TIDMEQIP
RNS Number : 9872P
Equipmake Holdings PLC
15 February 2023
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR").
("Equipmake" or the "Company")
RESULTS FOR THE SIX MONTHSED 30 NOVEMBER 2022
Equipmake, the UK developer and manufacturer of best-in-class
electrification products for the provision of electric vehicle
("EV") drivetrains, globally, is pleased to announce its unaudited
results for the six-month period ended 30 November 2022.
Financial highlights
- On track to meet market expectations for the current financial
year; contracted order book* of GBP9.1m, as of 6th February
2023
- Increase in commercial and production contracts to now
represent 95.6% of total revenue (HY 22: 60.3%), reflecting rising
commercial demand and associated shift away from grant income
- IPO and admission to the Aquis Growth Market (AQSE), raising
net proceeds of GBP9m, to scale operations and meet future customer
demand
- Subsequent placing of new ordinary shares (post-period end),
raising gross funds of GBP6.2m to capitalise on pipeline of
opportunities
- Move to the Apex segment of AQSE, after successfully
fulfilling additional eligibility criteria
* Orders that have been contracted but where revenue has not
been recognised.
Operational highlights
- Momentum in bus repower business continues to build:
o Successful delivery of the first (of 12) repowers of First
Bus' Optare Versa fleet
o Secured a second order from First Group for the repower of a
double-deck bus with a signed LOI for a significant number of
additional vehicles
o Launch of customer trials of an Equipmake-converted
fully-electric London Routemaster
o Strategic entry underway into international markets, initially
South America and Indonesia
- Market penetration for our own range of Equipmake EV products is progressing at pace:
o Supplied our bespoke motors and inverters to leading EVTOL
company Vertical Aerospace, for prototype; order for further
development work now received
o Supply contract for high performance EV products secured with
a leading European electric aerospace propulsions solutions
specialist
o Further orders from Emergency One to supply our EV products
and systems for fire trucks into the US and UK markets
o Continued supply of our high performance, ASIL D rated
inverters to European electric hypercar programme
- In final stages of securing a flexible lease on an existing
50,000 sq. ft unit, to provide further capacity
Commenting on the results, Ian Foley, CEO of Equipmake said:
"Equipmake continues to go from strength to strength as momentum
builds in our core bus repower and EV products businesses, and we
continue to grow our presence in exciting adjacent markets such as
aerospace. The strength of the commercial relationships we have
built are leading to more repeat orders, as well as new
partnerships.
"In July, we were delighted to join AQSE, at the same time
raising funds to grow our business, and I am particularly pleased
that we were able to raise further funds at the start of this year,
a strong endorsement of our business and its potential. We are now
even better placed to convert our pipeline of opportunities as
demand for our products and services continues to be strong both at
home, and internationally.
"While we recognise the potential headwinds posed by supply
chain issues, inflation and macroeconomic uncertainty, we are
confident that Equipmake's in-house engineering expertise, range of
strong EV products and solutions, and our increasingly diversified
customer base will allow us to overcome any such challenges."
For further information, please contact:
Equipmake Via MHP
Ian Foley, Founder and CEO
Steven McGillivray, CFO
Panmure Gordon (Corporate Adviser & Broker) Tel: +44 (0)20
John Prior / James Sinclair-Ford / Freddie 7886 2500
Twist (Corporate Finance)
Hugh Rich / Sam Elder (Corporate Broking)
MHP (Financial PR Adviser) Tel: +44 (0)20
Tim Rowntree 3128 8100
Eleni Menikou equipmake@mhpgroup.com
Alan Tovey
About Equipmake
Equipmake is a UK-based technology company which has developed a
range of electrification products for the provision of EV
drivetrains to meet the needs of the automotive, aerospace and
other sectors in support of the transition from fossil-fuelled to
zero-emission powertrains.
Equipmake a leading developer and integrator of ultra-high
performance electric motors, complete EV drivetrains and ultra-fast
power electronic systems. As well as developing proprietary
technology - such as an ultra-compact, lightweight high-performance
spoke motor - the Company also offers industry-leading EV
consultancy.
