Interim Results
19/11/2024 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241119:nRSS6734Ma&default-theme=true
RNS Number : 6734M Time To ACT PLC 19 November 2024
19 November 2024
Time To ACT plc
("Time To ACT", "the Company" or "the Group")
Interim Results for the six months ended 30 September 2024
Time To ACT plc (AQSE: TTA), an engineering-led group focused on technology
for the energy transition supply chain, announces its unaudited half-year
results for the period ended 30 September 2024 ("H1 2024").
Comparative data is for the six months ended 30 September 2023 ("H1 2023") and
year ended 31 March 2024.
Financial Highlights
· Growth in sales of 74% compared to prior-year period
· Adjusted EBITDA of £157k (H1 2023 loss: £426k).
o The adjustment to EBITDA is exclusively from adding back the £121k of
costs incurred in the period relating to the Company's IPO in May 2024.
· Adjusted Operating Profit of £61k (H1 2023 loss: £473K)
o The adjustment to Operating Profit is from adding back an exceptional
expense of £76k related to GreenSpur patent amortization and the £121k of
costs incurred in the period relating to the Company's IPO in May 2024
· Gross margin of 58% (H1 2023: 39%) benefited from a combination of the
profitable execution of Large Parts contracts, some one-off direct cost
tailwinds and high margin GreenSpur revenues. The second half of the year is
not expected to benefit to the same degree.
Corporate Highlights
· Successful IPO on the Aquis Stock Exchange Growth Market
· 'Bow Wave' pipeline of targeted revenue from Large Parts at period end
of £23.5 million
· Strengthening of the board with the appointment of Sheila Beniams as
Non-Executive Director
· GreenSpur secured:
o £613,000 award from The BEETHOVEN Project
o Design contract for US Vertical Axis Wind Turbine Industry
Commenting on the results, Chris Heminway, Executive Chairman of Time To ACT
said:
"These figures highlight the potential we can achieve when we actively promote
the business. I am particularly pleased with our first half cash and
adjusted profit performance which have significantly exceeded targets. Our
Group businesses have the potential to deliver strong margins and robust cash
flow. Looking ahead, I am confident that the impending ramp-up in sales as we
deliver our Bow Wave targets will also yield impressive financial results"
'Bow Wave' pipeline of targeted revenues from Large Parts
The Bow Wave comprises Diffusion Alloys' expected revenues from a pipeline of
projects. Projects enter the Bow Wave when management considers them as
'Live'. 'Live' is typically, but not always, where a Final Investment
Decision ("FID") has been timetabled or where Diffusion Alloys is considered
the sole or preferred coating supplier. The strength of the customer
relationship and the customer's position in the ultimate supply chain also
impact the assessment of whether a project is classed as 'Live'. Values in
the Bow Wave can include both price indications ("budget quotes") and firm
quotes. The Bow Wave is not a GAAP accounting measure and does not represent
an "order backlog" of contracted work.
The 'Bow Wave' will be published biannually as a KPI of the business. As of 31
March 2024, the Bow Wave stood at £16.8 million. Period adjustments comprise
invoiced amounts of £1.2 million and changes in volume, price, and scope
totaling £7.8 million, bringing the figure to £23.5 million at 30 September
2024.
Investor webinar
Gary Wallace, CFO, will provide a pre-recorded webinar relating to these
results. The webinar will be available for viewing on 4(th) December via the
Company's investor hub.
Investors will be notified via email of the presentation if they have signed
up to the Time to ACT Investor Hub in advance, which can be done here:
https://investors.timetoactplc.com/auth/signup.
Investors are invited to submit questions in advance via Time to ACT's
investor hub, and Gary Wallace will address as many as possible. Register and
submit questions at: https://investors.timetoactplc.com/link/LPZbnP
(https://investors.timetoactplc.com/link/LPZbnP)
(https://investors.timetoactplc.com/link/LPZbnP)
Engage with the Time To ACT management team directly by asking questions,
watching video
summaries and seeing what other shareholders have to say. Navigate to our
Interactive Investor
hub here: https://investors.timetoactplc.com/link/LPZbnP
(https://investors.timetoactplc.com/link/LPZbnP)
This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).
