TIDMLST
RNS Number : 8547K
Light Science Tech. Holdings PLC
31 August 2023
Light Science Technologies Holdings plc
("LSTH", the "Company" or the "Group")
Interim Results
Light Science Technologies Holdings plc (AIM: LST), the
controlled environment agriculture ("CEA") technology and contract
electronics manufacturing ("CEM") group, is pleased to announce its
unaudited interim results for the six months ended 31 May 2023 (the
"Period").
Highlights:
-- Revenue for the Period, up by 22% to GBP4.4m (H1 2022: GBP3.6m)
-- Margins were flat at 20.9% (H1 2022: 20.9%) and up from 17.7% for the full prior year
-- Loss before Tax down 37% to GBP0.8m (H1 2022: GBP1.3m)
-- CEM division continued to deliver strong revenue growth with
gross margin returning to normalised levels
-- Realigned cost base and focused on broadening market reach of
CEA division to help mitigate impact of sales cycle
fluctuations
-- Raised GBP1.45m in new funds, which will be used, amongst
other areas, for product development and intellectual property
protection within the Group's CEA division
Commenting on the results and prospects, Simon Deacon, Chief
Executive Officer of Light Science Technologies, said:
"We continue to be excited by the growth potential across both
divisions. With the CEM division continuing to be our predominant
revenue generator, and the CEA division continuing to develop and
market solutions to the unprecedented pressures affecting the
agricultural sector, we are well placed to take advantage of growth
opportunities. Daily discourse regarding food security and supply
highlights the ongoing challenges and impacts of unreliable
harvests and labour shortages and we believe that our solutions
will help mitigate these issues."
For additional information please contact:
Light Science Technologies Holdings www.lightsciencetechnologiesholdings.com
plc
Simon Deacon, Chief Executive Officer via Walbrook PR
Jim Snooks, Chief Financial Officer
Andrew Hempsall, Chief Operating
Officer
Strand Hanson Limited (Nominated Tel: +44 (0) 20 7409 3494
& Financial Adviser)
Ritchie Balmer / James Harris /
Rob Patrick
Oberon Capital (Broker)
Mike Seabrook / Nick Lovering Tel: +44 (0) 203 179 5300
Walbrook PR Ltd (Media & Investor Tel: +44 (0)20 7933 8780 or
Relations) lst@walbrookpr.com
Nick Rome / Paul McManus
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as
it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 (as amended).
About Light Science Technologies Holdings plc (
www.lightsciencetechnologiesholdings.com )
Light Science Technologies Holdings plc is the holding company
of the Group's controlled environment agriculture ("CEA") division,
Light Science Technologies Ltd ("Light Science Technologies"), and
its contract electronics manufacturing ("CEM") division, UK
Circuits and Electronics Solutions Limited ("UK Circuits").
Controlled Environment Agriculture
Light Science Technologies was founded in 2019 and is the
Company's grow lights and sensor technology business, providing
bespoke recipes and technologies tailored to customers' needs -
with key targets including indoor, vertical, glasshouses,
polytunnels and medicinal farming markets. The all-in-one CEA
solution will include analysing customers' crop growing
requirements to provide bespoke, low-energy and sustainable
equipment.
Market drivers include food and water shortages in many parts of
the world; growing global population; UK and other government
policy encouraging sustainable and efficient growth methods;
increased scrutiny of the effect of food production on climate
change and the continuing transition away from processed foods.
sensorGROW
sensorGROW was launched in June 2022 and its technology will
enable farmers to monitor the following key air zone growing
factors in real-time: carbon dioxide levels, humidity, light,
oxygen - and in the future: air speed, plant disease, soil,
temperature and water pH levels. By monitoring these key growing
factors, farmers can save money through better management of
resources: water, nutrients, fertilisers and energy - while
increasing yields and producing healthier crops.
nurturGROW
nurturGROW is a sustainable grow lighting product range,
offering an innovative, high-performance and cost-effective
solution for indoor farming, covering greenhouses, vertical
farming, polytunnels and medicinal plants.
