
0
TRANSACTIONS WITH OWNERS
36
221
-
-
-
-
257
BALANCE AT 31 December 2020
2,003
9,413
3
3,150
(7,361)
(4,575)
2,633

 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Cash Flows

For the six months ended 31 December 2020

 

 

Group
Six months
to
31 December 2020
Unaudited
Group
Six months
to
31 December 2019
Unaudited
Group
Year
to
30 June
2020
Audited
Note
£'000
£'000
£'000
Operating activities
Net cash from operating activities
6
(58)
(258)
(92)
───────
───────
───────
Net cash generated/(used) in operating activities
(58)
(258)
(92)
───────
───────
───────
Investing activities
Acquisition of intangible assets
(49)
-
(96)
Acquisition of plant and equipment
-
-
(3)
───────
───────
───────
Net cash from financing activities
(49)
-
(99)
───────
───────
───────
Financing activities
Issue of share capital (Net of fees)
257
1,151
300
Finance costs
(1)
(1)
(21)
Decrease in borrowing
-
-
-
Transactions with owners
-
(842)
-
───────
───────
───────
Net cash from financing activities
256
308
279
───────
───────
───────
Net cash outflow
149
50
88
Cash and cash equivalents at the beginning of the period
128
40
40
───────
───────
───────
Cash and cash equivalents at the end of the period
277
90
128
═══════
═══════
═══════


 

 

 

 

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 2nd 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 2020 were approved by the Board of Directors on 24 December 2020 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 2020 has not been reviewed or audited.  The interim financial report has been approved by the Board on 29 March 2021.

 

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 2020.

 

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 2020 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 2020 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 2020, 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 £40,000 (company's loss - 6 months to 31 December 2019 £189,000; year ended 30 June 2020 - £199,000) and a basic and diluted weighted average number of ordinary shares of £0.0001 each in issue of 2,996,232,580 (31 December 2019 2,899,211,616 - basic and diluted 2,903,783,047; 30 June 2020).

 

 

 

6.   Reconciliation of Operating Loss to Net Cash Outflow from Operating Activities

Group
Six months
to
31 December
2020
Unaudited
Group
Six months
to
31 December 2019
Unaudited
Group
Year
to
30 June
2020
Audited
£'000s
£'000s
£'000s
Operating Loss for the period
(64)
(189)
(199)
Adjustments for :
(Increase)/Decrease in receivables
11
(104)
9
(Decrease)/Increase in payables
(32)
34
87
Depreciation
2
-
6
Finance expense
1
1
-
Tax credit
-
-
(41)
Tax Received
24
46
───────
───────
───────
Net cash from operating activities
(58)
(258)
(92)
═══════
═══════
═══════

 

 

 

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 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
1,482,976,188
-
148,298
-
-
1,027,702
1,176,000
Issue costs
-
-
-
-
-
(20,625)
(20,625)
At 30 June 2020
2,903,783,047
400,932
162,506
396,923
1,406,599
12,342,733
14,308,761
Issue of new shares
367,857,139
-
36,785
-
-
220,714
257,499
Issue costs
-
-
-
-
-
-
0
At 31 December 2020
3,271,640,186
400,932
199,291
396,923
1,406,599
12,563,447
14,566,260

 

 

 

 

8.   Subsequent events after the reporting period

 

None

 

 

8.   Copies of this interim financial information document are available from the Company at its registered office at 2nd 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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