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RNS Number : 5021J
AFC Energy Plc
29 June 2017
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. 

 

29 June 2017

 

 

AFC Energy PLC

 

("AFC Energy", "AFC" or "the Company")

 

Interim Results

 

 

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce its interim results for the six-month period ended 30 April 2017.

 

Highlights

 

·      AFC Energy is on track to reach initial demonstration of a commercially deployable fuel cell by the end of 2017

·      Industry de Nora S.p.A ("De Nora") collaboration continues to evidence improved performance in fuel cell longevity without compromise in power output, availability, cost or efficiency

·      Significant technical progress made in performance of the fuel cell system against AFC Energy's metrics of commercialisation: performance, longevity, availability, cost and efficiency

·      Engineering studies commenced in collaboration with Covestro AG in Germany and Peel Environmental in the UK for commercial fuel cell projects

·      Several other commercial projects under evaluation with local and international project partners, including those previously announced in Korea and the Middle East  

·      Successful £8.1 million (before expenses) fundraise through a placement, subscription and shareholder open offer, with new institutional investors welcomed to the share register

·      Cash balance at 30 April 2017: £8.4 million (30 April 2016: £2.8 million)

·      Receipt of €0.9 million from EU's Fuel Cells and Hydrogen Joint Undertaking ("FCH JU")

·      Strengthened leadership team with appointment of Chief Operating Officer and Chief Financial Officer

 

 

For further information, please contact:

AFC Energy plc           

Adam Bond (Chief Executive Officer)                                                        +44 (0) 20 3697 1209

 

Cantor Fitzgerald Europe - Nominated Adviser and Joint Broker            

Andrew Craig                                                                                         +44 (0) 20 7894 7000
Richard Salmond

                                               

M C Peat & Co LLP - Joint Broker                                                        

Charlie Peat                                                                                          +44 (0) 20 7104 2334
           

Lionsgate Communications - Public Relations                                     

Jonathan Charles                                                                                   +44 (0) 20 3697 1209

             

 

About AFC Energy

 

AFC Energy plc has developed and successfully demonstrated its alkaline fuel cell system, which converts hydrogen into "clean" electricity. AFC Energy's key project POWER-UP demonstrated the world's largest operational alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany in January 2016. The Company is now looking to build upon an already established pipeline of commercial opportunities and drive the findings from the development phase of the technology into a technically optimised and commercially relevant fuel cell system. For further information, please visit our website: www.afcenergy.com

 



 

 

Chief Executive Officer's Report

The success of modern society across the globe increasingly depends to a large degree on the availability of reliable, cost effective and localised electricity. AFC Energy recognises the immediate global demand that exists for delivery of a reliable, affordable and environmentally sustainable power supply that should not only have the potential to displace conventional fossil derived power, but also draw on the most abundant element in the universe as its long-term carbon-free fuel source - Hydrogen.

To deliver these objectives, AFC Energy has been developing a fuel cell system that not only compares positively against its peers in terms of operating metrics, but also against conventional power generation. The Company was challenged at the beginning of 2015 to deliver a commercial fuel cell system capable of deployment within a three-year window - 2017 is the final year of that window.

Over the past six months as the technology has continued to develop, we have seen a number of breakthroughs which, when combined into a single fuel cell system, demonstrate the potential for AFC Energy's fuel cell systems and their varied applications in the real world. 

The Company adopts a strict industry led definition of what it believes to be commercial - these have been defined against reference to the "metrics of commercialisation" which, although not unique to AFC Energy, can often be forgotten in the technological roadmap to success. 

I have been most proud of the progress AFC Energy has made in the first six months of the financial year in progressing the development of the technology against these metrics. In collaboration with our technology partner, De Nora, AFC Energy has seen significant improvements to the fuel cell system design from the system first commissioned in Stade back in January 2016.   

At the annual general meeting of the Company held in April 2017, the Company provided insights, for the first time, on the recent technical improvements we have achieved and the work we still have to complete in the second half of 2017. I am pleased to confirm that the Company remains on target with its work programme for the remainder of 2017.

The following provides an overview of some of these areas of development and progress with many tangible outcomes of this work being seen in the testing conducted since the end of April 2017.

