TRUSPINE TECHNOLOGIES
PLC
("TruSpine", the "Company" or
"Group")
Interim Results - for the six
months ended 30 September 2024
CHAIRMAN'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 the Company
is hoping for more substantive news in 2025.
-
Following a turbulent year, the Company looks
forward to a more constructive future, as it works towards
commercialisation of its IP.
-
Financing: the Company remains in pre-revenue
stage and is in detailed discussions with various parties to agree
a substantial fundraise in 2025.
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 2024 was £410k (2023: £363k) after administrative
expenses of £410k (2023: £348k). As in the previous year, there was
very little development spend for the six months to 30 September
2024. Consolidated
net assets as at 30 September 2024 amounted to £2.33 million (2023:
£2.46 million) including a bank balance of £51k as at 30 September
2024 (2023 bank overdraft of £9k).
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 expect a successful resolution in 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 Investor Hub
|
https://investorhub.truspinetech.com
|
|
TruSpine Technologies Plc
|
Tel: +44 (0)20 7118
0852
|
|
Geoff Miller, Non-executive
Chairman
|
|
|
|
|
|
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)1273 704 473
|
|
Alan Green / Jacqueline
Briscoe
|
J.Briscoe@novuscomms.com
|
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 2024
GROUP STATEMENT OF COMPREHENSIVE INCOME
|
|
|
6 month
period
ended
30 September
2024
(Unaudited)
|
6
month
period
ended
30
September 2023
(Unaudited)
|
Year
ended
29 March
2024
(Audited)
|
|
|
|
|
|
|
|
|
Note
|
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
|
|
|
Administrative expenses
|
|
(409,530)
|
(348,300)
|
(656,406)
|
|
|
|
|
|
|
|
Operating loss
|
|
(409,530)
|
(348,300)
|
(656,406)
|
|
Finance expense
|
|
(538)
|
(14,533)
|
(45,288)
|
|
Finance income
|
|
442
|
-
|
-
|
|
|
|
|
|
|
|
Loss before tax
|
|
(409,626)
|
(362,833)
|
(701,694)
|
|
|
|
|
|
|
|
Tax credit
|
3
|
-
|
-
|
141,186
|
|
|
|
|
|
|
|
(Loss)/Profit
|
|
(409,626)
|
(362,833)
|
(560,508)
|
|
|
|
|
|
|
|
Loss attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the parent
|
|
(409,626)
|
(362,833)
|
(560,508)
|
|
|
|
|
|
|
|
Other comprehensive income:
|
|
|
|
|
|
Items that will or may be reclassified to profit or
loss:
|
|
|
|
|
|
Exchange translation differences on
foreign operations
|
|
(6,854)
|
1,304
|
3,241
|
|
Total comprehensive loss
|
|
(416,480)
|
(361,529)
|
(563,749)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss attributable to equity
shareholders
|
|
(416,480)
|
(362,529)
|
(563,749)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share basic and diluted
(pence)
|
4
|
(0.28)p
|
(0.31)p
|
(0.47)p
|
All results in the current and
preceding financial period derive from continuing
operations.
GROUP STATEMENT OF FINANCIAL POSITION
|
|
|
30 September
2024
(Unaudited)
|
30
September 2023
(Unaudited)
|
29 March
2024
(Audited)
|
|
|
Note
|
£
|
£
|
£
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
Tangible fixed assets
|
|
1,388
|
2,496
|
1,906
|
|
Intangible assets
|
|
3,566,469
|
3,460,301
|
3,568,216
|
|
|
|
3,567,857
|
3,462,797
|
3,570,122
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Trade and other
receivables
|
|
28,217
|
25,228
|
193,941
|
|
Cash and cash equivalents
|
|
50,823
|
(8,640)
|
124,646
|
|
|
|
79,040
|
16,588
|
318,587
|
|
|
|
|
|
|
|
Total assets
|
|
3,646,897
|
3,479,385
|
3,888,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Trade and other payables
|
|
1,083,621
|
749,537
|
904,799
|
|
Borrowings
|
|
43,450
|
68,635
|
297,605
|
|
|
|
1,127,071
|
818,172
|
1,202,404
|
|
Non-current liabilities
|
|
|
|
|
|
Lease liabilities
|
|
-
|
-
|
-
|
|
Borrowings
|
|
186,573
|
200,000
|
136,573
|
|
|
|
186,573
|
200,000
|
136,573
|
|
|
|
|
|
|
|
Total liabilities
|
|
1,313,644
|
1,018,172
|
1,338,977
|
|
|
|
|
|
|
|
Net Assets
|
|
2,333,253
