REG - Powerhouse Energy Gp - Half Year Report for 6 months ended 30 June 2025
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RNS Number : 4207Z Powerhouse Energy Group PLC 16 September 2025
16 September 2025
Powerhouse Energy Group plc
("Powerhouse", "PHE", the "Group" or the "Company")
Half Year Report for the six months ended 30 June 2025
Powerhouse Energy Group plc (AIM: PHE), the UK technology company pioneering
integrated technology that converts non-recyclable waste into low carbon
energy together with a revenue generating engineering consulting division
(Engsolve), is pleased to announce its unaudited half year report for the six
months ended 30 June 2025.
Highlights
Corporate
· Business strategy remains focused on licensing fees, royalties and
engineering services revenues which include potentially providing third party
testing of waste streams at the Powerhouse Technology Centre once fully
commissioned.
· Powerhouse has decided to raise project finance, in respect of its
Ballymena project, although it must be stressed at this time this remains an
exception and is due to the Company's favourable assessment of the project's
commercial risk. We have opportunities for Project funding and as Ballymena
has the necessary commercial criteria, feedstock offtake, local authority
support etc to allow Powerhouse to seek project funding that will give us
greater project control and allow the project to be delivered in a more
favourable timescale for the business.
Commercial Development
· Continuing to progress projects with Australian based National Hydrogen
Limited (NH2) with the FEED being completed.
· The Ballymena, NI project continues to progress - PHE now await
completion of legal documentation pertaining to the lease for the site.
· The JV with Hydrogen Utopia at Longford has been dissolved following
the project having lost the prospective land option.
· Engsolve H1's performance has been strong with orders exceeding
expectations.
· Continuing to work with Altec Energy, in Thailand, with PHE
providing support in the form of time to enable Altec to deliver its strategy
and develop early stage enquiries.
· The previously agreed option agreement on the plot at Protos has
not been renewed.
· A significant number of qualified leads are being followed up
following the successful launch of the Company's Feedstock Testing Unit, with
a number of client visits completed as well as successful tests on client
waste undertaken.
· The Company continues to investigate grant funding as a way of
reducing our time to commercialisation and is in the process of submitting
appropriate applications.
Technology and Innovation
· Feedstock Testing Unit (FTU) completed with test results successfully
verifying a number of waste streams, including specific wastes for interested
parties. Further optimisation achieved from learnings on running the FTU,
which will improve the efficiency and commerciality of the DMG offering.
· Further patents granted in Indonesia, USA, Australia, and Europe.
Financial Performance
· Revenues for the half year of £474.9k (H1 2024: £385.7k).
· Gross Profit for period £166.2k (H1 2024: £98.2k).
· £1.47m cash at bank at 30 June 2025 (30 June 2024: £2.73m).
The Group's revenues for the half year ended 30 June 2025 increased compared
to the previous year's figures due to the additional sales orders Engsolve
received in the first half of 2025.
Fundraise
· In March 2025 the Directors took the decision to raise additional
working capital in preparation for projects such as Ballymena and NH2
gathering momentum thus avoiding the potential distraction of the executive
team being required to raise capital at the same time as delivering time and
revenue critical projects, and to facilitate the acceleration in the Research
and Development activities of the Company (to demonstrate the flexibility of
the DMG process at the Company's Technology Centre in Bridgend and to build a
proactive marketing strategy that is able to build system awareness and as
result a continuous pipeline of opportunities).
· A placing of 250,000,000 Ordinary Shares and a retail offering of
25,000,000 Ordinary Shares raised total gross proceeds of
approximately £1.375 million in aggregate for the Company.
Outlook
· Completion of the FTU is enabling the Company to accelerate the
development of commercial applications for its technology through site visits
and interest in providing waste testing.
· Further innovation and product offerings are being developed. Including
a proposal to provide gasification technology into the Sustainable Aviation
Fuel ("SAF") arena.
· In order to increase awareness and drive further revenue, Engsolve has
engaged an experienced industrial sales originator to identify new client and
project opportunities.
