TIDMCPH2
RNS Number : 1332N
Clean Power Hydrogen
21 September 2023
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014 which is part of UK law by
virtue of the European Union (withdrawal) Act 2018. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain.
21 September 2023
Clean Power Hydrogen plc
("CPH2", the "Company" or the "Group)
Interim Results for the six months ended 30 June 2023
Clean Power Hydrogen plc (AIM: CPH2), the UK-based green
hydrogen technology and manufacturing group that has developed the
IP-protected Membrane-Free Electrolyser ("MFE"), is pleased to
announce its unaudited results for the six months ended 30 June
2023.
Financial Highlights
-- Cash position remains strong at GBP12.9m
-- GBP1.3m investment on development work in the six months to June 2023
-- Loss of GBP1.6m in the six months to June 2023
Technology Highlights
-- The MFE110, the Company's first scaled membrane free
electrolyser, is in the final stage of testing.
-- Thorough testing of the MFE110 has identified upgrades and
the Company has successfully redesigned the cryogenic system as
well as validated the stack design.
-- Results of the MFE110 have informed valuable enhancements to the MFE220 design as expected.
-- Following the delivery of the MFE110, the Company will turn
its focus to finalising the design and build programme of the
MFE220, CPH2's 1MW System.
-- Applications now submitted to certifying bodies for CE marking, UKCA marking, NI CE marking.
Significant engineering milestones have been reached during the
period and although delivery of the MFE110 has been delayed to
ensure operational and safety compliance, delivery, commissioning
and installation of the unit at our customer's site will take place
imminently.
The commissioning process has given valuable design and
operability feedback which has resulted in further iterations of
the MFE design. This redesign process has been done in a methodical
and diligent manner and led to a number of components being
reworked, re-engineered, and reordered, which in turn has had a
knock-on impact on the commissioning schedule especially when new
components have long lead times. However, the Company has largely
finished this process and the improvement in the components and
design means that CPH2 is more confident now in its ability to
fully commercialise the product. The data and the learnings the
team has accrued place the Company in a much stronger position to
roll out the technology at CPH2's own facilities and at licence
holder facilities.
Commercially, CPH2 is in a strong position. The Group's pipeline
and order book is expected to increase once customers are able to
verify having a working unit in operation in the field. In tandem,
the Company is working with its licence partners to deliver the
blueprints for their own production and hope to have these ready
for late Q4 2023 or early Q1 2024. As a result of the delays the
Company does not expect any significant income in FY2023.
Change of Name of Nominated Adviser and Broker
The Company also announces that Cenkos Securities, its Nominated
Adviser and Broker, has changed its name to Cavendish Securities
plc following completion of its own corporate merger.
For more information, please contact:
Clean Power Hydrogen plc via Camarco
Jon Duffy, Chief Executive Officer
James Hobson, Chief Financial Officer
Cavendish Securities plc - NOMAD & Broker
+44 (0)131 220
Neil McDonald 9771
+44 (0)131 220
Peter Lynch 9772
+44 (0)131 220
Adam Rae 9778
+ 44(0) 20 3757
Camarco PR 4980
Billy Clegg
Owen Roberts
Lily Pettifar
To find out more, please visit: https://www.cph2.com
Overview of CPH2
CPH2 is the holding company of Clean Power Hydrogen Group
Limited ("Clean Power") which has almost a decade of dedicated
research and product development experience. This experience has
resulted in the creation of simple, safe and sustainable technology
which is designed to deliver a modular solution to the hydrogen
production market in a cost-effective, scalable, reliable and
long-lasting manner. The Group's strategic objective is to deliver
the lowest LCOH in the market in relation to the production of
green hydrogen. The Group's MFE technology is already commercially
available and demonstrating cost efficiencies and technological
advantages. CPH2 is listed on the AIM market and trades under the
ticker LON:CPH2.
