Source - LSE Regulatory
RNS Number : 1425U
Inspirit Energy Holdings PLC
31 March 2021
 

31 March 2021

 

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 2020. The interim financial information document will also be available on the Company's website www.inspirit-energy.com.

 

 

Chairman's Statement:

 

During the reporting period, the Group continued to develop its microCHP boiler, Marine engine and Waste Hear Recovery (WHR) application with its European partners. Specifically, the Company has spent time working to refine Inspirit's Stirling technology, reviewing the potential supply chain and detailing the product specifics for potential commercial partners. This progress was achieved despite the significant issues resulting from the COVID-19 pandemic in Europe, which was instrumental in causing some of these European partners to cease trading and therefore necessitated their replacement with other competent manufacturers.

 

The Board recognises that these are still unprecedented times and that the necessary actions Global and European Governments are taking to control COVID-19 are inevitably causing disruption to the economy and supply chain for components. As with all businesses, we are not immune to this and experienced movement and lock down restrictions in the UK and Europe. As a result, our European partners and Marine counterparts are constantly reviewing the timeline in resuming development and testing of our technology.

 

The Company raised a total of £257,000 from warrant holders during the period which should support the development of Inspirit's technology.

 

The board will also be seeking other opportunities that it considers will best enhance value for shareholders.

 

The board will provide further updates in due course.

 

-ends-

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

 

More information on Inspirit Energy can be seen at: www.inspirit-energy.com

 

 

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

Global Investment Strategy UK Ltd

(Broker)

Samantha Esqulant

 

 

 

 

 +44 (0) 207 048 9045

 

 

 

 

 

 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Comprehensive Income

for the six months ended 31 December 2020

 

 

 

 

 

 

Group

Six months

 to

31 December 2020

 Unaudited

 

Group

Six months

 to

31 December 2019

 Unaudited

 

Group

Year

 to

30 June

2020

 Audited

 

 

 

 

£'000s

 

£'000s

 

£'000s

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

Administrative expenses

 

(63)

 

(188)

 

(240)

 

 

 

 

 

 

 

 

 

────────

 

────────

 

────────

Operating loss

 

(63)

 

(188)

 

(240)

 

 

 

 

 

 

 

Finance costs

 

(1)

 

(1)

 

-

 

 

 

 

────────

 

────────

 

────────

Loss before tax

 

 

(64)

 

(189)

 

(240)

 

 

 

 

 

 

 

 

 

Income tax credit

 

24

 

-

 

41

 

 

 

 

────────

 

────────

 

────────

Loss for the period from continuing

operations attributable to shareholders

(40)

 

(189)

 

(199)

 

 

 

 

════════

 

════════

 

════════

 

 

 

 

 

 

 

 

 

Loss per share - Pence

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

(0.01)p

 

(0.007)p

 

(0.009)p

 

 

 

 

════════

 

════════

 

════════

 

 

 

 

 

 

 

 

 

 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Financial Position as at 31 December 2020

 

 

 

 

 

Group

As at

31 December 2020

 Unaudited

 

Group

As at

31 December 2019

 Unaudited

Group

As at

30 June

 2020

 Audited

 

£'000s

 

£'000s

£'000s

 

Non-Current Assets

 

 

 

 

Intangible assets

2,715

 

2,570

2,666

Tangible assets

33

 

39

35

 

───────

 

───────

───────

 

2,748

 

2,609

2,701

Current assets

 

 

 

 

Trade and other receivables

40

 

167

49

Cash and cash equivalents

277

 

90

128

 

───────

 

───────

───────

 

316

 

257

177

 

───────

 

───────

───────

Current liabilities

 

 

 

 

Trade and other payables

(331)

 

                 (341)

                 (362)

Other borrowing

(100)

 

(100)

(100)

 

───────

 

───────

───────

 

(431)

 

(441)

(462)

 

───────

 

───────

───────

Net Current Liabilities

(115)

 

(184)

(285)

 

 

 

 

 

Non-Current Liabilities

 

 

 

 

Borrowings

               -   

 

                     (3)   

                -    

 

───────

 

───────

───────

 

2,633

 

2,422

2,416

 

═══════

 

═══════

═══════

Equity

 

 

 

 

Share capital

            2,003

 

               1,966

               1,967

Share premium

9,413

 

9,189

9,192

Other reserves

3

 

3

3

Merger reserve

3,150

 

3,150

3,150

Reverse acquisition reserve

(7,361)

 

(7,361)

(7,361)

Retained losses

(4,575)

 

(4,525)

(4,535)

 

───────

 

───────

───────

Total

2,633

 

2,422

2,416

 

═══════

 

═══════

═══════

 

 

 

 

 

 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Changes in Equity

For the six months ended 31 December 2020

 

 

 

 

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

BALANCE AT 30 June 2018

1,818

8,185

3

3,150

(7,361)

(4,097)

1,698

Loss for the period

-

-

-

-

-

(239)

(239)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

-

-

-

-

-

(239)

(239)

