Half-year Report Business Wire

LONDON--(BUSINESS WIRE)--

 

Wheelsure Holdings plc

(“Wheelsure” or the “Group”)

Interim Results for Six Months Ended 28 February 2022

We are pleased to announce our results for the half year ended 28 February 2022.

Sales for the 6 months were £93,268 (6 months ended 28 February 2021: £55,683, Year ended 31 August 2021: £144,077). This increase reflects a slight improvement in trading conditions after the exceptional circumstances of the pandemic. Sales are from the UK and major European countries and continue into the post-reporting period.

UK
Despite the continued shortfall in passenger traffic on London Underground (LUL) and the associated financial issue, we have received good repeat business from them, as well as Docklands Light Railway (DLR). Our relationships and strong supply chain remain in place to benefit from their recovery following Covid.

Germany
Repeat orders received in the period from Siemens AG, DB Netz, and Thyssenkrupp, are encouraging signs for our German business and they continue into the post-reporting period. The business from DB Netz Wuppertal is particularly positive, in that it establishes supplies directly into the supply chain of this major operator.

In common with all EU business, post-Brexit complexities have increased the costs associated with export and the lead-times. We have worked hard to overcome these challenges and the Board is confident in growing this vital business.

Italy
Business in Italy has picked up and shows signs of greater consistency following a very quiet time. This market remains very important and the Board see it as a strategic priority to build on recent progress and realise the potential of our very strong technical approvals.

Holland
Following our collaboration agreement with Sedwell (reported in the year-end accounts), we have been discussing an exciting project utilising Tracksure Digital Fasteners in the Netherlands. The project scope has now been agreed and the Board is delighted to report that that it will take place in the summer of 2022.

Spain
Our first order for the Barcelona Metro (TMB) was received in this period. Once again, we enjoy a very good technical approval in Spain and we will be aiming to build upon this important breakthrough.

Tracksure Digital Fastener/ Tracksure Dual Thread Technology
As previously reported, these two new product developments are very exciting developments for the Company. During this financial year we will be looking to use this wider product range to broaden our customer base and seek new representation in important rail markets. The Dutch project detailed above will be the first time that we have incorporated Digital Fasteners into rail track and it opens the door for “remote condition monitoring”, a term that is a main objective for most progressive rail infrastructure businesses.

The Board would like to thank all our shareholders for their continued support.
John Richard Allen
Interim Chairman31 May 2022

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

For further information, please contact:

Wheelsure Holdings plc

 

01525 840 557

Gerhard Dodl, CEO

 

 

 

 

 

Cairn Financial Advisers LLP

 

020 7213 0880

Jo Turner / Liam Murray / Ed Downes

 

 

Unaudited consolidated statement of comprehensive income
for the six months ended 28 February 2022

 

 

Six months ended 28.02.2022

 

Six months ended 28.02.2021

 

Year ended 31.08.2021

 

 

£

 

£

 

£

 

 

 

 

 

 

 

TURNOVER

 

93,268

 

55,683

 

144,077

Cost of sales

 

(53,640)

 

(26,592)

 

(75,178)

 

GROSS PROFIT

 

 

39,628

 

 

29,091

 

 

68,899

Administrative expenses

 

(134,668)

 

(142,053)

 

(277,825)

 

OPERATING LOSS

 

 

(95,040)

 

 

(112,962)

 

 

(208,926)

Interest payable and similar charges

 

(10,211)

 

(4,112)

 

(15,032)

 

 

 

 

 

 

 

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION

 

(105,251)

 

(117,074)

 

(223,958)

Tax on loss on ordinary activities

 

-

 

(343)

 

17,601

 

 

 

 

 

 

 

LOSS FOR THE PERIOD AFTER TAXATION

 

(105,251)

 

(117,417)

 

(206,357)

 

 

 

 

 

 

 

Other comprehensive income

 

-

 

-

 

-

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD

 

(105,251)

 

(117,417)

 

(206,357)