Created with four core component parts, the nurturGROW range is
made of high quality, durable materials to give growers the ideal
balance between strength and optimal performance, minimising the
amount of materials needed to drastically cut down on waste and
reduce carbon footprint.
Contract Electronics Manufacturing
UK Circuits is the Company's CEM focussed division, profit
making with strong revenues. The Group designs, procures, and
manufactures high-quality CEM products, specialising in Printed
Circuit Boards, which are used in a range of sectors including
audio, automotive, electronics, gas detection, lighting, pest
control, telecommunications and, more recently, the CEA market.
Chief Executive's Report
Financial & Operating review
I am pleased to announce Group revenue for the six months to 31
May 2023 is up by 22.4% to GBP4.4m (HY22: GBP3.6m), compared to the
equivalent period last year. Group performance reflected the
benefits of operational improvements undertaken to improve gross
margins, which grew to 20.9% from 17.7% for the full prior year
(FY22).
The Contract Electronics Manufacturing ("CEM") division
continues to predominantly generate Group revenue, and it is very
pleasing to see market conditions gradually improving, with reduced
supply chain constraints, although the division is still
experiencing more trade friction than historically in pre-pandemic
times. This division is now the manufacturing arm of sister company
Light Science Technologies - with the first production batch of
SensorGROW successfully running through the UK Circuits' facility
during the Period.
The Controlled Environment Agriculture ("CEA") division
continues to experience an elongation of the sales cycle,
particularly in the UK and certain European countries. This is due
to a number of factors, most notably ongoing input inflation
experienced by growers, whereby growers' costs cannot be passed on
fully to their customers and consequently delays on capital
expenditure commitments have continued, specifically impacting LED
lighting projects.
The Group's broader strategy is to create global partnerships,
to continue developing its client portfolio and potential market
reach into different sectors. In parallel, the Group is focussed on
growers who are less impacted by high input costs, in the UK this
includes cut flowers, bedding plants and medicinal plants, and
globally in regions where growers have been heavily impacted by the
extreme weather conditions, such as the US and UAE. Additionally,
the division continues to invest in its energy and waste saving,
all-in-one SensorGROW product, this will include the addition of
Nitrous Oxide sensing which will enable the extension of the
product into outdoor (broad acre) growing. The work we have
completed on the software and AI elements of the product will also
be enhanced following the results of the air zone field trials, to
give the growers greater control over their environments and
leverage further savings in labour and material inputs.
In view of the pervading market conditions, the Board took the
decision to implement various strategies in the prior and current
year to significantly lower overheads, which are proving successful
and have resulted in a 20% reduction compared with the equivalent
period last year, with ongoing savings continuing in the second
half of 2023. This, coupled with the increased gross profit, led to
a reduction in loss before tax for the six months to 31 May 2023 by
37% to a loss of GBP0.8m (HY22: loss of GBP1.3m).
Inventories increased slightly on the prior year end position by
GBP0.3m to GBP1.8m but have stabilised in the near term around this
level, so as not to compromise customer service levels. This stock
is predominantly allocated to specific customer orders received and
if component shortages and inflationary pressures continue to ease
in the medium term as expected, it is anticipated these levels will
reduce.
In December 2022, the Group agreed a revolving stock loan
facility with its funding provider, Close Brothers, to aid the CEM
division in managing its working capital requirement, so as not to
compromise customer service levels should there be a return to a
tightening of the supply chain in the sector, and additionally to
help mitigate against ongoing inflationary pressures.
The Group continued its planned programme of investment in the
period. Capital and other expenditure in the CEM division has been
introduced to automate and expand capacity at the Group's
manufacturing site in Manchester and progress to gaining further
quality accreditations, to open new market opportunities. Capital
expenditure has been underlaid by a finance lease.
In April 2023, the Company issued 158,855,500 new ordinary
shares, raising net proceeds of GBP1.45m, which will be used,
amongst other areas, for product development and intellectual
property protection within the Group's CEA division.
