TIDMPPG
RNS Number : 4624O
Plutus PowerGen PLC
30 January 2019
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
Plutus PowerGen Plc / Ticker: PPG / Index: AIM
30 January 2019
PLUTUS POWERGEN PLC
("Plutus" or the "Company")
Interim Results for the Six-Month Period Ended 31 October
2018
Plutus PowerGen PLC (AIM: PPG), the AIM listed power company
focused on the development and operation of flexible energy
generation ("FlexGen") projects and gas-powered generation sites
("peakers") in the UK announces its interim results for the
six-month period ended 31 October 2018.
Executive Chairman's Report
We remain focused on building a portfolio of FlexGen and gas
peaker sites across the UK and strengthening our position in the
power generation arena. Our first six 20MW FlexGen sites are
working well, assisting in alleviating the UK's current and
forecast risk of an energy deficit.
Our substantial pipeline of gas assets continues to gain
momentum and we are making a strategic shift to the development of
higher margin gas operations, in which the Company will hold higher
equity interests. The Company has a strong track record in the
power generation arena, having already developed six operating 20MW
FlexGen sites.
The Company is also developing two 20MW sites in house, both of
which look very promising and are entering planning imminently. We
estimate, when the sites are fully packaged as "shovel ready",
these would cost between GBP600,000 and GBP1 million if acquired
from a third party and therefore will have a similar value. When
funding is achieved for our gas peaker portfolio, we will look to
acquire further "shovel ready" sites from third parties; and we
already have a comprehensive pipeline of available projects.
From a funding prospective, we continue to work to secure the
appropriate funding for our pipeline of gas sites and discussions
with potential financial partners are ongoing.
Post Balance sheet events
In mid-November 2018, we raised GBP500,000 gross through the
issue of 83,333,333 ordinary shares of 0.1 pence each ("Ordinary
Shares") at an issue price of 0.6 pence per share in a placing
conducted by Turner Pope Investments ("TPI") Limited. The Company
also issued 18,000,000 Ordinary Shares in lieu of fees.
Outlook
In conclusion, the Company had a robust first half and whilst
revenues were flat, the Board's efforts to reduce costs
successfully resulted in reduced operating losses. Furthermore,
with the Directors concentrating on the operations of the FlexGen
portfolio, which are working well, and progressing talks with
regard to achieving a suite of equity and debt for its planned "gas
peaker" portfolio, we look forward to being able to update the
market with progress thereon.
The fundamentals of our business case remain strong: flexible
energy will continue to play a crucial role in the foreseeable
future, filling the supply gaps created as a result of the
increased use of intermittent energy in the UK energy mix. Our
track-record of developing FlexGen sites, in tandem with our robust
development/financial partnership network, places us in a strong
position to capitalise on this opportunity. We therefore look
forward to the future with confidence.
I would like to thank all the staff and the Directors for their
considerable efforts and support, together with our advisors and
consultants, who assist us in developing and executing both our
FlexGen and Gas operations.
Charles Tatnall
Executive Chairman
30 January 2019
Financial Review
The Company's net loss for the half year under review was
GBP131,573 (6 months ended 31 October 2017: loss of GBP392,489).
Administration expenses were down in the period to GBP736,369 from
GBP888,939 in the same period last year due to a management review
of costs with material cost savings being implemented which will
benefit the Company going forward. The loss before taxation also
reduced due to a smaller non-cash charge for the Directors' share
option scheme of GBP62,204 (2017: GBP159,748). This charge does not
affect the cash flow of the Company. The Company continues to
control costs as tightly as possible. Finance costs from the
convertible loans were GBP4,000 (6 months ended 31 October 2017:
GBP8,000) as half the loan was converted into equity in the last
full financial year.
Net reimbursable expenses have reduced from the Rockpool
Investee Companies and now constitute ongoing expenses which are
initially paid by Plutus, but which are ultimately borne by the
nine operating investee companies. Plutus continues to make
payments for its own gas sites under development. These are
capitalised or written off if the sites do not proceed. The
Directors are confident that the current sites under development in
house will be successful, subject to planning.
