Audited results for the year ended 30 June 2023

Tribe Technology PLC

29 December 2023

 

29 December 2023

Tribe Technology PLC

("Tribe Tech", the "Company" or the "Group")

Trading subsidiaries consolidated audited results for the year ended 30 June 2023 and unaudited balance sheet for the Company for the period ended 30 June 2023

Tribe Technology PLC (AIM: TRYB), a disruptive developer and manufacturer of autonomous mining equipment, is pleased to announce the consolidated audited results for its trading subsidiaries Tribe Technology Group Ltd and Tribe Technology Pty Ltd for the year ended 30 June 2023, details of which have been filed at Companies House and will be available on the Company website. The Group's unaudited balance sheet as at 30 June 2023 is also included in this announcement.

Tribe Technology PLC was incorporated on 30 March 2023 and the Group's next set of results will be its unaudited consolidated interim results for the six month period from 1 July to 31 December 2023, which will be announced by 31 March 2024 in accordance with the AIM Rules.

Highlights

·  On a consolidated basis the revenue and EBITDA numbers to 30 June 2023 were in line with management expectations

·   Successful pre-IPO fundraise of £2 million with a number of prominent investment firms as Tribe Tech established itself as an exciting investment opportunity

·   Mike Irvine appointed as Non-Executive Director 6 December 2022 with additional non-executive directors Caroline Bault and Preeti Mardia appointed 17 August 2023

·    Secured significant order with major mining company for autonomous drill rig

·    Since reporting date, successfully admitted to trading on AIM on 5 September 2023

·    Successful raise of £4.6million at IPO gross of listing costs (net proceeds of £3.29million)

·   Secured a capital facility of £3 million (gross proceeds) in October 2023 with Beach Point Capital, details of which were announced on 25 October 2023

Outlook

·    Committed to developing product portfolio and research and development in Q1 2024 with its disruptive mining equipment

·    Early qualification of sample system by working with existing customers and further trials have been successfully conducted and will continue into the first half of 2024

·    The Company continues to develop and advance innovative products for the drilling sector to advance efficiency, safety and sustainability within the sector

·    The Company released a trading update on 28 December 2023 which can be accessed below Trading update - 07:00:02 28 Dec 2023 - TRYB News article | London Stock Exchange

·    As set out in the trading update, factory completion of the first generation autonomous TTDS 700 GC drill rig, originally anticipated to occur in late Q4 2023, is now expected to occur in Q1 2024

Charlie King, Chief Executive Officer at Tribe Tech, stated:

"This has been an exciting year for everyone at Tribe Tech, and we have made progress in 2023, highlighted by our successful IPO in September 2023 and the strong working relationships the Group has with a number of current and future customers. I look forward to providing shareholders with additional updates in the new year".

[The full financial statements for Tribe Technology Group Limited can be found here: Reports & Presentations - Tribe Tech Group]

Unaudited Balance Sheet of Tribe Technology PLC

As at 30 June 2023 (£000s)

Current Assets (Cash)	672.8
Current Liabilities1	(10.7)
Amount Owed from Subsidiary2	500.0
Net Assets	1,162.1
Equity3	1,162.1

¹Accrued directors fees for new NEDs

²Transfer to Tribe Technology Group, trading subsidiary, for working capital purposes

³£1.17M ASA funds, less loss for period

-END-

For further information, please visit www.tribetechgroup.com or contact:

Tribe Technology PLC	via Tavistock
Charlie King, Chief Executive Officer Eric Hampel, Chief Financial Officer
Allenby Capital Limited (Nominated Adviser and Broker)	[phone]
John Depasquale / Vivek Bhardwaj / Lauren Wright (Corporate Finance) Tony Quirke / Joscelin Pinnington (Sales & Corporate Broking)	[e-mail]
Tavistock (Financial PR)	[phone]
Gareth Tredway / Rebecca Hislaire / Saskia Sizen	[e-mail]

About Tribe Tech

Established in 2019, the Group was founded to create a safer, more efficient work environment through the development of fully autonomous reverse circulation drill rigs in the mining industry. The Group's core activities are the development, in-house manufacturing, and sale of its autonomous RC Drill Rigs incorporating its core proprietary intellectual property, the Tribe Technology Drilling System ("TTDS").

The following financial statements are for the Tribe Technology Group Limited.