|
2,461,213
|
2,549,733
|
|
|
|
|
|
|
|
Equity attributable to owners of the parent
|
|
|
|
|
|
Share capital
|
5
|
15,267
|
11,995
|
13,933
|
|
Share premium
|
|
5,031,520
|
4,571,264
|
4,846,460
|
|
Share based payment
reserve
|
|
112,247
|
85,035
|
98,641
|
|
Other reserves
|
5
|
(205,000)
|
(205,000)
|
(205,000)
|
|
Translation reserve
|
|
(30,881)
|
(19,482)
|
(24,027)
|
|
Retained earnings
|
|
(2,589,900)
|
(1,982,599)
|
(2,180,274)
|
|
|
|
|
|
|
|
Total equity attributable to owners of the
parent
|
|
2,333,253
|
2,461,213
|
2,549,733
|
|
|
|
|
|
|
|
Total Equity
|
|
2,333,253
|
2,461,213
|
2,549,733
|
GROUP STATEMENT OF CHANGES IN EQUITY
|
|
Share
capital
|
Share
premium
|
Share based payment
reserve
|
Other
reserves
|
Translation
reserve
|
Retained
earnings
|
Total
|
|
|
£
|
£
|
£
|
£
|
£
|
£
|
£
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at 29 March 2024
|
13,933
|
4,846,460
|
98,641
|
(205,000)
|
(24,027)
|
(2,180,274)
|
2,549,733
|
|
Loss for the six months
|
-
|
-
|
-
|
-
|
-
|
(409,626)
|
(409,626)
|
|
Other comprehensive gain
|
-
|
-
|
|
-
|
(6,854)
|
-
|
(6,854)
|
|
Total comprehensive loss for the period
|
-
|
-
|
-
|
-
|
(6,854)
|
(409,626)
|
(416,480)
|
|
Issue of shares, net of issue
costs
|
1,334
|
198,666
|
-
|
-
|
-
|
-
|
200,000
|
|
Share based payment charge
|
-
|
(13,606)
|
13,606
|
-
|
-
|
-
|
-
|
|
Transactions with owners, recognised directly in
equity
|
1,334
|
185,060
|
13,606
|
-
|
-
|
-
|
200,000
|
|
Balance as at 30 September 2024
|
15,267
|
5,031,520
|
112,247
|
(205,000)
|
(30,881)
|
(2,589,900)
|
2,333,253
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
|
6 month
period
ended
30 September
2024
(Unaudited)
|
6
month
period
ended
30
September 2023
(Unaudited)
|
Year
ended
29 March
2024
(Audited)
|
|
|
|
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
|
|
|
Cash flow from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
Loss before tax
|
|
(409,626)
|
(362,833)
|
(701,694)
|
|
Depreciation and
amortisation
|
|
518
|
828
|
1,418
|
|
Decrease/(Increase) in other
receivables
|
|
165,725
|
190,011
|
21,298
|
|
Increase in other
payables
|
|
178,822
|
91,769
|
247,030
|
|
Cash used in operations
|
|
(64,561)
|
(80,225)
|
(431,948)
|
|
Income tax credit
|
|
-
|
-
|
141,186
|
|
Net
cash flows from operating activities
|
|
(64,561)
|
(80,225)
|
(290,762)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of tangible
assets
|
|
-
|
-
|
-
|
|
Purchase of intangible
assets
|
|
(5,223)
|
926
|
(106,989)
|
|
Net cash used in investing
activities
|
|
(5,223)
|
926
|
(106,989)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
Proceeds from Issue of shares, net
of issue costs
|
|
200,000
|
50,000
|
340,740
|
|
Proceeds from loan
finance
|
|
|
|
187,073
|
|
Repayments of loans
|
|
(200,000)
|
|
(26,451)
|
|
Lease payments
|
|
-
|
-
|
-
|
|
Increase/(Decrease) in
borrowings
|
|
(4,155)
|
(4,921)
|
-
|
|
Net
cash flow from financing
|
|
(4,155)
|
45,079
|
501,362
|
|
|
|
|
|
|
|
(Decrease)/Increase in cash and cash equivalents in the
period
|
|
(73,939)
|
(34,220)
|
103,611
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the
period
|
|
124,646
|
24,276
|
24,276
|
|
Exchange rate differences on cash and cash
equivalents
|
|
116
|
1,304
|
(3,241)
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the
period
|
|
50,823
|
(8,640)
|
124,646
|
NOTES TO THE FINANCIAL INFORMATION
1.
GENERAL INFORMATION
This financial information is for
TruSpine Technologies Plc and its subsidiary undertakings. The
principal activity of TruSpine Technologies Plc and its
subsidiaries (together the "Group") is the development of products
for the spinal fusion market. The Company is a public limited
company and was listed on the Aquis Stock Exchange on 20 August
2020. The Company is incorporated and domiciled in England and the
address of its registered office is located
at Spectrum House AF33, Beehive Ring Road, Gatwick Airport,
Gatwick, RH6 0LG, United Kingdom.
2.
