REG - Inspirit Energy Hlds - Half-year Report
31/03/2022 07:01
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RNS Number : 6665G Inspirit Energy Holdings PLC 31 March 2022
31 March 2022
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 2021. 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) applications and were also
in discussions with a British certification company Enertek International Ltd.
Enertek International that have won several development contracts from the
government (BEIS) and have gained a vast knowledge in developing backward
compatible Hydrogen products such as: domestic and commercial cookers,
domestic and commercial heating systems etc. They have gained the knowledge
which could be very beneficial to Inspirit in developing a Hydrogen product
and our existing products to make them hydrogen powered backwards compatible.
In late 2021, whilst slowly emerging from the backdrop of COVID 19 and
overcoming the restrictions in supply of materials and specialised labour,
the Company spent time working to refining Inspirit's Stirling technology and
the specific application to the Volvo marine engine by reviewing the supply
chains and detailing the product specifics with commercial partners.
Inspirit also set up a workshop facility in Poland.
In February 2022, following the UK's departure from Europe, our team visited
Poland to secure supply lines and personnel for the project. Our shipping
agent was met with some import/export complexities in relation to shipping our
equipment and components to Poland. This has caused a minor delay and we now
see having the Volvo Marine application available for demonstration in Q2 of
2022.
The board will also continue to seek other opportunities that it considers
will best enhance value for shareholders and 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
(http://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 2021
Group Group Group
Six months Six months Year
to to to
31 December 2021 31 December 2020 30 June
Unaudited Unaudited 2021
Audited
£'000s £'000s £'000s
Revenue - - -
Administrative expenses (137) (63) (277)
──────── ──────── ────────
Operating loss (137) (63) (277)
Finance costs - (1) -
──────── ──────── ────────
Loss before tax (137) (64) (277)
Income tax credit 28 24 24
──────── ──────── ────────
Loss for the period from continuing (109) (40) (253)
operations attributable to shareholders
════════ ════════ ════════
Loss per share - Pence
Basic and diluted (0.003)p (0.01)p (0.007)p
════════ ════════ ════════
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Financial Position as at 31 December 2021
Group Group Group
As at As at As at
31 December 2021 31 December 2020 30 June
Unaudited Unaudited 2021
Audited
£'000s £'000s £'000s
Non-Current Assets
Intangible assets 2,851 2,715 2,773
Tangible assets 28 33 30
─────── ─────── ───────
2,879 2,748 2,803
Current assets
Trade and other receivables 49 40 37
Cash and cash equivalents 348 277 561
─────── ─────── ───────
397 316 598
─────── ─────── ───────
Current liabilities
Trade and other payables (395) (331) (411)
Other borrowing (100) (100) (100)
─────── ─────── ───────
(495) (431) (511)
─────── ─────── ───────
Net Current Liabilities (98) (115) 87
Non-Current Liabilities
Borrowings - - -
─────── ─────── ───────
2,781 2,633 2,890
═══════ ═══════ ═══════
Equity
Share capital 2,103 2,003 2,103
Share premium 9,783 9,413 9,783
Other reserves 3 3 3
Merger reserve 3,150 3,150 3,150
Reverse acquisition reserve (7,361) (7,361) (7,361)
Retained losses (4,897) (4,575) (4,788)
─────── ─────── ───────
Total 2,781 2,633 2,890
═══════ ═══════ ═══════
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Changes in Equity
For the six months ended 31 December 2021
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 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 (Audited) 1,967 9,192 3 3,150 (7,361) (4,535) 2,417
Loss for the period - - - - - (253) (253)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD - - - - - (253) (253)
Share issues 136 621 - - - 757
Share issue costs - (30) - - - - (30)
TRANSACTIONS WITH OWNERS 136 591 - - - - 727
BALANCE AT 30 June 2021 (Audited) 2,103 9,783 3 3,150 (7,361) (4,788) 2,890
Loss for the period - - - - - (109) (109)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD - - - - - (109) (109)
Share issues - - - - - - -
Share issue costs - - - - - -
TRANSACTIONS WITH OWNERS - - - - - - -
BALANCE AT 31 December 2021 2,103 9,783 3 3,150 (7,361) (4,897) 2,781
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Cash Flows
For the six months ended 31 December 2021
Group Group Group
Six months Six months Year
to to to
31 December 2021 31 December 2020 30 June
Unaudited Unaudited 2021
Audited
Note £'000 £'000 £'000
Operating activities
Net cash from operating activities 6 (135) (58) (184)
─────── ─────── ───────
Net cash generated/(used) in operating activities
(135) (58) (184)
─────── ─────── ───────
Investing activities
Acquisition of intangible assets (78) (49) (108)
Acquisition of plant and equipment - - (2)
─────── ─────── ───────
Net cash from financing activities (78) (49) (110)
─────── ─────── ───────
Financing activities
Issue of share capital (Net of fees) - 257 757
Finance costs - (1) (30)
─────── ─────── ───────
Net cash from financing activities - 256 727
─────── ─────── ───────
Net cash outflow (213) 149 433
Cash and cash equivalents at the beginning of the period 561 128 128
─────── ─────── ───────
Cash and cash equivalents at the end of the period
348 277 561
═══════ ═══════ ═══════
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 200 Aldersgate
Street, London EC1A 4HD, 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
2021 were approved by the Board of Directors on 29 December 2021 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 2021
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 2021.
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 2021 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 2021 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 2021, 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
£109,000 (company's loss - 6 months to 31 December 2020 £40,000; year ended
30 June 2021 - £253,000) and a basic and diluted weighted average number of
ordinary shares of £0.0001 each in issue of 4,271,640,183 (31 December
2020: 2,996,232,580 - basic and diluted 3,339,326,136; 30 June 2021).
6. Reconciliation of Operating Loss to Net Cash Outflow from Operating
Activities
Group Group Group
Six months Six months Year
to to to
31 December 31 December 2020 30 June
2021 Unaudited 2021
Unaudited Audited
£'000s £'000s £'000s
Operating Loss for the period (137) (64) (253)
Adjustments for :
(Increase)/Decrease in receivables (12) 11 (6)
(Decrease)/Increase in payables (16) (32) 50
Depreciation 2 2 7
Finance expense - 1 -
Tax credit - - (24)
Tax Received 28 24 42
─────── ─────── ───────
Net cash from operating activities (135) (58) (184)
═══════ ═══════ ═══════
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 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 1,367,857,139 - 136,786 - - 620,714 757,500
Issue costs - - - - - (30,000) (30,000)
At 30 June 2021 4,271,640,186 400,932 299,292 396,923 1,406,599 12,933,447 15,036,261
At 31 December 2021 4,271,640,186 400,932 299,292 396,923 1,406,599 12,933,447 15,036,261
8. Subsequent events after the reporting period
None
9. Copies of this interim financial information document are available
from the Company at its registered office at 200 Aldersgate Street, London
EC1A 4HD. The interim financial information document will also be available on
the Company's website www.inspirit-energy.com.
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