Technical and Operations

In November 2016, AFC Energy successfully completed the development of its Generation 2 ("Gen2") fuel cell system. The Gen2 system incorporates design changes that empirically extended the operating life of the fuel cell stack whilst increasing stack availability and reducing cost. In addition, the Gen2 testing programme demonstrated that AFC Energy's fuel cell system is capable of accepting lower grade industrial hydrogen (direct from industrial plant without clean-up or processing) relative to the laboratory standard hydrogen (99.999%) that has been used by the Company since 2006. The impact this has on addressable market size and affordability of AFC Energy's fuel cell technology should not be underestimated and creates an enlarged market for AFC Energy to pursue.

Technological enhancements have been further progressed via the Joint Development Agreement ("JDA"), announced in mid-2016, between the Company and De Nora, an industry leader in the field of electrochemistry and electrodes. AFC Energy has performed, as at the end of April 2017, more than 145 tests with De Nora using several configurations and different system specifications, targeting specific variations to aspects of the fuel cell system design, utilising De Nora's experience in the water electrolysis and chlor-alkali industry. An expert team from De Nora have collaborated with AFC Energy's team to deliver a number of material improvements to the AFC Energy fuel cell system, particularly increasing electrode longevity which, for most fuel cell companies, has been the 'Achilles Heel' of their technology.

As a result of these extensive tests, the Company is increasingly confident that it is possible for AFC Energy fuel cells to exceed the Company's commercial lifetime target of 12 months. Indeed, many of De Nora's own alkaline electrodes used in industry are warranted for well over 12 months, giving us confidence that prolonged electrode life and system affordability is well within our grasp. Several iterations of the fuel cells have shown a robust performance over an extended period with a materially lower rate of degradation than previously experienced. 

Importantly, based on the results obtained under the JDA, AFC Energy is now targeting a commercial life expectancy more than 12 months and at a lower cost of delivery than earlier generations of its fuel cell. This increase in longevity is expected to materially reduce the cost of power produced and consequently, increase the potential market size of the AFC Energy fuel cell system and its profitability.   

The improvements in longevity seen in the JDA tests are being integrated into the Company's current fuel cell stack design and AFC Energy plans to execute further longevity demonstrations at industrial scale to confirm these enhancements later in 2017. These latest design modifications, revised stack engineering and the ability of AFC Energy's fuel cells to use a lower grade hydrogen demonstrates a sample of the commercial progression of the AFC Energy fuel cell system which the Company will be able to make use of in penetrating its target markets.

In April 2017, AFC Energy and De Nora agreed to commence the next phase of the JDA and to commit further resources and funding to further improve the overall performance and economics delivered by the AFC Energy fuel cell system. Stage 2 of the JDA will now focus on the integration of the best performing electrodes from Phase 1 within the enhanced fuel cell stack to derive a frozen baseline technology platform capable of warranted mass production. In turn, this will be validated at AFC Energy's industrial facility in Stade, Germany in the second half of 2017. The validation will include verifying the metrics associated with power output, longevity, efficiency and availability.

Commercial

In November 2016 AFC Energy signed an agreement with Peel Environmental Limited ("Peel") to assess the techno-economic feasibility of the UK's largest fuel cell precinct at Peel's Protos Industrial Park. Protos is located between Manchester, Liverpool and Chester and will deliver 250 hectares of industrial development in the North West of England. AFC Energy will conduct the assessment in collaboration with Peel and other third-party partners to review a range of hydrogen sources and offtake arrangements and work with local stakeholders to address potential for deployment of fuel cell projects at Protos. At the time of writing, discussions continue with local partners for the supply of hydrogen to the project.

In March 2017, the Company received confirmation from PowerHouse Energy plc ("PowerHouse") of the Company's first commercial sale of a small-scale alkaline hydrogen fuel cell system. Confirmation of the order is made in accordance with the agreement between AFC Energy and PowerHouse announced to the market in April 2014. AFC Energy will deliver the system once all parties are satisfied that the PowerHouse waste gasification system is generating a hydrogen stream specification appropriate for the operation of the AFC Energy proprietary fuel cell system.    

In addition, we continue to hold extensive discussions with other prospective strategic, technical and project-related partners for the development and international deployment of our fuel cell systems, including those partners previously announced to the market since the beginning of 2015 in Korea and the Middle East. 