Outlook
The Group, having implemented its cost-cutting measures, is now
wholly focused on delivering top line revenue growth. As alluded
to, whilst we remain confident that those revenue opportunities
will crystallise over time, we are unable to determine the exact
timing, particularly within the CEA division. We are seeking to
mitigate this risk by looking at other opportunities that could
bridge any revenue gap that may arise, including acquisitions , and
take confidence from the 2023 performance of the CEM division which
is expected to exceed 2022's performance.
The Board looks forward to updating you as we progress
throughout the rest of the year.
Simon Deacon
Chief Executive Officer
30 August 2023
Consolidated statement of comprehensive income
For the six months ended 31 May 2023
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended
30 November
31 May 2023 31 May 2022 2022
Notes GBP GBP GBP
--------------------------- ------ ------------ ------------ ------------
Revenue 3 4,358,720 3,560,519 8,166,769
Cost of sales (3,446,008) (2,814,757) (6,723,400)
--------------------------- ------ ------------ ------------ ------------
Gross profit 912,712 745,762 1,443,369
Administrative expenses (1,634,438) (2,037,187) (4,263,454)
Other operating income 41,406 104,737 209,786
--------------------------- ------ ------------ ------------ ------------
Operating loss (680,320) (1,186,688) (2,610,299)
Finance costs (128,961) (91,397) (112,167)
--------------------------- ------ ------------ ------------ ------------
Loss on ordinary
activities before
taxation (809,281) (1,278,085) (2,722,466)
Income tax credit 4 50,887 86,075 235,147
--------------------------- ------ ------------ ------------ ------------
Loss for the period
and total comprehensive
income for the period (758,394) (1,192,010) (2,487,319)
--------------------------- ------ ------------ ------------ ------------
Attributable to:
The owners of the
company (770,938) (1,201,396) (2,502,748)
Non-controlling interests 12,544 9,386 15,429
--------------------------- ------ ------------ ------------ ------------
(758,394) (1,192,010) (2,487,319)
--------------------------- ------ ------------ ------------ ------------
Loss per share
Basic and diluted
(pence) 7 (0.38) (0.73) (1.51)
--------------------------- ------ ------------ ------------ ------------
Consolidated balance sheet
As at 31 May 2023
Unaudited Unaudited Audited
as at 31 May as at 31 May as at 30 November
2023 2022 2022
Notes GBP GBP GBP
--------------------------------------------------------- ------ -------------- -------------- -------------------
Assets
Non-current assets
Property, plant and equipment 718,296 863,211 777,919
Intangible assets 836,033 3 40,982 708,343
Right-of-use assets 560,145 623,951 658,680
--------------------------------------------------------- ------ -------------- -------------- -------------------
2,114,474 1 ,828,144 2,144,942
--------------------------------------------------------- ------ -------------- -------------- -------------------
Current assets
Inventories 1,848,193 1 ,899,391 1,583,349
Trade and other receivables 2,071,314 1,679,472 2,569,651
Corporation tax receivable 237,927 237,165 177,795
Cash and cash equivalents 1,002,846 1,779,817 590,673
--------------------------------------------------------- ------ -------------- -------------- -------------------
5,160,280 5,595,845 4,921,468
--------------------------------------------------------- ------ -------------- -------------- -------------------
Total assets 7,274,754 7,423,989 7,066,410
--------------------------------------------------------- ------ -------------- -------------- -------------------
Liabilities
Current liabilities
Borrowings 5 (1,626,242) (1,128,460) (2,007,947)
Trade and other payables (2,158,789) (2,134,381) (2,079,134)
Lease liabilities (158,421) (210,539) (221,773)
--------------------------------------------------------- ------ -------------- -------------- -------------------
(3,943,452) (3,473,380) (4,308,854)
--------------------------------------------------------- ------ -------------- -------------- -------------------
Non-current liabilities
Borrowings 5 (288,889) (505,555) (397,222)
Trade and other payables (135,179) (77,779) (111,787)
Lease liabilities (275,354) (353,181) (313,060)
--------------------------------------------------------- ------ -------------- -------------- -------------------
(699,422) (936,515) (822,069)
--------------------------------------------------------- ------ -------------- -------------- -------------------
Total liabilities (4,642,874) (4,409,895) (5,130,923)
--------------------------------------------------------- ------ -------------- -------------- -------------------
Net assets 2,631,880 3,014,094 1,935,487
--------------------------------------------------------- ------ -------------- -------------- -------------------
