22 April 2024
Ora Technology
PLC
("Ora"
or the "Company")
Interim
accounts
Ora Technology PLC (AQSE: ORA/ OTC:
ORCPF) announces its unaudited results for the six months ended 31
January 2024.
Comments from Michael Edwards, Chairman of Ora Technology
plc:
"Ora Technology plc (AQSE: ORA/OTC:
ORCPF) is a software company that is developing a digital carbon
trading platform that intends to offer users the ability to buy,
sell and retire carbon credits in the voluntary carbon market, an
instrument used by both the public and private sectors to work
towards carbon neutral and net-zero climate goals announces its
unaudited financial results for the six months ended 31 January
2024.
I would like to take this
opportunity to thank all shareholders for their support, which has
enabled the Company to ramp up its resources and activities in a
very short time. The key driver of our core business will be the
growth of the overall carbon offset market. Whilst the voluntary
carbon credits sector has not generated attractive returns in the
period, the Directors believe that the market fundamentals suggest
the sector will develop significantly along with the regulatory
environment.
Morgan Stanley predicts that the
carbon offset market will grow from a base of $2B in 2020 to over
$250B by 2050
(https://www.morganstanley.com/ideas/carbon-offset-market-growth) -
our mission at Ora is to capture this explosive market for retail
investors. A key element to capturing this growing market is to
build a robust and delightful product.
Our IPO and investment in the
business in 2023 provide a solid platform for long term growth and
the value necessary to drive revenue in the year ahead and beyond.
Our waitlist pipeline remains robust and has exceeded our
expectations. We are confident that we have laid the foundation to
provide tremendous value to our customers and as well as create
long-term shareholder value.
Our commencement of cross trading on
the OTCQB market allows the Company to access one of the world's
largest investment markets to expand its reach into a broader pool
of investors. Ora's shares will be available to US investors during
US working hours and priced in US dollars and thus have the
potential to enable greater liquidity in the Company's shares on
the Aquis Stock Exchange by easing cross-border trading for
potential US investors."
Michael Edwards - Chairman
The directors of Ora accept
responsibility for this announcement.
This announcement contains
information which, prior to its disclosure, was inside information
as stipulated under Regulation 11 of the Market Abuse (Amendment)
(EU Exit) Regulations 2019/310 (as amended). Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
For further information please contact:
|
Ora
Carbon plc
|
|
Mike Edwards
|
Via First Sentinel
|
|
First Sentinel (Corporate
Adviser)
|
|
Brian Stockbridge
|
brian@first-sentinel.com
+44 (0) 20 3855 5551
|
|
Clear Capital Markets (Broker)
|
|
Bob Roberts
|
+44 (0) 20 3869
6080
|
About Ora Technology
Ora Technology PLC is a software
company that is developing a digital carbon trading platform that
intends to offer users the ability to buy, sell and retire carbon
credits in the voluntary carbon market, an instrument used by both
the public and private sectors to work towards carbon neutral and
net-zero climate goals. Ora's 'Ora Carbon' platform aims to allow
access to carbon assets - and the broader carbon economy - with the
goal of reducing the complexity of current industry practices and
an emphasis towards providing a simple and intuitive user
experience.