Financial Review

During the six-months to 30 April 2017, an operating loss of £2.7 million (30 April 2016: £3.8 million) was recorded. In the period, the Company continued to recognise grant income under the European Framework Programme 7 for the POWER-UP and ALKOMMONIA projects, albeit at a lower level than in the previous period as these projects enter their final stages. Direct labour and material costs associated with the projects were recognised in cost of sales. Administrative expenses remained largely static, reflecting tight control of costs.

The net cash inflow in the six-months to 30 April 2017 was £5.5 million (30 April 2016: £1.1 million net outflow) as a result of the Company's careful control of operating and capital costs, and the successful fundraise which raised a total of £8.1 million (before costs).

The fundraise consisted of a placing and subscription to raise £6.0 million plus an Open Offer to existing shareholders to raise an additional £2.1 million. We are pleased that the Open Offer to our existing shareholders was oversubscribed by 56.9%, and to welcome Schroder Investment Management  onto the share register, who invested £3.3 million into AFC Energy, representing 8.44% of the total share capital.

The cash balance at 30 April 2017 was £8.4 million (30 April 2016: £2.8 million).

The Board of AFC Energy does not intend to declare a dividend in respect of this period.

Outlook

The outlook for the remainder of 2017 is in line with our expectations. Consistent with the three-year window targeted by AFC Energy in 2015 for demonstration of a commercial fuel cell system, the Company has a number of programmes on track that will deliver robust performance enhancement against of the metrics of commercialisation. These include:

·      the full integration of the AFC Energy / De Nora JDA electrode into the industrial scale fuel cell system and obtaining operational data from the stack;

·      operation of a hydrogen recirculation system increasing the conversion efficiency of hydrogen to power of the system (and thereby reducing the cost of hydrogen in commercial projects);

·      demonstration of the fundamental change in stack design with further enhanced gas and liquid flow plates;

·      removal of the nickel frame around the electrode which represents a material proportion of the overall stack cost; and

·      implementation of a change in design of the air scrubbing unit that will dramatically reduce the cost of processing air for the chemical reaction within the fuel cell stack.

These are a sample of the works currently being integrated into the AFC Energy base design, which by the end of the year, should also include the engineering of a new 1MW system in our portfolio.

AFC Energy continues to assess a range of other highly complementary technologies which, when integrated with our own, could provide a material advantage in our go to market strategy as a strong participant in the hydrogen economy relative to a number of our peers.

We remain fully committed to alkaline fuel cells for our target applications and markets which we continue to believe can provide significant operating and cost benefits once commercially deployed, compared to other fuel cell technologies.

A number of pieces of research work we are now conducting, whilst not affecting the timelines set for this year, will, once demonstrated, further significantly enhance our fuel cell technology and place AFC Energy as a strategic leader in the fuel cell space not only in the UK, but internationally.

Finally, I would like to thank all the staff, partners and contractors working with AFC Energy, together with the EU's FCH JU, and the Board for their continued support and look forward to reporting back to shareholders during 2017 with news of further progress.

 

Adam Bond

Chief Executive Officer

29 June 2017



 

STATEMENT OF COMPREHENSIVE INCOME

 

For the period ended 30 April 2017



Six-months ended

Six-months ended

Year ended



30 April 2017

30 April 2016

31 October 2016



£

£

£


Note

Unaudited

Unaudited

Audited

EU Grant income


201,762

763,204

967,606

Cost of sales


(312,261)

(2,072,480)

(1,883,650)

Gross loss


(110,499)

(1,309,276)

(916,044)






Other income


36,558

80,164

146,479

Administrative expenses


(2,611,693)

(2,583,185)

(5,561,096)

Operating loss


(2,685,634)

(3,812,297)

(6,330,661)






Finance cost

3

(969)

(148,787)

(148,233)

Loss before tax


(2,686,603)

(3,961,084)

(6,478,894)

Taxation

4

250,002

500,429

822,830

Loss for the financial period and total comprehensive loss attributable to owners of the Company


(2,436,601)

(3,460,655)

(5,656,064)






Basic loss per share

5

(0.73)p

(1.15)p

(1.86)p

Diluted loss per share

5

(0.73)p

(1.15)p

(1.86)p



 

STATEMENT OF FINANCIAL POSITION

 

As at 30 April 2017

 



