Information  X 
Enter a valid email address

Inspirit Energy Hlds (INSP)

  Print      Mail a friend

Friday 29 March, 2019

Inspirit Energy Hlds

Half-year Report

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

Six months

 to

31 December 2018

 Unaudited

 

Group

Six months

 to

31 December 2017

 Unaudited

 

Group

Year

 to

30 June

2018

 Audited

 

 

 

 

£'000s

 

£'000s

 

£'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

As at

31 December 2018

 Unaudited

 

Group

As at

31 December 2017

 Unaudited

Group

As at

30 June

 2018

 Audited

 

£'000s

 

£'000s

£'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 premium

Other reserves

Merger reserve

Retained

Total

capital

losses

Equity

 

£'000

£'000

£'000

£'000

£'000

£'000

£'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

Six months

 to

31 December 2018

 Unaudited

Group

Six months

to

31 December 2017

Unaudited

Group

Year

to

30 June

 2018

Audited

 

Note

£'000

£'000

£'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 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 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 financial statements for the year ended 30 June 2018, 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 £214,000 (company's loss - 6 months to 31 December 2017 £184.000; year ended 30 June 2018 - £953,000) and a basic and diluted weighted average number of ordinary shares of £0.001 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

Six months

 to

31 December

2018

 Unaudited

Group

Six months

to

31 December 2017

Unaudited

Group

Year

to

30 June

 2018

Audited

 

£'000s

£'000s

£'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 ordinary shares

Number of deferred shares

Ordinary shares

Deferred shares

New Deferred B shares

Share premium

Total

 

 

 

£

£

£

£

£

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 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 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 [email protected] or visit www.rns.com.
 
END
 
 
IR BIGDXCXDBGCI

a d v e r t i s e m e n t