Capital and reserves attributable to the owners of the
company
Share capital 6 3,330,055 1,741,500 1,741,500
Share premium account 5,520,243 5,654,011 5,654,011
Share based payment reserve 600,000 509,298 726,000
Warrant reserve 159,593 159,593 159,593
Merger reserve (3,478,435) (3,478,435) (3,478,435)
Retained earnings (3,854,419) (1,908,129) (3,209,481)
--------------------------------------------------------- ------ -------------- -------------- -------------------
2,277,037 2,677,838 1,593,188
Non-controlling interests 354,843 336,256 342,299
--------------------------------------------------------- ------ -------------- -------------- -------------------
Total equity 2,631,880 3,014,094 1,935,487
--------------------------------------------------------- ------ -------------- -------------- -------------------
Statements of changes in equity
For the six months ended 31 May 2023
Share premium Share based payment Warrant
Share capital account reserve reserve
Consolidated GBP GBP GBP GBP
-------------------------------------- -------------- -------------- -------------------- --------
At 30 November 2021 1,741,500 5,654,011 220,363 159,593
Transactions with shareholders
Share based payment - - 288,935 -
-------------------------------------- -------------- -------------- -------------------- --------
Total transactions with shareholders - - 288,935 -
-------------------------------------- -------------- -------------- -------------------- --------
Comprehensive income
Loss for the period - - - -
-------------------------------------- -------------- -------------- -------------------- --------
Total comprehensive income - - - -
-------------------------------------- -------------- -------------- -------------------- --------
Unaudited balance at 31 May 2022 1,741,500 5,654,011 509,298 159,593
====================================== ============== ============== ==================== ========
Transactions with shareholders
Share based payment - - 216,702 -
-------------------------------------- -------------- -------------- -------------------- --------
Total transactions with shareholders - - 216,702 -
-------------------------------------- -------------- -------------- -------------------- --------
Comprehensive income
Loss for the period - - - -
-------------------------------------- -------------- -------------- -------------------- --------
Total comprehensive income - - - -
-------------------------------------- -------------- -------------- -------------------- --------
Audited balance at 30 November 2022 1,741,500 5,654,011 726,000 159,593
====================================== ============== ============== ==================== ========
Transactions with shareholders
Shares issued during the period 1,588,555 (133,768) - -
Share based payment - lapsed options - - (126,000) -
-------------------------------------- -------------- -------------- -------------------- --------
Total transactions with shareholders 1,588,555 (133,768) (126,000) -
-------------------------------------- -------------- -------------- -------------------- --------
Comprehensive income
Loss for the period - - - -
-------------------------------------- -------------- -------------- -------------------- --------
Total comprehensive income - - - -
-------------------------------------- -------------- -------------- -------------------- --------
Unaudited balance at 31 May 2023 3,330,055 5,520,243 600,000 159,593
====================================== ============== ============== ==================== ========
Merger reserve Retained earnings Non- controlling interests Total equity
Consolidated GBP GBP GBP GBP
------------------------------------- --------------- ------------------ --------------------------- -------------
At 30 November 2021 (3,478,435) (706,733) 326,870 3,917,169
Transactions with shareholders
Share based payment - - - 288,935
------------------------------------- --------------- ------------------ --------------------------- -------------
Total transactions with shareholders - - - 288,935
------------------------------------- --------------- ------------------ --------------------------- -------------
Comprehensive income
Loss for the period - (1,201,396) 9,386 (1,192,010)
------------------------------------- --------------- ------------------ --------------------------- -------------
Total comprehensive income - (1,201,396) 9,386 (1,192,010)
------------------------------------- --------------- ------------------ --------------------------- -------------
Unaudited balance at 31 May 2022 (3,478,435) (1,908,129) 336,256 3,014,094
===================================== =============== ================== =========================== =============
Transactions with shareholders
Share based payment - - - 216,702
------------------------------------- --------------- ------------------ --------------------------- -------------