Equipmake believes that its vertically-integrated repowering
solutions enables it to offer more competitive pricing and deliver
higher margins than rivals who are integrating bought-in system
components. Following a number of years of engagement with
potential customers, the Company now has a significant pipeline of
opportunities, as demand for electric vehicles increases as part of
the global decarbonisation movement.
Equipmake has built up a significant product and IP portfolio
comprising leading motor and power electronic inverter technology,
and control software for safety critical applications which it will
seek to leverage via licencing agreements, in addition to selling
its own products.
Equipmake listed on the Aquis Stock Exchange Growth Market in
July 2022 and the c. GBP16 million raised to date is being used to
scale up the business to meet its pipeline of opportunities.
Chief Executive's Review
We delivered a robust performance in the six months ended 30
November 2022, following our successful IPO and admission to the
Aquis Growth Market (AQSE) in July 2022.
Commercial and production contracts contributed 95.6% of total
revenue during the period, compared to 60.3% for the same period
last year. Revenue declined in the first half versus the previous
year, reflecting the shift away from grant income and a second half
weighting driven by current production and delivery schedules.
The Company is on track to deliver contracted orders as expected
in the second half of this financial year and as such, we
anticipate full-year revenue to be in line with expectations.
Business Overview
Bus
During the Period, Equipmake delivered the first vehicle under
its contract with First Group to repower its York fleet of twelve
Optare Versa buses, meeting all criteria from the original scoping
document. Work has begun on the delivery of the remaining vehicles,
with a further five planned for delivery in the second half of this
financial year, and the remaining six now expected to be delivered
in the next financial year.
Following the success of the Versa project, First Group has
awarded Equipmake a follow-on contract for the repower of a
Double-Deck diesel vehicle. Under this agreement, First Group has
entered into a letter of intent declaring that, following a
successful trial period, it may engage the Company for the
conversion of several hundred further vehicles. The trial period is
expected to be completed in the third quarter of the calendar year
2023. If the trial period is successful, the Company anticipates
initial production on this project starting before the end of the
calendar year.
In August 2022, the Company a signed non-binding MOU with PT
Transportasi Jakarta and PT Vktr Teknologi Mobilitas for an
implementation plan for an electric bus retrofit trial in Jakarta,
Indonesia. Development of the first trial vehicle is under way,
with trials in Jakarta expected to start during calendar year
2023.
In the same month, the Company delivered a fully electric bus to
Buenos Aires, developed in partnership with Brazilian bus
manufacturer Agrale and Argentinian coachbuilder Todo Bus. Agrale
launched the vehicle to the South American press during the C40
World Mayors Summit in Buenos Aires in October last year. The
vehicle has completed more than 25,000 kilometres of testing
without any technical problems and will commence in-service trials
(carrying passengers) once homologation has been finalised. Agrale
is now marketing the vehicle to potential customers within South
America.
In November 2022, we showcased our latest pure-electric bus
technology at the Euro Bus Expo in Birmingham, the UK's leading bus
event, unveiling a fully-electric version of the iconic London
Routemaster. As part of this project, Equipmake replaced the
vehicle's existing hybrid powertrain with our Zero Emission
Drivetrain (ZED), which contains 95% British-made components. Our
presence at the expo included outdoor vehicle demonstrations, with
First Group also showcasing a co-branded Versa repower.
Other advanced electric motor technology markets
While the bus market remains a key focus for Equipmake, with
good momentum in repower projects during the period, we continued
to explore opportunities and gain traction in adjacent markets
across the globe undergoing electrification, including aerospace
and automotive, among others. These opportunities are for both the
repowering of existing fleets, as well as the provision of our
products into new vehicle builds.
Aerospace
Equipmake supplied bespoke motors and inverters to leading EVTOL
company Vertical Aerospace ("VA") for use on their VX4 prototype
aircraft. VA successfully performed its first test flight in
October 2022 and Equipmake has subsequently received a follow-on
order to commence the development and supply of motors and
inverters for its second prototype. The order includes an R&D
element which will commence in the current financial year.