BASIC AND DILUTED LOSS PER SHARE (NOTE 3)

 

2.6p

 

3.3p

 

5.5p

 

 

 

 

 

 

 

Unaudited consolidated balance sheet
as at 28 February 2022

 

As at

 

As at

 

As at

 

28.02.2022

 

28.02.2021

 

31.08.2021

 

£

£

 

£

£

 

£

£

FIXED ASSETS

 

 

 

 

 

 

 

 

Intangible assets

 

46,527

 

 

48,194

 

 

48,621

Tangible assets

 

212

 

 

372

 

 

292

 

 

46,739

 

 

48,566

 

 

48,913

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

Stocks

27,368

 

 

34,125

 

 

32,034

 

Debtors

50,089

 

 

75,774

 

 

54,036

 

Cash at bank

4,533

 

 

159

 

 

18,747

 

 

81,990

 

 

110,059

 

 

104,817

 

CREDITORS

 

 

 

 

 

 

 

 

Amounts falling due within one year

(377,853)

 

 

(269,956)

 

 

(252,545)

 

 

 

 

 

 

 

 

 

 

NET CURRENT LIABILITIES

 

(295,863)

 

 

(159,897)

 

 

(147,728)

 

 

 

 

 

 

 

 

 

NET LIABILITIES

(249,124)

 

 

(111,331)

 

 

(143,873)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL AND RESERVES

 

 

 

 

 

 

 

Called up share capital

 

2,418,171

 

 

2,413,868

 

 

2,418,171

Share premium

 

3,713,311

 

 

3,666,640

 

 

3,713,311

Profit and loss account

 

(6,380,606)

 

 

(6,191,839)

 

 

(6,275,355)

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ DEFICIT

(249,124)

 

 

(111,331)

 

 

(143,873)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited consolidated statement of changes in equity
for the six months ended 28 February 2022

Six months ended 28 February 2022

Called up share capital

 

Share Premium

 

Retained earnings

 

Total equity

 

£

 

£

 

£

 

£

Balance at 1 September 2021

2,418,171

 

3,713,311

 

(6,275,355)

 

(143,873)

Changes in equity

 

 

 

 

 

 

 

Total comprehensive loss

-

 

-

 

(105,251)

 

(105,251)

Balance at 28 February 2022

2,418,171

 

3,713,311

 

(6,380,606)

 

(249,124)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended 28 February 2021

Called up share capital

 

Share Premium

 

Retained earnings

 

Total equity

 

£

 

£

 

£

 

£

Balance at 1 September 2020

2,413,868

 

3,667,640

 

(6,074,422)

 

7,086

Changes in equity

 

 

 

 

 

 

 

Issue of share capital

-

 

(1,000)

 

-

 

(1,000)

Total comprehensive loss

-

 

-

 

(117,417)

 

(117,417)

Balance at 28 February 2021

2,413,868

 

3,666,640

 

(6,191,839)

 

(111,331)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended 31 August 2021

Called up share capital

 

Share Premium

 

Retained earnings

 

Total equity

 

£

 

£

 

£

 

£

Balance at 1 September 2020

2,413,868

 

3,667,640

 

(6,074,422)

 

7,086

Changes in equity

 

 

 

 

 

 

 

Issue of share capital

4,303

 

45,671

 

-

 

49,974

Total comprehensive loss

-

 

-

 

(206,357)

 

(206,357)

Capital contribution

-

 

-

 

5,424

 

5,424

Balance at 31 August 2021

2,418,171

 

3,713,311

 

(6,275,355)

 

(143,873)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited consolidated cash flow statement
for the six months ended 28 February 2022

 

 

 

Notes

 

Six months ended 28.02.2022

 

Six months ended 28.02.2021

 

Year ended 31.08.2021

 

 

 

£

 

£

 

£

Cash flows from operating activities

 

 

 

 

 

 

 

Cash used in operations

4

 

(62,383)

 

(108,819)

 

(209,323)

Tax received

 

 

