TIDMORA
RNS Number : 2356W
Ora Technology PLC
11 December 2023
Press Release
11 December 2023
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014, as retained as part of
the law of England and Wales. Upon the publication of this
announcement via the Regulatory Information Service, this inside
information is now considered to be in the public domain.
Ora Technology PLC
("Ora" or "the Company"")
Annual results
Ora Technology PLC (AQSE: ORA), a leading innovator in retail
carbon trading , announces its audited results for the period ended
31 July 2023. The full Annual Report of the Company will be
available on the Company's website: https://plc.oracarbon.com/
.
Comments from Michael Edwards, Executive Chairman of Ora :
I am pleased to report Ora Technology's (the Company's), maiden
results spanning the first financial period from 1 December 2022 to
31 July 2023, a period that pre-dates the Company's debut on AQUIS
on 20 July 2023. No revenue was generated and a loss before tax of
GBP724,882 was incurred in the period under review.
These reflect the start-up costs of the business, professional
and other costs relating to the early rounds of equity funding,
followed by the Company's IPO. Cash and cash equivalents amounted
to GBP1,036,994 as at 31 July 2023.
The focus of 2023 was to formulate a clear strategy and raise
the necessary capital to build one of the world's leading carbon
trading platform companies.
I would like to take this opportunity to thank all shareholders
for their support, which has enabled the Company to ramp up its
resources and activities in a very short time. The key driver of
our core business will be the growth of the overall carbon offset
market. We remain excited about the carbon market dynamics
especially coming from the United Nations Climate Change Conference
(COP 28) currently being held in UAE. This conference has
historically raised the media profile for carbon credits and
brought new followers into the ecosystem, which we expect to
benefit the sector and Ora long term.
Morgan Stanley predicts that the carbon offset market will grow
from a base of $2B in 2020 to over $250B by 2050
(https://www.morganstanley.com/ideas/carbon-offset-market-growth) -
our mission at Ora is to capture this explosive market for retail
investors.
A key element to capturing this growing market is to build a
robust and delightful product. I am pleased to report that the
product is now complete and available for download on both iOS
AppStore and Android Google Play in UK. This product launch is a
major milestone for the company. The product allows users to buy,
sell and hold carbon credits and will serve as the key driver of
our growth moving forward. The UK product launch was followed soon
after with our first international launch in Singapore. We will
continue to layer on international markets as we move forward in
2024.
The second key element of our vision was our pre-launch
strategy. This strategy has already generated a waiting list of
over 5,000 people who are interested in the carbon trading space
and looking to use our product. This result shows us that there is
clear demand for the product, and we are very excited to onboard
this waitlist and beyond in the coming months. Our pre-launch
strategy has also included an educational campaign about carbon
offsets which has proven to be a key element to driving users to
the waitlist. Our observation has been that once people are
educated about the supply and demand dynamics at play in the carbon
industry, they are keen to become an active participant in the
carbon economy.
Our IPO and investment in the business in 2023 provides a solid
platform for long term growth and the value necessary to drive
revenue in the year ahead and beyond. Our waitlist pipeline remains
robust and has exceeded our expectations. We are confident that we
have laid the foundation to provide tremendous value to our
customers and as well as create long-term shareholder value. I
commend all our employees and partners for their hard work and
dedication which has positioned the Company for growth in the years
ahead.
Michael Edwards - Executive Chairman
The Directors of Ora accept responsibility for this
announcement.
This announcement may contain "forward-looking" statements and
information relating to the Company. These statements are based on
the beliefs of Company management, as well as assumptions made by
and information currently available to Company management. The
Company does not undertake to update forward -- looking statements
or forward -- looking information, except as required by law.
For further information please contact:
Ora Carbon plc
Mike Edwards Via First Sentinel
-------------------------
First Sentinel (Corporate Adviser)
Brian Stockbridge brian@first-sentinel.com
+44 (0) 20 3855 5551
-------------------------
Clear Capital Markets (Broker)
Bob Roberts +44 (0) 20 3869 6080
-------------------------
About Ora Technology
Ora Technology PLC is a software company that is developing a
digital carbon trading platform that intends to offer users the
ability to buy, sell and retire carbon credits in the voluntary
carbon market, an instrument used by both the public and private
sectors to work towards carbon neutral and net-zero climate goals.
Ora's 'Ora Carbon' platform aims to allow access to carbon assets -
and the broader carbon economy - with the goal of reducing the
complexity of current industry practices and an emphasis towards
providing a simple and intuitive user experience.
