REG - Inspirit Energy Hlds - Half-year Report

Inspirit Energy HoldingsAnnouncement

29/03/2019 07:05

RNS Number : 3995U
Inspirit Energy Holdings PLC
29 March 2019
 


29 March 2019
 
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 2018. 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 has continued to advance its microCHP boiler closer towards the goal of commercialisation. To this end, improvements to the design of the Group's Stirling engine technology, including simplification as part of the 'design for manufacture' process and meeting the challenges in new technology development, sourcing cheaper materials and efficiency re-redesign, has resulted in further delays to the certification process although we hope to progress forward with a higher output and cheaper cost base product latter 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.
 
 
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




SVS  Securities Plc
(Joint Broker)
Tom Curran
 
 


 
 
 +44 (0) 203 700 0093
 




 
 
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Comprehensive Income
for the six months ended 31 December 2018
 
 




 


 


 


 


Group
Six months
 to
31 December 2018
 Unaudited


 


Group
Six months
 to
31 December 2017
 Unaudited


 


Group
Year
 to
30 June
2018
 Audited




 


 


 


 


£'000s


 


£'000s


 


£'000s




 


 


 


 


 


 


 


 


 




Revenue


 


 


 


-


 


-


 


-




 


 


 


 


 


 


 


 


 




Administrative expenses


 


(213)


 


(169)


 


(545)




Impairment of development assets


 


 


 


 


 


(424)




 


 


────────


 


────────


 


────────




Operating loss


 


(213)


 


(169)


 


(969)




 


 


 


 


 


 


 




Finance costs


 


(1)


 


(15)


 


(4)




 


 


 


 


────────


 


────────


 


────────




Loss before tax


 


 


(214)


 


(184)


 


(973)




 


 


 


 


 


 


 


 


 




Income tax credit


 


-


 


-


 


20




 


 


 


 


────────


 


────────


 


────────




Loss for the period from continuing
operations attributable to shareholders


(214)


 


(184)


 


(953)




 


 


 


 


════════


 


════════


 


════════




 


 


 


 


 


 


 


 


 




Loss per share - Pence


 


 


 


 


 




 


 


 


 


 


 




Basic and diluted


(0.01)p


 


(0.01)p


 


(0.07)p




 


 


 


 


════════


 


════════


 


════════




 


 


 


 


 


 


 


 


 




 
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Financial Position as at 31 December 2018
 




 


 


 


 


Group
As at
31 December 2018
 Unaudited


 


Group
As at
31 December 2017
 Unaudited


Group
As at
30 June
 2018
 Audited




 


£'000s


 


£'000s


£'000s




 
Non-Current Assets


 


 


 


 




Intangible assets


2,401


 


2,783


2,401




Tangible assets


42


 


49


45




 


───────


 


───────


───────




 


2,443


 


2,832


2,446




Current assets


 


 


 


 




Trade and other receivables


37


 


48


415




Cash and cash equivalents


175


 


53


45




 


───────


 


───────


───────




 


212


 


101


460




 


───────


 


───────


───────




Current liabilities


 


 


 


 




Trade and other payables


(226)


 


                 (287)


                  (263)




Other borrowing


(100)


 


(180)


(100)




 


───────


 


───────


───────




 


(326)


 


(467)


(363)




 


───────


 


───────


───────




Net Current Liabilities


(114)


 


(366)


97




 


 


 


 


 




Non-Current Liabilities


 


 


 


 




Borrowings


   (845)


 


-


          (845)




 


───────


 


───────


───────




 


1,484


 


2,466


1,698




 


═══════


 


═══════


═══════




Equity


 


 


 


 




Share capital


            1,818


 


               1,818


               1,818




Share premium


8,185


 


8,184


8,185




Other reserves


3


 


206


3




Merger reserve


3,150


 


3,150


3,150




Reverse acquisition reserve


(7,361)


 


(7,361)


(7,361)




Retained losses


(4,311)


 


(3,531)


(4,097)




 


───────


 


───────


───────




Total


1,484


 


2,466


1,698




 


═══════


 


═══════


═══════




 


 


 


 


 




 
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Changes in Equity
For the six months ended 31 December 2018
 
 
 




 


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 2016


1,334


8,097


206


3,150


(7,361)


(2,829)


2,597




 


 


 


 


 


 


 


 




Loss for the year


-


-


-


-


-


(419)


(419)




TOTAL COMPREHENSIVE INCOME FOR THE YEAR


-


-


-


-


-


(419)


(419)




