RNS Number : 6665G
Inspirit Energy Holdings PLC
31 March 2022
 

31 March 2022

 

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 2021. 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) applications and were also in discussions with a British certification company Enertek International Ltd. Enertek International that have won several development contracts from the government (BEIS) and have gained a vast knowledge in developing backward compatible Hydrogen products such as: domestic and commercial cookers, domestic and commercial heating systems etc. They have gained the knowledge which could be very beneficial to Inspirit in developing a Hydrogen product and our existing products to make them hydrogen powered backwards compatible.

 

In late 2021,  whilst slowly emerging from the backdrop of COVID 19 and overcoming the  restrictions in supply of materials and specialised labour, the Company spent time working to refining Inspirit's Stirling technology and the specific application to the Volvo marine engine by reviewing the supply chains and detailing the product specifics with commercial partners.  Inspirit also set up a workshop facility in Poland.

 

In February 2022, following the UK's departure from Europe, our team visited Poland to secure supply lines and personnel for the project. Our shipping agent was met with some import/export complexities in relation to shipping our equipment and components to Poland.  This has caused a minor delay and we now see having the Volvo Marine application available for demonstration in Q2 of 2022.

 

The board will also continue to seek other opportunities that it considers will best enhance value for shareholders and 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 2021

 

 

 

 

 

 

Group

Six months

 to

31 December 2021

 Unaudited

 

Group

Six months

 to

31 December 2020

 Unaudited

 

Group

Year

 to

30 June

2021

 Audited

 

 

 

 

£'000s

 

£'000s

 

£'000s

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

Administrative expenses

 

(137)

 

(63)

 

(277)

 

 

 

 

 

 

 

 

 

────────

 

────────

 

────────

Operating loss

 

(137)

 

(63)

 

(277)

 

 

 

 

 

 

 

Finance costs

 

-

 

(1)

 

-

 

 

 

 

────────

 

────────

 

────────

Loss before tax

 

 

(137)

 

(64)

 

(277)

 

 

 

 

 

 

 

 

 

Income tax credit

 

28

 

24

 

24

 

 

 

 

────────

 

────────

 

────────

Loss for the period from continuing

operations attributable to shareholders

(109)

 

(40)

 

(253)

 

 

 

 

════════

 

════════

 

════════

 

 

 

 

 

 

 

 

 

Loss per share - Pence

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

(0.003)p

 

(0.01)p

 

(0.007)p

 

 

 

 

════════

 

════════

 

════════

 

 

 

 

 

 

 

 

 

 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Financial Position as at 31 December 2021

 

 

 

 

 

Group

As at

31 December 2021

 Unaudited

 

Group

As at

31 December 2020

 Unaudited

Group

As at

30 June

 2021

 Audited

 

£'000s

 

£'000s

£'000s

 

Non-Current Assets

 

 

 

 

Intangible assets

2,851

 

2,715

2,773

Tangible assets

28

 

33

30

 

───────

 

───────

───────

 

2,879

 

2,748

2,803

Current assets

 

 

 

 

Trade and other receivables

49

 

40

37

Cash and cash equivalents

348

 

277

561

 

───────

 

───────

───────

 

397

 

316

598

 

───────

 

───────

───────

Current liabilities

 

 

 

 

Trade and other payables

(395)

 

(331)

                 (411)

Other borrowing

(100)

 

(100)

(100)

 

───────

 

───────

───────

 

(495)

 

(431)

(511)

 

───────

 

───────

───────

Net Current Liabilities

(98)

 

(115)

87

 

 

 

 

 

Non-Current Liabilities

 

 

 

 

Borrowings

               -   

 

-

                -    

 

───────

 

───────

───────

 

2,781

 

2,633

2,890

 

═══════

 

═══════

═══════

Equity

 

 

 

 

Share capital

            2,103

 

2,003

               2,103

Share premium

9,783

 

9,413

9,783

Other reserves

3

 

3

3

Merger reserve

3,150

 

3,150

3,150

Reverse acquisition reserve

(7,361)

 

(7,361)

(7,361)

Retained losses

(4,897)

 

(4,575)

(4,788)

 

───────

 

───────

───────

Total

2,781

 

2,633

2,890

 

═══════

 

    ═══════

═══════

 

 

 

 

 

 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Changes in Equity

For the six months ended 31 December 2021

 