Statement of Profit or Loss and Other Comprehensive Income
For the period ended 31 July 2023
Unaudited
8 months ended Year ended
31 July 2023 30 November
2022
Note GBP GBP
Revenue - -
Share based payments 12 (387,225) -
Administrative expenses 3 (337,657) -
-------------------------------- ------------ ----------------------- ---------------
Operating Loss (724,882) -
Other comprehensive income - -
-------------------------------- ------------ ----------------------- ---------------
Loss before and after taxation
and total comprehensive loss (724,882) -
for the period / year
-------------------------------- ------------ ----------------------- ---------------
Loss per ordinary share:
-------------------------------- ------------ ----------------------- ---------------
Basic loss per share on loss
for the period 6 (1.07p) -
Diluted loss per share on loss
for the period 6 (1.07p) -
-------------------------------- ------------ ----------------------- ---------------
Statement of Financial Position
As at 31 July 2023
Unaudited
31 July 2023 30 November
2022
Note GBP GBP
------------------------------- ------------------------ ------------ -----------
ASSETS
Non-Current Assets
Intangible assets 7 268,901 -
------------------------------- ------------------------ ------------ -----------
Total non-current assets 268,901 -
------------------------------- ------------------------ ------------ -----------
Current Assets
Other receivables 8 83,519 1
Cash and cash equivalents 9 1,036,994 -
------------------------------- ------------------------ ------------ -----------
Total current assets 1,120,513 1
------------------------------- ------------------------ ------------ -----------
Total assets 1,389,414 1
=============================== ======================== ============ ===========
Current Liabilities
Trade and other payables 10 271,682 -
------------------------------- ------------------------ ------------ -----------
Total liabilities 271,682 -
------------------------------- ------------------------ ------------ -----------
Net Assets 1,117,732 1
=============================== ======================== ============ ===========
Shareholders' equity
Share capital 11 206,678 1
Share premium 1,239,453 -
Share based payments reserve 396,483 -
Profit and loss account (724,882) -
------------------------------- ------------------------ ------------ -----------
Total shareholders' equity 1,117,732 1
=============================== ======================== ============ ===========
The financial statements were approved by the Board of Directors
and authorised for issue on 8 December 2023 and were signed on its
behalf by:
Nicholas Lyth
Director
Ora Technology PLC
Statement of Changes in Equity
For the period ended 31 July 2023
Share-based
Share capital Share Premium payments Profit and Total
reserve loss
account
GBP GBP GBP GBP GBP
--------------------------- ----------------------- ----------------------- -------------- ------------ ---------
At 1 December 2021 - - - - -
(Unaudited)
Shares issued in
the year 1 - - - 1
Result for the year - - - - -
--------------------------- ----------------------- ----------------------- -------------- ------------ ---------
At 30 November 1 - - - 1
2022 (Unaudited)
--------------------------- ----------------------- ----------------------- -------------- ------------ ---------
8 months ended
31 July 2023
At 1 December 2022 1 - - - 1
(Unaudited)
Shares issued in
the financial period 206,677 1,377,479 - - 1,584,156
Share issue costs - (128,768) - - (128,768)
Share based payments - (9,258) 396,483 - 387,225
Loss for the period
and total comprehensive
loss - - - (724,882) (724,882)
--------------------------- ----------------------- ----------------------- -------------- ------------ ---------
At 31 July 2023 206,678 1,239,453 396,483 (724,882) 1,117,732
--------------------------- ----------------------- ----------------------- -------------- ------------ ---------
Ora Technology PLC Statement of Cash Flows
For the period ended 31 July 2023
Unaudited
8 months Year ended
ended
31 July 2023 30 November
2022
GBP GBP
---------------------------------------------- ----- ------------ -----------------------
Operating activities
Loss for the period (724,882) -
Adjustments:
Share based payments 387,225 -
Working capital adjustments:
Increase in other receivables (83,518) -
Increase in trade and other payables 271,682 -
---------------------------------------------- ----- ------------ -----------------------
Net cash used in operating activities (149,493) -
---------------------------------------------- ----- ------------ -----------------------
Investing activities
Software development costs (268,901) -
---------------------------------------------- ----- ------------ -----------------------
Net cash used in investing activities (268,901) -
---------------------------------------------- ----- ------------ -----------------------
Financing activities
Share issue 1,584,156 -
Share issue costs (128,768) -
---------------------------------------------- ----- ------------ -----------------------
Net cash from financing activities 1,455,388 -
---------------------------------------------- ----- ------------ -----------------------
Net increase in cash and cash equivalents 1,036,994 -
Cash and cash equivalents at start 9 - -
of financial period
---------------------------------------------- ----- ------------ -----------------------
Cash and cash equivalents at end
of financial period 9 1,036,994 -
============================================== ===== ============ =======================
The notes contained in the Company's Annual Report form part of
these financial statements.
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END
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