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Inspirit Energy Hlds (INSP)

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Thursday 29 March, 2018

Inspirit Energy Hlds

Half-year Report

RNS Number : 4329J
Inspirit Energy Holdings PLC
29 March 2018
 

29 March 2018

 

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 2017.

 

 

Chairman's Statement:

 

During the period, the Group has continued working to advance its microCHP boiler (the "Inspirit Charger") towards commercialisation.  The improvements to the design announced last year of the Group's Stirling engine technology, including simplification as part of the 'design for manufacture' ("DFM") process, has encouragingly maintained the peak electrical output up to 3.2kW in internal tests.

 

The engineering department has throughout the last period made significant developments in our regenerator technology. The increased efficiency in the regenerator will allow the Stirling engine to be manufactured from a commodity grade stainless steel derivative, which is both stronger and cheaper to manufacture than the previous proprietary "Inconel" materials.

 

The DFM process continues to yield several engineering improvements and manufacturing cost reductions whilst others are still expected. Whilst this DFM process remains ongoing, the Group is now looking to proceed to the certification process whereby the Inspirit Charger will be subjected to testing by a competent authority. Once this has been achieved, we can then look towards commencing field trails with commercial partners. The Company will update investors as these milestones are met over the forthcoming year.

 

The operating board believe that the progress over the last six months has been positive. Whilst we remain well positioned in the microCHP boiler technology market, ongoing funding for the development and commercialisation of our product remains a challenge. Accordingly, we continue to manage our resources whilst pushing forward with the product and expect this to continue in 2018.

 

The Board will provide further a updates in due course.

 

John Gunn, Chairman and CEO of Inspirit, commented,

 

"Last six months has seen another progressive step for the Company with reduction in development costs and the charger unit maintaining its output to management expectations."

 

 

 

 

-ends-

 

 

 

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

Peterhouse Corporate Finance

(Joint Broker)


 

Lucy Williams / Duncan Vasey

           

+44 (0) 207 469 0930

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 2017

 

 

 

 

 

 

Group

Six months

 to

31 December 2017

 Unaudited

 

Group

Six months

 to

31 December 2016

 Unaudited

 

Group

Year

 to

30 June

2017

 Audited

 

 

 

 

£'000s

 

£'000s

 

£'000s

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

Administrative expenses

 

(169)

 

(214)

 

(384)

Other Losses -Net

 

 

 

 

 

-

 

 

────────

 

────────

 

────────

Operating loss

 

(169)

 

(214)

 

(384)

 

 

 

 

 

 

 

Finance costs

 

(15)

 

(1)

 

(73)

 

 

 

 

────────

 

────────

 

────────

Loss before tax

 

 

(184)

 

(215)

 

(457)

 

 

 

 

 

 

 

 

 

Income tax credit

 

-

 

-

 

38

 

 

 

 

────────

 

────────

 

────────

Loss for the period from continuing

operations attributable to shareholders

(184)

 

(215)

 

(419)

 

 

 

 

════════

 

════════

 

════════

 

 

 

 

 

 

 

 

 

Loss per share - Pence

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

(0.01)p

 

(0.02)p

 

(0.04)p

 

 

 

 

════════

 

════════

 

════════

 

 

 

 

 

 

 

 

 

 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Financial Position as at 31 December 2017

 

 

 

 

 

Group

As at

31 December 2017

 Unaudited

 

Group

As at

31 December 2016

 Unaudited

Group

As at

30 June

 2017

 Audited

 

£'000s

 

£'000s

£'000s

 

Non-Current Assets

 

 

 

 

Intangible assets

2,783

 

2,619

2,668

Tangible assets

49

 

58

53

 

───────

 

───────

───────

 

2,832

 

2,677

2,721

Current assets

 

 

 

 

Trade and other receivables

48

 

63

174

Cash and cash equivalents

53

 

73

30

 

───────

 

───────

───────

 

101

 

136

204

 

───────

 

───────

───────

Current liabilities

 

 

 

Trade and other payables

(287)

 

                  (311)

                    (366)

Other borrowing

(180)

 

(120)

(199)

 

───────

 

───────

───────

 

(467)

 

(431)

(565)

 

───────

 

───────

───────

Net Current Liabilities

(366)

(295)

(361)

 

 

 

 

 

Non-Current Liabilities

 

 

 

 

Trade and other payables

-

 

-

-

 

───────

 

───────

───────

 

2,466

 

2,382

2,360

 

═══════

 

═══════

═══════

Equity

 

 

 

Share capital

                  1,818

 

                 1,334

                   1,568

Share premium

8,184

 

8,097

8,144

Other reserves

206

 

206

206

Merger reserve

3,150

 

3,150

3,150

Reverse acquisition reserve

(7,361)

 

(7,361)

(7,361)

Retained losses

(3,531)

 

(3,044)

(3,347)

 

───────

 

───────

───────

Total

2,466

2,382

2,360

 

═══════

 

═══════

═══════

 

 

 

 