Chief Executive's Statement
Technology update
Work during the period has concentrated on completion of the
MFE110 electrolysers, our 0.5 MW system being used to validate the
technology at scale and verify the design, following which they
will be shipped to customer sites for site validation.
The design of the MFE110 was completed in Q1 2023, following
which the Company undertook the pre-commissioning and then
commissioning of the system under the watchful eye of Paul Cassidy,
our CTO who joined in March 2023.
The pre-commissioning and commissioning process is a necessary
procedure to undertake in all engineering projects as it is the
first time we are commissioning our groundbreaking technology at
scale. The commissioning process has given valuable design and
operability feedback which has resulted in further iterations of
the MFE design. This design evolution has resulted in a longer
commissioning process than first anticipated, however, we are
confident that these iterations put the technology on a sound
basis.
Every component and system - including each valve, gauge, pipe,
electrical wire and pump - has been tested to ensure it is
correctly installed and functioning according to its specification.
Any components that were not working according to the design
specification, or otherwise as expected, were reviewed by the
engineering and research & development departments, who found a
solution to resolve the issue. At times this resulted in a redesign
of the component, which then were procured, for which in some cases
incurred additional lead time.
The Company is executing a staged commissioning process testing
firstly the stacks, then the stacks with the dryers, the
cryogenics, and then finally bringing together the stacks, dryers,
and cryogenics to have the complete system working together,
successfully generating separated hydrogen and oxygen gases. This
has given the Company the opportunity to make modifications before
bringing the entire system online.
Over the last five months we have been working through this
process in a methodical way, successfully resolving issues found,
while ensuring that safety is paramount, which has resulted in an
improvement to the unit operability, validation of stack design,
and design improvements of the cryogenic system.
I am pleased to advise that as at the date of this report, the
Company has reached the final stage of the commissioning process,
which will be to generate separated hydrogen and oxygen gases of
its first MFE110 electrolyser in the coming weeks, having already
successfully generated mixed gas. Significant firsts have been
achieved, and having successfully gone through nearly the whole
commissioning process, confidence is high as we embark on the
closing stage of commissioning.
The next stage of the process is achieving Factory Acceptance
Testing which includes customer acceptance, upon which the first
MFE110 will be shipped to the customer site.
The commissioning process has taken two months longer than
expected but has been a crucial learning experience for the Company
which has instilled the necessary disciplined approach which will
prove valuable going forward. In addition, the successful proving
of the technology at scale gives great confidence in the Company's
1MW system, the MFE220.
Work has continued on completing the design of the MFE220, and
the issues that were found and resolved in the commissioning
process of the MFE110, is informing the MFE220's development. We
are expecting to complete the design and then begin building the
unit in Q4 2023, with commissioning and customer delivery in the
new year.
Commercial update
We have been working closely with our licence partners, as well
as our customers and their respective engineering consultants, and
appreciate the strong support we have received.
During the period we signed a 10-year licensing deal with
Fabrum, an advanced energy company with deep expertise in
cryogenics and an important customer of CPH2, alongside two MFE220
orders. The licensing deal allows Fabrum to manufacture
membrane-free electrolysers in their factory in Christchurch, New
Zealand as well as a non-exclusive sales licence for Australia and
New Zealand. Under the agreement Fabrum will manufacture either
upon a CPH2 order or their own sale. The MFE220s built by Fabrum
will be in accordance with Australian & New Zealand standards,
and upon completion of the design and compliance work, there will
be a membrane free electrolyser ready for the Australian and New
Zealand market. Fabrum has since secured its first customer order
under the licencing agreement from Obayashi Construction
Company.
Financial review
The Company has prudently and carefully managed its cash
resources during the period, ensuring the cash spend is controlled
and focused on our route to commercialization. We remain in a
strong cash position with cash resources of GBP12.9m at 30 June
2023 (comprising term deposits of GBP8m and cash and cash
equivalents of GBP4.9m), a reduction of GBP2.4m from 31 December
2022 when the cash resources of the Company were GBP15.3m. The
Company incurred a loss of GBP1.6m for the six months ended 30 June
2023, an increase of GBP0.5m from the comparative period, but down
from the loss of GBP2.3m incurred in H2 2022. The Company invested
GBP1.3m in development work during the period.