BASIS OF PREPARATION
The interim consolidated financial
information has been prepared with regard to International
Financial Reporting Standards (IFRS) and interpretations adopted by
the European Union and as applied in accordance with the provisions
of the Companies Act 2006. The interim financial information
incorporates the results for the group for the six month period
from 30 March 2024 to 30 September 2024. The results for the year
ended 29 March 2024 have been extracted from the statutory
financial statements for the Company for the year ended 29 March
2024. The financial information set out in these interim
consolidated financial information does not constitute statutory
accounts as defined in S434 of the Companies Act 2006. They 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 for the year ended 29 March 2024,
which contained an unqualified audit report and have been filed
with the Registrar of Companies. They did not contain statements
under S498 of the Companies Act 2006.
The same accounting policies,
presentation and methods of computation have been followed in these
unaudited interim financial statements as those which were applied
in the preparation of the Group's annual financial statements for
the year ended 29 March 2024.
The interim consolidated financial
information incorporates the financial statements of TruSpine
Technologies Plc and its subsidiaries.
The interim financial information
for the six months ended 30 September 2024 was approved by the
directors on 23 December 2024.
3.
TAXATION
Tax recognised in
profit or loss
|
|
|
6 month
period
ended
30 September
2024
(Unaudited)
|
6
month
period
ended
30
September 2023
(Unaudited)
|
Year
ended
29 March
2024
(Audited)
|
|
|
|
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
|
|
|
Current tax credit
|
|
-
|
-
|
141,186
|
|
Deferred tax
|
|
-
|
-
|
-
|
|
Net
tax credit
|
|
-
|
-
|
141,186
|
|
|
|
|
|
|
|
Loss before tax
|
|
(409,626)
|
(362,833)
|
(701,694)
|
|
|
|
|
|
|
|
Standard rate of UK corporation
tax
|
|
19%
|
19%
|
19%
|
|
Loss on ordinary activities before
tax multiplied by standard rate UK corporation tax
|
|
(77,829)
|
(68,938)
|
(133,322)
|
|
Tax adjustment
|
|
-
|
-
|
-
|
|
Unrelieved tax losses carried
forward
|
|
77,829
|
68,938
|
133,322
|
|
UK research and development tax
credit
|
|
-
|
-
|
141,186
|
|
Tax
credit
|
|
-
|
-
|
141,186
|
At 30 September 2024, the Group are
carrying forward estimated tax losses of £2.6m in respect of
various activities over the years. The Company did not recognise a
deferred income tax credit due to uncertainty concerning the
timescale of its recoverability.
4.
LOSS PER ORDINARY
SHARE
Basic earnings per share is
calculated by dividing the loss attributable to equity holders of
the Company by the weighted average number of ordinary shares in
issue during the year, excluding ordinary shares purchased by the
Company and held as treasury shares.
|
|
|
6 month
period
ended
30 September
2024
(Unaudited)
|
6
month
period
ended
30
September 2023
(Unaudited)
|
Year
Ended
29 March
2024
(Audited)
|
|
|
|
£
|
£
|
£
|
|
(Loss) attributable to equity
holders of the Company
|
|
(409,626)
|
(362,833)
|
(560,508)
|
|
Weighted average number of ordinary
shares in issue
|
|
147,694,567
|
118,809,166
|
120,346,774
|
|
Loss per share basic and diluted
(pence)
|
|
(0.28)p
|
(0.31)p
|
(0.47)
|
5.
SHARE CAPITAL
|
|
|
|
Group and
Company
|
|
|
Group
|
Number of
shares
|
Share
capital
|
Share
premium
|
Share based payment
reserve
|
Other
reserve
|
Total
|
|
|
|
£
|
£
|
£
|
£
|
£
|
|
Issued and fully paid
|
|
|
|
|
|
|
|
As
at 29 March 2023
|
118,311,869
|
11,795
|
4,535,069
|
71,430
|
(205,000)
|
4,413,294
|
|
Movement during the period
|
2,000,000
|
200
|
36,195
|
13,605
|
-
|
50,000
|
|
As
at 30 September 2023
|
120,311,869
|
11,995
|
4,571,264
|
85,035
|
(205,000)
|
4,463,294
|
|
Movement during the period
|
19,382,698
|
1,938
|
275,196
|
13,606
|
-
|
290,740
|
|
As
at 29 March 2024
|
139,694,567
|
13,933
|
4,846,460
|
98,641
|
(205,000)
|
4,754,034
|
|
Movement during the period
|
13,333,333
|
1,334
|
185,060
|
13,605
|
-
|
200,000
|
|
As
at 30 September 2024
|
153,027,900
|
15,267
|
5,031,520
|
112,246
|
(205,000)
|
4,954,034
|
|
|
|
|
|
|
|
|
|
| |
Share Capital - Amount subscribed
for share capital at nominal value.
Share Premium - Amount subscribed
for share capital in excess of nominal value.
On 5 June 2024 the Company elected
to convert the The HUB 2021 Ltd
CLN Subscription of £200,000 into 13,333,333
new ordinary shares at a price of 1.5 pence
per share pursuant to the terms of the CLN instrument.
6.
EVENTS AFTER THE REPORTING DATE
There are no events to
report