During the period, Equipmake delivered a lightweight,
high-energy-density electric motor and inverter unit to leading
Australian space company, Gilmour Space. The Company utilised its
experience in weight-reducing technology to meet Gilmour's
stringent requirements for power and weight to facilitate
performance in the vacuum of space. The partnership is ongoing,
with further discussions due to take place following the launch of
Gilmour's first commercial rocket, Eris, using Equipmake's product.
Discussions are ongoing for initial production supply in 2024.
We also signed a contract with a leading electric aerospace
propulsions solutions specialist in Europe to supply motors for an
electric aircraft. Equipmake will supply bespoke, high-performance,
electric prototype motors, designed and manufactured at the
Company's base in Snetterton, UK, for use in an electric aircraft,
to be delivered during 2023.
Emergency Vehicles
The Company has continued to receive orders from Emergency One
to supply electric powertrains to a large US fire truck
manufacturer and other clients. Four systems are expected to be
delivered to the customer this financial year, ahead of plan.
Automotive
Supply chain challenges in the first half have resulted in the
volume of deliveries of ASIL-D rated traction inverters for a
leading European electric hypercar manufacturer being lower than
originally expected. With these challenges now resolved, delivery
of the remaining contracted units are now on track for delivery
within the second half of the financial year.
Other developments
Equipmake's progress in demonstrating our best-in-class
capabilities in motor, inverter, and control software development
across multiple transport sectors has led to numerous approaches by
global Tier 1 suppliers seeking access to our technology. This
market pull has led the Company to accelerate its evaluation of the
opportunities for product licencing, including early discussions
with potential strategic partners.
We continued to invest in capacity expansion during the period
and are currently in the final stages of securing a flexible lease
on an existing 50,000 sq. ft unit, primarily to facilitate the
production of the growing bus repowering business. Once complete,
this will add significant capacity to our Snetterton facility,
allowing us to scale the business and deliver on our medium-term
pipeline. Throughout the period we have also continued to invest in
R&D, and ongoing training and development initiatives.
On 12 December 2022, Equipmake advanced to the Apex segment of
the AQSE growth market, for larger, more established businesses,
successfully fulfilling additional eligibility criteria to
encourage greater transparency and liquidity.
On 27 January 2023, the Company raised an additional GBP6.2m of
gross funds (GBP5.9m net of expenses) via a placing of new ordinary
shares. The net proceeds will be deployed to convert a strong
pipeline of opportunities driven by continued strong interest for
Equipmake products and services.
In February 2023, the Company secured its first order to repower
a coach for a premium London-based operator with the long-term
ambition to operate a fully electric fleet. There are over 10,000
coaches operating in the UK alone and this is an exciting first
step into another significant market undergoing electrification,
well-suited to Equipmake's repowering solution.
Current trading and outlook
The business is trading in line with full year expectations,
with anticipated revenue for the second half of the current
financial year fully contracted. Previous forecasts assumed that
all Versa vehicles, under the contract with First Group, would be
delivered in the current financial year, however, shifts in the
production schedule have resulted in delivery of six of these
vehicles moving to FY24. The impact of this will be offset however,
by deliveries of other vehicle repowers and EV product
shipments.
Looking further ahead, Equipmake currently has a good early
pipeline of vehicles under-contact for delivery in FY24 and is in
advanced negotiations to secure a significant proportion of the
whole forecast volume for FY24. Management is confident a
significant proportion will be contracted prior to the year
end.
Equipmake remains mindful of challenges posed by ongoing supply
chain pressures and macroeconomic uncertainty. To date, the Company
has been able to partially mitigate the impact of supply issues
through a combination of agile supplier relationships and its
ability to pivot to the development and manufacture of replacement
components in-house. We continue to monitor the situation
closely.
Demand for our products and services is strong, and our
medium-term pipeline, which is increasingly diversified both in
terms of markets and geographies, remains healthy. Equipmake
continues to be well-positioned in highly favourable markets, with
strong EV market growth expected in line with the ongoing global
decarbonisation movement.
