Investors
Announcements
Interim Results for the six months ended 30 September 2020
31 December 2020
CHIEF EXECUTIVE'S REPORT
| Download These results are available to view and download in PDF format |
I am pleased to report the interim accounts to 30 September 2020 for TruSpine Technologies plc. It should be noted that, although these accounts represent a six-month period, the 6-month period to 30 September 2020 ended approximately five weeks
after the Company's IPO on the Aquis Stock Exchange Growth Market. Therefore, there is little to report for the period that was not already included in detail in the Company's Admission Document.
The Company is still in its pre-revenue development phase and remains loss-making. The loss before taxation for the six months to 30 September 2020 was £448k (2019: £122k) after administrative expenses of £443k (2019: £120k).
Development spend for the six months to 30 September 2020 was £277k (2019: £54k).
Consolidated net assets as at 30 September 2020 amounted to £2.425 million (2019: £1.165 million) including cash and cash equivalents of £567,000 (2019: £47,000).
The IPO has provided the Company with a stronger corporate platform upon which to build its future, and also attracted attention from supporters and potential trade partners, the Company's technology continues to generate positive feedback and excitement
from medical professionals within the spine industry. The Board therefore looks to the future with confidence, and believe that 2021 will see patients directly benefiting from the Company's technology.
On behalf of the Board, I would once again like to thank shareholders for their support, and TruSpine's staff and commercial partners for their continued dedication and hard work, during what has undoubtedly been a challenging time for us all.
Ian Roberts
Chief Executive
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").
The Directors of the Company take responsibility for this announcement.
Enquiries:
TruSpine Technologies Plc | Tel: +44 (0)20 3638 5025 | ||
Ian Roberts, CEO | |||
Cairn Financial Advisers LLP (AQSE Corporate Adviser) | Tel: +44 (0)20 7213 0880 | ||
Liam Murray / Ludovico Lazzaretti | |||
WH Ireland (Broker) | Tel: +44 (0)20 7220 1666 | ||
Adam Pollock | |||
Walbrook PR (Financial PR & IR) | Tel: +44 (0) 20 7933 7870 or +44 (0) 7876 741 001 | ||
Anna Dunphy | |||
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
GROUP UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020
GROUP STATEMENT OF COMPREHENSIVE INCOME
| 6 month period ended 30 September 2020 (Unaudited) | 6 month period ended 30 September 2019 (Audited) | Year ended 29 March 2020 (Audited) | ||
| Note | ||||
| £ | £ | £ | ||
| Administrative expenses | (443,458) | (120,187) | (340,373) | |
| Operating loss | (443,458) | (120,187) | (340,373) | |
| Finance expense | (4,516) | (1,995) | (3,224) | |
| Loss before tax | (447,974) | (122,182) | (343,957) | |
| Tax credit | 24,826 | 162,191 | 162,191 | |
| (Loss)/Profit | (423,148) | 40,009 | (181,766) | |
| Loss attributable to: | ||||
| Owners of the parent | (423,148) | 40,009 | (181,766) | |
| Other comprehensive income: | ||||
| Items that will or may be reclassified to profit or loss: | ||||
| Exchange translation differences on foreign operations | 1,762 | (8,668) | (2,565) | |
| Total comprehensive loss | (421,299) | (31,341) | (2,565) | |
| Total comprehensive loss attributable to equity shareholders | (421,299) | (31,341) | (184,331) | |
| Earnings per share basic and diluted (pence) | 5 | (0.50)p | 0.05p | (0.24)p |
All results in the current and preceding financial period derive from continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION
| 30 September 2020 (Unaudited) | 30 September 2019 (Audited) | 29 March 2020 (Audited) | ||
| Note | £ | £ | £ | |
| Non-current assets | ||||
| Tangible fixed assets | 21,154 | - | - | |
| Intangible assets | 1,891,801 | 1,443,298 | 1,614,696 | |
| 1,912,955 | 1,443,298 | 1,614,696 | ||