Conclusion and Outlook
It has been a crucial time for the Company, and whilst we have
had delays, strong strides have been made during the period in
proving at scale the differentiated, groundbreaking membrane free
electrolyser technology on the back of a disciplined engineering
approach. Our key focus for the rest of the year is to complete and
ship MFE110s, to have a scaled working electrolyser at a customer
site, and to complete the design of the CPH2 1MW system, the
MFE220, in line with our stated milestones. The enormous global
hydrogen opportunity only continues to strengthen and we are
confident that our technology provides a compelling, disruptive and
attractive offering.
As we sit at the cusp of commercialising a truly ground-breaking
technology in the hydrogen sector, I would like to thank to all our
staff whose passion is inspiring and who have worked tirelessly to
progress the technology and the Company.
Jon Duffy
Chief Executive Officer
Consolidated Statement of Comprehensive Income
FOR THE PERIODED 30 JUNE 2023
Note 6 months 6 months Year ended
ended ended 31 December
30 June 30 June 2022
2023 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
----------------------------------------- ---- ------------- ----------- -------------
Revenue - - -
Cost of sales - - -
----------------------------------------- ---- ------------- ----------- -------------
Gross profit - - -
Other operating income 2 2 -
Administrative expenses excluding
exceptional items (2,262) (2,158) (4,765)
Exceptional net credit 4 - 987 986
----------------------------------------- ---- ------------- ----------- -------------
Total administrative expenses (2,262) (1,171) (3,779)
----------------------------------------- ---- ------------- ----------- -------------
Operating loss (2,260) (1,169) (3,779)
Finance income 163 91 216
Finance expense (24) (28) (55)
Loss before taxation (2,121) (1,106) (3,618)
Taxation 5 512 - 174
----------------------------------------- ---- ------------- ----------- -------------
Loss for the financial period (1,609) (1,106) (3,444)
----------------------------------------- ---- ------------- ----------- -------------
Items that may be reclassified subsequently
to profit or loss:
Foreign currency translation differences 12 (9) (19)
Fair value decrease in respect of
investments (42) - (3)
----------------------------------------- ---- ------------- ----------- -------------
Total comprehensive expense for
the period (1,639) (1,115) (3,466)
----------------------------------------- ---- ------------- ----------- -------------
Basic and diluted earnings per
share (pence) 6 (0.60) (0.45) (1.35)
----------------------------------------- ---- ------------- ----------- -------------
The accompanying notes are an integral part of these condensed
consolidated financial statements.
Consolidated Statement of Financial Position
AS AT 30 JUNE 2023
Note 30 June 30 June 31 December
2023 2022 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
----------------------------------- ---- ------------ ---------- -----------
Assets
Non-current assets
Intangible assets 7 6,828 1,527 5,476
Property, plant and equipment 1,626 1,347 1,387
Fair value through OCI investments 8 1,455 - 1,497
Trade and other receivables 120 120 120
10,029 2,994 8,480
Current assets
Inventories 9 2,443 3,889 2,363
Trade and other receivables 10 2,304 2,085 3,239
Current asset investments 8,000 21,000 13,500
Cash and cash equivalents 4,907 2,175 1,790
----------------------------------- ---- ------------ ---------- -----------
17,654 29,149 20,892
----------------------------------- ---- ------------ ---------- -----------
Total assets 27,683 32,143 29,372
----------------------------------- ---- ------------ ---------- -----------
Liabilities
Current liabilities
Trade and other payables (717) (894) (844)
Deferred income (1,802) (2,636) (1,858)
Lease liabilities (124) (117) (121)
----------------------------------- ---- ------------ ---------- -----------
(2,643) (3,647) (2,823)
----------------------------------- ---- ------------ ---------- -----------
Non-current liabilities
Deferred income (630) (278) (641)
Lease liabilities (673) (797) (737)
(1,303) (1,075) (1,378)
----------------------------------- ---- ------------ ---------- -----------
Total liabilities (3,946) (4,722) (4,201)
----------------------------------- ---- ------------ ---------- -----------
Net assets 23,737 27,421 25,171
----------------------------------- ---- ------------ ---------- -----------
Equity
Called up share capital 2,682 2,654 2,654
Share premium account 27,707 27,638 27,638
Merger reserve 3,702 3,702 3,702
Currency translation reserve (3) (5) (15)
Accumulated loss (10,351) (6,568) (8,808)
----------------------------------- ---- ------------ ---------- -----------
Total equity 23,737 27,421 25,171
----------------------------------- ---- ------------ ---------- -----------
The accompanying notes are an integral part of these condensed
consolidated financial statements.
