Half-year Report

LONDON--(BUSINESS WIRE)--

Wheelsure Holdings plc

(“Wheelsure” or the “Group”)

Interim Results for Six Months Ended 29 February 2020

Chairman’s statement

We are announcing our results for the 6 months ended 28 February 2021.

Sales for the period were £55,683 (6 months to 29 February 2020: £115,730), reflects a difficult trading climate across our primary European market with the impact of COVID-19 adversely affecting all public sector transport spending.

The situation has shown signs of improvement in the latter part of the period and we anticipate a stronger start to the second half of the year.

During the period, we have enjoyed sales from London Underground, despite the reported drop in passenger income of up to 90% during 2020, as well as in both Germany and Italy.

This business has continued in the post-reporting period and we have also opened a new trading opportunity directly into Deutsche Bahn in addition to Siemens.

Against this difficult trading background, exacerbated by the additional challenges of the UK’s departure from the EU (Brexit), we are striving to seek new business opportunities.

In particular we are actively seeking new agent relationships in a number of countries, have developed a new commercial approach to manufacturers and are exploring more diverse (non-rail) opportunities.

The Board would like to place on record our thanks to Gerry Mulder, our outgoing Chairman who formally retired on 3 March 2021.

Gerry has worked tirelessly to support the company over 16 years and as Chairman for the last 9 years; we wish him and his family well in retirement.

I have been a Board member since inception and have taken on the role as Interim Non-Executive Chairman whilst we consolidate our business in the short term and plan for the future.

The trading environment remains uncertain due to the ongoing global pandemic but the Board remains confident that the broad fundamentals remain in place to build a strong business as the world recovers.

The Board would like to thank all our shareholders for their continued support.

John Richard Allen
Interim Chairman
20 April 2021

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.

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Notes to the unaudited financial statements
for the six months ended 28 February 2021

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 2021 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 2020 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 2020 are available at http://www.wsgroupglobal.com.

2. Basis of preparation
These consolidated financial statements for the half year ended 28 February 2021 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 2020.

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

3. Basic and diluted loss per share

The weighted average number of shares for the six months ended 29 February 2020 has been adjusted for the share capital reorganisation which took place on 22 May 2020. 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 either year.

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

5. Post balance sheet events
During March 2021 the Company raised £50,000 by way of a placing of 370,370 new Ordinary Shares and secured a Government-backed bounce-back loan totalling £50,000.

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Wheelsure Holdings Plc

Source: Wheelsure Holdings Plc