Cash and short-term investments as at 31 October 2018 totalled
GBP62,833 (2017: GBP126,212). The Directors believe the Company has
sufficient working capital for the foreseeable future.
James Longley
Chief Financial Officer and Interim Chief Executive
30 January 2019
For more information please contact:
Plutus PowerGen PLC Tel: +44 (0)20 7582
Charles Tatnall, Executive Chairman 6598
James Longley, Chief Financial
Officer
Cantor Fitzgerald Europe
(Nominated adviser and broker)
David Foreman Tel: +44 (0) 20 7894
7000
Richard Salmond Tel: +44 (0) 20 7894
7000
St Brides Partners Limited Tel: +44 (0)20 7236
Isabel de Salis 1177
Cosima Akerman
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 OCTOBER 2018
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 October 31 October 30 April
2018 2017 2018
GBP GBP GBP
--------------------------------- -------------- -------------- ----------------
Continuing operations
Revenue 675,000 675,000 1,350,000
--------------------------------- -------------- -------------- ----------------
Gross profit 675,000 675,000 1,350,000
Administration expenses (740,369) (888,939) (1,513,022)
Share based compensation expense (62,204) (159,748) (289,338)
Pre-planning project expenses
written off - (10,802) (50,153)
Finance costs (4,000) (8,000) (64,670)
--------------------------------- -------------- -------------- ----------------
Loss before taxation (131,573) (392,489) (567,183)
Taxation - - -
--------------------------------- -------------- -------------- ----------------
Loss for the period and total
comprehensive income (131,573) (392,489) (201,501)
Basic and fully diluted loss
per share
Continuing and total operations (0.02p) (0.06p) (0.03p)
--------------------------------- -------------- -------------- ----------------
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 OCTOBER 2018
Called
up
share Share premium Retained Total
capital account Other reserves loss equity
GBP GBP GBP GBP GBP
------------------------- ---------- -------------- --------------- ------------ ------------
Balance at
1 May 2017 1,496,950 6,994,076 164,309 (7,659,471) 995,864
Total comprehensive
income for the period - - - (392,489) (392,489)
Issue of shares on
exercise of warrants 20,000 160,000 - - 180,000
Credit to equity in
respect of share-based
compensation charge - - 159,748 - 159,748
Balance at
31 October 2017 1,516,950 7,154,076 324,057 (8,051,960) 943,123
Total comprehensive
income for the period - - - (174,694) (174,694)
Credit to equity in
respect of share-based
compensation charge - - 145,228 145,228
Issue of shares on
exercise of warrants 12,500 87,500 - - 100,000
Balance at
30 April 2018 1,529,450 7,241,576 469,285 (8,226,654) 1,013,657
Total comprehensive
income for the period - - - (131,573) (131,573)
Credit to equity in
respect of share-based
compensation charge - - 62,204 - 62,204
Balance at
31 October 2018 1,529,450 7,241,576 531,489 (8,358,227) 944,288
------------------------- ---------- -------------- --------------- ------------ ------------
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2018
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 October 31 October 30 April
2018 2017 2018
GBP GBP GBP
--------------------------------- ---------------- ---------------- ----------------
ASSETS
Non-current assets
Goodwill 1,085,000 1,085,000 1,085,000
Investments 152 152 152
--------------------------------- ---------------- ---------------- ----------------
Total non-current assets 1,085,152 1,085,152 1,085,152
--------------------------------- ---------------- ---------------- ----------------
Current assets
Trade and other receivables 173,412 254,884 146,627
Cash and cash equivalents 62,833 126,212 136,416
--------------------------------- ---------------- ---------------- ----------------
Total current assets 236,245 381,096 283,043
--------------------------------- ---------------- ---------------- ----------------
Total assets 1,321,397 1,466,248 1,368,195
LIABILITIES
Current liabilities
Trade and other payables 277,108 323,125 254,538
Borrowings 100,000 200,000 100,000
Total current liabilities 377,108 523,125 354,538
--------------------------------- ---------------- ---------------- ----------------
Net assets 944,289 943,123 1,013,657
--------------------------------- ---------------- ---------------- ----------------
EQUITY
Share capital 1,529,450 1,516,950 1,529,450
Share premium account 7,241,576 7,154,076 7,241,576
Loan note equity reserve 23,657 23,657 23,657
Share option and warrant reserve 507,832 300,400 445,628