Statement from David Hitchcock, Non-Executive Chairman of Powerhouse Energy
Group Plc
"PHE started 2025 with continued momentum. Our business strategy continues
to play to the Company's strengths with our strong knowledgeable executive
team, and the most consistent and stable board the business has had, committed
to growing the business.
In line with our stringent cost management and qualified project spend only,
we have closed off the Protos and Longford projects as they are no longer
commercially viable for reason of cost or non-availability of land
respectively.
We have a significantly increasing pipeline of potential opportunities that
our CEO Paul Emmitt and CFO Ben Brier are progressing in line with our
commercial validation process with a view to advancing them whilst minimising
any costs incurred to Powerhouse. Our Engsolve team has also been very active
delivering a very strong order book in H1 which continues to contribute
greatly to the Group, bringing new revenue streams into the Company whilst
providing support to PHE and its strategy.
The final commissioning of the FTU at the Powerhouse Technology Centre was a
major milestone for the Company. This has rapidly become the cornerstone in
PHE's ability to further advance as well as promote its technology and
expertise. The Centre will undoubtedly also help to support the Company's
investments in our capital projects in Northern Ireland. We are also very
pleased with the considerable interest being expressed in PHE's offering in
south-east Asia and Australia and look forward to progressing these
opportunities. We were also delighted with the progress that has been made on
patent applications / resolutions, further validating the engineering work
that has been undertaken into getting the Company to this point as we drive
towards commerciality.
The second half of the year promises to be another exciting one for PHE as we
look forward to advancing the projects from our pipeline of opportunities
whilst further maximising the benefits of having a fully operational
technology centre which we believe will undoubtedly help provide even greater
impetus to our pipeline whilst further innovating the services that we can
provide customers.
I would like to take this opportunity to thank all our stakeholders for their
continued support and look forward to providing further updates in due
course."
For more information, contact:
For more information, contact:
Powerhouse Energy Group Plc +44 (0) 203 368 6399
Paul Emmitt, CEO
Strand Hanson Limited (Nominated & Financial Adviser) +44 (0) 207 409 3494
Ritchie Balmer / James Harris / Rob Patrick
SP Angel Corporate Finance LLP (Broker) +44 (0) 20 3470 0470
Stuart Gledhill / Adam Cowl
Tavistock (Financial PR) +44 (0) 207 920 3150
Simon Hudson / Nick Elwes / Saskia Sizen powerhouse@tavistock.co.uk (mailto:powerhouse@tavistock.co.uk)
About Powerhouse Energy Group plc
Powerhouse Energy has developed a process technology which can utilise waste
plastic, end-of-life-tyres, and other waste streams to convert them
efficiently and economically into syngas from which valuable products such as
chemical precursors, hydrogen, electricity, heat and other industrial products
may be derived. PHE's process produces low levels of safe residues and
requires a small operating footprint, making it suitable for deployment at
enterprise and community level.
PHE also incorporates Engsolve Ltd, which is a revenue generating business who
offer Engineering Services across all sectors with speciality services in the
development of new technologies and clean energy.
For more information see www.phegroup.com (http://www.phegroup.com)
Consolidated Statement of Comprehensive Income
(Unaudited) (Unaudited) (Audited)
Group Group Group
Six Months Six Months Year
Ended ended Ended
30 June 30 June 31 Dec
Note 2025 2024 2024
£ £ £
Revenue 1 474,879 385,711 499,414
Cost of sales (308,672) (287,550) (210,548)
Gross Profit 166,207 98,161 288,866
Engineering Project Costs (323,349) (528,261) (762,729)
Administrative expenses *(1,676,091) (733,981) (2,025,663)
Acquisition costs - - -
Share of associate - - -
Operating loss (pre-exceptional items) (1,833,233) (1,164,081) (2,499,526)
Exceptional Items:
Goodwill impairment - - (2,300,0000)
Operating (Loss) (post exceptional items) (1,833,233) (1,164,081) (4,799,526)
Net finance income/(cost) (6,845) (5,358) (11,252)
(Loss) before taxation (1,840,078) (1,169,439) (4,810,778)
Income tax credit/(charge) 105,753
(Loss) after taxation (1,840,078) (1,169,439) (4,705,025)
Total comprehensive (loss) (1,840,078) (1,169,439) (4,705,025)
Total comprehensive (loss) attributable to:
Owners of the Company (1,840,078) (1,169,439) (4,705,025)
Non-controlling interests - - -
(Loss) per share from continuing operations (pence) 3 (0.04) (0.03) (0.11)
*Please note administrative expenses include £947k of share based payments
see note 4.