The Board expects full-year revenue to meet current
forecasts.
CFO statement
In July, the Company successfully raised GBP10m of gross
proceeds (GBP9m net of expenses) as part of its IPO and listing on
the Aquis Access Growth Market (ticker: EQIP). Post balance-sheet
date, the Company secured a further GBP6.2m of gross investment
(GBP5.9m net of expenses). The Company has strengthened its Board,
processes and operating policies during the year, including the
establishment of an Audit Committee and a Renumeration Committee,
each chaired by independent members of our Board.
Equipmake has continued to increase revenue from production
contracts, with GBP0.7m delivered during the first half of this
year (GBP0.03 H123). Total revenue has decreased since last year
(GBP1.05m H123, GBP2.3m H122) predominantly a result of the
transition away from government grants to commercial and production
contracts. Grant revenue has decreased by GBP0.9m when compared to
the same period the previous financial year. Commercial and
Production contracts now make up 95.6% of the total revenue for the
current financial year (60.3% H122).
R&D costs have historically been expensed within gross
margin, as in previous periods, R&D work was linked to revenue
from partially-funded grant projects. R&D costs are now
reported in administrative expenses, providing a clearer view of
the financial performance of Equipmake's production and commercial
projects.
The reported gross margin of 21.9%, which is expected to improve
in the second half, reflects the following -
-- learnings associated with repowering the first vehicle for First York
-- increases in the unit price of electrical components and staff wages
-- Delays in inverter production. Inverter units delivered was
below forecast impacting revenue by GBP0.5m and reducing the
overall blended margin rate by nine percentage points.
EBITDA (adjusted for share-based payments and IPO fees) was a
loss of GBP2.1m (GBP1.4m loss H1 2021/22). This is driven by lower
revenue and the increase in overheads over the past 12 months.
Total headcount at the end of November 2022 has increased to 81,
from 68 a year earlier.
GBP460k of internally generated development costs have been
capitalised over the period. These relate to the in-house
development of our own products for use in our bus and other
vehicle electric powertrains and for sale as discrete EV
products.
During the first half of the financial year, total share capital
(called up share capital and share premium) has increased by
GBP13.25m from GBP50,000. This reflects the GBP10m raised at the
IPO, less GBP0.5m of fees (GBP0.5m also charged to administrative
expenses), and the conversion of a GBP3.75m convertible loan into
equity. This has contributed to a strengthening of the balance
sheet with net assets increasing to GBP9.49m over the same
period.
Cash has increased by GBP5.5m during the period and stood at
GBP7.4m as at 30th November 22. This is a function of the IPO
proceeds less the year-to-date loss and working capital
investment.
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 NOVEMBER 2022
Period Ended Period Ended Year Ended
30 November 30 November 31 May
2022 2021 2022
(Unaudited) (Unaudited) (Audited)
Note GBP GBP GBP
Turnover 2 1,054,857 2,319,240 3,706,785
Cost of sales (823,889) (3,052,155) (6,087,868)
Gross profit/ (loss) 230,968 (732,915) (2,381,083)
Administrative expenses (2,983,104) (1,138,147) (1,919,378)
Other operating income 152,968 326,887 565,132
Share based payment charge (40,749) (4,838) (574,227)
Warranty provision (55,023) -- --
Fair value adjustment -- convertible
loan note -- -- (750,000)
Operating loss (2,694,940) (1,549,013) (5,059,556)
Interest receivable and similar
income 13 (1,458) (1,182)
Interest payable and similar
expenses (66,346) (17,411) (144,944)
Loss before taxation (2,761,273) (1,567,882) (5,205,732)
Tax on loss 3 (24,775) (59,839) (104,499)