Consolidated Statement of Comprehensive Income

			Year ended		Year ended
			30 June		30 June
			2023		2022
					(restated)
			£'000		£'000
Revenue			40		2
Cost of sales			(799)		(293)
Gross loss			(759)		(291)
Other operating income			464		428
Administrative expenses			(3,327)		(2,402)
Operating loss			(3,622)		(2,265)
Finance income			2		-
Finance expense			(184)		(105)
Other losses			(5)		-
Loss before taxation			(3,809)		(2,370)
Taxation			533		638
Loss for the year			(3,276)		(1,732)
Other comprehensive expense
Foreign currency retranslation			(4)		(62)
Total comprehensive expense			(3,280)		(1,794)

 

Consolidated Statement of Financial Position

	As at		As at		As at
	30 June		30 June		1 July
	2023		2022		2021
			(restated)		(restated)
	£'000		£'000		£'000
Assets
Non-current assets
Property, plant and equipment	206		130		39
Intangible assets	28		38		20
Right-of-use assets	523		720		676
Total non-current assets	757		888		735
Current assets
Inventories	1,688		832		1
Trade and other receivables	793		1,220		437
Cash and cash equivalents	207		232		64
Total current assets	2,688		2,284		502
Total assets	3,445		3,172		1,237
Liabilities
Current liabilities
Trade and other payables	2,410		1,791		513
Lease liabilities	209		205		150
Borrowings	220		489		50
Total current liabilities	2,839		2,485		713
Non-current liabilities
Borrowings	359		211		-
Lease liabilities	264		497		528
Other payables	1,737		989		830
Total non-current liabilities	2,360		1,697		1,358
Total liabilities	5,199		4,182		2,071
Net liabilities	(1,754)		(1,010)		(834)
Equity
Share capital	-		-		-
Share premium	3,244		1,618		-
Shares to be issued	910		-		-
Exchange reserve	(73)		(69)		(7)
Accumulated losses	(5,835)		(2,559)		(827)
Total equity	(1,754)		(1,010)		(834)

Company Statement of Financial Position

	As at		As at		As at
	30 June		30 June		1 July
	2023		2022		2021
			(restated)		(restated)
	£'000		£'000		£'000
Assets
Non-current assets
Property, plant and equipment	167		92		15
Intangible assets	23		29		10
Right-of-use assets	431		575		531
Total non-current assets	621		696		556
Current assets
Inventories	1,676		614		1
Trade and other receivables	1,735		2,074		940
Cash and cash equivalents	156		220		16
Total current assets	3,567		2,908		957
Total assets	4,188		3,604		1,513
Liabilities
Current liabilities
Trade and other payables	2,183		1,586		481
Lease liabilities	149		160		97
Borrowings	90		489		50
Total current liabilities	2,422		2,235		628
Non-current liabilities
Borrowings	359		211		-
Lease liabilities	229		392		426
Other payables	1,737		989		811
Total non-current liabilities	2,325		1,592		1,237
Total liabilities	4,747		3,827		1,865
Net liabilities	(559)		(223)		(352)
Equity
Share capital	-		-		-
Share premium	3,244		1,618		-
Shares to be issued	910		-		-
Accumulated losses	(4,713)		(1,841)		(352)
Total equity	(559)		(223)		(352)

The loss for the financial year of the parent company was £2,851k (2022: £1,489k). The Company has elected to take the exemption under section 408 of the Companies Act 2006 not to present the Parent Company Statement of Comprehensive Income.

Consolidated Statement of Changes in Equity

	Share capital		Share premium		Shares to be issued		Accumulated losses		Foreign exchange reserve		Total equity
	£'000		£'000		£'000		£'000		£'000		£'000
Balance At 01 July 2021	-		-		-		(827)		(7)		(834)
Comprehensive income
Loss for the year	-		-		-		(1,732)		-		(1,732)
Other comprehensive income	-		-		-		-		(62)		(62)
Transactions with owners
Issue of shares	-		1,618		-		-		-		1,618
Balance at 30 June 2022	-		1,618		-		(2,559)		(69)		(1,010)
Balance at 01 July 2022	-		1,618		-		(2,559)		(69)		(1,010)
Comprehensive income
Loss for the year	-		-		-		(3,276)		-		(3,276)
Other comprehensive income	-		-		-		-		(4)		(4)
Transactions with owners
Issue of shares	-		1,551		-		-		-		1,551
Reissue as a convertible loan	-		(214)		-		-		-		(214)
Issue of shares on conversion of convertible loan note	-		527		-		-		-		527
Share issue costs	-		(238)		-		-		-		(238)
Shares to be issued	-		-		910		-		-		910
Balance at 30 June 2023	-		3,244		910		(5,835)		(73)		(1,754)