 

 

 

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 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 (Audited)

1,967

9,192

3

3,150

(7,361)

(4,535)

2,417

Loss for the period

-

-

-

-

-

(253)

(253)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

-

-

-

-

-

(253)

(253)

Share issues

136

621

-

-

-

 

757

Share issue costs

-

 (30)

-

-

-

(30)

TRANSACTIONS WITH OWNERS

136

591

-

-

-

-

727

BALANCE AT 30 June 2021 (Audited)

2,103

9,783

3

3,150

(7,361)

(4,788)

2,890

Loss for the period

-

-

-

-

-

(109)

(109)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

-

-

-

-

-

(109)

(109)

Share issues

-

-

-

-

-

-

Share issue costs

-

 

-

-

-

-

TRANSACTIONS WITH OWNERS

-

-

-

-

-

-

-

BALANCE AT 31 December 2021

2,103

9,783

3

3,150

(7,361)

(4,897)

2,781

 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Cash Flows

For the six months ended 31 December 2021

 

 

 

 

 

Group

Six months

 to

31 December 2021

 Unaudited

Group

Six months

to

31 December 2020

Unaudited

Group

Year

to

30 June

 2021

Audited

 

Note

£'000

£'000

£'000

 

 

 

 

 

Operating activities

 

 

 

 

Net cash from operating activities

6

(135)

(58)

(184)

 

 

───────

───────

───────

Net cash generated/(used) in operating activities

 

 

(135)

 

(58)

 

(184)

 

 

───────

───────

───────

 

 

 

 

 

Investing activities

 

 

 

 

Acquisition of intangible assets

 

(78)

(49)

(108)

Acquisition of plant and equipment

 

-

-

(2)

 

 

───────

───────

───────

Net cash from financing activities

 

(78)

(49)

(110)

 

 

───────

───────

───────

 

 

 

 

 

Financing activities

 

 

 

 

Issue of share capital (Net of fees)

 

-

257

757

Finance costs

 

-

(1)

(30)

 

 

───────

───────

───────

Net cash from financing activities

 

-

256

727

 

 

───────

───────

───────

Net cash outflow

 

(213)

149

433

 

 

 

 

 

Cash and cash equivalents at the beginning of the period

 

561

128

                 128

 

 

───────

───────

───────

Cash and cash equivalents at the end of the period

 

 

348

 

277

 

561

 

 

═══════

═══════

═══════

           

 

 

 

 

 

 

 

 

 

 

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 200 Aldersgate Street, London EC1A 4HD, 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 2021 were approved by the Board of Directors on 29 December 2021 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 2021 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 2021.

 

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 2021 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 2021 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 2021, 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 £109,000 (company's loss - 6 months to 31 December 2020 £40,000; year ended 30 June 2021 - £253,000) and a basic and diluted weighted average number of ordinary shares of £0.0001 each in issue of 4,271,640,183 (31 December 2020:  2,996,232,580 - basic and diluted 3,339,326,136; 30 June 2021).

 

 

 

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

 

Group

Six months

 to

31 December

2021

 Unaudited

Group

Six months

to

31 December 2020

Unaudited

Group

Year

to

30 June

 2021

Audited

 

£'000s

£'000s

£'000s

Operating Loss for the period

(137)

(64)

(253)

Adjustments for :

 

 

 

(Increase)/Decrease in receivables

(12)

11

(6)

(Decrease)/Increase in payables

(16)

(32)

50

Depreciation

2

2

7

Finance expense

-

1

-

Tax credit

-

-

(24)

Tax Received

28

24

42

 

───────

───────

───────

Net cash from operating activities

(135)

(58)

(184)

 

═══════

═══════

═══════

 

 

 

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 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

1,367,857,139

-

136,786

-

-

620,714

757,500

Issue costs

-

-

-

-

-

(30,000)

(30,000)

At 30 June 2021

4,271,640,186

400,932

299,292

396,923

1,406,599

12,933,447

15,036,261

At 31 December 2021

4,271,640,186

400,932

299,292

396,923

1,406,599

12,933,447

15,036,261

 

 

 

 

8.   Subsequent events after the reporting period

 

None

 

 

9.   Copies of this interim financial information document are available from the Company at its registered office at 200 Aldersgate Street, London EC1A 4HD. 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 BLGDXUSXDGDG