The notes numbered 1 to 5 are an integral part of the half year financial
information.
Statement of Consolidated Financial Positio8
(Unaudited) (Unaudited) (Unaudited) (Audited)
Group Company Group Group
As at As at As at As at
30 June 30 June 30 June 31 December
Note 2025 2025 2024 2024
£ £ £ £
ASSETS
Non-current assets
Intangible fixed assets 914,252 340,671 3,115,983 844,972
Tangible fixed assets 2,374,828 1,998,980 1,595,074 2,231,643
Investments in subsidiary undertakings - 1,109,986 - -
Total non-current assets 3,289,080 3,449,638 4,711,057 3,076,615
Current Assets
Loans receivable - - - -
Stock -
Trade and other receivables 685,237 140,529 145,320 272,487
VAT Recoverable - - 170,565 -
Corporation tax - - 168,527 274,277
Cash and cash equivalents 1,470,111 1,194,655 2,729,465 1,308,392
Total current assets 2,155,348 1,335,184 3,213,877 1,855,156
Total assets 5,444,428 4,784,822 7,924,934 4,931,771
LIABILITIES
Current liabilities
Creditors: amounts falling due within one year (450,586) (1,090,995) (457,154) (372,101)
Total current liabilities (450,586) (1,090,995) (457,154) (372,101)
Total assets less current liabilities 4,993,842 3,693,827 7,467,780 4,559,670
Creditors: amounts falling due after more than one year (113,951) (113,951) - (162,134)
Net assets 4,879,891 3,579,876 7,467,780 4,397,536
EQUITY
Shares and stock 2 25,472,059 25,472,059 24,097,059 24,097,059
Share premium 61,220,809 61,220,809 60,934,261 61,220,809
Share based payment reserve 1,412,775 1,421,775 - 465,342
Accumulated deficit (83,225,751) (84,534,767) (77,563,540) (81,385,674)
Total surplus 4,879,891 3,579,876 7,467,780 4,397,536
The notes numbered 1 to 5 are an integral part of the half year financial
information.
Consolidated Statement of Cash Flows
(Unaudited) (Unaudited) (Audited)
Group Group Company
Six months Six months Year ended
Ended Ended 31
Note 30 June 30 June December
2025 2024 2024
£ £ £
Cash flows from operating activities
Operating (loss) (1,833,233) (1,164,081) (4,799,526)
Adjustments for:
- Share based payments 947,433 - 465,342
- Amortisation 14,618 9,340 22,333
- Depreciation 30,882 20,265 57,983
- Goodwill impairment - - 2,300,000
- Tax (Paid)/Received 274,277 (39,785) (85,549)
- Other none cash movements - - -
Changes in working capital:
- Decrease/(Increase) in trade and other receivables (412,750) 9,950 (141,710)
- Increase/(decrease) in trade and other payables 58,772 (102,711) 132,608
- Tax credits received - - -
Net cash used in operations (920,001) (1,267,022) (2,048,919)
Cash flows from investing activities
Loans advanced - - -
Purchase of intangible fixed assets (83,898) (18,458) (60,440)
Purchase of tangible fixed assets (174,066) (455,702) (1,039,903)
Net cash used in investing activities (257,964) (474,160) (1,100,343)
Cash flows from financing activities
Proceeds from issue of shares 1,375,000 156,203 156,203
Payments of principal under leases (28,471) (29,083) (36,184)
Net finance costs (6,845) (5,369) (11,252)
Net cash flows used in financing activities 1,339,684 (121,760) 108,767
Net (decrease) in cash and cash equivalents 161,719 (1,619,422) (3,040,495)
Cash and cash equivalents at beginning of period 1,308,392 4,348,887 4,348,887
Cash and cash equivalents at end of period 1,470,111 2,729,465 1,308,392
The notes numbered 1 to 5 are an integral part of the half year financial
information.
