REG - Inspirit Energy Hlds - Half-year Report
31/03/2023 07:00
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RNS Number : 8521U Inspirit Energy Holdings PLC 31 March 2023
31 March 2023
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 2022. The interim financial information
document will also be available on the Company's website
www.inspirit-energy.com (http://www.inspirit-energy.com) .
Chairman's Statement:
In the period under review our engineering team have been concluding the stage
two build and testing and a number of tests have been conducted under varying
scenarios, each for a duration of approximately one hour, with consistent
performance with peak output reaching 97kw.
Stage three build and testing should be complete by the 2nd Quarter 2023,
where the unit is targeted to achieve its intended peak performance of
131kW.
While we have experienced minor delays, the result of extended delivery times
from suppliers of key components, the Inspirit WHR unit has met all our
expectations around reliability and performance. Discussions are currently
ongoing with both a major automotive group and with an alternative combustion
manufacturer to potentially partner on exciting future developments relating
to the Charger. In addition, the Inspirit team is also exploring
opportunities to collaborate with other automotive groups, where the potential
exists to achieve the same significant performance enhancements that we have
achieved to date with automotive combustions engines.
The board of Inspirit has no doubt that the technology the Company has
developed could have a significant impact on applications within the
automotive industry where manufacturers seek to enhance performance from the
recovery and electrification of waste heat. The commercial potential would
seem boundless and Inspirit is extremely optimistic about the commercial
prospects for the business. To the best of our understanding, we remain unique
in this space at a time where manufactures of combustion engines are seeking
to create more efficient engines for commercial vehicles.
Furthermore, the industrial sector is another requiring urgent solutions for
waste recovery technologies where Inspirit could really apply its WHR
technology. The general consensus is that the world needs to decarbonise low
temperature industrial waste heat to achieve net-zero greenhouse gas emission
targets. Industrial waste heat production represents an opportunity for
reduction in the use of fossil fuels. Energy inefficient processes in addition
to increased emissions raises the cost of plant operation, -an undesirable
scenario for both industrial competitiveness and the environment. The quantity
and potential applications for recovered low temperature industrial waste heat
and the quantification and
characterisation of the resource could provide the needed impetus for the
development and adoption of green technologies to help achieve the 2050
Net-Zero target. Significant opportunities exist in this low temperature
range for waste heat recovery actions at individual sites. Research and
Development (R&D) into alternative improved methods for waste heat
recovery, storage, and use technologies could also produce significant
positive environmental and industrial impact.
-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 2022
Group Group Group
Six months Six months Year
to to to
31 December 2022 31 December 2021 30 June
Unaudited Unaudited 2022
Audited
£'000s £'000s £'000s
Revenue - - -
Administrative expenses (158) (137) (329)
──────── ──────── ────────
Operating loss (158) (137) (329)
Finance costs - - -
──────── ──────── ────────
Loss before tax (158) (137) (329)
Income tax credit 15 28 96
──────── ──────── ────────
Loss for the period from continuing (143) (109) (233)
operations attributable to shareholders
════════ ════════ ════════
Loss per share - Pence
Basic and diluted (0.003)p (0.003)p (0.005)p
════════ ════════ ════════
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Financial Position as at 31 December 2022
Group Group Group
As at As at As at
31 December 2022 31 December 2021 30 June
Unaudited Unaudited 2022
Audited
£'000s £'000s £'000s
Non-Current Assets
Intangible assets 3,069 2,851 2,998
Tangible assets 23 28 25
─────── ─────── ───────
3,092 2,879 3,023
Current assets
Trade and other receivables 120 49 107
Cash and cash equivalents 66 348 160
─────── ─────── ───────
186 397 267
─────── ─────── ───────
Current liabilities
Trade and other payables (600) (395) (533)
Other borrowing (164) (100) (100)
─────── ─────── ───────
(495) (495) (633)
─────── ─────── ───────
Net Current Liabilities (578) (98) (366)
Non-Current Liabilities
Borrowings - - -
─────── ─────── ───────
2,514 2,781 2,657
═══════ ═══════ ═══════
Equity
Share capital 2,103 2,103 2,103
Share premium 9,783 9,783 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 (5,164) (4,897) (5,021)
─────── ─────── ───────
Total 2,514 2,781 2,657
═══════ ═══════ ═══════
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Changes in Equity
For the six months ended 31 December 2022
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 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 - - - - - (233) (233)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD - - - - - (233) (253)
BALANCE AT 30 June 2022 (Audited) 2,103 9,783 3 3,150 (7,361) (5,021) 2,657
Loss for the period - - - - - (143) (143)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD - - - - - (143) (143)
Share issues - - - - - - -
Share issue costs - - - - - -
TRANSACTIONS WITH OWNERS - - - - - - -
BALANCE AT 31 December 2022 2,103 9,783 3 3,150 (7,361) (5,164) 2,514
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Cash Flows
For the six months ended 31 December 2022
Group Group Group
Six months Six months Year
to to to
31 December 2022 31 December 2021 30 June
Unaudited Unaudited 2022
Audited
Note £'000 £'000 £'000
Operating activities
Net cash from operating activities 6 (86) (135) (176)
─────── ─────── ───────
Net cash generated/(used) in operating activities
(86) (135) (176)
─────── ─────── ───────
Investing activities
Acquisition of intangible assets (72) (78) (225)
Acquisition of plant and equipment - - -
─────── ─────── ───────
Net cash from financing activities (72) (78) (225)
─────── ─────── ───────
Financing activities
Loan Note 64 - -
─────── ─────── ───────
Net cash from financing activities 64 - 727
─────── ─────── ───────
Net cash outflow (94) (213) (401)
Cash and cash equivalents at the beginning of the period 160 561 561
─────── ─────── ───────
Cash and cash equivalents at the end of the period
66 348 561
═══════ ═══════ ═══════
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
2022 were approved by the Board of Directors on 5 January 2023 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 2022
has not been reviewed or audited. The interim financial report has been
approved by the Board on 30 March 2023.
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 2022.
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 2022 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 2022 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 2022, 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
£143,000 (company's loss - 6 months to 31 December 2021 £109,000; year ended
30 June 2022 - £233,000) and a basic and diluted weighted average number of
ordinary shares of £0.0001 each in issue of 4,271,640,183 (same for 31
December 2021and 30 June 2022).
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 2021 30 June
2022 Unaudited 2022
Unaudited Audited
£'000s £'000s £'000s
Operating Loss for the period (143) (137) (233)
Adjustments for :
(Increase)/Decrease in receivables (11) (12) 3
(Decrease)/Increase in payables 69 (16) 121
Depreciation 2 2 7
Finance expense - - -
Tax credit - - (96)
Tax Received (3) 28 42
─────── ─────── ───────
Net cash from operating activities (86) (135) (176)
═══════ ═══════ ═══════
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 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 2021/2022 4,271,640,186 400,932 299,292 396,923 1,406,599 12,933,447 15,036,261
At 31 December 2021/2022 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
On 13(th) February 2023, the company announced that Paul Needley was appointed
as an independent Non-Executive Director and Anthony Samaha stepped down from
the board to pursue other corporate activities.
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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