Total transactions with shareholders - - - 216,702
------------------------------------- --------------- ------------------ --------------------------- -------------
Comprehensive income
Loss for the period - (1,301,352) 6,043 (1,295,309)
------------------------------------- --------------- ------------------ --------------------------- -------------
Total comprehensive income - (1,301,352) 6,043 (1,295,309)
------------------------------------- --------------- ------------------ --------------------------- -------------
Audited balance at 30 November 2021 (3,478,435) (3,209,481) 342,299 1,935,487
===================================== =============== ================== =========================== =============
Transactions with shareholders
Shares issued during the period - - - 1,454,787
Share based payment - 126,000 - -
------------------------------------- --------------- ------------------ --------------------------- -------------
Total transactions with shareholders - 126,000 - 1,454,787
------------------------------------- --------------- ------------------ --------------------------- -------------
Comprehensive income
Loss for the period - (770,938) 12,544 (758,394)
------------------------------------- --------------- ------------------ --------------------------- -------------
Total comprehensive income - (770,938) 12,544 (758,394)
------------------------------------- --------------- ------------------ --------------------------- -------------
Unaudited balance at 31 May 2022 (3,478,435) (3,854,419) 354,843 2,631,880
===================================== =============== ================== =========================== =============
Consolidated cash flow statement
For the six months ended 31 May 2023
Unaudited Unaudited Audited
Six months ended 31 May Six months ended 31 May Year ended 30 November
2023 2022 2022
GBP GBP GBP
-------------------------------------- ------------------------- ------------------------- ------------------------
Cash flows from operating activities
Loss after tax (758,394) (1,192,010) (2,487,319)
Adjustments for:
Depreciation of tangible assets 60,475 69,780 172,804
Depreciation of right-of-use assets 110,025 86,206 144,850
Amortisation of intangible assets 15,757 - -
Interest payable 128,961 91,397 112,167
Taxation and RDEC credit (56,345) (86,075) (205,511)
Share based payment - 288,935 505,637
Changes in working capital:
Increase in inventory (264,844) (699,642) (383,600)
Decrease / (increase) in trade and
other receivables 498,337 58,858 (808,365)
Increase in trade and other payables 103,047 98,887 40,691
-------------------------------------- ------------------------- ------------------------- ------------------------
Cash used in operations (162,981) (1,283,664) (2,908,646)
Tax (paid) / received (3,787) - 155,849
-------------------------------------- ------------------------- ------------------------- ------------------------
Net cash outflow from operating
activities (166,768) (1,283,664) (2,752,797)
-------------------------------------- ------------------------- ------------------------- ------------------------
Cash flows from investing activities
Purchase of property, plant and
equipment (853) (126,587) (127,920)
Purchase of intangible fixed assets (143,447) (126,284) (493,645)
Purchase of right-of-use assets - - (5,804)
Net cash outflow from investing
activities (144,300) (252,871) (627,369)
-------------------------------------- ------------------------- ------------------------- ------------------------
Cash flows from financing activities
Capital issued (net of issue costs) 1,454,787 - -
Repayment of loans (108,333) (108,333) (216,667)
Lease payments (112,547) (130,883) (248,738)
Interest paid on leases (16,118) (19,347) (37,769)
Net drawdown on working capital
facilities (381,705) (213,465) 666,022
Interest paid on loans and borrowings (112,843) (72,050) (52,439)
-------------------------------------- ------------------------- ------------------------- ------------------------
Net cash inflow/(outflow) from
financing activities 723,241 (544,078) 110,409
-------------------------------------- ------------------------- ------------------------- ------------------------
Increase in cash and cash equivalents 412,173 (2,080,613) (3,269,757)
Cash and cash equivalents including
overdrafts at the start of the
period 590,673 3,860,430 3,860,430
-------------------------------------- ------------------------- ------------------------- ------------------------
Cash and cash equivalents including
overdrafts at the end of the period 1,002,846 1,779,817 590,673
-------------------------------------- ------------------------- ------------------------- ------------------------
Notes to the financial statements
1. General Information
Light Science Technologies Holdings plc was incorporated in
England on 13 January 2020 as a private company limited by shares.
