TIDMINSP
RNS Number : 3995U
Inspirit Energy Holdings PLC
29 March 2019
29 March 2019
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 2018. The
interim financial information document will also be available on
the Company's website www.inspirit-energy.com.
Chairman's Statement:
During the period, the Group has continued to advance its
microCHP boiler closer towards the goal of commercialisation. To
this end, improvements to the design of the Group's Stirling engine
technology, including simplification as part of the 'design for
manufacture' process and meeting the challenges in new technology
development, sourcing cheaper materials and efficiency re-redesign,
has resulted in further delays to the certification process
although we hope to progress forward with a higher output and
cheaper cost base product latter his year.
The Group has continued discussions with a European company that
may carry out the certification process, with the new cheaper but
robust material employed in the latest model, and advanced
manufacturing processes as and when the product is approved for
production.
As mentioned previously, the applicable market for our
technology is global, either as a boiler replacement product or as
an add-on to an existing commercial plant room. In the UK there are
in excess of 20 million gas boilers installed and more than 1.6
million new and replacement domestic gas boilers are installed each
year. This is in addition to almost 300,000 commercial boiler
installations each year. Europe as a whole has approximately 70
million boilers installed. These are the first markets to which our
technology is applicable.
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
SVS Securities Plc
(Joint Broker)
Tom Curran +44 (0) 203 700 0093
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Comprehensive Income
for the six months ended 31 December 2018
Group Group Group
Six months Six months Year
to to to
31 December 31 December 30 June
2018 2017 2018
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
------------------------------------ ---------------- ---------------- ----------------
Revenue - - -
Administrative expenses (213) (169) (545)
Impairment of development
assets (424)
---------------- ---------------- ----------------
Operating loss (213) (169) (969)
Finance costs (1) (15) (4)
---------------- ---------------- ----------------
Loss before tax (214) (184) (973)
Income tax credit - - 20
---------------- ---------------- ----------------
Loss for the period from continuing
operations attributable to
shareholders (214) (184) (953)
Loss per share - Pence
Basic and diluted (0.01)p (0.01)p (0.07)p
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Financial Position as at 31 December 2018
Group Group Group
As at As at As at
31 December 31 December 30 June
2018 2017 2018
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
------------------------------- ---------------- --------------------- ----------------------
Non-Current Assets
Intangible assets 2,401 2,783 2,401
Tangible assets 42 49 45
-------------- -------------- --------------
2,443 2,832 2,446
Current assets
Trade and other receivables 37 48 415
Cash and cash equivalents 175 53 45
-------------- -------------- --------------
212 101 460
-------------- -------------- --------------
Current liabilities
Trade and other payables (226) (287) (263)
Other borrowing (100) (180) (100)
-------------- -------------- --------------
(326) (467) (363)
-------------- -------------- --------------
Net Current Liabilities (114) (366) 97
Non-Current Liabilities
Borrowings (845) - (845)
-------------- -------------- --------------
1,484 2,466 1,698
Equity
Share capital 1,818 1,818 1,818
Share premium 8,185 8,184 8,185
Other reserves 3 206 3
Merger reserve 3,150 3,150 3,150
Reverse acquisition reserve (7,361) (7,361) (7,361)
Retained losses (4,311) (3,531) (4,097)
-------------- -------------- --------------
Total 1,484 2,466 1,698
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Changes in Equity
For the six months ended 31 December 2018
Attributable to the owners of the parent
------------------------------------------------------------------------------
Share Share Other Merger Reverse Retained Total
premium reserves reserve acquisition
reserve
capital losses Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- -------- --------- ---------- --------- ------------- --------- --------
BALANCE AT 30
June 2016 1,334 8,097 206 3,150 (7,361) (2,829) 2,597
--------------------- -------- --------- ---------- --------- ------------- --------- --------
Loss for the year - - - - - (419) (419)
TOTAL COMPREHENSIVE
INCOME FOR THE
YEAR - - - - - (419) (419)
--------------------- -------- --------- ---------- --------- ------------- --------- --------
Share issues 234 58 - - - - 292
Share issue costs - (11) - - - - (11)
Debt Adjustment (99) (99)
--------------------- -------- --------- ---------- --------- ------------- --------- --------
TRANSACTIONS WITH
OWNERS 234 47 - - - (99) 182
--------------------- -------- --------- ---------- --------- ------------- --------- --------
BALANCE AT 30
June 2017 1,568 8,144 206 3,150 (7,361) (3,347) 2,360
--------------------- -------- --------- ---------- --------- ------------- --------- --------
Loss for the period - - - - - (953) (953)
TOTAL COMPREHENSIVE
INCOME FOR THE
PERIOD - - - - - (953) (953)
--------------------- -------- --------- ---------- --------- ------------- --------- --------
Share issues 250 50 - - - - 300
Share issue costs - (9) - - - - (9)
Share options
lapsed (203) 203 -
--------------------- -------- --------- ---------- --------- ------------- --------- --------
TRANSACTIONS WITH
OWNERS 250 41 (203) - - 203 291
--------------------- -------- --------- ---------- --------- ------------- --------- --------
