Last checked at 23 Oct 2023 07:00
23 October 2023
HeiQ Plc
("HeiQ" or "the Company")
Notice of Results and Audit Update
HeiQ (LSE:HEIQ), a leading company in materials innovation and hygiene technologies, announces that its audited accounts for the year ended 31 December 2022 ("2022 Accounts") will be published this week alongside its results for the six months ended 30 June 2023 ("H1 2023"). Following publication, the Company expects shares to recommence trading shortly thereafter. The announcement of the 2022 Accounts will contain details on the timing of resumption of trading. Additionally, the Company gives the below update regarding the audit work which is now in its final stages.
Audit Update
With the audit work reaching its final stages, the Company has concluded that it is necessary to defer revenues (and corresponding profits) that were originally recognized in H1 2022 and H2 2022 from certain milestone partnership agreements. Following our review of the contractual arrangements it is now deemed appropriate to recognize such revenues over a longer time period to coincide with specific exclusivity rights being granted by HeiQ to the partners. Consequently, revenue of US$4.0 million that was previously recognized during FY 2022 has been deferred over a period of 4 years with initial revenues being recognized in H2 2022. This means the Company now expects revenues for FY 2022, alongside gross profits and loss from operations, to be below previous market guidance. Some of these changes will also impact the H1 2023 interim reporting, which will be published together with the FY 2022.
This change in revenue recognition has not impacted on the Company's cash position and the Directors maintain their view that the Group continues to have adequate resources. The financial statements continue to be prepared on a going concern basis, notwithstanding the material uncertainty previously announced due to the uncommitted nature of the Company's credit facilities.
For further information, please contact:
HeiQ Plc Carlo Centonze (CEO) | +41 56 250 68 50 |
Cavendish Securities plc (Broker) Stephen Keys / Callum Davidson | +44 (0) 207 397 8900 |
SEC Newgate (Media Enquiries) Elisabeth Cowell / Molly Gretton / Tom Carnegie | +44 (0) 20 3757 6882 HeiQ@secnewgate.co.uk |
About HeiQ
HeiQ is a Swiss-based international company that innovates pioneering and differentiating materials in partnership with established global brands. We bridge the academic and commercial worlds to conceive performance-enhancing materials and technologies, working with aligned brands to research, manufacture and bring products to market, aiming for lab to consumer in months. Our goal is to improve the lives of billions by innovating the materials that go into everyday products, making them more hygienic, comfortable, protective, and sustainable.
Our strong IP portfolio positions us as an innovation leader for niche, premium and high-margin products in the textile chemicals, man-made fibers, paints and coatings, antimicrobial plastics, probiotics and household cleaner markets. We have also expanded into healthcare facilities, probiotic cleaning, and hygiene coatings markets to help make hospitals and healthcare environments more hygienic.
We have developed over 200 technologies in partnership with 300 major brands. With a substantial research and development pipeline, including key technology development projects HeiQ AeoniQ, HeiQ ECOS, HeiQ GrapheneX, and HeiQ Synbio, HeiQ aims to deliver shareholder value through sales growth and entry into new lucrative markets through disruptive innovation and M&A.
We have built a strong reputation for ESG & sustainable innovation, having won multiple awards including the Swiss Technology Award twice and the Swiss Environmental Award. Under experienced leadership, we are committed to driving our profit in close connection with people and the planet. For more information, please visit www.heiq.com.