Interim Results for the 6 month period ended 30th
CHAIRMAN'S STATEMENT
I am delighted to be presenting my first statement since becoming Chairman on the 17th
Since our March year end, the Group's focus has seen the continued development of potential customer interest for the two emulsifier products developed by the Group and made under licence and distributed by Nouryon B.V (Nouryon). One emulsifier is for use with diesel fuel while the second is primarily for Heavy Fuel Oil (HFO) applications. Under the terms of the agreements we have with Nouryon, the Group will receive royalty and commission payments from Nouryon on the sales of the products generated by the Group. By agreement, we are the exclusive agent for these two products across the worldwide marketplace.
Our outlook is indeed worldwide, but we recognised that local customers would lead to the quickest route to market following discussions with a range of
The period under review also saw the development of a system, in cooperation with a commercial ship owner, to enable our HFO product to be deployed on board a working ship with the dosing and ultrasonic mixing "plumbed into" the ship's existing fuel system, this with only minimal modification. We look forward to further news on this activity during the early part of 2020.
Our emergence into the public marketplace coincides with the worldwide recognition and acceptance to reduce carbon emissions. We have all seen the move to the electrification of vehicles to remove toxins, particulates and pollutants from our immediate environment, but this will have little impact on the global problem.
Tackling toxic emissions from the shipping and fossil fuel power generation sectors is far more significant and so is the world's priority and we believe that our technology can provide part of the solution. Indeed, we have already made inroads with shipping companies and power companies who have started to take the issue and our solution seriously. If we get it right, the resulting commercial and environmental benefits to us, our potential customers and the wider stakeholder community will be significant.
On behalf of the Board, I would like to thank our professional advisers for the tremendous detailed work and support during our flotation period and I welcome our new shareholders as we enter the commercial phase of the Group's journey. We look forward to an exciting and cash generative 2020.
Chairman.
Enquiries:
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NEX Exchange Corporate Adviser: |
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+44 (0) 20 7448 9820 |
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+44 (0) 20 7448 9820 |
The directors take responsibility for this announcement.
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Consolidated Statement of Comprehensive Income for the 6 months ended |
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Unaudited6 months ended |
Audited 9 months ended |
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£ |
£ |
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Turnover |
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- |
- |
Cost of sales |
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- |
- |
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--------------------------- |
-------------------------------- |
Gross profit |
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- |
- |
Distribution costs |
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- |
(4,290) |
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Administrative expenses |
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(724,586) |
(547,804) |
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-------------------------------- |
-------------------------------- |
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Operating loss |
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(724,586) |
(552,094) |
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-------------------------------- |
----------------------------------------- |
Loss before taxation |
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(724,586) |
(552,094) |
Tax on loss |
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- |
13,168 |
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-------------------------------- |
-------------------------------- |
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Loss for the financial period and total comprehensive income |
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(724,586) |
(538,926) |
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Earnings per share (pence) Note 3 |
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(0.89) |
(0.66) |
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Consolidated Statement of Financial Position |
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Unaudited 30 September 2019 |
Audited |
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£ |
£ |
Fixed assets
Intangible assets |
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8,889,078 |
9,089,078 |
Tangible assets |
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6,147 |
6,272 |
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----------------------------------------- |
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8,895,225 |
9,095,350 |
Current assets
Inventory |
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123,830 |
9,297 |
Debtors |
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16,688 |
- |
Cash at bank and in hand |
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154,452 |
206,841 |
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--------------------------- |
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294,970 |
216,138 |
Creditors: amounts falling due within one year |
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(983,655) |
(610,933) |
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-------------------------------- |
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Net current liabilities |
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(688,685) |
(394,795) |
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----------------------------------------- |
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Total assets less current liabilities |
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8,206,539 |
8,700,555 |
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----------------------------------------- |
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Net assets |
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8,206,539 |
8,700,555 |
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Capital and reserves
Called up share capital |
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1,631,118 |
1,631,118 |
Share premium account |
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9,301,144 |
9,389,155 |
Other reserves |
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283,842 |
- |
Profit and loss account |
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(3,009,565) |
(2,319,718) |
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Shareholders' funds |
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8,206,539 |
8,700,555 |
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Notes to the Interim Financial Statements
1. General Information
The Company's principal activity is the procurement of orders for customers wishing to use two fuel emulsifier products previously developed by the group and now owned under licence to
2. Basis of Preparation
The interim financial statements of the Company and its subsidiaries for the six months ended
The financial information contained in the interim report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The financial information for the full preceding statutory reporting period is based on the statutory accounts for the 9 months ended
As permitted by IAS 34 "Interim Financial Reporting", a company preparing its first interim accounts may omit comparative information where the company does not have available in its accounting records the financial information needed to prepare the comparative interim financial statements.
As a result, the company has not presented the financial information for the 6 months ended
As permitted, this interim report has been prepared in accordance with the NEX Rules for Companies and not in accordance with IAS 34 "Interim Financial Reporting" therefore it is not fully compliance with IFRS.
The interim financial statements are presented in sterling.
3. Loss per share
Basic loss per share is 0.89p. The basic loss per ordinary share is calculated by dividing the loss of
The loss attributable to equity holders (holders of ordinary shares) of the Company for calculating the fully diluted loss per share is identical to that used for calculating the loss per share. The exercise of share options would have the effect of reducing the loss per share and is therefore anti-dilutive.
This information is provided by RNS, the news service of the