Statement of Changes in Equity
Ordinary Share capital Share premium Share based payment Accumulated
£ Deferred shares account reserve deficit Total
£ £ £ £ £
Balance at 1 Jan 2024 (audited) 20,827,071 3,113,785 61,220,809 - (76,680,649) 8,481,016
Transactions with equity participants:
- Shares issued on exercise options - - - - - -
- Shares issued on exercise warrants 156,203 - - - - 156,203
- Share issues in year - - - - - -
Share based payment - - - 286,548 - 286,548
Share issue costs - - - - - -
Total comprehensive loss - - - - (851,073) (851,073)
Balance at 30 June 2024 (unaudited) 20,983,274 3,113,785 61,220,809 286,548 (77,531,722) 8,072,694
Transactions with equity participants:
- Shares issued in year - - - - -
Share based payments - - - 178,794 - 178,794
Reserve transfer - goodwill impairment - - -
Total comprehensive loss - - - - (3,853,952) (3,853,952)
Balance at 31 Dec 2024 (audited) 20,983,274 3,113,785 61,220,809 465,342 (81,385,674) 4,397,536
Share based payment - - - 947,433 947,433
Shares issued in period 1,375,000 1,375,000
Total comprehensive (loss) - - - - (1,840,078) (1,840,078)
Balance at 30 June 2025 (unaudited) 22,358,274 3,113,785 61,220,809 1,412,775 (83,225,751) 4,879,891
The following describes the nature and purpose of each reserve within equity:
Deferred shares: Represents the
combined total of all deferred shares (0.5p, 4p and 4.5p).
Share premium: Amount subscribed
for share capital in excess of nominal value.
Merger relief reserve: Amount subscribed for share
capital in excess of nominal value where merger relief applies.
Accumulated deficit: Accumulated deficit
represents the cumulative losses of the Company and all other net gains and
losses and transactions with shareholders not recognised elsewhere.
The notes numbered 1 to 5 are an integral part of the half year financial
information.
Notes (forming part of the half year Group financial information)
1. Summary of significant accounting policies
The following accounting policies have been applied consistently in dealing
with items which are considered material in relation to the financial
information.
1.1. Basis of preparation
This half year consolidated financial information is for the six months ended
30 June 2025 and has been prepared in accordance with International Accounting
Standard 34 "Interim Financial Statements". The accounting policies applied
are consistent with International Financial Reporting Standards ("IFRS")
issued by the International Accounting Standards Board (IASB) as adopted for
use in the United Kingdom and with those parts of the Companies Act 2006
applicable to companies reporting under IFRS (except as otherwise stated). The
accounting policies and methods of computation used in the half year financial
information are consistent with those of the previous financial year and
corresponding half year reporting period.
The Group does not consider any new and amended standards that became
applicable for the current reporting period to have any impact on the Groups
results.
The unaudited results for period ended 30 June 2025 do not constitute
statutory accounts within the meaning of Section 435 of the Companies Act
2006. The comparative figures for the period ended 31 December 2024 for the
Company are extracted from the audited financial statements which contained an
unqualified audit report and did not contain statements under Sections 498 to
502 of the Companies Act 2006.
This half year financial statement will be, in accordance with the AIM Rules
for Companies, available shortly on the Company's website.
1.2. Going concern
The Directors have considered all available information about future events
when considering going concern. The Directors have prepared and reviewed cash
flow forecasts for 12 months following the date of these Financial Statements.
The projections show that the Group will have sufficient funding to be able to
continue as a going concern on the basis of its cash balances as at 30 June
2025.
The half year financial statements do not include the adjustments that would
result if the Group were unable to continue as a going concern.
1.3. Functional and presentational currency
This half year financial information is presented in £ sterling which is the
Group's functional currency.
1.4. Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are
initially measured at cost and subsequently measured at cost less any
accumulated impairment losses. The investments are assessed for impairment at
each reporting date and any impairment losses or reversals of impairment
losses are recognised immediately in the profit and loss account.
