TIDMCTEA
RNS Number : 4423R
Catenae Innovation PLC
30 June 2020
30 June 2020
Catenae Innovation PLC
("Catenae", the "Company" or the "Group")
Half-yearly report to 31 March 2020
Catenae Innovation PLC (AIM: CTEA), the AIM quoted provider of
digital media and technology, is pleased to announce its
half-yearly report for the six months ended 31 March 2020.
Financial overview
-- The results for the half year are set out in full below and
show a loss of GBP364,013 (2018: GBP503,233) with revenues of
GBP19,892 (2018: GBP68,857).
-- Shareholders approved a consolidation of share capital which
enabled a fund raise of GBP153,000 and conversion of GBP404,250
liabilities to shares resulting in an improved balance sheet with
net liability position of GBP533,840 (2018: GBP399,980) compared to
the year-end position of GBP727,077.
Operational overview
-- Renewal of contract with Southend United Community and
Educational Trust for "OnSide", Catenae's centralised management
tool specifically developed for sports organisations.
Post period end
-- Development of the Cov-ID app, a joint initiative by a
consortium of companies led by Z/Yen Group Limited to build a
COVID-19 status verification passport.
-- Partnership agreement with Newcastle Premier Health Limited,
an occupational health and wellness business based in the North
East of England, to pilot the Cov-ID app
-- Kevin Everett stepped down as Interim Non-executive Chairman
-- Appointment of Brian Thompson and John Farthing to the Board
as Non-executive Chairman and Chief Financial Officer
respectively
-- Appointment of Brandon Hill Capital Limited as sole corporate broker
-- As at 26 June 2020 the Company had cash balance of just over GBP1.0m
Guy Meyer, Interim Chief Executive Officer of Catenae, said:
"Significant progress has been made during the period under review
towards implementing the Group's revised strategy following the
corporate restructuring that took place in 2019, and we have seen
this momentum continue to date.
"We are delighted that the Cov-ID app that Catenae has developed
as its commercial contribution to the consortium led by Z/Yen Group
Limited completed the recent pilot trail with our clinical partner,
Newcastle Premier Health Limited, as part of their Access Control
Programme. The app should shortly be ready to be marketed for the
benefit of businesses and organisations as Covid-19 restrictions
begin to ease.
"Our recent fundraises have provided us with the funds required
to continue to explore further opportunities. We look forward to
keeping the market updated with our progress."
Chief Executive's Statement
Business and performance review
Following the successful corporate restructuring and business
stabilisation process carried out by the Board in 2019, Catenae was
able to focus its efforts on delivering on its new strategy in the
six months to 31 March 2020, by innovating its products and
exploring new opportunities for growth. This positive momentum has
continued post period end, with two new Board appointments and a
number of projects underway.
Catenae's principal trading activity is providing services to
clients operating in the Facilities Management sector along with
customers, partnered with football and rugby clubs, who offer local
engagement services on behalf of local authorities. All the
Company's products use Distributed Ledger Technology which provides
clients with immutable audit trails providing evidence that
contracted services are fulfilled. The Company's service mitigates
risk as operative activities are geo-tagged and date and time
stamped in an immutable form.
As announced on 19 December 2019, the Company renewed its
contract with Southend United Community and Educational Trust for
"OnSide", Catenae's centralised management tool specifically
developed for sports organisations. The solution deals with all the
key elements of community coaching from scheduling of staff and
timesheet processing through to attendee management and reporting
to internal and external stakeholders, all in a GDPR compliant
platform.
COVID-19
Post period end, the Company has been exploring a number of
opportunities across a range of sectors to leverage its technical
solutions. Catenae joined a consortium led by Z/Yen Group Limited
("Z/Yen") with the objective of building a GDPR-compliant identity
documentation exchange system, "Cov-ID", to record and share an
individual's Covid-19 test status. Considerable progress has been
made in the development of the app, which was recently trialled by
the Group's occupational health and wellness partner in the North
East of England, Newcastle Premier Health Limited, in its proof of
concept pilot. Catenae expects the app to be ready to be rolled out
commercially over the coming weeks as activity begins to return to
a semblance of normality.
Notwithstanding the current market developments in relation to
the COVID-19 pandemic, the Company has confidence in its business
continuity arrangements. At the end of January 2020, the Company
ceased to rent offices, with all employees working remotely.
Currently, where needed, all business meetings are held using video
conferencing platforms. The Company sees that for the foreseeable
future, this will now be standard operational practice. Catenae's
technical solutions continue to be used effectively with customers
and partners, an approach which contributes to the Company's
resilience in the current circumstances.
Board and management
Catenae welcomed Brian Thompson and John Farthing to the Board
as Non-executive Chairman and Chief Financial Officer,
respectively, on 24 April 2020. Their wealth of experience,
expertise and business network will add considerable benefit to the
Company as we execute our strategy going forward.
Kevin Everett, Interim Non-executive Chairman since 17 July 2019
and Non-executive Director since 16 May 2013, stepped down from his
role on 24 April 2020 to pursue other business interests. On behalf
of the Board, I would like to thank Kevin for his hard work and
support during an important period.
Outlook
Catenae has entered H2 2020 in a stable position and with a
streamlined and resilient business model to capitalise on the
opportunities that are presenting themselves. The COVID-19 pandemic
presents us all with an unprecedented challenge, however the Group
is confident in its ability to continue to provide its customers
and partners with its technical solutions in an efficient
manner.