Retained losses (8,358,226) (8,051,960) (8,226,654)
--------------------------------- ---------------- ---------------- ----------------
Total equity 944,289 943,123 1,013,657
--------------------------------- ---------------- ---------------- ----------------
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 OCTOBER 2018
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 October 31 October 30 April
2018 2017 2018
GBP GBP GBP
---------------------------------------- ------------ ------------ ----------
Loss before tax (131,573) (392,489) (567,183)
Share-based compensation charge 62,204 159,748 304,976
Loan note interest charge 4,000 8,000 (64,670)
Project expenses written off - - 50,153
---------------------------------------- ------------ ------------ ----------
Operating cash flow before movements
in working capital (65,369) (224,741) (147,384)
(Increase)/decrease in receivables (26,784) 13,854 71,958
Increase in payables 22,570 93,490 24,903
---------------------------------------- ------------ ------------ ----------
Net cash used in operating activities (69,583) (117,397) (50,523)
---------------------------------------- ------------ ------------ ----------
Financing activities
Proceeds of share issues - 180,000 180,000
Interest paid (4,000) (8,000) (64,670)
---------------------------------------- ------------ ------------ ----------
Net cash generated from financing
activities (4,000) 172,000 115,330
---------------------------------------- ------------ ------------ ----------
Net (decrease)/increase in cash
& cash equivalents (73,583) 54,603 64,807
Cash and cash equivalents at beginning
of year 136,416 71,609 71,609
---------------------------------------- ------------ ------------ ----------
Cash and cash equivalents at end
of year 62,833 126,212 136,416
---------------------------------------- ------------ ------------ ----------
NOTES TO THE INTERIM REPORT
1. Basis of preparation
The financial information set out in this interim report does
not constitute statutory accounts as defined in section 434 of the
Companies Act 2006. The Company's statutory financial statements
for the period ended 30 April 2018, prepared under International
Financial Reporting Standards (IFRS), have been filed with the
Registrar of Companies. The auditor's report on those financial
statements was unqualified and did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006.
The interim financial information has been prepared in
accordance with the recognition and measurement principles of
International Financial Reporting Standards (IFRS) and on the same
basis and using the same accounting policies as used in the
financial statements for the year ended 30 April 2018. The interim
financial statements have not been audited or reviewed in
accordance with the International Standard on Review Engagement
2410 issued by the Auditing Practices Board.
The financial statements have been prepared on a going concern
basis under the historical cost convention.
The Directors believe that the going concern basis is
appropriate for the preparation of the financial statements as the
Company is in a position to meet all its liabilities as they fall
due.
2. Earnings per share
The calculation of basic and diluted earnings per share is based
on the total loss for the period of GBP131,573 (2017: loss
GBP392,489) and a weighted average number of ordinary shares of
723,928,935 (2017: 709,461,722). The number of shares used in the
calculation of the diluted loss per share is the same as that used
for the basic loss per share for the current period, as the
exercise of options would be anti-dilutive.
3. Share Capital
Number of Number of Share
Ordinary Value Deferred Value Premium
shares GBP shares GBP GBP
-------------------- ------------ -------- ----------- -------- ----------
Issued and fully
paid
At 1 May 2018 723,928,935 723,929 16,439,210 805,521 7,241,576
Share issues - - - - -
-------------------- ------------ -------- ----------- -------- ----------
At 31 October 2018 723,928,935 723,929 16,439,210 805,521 7,241,576
-------------------- ------------ -------- ----------- -------- ----------
4. Dividend
No interim dividend will be paid.
Copies of the interim report can be obtained from: The Company
Secretary, Plutus PowerGen PLC, 27/28 Eastcastle Street, London W1E
8DH and are available to view and download from the Company's
website: www.plutuspowergen.com
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END
IR LLFVDLFIAFIA
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