On 8 July 2021, the Company re-registered as a public limited
company. The company's equity is admitted to trading on AIM. The
address of its registered office is 1 Lowman Way, Hilton, Derby,
England, DE65 5LJ.
The principal activity of the Group is the development and
manufacturing of electronic boards and the development and
manufacturing of lighting and technology products for the
Controlled Environment Agriculture ("CEA") sector.
This condensed consolidated half-yearly financial information
("interim results") was approved by the directors for issue on 30
August 2023.
The financial information in these interim results is that of
the holding company and all of its subsidiaries. It has been
prepared in accordance with UK-adopted international accounting
standards. The accounting policies applied by the Group in the
preparation of these consolidated financial statements are
consistent with those applied by the Group in its latest audited
financial statements for the year ended 30 November 2022, a copy of
which can be found here:
https://lightsciencetechnologiesholdings.com/investors/ . These
policies have been applied consistently to all periods
presented.
The financial information presented herein does not constitute
full statutory accounts under section 434 of the Companies Act 2006
and was not subject to a formal review by the auditors. The
financial information in respects of the year ended 30 November
2022 has been extracted from the statutory accounts which have been
delivered to the Registrar of Companies. The Group's Independent
Auditor's report on those accounts was unqualified and did not
contain a statement under section 498(2) or 498(3) of the Companies
Act 2006. The financial information for the six months ended 31 May
2023 and 31 May 2022 is unaudited.
As further detailed in the Company's Annual report, the
Directors believe the principal risks and uncertainties facing the
Group over the final 6 months of the year to be the continuing
macroeconomic challenges from high input inflation becoming
embedded and rising interest rates to combat it. Additionally, the
ongoing and potential for new geopolitical uncertainties impacting
the global economy and its interconnected supply chains, remains a
risk. Whilst these factors present the Group with opportunities in
the medium to longer term (with the trend to grow more locally,
sustainably and energy efficiently), in the shorter term the
Directors see these risks could have the potential to further
elongate the sales cycle and impact Group revenue and cash
generation. In consideration of these risks and uncertainties, the
Company continues implementation of various actions to manage cash
flows and discretionary spending.
There are no subsequent events requiring recognition and
disclosure in the financial statements.
The Directors do not recommend the payment of an interim
dividend for the six months ended 31 May 2023. No dividend has been
paid in respect of the year ended 30 November 2022
2. Going concern
Working capital forecasts have been prepared for the period to
30 November 2024. Based on the forecasts, the Group can meet its
day-to-day cash flow requirements and operate within all the terms
of its borrowing facilities.
The Directors are satisfied that the Group has sufficient
financing in place to continue to meet its liabilities as they fall
due for a period of at least 12 months from the date of approval of
this report, the 30 August 2023, and hence have prepared the
financial statements on a going concern basis.
The Directors acknowledge that the current economic environment
creates material uncertainty over the level of future revenues and
there would be a probable need to raise additional funding to
support Group requirements in the second half of 2024, should the
Group's expectations for revenue generation over the coming 12
months not materialise as expected. The Directors note that this
material uncertainty may cast significant doubt on the group's
ability to continue as a going concern.
In response to these matters the Group has implemented a variety
of actions to manage cash flows and discretionary spending,
including a reduction in the costs of the Board and related
salaries, offsetting purchasing cycles with customers deposits and
reducing other costs within the business.
The financial statements do not include any adjustments that
would result if the company were unable to continue as a going
concern.