Consolidated Statement of Changes in Equity
FOR THE PERIODED 30 JUNE 2023
Called Share Merger Foreign Accumulated Total
up share premium reserve currency loss equity
capital account reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ --------- -------- -------- --------- ----------- --------
Balance as at 1 January 2022 9 5,545 - 4 (5,910) (352)
Loss for the financial year - - - - (3,444) (3,444)
Other comprehensive expense - - - (19) (3) (22)
------------------------------ --------- -------- -------- --------- ----------- --------
Total comprehensive expense
for the year - - - (19) (3,447) (3,466)
------------------------------ --------- -------- -------- --------- ----------- --------
Share based payments - - - 549 549
Capital reorganisation 1,843 (5,545) 3,702 - - -
Issue of share capital 802 27,638 - - - 28,440
------------------------------ --------- -------- -------- --------- ----------- --------
Total contributions by owners 2,645 22,093 3,702 - 549 28,989
------------------------------ --------- -------- -------- --------- ----------- --------
Balance as at 31 December
2022 2,654 27,638 3,702 (15) (8,808) 25,171
Loss for the financial period - - - - (1,609) (1,609)
Other comprehensive expense - - - 12 (42) (30)
------------------------------ --------- -------- -------- --------- ----------- --------
Total comprehensive expense
for the period - - - 12 (1,651) (1,639)
------------------------------ --------- -------- -------- --------- ----------- --------
Share based payments - - - - 108 108
Issue of share capital 28 69 - - - 97
------------------------------ --------- -------- -------- --------- ----------- --------
Total contributions by owners 28 69 - - 108 205
------------------------------ --------- -------- -------- --------- ----------- --------
Balance as at 30 June 2023 2,682 27,707 3,702 (3) (10,351) 23,737
------------------------------ --------- -------- -------- --------- ----------- --------
Comparatives for the six months ended 30 June 2022 are provided
separately below:
Called Share Merger Foreign Accumulated Total
up share premium reserve currency loss Equity
capital account reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ --------- -------- -------- --------- ----------- --------
Balance as at 1 January 2022 9 5,545 - 4 (5,910) (352)
Loss for the financial period - - - - (1,106) (1,106)
Other comprehensive expense - - - (9) - (9)
------------------------------ --------- -------- -------- --------- ----------- --------
Total comprehensive expense
for the year - - - (9) (1,106) (1,115)
------------------------------ --------- -------- -------- --------- ----------- --------
Share based payments - - - - 448 448
Capital reorganisation 1,843 (5,545) 3,702 - - -
Issue of share capital 802 27,638 - - - 28,440
------------------------------ --------- -------- -------- --------- ----------- --------
Total contributions by owners 2,645 22,093 3,702 - 448 28,888
------------------------------ --------- -------- -------- --------- ----------- --------
Balance as at 30 June 2022 2,654 27,638 3,702 (5) (6,568) 27,421
------------------------------ --------- -------- -------- --------- ----------- --------
Consolidated Cash Flow Statement
FOR THE PERIODED 30 JUNE 2023
6 months 6 months Year ended
ended ended 31 December
30 June 30 June 2022
2023 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
---------------------------------------------- ---------- ---------- -------------
Cash flow from operating activities
Loss for the financial period (1,609) (1,106) (3,444)
Adjustment for:
Depreciation and amortisation 177 109 249
Loss on disposal - 10 5
Share based payments 108 (1,517) (1,416)
Foreign exchange 16 - (25)
Net finance income (139) (63) (161)
Taxation credit (512) - (174)
Changes in working capital
:
Increase in inventories (80) (1,807) (281)
