REG - Inspirit Energy Hlds - Half-year Report

Inspirit Energy HoldingsAnnouncement

31/03/2021 11:55

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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