30 April 2017

30 April 2016

31 October 2016



£

£

£


Note

Unaudited

Unaudited

Audited

Assets





Non-current assets





Intangible assets

6

358,548

360,524

344,457

Property and equipment

7

65,910

99,596

89,384

Investment


-

-

-



424,458

460,120

433,841

Current assets





Inventory and work in progress

8

164,255

-

150,932

Other receivables

9

2,011,928

3,812,294

2,595,963

Cash and cash equivalents

10

8,419,671

2,837,130

2,910,862

Restricted cash

10

105,752

91,105

112,077



10,701,606

6,740,529

5,769,834






Total assets


11,126,064

7,200,649

6,203,675






Capital and reserves attributable to owners of the Company





Share capital

11

390,948

308,344

310,014

Share premium

11

45,454,067

37,604,267

37,843,613

Other reserve


3,242,858

2,772,061

3,234,492

Retained deficit


(38,499,998)

(34,290,742)

(36,486,151)

Total equity attributable to Shareholders


10,587,875

6,393,930

4,901,968






Current liabilities





Trade and other payables

12

538,189

806,719

1,295,904



538,189

806,719

1,295,904

Non-current liabilities





Trade and other payables

12

-

-

5,803



-

-

5,803






Total equity and liabilities


11,126,064

7,200,649

6,203,675

 



 

STATEMENT OF CHANGES IN EQUITY

 

For the period ended 30 April 2017

 


Share

Share

Other

Retained

Total


Capital

Premium

Reserve

Deficit

Equity


£

£

£

£

£


Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Balance at 1 November 2016

 310,014

37,843,613

3,234,492

(36,486,151)

4,901,968

Comprehensive loss for the period

-

-

-

(2,436,601)

(2,436,601)

Issue of equity shares

80,934

7,610,454

-

-

7,691,388

Equity-settled share-based payments

-

-

8,366

422,754

431,120

Transactions with owners

80,934

7,610,454

8,366

-

8,122,508

Balance at 30 April 2017

390,948

45,454,067

3,242,858

(38,499,998)

10,587,875

 

 


Share

Share

Other

Retained

Total


Capital

Premium

Reserve

Deficit

Equity


£

£

£

£

£


Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Balance at 1 November 2015

289,904

33,947,857

2,207,441

(30,830,087)

5,615,115

Comprehensive loss for the period

-

-

-

(3,460,655)

(3,460,655)

Issue of equity shares

18,440

3,656,410

-

-

3,674,850

Equity-settled share-based payments

-

-

564,620

-

564,620

Transactions with owners

18,440

3,656,410

564,620

-

4,239,470

Balance at 30 April 2016

308,344

37,604,267

2,772,061

(34,290,742)

6,393,930

 

 


Share

Share

Other

Retained

Total


Capital

Premium

Reserve

Deficit

Equity


£

£

£

£

£


Audited

Audited

Audited

Audited

Audited

Balance at 1 November 2015

289,904

33,947,857

2,207,441

(30,830,087)

5,615,115

Comprehensive loss for the period

-

-

-

(5,656,064)

(5,656,064)

Issue of equity shares

20,110

3,895,756

-

-

3,915,866

Equity-settled share-based payments

-

-

1,027,051

-

1,027,051

Transactions with owners

20,110

3,895,756

1,027,051

-

4,942,917

Balance at 31 October 2016

 310,014

37,843,613

3,234,492

(36,486,151)

4,901,968



 

CASH FLOW STATEMENT

 

For the period ended 30 April 2017

 


Six-months ended

Six-months ended

Year ended


30 April 2017

30 April 2016

31 October 2016


£

£

£


Unaudited

Unaudited

Audited

Cash flows from operating activities




Loss before tax for the period

(2,686,603)

(3,961,084)

(6,478,894)

Adjustments for:




 Depreciation and amortisation

42,847

72,577

172,608

 Profit on disposal of tangible assets

-

-

(40,750)

 Equity-settled share-based payment expenses

431,120

564,620

1,027,051

 Payment of shares in lieu of cash

46,250

85,850

326,632

 Interest received

(807)

(900)

(3,415)

 R&D tax credits receivable

250,002

-

(104,291)

 Loss on derivative financial investment

-

149,687

149,687

Cash flows from operating activities before changes in working capital and provisions

(1,917,191)

(3,089,250)

(4,951,372)

R&D tax credits received

-

-

927,121

Decrease/(Increase) in restricted cash

6,325

-

(20,972)

(Increase)/Decrease in Inventory and work in progress

(13,323)

219,421

68,489

Decrease in other receivables

584,035

146,475

862,377

Decrease in trade and other payables

(763,518)