Decrease/(increase) in trade
and other receivables 1,273 (1,381) (2,361)
(Decrease)/increase in trade
and other payables (194) 742 293
Cash used in operations (960) (5,013) (7,315)
Income tax received 174 143 143
----------------------------------------------- ---------- ---------- -------------
Net cash used in operating
activities (786) (4,870) (7,172)
----------------------------------------------- ---------- ---------- -------------
Cash flows from investing activities
Current asset investments disinvested/(made) 5,500 (21,000) (13,500)
Purchase of property, plant
and equipment (388) (129) (292)
Purchase of intangible assets (1,384) (354) (4,316)
Purchase of investments - - (1,500)
Net cash generated from/(used
in) investing activities 3,728 (21,483) (19,608)
----------------------------------------------- ---------- ---------- -------------
Cash flows from financing activities
Issue of share capital (net
of costs) 97 28,440 28,440
Interest received 163 91 216
Related party loan repaid - (382) (382)
Interest paid (24) (28) (55)
Payment of lease liabilities (61) (73) (129)
Net cash generated from financing
activities 175 28,048 28,090
----------------------------------------------- ---------- ---------- -------------
Net increase in cash and cash
equivalents 3,117 1,695 1,310
Cash and cash equivalents at
the beginning of the period 1,790 480 480
Cash and cash equivalents at
the end of the period 4,907 2,175 1,790
----------------------------------------------- ---------- ---------- -------------
Notes to the Condensed Interim Financial Statements
FOR THE PERIODED 30 JUNE 2023
1 Corporate information
Clean Power Hydrogen plc is a public company incorporated in the
United Kingdom and listed on the Alternative Investment Market
("AIM"). The registered address of the Company is Unit D Parkside
Business Park, Spinners Road, Doncaster, England, DN2 4BL. The
principal activity of the Company is as a holding company for
subsidiaries engaged in the development of a patented method of
hydrogen and oxygen production together with the development of a
gas separation technique which enables hydrogen to be produced as
'Green Hydrogen' and oxygen to medical grade purity.
2 Basis of preparation
This unaudited condensed consolidated interim financial
information for the six months ended 30 June 2023 and 30 June 2022
has been prepared in accordance with UK adopted international
accounting standards ('IFRS') including IAS 34 'Interim Financial
Reporting'.
The accounting policies applied by the Group include those as
set out in the consolidated financial statements for the Group for
the year ended 31 December 2022 and are consistent with those to be
used by the Group in its next financial statements for the year
ending 31 December 2023.
There are no new standards, interpretations and amendments which
are not yet effective in these financial statements, expected to
have a material effect on the Group's future financial
statements.
The financial information does not contain all of the
information that is required to be disclosed in a full set of IFRS
financial statements. The financial information for the six months
ended 30 June 2023 and 30 June 2022 is unaudited and does not
constitute the Group or Company's statutory financial statements
for those periods.
The comparative financial information for the full year ended 31
December 2022 has, however, been derived from the audited statutory
financial statements for Clean Power Hydrogen plc for that period.
A copy of those statutory financial statements has been delivered
to the Registrar of Companies. The auditor's report on those
accounts was unqualified and did not contain a statement under
section 498(2)-(3) of the Companies Act 2006.
These policies have been applied consistently to all periods
presented, unless otherwise stated.