Time To ACT plc Tel: +44 (0) 1642 967138
Chris Heminway, Executive Chairman Email: crh@timetoactplc.com
Gary Wallace, Chief Financial Officer Email: gw@timetoactplc.com
Investor questions on this announcement: https://investors.timetoactplc.com/link/LPZbnP
(https://investors.timetoactplc.com/link/LPZbnP)
Novum Securities Limited, AQSE Corporate Advisor Tel: +4420 7399 9400
David Coffman, Daniel Harris, George Duxberry
Oberon Capital, Corporate Broker Tel: +44 203 179 5300
Nick Lovering, Adam Pollock, Mike Seabrook
St Brides Partners Ltd, Financial PR Tel: 020 7236 1177
Ana Ribeiro / Paul Dulieu Email: timetoact@stbridespartners.co.uk
Unaudited Consolidated Statement of Comprehensive Income 30-Sep-24 30-Sep-23
Turnover 1,665,199 958,047
Cost of sales (698,588) (576,016)
Gross Profit 966,611 382,031
Administrative Expenses (1,025,740) (857,874)
Exceptional administrative expenses (121,189)
Other operating income 42,758 2,674
Operating Loss (137,560) (473,169)
Interest receivable and similar income 15,101 14,080
Interest payable and similar expenses (62,035) (76,475)
Loss before taxation (184,494) (535,564)
Tax on loss 15,000 15,000
Loss for the financial year (169,494) (520,564)
Other comprehensive income for the year
Loss for the year attributable to the owners of the parent company (169,494) (520,564)
Unaudited Consolidated Balance Sheet
30-Sep-24 31-Mar-24
Fixed assets
Intangible assets 578,201 639,577
Tangible Assets 947,820 963,271
1,526,021 1,602,848
Current assets
Stocks 336,806 172,411
Debtors 744,580 609,865
Cash at bank and in hand 1,171,053 1,887,904
2,252,439 2,670,180
Creditors: amounts falling due within one year (555,500) (950,113)
Net current assets 1,696,939 1,720,067
Total assets less current liabilities 3,222,960 3,322,915
Creditors: amounts falling due after more than one year (1,373,280) (1,954,676)
Other provisions (78,341) (41,003)
Net Assets 1,771,339 1,327,236
Capital and reserves
Called up share capital 139,685 125,038
Share premium 579,211
Merger reserve (275,400) (275,400)
Profit and loss account 1,327,843 1,477,598
Equity attributable to owners of the parent Company 1,771,339 1,327,236
Unaudited Consolidated statement for changes in Equity
Called up share capital Share premium Merger reserve Profit and loss account Equity attributable to the owners of the parent company
At 1 April 2023 115,038 (275,400) 2,551,257 2,390,895
Comprehensive income for the year
Loss for the period (520,564) (520,564)
Shares issued during the year
Profit and loss movement in relation to issue of employee share options
25,179 25,179
Total comprehensive income (495,385) (495,385)
At 30 September 2023 115,038 (275,400) 2,055,872 1,895,510
At 1 April 2024 125,038 (275,400) 1,477,598 1,327,236
Comprehensive income for the year
Loss for the period (169,494) (169,494)
Shares issued during the year 14,647 579,211 593,858
Profit and loss movement in relation to issue of employee share options
19,739 19,739
Total comprehensive income 14,647 579,211 (149,755) (444,103)
At 30 September 2024 139,685 579,211 (275,400) 1,327,843 1,771,339
Unaudited Consolidated statement of cash flows
For the period ended 30 September 2024
30-Sep-24 30-Sep-23
£ £
Cashflow from operating activities
Loss for the financial year (169,494) (520,564)
Adjustments for:
Amortisation of intangible assets 97,425 10,926
Depreciation of tangible assets 38,713 35,993
Government grants (141,140)
Interest received (15,101) (14,080)
Interest paid 62,035 76,475
Tax charge (15,000) (15,000)
Share option charge 19,739 25,179
Amortisation of grant (2,674)
Remedial reserve movements 37,337 14,613
(Increase)/decrease in stocks (164,390) 53,488
(Increase)/decrease in debtors (139,857) (163,341)
Increase/(decrease) in creditors (394,612) (280,281)
Corporation tax received 22,475
Net cash outflow from operating activities (784,345) (756,791)
Cash flows from investing activities
Purchase of intangible fixed assets (36,051) (38,846)
Purchase of tangible fixed assets (23,265) (48,865)
Interest received 15,101 14,080
Net cash outflow from investing activities (44,215) (73,631)
Cash flows from financing activities
Receipt of loan finance 180,000
Loan repayments (57,500) (57,500)
Other loans repaid (556,108)
Share capital issue 593,858
Grant received 158,399 28,497
Interest paid (26,940) (17,719)
Net cash inflow from financing activities 111,709 133,278
Net increase/ (decrease) in cash and cash equivalents (716,851) (697,144)
Cash and cash equivalents at beginning of period 1,887,904 3,105,699
Cash and cash equivalents at the end of period 1,171,053 2,408,555
Cash and cash equivalents at the end of the period comprise:
Cash at bank and in hand 1,171,053 2,408,555
Notes to the Unaudited Consolidated Financial Statements
For the period ended 30 September 2024
1. The interim results have been prepared using the accounting policies set
out in the statutory accounts for the year ended 31 March 2024.
