LONDON--(BUSINESS WIRE)--
Wheelsure Holdings plc
(“Wheelsure” or the “Group”)
Interim Results for Six Months Ended 28 February 2022
We are pleased to announce our results for the half year ended 28 February 2022.
Sales for the 6 months were £93,268 (6 months ended 28 February 2021: £55,683, Year ended 31 August 2021: £144,077). This increase reflects a slight improvement in trading conditions after the exceptional circumstances of the pandemic. Sales are from the UK and major European countries and continue into the post-reporting period.
UK
Despite the continued shortfall in passenger traffic on London Underground (LUL) and the associated financial issue, we have received good repeat business from them, as well as Docklands Light Railway (DLR). Our relationships and strong supply chain remain in place to benefit from their recovery following Covid.
Germany
Repeat orders received in the period from Siemens AG, DB Netz, and Thyssenkrupp, are encouraging signs for our German business and they continue into the post-reporting period. The business from DB Netz Wuppertal is particularly positive, in that it establishes supplies directly into the supply chain of this major operator.
In common with all EU business, post-Brexit complexities have increased the costs associated with export and the lead-times. We have worked hard to overcome these challenges and the Board is confident in growing this vital business.
Italy
Business in Italy has picked up and shows signs of greater consistency following a very quiet time. This market remains very important and the Board see it as a strategic priority to build on recent progress and realise the potential of our very strong technical approvals.
Holland
Following our collaboration agreement with Sedwell (reported in the year-end accounts), we have been discussing an exciting project utilising Tracksure Digital Fasteners in the Netherlands. The project scope has now been agreed and the Board is delighted to report that that it will take place in the summer of 2022.
Spain
Our first order for the Barcelona Metro (TMB) was received in this period. Once again, we enjoy a very good technical approval in Spain and we will be aiming to build upon this important breakthrough.
Tracksure Digital Fastener/ Tracksure Dual Thread Technology
As previously reported, these two new product developments are very exciting developments for the Company. During this financial year we will be looking to use this wider product range to broaden our customer base and seek new representation in important rail markets. The Dutch project detailed above will be the first time that we have incorporated Digital Fasteners into rail track and it opens the door for “remote condition monitoring”, a term that is a main objective for most progressive rail infrastructure businesses.
The Board would like to thank all our shareholders for their continued support.
John Richard Allen
Interim Chairman31 May 2022
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.
For further information, please contact:
Wheelsure Holdings plc |
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01525 840 557 |
Gerhard Dodl, CEO |
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Cairn Financial Advisers LLP |
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020 7213 0880 |
Jo Turner / Liam Murray / Ed Downes |
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Unaudited consolidated statement of comprehensive income
for the six months ended 28 February 2022
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Six months ended 28.02.2022 |
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Six months ended 28.02.2021 |
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Year ended 31.08.2021 |
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£ |
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£ |
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£ |
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TURNOVER |
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93,268 |
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55,683 |
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144,077 |
Cost of sales |
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(53,640) |
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(26,592) |
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(75,178) |
GROSS PROFIT |
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39,628 |
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29,091 |
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68,899 |
Administrative expenses |
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(134,668) |
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(142,053) |
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(277,825) |
OPERATING LOSS |
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(95,040) |
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(112,962) |
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(208,926) |
Interest payable and similar charges |
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(10,211) |
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(4,112) |
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(15,032) |
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LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION |
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(105,251) |
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(117,074) |
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(223,958) |
Tax on loss on ordinary activities |
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- |
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(343) |
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17,601 |
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LOSS FOR THE PERIOD AFTER TAXATION |
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(105,251) |
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(117,417) |
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(206,357) |
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Other comprehensive income |
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- |
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- |
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- |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD |
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(105,251) |
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(117,417) |
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(206,357) |
BASIC AND DILUTED LOSS PER SHARE (NOTE 3) |
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2.6p |
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3.3p |
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5.5p |
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Unaudited consolidated balance sheet
as at 28 February 2022
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As at |
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As at |
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As at |
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28.02.2022 |
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28.02.2021 |
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31.08.2021 |
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£ |
£ |
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£ |
£ |
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£ |
£ |
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FIXED ASSETS |
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Intangible assets |
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46,527 |
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48,194 |
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48,621 |
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Tangible assets |
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212 |
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372 |
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292 |
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46,739 |
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48,566 |
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48,913 |
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CURRENT ASSETS |
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Stocks |
27,368 |
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34,125 |
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32,034 |
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Debtors |
50,089 |
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75,774 |
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54,036 |
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Cash at bank |
4,533 |
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159 |
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18,747 |
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81,990 |
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110,059 |
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104,817 |
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CREDITORS |
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Amounts falling due within one year |
(377,853) |
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(269,956) |
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(252,545) |
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NET CURRENT LIABILITIES |
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(295,863) |
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(159,897) |
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(147,728) |
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NET LIABILITIES |
(249,124) |
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(111,331) |
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(143,873) |
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CAPITAL AND RESERVES |
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Called up share capital |
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2,418,171 |
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2,413,868 |
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2,418,171 |
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Share premium |
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3,713,311 |
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3,666,640 |
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3,713,311 |
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Profit and loss account |
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(6,380,606) |
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(6,191,839) |
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(6,275,355) |
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SHAREHOLDERS’ DEFICIT |
(249,124) |
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(111,331) |
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(143,873) |
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Unaudited consolidated statement of changes in equity
for the six months ended 28 February 2022
Six months ended 28 February 2022 |
Called up share capital |
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Share Premium |
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Retained earnings |
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Total equity |
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£ |
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£ |
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£ |
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£ |
Balance at 1 September 2021 |
2,418,171 |
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3,713,311 |
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(6,275,355) |
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(143,873) |
Changes in equity |
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Total comprehensive loss |
- |
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- |
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(105,251) |
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(105,251) |
Balance at 28 February 2022 |
2,418,171 |