-

 

17,613

 

17,613

Net cash used in operating activities

 

 

(62,383)

 

(91,206)

 

(191,710)

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

Capital expenditure

 

 

(119)

 

(7,878)

 

(11,280)

Net cash used in investing activities

 

 

(119)

 

(7,878)

 

(11,280)

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

New loans in period

 

 

50,000

 

75,000

 

150,000

Share issue proceeds

 

 

-

 

-

 

50,974

Share issue costs

 

 

-

 

(1,000)

 

(1,000)

Interest paid

 

 

(1,712)

 

(737)

 

(4,217)

Net cash from financing activities

 

 

48,288

 

73,263

 

195,757

 

 

 

 

 

 

 

 

(Decrease)/increase in cash and cash equivalents

 

 

(14,214)

 

(25,821)

 

(7,233)

 

 

 

 

 

 

 

 

Cash at bank and in hand at start of period

 

 

18,747

 

25,980

 

25,980

 

 

 

 

 

 

 

 

Cash at bank and in hand at period end

 

 

4,533

 

159

 

18,747

 

 

 

 

 

 

 

 

Notes to the unaudited financial statements
for the six months ended 28 February 2022

1. Reporting entity

Wheelsure Holdings plc (the “Company”) is a company incorporated and domiciled in the United Kingdom. The address of the Company’s registered office is 235 Hunts Pond Road, Fareham, Hampshire, PO14 4PJ.

The consolidated interim financial statements of the Group as at and for the half year ended 28 February 2022 comprise the Company and its subsidiaries (together referred to as the “Group”). The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group’s statutory financial statements for the year ended 31 August 2021 have been filed with the Registrar of Companies. The auditor’s report on those financial statements was unqualified but contained an emphasis of matter paragraph in relation to going concern and did not contain a statement under Section 498(2) of the Companies Act 2006. The consolidated financial statements of the Group as at and for the year ended 31 August 2021 are available at http://www.wsgroupglobal.com.

2. Basis of preparation

These consolidated financial statements for the half year ended 28 February 2022 are unaudited. They have been prepared and approved by the directors following the recognition and measurement principles of Financial Reporting Standard (FRS 102) and with the requirements of the Companies Act 2006. This information has not been reviewed by the Group’s auditors.

The interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 August 2021.

The information in the interim financial statements has not be reviewed by the Group’s auditors.

3. Basic and diluted loss per share

Six months ended 28.02.2022

 

Six months ended 28.02.2021

 

Year ended 31.08.2021

 

£

 

£

 

£

Loss for the period

(105,251)

 

(117,417)

 

(206,357)

Weighted average number of ordinary shares in issue during the period

4,013,428

 

3,583,058

 

3,765,337

Basic and diluted loss per share

2.6p

 

3.3p

 

5.5p

No shares were deemed to have been issued at nil consideration as a result of the share options granted.

The diluted basic loss per share is stated as the same amount as the basic as there is no dilutive effect in any period.

4. Reconciliation of operating loss to net cash outflow from operating activities

 

 

Six months ended 28.02.2022

 

Six months ended 28.02.2021

 

Year ended 31.08.2021

 

 

£

 

£

 

£

Operating loss for the period

 

(95,040)

 

(112,962)

 

(208,926)

Depreciation and amortisation charges

 

2,293

 

2,237

 

4,612

Loss on disposal of fixed assets

 

-

 

-

 

680

 

 

(92,747)

 

(110,725)

 

(203,634)

Decrease in stocks

 

3,947

 

587

 

2,678

Decrease / (increase) in trade and other debtors

 

4,666

 

(38,300)

 

1,383

Increase / (decrease) in trade and other creditors

 

21,751

 

39,619

 

(9,750)

 

 

 

 

 

 

 

Net cash outflow from operating activities

 

(62,383)

 

(108,819)

 

(209,323)

 

 

 

 

 

 

 

 

Wheelsure Holdings Plc

Source: Wheelsure Holdings Plc