TIDMINSP
RNS Number : 8521U
Inspirit Energy Holdings PLC
31 March 2023
31 March 2023
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 2022. The
interim financial information document will also be available on
the Company's website www.inspirit-energy.com .
Chairman's Statement:
In the period under review our engineering team have been
concluding the stage two build and testing and a number of tests
have been conducted under varying scenarios, each for a duration of
approximately one hour, with consistent performance with peak
output reaching 97kw.
Stage three build and testing should be complete by the 2nd
Quarter 2023, where the unit is targeted to achieve its intended
peak performance of 131kW.
While we have experienced minor delays, the result of extended
delivery times from suppliers of key components, the Inspirit WHR
unit has met all our expectations around reliability and
performance. Discussions are currently ongoing with both a major
automotive group and with an alternative combustion manufacturer to
potentially partner on exciting future developments relating to the
Charger. In addition, the Inspirit team is also exploring
opportunities to collaborate with other automotive groups, where
the potential exists to achieve the same significant performance
enhancements that we have achieved to date with automotive
combustions engines.
The board of Inspirit has no doubt that the technology the
Company has developed could have a significant impact on
applications within the automotive industry where manufacturers
seek to enhance performance from the recovery and electrification
of waste heat. The commercial potential would seem boundless and
Inspirit is extremely optimistic about the commercial prospects for
the business. To the best of our understanding, we remain unique in
this space at a time where manufactures of combustion engines are
seeking to create more efficient engines for commercial
vehicles.
Furthermore, the industrial sector is another requiring urgent
solutions for waste recovery technologies where Inspirit could
really apply its WHR technology. The general consensus is that the
world needs to decarbonise low temperature industrial waste heat to
achieve net-zero greenhouse gas emission targets. Industrial waste
heat production represents an opportunity for reduction in the use
of fossil fuels. Energy inefficient processes in addition to
increased emissions raises the cost of plant operation, -an
undesirable scenario for both industrial competitiveness and the
environment. The quantity and potential applications for recovered
low temperature industrial waste heat and the quantification
and
characterisation of the resource could provide the needed
impetus for the development and adoption of green technologies to
help achieve the 2050 Net-Zero target. Significant opportunities
exist in this low temperature range for waste heat recovery actions
at individual sites. Research and Development (R&D) into
alternative improved methods for waste heat recovery, storage, and
use technologies could also produce significant positive
environmental and industrial impact.
-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 2022
Group Group Group
Six months Six months Year
to to to
31 December 31 December 30 June
2022 2021 2022
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
---------------------------- ---------------- ---------------- ----------------
Revenue - - -
Administrative expenses (158) (137) (329)
---------------- ---------------- ----------------
Operating loss (158) (137) (329)
Finance costs - - -
---------------- ---------------- ----------------
Loss before tax (158) (137) (329)
Income tax credit 15 28 96
---------------- ---------------- ----------------
Loss for the period from
continuing
operations attributable to
shareholders (143) (109) (233)
Loss per share - Pence
Basic and diluted (0.003)p (0.003)p (0.005)p
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Financial Position as at 31 December 2022
Group Group Group
As at As at As at
31 December 31 December 30 June
2022 2021 2022
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
------------------------------- ---------------- ---------------- ----------------------
Non-Current Assets
Intangible assets 3,069 2,851 2,998
Tangible assets 23 28 25
-------------- -------------- --------------
3,092 2,879 3,023
Current assets
Trade and other receivables 120 49 107
Cash and cash equivalents 66 348 160
-------------- -------------- --------------
186 397 267
-------------- -------------- --------------
Current liabilities
Trade and other payables (600) (395) (533)
Other borrowing (164) (100) (100)
-------------- -------------- --------------
(495) (495) (633)
-------------- -------------- --------------
Net Current Liabilities (578) (98) (366)
Non-Current Liabilities
Borrowings - - -
-------------- -------------- --------------
2,514 2,781 2,657
Equity
Share capital 2,103 2,103 2,103
Share premium 9,783 9,783 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 (5,164) (4,897) (5,021)
-------------- -------------- --------------
Total 2,514 2,781 2,657
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Changes in Equity
For the six months ended 31 December 2022
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
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 - - - - - (233) (233)
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD - - - - - (233) (253)
------------------------ -------- --------- ------------- --------- ------------- --------- --------
BALANCE AT 30 June
2022 (Audited) 2,103 9,783 3 3,150 (7,361) (5,021) 2,657
------------------------ -------- --------- ------------- --------- ------------- --------- --------
Loss for the period - - - - - (143) (143)
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD - - - - - (143) (143)
------------------------ -------- --------- ------------- --------- ------------- --------- --------
Share issues - - - - - - -
Share issue costs - - - - - -
------------------------ -------- --------- ------------- --------- ------------- --------- --------
TRANSACTIONS WITH - - - - - - -
OWNERS
------------------------ -------- --------- ------------- --------- ------------- --------- --------
BALANCE AT 31 December
2022 2,103 9,783 3 3,150 (7,361) (5,164) 2,514
------------------------ -------- --------- ------------- --------- ------------- --------- --------
INSPIRIT ENERGY HOLDINGS PLC
Consolidated
Statement of Cash Flows
For the six months ended 31 December 2022
Group Group Group
Six months Six months Year
to to to
31 December 31 December 30 June
2022 2021 2022
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
---------------------------- ----- --------------- --------------- --------------------
Operating activities
Net cash from operating
activities 6 (86) (135) (176)
-------------- -------------- --------------
Net cash generated/(used)
in operating activities (86) (135) (176)
-------------- -------------- --------------
Investing activities
Acquisition of intangible
assets (72) (78) (225)
Acquisition of plant - - -
and equipment
-------------- -------------- --------------
Net cash from financing
activities (72) (78) (225)
-------------- -------------- --------------
Financing activities
Loan Note 64 - -
-------------- -------------- --------------
Net cash from financing
activities 64 - 727
-------------- -------------- --------------
Net cash outflow (94) (213) (401)
Cash and cash equivalents
at the beginning of the
period 160 561 561
-------------- -------------- --------------
Cash and cash equivalents
at the end of the period 66 348 561
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 2022 were approved by the Board of Directors on 5
January 2023 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 2022 has not been reviewed or audited. The interim
financial report has been approved by the Board on 30 March
2023.
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
2022.
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
2022 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 2022 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 2022, 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 GBP143,000 (company's loss - 6 months to 31 December 2021
GBP109,000; year ended 30 June 2022 - GBP233,000) and a basic and
diluted weighted average number of ordinary shares of GBP0.0001
each in issue of 4,271,640,183 (same for 31 December 2021and 30
June 2022).
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
2022 2021 2022
Unaudited Unaudited Audited
GBP'000s GBP'000s GBP'000s
------------------------ -------------- -------------- --------------
Operating Loss for the
period (143) (137) (233)
Adjustments for :
(Increase)/Decrease in
receivables (11) (12) 3
(Decrease)/Increase in
payables 69 (16) 121
Depreciation 2 2 7
Finance expense - - -
Tax credit - - (96)
Tax Received (3) 28 42
-------------- -------------- --------------
Net cash from operating
activities (86) (135) (176)
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
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
2021/2022 4,271,640,186 400,932 299,292 396,923 1,406,599 12,933,447 15,036,261
---------------- -------------- ------------- --------- --------- ------------- -------------- -----------
At 31 December
2021/2022 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
On 13(th) February 2023, the company announced that Paul Needley
was appointed as an independent Non-Executive Director and Anthony
Samaha stepped down from the board to pursue other corporate
activities.
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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