Half-year Report

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.

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

Unaudited consolidated balance sheet
as at 28 February 2022

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

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

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.

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

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Wheelsure Holdings Plc

Source: Wheelsure Holdings Plc