TIDMDKE
RNS Number : 0257A
Dukemount Capital PLC
28 January 2022
Dukemount Capital Plc
("Dukemount" or "the Company")
Interim Results
Dukemount Capital Plc (LSE: DKE) is pleased to announce its
unaudited interim results for the six months ended 31 October 2021
("the Interim Report").
Highlights
-- Entered into JV agreement with HSKB Ltd (renamed DKE Flexible Energy Limited)
-- Completed gas peaker funding package
-- Completed purchase of two RTB 11kV energy generation sites
Operational Developments
Dukemount has successfully signed off a subordinated funding
package necessary to enable completion of the senior debt funding
for its gas peaking projects and through HSKB completed the
purchase of two special purpose companies. Each company contains an
11kV gas peaking facility, which are ready to build, with full
planning permission and grid access. HSKB has changed its name to
DKE Flexible Energy Limited ("DKE Energy"). DKE Energy will
initially build two gas peaking facilities. Dukemount will manage
the construction of the two sites and provide its knowledge of
long-dated income funding and finance to optimize the capital
structure.
Dukemount is currently working with its advisors and the FCA to
get a prospectus approved and the first tranche of the funding
available to be able to commence the construction process.
Paul Gazzard commented:
"It has been a very positive few months for DKE and we look
forward to continuing to grow the pipeline and getting into the
construction phase of the new sites with the support of our funders
and shareholders.
We look forward to updating the market with more developments
soon as they are delivered."
For further information, please visit
www.dukemountcapitalplc.com or contact:
Dukemount Capital Plc : Paul Gazzard
Media Enquiries: Miriad, Zak Mir Tel: +44 (0)7867 527 659
Shard Capital (Broker): Isabella Pierre / Damon Heath Tel: +44
(0) 20 7186 9927
Interim Management Report
I hereby present the Interim Report for the six months ended 31
October 2021. During the period the Group made a loss of GBP227,218
(six months to 31 October 2020: loss of GBP156,947). These losses
are consistent with the Group's run rate and arose in the course
of: pursuing transactions; maintaining the Company's listing on the
Official List of the UK Listing Authority by way of a standard
listing and include: consultancy fees, professional fees and
directors' fees.
During the period, the board has pushed on to securing long
dated income opportunities.
During the period the Company entered into a Joint Venture
Agreement in relation to flexibility power expert HSKB Ltd
("HSKB"). Pursuant to the Joint Venture Agreement, Dukemount
acquired 50% of the issued share capital of HSKB for nominal
value.
Dukemount successfully signed off a subordinated funding package
necessary to enable completion of the senior debt funding for the
gas peaking projects in September 2021 and announced in October
2021 that HSKB had successfully completed the purchase of two
special purpose companies. Each company contains an 11kV gas
peaking facility, which are ready to build, with full planning
permission and grid access. HSKB has also changed its name to DKE
Flexible Energy Limited ("DKE Energy"). DKE Energy will initially
build two gas peaking facilities. Dukemount will manage the
construction of the two sites and provide its knowledge of
long-dated income funding and finance to optimize the capital
structure. DKE Energy's management brings its technical,
operational and market expertise of the UK flexible power market,
as well as access to a pipeline of further deals.
Outlook
Dukemount believes the opportunities presented by the joint
venture to be an important milestone for Dukemount to meet its
projected growth targets. Dukemount is set to rollout further joint
venture projects with a focus on gas peaking and battery storage
facilities. Both asset types balance the fluctuating power
requirements of the grid during periods of high-level demand or
shortfalls of electricity supply: a problem which is set to become
more acute in the transition to a greater reliance on renewable
energy sources.
I would like to take the opportunity to thank our shareholders
for their support and the Dukemount team for their continuing
efforts in driving this business forward.
Paul Gazzard
On behalf of the Board
28 January 2022
Responsibility Statement
We confirm that to the best of our knowledge:
-- the Interim Report has been prepared in accordance with
International Accounting Standards 34, Interim Financial Reporting,
as adopted by the EU;
-- gives a true and fair view of the assets, liabilities,
financial position and loss of the Group;
-- the Interim Report includes a fair review of the information
required by DTR 4.2.7R of the Disclosure and Transparency Rules,
being an indication of important events that have occurred during
the first six months of the financial year and their impact on the
set of interim financial statements; and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
-- the Interim Report includes a fair review of the information
required by DTR 4.2.8R of the Disclosure and Transparency Rules,
being the information required on related party transactions.