3. Revenue and segmental reporting
The total revenue of the Group for the period has been derived
from its principal activity wholly undertaken in the United
Kingdom.
Revenue is in respect of supply of hardware and is recognised at
a point in time at the point of customer collection or dispatch.
Revenue in respect of laboratory services is recognised at a point
in time when project gateways are completed, the level of revenue
is immaterial so has not been separately disclosed. As new products
and services are launched within the Controlled Environment
Agriculture segment, the revenue accounting policy and point of
recognition will develop.
During the six months to 31 May 2023 one customer represented
60.2% of total revenue (HY22: 55.4%; 2022: 54.3%).
The Group has two operating segments 'Contract electronics
manufacture' relating to the development and manufacturing of
electronic boards; and 'Controlled environment agriculture'
relating to the development and manufacturing of lighting and
technology products for the Controlled Environment Agriculture
(CEA) sector. This is consistent with the presentation in the last
financial statements. The Chief Operating Decision Maker (CODM) has
been determined to be the Board. The performance of the two
reportable segments is based upon a review of profits and segmental
assets/liabilities.
Contract Controlled
electronics environment
manufacture agriculture
31 May 2023 GBP GBP Total
------------------------------- ------------ ------------ ------------
Revenue 4,354,788 3,932 4,358,720
Depreciation and amortisation (84,279) (101,978) (186,257)
Operating profit/(loss) 265,105 (945,425) (680,320)
Segment assets 4,853,052 2,421,702 7,274,754
Segment liabilities (3,662,264) (980,610) (4,642,874)
------------------------------- ------------ ------------ ------------
Contract Controlled
electronics environment
manufacture agriculture
30 November 2022 GBP GBP Total
------------------------------- ------------ ------------ ------------
Revenue 8,038,645 128,124 8,166,769
Depreciation (172,357) (145,297) (317,654)
Operating profit/(loss) 269,381 (2,879,680) (2,610,299)
Segment assets 5,287,275 1,779,135 7,066,410
Segment liabilities (4,550,498) (580,425) (5,130,923)
------------------------------- ------------ ------------ ------------
Contract Controlled
electronics environment
manufacture agriculture
31 May 2022 GBP GBP Total
------------------------- ------------ ------------ ------------
Revenue 3,547,324 13,195 3,560,519
Depreciation (89,838) (66,148) (155,986)
Operating profit/(loss) 274,956 (1,461,644) (1,186,688)
Segment assets 4,584,630 2,839,359 7,423,989
Segment liabilities (3,870,632) (539,263) (4,409,895)
------------------------- ------------ ------------ ------------
4. Taxation
The tax credit is made up as follows:
31 May 31 May 30 November
2023 2022 2022
GBP GBP GBP
----------------------------------------------- --------- --------- ------------
Current tax expense
UK corporation tax for the period (50,887) (86,075) (181,582)
Adjustment in respect of prior periods - - (53,565)
----------------------------------------------- --------- --------- ------------
Total current income tax (50,887) (86,075) (235,147)
Deferred tax
Origination and reversal of timing difference - - -
----------------------------------------------- --------- --------- ------------
(50,887) (86,075) (235,147)
----------------------------------------------- --------- --------- ------------
The tax charge in the six month periods have been calculated
based on the estimated tax rate that is expected to apply to the
full year.
5. Borrowings
31 May 31 May 30 November
2023 2022 2022
GBP GBP GBP
------------------------------ ---------- ---------- ------------
Current
Interest bearing loans 216,667 216,667 216,667
Invoice discounting facility 1,229,575 911,793 1,791,280
Stock loan facility 180,000 - -
------------------------------ ---------- ---------- ------------
1,626,242 1,128,460 2,007,947
Repayable between one
and five years
Interest-bearing loans 288,889 505,555 397,222
------------------------------ ---------- ---------- ------------
288,889 505,555 397,222
------------------------------ ---------- ---------- ------------
In October 2020, the Group entered into a term loan with a
principal of GBP975,000 payable in 54 equal instalments of
GBP18,056 and interest payable at 5.5% plus base rate with the
first six months payment free. The loan was provided by Close
Brothers under the Government backed Coronavirus Business
Interruption Loan Scheme (CBILS). The loan with Close Brothers is
secured by fixed and floating charges over the Group, including all
property and intellectual property. This is linked to the Group's
invoice discounting facility noted below. The balance for the CBILS
term loan at 31 May 2023 was GBP505,556 (HY22: GBP722,222; 2022:
GBP613,889).