Company Statement of Changes in Equity

	Share capital		Share premium		Shares to be issued		Accumulated losses		Total equity
	£'000		£'000		£'000		£'000		£'000
Balance At 01 July 2021	-		-		-		(352)		(352)
Comprehensive income
Loss for the year	-		-		-		(1,489)		(1,489)
Other comprehensive income	-		-		-		-		-
Transactions with owners
Issue of shares	-		1,618		-		-		1,618
Balance at 30 June 2022	-		1,618		-		(1,841)		(223)
Balance at 01 July 2022	-		1,618		-		(1,841)		(223)
Comprehensive income
Loss for the year	-		-		-		(2,872)		(2,872)
Other comprehensive income	-		-		-		-		-
Transactions with owners
Issue of shares	-		1,551		-		-		1,551
Issue of shares on conversion of convertible loan notes	-		527		-		-		527
Reissue as a convertible loan	-		(214)		-		-		(214)
Share issue costs	-		(238)		-		-		(238)
Shares to be issued	-		-		910		-		910
Balance at 30 June 2023	-		3,244		910		(4,713)		(559)

 

Consolidated Statement of Cash Flows

		As at		As at
		30 June		30 June
		2023		2022
		£'000		£'000
Cash flows from operating activities
Loss before taxation from continuing activities		(3,809)		(2,370)
Adjustments for non-cash/non-operating items:
Depreciation of property, plant and equipment		27		15
Amortisation of intangible assets		9		5
Amortisation of right-of-use assets		175		158
Loss on disposal of property, plant and equipment		1		-
Loss on disposal of right-of-use assets		7		-
Shares issued in lieu of cash settlement		67		-
Movement in provisions		479		177
Initial lease payments		(13)		(16)
Loss on remeasurement of leases		(22)		-
Finance income		(2)		-
Finance expense		184		105
		(2,897)		(1,926)
Increase in inventories		(856)		(830)
Decrease/(Increase) in trade and other receivables		427		(784)
Increase in trade and other payables		1,378		1,261
Cash used in operations		(1,948)		(2,279)
R&D tax credits received		533		638
Net cash used in operating activities		(1,415)		(1,641)
Cash flows from investing activities
Purchase of property, plant and equipment		(107)		(106)
Purchase of intangible assets		-		(23)
Interest received		2		-
Net cash used in investing activities		(105)		(129)
Cash flows from financing activities
Principal paid on lease liabilities		(181)		(169)
Interest paid on lease liabilities		(52)		(59)
Cash received for shares to be issued		844		-
Issue of shares		1,550		1,618
Share issue costs		(238)		-
Issue of convertible loan notes		287		-
Repayment of borrowings		(1,341)		-
Proceeds from borrowings		740		650
Other interest paid		(106)		(46)
Net cash from financing activities		1,503		1,994
Net (decrease)/ increase in cash and cash equivalents		(17)		224
Cash and cash equivalents at beginning of year		232		64
Effect of foreign exchange rates		(8)		(56)
Cash and cash equivalents at end of year		207		232

 

 

Company Statement of Cash Flows

		As at		As at
		30 June		30 June
		2023		2022
		£'000		£'000
Cash flows from operating activities
Loss before taxation from continuing activities		(3,100)		(1,885)
Adjustments for non-cash/non-operating items:
Depreciation of property, plant and equipment		18		7
Amortisation of intangible assets		6		3
Amortisation of right-of-use assets		139		124
Loss on disposal of property, plant and equipment		1		-
Loss on disposal of right-of-use assets		5		-
Shares in lieu		67		-
Movement in provisions		479		177
Initial lease payments		(13)		(7)
Loss on remeasurement of leases		(22)		-
Finance income		(2)		-
Finance expense		150		68
		(2,272)		(1,513)
Increase in inventories		(1,062)		(613)
Decrease/(increase) in trade and other receivables		336		(1,135)
Increase in trade and other payables		1,095		1,104
Cash from operations		(1,903)		(2,157)
R&D tax credits received		230		397
Net cash used in operating activities		(1,673)		(1,760)
Cash flows from investing activities
Purchase of property, plant and equipment		(94)		(85)
Purchase of intangible assets		-		(21)
Interest received		2		-
Net cash used in investing activities		(92)		(106)
Cash flows from financing activities
Principal paid on lease liabilities		(138)		(131)
Interest paid on lease liabilities		(42)		(45)
Cash received for shares to be issued		844		-
Issue of shares		1,550		1,618
Share issue costs		(238)		-
Issue of convertible loan notes		287		-
Repayment of borrowings		(1,105)		(94)
Proceeds from borrowings		625		744
Other interest paid		(82)		(22)
Net cash from financing activities		1,701		2,070
Net (decrease)/increase in cash and cash equivalents		(64)		204
Cash and cash equivalents at beginning of year		220		16
Cash and cash equivalents at end of year		156		220

 

END