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Inspirit Energy Hlds (INSP)

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Tuesday 31 March, 2015

Inspirit Energy Hlds

Half Yearly Report

RNS Number : 9995I
Inspirit Energy Holdings PLC
31 March 2015
 

Inspirit Energy Holdings PLC

(AIM: INSP)

 

Unaudited interim accounts for the six months ended 31 December 2014

 

Inspirit Energy Holdings PLC ("Inspirit Energy" or the "Company") is pleased to announce its interim accounts for the six months ended 31 December 2014.

 

Chairman's Statement

 

Since Inspirit Energy released their audited final results the Company has continued to strive in achieving its goals of commercialisation and is close to production of the Company's micro combined heat and power (mCHP) boiler.

 

In addition to the 3 Kilowatt (KW) electrical output boiler model, the Company has committed to the development and production of a 2 kw electrical output version of the Inspirit mCHP boiler-generator for the domestic market. This will increase the market potential of Inspirit's product range by offering an appliance that is suitable for the larger domestic sector and can qualify for the current UK Government Feed in Tariff.

 

The Company has recently successfully completed a £350,000 micro-financing in order to maintain the objectives of having the mCHP boiler ready for extensive field trials. The funding will support the Company's working capital needs.

 

Board Changes and Appointments:

 

Jubeenh Nazhat ceased to be a Director of the Company on 5 February 2015.

 

Results for the Period

 

Operating loss for the period to 31 December 2014 amounted to £419,000.

 

The Board would like to take this opportunity for thanking all of the Company's staff and consultants for their hard work during the period and our shareholders for their support.

 

I look forward to reporting solid progress over the coming period and continuing our development of the mCHP boiler commercialisation.

 

 

David Lenigas

Chairman

 

 

For further information please contact:

 

Inspirit Energy Holdings plc                                         www.inspirit-energy.com

David Lenigas, Chairman                                                +44 (0) 207 440 0640

John Gunn, Executive Director                                        +44 (0) 207 048 9400

Nilesh Jagatia, CFO                                                       +44 (0) 207 048 9400

 

Westhouse Securities Limited

( Nominated Advisor and Joint Broker)

Antonio Bossi / David Coaten                                          +44 (0) 207 601 6100

 

Beaufort Securities

(Joint Broker)

Jon Levinson / Saif Janua / Elliot Hance                           +44 (0) 207 382 8300

 

Square1 Consulting

David Bick / Mark Longson                                             +44 (0) 207 929 5599

 

 

 

 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Comprehensive Income

for the six months ended 31 December 2014

 

 

 

 

 

 

Group

Six months

 to

31 December 2014

 Unaudited

 

Group

Six months

 to

31 December 2013

 Unaudited

 

Group

Year

 to

30 June

2014

 Audited

 

 

 

 

£'000s

 

£'000s

 

£'000s

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

Administrative expenses

 

(415)

 

(237)

 

(506)

Impairment of goodwill

 

-

 

-

 

(663)

Other losses

 

-

 

-

 

(197)

 

 

────────

 

────────

 

────────

Operating loss

 

(415)

 

(237)

 

(1,366)

 

 

 

 

 

 

 

Finance costs

 

(4)

 

(14)

 

(11)

 

 

 

 

────────

 

────────

 

────────

Loss before tax

 

 

(419)

 

(251)

 

(1,377)

 

 

 

 

 

 

 

 

 

Income tax credit

 

-

 

-

 

84

 

 

 

 

 

 

 

 

 

 

 

────────

 

────────

 

────────

Loss for the period from continuing

operations attributable to shareholders

(419)

 

(251)

 

(1,293)

 

 

 

 

════════

 

════════

 

════════

 

 

 

 

 

 

 

 

 

Loss per share - Pence

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

(0.06)p

 

(0.04)p

 

(0.24)p

 

 

 

 

════════

 

════════

 

════════

 

 

 

 

 

 

 

 

 

 

 

 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Financial Position as at 31 December 2014

 

 

 

 

 

Group

As at

31 December 2014

 Unaudited

 

Group

As at

31 December 2013

 Unaudited

Group

As at

30 June

 2014

 Audited

 

£'000s

 

£'000s

£'000s

 

Non-Current Assets

 

 

 

 

Intangible assets

1,428

 

622

1,060

Tangible assets

82

 

7

12

Trade and other receivables

-

 

216

-

 

───────

 

───────

───────

 

1,510

 

845

1,072

Current assets

 

 

 

 

Inventory

5

 

5

5

Trade and other receivables

319

 

367

1,204

Cash and cash equivalents

71

 

58

67

 

───────

 

───────

───────

 

395

 

430

1,276

 

───────

 

───────

───────

Current liabilities

 

 

 

 

Trade and other payables

(127)

 

(557)

(250)

 

───────

 

───────

───────

 

(127)

 

(557)

(250)

 

───────

 

───────

───────

Net Current Liabilities

268

 

(127)

1,026

 

 

 

 

 

Non-Current Liabilities

 

 

 

 

Trade and other payables

(50)

 

-

-

 

───────

 

───────

───────

 

1,728

 

718

2,098

 

═══════

 

═══════

═══════

Equity

 

 

 

 

Share capital

1,056

 

964

1,052

Share premium

6,991

 

8,630

6,946

Other reserves

110

 

110

110

Merger reserve

3,150

 