The interim financial information has been prepared under the
historical cost convention with the exception of the fair values
applied in accounting for share based payments and investments. The
financial information and the notes to the historical financial
information are presented in thousands of pounds sterling
('GBP'000'), the functional and presentation currency of the Group,
except where otherwise indicated.
Going Concern
The Group's forecasts and projections to 31 December 2024 based
on the current trends in development and trading and after taking
account of the funds currently held, show that the Group will be
able to operate within the level of cash reserves.
The Directors therefore have a reasonable expectation that the
Group have adequate resources to continue in operational existence
for the foreseeable future and consider the going concern basis to
be appropriate.
3 Segment reporting
IFRS 8, Operating Segments, requires operating segments to be
identified on the basis of internal reports that are regularly
reviewed by the company's chief operating decision maker. The chief
operating decision maker is considered to be the executive
Directors.
The Group at this stage comprises only one operating segment for
the development and sale of equipment for the electrolytic
production of clean hydrogen and oxygen. This is monitored by the
chief operating decision maker and strategic decisions are made on
the basis of adjusted segment operating results.
4 Exceptional costs and credits
30 June 30 June 31 December
2023 2022 2022
Cash settled LTIP credit - 1,965 1,965
Accelerated share based payment on
IPO - (374) (374)
IPO related costs - (604) (605)
----------------------------------- ------------- -------- ------------
- 987 986
------------------------------------------------- -------- ------------
Pre IPO, the Group had an LTIP in place for a director with a
cash-settled bonus arrangement payable, linked to the Group value
and share price over the 3 year period to September 2023. This was
replaced with parent company options with new terms and on
cancelling the arrangement resulted in the reversal of previous
charges and an exceptional credit to income of GBP1,965,000.
5 Taxation
Tax credits in respect of research and development expenditure
have been recognised when submitted and on receipt to date whilst
experience of claims being collated and accepted is gained. The
credit for the period to 30 June 2023 relates to the claim
submitted for the year ended 31 December 2022 and the credit for
the year ended 31 December 2022 to the claim submitted and received
for 2021.
6 Earnings per share
30 June 30 June 31 December
2023 2022 2022
Loss used in calculating earnings per
share (GBP'000) (1,609) (1,106) (3,444)
Weighted average number of shares for
basic EPS ('000) 266,422 245,054 255,321
Basic and diluted loss per share (pence) (0.60) (0.45) (1.35)
----------------------------------------- ------------ -------- ------------
There is no dilutive effect on a loss. There are potentially
dilutive options in place over 22,333,279 ordinary shares at 30
June 2023.
7 Intangible fixed assets
Development Patents Software Total
costs GBP'000
GBP'000 GBP'000 GBP'000
Cost
At 1 January 2023 5,291 171 55 5,517
Additions 1,276 108 - 1,384
Reclassification (5) 5 - -
Exchange movements - (4) - (4)
At 30 June 2023 6,562 280 55 6,897
--------------------------- ----------- -------- -------- --------
Accumulated depreciation
At 1 January 2023 - 21 20 41
Charge for the period - 21 7 28
--------------------------- ----------- -------- -------- --------
At 30 June 2023 - 42 27 69
Net book amount
At 30 June 2023 6,562 238 28 6,828
--------------------------- ----------- -------- -------- --------
At 31 December 2022 5,291 150 35 5,476
--------------------------- ----------- -------- -------- --------
The development costs relate to the direct expenditure incurred
on the Group's membrane free electrolysis technology.
8 Investments held at fair value through other comprehensive income
GBP'000
--------------------------- ----------------------------
As at 1 January 2023 1,497
Movement in fair value (42)
----------------------------- ---------------------------
Fair value at 30 June 2023 1,455
----------------------------- ---------------------------
The Company holds 1,412,429 ordinary GBP0.02 shares in ATOME
Energy plc, representing 3.5% of its issued share capital at 30
June 2023 (3.9% at 1 January 2023). ATOME Energy plc is listed on
AIM and is focused on the production, marketing and distribution of
green hydrogen and ammonia.