Loss for the financial year (2,786,048) (1,627,721) (5,310,231)
============= ============= ============
Total comprehensive income
for the year (2,786,048) (1,627,721) (5,310,231)
============= ============= ============
(Loss) for the year attributable
to:
Non--controlling interests -- (405,712) (692,772)
Owners of the parent Company (2,786,048) (1,222,009) (4,617,459)
(2,786,048) (1,627,721) (5,310,231)
============= ============= ============
Basic loss per share in pence 5 (0.4) (1.5) (22.6)
INTERIM CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2022
30 November 30 November 31 May
2022 2021 2022
(Unaudited) (Unaudited) (Audited)
Note GBP GBP GBP
Fixed assets
Intangible assets 460,418 - -
Tangible assets 604,516 513,340 527,139
1,064,934 513,340 527,139
Current assets
Stocks 1,638,213 70,356 807,973
Debtors: amounts falling due within
one year 1,820,115 1,673,112 1,920,728
Cash at bank and in hand 7,442,678 1,557,925 1,876,083
10,901,006 3,301,393 4,604,784
Creditors: amounts falling due within
one year (2,047,254) (909,707) (5,794,645)
Net current (liabilities)/assets 8,853,752 2,391,686 (1,189,861)
Total assets less current liabilities 9,918,686 2,905,026 (662,722)
Creditors: amounts falling due after
more than one year (328,853) (377,083) (307,169)
Provisions for liabilities
Other provisions (99,080) -- (44,057)
Net (liabilities)/assets 9,490,753 2,527,943 (1,013,948)
============= ============ ============
Capital and reserves
Called up share capital 4 82,353 83 50,000
Share premium 13,217,647 - -
Other reserves 5,748,311 5,835,579 5,748,311
Profit and loss account (10,172,534) (4,209,484) (7,386,486)
Share-based payments reserve 614,976 4,838 574,227
Equity attributable to owners of
the parent Company 9,490,753 1,631,016 (1,013,948)
Non--controlling interests - 896,927 -
9,490,753 2,527,943 (1,013,948)
============= ============ ============
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 NOVEMBER 2022
Called Share Other Profit Share-based Equity Non--controlling Total
up premium reserves and loss payments attributable interests equity
share account reserve to owners
capital of parent
Company
GBP GBP GBP GBP GBP GBP GBP GBP
At 1 June 2022
(Audited) 50,000 - 5,748,311 (7,386,486) 574,227 (1,013,948) - (1,013,948)
Total
comprehensive
income for the
year
Loss for the
period -- - -- (2,786,048) - (2,786,048) - (2,786,048)
Loan
conversion 8,824 3,741,176 - -- -- 3,750,000 - 3,750,000
Issue of
shares 23,529 9,976,471 - -- -- 10,000,000 - 10,000,000
Share issue
costs -- (500,000) - -- -- (500,000) - (500,000)
Share-based
payments
movement -- - -- -- 40,749 40,749 - 40,749
At 30 November
2022
(Unaudited) 82,353 13,217,647 5,748,311 (10,172,534) 614,976 9,490,753 - 9,490,753
======= ========== ========= ============ =========== ============ ================ ===========
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 NOVEMBER 2021
Called Share Other Profit Share-based Equity Non--controlling Total
up premium reserves and loss payments attributable interests equity
share account reserve to owners
capital of parent
Company
GBP GBP GBP GBP GBP GBP GBP GBP
At 1 June
2021
(Audited) 2 - 5,835,579 (2,987,394) - 2,848,187 1,302,639 4,150,826
Total
comprehensive
income for
the year
Loss for
the period -- - -- (1,222,009) - (1,222,009) (405,712) (1,627,721)
Issue of
shares 81 - - (81) -- - - -
Share-based
payments
movement -- - -- -- 4,838 4,838 - 4,838
At 30 November
2021
(Unaudited) 83 - 5,835,579 (4,209,484) 4,838 1,631,016 896,927 2,527,943
======== ======== ========== ============ ============ ============= ================= ============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 MAY 2022
Called Share Other Profit Share-based Equity Non--controlling Total
up share premium reserves and loss payments attributable interests equity
capital account reserve to owners
of parent
Company
GBP GBP GBP GBP GBP GBP GBP GBP
At 1 June
2021 (Audited) 2 - 5,835,579 (2,987,394) - 2,848,187 1,302,639 4,150,826