2. These financial results are unaudited and do not constitute statutory
accounts within the meaning of Section 434 of the Companies Act 2006 nor have
they been reviewed by the auditors of the Company.
3. Share Capital
30 Sep 2024 31 Mar 2024
Allotted, called up and fully paid 139,685 125,038
On 29th May 2024 the following shares were issued as part of the initial
public offering:
£553,859 worth of loans converted into 1,384,645 new £0.01 Ordinary Shares.
The loans converted at a share price of £0.40.
80,000 new £0.01 Ordinary Shares were issued at £0.50 per share.
4. Exceptional administrative expenses
The exceptional costs relate to fees incurred due to the admission of Time To
ACT plc to the Aquis Stock Exchange on 29th May 2024. £121,189 (30 September
2024) and £0 (30 September 2023)
**ENDS**
For more information, please visit investors.timetoactplc.com/announcements
(https://investors.timetoactplc.com/announcements) or contact the following:
Subscribe to our news alert service:
https://investors.timetoactplc.com/auth/signup
(https://investors.timetoactplc.com/auth/signup)
About Time To ACT plc
Time To ACT plc is an engineering-led group focused on technology for the
energy transition supply chain. It currently has two principal operating
businesses: Diffusion Alloys and GreenSpur. As the parent company of the
Group, Time To ACT provides strategic and operational support to the operating
companies and capital to enable their growth.
About GreenSpur
GreenSpur is an intellectual property creator and generator designer that has
developed a credible solution for renewable energy applications to the Rare
Earth magnet problem.
Magnets constructed using Rare Earth Elements (REEs) are fundamental
components in electrical generators and electric vehicle motors which are
critical to delivering the clean energy transition. However, there are
substantial supply chain constraints and risks in the sourcing of REEs that
are needed for these magnets.
GreenSpur's generator design eliminates the need for Rare Earth magnets and
copper coils without any loss in electrical performance.
About Diffusion Alloys
Diffusion Alloys supplies diffusion coatings. A diffusion coating is an
intermetallic layer that protects metal components from degradation at high
temperatures and in highly corrosive environments, such as those found in
hydrogen and nuclear energy generation.
Diffusion Alloys has joined forces with Johnson Matthey plc, the market
leaders in synthesis gas ("syngas") with a significant pipeline of Blue
Hydrogen projects, to scale-up production and address the increasing demand
for low carbon hydrogen used to reduce global carbon emissions.
In addition to working for numerous historic and existing customers, the
Directors believe that Diffusion Alloys is the only credible diffusion coater
in the world for blue hydrogen components, has already been coating in volume
for a leading European vendor in the green hydrogen space and is also in
pre-commercial discussions with new cleantech equipment manufacturers.
Diffusion Alloys has two distinct areas of focus:
· Coating Technology: Selling technical excellence in coating capability
supported by the concept of "flexible capacity" - the ability to provide
customers with capacity wherever they need it, whether for the coating of
Large Parts or Small Parts.
· Coating Services: Plant-led coatings business centred on its
Middlesbrough site.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END NEXUWANRSUUAAAA