The fair value at 30 June 2023 and 1 January 2023 is measured
using the quoted price on the AIM market at that date (a level 1
input using the price from an active market).
9 Inventories
30 June 30 June 31 December
2023 2022 2022
Group and Company GBP'000 GBP'000 GBP'000
Raw materials and consumables 1,692 570 1,692
Work in progress 751 3,319 671
------------------------------ ------------ -------- ------------
2,443 3,889 2,363
------------------------------ ------------ -------- ------------
No impairment of inventory has arisen.
Work in progress represents the costs incurred in the production
of machines for confirmed orders not yet completed at the balance
sheet date.
10 Trade and other receivables
30 June 30 June 31 December
2023 2022 2022
Current GBP'000 GBP'000 GBP'000
Trade receivables 81 - 84
Other receivables 849 688 2,053
Tax recoverable 512 - 174
Prepayments and accrued income 862 1,397 928
------------------------------- ------------ -------- ------------
2,304 2,085 3,239
------------------------------- ------------ -------- ------------
Non-current
------------------------------- ------------ -------- ------------
Other receivables 120 120 120
------------------------------- ------------ -------- ------------
There has been no significant revenue to 30 June 2023 and there
have been no impairment charges nor expected credit loss provisions
made, as the credit risk in respect of trade and other receivables
is considered low. The Directors consider that the carrying amount
of trade and other receivables approximates to their fair
value.
GBP475,000 of other receivables and deferred income relates to
cash from a customer held in escrow subject to completion of the
order.
11 Related party transactions
Directors remuneration during the 6 month period ended 30 June
2023 amounted to GBP337,000 (6 month period ended 30 June 2022 :
GBP367,000).
Independent Review Report to Clean Power Hydrogen plc
FOR THE PERIODED 30 JUNE 2023
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly report for the six months ended 30 June 2023 is
not prepared, in all material respects, in accordance with UK
adopted International Accounting Standard 34, "Interim Financial
Reporting" and the requirements of the AIM Rules for Companies.
Basis for conclusion
We conducted our review in accordance with International
Standard on Review Engagements (UK) 2410 "Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity", issued for use in the United Kingdom. A review of interim
financial information consists of making enquiries, primarily of
persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK), and consequently
does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
As disclosed in note 2, the annual financial statements of the
group are prepared in accordance with UK adopted IASs. The
condensed set of financial statements included in this half-yearly
financial report has been prepared in accordance with UK adopted
International Accounting Standard 34 "Interim Financial
Reporting".
Conclusions related to going concern
Based on our review procedures, which are less extensive than
those performed in an audit as described in the Basis of conclusion
section of this report, nothing has come to our attention to
suggest that management have inappropriately adopted the going
concern basis of accounting or that management have identified
material uncertainties relating to going concern that are not
appropriately disclosed.
This conclusion is based on the review procedures performed in
accordance with ISRE (UK) 2410, however future events or conditions
may cause the group to cease to continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly
financial report in accordance with the AIM Rules for
Companies.
In preparing the half-yearly financial report, the directors are
responsible for assessing the group's ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the
directors either intend to liquidate the group or to cease
operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the review of the financial
information
In reviewing the half-yearly report, we are responsible for
expressing to the group a conclusion on the condensed set of
financial statement in the half-yearly financial report. Our
conclusion, including our Conclusions relating to going concern,
are based on procedures that are less extensive than audit
procedures, as described in the Basis for conclusion paragraph of
this report.
Use of our report
Our report has been prepared in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the
rules of the London Stock Exchange AIM Rules for Companies for no
other purpose. No person is entitled to rely on this report unless
such a person is a person entitled to rely upon this report by
virtue of and for the purpose of our terms of engagement or has
been expressly authorised to do so by our prior written consent.
Save as above, we do not accept responsibility for this report to
any other person or for any other purpose and we hereby expressly
disclaim any and all such liability.
PKF Littlejohn LLP
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IR BCGDCSDDDGXG
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