 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Changes in Equity

For the six months ended 31 December 2017

 

 

 

 

Attributable to the owners of the parent

 

Share

Share premium

Other reserves

Merger reserve

Reverse acquisition reserve

Retained

Total

capital

losses

Equity

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

 

Balance at 1 July 2015

1,098

7,305

125

3,150

(7,361)

(2,371)

1,946

Loss for the year

-

-

-

-

-

(458)

(458)

Total comprehensive income for the year

-

-

-

-

-

(458)

(458)

Share issues

236

919

-

-

-

-

1,155

Share issue costs

-

(46)

-

-

-

-

(46)

Issue of warrants

-

(81)

81

-

-

-

-

Transactions with owners

236

792

81

-

-

-

1,109

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 as at 30 June 2017

1,568

8,144

206

3,150

(7,361)

(3,347)

2,360

Loss for the period

-

-

-

-

-

(184)

(184)

Total comprehensive income for the period

-

-

-

-

-

(184)

(184)

Share issues

250

50

-

-

-

-

300

Share issue costs

-

(10)

-

-

-

-

(10)

Transactions with owners

250

40

-

-

-

 (184)

106

Balance as at 31 December 2017

1,818

8,184

206

3,150

(7,361)

(3,531)

2,466

 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Cash Flows

For the six months ended 31 December 2017

 

 

 

 

 

Group

Six months

 to

31 December 2017

 Unaudited

Group

Six months

to

31 December 2016

Unaudited

Group

Year

to

30 June

 2017

Audited

 

Note

£'000

£'000

£'000

 

 

 

 

 

Operating activities

 

 

 

 

Net cash from operating activities

6

(137)

(14)

(185)

 

 

───────

───────

───────

Net cash generated/(used) in operating activities

 

 

(137)

 

(14)

 

(185)

 

 

───────

───────

───────

 

 

 

 

 

Investing activities

 

 

 

 

Acquisition of intangible assets

 

(115)

(124)

(173)

Acquisition of plant and equipment

 

-

-

(1)

 

 

───────

───────

───────

Net cash from financing activities

 

(115)

(124)

(174)

 

 

───────

───────

───────

 

 

 

 

 

Financing activities

 

 

 

 

Issue of share capital (Net of fees)

 

290

-

204

Finance costs

 

(15)

(1)

(73)

Increase in short term borrowing

 

-

(46)

-

Transactions with owners

 

 

 

-

 

 

 

 

 

 

 

───────

───────

───────

Net cash from financing activities

 

275

(47)

131

 

 

───────

───────

───────

Net cash outflow

 

23

(185)

(228)

 

 

 

 

 

Cash and cash equivalents at the beginning of the period

 

 

30

 

258

 

258

 

 

───────

───────

───────

Cash and cash equivalents at the end of the period

 

 

53

 

73

 

30

 

 

═══════

═══════

═══════

           

 

 

 

 

 

 

 

 

 

 

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 2nd 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 2017 were approved by the Board of Directors on 22 December 2017 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 2017 has not been reviewed or audited.  The interim financial report has been approved by the Board on 28 March 2018.

 

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 2017.

 

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 2017 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 2017 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 financial statements for the year ended 30 June 2017, as described in those annual financial 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 £184,000 (company's loss - 6 months to 31 December 2016 - £215,000; year ended 30 June 2017 - £419,000) and a basic and diluted weighted average number of ordinary shares of £0.001 each in issue of 1,420,806,859 (31 December 2016 - basic and diluted 936,806,859; 30 June 2017 - basic and diluted 1,170,806,859).

 

 

 

6.   Reconciliation of Operating Loss to Net Cash Outflow from Operating Activities

 

Group

Six months

 to

31 December

2017

 Unaudited

Group

Six months

to

31 December 2016

Unaudited

Group

Year

to

30 June

 2017

Audited

 

£'000s

£'000s

£'000s

Operating Loss for the period

(184)

(241)

(457)

Adjustments for :

 

 

 

(Increase)/Decrease in receivables

125

264

192

(Decrease)/Increase in payables

(97)

(72)

29

Depreciation

4

7

11

Income tax credit received

-

-

-

Other adjustments

-

-

(33)

Finance expense

15

1

73

 

───────

───────

───────

Net cash from operating activities

(137)

(14)

(185)

 

═══════

═══════

═══════

 

 

 

7.   Issued and fully paid

 

      The issued share capital is as follows

 

 

Ordinary 'A'

shares of

 

Ordinary 'B'

shares of

 

Deferred

shares of

 

£0.001

 

£0.001

 

£0.99

 

 

 

 

 

 

31 December 2017

1,420,806,859

 

-

 

400,932

 

 

 

 

 

 

30 June 2017

1,170,806,859

 

-

 

400,932

 

 

 

 

 

 

31 December 2016

936,806,859

 

-

 

400,932

 

 

 

 

 

 

 

 

8.   Copies of this interim financial information document are available from the Company at its registered office at 2nd 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 company news service from the London Stock Exchange
 
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