The Company has a pipeline of opportunities ahead to expand its
network of clients and to provide its technical solutions to a
wider audience, and the Board looks forward to updating the market
on its progress in due course.
Guy Meyer
Interim Chief Executive Officer
STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 March 31 March 30 Sept
2020 2019 2019
GBP GBP GBP
Revenue 19,892 68,857 102,549
Cost of sales - - -
------------ ------------ --------------
Gross profit 19,892 68,857 102,549
Administrative expenses (360,615) (572,134) (1,072,233)
(340,723) (503,277) (969,684)
------------ ------------ --------------
Loss from operations (340,723) (503,277) (969,684)
Net Finance income/(expense) (23,290) 44 (1,412)
Loss before taxation (364,013) (503,233) (971,096)
Taxation credit - - 145,866
------------ ------------ --------------
Total comprehensive loss
for the year (364,013) (503,233) (825,230)
------------ ------------ --------------
STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 March 31 March 30 Sept
2020 2019 2019
GBP GBP GBP
Non-current assets
Intangible assets 1 1 1
1 1 1
Current assets
Trade and other receivables 15,161 101,394 22,948
Cash and cash equivalents 910 319,146 29,508
------------- ------------- -------------
16.071 420,540 52,456
Current liabilities
Trade and other payables (549,912) (651,530) (555,629)
Interest-bearing loans - (169,001) (223,905)
------------- ------------- -------------
(549,912) (820,531) (779,534)
Net Liabilities (533,840) (399,980) (727,077)
------------- ------------- -------------
Capital and reserves
attributable to equity
holders of the company
Share capital 3,373,601 3,173,601 3,223,601
Share premium account 17,439,221 17,068,371 17,031,971
Shares to be issued - 18,7000 -
Share reserve (83,333) (83,333) (83,333)
Merger reserve 11,119,585 11,119,585 11,119,585
Capital Redemption Reserve 2,732,904 2,732,904 2,732,904
Retained losses (35,115,818) (34,429,808) (34,751,805)
------------- ------------- -------------
Total Equity (533,840) (399,980) (727,077)
------------- ------------- -------------
STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 March 31 March 30 Sept 2019
2020 2019
GBP
GBP GBP
Loss for the period (364,013) (503,233) (825,230)
Adjustments for :
Net bank and other interest
(income) / charges 23,290 (44) 1,412
Issue of share options - - -
/ warrant charge
Services settled by the
issue of shares - 63,782 120,055
Net (loss) before changes
in working capital (340,723) (439,495) (703,763)
(Increase) / decrease in
trade and other receivables 7,787 (52,530) (6,000)
(Decrease) / increase in
trade and other
payables 154,628 (22,720) (182,976)
------------ ------------ --------------
Cash from operations (178,308) (514,745) (892,739)
Interest received 10 44 88
Interest paid (23,300) - (1,500)
Net cash flows from operating
activities (201,598) (514,701) (894,151)
------------ ------------ --------------
Investing activities
Investment in joint venture - - -
------------ ------------ --------------
Net cash flows from investing
activities - - -
------------ ------------ --------------
Financing Activities
Issue of ordinary share
capital 153,000 931,403 967,810
Repayment of loans - (210,842) (245,937)
New loans raised 20,000 64,181 152,681
------------ ------------ --------------
Net cash flows from financing
activities 173,000 784,742 874,554
------------ ------------ --------------
Net increase / (decrease)
in cash (28,598) 270,041 (19,597)
Cash and cash equivalents
at beginning of period 29,508 49,105 49,105
Cash and cash equivalents
at end of period 910 319,146 29,508
------------ ------------ --------------
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. The person who arranged for
release of this announcement on behalf of the Company was Guy
Meyer, Interim Chief Executive Officer of the Company.
- Ends -
For further information please contact:
+44 (0)191 580
Catenae Innovation PLC 8545
Guy Meyer, Interim Chief Executive Officer
Cairn Financial Advisers LLP (Nominated Adviser) +44(0)20 7213 0880
Liam Murray / Jo Turner
+44 (0)20 3463
Brandon Hill Capital Limited, Broker 5000
Andy Gutmann +44 (0)78796 8313
+44 (0)20 3004
Yellow Jersey PR (PR & IP) 9512
Sarah Hollins / Annabel Atkins
Forward-Looking Statements
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical
facts but rather are based on the Company's current expectations,
estimates, and projections about its industry; its beliefs; and
assumptions. Words such as 'anticipates,' 'expects,' 'intends,'
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties, and other factors, some
of which are beyond the Company's control, are difficult to
predict, and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements.
The Company cautions security holders and prospective security
holders not to place undue reliance on these forward-looking
statements, which reflect the view of the Company only as of the
date of this announcement. The forward-looking statements made in
this announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
Notes to Editors:
About Catenae Innovation PLC
Catenae Innovation is an AIM quoted provider of digital media
and technology services. The Company specialises in Distributed
Ledger Technology solutions that solve commercial challenges and
create opportunities for its clients. The Company has an
experienced IT team of project managers and integrators who have
deployed systems across corporate, government and educational
sectors.
www.catenaeinnovation.com
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END
IR FLFEDRVIAFII
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