Investors
Announcements
Interim Results - for the six months ended 30 September 2023
28 December 2023
| Download These results are available to view and download in PDF format |
CHIEF EXECUTIVE'S REPORT
During the period under review and the period to date the Company is pleased to have made progress on three fronts namely :-
- the FDA submission is progressing and has now reached the substantive phase which it is currently undergoing and the Company is hoping for more positive news in the New Year.
- Following the registration of its IP title, the Company anticipates signing a distribution agreement in 2024.
- Financing: the Company remains in pre-revenue stage and is in detailed discussions with various parties and hopes to agree a substantial fundraise during January 2024.
On 15 August 2023 the Company raised £50,000 through the issue of 2,000,000 new ordinary shares at a price of 2.5p per share.
The Company continues to be in a pre-revenue development phase and remains loss-making. The loss before taxation for the six months to 30 September 2023 was £363k (2022: £545k) after administrative expenses of £348k (2022: £543k). Development spend for the six months to 30 September 2023 was £216k (2022: £216k). Consolidated net assets as at 30 September 2023 amounted to £2.46 million (2022: £2.89 million) including a bank overdraft of £8,640 (2022 cash and cash equivalents of £42,000).
As previously notified, the Company's working capital position remains weak given the lack of revenue generating operations, however the Company is prudently managing its limited working capital position. The Company is reviewing equity and debt financing options available to it and the Directors fully expect a successful resolution in securing adequate funding to meet the Company's working capital requirements in the near-term.
Further to the announcement of 27 November 2023, the Company continues to be in discussions to agree a new redistribution contract with Spartan Medical, Incorporated which the Company expects to sign in due course.
Proposed Director Appointments Update
Further to the announcement on 27 November 2023, the Company maintains its intention to appoint Victoria Sena and Samuel Ogunsalu, subject to standard regulatory due diligence and securing adequate funding to meet the Company's working capital requirements in the near-term.
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.
Enquiries:
TruSpine Technologies Plc | Tel: +44 (0)20 7118 0852 |
Laurence Strauss, Chief Executive Officer | |
Cairn Financial Advisers LLP (AQSE Corporate Adviser) | Tel: +44 (0)20 7213 0880 |
Liam Murray / Ludovico Lazzaretti | |
Peterhouse Capital Limited (Broker & Financial Adviser) | Tel: +44 (0)20 7469 0930 |
Lucy Williams / Duncan Vasey | |
Novus Communications (PR and IR) | Tel: +44 (0)20 7448 9839 |
Alan Green / Jacqueline Briscoe |
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 2023
GROUP STATEMENT OF COMPREHENSIVE INCOME
| 6 month period ended 30 September 2023 (Unaudited) | 6 month period ended 30 September 2022 (Unaudited) | Year ended 29 March 2023 (Audited) | ||
| Note | ||||
| £ | £ | £ | ||
| Administrative expenses | (348,300) | (543,369) | (845,818) | |
| Operating loss | (348,300) | (543,369) | 845,818) | |
| Finance expense | (14,533) | (2,030) | (7,643) | |
| Loss before tax | (362,833) | (545,399) | (853,461) | |
| Tax credit | 3 | - | - | 199,007 |
| (Loss)/Profit | (362,833) | (545,399) | (654,454) | |
| Loss attributable to: | ||||
| Owners of the parent | (362,833) | (545,399) | (654,454) | |
| Other comprehensive income: | ||||
| Items that will or may be reclassified to profit or loss: | ||||
Exchange translation differences on foreign operations | 1,304 | 14,253 | 3,237 | |
| Total comprehensive loss | (361,529) | (531,146) | (651,217) | |
| Total comprehensive loss attributable to equity shareholders | (362,529) | (531,146) | (651,217) | |
| Earnings per share basic and diluted (pence) | 4 | (0.31)p | (0.48)p | (0.57)p |
All results in the current and preceding financial period derive from continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION
| 30 September 2023 (Unaudited) | 30 September 2022 (Unaudited) | 29 March 2023 (Audited) | ||
| Note | £ | £ | £ | |
| Non-current assets | ||||
| Tangible fixed assets | 2,496 | 3,444 | 3,324 | |
| Intangible assets | 3,460,301 | 3,376,331 | 3,461,227 | |
| Right of use assets | - | 112,181 | - | |
| 3,462,797 | 3,491,956 | 3,464,551 | ||
| Current assets | ||||
| and other receivables | 25,228 | 167,217 | 215,239 | |