Share issues

-

-

-

-

-

-

-

Share issue costs

-

-

-

-

-

-

TRANSACTIONS WITH OWNERS

-

-

-

-

-

-

-

BALANCE AT 30 June 2019

1,818

8,185

3

3,150

(7,361)

(4,336)

1,459

Loss for the period

-

-

-

-

-

(199)

(199)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

-

-

-

-

-

(199)

(199)

Share issues

149

1,028

-

-

-

-

1,177

Share issue costs

-

(21)

-

-

-

(21)

TRANSACTIONS WITH OWNERS

149

1,007

-

-

-

-

1,156

BALANCE AT 30 June 2020

1,967

9,192

3

3,150

(7,361)

(4,535)

2,417

Loss for the period

-

-

-

-

-

(40)

(40)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

-

-

-

-

-

(40)

(40)

Share issues

36

221

-

-

-

 

257

Share issue costs

-

 

-

-

-

0

TRANSACTIONS WITH OWNERS

36

221

-

-

-

-

257

BALANCE AT 31 December 2020

2,003

9,413

3

3,150

(7,361)

(4,575)

2,633

 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Cash Flows

For the six months ended 31 December 2020

 

 

 

 

 

Group

Six months

 to

31 December 2020

 Unaudited

Group

Six months

to

31 December 2019

Unaudited

Group

Year

to

30 June

 2020

Audited

 

Note

£'000

£'000

£'000

 

 

 

 

 

Operating activities

 

 

 

 

Net cash from operating activities

6

(58)

(258)

(92)

 

 

───────

───────

───────

Net cash generated/(used) in operating activities

 

 

(58)

 

(258)

 

(92)

 

 

───────

───────

───────

 

 

 

 

 

Investing activities

 

 

 

 

Acquisition of intangible assets

 

(49)

-

(96)

Acquisition of plant and equipment

 

-

-

(3)

 

 

───────

───────

───────

Net cash from financing activities

 

(49)

-

(99)

 

 

───────

───────

───────

 

 

 

 

 

Financing activities

 

 

 

 

Issue of share capital (Net of fees)

 

257

1,151

300

Finance costs

 

(1)

(1)

(21)

Decrease in borrowing

 

-

-

-

Transactions with owners

 

-

(842)

-

 

 

 

 

 

 

 

───────

───────

───────

Net cash from financing activities

 

256

308

279

 

 

───────

───────

───────

Net cash outflow

 

149

50

88

 

 

 

 

 

Cash and cash equivalents at the beginning of the period

 

128

 

40

 

40

 

 

───────

───────

───────

Cash and cash equivalents at the end of the period

 

 

277

 

90

 

128

 

 

═══════

═══════

═══════

           

 

 

 

 

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.

     

      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 2020 were approved by the Board of Directors on 24 December 2020 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 2020 has not been reviewed or audited.  The interim financial report has been approved by the Board on 29 March 2021.

 

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 2020.

 

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 2020 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 2020 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 2020, 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 £40,000 (company's loss - 6 months to 31 December 2019 £189,000; year ended 30 June 2020 - £199,000) and a basic and diluted weighted average number of ordinary shares of £0.0001 each in issue of 2,996,232,580 (31 December 2019 2,899,211,616 - basic and diluted 2,903,783,047; 30 June 2020).

 

 

 

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

 

Group

Six months

 to

31 December

2020

 Unaudited

Group

Six months

to

31 December 2019

Unaudited

Group

Year

to

30 June

 2020

Audited

 

£'000s

£'000s

£'000s

Operating Loss for the period

(64)

(189)

(199)

Adjustments for :

 

 

 

(Increase)/Decrease in receivables

11

(104)

9

(Decrease)/Increase in payables

(32)

34

87

Depreciation

2

-

6

Finance expense

1

1

-

Tax credit

-

-

(41)

Tax Received

24

 

46

 

───────

───────

───────

Net cash from operating activities

(58)

(258)

(92)

 

═══════

═══════

═══════

 

 

 

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 2018

1,420,806,859

400,932

14,208

396,923

1,406,599

11,335,656

13,153,386

Issue of new shares

-

-

-

-

-

-

-

Issue costs

-

-

-

-

-

-

-

At 30 June 2019

1,420,806,859

400,932

14,208

396,923

1,406,599

11,335,656

13,153,386

Issue of new shares

1,482,976,188

-

148,298

-

-

1,027,702

1,176,000

Issue costs

-

-

-

-

-

(20,625)

(20,625)

At 30 June 2020

2,903,783,047

400,932

162,506

396,923

1,406,599

12,342,733

14,308,761

Issue of new shares

367,857,139

-

36,785

-

-

220,714

257,499

Issue costs

-

-

-

-

-

-

0

At 31 December 2020

3,271,640,186

400,932

199,291

396,923

1,406,599

12,563,447

14,566,260

 

 

 

 

8.   Subsequent events after the reporting period

 

None

 

 

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 rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
IR BGGDXDUXDGBB
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account.