BALANCE AT 30
June 2018 1,818 8,185 3 3,150 (7,361) (4,097) 1,698
--------------------- -------- --------- ---------- --------- ------------- --------- --------
Loss for the period - - - - - (214) (214)
TOTAL COMPREHENSIVE
INCOME FOR THE
PERIOD - - - - - (214) (214)
--------------------- -------- --------- ---------- --------- ------------- --------- --------
Share issues - - - - - - -
Share issue costs - - - - - - -
--------------------- -------- --------- ---------- --------- ------------- --------- --------
TRANSACTIONS WITH - - - - - - -
OWNERS
--------------------- -------- --------- ---------- --------- ------------- --------- --------
BALANCE AT 31
December 2018 1,818 8,185 3 3,150 (7,361) (4,311) 1,484
--------------------- -------- --------- ---------- --------- ------------- --------- --------
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Cash Flows
For the six months ended 31 December 2018
Group Group Group
Six months Six months Year
to to to
31 December 31 December 30 June
2018 2017 2018
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
---------------------------- ----- --------------- --------------- ---------------
Operating activities
Net cash from operating
activities 6 131 (137) (960)
-------------- -------------- --------------
Net cash generated/(used)
in operating activities 131 (137) (960)
-------------- -------------- --------------
Investing activities
Acquisition of intangible
assets - (115) (157)
Acquisition of plant - - -
and equipment
-------------- -------------- --------------
Net cash from financing
activities - (115) (157)
-------------- -------------- --------------
Financing activities
Issue of share capital
(Net of fees) - 290 291
Finance costs (1) (15) (4)
Increase in borrowing - - -
Transactions with owners 845
-------------- -------------- --------------
Net cash from financing
activities (1) 275 1,132
-------------- -------------- --------------
Net cash outflow 130 23 15
Cash and cash equivalents
at the beginning of the
period 45 30 30
-------------- -------------- --------------
Cash and cash equivalents
at the end of the period 175 53 45
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 and
may benefit from feed-in tariffs or other renewable energy
incentives.
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 2(nd) Floor, 2 London Wall Buildings, London, EC2M 5PP, 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 2018 were approved by the Board of Directors on 28
December 2018 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 2018 has not been reviewed or audited. The interim
financial report has been approved by the Board on 28 March
2019.
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
2018.
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 2018
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 2018 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 nancial statements for the year ended 30 June 2018, as
described in those annual nancial 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 GBP214,000 (company's loss - 6 months to 31 December 2017
GBP184.000; year ended 30 June 2018 - GBP953,000) and a basic and
diluted weighted average number of ordinary shares of GBP0.001 each
in issue of 1,470,806,859 (31 December 2017 1,420,806,859 - basic
and diluted 1,470,806,859; 30 June 2018).
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 30 June
2018 2017 2018
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
------------------------ -------------- -------------- --------------
Operating Loss for the
period (214) (184) (549)
Adjustments for :
(Increase)/Decrease in
receivables 379 125 (241)
(Decrease)/Increase in
payables (35) (97) (183)
Depreciation - 4 9
Finance expense 1 15 4
-------------- -------------- --------------
Net cash from operating
activities 131 (137) (960)
7. Issued and fully paid
The issued share capital is as follows
Number of Number Ordinary Deferred New Deferred Share Total
ordinary of deferred shares shares B shares premium
shares shares
GBP GBP GBP GBP GBP
--------------------- -------------- ------------- ------------ --------- ------------- ----------- -----------
At 30 June 2016 936,806,859 400,932 936,807 396,923 - 11,247,671 12,581,401
--------------------- -------------- ------------- ------------ --------- ------------- ----------- -----------
Issue of new
shares 234,000,000 - 234,000 - - 58,500 292,500
Issue costs - - - - - (10,750) (10,750)
At 30 June 2017 1,170,806,859 400,932 1,170,807 396,923 - 11,295,421 12,863,151
--------------------- -------------- ------------- ------------ --------- ------------- ----------- -----------
Issue of new
shares 300,000,000 - 250,000 - - 50,000 300,000
Capital
Reorganisation (1,406,599) 1,406,599 - -
Issue costs - - - - - (9,765) (9,765)
----------- -----------
At 30 June 2018 1,470,806,859 400,932 14,208 396,923 1,406,599 11,335,656 13,153,386
--------------------- -------------- ------------- ------------ --------- ------------- ----------- -----------
Issue of new - - - - - - -
shares
Issue costs - - - - - - -
At 31 December
2018 1,470,806,859 400,932 14,208 396,923 1,406,599 11,335,656 13,153,386
--------------------- -------------- ------------- ------------ --------- ------------- ----------- -----------
8. Copies of this interim financial information document are
available from the Company at its registered office at 2(nd) Floor,
Number 2, London Wall Buildings, London, EC2M 5PP. The interim
financial information document will also be available on the
Company's website www.inspirit-energy.com.
This information is provided by RNS, the news service of the
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END
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