(866,840)

(371,852)

Cash absorbed by operating activities

(2,103,672)

(3,590,194)

(3,486,209)





Cash flows from investing activities




Purchase of plant and equipment

(2,344)

(35,901)

(81,424)

Additions to intangible assets

(31,120)

(42,292)

(70,287)

Proceeds of disposal of tangible assets

-

-

40,750

Interest received

807

900

3,415

Net cash absorbed by investing activities

(32,657)

(77,293)

(107,546)





Cash flows from financing activities




Proceeds from the issue of share capital

8,068,426

3,600,000

3,600,000

Costs of issue of share capital

(423,288)

(11,000)

(11,000)

Derivative financial asset

-

1,159,172

1,159,172

Net cash from financing activities

7,645,138

4,748,172

4,748,172





Net increase in cash and cash equivalents

5,508,809

1,080,685

1,154,417

Cash and cash equivalents at start of period

2,910,862

1,756,445

1,756,445

Cash and cash equivalents at end of period

8,419,671

2,837,130

2,910,862



 

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

1. Significant accounting policies

a. Basis of preparation

b. Revenue

c. Grants

d. Other Income

e. Development Costs

f. Foreign Currency

g. Inventory and Work in Progress



 

h. Other Receivables

i. Property and Equipment

•     Leasehold improvements                             1 to 3 years

•     Fixtures, fittings and equipment                   1 to 3 years

•     Vehicles                                                       3 to 4 years

j. Intangible Assets

•     Patents                                                         20 years

k. Cash and Cash Equivalents



 

l. Other Financial Liabilities

Trade and Other Payables:

 

Deferred Income:

m. Leases

Finance Leases:

Operating Leases:

 

n. Financial Assets

o. Financial Instruments

•     Cash and cash equivalents comprise cash held at bank and short-term deposits

•     Receivables are recognised initially at fair value and subsequently held at amortised cost less an allowance for any uncollectable amounts when the full amount is no longer considered receivable

•     Trade payables are not interest bearing and are stated at their nominal value

•     Equity instruments issued by the Company are recorded at the proceeds received except where those proceeds appear to be less than the fair value of the equity instruments issued, in which case the equity instruments are recorded at fair value. The difference between the proceeds received and the fair value is reflected in the share-based payments reserve.

 

p. Valuation of Derivative Financial Instrument

q. Share-Based Payment Transactions

r. Taxation

s. R&D Tax Credits

t. Pension Contributions

 

2. SEGMENTAL ANALYSIS

3. FINANCe cost


Six-months ended

Six-months ended

Year ended


30 April 2017

30 April 2016

31 October 2016


£

£

£


Unaudited

Unaudited

Audited

Loss on derivative financial instrument

-

(149,687)

(149,687)

Interest on finance lease

(1,775)

-

(1,961)

Bank interest receivable

806

900

3,415

Total finance cost

(969)

(148,787)

(148,233)

 

4. TAXATION


Six-months ended

Six-months ended

Year ended


30 April 2017

30 April 2016

31 October 2016


£

£

£

Recognised in the statement of comprehensive income:

Unaudited

Unaudited

Audited

R&D tax credit - current period

250,002

500,429

613,732

R&D tax credit - prior year

-

-

209,098

Total tax credit

250,002

500,429

822,830

 



 

5. LOSS PER SHARE


Six-months ended

Six-months ended

Year ended


30 April 2017

30 April 2016

31 October 2016


Unaudited

Unaudited

Audited

Basic loss per share (pence)

(0.73)p

(1.15)p

(1.86)p

Diluted loss per share (pence)

(0.73)p

(1.15)p

(1.86)p

Loss attributable to equity Shareholders

(2,436,601)

(3,460,655)

(5,656,064)






Number

Number

Number

Weighted average number of shares in issue

333,454,674

301,332,128

304,858,560

Diluted earnings per share:

6. INTANGIBLE ASSETS


Patents


£


Unaudited

Cost:


At 1 November 2015

445,927

Additions

42,292

At 30 April 2016

488,219

Additions

28,229

At 31 October 2016

516,448

Additions

31,120

At 30 April 2017

547,568



Amortisation:


At 1 November 2015

107,751

Additions

19,944

At 30 April 2016

127,695

Additions

44,296

At 31 October 2016

171,991

Additions

17,029

At 30 April 2017

189,020



Net Book Value:


At 30 April 2016

360,524



At 31 October 2016

344,457



At 30 April 2017

358,548



 

7. PROPERTY AND EQUIPMENT


Leasehold

Fixtures, fittings




improvements

and equipment

Motor vehicles

Total


£

£

£

£


Unaudited

Unaudited

Unaudited

Unaudited

Cost:





At 1 November 2015

337,462

1,321,278

17,994

1,676,734

Additions

-

35,901

-

35,901

At 30 April 2016

337,462

1,357,179

17,994

1,712,635

Additions

-

45,523

-

45,523

Disposals

-

(238,797)

-

(238,797)

At 31 October 2016

337,462

1,163,905

17,994

1,519,361

Additions

-

2,344

-

2,344

At 30 April 2017

337,462

1,166,249

17,994

1,521,705






Depreciation:





At 1 November 2015

289,532

1,267,279

3,595

1,560,406

Charge for the period

23,965

25,313

3,355

52,633

At 30 April 2016

313,497

1,292,592

6,950

1,613,039

Charge for the period

23,965

29,224

2,546

55,735

Disposals

-

(238,797)

-

(238,797)

At 31 October 2016

337,462

1,083,019

9,496

1,429,977

Charge for the period

-

22,463

3,355

25,818

At 30 April 2017

337,462

1,105,482

12,851

1,455,795






Net Book Value:





At 30 April 2016

23,965

64,587

11,044

99,596






At 31 October 2016

-

80,886

8,498

89,384






At 30 April 2017

-

60,767

5,143

65,910

 

8. INVENTORY AND WORK IN PROGRESS


30 April 2017

30 April 2016

31 October 2016


£

£

£


Unaudited

Unaudited

Audited

Inventory

164,255

-

150,932

Work in progress

-

-

-


164,255

-

150,932

 

9. OTHER RECEIVABLES


30 April 2017

30 April 2016

31 October 2016


£

£

£


Unaudited

Unaudited

Audited

Current:




R&D tax credits receivable

923,221

1,218,452

673,219

EU grants receivable

599,050

2,342,625

1,409,642

Other receivables

489,657

251,217

513,102


2,011,928

3,812,294

2,595,963

 



 

10. CASH AND CASH EQUIVALENTS


30 April 2017

30 April 2016

31 October 2016


£

£

£


Unaudited

Unaudited

Audited

Cash at bank

1,195,182

942,274

1,137,819

Bank deposits

7,224,489

1,894,856

1,773,043


8,419,671

2,837,130

2,910,862

11. ISSUED SHARE CAPITAL


Ordinary shares

Share Capital

Share premium

Total


Number

£

£

£


Unaudited

Unaudited

Unaudited

Unaudited

At 1 November 2015 2015

289,903,943

289,904

33,947,858

34,237,762

Issue of shares on 18 January 2016

18,000,000

18,000

3,571,000

3,589,000

Issue of shares on 21 January 2016

250,000

250

56,625

56,875

Issue of shares on 18 April 2016

190,000

190

28,785

28,975

At 30 April 2016

308,343,943

308,344

37,604,268

37,912,612

Issue of shares on 19 May 2016

720,000

720

50,670

51,390

Issue of shares on 6 July 2016

250,000

250

34,125

34,375

Issue of shares on 19 August 2016

700,000

700

154,550

155,250

At 31 October 2016

310,013,943

310,014

37,843,613

38,153,627

Issue of shares on 25 January 2017

250,000

250

46,000

46,250

Issue of shares on 9 March 2017

80,684,262

80,684

7,564,454

7,645,138

At 30 April 2017

390,948,205

390,948

45,454,067

45,845,015

12. TRADE AND OTHER PAYABLES


30 April 2017

30 April 2016

31 October 2016


£

£

£


Unaudited

Unaudited

Audited

Current liabilities:




Trade payables

210,057

421,217

357,118

Deferred income

60,973

228,020

105,727

Finance lease liability

16,246

-

16,246

Other payables

180,376

77,394

677,211

Accruals

70,537

80,088

139,602


538,189

806,719

1,295,904

Non-current liabilities:




Finance lease liability

-

-

5,803


-

-

5,803



 

13. RELATED PARTY TRANSACTIONS

14. PUBLICATION OF NON-STATUTORY ACCOUNTS

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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