The Interim Report was approved by the Board of Directors and
the above responsibility statement was signed on its behalf by:
Paul Gazzard
Director
28 January 2022
Consolidated Statement of Comprehensive Income
For the six months ended 31 October 2021
Group Group Group
Note Unaudited Unaudited Audited
6months 6months ended Year
ended 31 Oct 2020 ended
31 Oct 2021 30 April
2021
GBP GBP GBP
Continuing Operations
Revenue from contracts with
customers 4 - 1,348,227 3,296,730
Cost of sales - (1,283,553) (3,483,700)
------------- --------------- ------------
Gross Profit/(Loss) 64,674 (186,970)
Other income - - 14,750
Administrative expenses (227,218) (221,621) (741,636)
Operating loss (227,218) (156,947) (913,856)
Interest received - - 29
Loss before taxation (227,218) (156,947) (913,827)
Tax - - -
Loss for the financial period
attributable to equity owners (227,218) (156,947) (913,827)
Total comprehensive (loss) attributable
to the equity holders (227,218) (156,947) (913,827)
------------- --------------- ------------
Earnings per share
- Basic and diluted 5 (0.00046) (0.00035) (0.0020)
Consolidated Statement of Financial Position
At 31October 2021
Group Group Group
Note Unaudited Unaudited Audited
31 Oct 2021 31 Oct 2020 30 April
GBP GBP 2021
GBP
ASSETS
Current assets:
Trade and other receivables 6 938,836 714,728 576,316
Cash and cash equivalents 40,864 58,969 24,657
Total Current assets 979,700 773,697 600,973
------------- ------------- ------------
Total assets 979,700 773,697 600,973
------------- ------------- ------------
LIABILITIES
Current liabilities:
Trade and other payables 7 1,799,753 769,652 1,218,808
Total Current liabilities 1,799,753 769,652 1,218,808
------------- ------------- ------------
Total liabilities 1,799,753 769,652 1,218,808
------------- ------------- ------------
NET ASSETS (820,053) 4,045 (617,835)
------------- ------------- ------------
Capital and reserve attributable
to the equity holders of the
Parent
Share capital 513,535 454,283 481,283
Share premium 1,107,783 1,007,035 1,115,035
Share based payments reserve 2,960 30,499 2,960
Retained earnings (2,444,331) (1,487,772) (2,217,113)
------------- ------------- ------------
TOTAL EQUITY (820,053) 4,045 (617,835)
------------- ------------- ------------
Consolidated Statement of Changes in Equity
For the six months ended 31 October 2021
Share Share Share Retained Total shareholder
capital premium based losses equity
payment
reserve
GBP GBP GBP GBP GBP
Balance as at 1 May
2020 439,033 952,211 30,499 (1,330,825) 90,918
-------------------------- --------- ---------- --------- ------------ ------------------
Loss for the period - - - (156,947) (156,947)
--------- ---------- --------- ------------ ------------------
Total comprehensive
income for the period - - - (156,947) (156,947)
--------- ---------- --------- ------------ ------------------
Issue of ordinary shares 15,250 54,824 - - 70,074
Total transactions with
owners 15,250 54,824 - - 70,074
-------------------------- --------- ---------- --------- ------------ ------------------
Balance at 31 October
2020 454,283 1,007,035 30,499 (1,487,772) 4,045
-------------------------- --------- ---------- --------- ------------ ------------------
Loss for the period - - - (756,880) (756,880)
--------- ---------- --------- ------------ ------------------
Total comprehensive
income for the period - - - (756,880) (756,880)
--------- ---------- --------- ------------ ------------------
Issue of ordinary shares 27,000 108,000 - - 135,000
--------- ---------- --------- ------------ ------------------
Exercise of warrants - - (27,539) 27,539 -
Total transactions with
owners 27,000 108,000 (27,539) 27,539 135,000
Balance as at 30 April
2021 481,283 1,115,035 2,960 (2,217,113) (617,835)
-------------------------- --------- ---------- --------- ------------ ------------------
Loss for the period - - - (227,218) (227,218)
--------- ---------- --------- ------------ ------------------
Total comprehensive
income for the period - - - (227,218) (227,218)
--------- ---------- --------- ------------ ------------------
Issue of ordinary shares 32,252 (7,252) - - 25,000
Total transactions with
owners 32,252 (7,252) - - 25,000
-------------------------- --------- ---------- --------- ------------ ------------------
Balance at 31 October
2021 513,535 1,107,783 2,960 (2,444,331) (820,053)
-------------------------- --------- ---------- --------- ------------ ------------------
Consolidated Statement of Cashflows
For the six months ended 31 October 2021
Group Group Group
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 Oct 2021 31 Oct 2020 30 April
2021
GBP GBP GBP
Operating activities
Loss before taxation (227,218) (156,947) (913,827)
(Increase)/decrease in trade and other
receivables (33,214) (105,170) 33,242
(Decrease) / increase in trade and
other payables (419,055) (157,399) 265,070
------------- ------------- ------------
Net cash used in operating activities (679,487) (419,516) (615,515)
------------- ------------- ------------
Cash Flows from Investing Activities
Investment in JV (329,306) - -
------------- ------------- ------------
Net Cash generated from Investing (329,306) - -
Activities
------------- ------------- ------------
Cash Flows from Financing Activities
Loans received 1,000,000 - -
Net proceeds from issue of shares - 70,074 231,761
Shares issued in lieu of expenses 25,000 - -
Net Cash generated from Financing
Activities 1,025,000 70,074 231,761
------------- ------------- ------------
Increase/(Decrease) in cash and cash
equivalents in period/ year 16,207 (349,442) (383,754)
Cash and cash equivalents at beginning
of period / year 24,657 408,411 408,411
Cash and cash equivalents at end of
period / year 40,864 58,969 24,657
------------- ------------- ------------
Notes to the Interim Report
For the six months ended 31 October 2021
1. GENERAL INFORMATION
Dukemount Capital Plc (the "Company") is a company domiciled in
England. The interim report for the six months ended 31 October
2021 comprises the results of the Company and its subsidiaries
(together referred to as the "Group").