| Digital assets | ||||
| Cash and cash equivalents | (8,640) | 41,821 | 24,276 | |
| 16,588 | 209,038 | 239,515 | ||
| Total assets | 3,479,385 | 3,700,994 | 3,704,066 | |
Current liabilities | ||||
| Trade and other payables | 749,537 | 649,429 | 657,768 | |
| Borrowings | 68,635 | 42,891 | 73,556 | |
| Lease liabilities | - | 14,261 | - | |
| 818,172 | 706,581 | 731,324 | ||
| Non-current liabilities | ||||
| Lease liabilities | - | 101,600 | ||
| Borrowings | 200,000 | 200,000 | ||
| 200,000 | 101,600 | 200,000 | ||
| Total liabilities | 1,018,172 | 808,181 | 931,324 | |
| Net Assets | 2,461,213 | 2,892,813 | 2,772,742 | |
| Equity attributable to owners of the parent | ||||
| Share capital | 5 | 11,995 | 11,795 | 11,795 |
| Share premium | 4,571,264 | 4,548,676 | 4,535,069 | |
| Share based payment reserve | 85,035 | 57,823 | 71,430 | |
| Other reserves | 5 | (205,000) | (205,000) | (205,000) |
| Translation reserve | (19,482) | (9,770) | (20,786) | |
| Retained earnings | (1,982,599) | (1,510,711) | (1,619,766) | |
| Total equity attributable to owners of the parent | 2,461,213 | 2,892,813 | 2,772,742 | |
| Total Equity | 2,461,213 | 2,892,813 | 2,772,742 |
GROUP STATEMENT OF CHANGES IN EQUITY
10,175
| Share capital | Share premium | Share based payment reserve | Other reserves | Translation reserve | Retained earnings | Total | |
£ | £ | £ | £ | £ | £ | £ | |
| Balance as at 29 March 2022 | 3,782,215 | 44,219 | (205,000) | (24,023) | (965,312) | 2,642,274 | |
| Profit for the six months | - | - | - | - | - | (545,399) | (545,399) |
Other comprehensive gain | - | - | - | - | 14,253 | - | 14,253 |
Total comprehensive loss for the period | - | - | - | - | 14,253 | (545,399) | (531,146) |
| Issue of shares, net of issue costs | 1,620 | 780,065 | - | - | - | - | 781,685 |
| Reduction in share capital | - | (13,604) | 13,604 | - | - | - | - |
| Transactions with owners, recognised directly in equity | 1,620 | 801,961 | 13,604 | - | - | - | 781,685 |
| Balance as at 30 September 2022 | 11,795 | 4,548,676 | 57,823 | (205,000) | (9,770) | (1,510,711) | 2,892,813 |
| Balance as at 29 March 2023 | 11,795 | 4,535,069 | 71,430 | (205,000) | (20,786) | (1,619,766) | 2,772,742 |
| Loss for the six months | - | - | - | - | - | (362,833) | (362,833) |
| Other comprehensive gain | - | - | - | 1,304 | - | 1,304 | |
| Total comprehensive loss for the period | - | - | - | - | 1,304 | (362,834) | 361,529) |
| Issue of shares, net of issue costs | 200 | 49,800 | - | - | - | - | 50,000 |
| Share based payment charge | - | (13,605) | 13,605 | - | - | - | - |
| Transactions with owners, recognised directly in equity | 200 | 36,195 | 13,605 | - | - | - | 50,000 |
| Balance as at 30 September 2023 | 11,995 | 4,571,264 | 85,035 | (205,000) | (19,482) | (1,982,599) | 2,461,213 |
CONSOLIDATED STATEMENT OF CASH FLOWS
| 6 month period ended 30 September 2023 (Unaudited) | 6 month period ended 30 September 2022 (Unaudited) | Year ended 29 March 2023 (Audited) | ||
£ | £ | £ | ||
| Cash flow from operating activities | ||||
| Loss before tax | (362,833) | (545,399) | (850,224) | |
| Depreciation and amortisation | 828 | 9,095 | 21,421 | |
| Gain in derecognition of Right of use asset | - | 1,831 | ||
| Decrease in digital assets | 82,474 | 82,474 | ||
| Decrease/(Increase) in other receivables | 190,011 | 93,694) | (141,716) | |
| Increase in other payables | 91,769 | 39,351 | 83,189 | |
| Cash used in operations | (80,225) | (508,173) | (803,025) | |
| Income tax credit | - | 199,007 | ||
| Net cash flows from operating activities | (80,225) | (508,173) | (604,018) | |
Investing activities | ||||
| Purchase of tangible assets | - | (707) | ||
Purchase of intangible assets | 926 | (278,176) | (363,072) | |
Net cash used in investing activities | 926 | (278,176) | (363,779) | |
Financing activities | ||||
Proceeds from Issue of shares, net of issue costs | 50,000 | 817,185 | 781,685 | |
Proceeds from loan finance |
| - | 335,000 | |
Repayments of loans |
| - | (103,944) | |
Lease payments | - | (7,130) | (24,139) | |
Increase/(Decrease) in borrowings | (4,921) | 391 | - | |
Net cash flow from financing | 45,079 | 810,446 | 988,602 | |
(Decrease)/Increase in cash and cash equivalents in the period | (34,220) | 24,097 | 20,805 | |
Cash and cash equivalents at the beginning of the year | 24,276 | 3,471 | 3,471 | |
Exchange rate differences on cash and cash equivalents | 1,304 | 14,253 | - | |
Cash and cash equivalents at the end of the period | (8,640) | 41,821 | 24,276 |