A subsidiary is an entity controlled by the company. Control is the power to
govern the financial and operating policies of the entity so as to obtain
benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in
which the Company holds a long-term interest and where the company has
significant influence. The Company considers that it has significant influence
where it has the power to participate in the financial and operating decisions
of the associate.
Entities in which the Company has a long-term interest and shares control
under a contractual arrangement are classified as jointly controlled entities.
1.5. Revenue
The Group provides engineering services for the application of the DMG
technology, the intellectual property that the Group owns. Revenue from
providing services is recognised in the accounting period in which services
are rendered. For fixed-price contracts, revenue is recognised based on the
actual service provided to the end of the reporting period as a proportion of
the total services to be provided to the extent to which the customer receives
the benefits. This is determined based on the actual labour hours spent
relative to the total expected labour hours.
Where a contract includes multiple performance obligations as specified by the
work scope, the transaction price will be allocated to each performance
obligation based on the estimated expected cost-plus margin.
Estimates of revenues, costs, or extent of progress toward completion of
services are revised if circumstances change. Any resulting increases or
decreases in estimated revenues or costs are reflected in profit or loss in
the period in which the circumstances that give rise to the revision become
known by management.
In the case of fixed-price contracts, the customer pays the fixed amount based
on a payment schedule. If the services rendered by the Group exceed the
payment, a contract asset is recognised. If the payments exceed the services
rendered, a contact liability is recognised.
If a contract includes an hourly fee, revenue is recognised in the amount to
which the Group has a right to invoice.
2. SHARE CAPITAL
0.5 p Ordinary shares 0.5p Deferred 4.5 p Deferred shares 4.0 p Deferred shares
shares
Balance at 1 January 2025 4,196,654,741 388,496,747 17,373,523 9,737,353
Shares issued 275,000,000 - - -
Balance at 30 June 2025 4,471,654,741 388,496,747 17,373,523 9,737,353
The deferred shares have no voting rights and do not carry any entitlement to
attend general meetings of the Company. They carry only a right to participate
in any return of capital once an amount of £100 has been paid in respect of
each ordinary share. The Company is authorised at any time to effect a
transfer of the deferred shares without reference to the holders thereof and
for no consideration.
3. Loss per share
(Unaudited) (Unaudited) (Audited)
As at As at As at
30 June 30 June 31 December
2025 2024 2024
£ £ £
Total comprehensive (loss) (1,840,078) (1,169,439) (4,705,025)
Weighted average number of shares 4,210,038,074 4,168,693,536 4,194,201,141
Basic loss per share in pence (0.04) (0.03) (0.11)
Diluted loss per share in pence (0.04) (0.03) (0.11)
4. SHARE BASED PAYMENTS
The expense recognised for share-based payments during the year is shown in
the following table:
(Unaudited) (Unaudited) (Audited)
As at As at As at
30 June 30 June 31 December
2025 2024 2024
£ £ £
Share based payment charge/(credit) recognised in Income Statement
Expense arising from equity-settled share-based payment transactions:
- Share options for Directors and employees 930,685 - 465,342
- Shares issued for third party services - - -
Total share-based payment in Income Statement 930,685 - 465,342
Share based payment charge recognised for warrants exercised
- Warrants for third party services 16,478 155,091 156,203
- Warrants lapsed in Jan 24 - (419,138) -
Total share-based payment in Share Premium Account 16,478 (264,047) 156,203
Total share-based payment charges/(credits) recognised - - 156,203
Other share-based payment movements
Exercise of options by Directors and employees - - -
Exercise of warrants for third party services - - -
Share Options Lapsed in April 24 - (22,500)
Total share-based payment 947,433 (22,500) 621,545
The were no liabilities recognised in relation to share based payment
transactions.
5. EVENTS AFTER THE REPORTING PERIOD
On 31 July 2025, Ben Brier, Chief Financial Officer of the Company, acquired
6,907,520 ordinary shares of 0.5p each in the Company ("Ordinary Shares").
Further to this transaction, Mr Brier is beneficially interested in 13,440,527
Ordinary Shares, which represents 0.30% of the Company's issued ordinary share
capital.
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