2. BASIS OF PREPARATION
The condensed consolidated interim financial statements have
been prepared under the historical cost convention and on a going
concern basis and in accordance with International Financial
Reporting Standards, International Accounting Standards and IFRIC
interpretations endorsed for use in the United Kingdom ("IFRS").
The condensed consolidated interim financial statements contained
in this document do not constitute statutory accounts. In the
opinion of the directors, the condensed consolidated interim
financial statements for this period fairly presents the financial
position, result of operations and cash flows for this period. The
Board of Directors approved this Interim Financial Report on 27
January 2022.
Statement of compliance
The Interim Report includes the consolidated interim financial
statements which have been prepared in accordance with
International Accounting Standard 34 'Interim Financial Reporting'.
The condensed interim financial statements should be read in
conjunction with the annual financial statements for the period
ended 30 April 2021, which have been prepared in accordance with
IFRS endorsed for use in the United Kingdom.
Accounting policies
The condensed consolidated interim financial statements for the
period ended 31 October 2021 have not been audited or reviewed in
accordance with the International Standard on Review Engagements
2410 issued by the Auditing Practices Board. The figures were
prepared using applicable accounting policies and practices
consistent with those adopted in the statutory annual financial
statements for the year ended 30 April 2021. There have been no new
accounting policies adopted since 30 April 2021.
Going concern
The Group has assessed its ability to continue as a going
concern. The Directors, having made due and careful enquiry, are of
the opinion that the Group will have access to adequate working
capital to meet its obligations for the period of at least twelve
months from the date when the condensed interim financial
statements are authorised for issue. The Directors therefore have
made an informed judgement, at the time of approving these
condensed interim financial statements, that there is a reasonable
expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future. As a result, the
Directors have adopted the going concern basis of accounting in the
preparation of the condensed interim financial statements for the
period ended 31 October 2021.
3. RISKS AND UNCERTAINTIES
The Board continually assesses and monitors the key risks of the
business. The key risks that could affect the Group's short and
medium-term performance and the factors that mitigate those risks
have not substantially changed from those set out in the Company's
2021 audited financial statements, a copy of which is available on
the Company's website: http://www.dukemountcapitalplc.com .
4. REVENUE
Revenue relates to amounts contractually due under a property
development agreement at the balance sheet date relating to the
stage of completion of a contract as measured by surveys of work
performed to date. Revenue is recognised for services when the
Group has satisfied its contractual performance obligation in
respect of the services. The amount recognised for the services
performed is the consideration that the Group is entitled to for
performing the services provided. Revenue from contracts with
customers is recognised over time.
Group Unaudited Group Unaudited Group
31 Oct 2021 31 Oct 2020 Audited
30 April
2021
GBP GBP GBP
Revenue from contracts with customers - 1,348,227 3,296,730
5. EARNINGS PER SHARE
The basic loss per share is derived by dividing the loss for the
period attributable to ordinary shareholders by the weighted
average number of shares in issue.
Group Unaudited Group Unaudited Group
31 Oct 2021 31 Oct 2020 Audited
30 April
2021
GBP GBP GBP
Loss for the period (227,218) (156,947) (913,827)
Weighted average number of shares
- expressed in thousands 496,352 450,950 456,930
Basic earnings per share - expressed
in pence (0.00046) (0.00035) (0.0020)
6. TRADE AND OTHER RECEIVABLES
Group Unaudited Group Unaudited Group
31 Oct 2021 31 Oct 2020 Audited
30 April 2021
GBP GBP GBP
Trade and other receivables 377,620 30,623 15,100
Amounts recoverable on contracts 561,216 684,105 561,216
---------------- ---------------- ---------------
938,836 714,728 576,316
================ ================ ===============
Amounts recoverable on contracts represents sales invoices
issued after the period end in respect of work undertaken during
the period with appropriate provision being made in accruals and
deferred income for costs incurred in undertaking such work but
which had not been invoiced at the period end.
7. TRADE AND OTHER PAYABLES
Group Unaudited Group Unaudited Group
31 Oct 2021 31 Oct 2020 Audited
30April 2021
GBP GBP GBP
Trade and other payables 1,681,253 264,016 1,052,660
Accruals 118,500 93,500 166,148
Accrued property costs - 412,136 -
1,799,753 769,652 1,218,808
================ ================ ==============
8. APPROVAL OF INTERIM FINANCIAL STATEMENTS
The Condensed interim financial statements were approved by the
Board of Directors on 28 January 2022. A copy can be obtained on
the Company's website at www.dukemountcapitalplc.com
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IR BKFBNNBKDODB
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