The Group has in place ongoing invoice discounting facility
arrangements provided by Close Brothers. Interest is payable on the
invoice discounting facility at 2% plus base rate. The invoice
discounting facility with Close Brothers is secured by fixed and
floating charges over the Group, including all property and
intellectual property, as well as the trade receivables of the
subsidiary, UK Circuits and Electronics Solutions Limited.
The Group agreed a stock loan facility in December 2022 with
Close Brothers. Interest is payable on the stock loan facility at
3.25% plus base rate. This facility provides up to GBP750,000
working capital secured by fixed and floating charges over the
Group, including all property and intellectual property, as well as
the inventories of the subsidiary, UK Circuits and Electronics
Solutions Limited.
6. Issued equity capital
Total no.
of
Nominal Ordinary Total
Company value shares GBP
------------------------------------- --------- ------------ ----------
At 1 December 2021, 31 May 2022 and
30 November 2022 GBP0.01 174,150,000 1,741,500
Share issue GBP0.01 158,855,500 1,588,555
------------------------------------- --------- ------------ ----------
At 31 May 2023 GBP0.01 333,005,500 3,330,055
------------------------------------- --------- ------------ ----------
During the month of April 2023, an aggregated total of
158,855,500 new ordinary shares were issued at a price of GBP0.01
per share equating to the nominal value of those shares.
The share premium account is shown net of GBP133,768 of share
issuance costs in connection with this.
7. Loss per share
Basic loss per share is calculation on the loss for the period
after taxation attributable to the owners of the parent of
GBP770,938 and on 200,624,470 ordinary shares, being the weighted
number in issue during the period excluding shares held by the
Employee Benefit Trust (EBT). Unexercised options over the ordinary
shares are not included in the calculation of diluted loss per
share as they are anti-dilutive. Share options over a total of
1,400,000 shares have lapsed since the end of the last financial
statements.
31 May 2023 31 May 2022
Weighted
Basic and Earnings average number Per share amount Earnings Weighted average Per share amount
Diluted EPS GBP of shares (pence) GBP number of shares (pence)
----------------- ---------- ---------------- ----------------- ------------ ----------------- -----------------
Weighted average
number of
ordinary shares 209,524,470 174,150,000
Adjusted for the
effect of own
shares held by
EBT (8,900,000) (8,900,000)
----------------- ---------- ---------------- ----------------- ------------ ----------------- -----------------
Earnings
attributable to
ordinary
shareholders of
the Company (770,938) 200,624,470 (0.38) (1,201,396) 165,250,000 (0.73)
----------------- ---------- ---------------- ----------------- ------------ ----------------- -----------------
30 November 2022
Basic and Earnings Weighted average Per share amount
Diluted EPS GBP number of shares (pence)
----------------- ---------- ---------------- ----------------- ------------ ----------------- -----------------
Weighted average
number of
ordinary shares 174,150,000
Adjusted for the
effect of own
shares held by
EBT (8,900,000)
----------------- ---------- ---------------- ----------------- ------------ ----------------- -----------------
Earnings
attributable to
ordinary
shareholders of
the Company (2,502,748) 165,250,000 (1.51)
----------------- ---------- ---------------- ----------------- ------------ ----------------- -----------------
Diluted Earnings Per Share
Basic and diluted loss per share are equal as where a loss is
incurred the effect of outstanding share options and warrants is
considered anti-dilutive and is ignored for the purpose of the loss
per share calculation.
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END
IR QBLFXXVLBBBL
(END) Dow Jones Newswires
August 31, 2023 02:00 ET (06:00 GMT)
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