Total
comprehensive
income for
the year
Loss for
the year - - - (4,617,459) - (4,617,459) (692,772) (5,310,231)
Total transactions
with owners
Reclassify
non-controlling
interest
following
share-for-share
exchange - - - 609,867 - 609,867 (609,867) -
Dividends:
Equity capital - - - (395,000) - (395,000) - (395,000)
Share-based
payments
movement - - - - 574,227 574,227 - 574,227
Share--for--share
exchange 16,000 - (49,770) - - (33,770) - (33,770)
Issue of
B shares 5,000,000 - (5,000,000) - - - - -
Cancellation
of B shares (5,000,000) - 5,000,000 - - - - -
Purchase
of own shares (3,500) - - 3,500 - - - -
Bonus issue
of shares 37,498 - (37,498) - - - - -
At 31 May
2022 (Audited) 50,000 - 5,748,311 (7,386,486) 574,227 (1,013,948) - (1,013,948)
=========== ======= =========== =========== =========== ============ ================ ===========
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 NOVEMBER 2022
Period Ended Period Ended Year Ended
30 November 30 November 31 May
2022 2021 2022
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Cash flows from operating activities
Loss for the financial year (2,786,048) (1,627,721) (5,310,231)
Adjustments for:
Depreciation of tangible assets 83,436 147,010 220,668
Loss on disposal of tangible assets (15,617) - -
Interest paid 66,346 17,411 144,994
Interest received (13) 1,458 1,182
RDEC Taxation credit (net) (105,619) (255,102) (445,496)
(Increase) in stocks (830,238) (25,909) (763,526)
(Increase)/decrease in debtors 206,230 (33,241) (443,613)
Increase/(decrease) in creditors (62,609) (412,035) 598,558
Increase in provisions 55,023 - 44,057
Corporation tax received - - 353,149
Share--based payments charge 40,749 4,838 574,227
Fair value losses -- convertible loan - - 750,000
Stamp duty paid on share--for--share
exchange - - (33,770)
Net cash generated from operating
activities (3,348,360) (2,183,291) (4,309,801)
Cash flows from investing activities
Purchase of tangible fixed assets (170,696) (47,790) (135,248)
Sale of tangible fixed assets 25,500 - -
Intangible assets - capitalisation of
development costs (460,418)
Net cash from investing activities (605,614) (47,790) (135,248)
--------------------------- --------------------------------------
Cash flows from financing activities
New finance leases and hire purchase 106,779 - -
contracts
Repayment of obligations under finance
leases and hire purchase contracts (68,370) (34,882) (89,488)
Dividends paid - - (395,000)
Interest paid (17,853) (17,411) (35,679)
Interest received 13 - -
New convertible loan - - 3,000,000
Issue of ordinary shares 13,750,000 - -
Conversion of convertible loan (3,750,000) - -
Commission on raise (500,000) - -
Net cash from financing activities 9,520,569 (52,293) 2,479,833
--------------------------- -------------------------------------- ------------------------------
Net increase/(decrease) in cash and
cash equivalents 5,566,595 (2,283,374) (1,965,216)
Cash and cash equivalents at beginning
of year 1,876,083 3,841,299 3,841,299
Cash and cash equivalents at the end
of period 7,422,678 1,557,925 1,876,083
=========================== ====================================== ==============================
Cash and cash equivalents at the end
of period comprise:
Cash at bank and in hand 7,422,678 1,557,925 1,876,083
--------------------------- -------------------------------------- ------------------------------
7,422,678 1,557,925 1,876,083
=========================== ====================================== ==============================
1. Basis of preparation
The group consists of the parent Equipmake Holdings PLC and
subsidiary Equipmake Limited. All group entities are included
within the consolidation.
These interim consolidated financial statements are for the six
months to 30 November 2022. The interim results are not audited and
are not the statutory accounts of the group as defined in section
434 of the Companies Act 2006.
