Inspirit Energy Regulatory News (INSP)

28 March 2024

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 2023. 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 concluded stage three out of four on the electronic updates on the Waste Heat Recovery (WHR) system. The team are aiming to complete stage four over the next few weeks. They will then continue to carry out longevity testing of the WHR system. The company is still on track to complete this task on the projected timeline between mid to end of the 2nd quarter of 2024 as per our previous announcement. On completion of the WHR system, the unit is targeted to achieve its intended peak performance of 131kW.

The team have also between from late December 2023 and March 2024 started the process of relocating back to the United Kingdom and will seek appropriate premises to enable completion of the final stages of development and provide a base to exhibit the technology to prospective broad range of clients.

Also as previously announced, discussions are still 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.

The board 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

Consolidated

Statement of Comprehensive Income

for the six months ended 31 December 2023

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Financial Position as at 31 December 2023

*other borrowings include the short term unsecured debt equity of £65,000 that was repaid in January 2024 and the remaining balance of £100,000 relates to a provision on interest and fees on historic debt. 

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Changes in Equity

For the six months ended 31 December 2023

INSPIRIT ENERGY HOLDINGS PLC

Consolidated

Statement of Cash Flows

For the six months ended 31 December 2023

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 2023 were approved by the Board of Directors on 22 December 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 2023 has not been reviewed or audited. The interim financial report has been approved by the Board on 27 March 2024.

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 2023.

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 2023 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 2023 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 2023, 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 £149,000 (company's loss - 6 months to 31 December 2022 £143,000; year ended 30 June 2023 - £260,000) and a basic number of ordinary shares of £0.0001 each in issue of 6,287,190,896 (4,271,640,186 for 31 December 2022 and 4,271,640,186 for 30 June 2022).

6. Reconciliation of Operating Loss to Net Cash Outflow from Operating Activities

7. Issued and fully paid

The issued share capital is as follows

8. Subsequent events after the reporting period

On 2nd January 2024 and a further clarification announced on 8th January 2024, the company announced that it repaid the short-term, un-secured debt of US$80,000 (approximately £65,624) that was drawn down on 8th December 2022, and the original $250,000 loan facility ceased at that date.

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.

NOTICE

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.