3,150

3,150

Reverse acquisition reserve

(7,361)

 

(7,361)

(7,361)

Retained losses

(2,218)

 

(4,775)

(1,799)

 

───────

 

───────

───────

Total

1,728

 

718

2,098

 

═══════

 

═══════

═══════

 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Changes in Equity

For the six months ended 31 December 2014

 

 

Share Capital

£'000s

Share

Premium

£'000s

Other

Reserves

£'000s

Merger

Reserve

£'000s

Reverse

Acquisition

Reserve

£'000s

Retained Losses

£'000s

Total

Equity

£'000s

 

 

 

 

 

 

 

 

As at 30 June 2013

471

4,012

110

-

-

(4,524)

69

Comprehensive income

 

 

 

 

 

 

 

Loss for the period

-

-

-

-

-

(251)

(251)

Total comprehensive income

-

-

-

-

-

(251)

(251)

Transactions with owners

Reverse acquisition

-

-

-

3,150

(7,361)

-

 

(4,211)

Share capital issued

422

4,134

-

-

-

-

4,556

Share based payments

6

83

-

-

-

-

89

Conversion of loan

64

392

-

-

-

-

456

Conversion of share warrants

1

9

-

-

-

-

10

Total transactions with owners

493

4,618

-

-

-

-

5,111

As at 31 December 2013

964

8,630

110

3,150

(7,361)

(4,775)

718

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As at 30 June 2014

1,052

6,946

110

3,150

(7,361)

(1,799)

2,098

Comprehensive income

 

 

 

 

 

 

 

Loss for the period

-

-

-

-

-

(419)

(419)

Total comprehensive income

-

-

-

-

-

(419)

(419)

Transactions with owners

 

 

 

 

 

 

 

Share based payments

4

45

-

-

-

-

49

 

 

 

 

 

 

 

 

Total transactions with owners

4

45

-

-

-

-

49

As at 31 December 2014

1,056

6,991

110

3,150

(7,361)

(2,218)

1,728

 

 

 

 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Cash Flows

For the six months ended 31 December 2014

 

 

 

 

 

Group

Six months

 to

31 December 2014

 Unaudited

Group

Six months

to

31 December 2013

Unaudited

Group

Year

to

30 June

 2014

Audited

 

Note

£'000

£'000

£'000

 

 

 

 

 

Operating activities

 

 

 

 

Net cash from operating activities

6

404

(554)

(407)

 

 

───────

───────

───────

Net cash generated/(used) in operating activities

 

 

404

 

(554)

 

(407)

 

 

───────

───────

───────

 

 

 

 

 

Investing activities

 

 

 

 

Acquisition of intangible assets

 

(368)

(74)

(291)

Acquisition of plant and equipment

 

(77)

-

(7)

 

 

───────

───────

───────

Net cash from financing activities

 

(445)

(74)

(298)

 

 

───────

───────

───────

 

 

 

 

 

Financing activities

 

 

 

 

Issue of share capital

 

-

-

771

Finance costs

 

(4)

(14)

-

Issue of share warrants

 

-

10

-

Transactions with owners

 

49

690

-

 

 

 

 

 

 

 

───────

───────

───────

Net cash from financing activities

 

45

686

771

 

 

───────

───────

───────

Net cash outflow

 

4

58

66

 

 

 

 

 

Cash and cash equivalents at the beginning of the period

 

 

67

 

-

 

1

 

 

───────

───────

───────

Cash and cash equivalents at the end of the period

 

 

71

 

58

 

67

 

 

═══════

═══════

═══════

           

 

 

Significant Non-cash Transactions

 

On 18 September 2014, the Company allotted 3,398,056 ordinary shares of 0.1 pence each to investment managers in settlement of fees.

 

 

 

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 the Alternative Investment Market of 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 2014 were approved by the Board of Directors on 5 December 2014 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 2014 has not been reviewed or audited.  The interim financial report has been approved by the Board on 27 March 2015.

 

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 2014.

 

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 2014 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 2014 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 2014, 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 £419,000 (company's loss - 6 months to 31 December 2013 - £251,000; year ended 30 June 2014 - £1,293,000 and a basic and diluted weighted average number of ordinary shares of £0.001 each in issue of 657,499,452 (31 December 2013 - basic and diluted 566,768,137; 30 June 2014 - basic and diluted 546,838,937).

 

 

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

 

Group

Six months

 to

31 December

2014

 Unaudited

Group

Six months

to

31 December 2013

Unaudited

Group

Year

to

30 June

 2014

Audited

 

£'000s

£'000s

£'000s

Operating Loss for the period

(415)

(237)

(1,377)

Adjustments for :

 

 

 

(Increase)/Decrease in receivables

885

(40)

80

(Decrease)/Increase in payables

(77)

(277)

(652)

Depreciation

7

-

1

Interest paid

-

-

(11)

Income tax credit received

-

-

17

Finance expense

4

-

11

Share based payment expense

-

-

795

Share warrants exercised

-

-

66

Impairment of goodwill

-

-

663

 

───────

───────

───────

Net cash from operating activities

404

(554)

(407)

 

═══════

═══════

═══════

 

 

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 2014

658,958,400

 

-

 

400,932

 

 

 

 

 

 

30 June 2014

655,560,344

 

-

 

400,932

 

 

 

 

 

 

31 December 2013

566,768,137

 

-

 

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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