| Current assets | ||||
| Trade and other receivables | 444,080 | 104,524 | 160,889 | |
| Cash and cash equivalents | 566,648 | 47,439 | 135,035 | |
| 1,010,728 | 151,963 | 295,924 | ||
| Total assets | 2,923,683 | 1,595,261 | 1,910,620 | |
| Current liabilities | ||||
| Trade and other payables | 448,915 | 430,105 | 216,925 | |
| Borrowings | 50,000 | - | - | |
| 498,915 | 430,105 | 216,925 | ||
| Total liabilities | 498,915 | 430,105 | 216,925 | |
| Net Assets | 2,424,768 | 1,165,156 | 1,693,695 | |
| Equity attributable to owners of the parent | ||||
| Share capital | 6 | 8,778 | 7,607 | 8,385 |
| Share premium | 2,632,098 | 2,978,602 | 3,727,035 | |
| Other reserves | 6 | (205,000) | (200,000) | (205,000) |
| Translation reserve | (19,844) | (24,712) | (18,609) | |
| Retained earnings | 8,736 | (1,596,341) | (1,818,116) | |
| Total equity attributable to owners of the parent | 2,424,768 | 1,165,156 | 1,693,695 | |
| Total Equity | 2,424,768 | 1,165,156 | 1,693,695 |
GROUP STATEMENT OF CHANGES IN EQUITY
| Share capital | Share premium | Other reserves | Translation reserve | Retained earnings | Total | |
| £ | £ | £ | £ | £ | £ | |
| Balance as at 29 March 2019 | 7,580 | 2,920,599 | (200,000) | (16,044) | (1,636,350) | (1,075,785) |
| Profit for the six months | - | - | - | - | 40,009 | 40,009 |
| Other comprehensive loss | - | - | - | (8,668) | - | (8,668) |
| Total comprehensive loss for the period | - | - | - | (8,668) | 40,009 | 31,341 |
| Issue of shares, net of issue costs | 27 | 58,003 | - | - | - | 58,030 |
| Transactions with owners, recognised directly in equity | 27 | 58,003 | - | - | - | 58,030 |
| Balance as at 30 September 2019 | 7,607 | 2,978,602 | (200,000) | (24,712) | (1,596,341) | 1,165,156 |
| Balance as at 29 March 2020 | 8,385 | 3,727,035 | (205,000) | (18,609) | (1,818,116) | 1,693,695 |
| Loss for the six months | - | - | - | - | (423,148) | (423,148) |
| Other comprehensive loss | - | - | - | (1,235) | - | (1,235) |
| Total comprehensive loss for the period | - | - | - | (1,235) | (423,148) | (424,383) |
| Issue of shares, net of issue costs | 393 | 1,155,063 | - | - | - | 1,155,456 |
| Reduction in share capital | (2,250,000) | 2,250,000 | ||||
| Transactions with owners, recognised directly in equity | 393 | (1,094,937) | - | - | 2,250,000 | 1,155,456 |
| Balance as at 30 September 2020 | 8,778 | 2,632,098 | (205,000) | (19,844) | 8,736 | 2,424,768 |
CONSOLIDATED STATEMENT OF CASH FLOWS
| 6 month period ended 30 September 2020 (Unaudited) | 6 month period ended 30 September 2019 (Audited) | Year ended 29 March 2020 (Audited) | ||
| £ | £ | £ | ||
| Cash flow from operating activities | ||||
| Loss before tax | (447,974) | (122,182) | (343,957) | |
| Depreciation and amortisation | - | - | - | |
| (Increase)/decrease in other receivables | (283,191) | 51,676 | (4,689) | |
| Increase/(decrease) in other payables | 231,990 | (39,674) | (252,854) | |
| Cash used in operations | (499,175) | (110,180) | (601,500) | |
| Income tax credit | 24,826 | 162,191 | 162,191 | |
| Net cash flows from operating activities | (474,349) | 52,011 | (439,309) | |
| Investing activities | ||||
| Purchase of tangible assets | (21,154) | - | - | |
| Purchase of intangible assets | (277,105) | (54,041) | (225,439) | |
| Net cash used in investing activities | (298,259) | (54,041) | (225,439) | |
| Financing activities | ||||
| Proceeds from Issue of shares, net of issue costs | 1,155,456 | 58,030 | 807,241 | |
| Acquisition of owner shares | - | - | (5,000) | |
| Increase in borrowings | 50,000 | - | - | |
| Net cash flow from financing | 1,205,456 | 58,030 | 802,241 | |
| Increase/(Decrease) in cash and cash equivalents in the period | 432,848 | 56,000 | 137,493 | |
| Cash and cash equivalents at the beginning of the year | 135,035 | 107 | 107 | |
| Exchange rate differences on cash and cash equivalents | (1,235) | (8,668) | (2,565) | |
| Cash and cash equivalents at the end of the period | 566,648 | 47,439 | 135,035 |