The accounting policies and presentation that have been applied
in preparing the interim consolidated financial statements are
consistent with those applied in the preparation of the group's
annual report and financial statements for the year ended 31 May
2022, which were prepared under FRS 102. These interim consolidated
financial statements should be read in conjunction with the annual
report.
Going concern
The directors have prepared detailed forecasts, models and cash
flows which demonstrate that the group has adequate resources to
continue in business for a period in excess of twelve months from
the date of approval of these financial statements. Consequently,
the financial statements have been prepared on a going concern
basis.
2. Turnover
An analysis of turnover by class of business is as follows:
30 November 30 November 31 May
2022 2021 2022
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Commercial contracts 331,283 1,371,850 2,254,443
Production contracts 677,584 27,516 416,946
Grants receivable 45,990 919,874 1,035,396
1,054,857 2,319,240 3,706,785
============ ============ ==========
Analysis of turnover by country of destination:
30 November 30 November 31 May
2022 2021 2022
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
United Kingdom 361,288 1,889,593 2,588,683
Rest of Europe 352,904 28,216 391,646
Rest of world 340,665 347,249 649,816
Far East - 54,182 76,640
1,054,857 2,319,240 3,705,785
------------ ------------ ----------
3. Taxation
The tax charge has been estimated for the six months to 30
November 2022 based on the anticipated tax rate and estimates of
eligible R&D expenditure against which a research and
development expenditure credit (RDEC) can be claimed for the
period. The gross RDEC claim is included within other operating
income.
4. Share Capital
30 November 30 November 31 May
2022 2021 2022
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Allotted, called up and fully
paid
823,529,409 Ordinary shares (Nov
2021 - 2) of GBP0.0001 (Nov 2021:
GBP1) each 82,353 83 50,000
============ ============ ==========
The following amendments to Share
Capital took place in the period:
At 30 November 2021 - Ordinary
shares of GBP1 each 83
Sub--division of GBP1 ordinary
shares into GBP0.0001 ordinary
shares 830,000
Bonus issue -- Ordinary shares
of GBP0.0001 each 374,170,000
Share--for--share exchange --
Ordinary shares of GBP0.0001 each 125,000,000
At 31 May 2022 - Ordinary shares
of GBP0.0001 each 500,000,000
Conversion of convertible loan
- Ordinary shares of GBP0.0001
each 88,235,294
Share issue - Ordinary shares
of GBP0.0001 each 235,294,115
At 30 November 2022 -- Ordinary
shares of GBP0.0001 each 823,529,409
5. Earnings per share
The calculation of basic loss per share of 0.4 pence for the six
months ended 30 November 2022 is based on the loss for the period
of GBP2,786,0498 and the weighted average number of shares in issue
during the period of 715,686,273.
The group was loss-making for all periods presented in these
statements; therefore, the dilutive effect of share options has not
been taken into account in the calculation of diluted earnings per
share, since this would decrease the loss per share for each
reporting period.
6. Share-based Payments
The company operates a share-based remuneration scheme for
employees, directors and stakeholders. A charge has been recognised
in respect of employee share options in the period based on the
fair value of the options at the grant date, estimated using the
Black Scholes model.
A summary of options granted to date are as follows:
-- 26 November 2021: Options in respect of A Ordinary shares of
GBP0.0001 each, which would convert to a total of 35,681,446
Ordinary shares on exercise.
-- 19 July 2022: Share options over 32,825,283 Ordinary shares of GBP0.0001 each.
30 November 30 November 31 May
2022 2021 2022
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Equity--settled schemes recognised
in the profit or loss for the
period - A Ordinary Shares - 4,838 574,227
Equity--settled schemes recognised 40,749 - -
in the profit or loss for the
period - Ordinary Shares
40,749 4,838 574,227
============ ============ ==========
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END
NEXDZGMZVKVGFZG
(END) Dow Jones Newswires
February 15, 2023 02:00 ET (07:00 GMT)
Equipmake (AQSE:EQIP)
過去 株価チャート
から 5 2024 まで 6 2024
Equipmake (AQSE:EQIP)
過去 株価チャート
から 6 2023 まで 6 2024