Share issues


234


58


-


-


-


-


292




Share issue costs


-


(11)


-


-


-


-


(11)




Debt Adjustment


 


 


 


 


 


(99)


(99)




TRANSACTIONS WITH OWNERS


234


47


-


-


-


(99)


182




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


-


-


-


-


-


(214)


(214)




TOTAL COMPREHENSIVE INCOME FOR THE PERIOD


-


-


-


-


-


(214)


(214)




Share issues


-


-


-


-


-


-


-




Share issue costs


-


-


-


-


-


-


-




TRANSACTIONS WITH OWNERS


-


-


-


-


-


-


-




BALANCE AT 31 December 2018


1,818


8,185


3


3,150


(7,361)


(4,311)


1,484




 
 
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Cash Flows
For the six months ended 31 December 2018
 
 




 


 


 


Group
Six months
 to
31 December 2018
 Unaudited


Group
Six months
to
31 December 2017
Unaudited


Group
Year
to
30 June
 2018
Audited




 


Note


£'000


£'000


£'000




 


 


 


 


 




Operating activities


 


 


 


 




Net cash from operating activities


6


131


(137)


(960)




 


 


───────


───────


───────




Net cash generated/(used) in operating activities


 


 
131


 
(137)


 
(960)




 


 


───────


───────


───────




 


 


 


 


 




Investing activities


 


 


 


 




Acquisition of intangible assets


 


-


(115)


(157)




Acquisition of plant and equipment


 


-


-


-




 


 


───────


───────


───────




Net cash from financing activities


 


-


(115)


(157)




 


 


───────


───────


───────




 


 


 


 


 




Financing activities


 


 


 


 




Issue of share capital (Net of fees)


 


-


290


291




Finance costs


 


(1)


(15)


(4)




Increase in borrowing


 


-


-


-




Transactions with owners


 


 


 


845




 


 


 


 


 




 


 


───────


───────


───────




Net cash from financing activities


 


(1)


275


1,132




 


 


───────


───────


───────




Net cash outflow


 


130


23


15




 


 


 


 


 




Cash and cash equivalents at the beginning of the period


 


 
45


 
30


 
30




 


 


───────


───────


───────




Cash and cash equivalents at the end of the period


 


 
175


 
53


 
45




 


 


═══════


═══════


═══════



 
 
 
 
 
 



 
 
 
 
 
 
 
 
 
 
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 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 2018 were approved by the Board of Directors on 28 December 2018 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 2018 has not been reviewed or audited.  The interim financial report has been approved by the Board on 28 March 2019.
 
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 2018.
 
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 2018 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 2018 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 2018, 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 £214,000 (company's loss - 6 months to 31 December 2017 £184.000; year ended 30 June 2018 - £953,000) and a basic and diluted weighted average number of ordinary shares of £0.001 each in issue of 1,470,806,859 (31 December 2017 1,420,806,859 - basic and diluted 1,470,806,859; 30 June 2018).
 
 
 
6.   Reconciliation of Operating Loss to Net Cash Outflow from Operating Activities




 


Group
Six months
 to
31 December
2018
 Unaudited


Group
Six months
to
31 December 2017
Unaudited


Group
Year
to
30 June
 2018
Audited




 


£'000s


£'000s


£'000s




Operating Loss for the period


(214)


(184)


(549)




Adjustments for :


 


 


 




(Increase)/Decrease in receivables


379


125


(241)




(Decrease)/Increase in payables


(35)


(97)


(183)




Depreciation


-


4


9




Finance expense


1


15


4




 


───────


───────


───────




Net cash from operating activities


131


(137)


(960)




 


═══════


═══════


═══════




 
 
 
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 2016


936,806,859


400,932


936,807


396,923


-


11,247,671


12,581,401




Issue of new shares


234,000,000


-


234,000


-


-


58,500


292,500




Issue costs


-


-


-


-


-


(10,750)


(10,750)




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


300,000,000


-


250,000


-


-


50,000


300,000




Capital Reorganisation


 


 


(1,406,599)


 


1,406,599


-


-




Issue costs


-


-


-


-


-


(9,765)


(9,765)




At 30 June 2018


1,470,806,859


400,932


14,208


396,923


1,406,599


11,335,656


13,153,386




Issue of new shares


-


-


-


-


-


-


-




Issue costs


-


-


-


-


-


-


-




At 31 December 2018


1,470,806,859


400,932


14,208


396,923


1,406,599


11,335,656


13,153,386




 
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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END
 
 
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