TIDMINSP
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 Group Group
Six months Six months Year
to to to
31 December 31 December 30 June
2021 2020 2021
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'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 Group Group
As at As at As at
31 December 31 December 30 June
2021 2020 2021
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'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 Other Merger Reverse Retained Total
premium reserves reserve acquisition
reserve
capital losses Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'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 Group Group
Six months Six months Year
to to to
31 December 31 December 30 June
2021 2020 2021
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'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 nancial statements for the year ended 30 June 2021, as
described in those annual nancial 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 GBP109,000 (company's loss - 6 months to 31 December 2020
GBP40,000; year ended 30 June 2021 - GBP253,000) and a basic and
diluted weighted average number of ordinary shares of GBP0.0001
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 Group Group
Six months Six months Year
to to to
31 December 31 December 30 June
2021 2020 2021
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'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 Number Ordinary Deferred New Deferred Share premium Total
ordinary of deferred shares shares B shares
shares shares
GBP GBP GBP GBP GBP
---------------- -------------- ------------- --------- --------- ------------- -------------- -----------
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 .
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