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3,713,311 |
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(6,380,606) |
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(249,124) |
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Six months ended 28 February 2021 |
Called up share capital |
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Share Premium |
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Retained earnings |
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Total equity |
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£ |
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£ |
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£ |
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£ |
Balance at 1 September 2020 |
2,413,868 |
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3,667,640 |
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(6,074,422) |
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7,086 |
Changes in equity |
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Issue of share capital |
- |
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(1,000) |
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- |
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(1,000) |
Total comprehensive loss |
- |
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- |
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(117,417) |
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(117,417) |
Balance at 28 February 2021 |
2,413,868 |
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3,666,640 |
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(6,191,839) |
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(111,331) |
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Year ended 31 August 2021 |
Called up share capital |
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Share Premium |
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Retained earnings |
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Total equity |
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£ |
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£ |
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£ |
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£ |
Balance at 1 September 2020 |
2,413,868 |
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3,667,640 |
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(6,074,422) |
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7,086 |
Changes in equity |
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Issue of share capital |
4,303 |
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45,671 |
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- |
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49,974 |
Total comprehensive loss |
- |
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- |
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(206,357) |
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(206,357) |
Capital contribution |
- |
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- |
|
5,424 |
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5,424 |
Balance at 31 August 2021 |
2,418,171 |
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3,713,311 |
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(6,275,355) |
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(143,873) |
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Unaudited consolidated cash flow statement
for the six months ended 28 February 2022
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Notes |
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Six months ended 28.02.2022 |
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Six months ended 28.02.2021 |
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Year ended 31.08.2021 |
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£ |
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£ |
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£ |
Cash flows from operating activities |
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Cash used in operations |
4 |
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(62,383) |
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(108,819) |
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(209,323) |
Tax received |
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- |
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17,613 |
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17,613 |
Net cash used in operating activities |
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(62,383) |
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(91,206) |
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(191,710) |
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Cash flows from investing activities |
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Capital expenditure |
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(119) |
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(7,878) |
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(11,280) |
Net cash used in investing activities |
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(119) |
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(7,878) |
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(11,280) |
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Cash flows from financing activities |
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New loans in period |
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50,000 |
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75,000 |
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150,000 |
Share issue proceeds |
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- |
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- |
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50,974 |
Share issue costs |
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- |
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(1,000) |
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(1,000) |
Interest paid |
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(1,712) |
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(737) |
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(4,217) |
Net cash from financing activities |
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48,288 |
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73,263 |
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195,757 |
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(Decrease)/increase in cash and cash equivalents |
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(14,214) |
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(25,821) |
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(7,233) |
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Cash at bank and in hand at start of period |
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18,747 |
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25,980 |
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25,980 |
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Cash at bank and in hand at period end |
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4,533 |
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159 |
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18,747 |
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Notes to the unaudited financial statements
for the six months ended 28 February 2022
1. Reporting entity
Wheelsure Holdings plc (the “Company”) is a company incorporated and domiciled in the United Kingdom. The address of the Company’s registered office is 235 Hunts Pond Road, Fareham, Hampshire, PO14 4PJ.
The consolidated interim financial statements of the Group as at and for the half year ended 28 February 2022 comprise the Company and its subsidiaries (together referred to as the “Group”). The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group’s statutory financial statements for the year ended 31 August 2021 have been filed with the Registrar of Companies. The auditor’s report on those financial statements was unqualified but contained an emphasis of matter paragraph in relation to going concern and did not contain a statement under Section 498(2) of the Companies Act 2006. The consolidated financial statements of the Group as at and for the year ended 31 August 2021 are available at http://www.wsgroupglobal.com.
2. Basis of preparation
These consolidated financial statements for the half year ended 28 February 2022 are unaudited. They have been prepared and approved by the directors following the recognition and measurement principles of Financial Reporting Standard (FRS 102) and with the requirements of the Companies Act 2006. This information has not been reviewed by the Group’s auditors.
The interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 August 2021.
The information in the interim financial statements has not be reviewed by the Group’s auditors.
3. Basic and diluted loss per share |
Six months ended 28.02.2022 |
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Six months ended 28.02.2021 |
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Year ended 31.08.2021 |
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£ |
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£ |
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£ |
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Loss for the period |
(105,251) |
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(117,417) |
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(206,357) |
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Weighted average number of ordinary shares in issue during the period |
4,013,428 |
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3,583,058 |
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3,765,337 |
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Basic and diluted loss per share |
2.6p |
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3.3p |
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5.5p |
No shares were deemed to have been issued at nil consideration as a result of the share options granted.
The diluted basic loss per share is stated as the same amount as the basic as there is no dilutive effect in any period.
4. Reconciliation of operating loss to net cash outflow from operating activities
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Six months ended 28.02.2022 |
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Six months ended 28.02.2021 |
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Year ended 31.08.2021 |
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£ |
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£ |
|
£ |
Operating loss for the period |
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(95,040) |
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(112,962) |
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(208,926) |
Depreciation and amortisation charges |
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2,293 |
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2,237 |
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4,612 |
Loss on disposal of fixed assets |
|
- |
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- |
|
680 |
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(92,747) |
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(110,725) |
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(203,634) |
Decrease in stocks |
|
3,947 |
|
587 |
|
2,678 |
Decrease / (increase) in trade and other debtors |
|
4,666 |
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(38,300) |
|
1,383 |
Increase / (decrease) in trade and other creditors |
|
21,751 |
|
39,619 |
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(9,750) |
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Net cash outflow from operating activities |
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(62,383) |
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(108,819) |
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(209,323) |
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