Ora Technology
PLC
Statement of
Comprehensive Income
For the six
months ended 31 January 2024
|
|
|
Unaudited
|
|
Audited
|
|
|
Note
|
Six months ended 31
January
|
|
8 months ended 31 July
|
|
|
|
2024
|
2023
|
|
2023
|
|
|
|
£
|
£
|
|
£
|
|
Revenue
|
|
-
|
-
|
|
-
|
|
Share based payment
|
|
-
|
-
|
|
(387,225)
|
|
Administrative expenses
|
|
(497,183)
|
-
|
|
(337,657)
|
|
Operating
Loss
|
|
(497,183)
|
-
|
|
(724,882)
|
|
Other comprehensive income
|
|
-
|
-
|
|
-
|
|
Loss before
and after taxation and total comprehensive loss for the
period
|
|
(497,183)
|
-
|
|
(724,882)
|
|
|
|
|
|
|
|
|
Loss per
ordinary share:
|
|
|
|
|
|
|
Basic loss per share on loss for the
period
|
3
|
(0.24p)
|
-
|
|
(1.07p)
|
|
Diluted loss per share on loss for the
period
|
3
|
(0.24p)
|
-
|
|
(1.07p)
|
Ora Technology
PLC
Statement of
Financial Position
As at 31
January 2024
|
|
|
Unaudited
|
Audited
|
|
|
Note
|
Six months ended 31
January
|
8 months ended 31 July
|
|
|
|
2024
|
2023
|
2023
|
|
|
|
£
|
£
|
£
|
|
Non-Current
Assets
|
|
|
|
|
|
Intangible assets
|
4
|
292,901
|
-
|
268,901
|
|
Total
non-current assets
|
|
292 901
|
-
|
268,901
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
Other receivables
|
|
39,938
|
1
|
83,519
|
|
Cash and cash equivalents
|
|
313,912
|
-
|
1,036,994
|
|
Total current
assets
|
|
353,850
|
1
|
1,120,513
|
|
Total
assets
|
|
646,751
|
1
|
1,389,414
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
Trade and other
payables
|
|
26,202
|
-
|
271,682
|
|
Total
liabilities
|
|
26,202
|
-
|
271,682
|
|
Net
Assets
|
|
620,549
|
-
|
1,117,732
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Share capital
|
|
206,678
|
1
|
206,678
|
|
Share premium
|
|
1,239,453
|
-
|
1,239,453
|
|
Share based payments reserve
|
|
396,483
|
-
|
396,483
|
|
Retained earnings
|
|
(1,222,065)
|
-
|
(724,882)
|
|
Total
shareholders' equity
|
|
620,549
|
1
|
1,117,732
|
|
|
|
|
|
|
Ora Technology
PLC
Statement of
Changes in
Equity
For the six
months ended 31 January 2024
|
|
Share capital
|
Share Premium
|
Share-based payments
reserve
|
Retained earnings
|
Total
|
|
|
£
|
£
|
£
|
£
|
£
|
|
Unaudited
|
|
|
|
|
|
|
Six months
ended 31 January 2024
|
|
|
|
|
|
|
At 1 August 2023
|
206,678
|
1,239,453
|
396,483
|
(724,882)
|
1,117,732
|
|
Loss for the period and total comprehensive
loss
|
-
|
-
|
-
|
(497,183)
|
(497,183)
|
|
At 31 January
2024
|
206,678
|
1,239,453
|
396,483
|
(1,222,065)
|
620,549
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
Six months
ended 31 January 2023
|
|
|
|
|
|
|
At 1 August 2022
|
1
|
-
|
-
|
-
|
1
|
|
Loss for the period and total comprehensive
loss
|
-
|
-
|
-
|
-
|
-
|
|
At 31 January
2023
|
1
|
-
|
-
|
-
|
1
|
|
|
|
|
|
|
|
|
Audited
|
|
|
|
|
|
|
Eight months
ended 31 July 2023
|
|
|
|
|
|
|
At 1 December 2022 (Unaudited)
|
1
|
-
|
-
|
-
|
1
|
|
Shares issued in the financial
period
|
206,677
|
1,377,479
|
-
|
-
|
1,584,156
|
|
Share issue costs
|
-
|
(128,768)
|
-
|
-
|
(128,768)
|
|
Share based payments
|
-
|
(9,258)
|
396,483
|
-
|
387,225
|
|
Loss for the year and total comprehensive
loss
|
-
|
-
|
-
|
(724,882)
|
(724,882)
|
|
At 31 July
2023
|
206,678
|
1,239,453
|
396,483
|
(724,882)
|
1,117,732
|
Ora Technology
PLC
Statement of
Cash Flows
For the six
months ended 31 January 2024
|
|
|
Unaudited
|
|
Audited
|
|
|
|
Six months ended 31
January
|
|
8 months ended 31 July
|
|
|
|
2024
|
2023
|
|
2023
|
|
|
|
£
|
£
|
|
£
|
|
Operating
activities
|
|
|
|
|
|
|
Loss for the year
|
|
(497,183)
|
-
|
|
(724,882)
|
|
Adjustments:
|
|
|
|
|
|
|
Share based payments
|
|
-
|
-
|
|
387,225
|
|
|
|
|
|
|
|
|
Working
capital adjustments:
|
|
|
|
|
|
|
Decrease/(increase) in trade and other
