Half-year Report

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	[phone]
Beaumont Cornish Limited  www.beaumontcornish.com (Nominated Advisor)
Roland Cornish / James Biddle	[phone]
Global Investment Strategy UK Ltd (Broker) Samantha Esqulant	[phone]

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Comprehensive Income

for the six months ended 31 December 2022

				Group Six months  to 31 December 2022  Unaudited		Group Six months  to 31 December 2021  Unaudited		Group Year  to 30 June 2022  Audited
				£'000s		£'000s		£'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 As at 31 December 2022  Unaudited		Group As at 31 December 2021  Unaudited	Group As at 30 June  2022  Audited
				£'000s		£'000s	£'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 premium	Other reserves	Merger reserve	Reverse acquisition reserve	Retained	Total
	capital					losses	Equity
	£'000	£'000	£'000	£'000	£'000	£'000	£'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 Six months  to 31 December 2022  Unaudited	Group Six months to 31 December 2021 Unaudited	Group Year to 30 June  2022 Audited
		Note	£'000	£'000	£'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 financial statements for the year ended 30 June 2022, 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 £143,000 (company's loss - 6 months to 31 December 2021 £109,000; year ended 30 June 2022 - £233,000) and a basic and diluted weighted average number of ordinary shares of £0.0001 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 Six months  to 31 December 2022  Unaudited	Group Six months to 31 December 2021 Unaudited	Group Year to 30 June  2022 Audited
	£'000s	£'000s	£'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 ordinary shares	Number of deferred shares	Ordinary shares	Deferred shares	New Deferred B shares	Share premium	Total
			£	£	£	£	£
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 websitewww.inspirit-energy.com.

 

END

 

 

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