receivables
|
|
43,581
|
-
|
|
(83,518)
|
|
(Decrease)/increase in trade and other
payables
|
|
(245,480)
|
-
|
|
271,682
|
|
Net cash used
in operating activities
|
|
(699 082)
|
-
|
|
(149,493)
|
|
Investing
activities
|
|
|
|
|
|
|
Software development costs
|
|
(24,000)
|
-
|
|
(268,901)
|
|
Net cash used
in investing activities
|
|
(24,000)
|
-
|
|
(268,901)
|
|
|
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
|
|
Share issue
|
|
-
|
-
|
|
1,584,156
|
|
Share issue costs
|
|
-
|
-
|
|
(128,768)
|
|
Net cash from
financing activities
|
|
-
|
-
|
|
1,455,388
|
|
|
|
|
|
|
|
|
Net
(decrease)/increase in cash and cash equivalents
|
|
(723 082)
|
-
|
|
1,036,994
|
|
Cash and cash equivalents at start of financial
period
|
|
1,036,994
|
-
|
|
-
|
|
Cash and cash
equivalents at end of financial period
|
|
313 912
|
-
|
|
1,036,994
|
Notes to the Interim Financial Statements for
the six months ended 31 January
2024
1.
Basis of preparation
The interim results of Ora Technology PLC are
prepared in accordance with the requirements of IAS 34 Interim
Financial Reporting and are prepared in accordance with the
accounting policies set out in the last financial statements for
the eight months ended 31 July 2023. Ora Technology PLC expects to
apply the same policies in its financial statements for the year
ending 31 July 2024.
The financial information for the six months
ended 31 January 2024 and for the six months ended 31 January 2023
have neither been audited nor reviewed by the Company's auditors.
The comparative financial information for the eight months ended 31
July 2023 has been derived from the audited financial statements
for that period.
2.
Critical accounting estimates and judgements
The preparation of the financial statements
requires management to make judgements, estimates and assumptions
that affect the reported amounts in the financial statements.
Management continually evaluates its judgements and estimates in
relation to assets, liabilities, contingent liabilities, revenue
and expenses. Management bases its judgements, estimates and
assumptions on historical experience and on other various factors,
including expectations of future events, management believes to be
reasonable under the circumstances. The resulting accounting
judgements and estimates will seldom equal the related actual
results.
There are no judgements, estimates and
assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within
the next financial year.
3.
Loss per ordinary share
The calculation of a basic loss per
share is based on the loss for the period attributable to equity
holders of the Company and on the weighted average number of shares
in issue during the period.
Diluted loss per share is calculated
adjusting the weighted average number of ordinary shares
outstanding to assume conversion of all dilutive potential ordinary
shares.
For the six months ended 31 January
2024, there is no difference between the basic earnings per share
and the diluted earnings per share. The exercise prices of the
outstanding share options are above the average market price of the
shares and are therefore not dilutive under IAS 33 Earnings Per
Share.
For the eight months ended 31 July
2023 there is no difference between the diluted loss per share and
the basic loss per share presented due to the loss position of the
Company.
4.
Intangible assets
|
|
Unaudited
|
|
Audited
|
|
|
Six months
ended 31 January
|
|
8 months ended 31 July
|
|
|
2024
£
|
2023
£
|
|
2023
£
|
|
At start of the period
|
268,901
|
-
|
|
-
|
|
Additions
|
24,000
|
-
|
|
268,901
|
|
Disposals
|
-
|
-
|
|
-
|
|
At end of the period
|
292,901
|
-
|
|
268,901
|