TIDMTNT
RNS Number : 7183H
Tintra PLC
31 July 2023
THIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIED OR MAY
HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7
OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK
DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
("UK MAR")
31 July 2023
Tintra plc
("Tintra", the "Group" or the "Company")
12 Month Unaudited Results to 31 January 2023
Annual General Meeting Statement
The board of directors (the "Board") of Tintra, the rapidly
innovating Deep Tech & Banking business, provides the 12-month
unaudited financial results for the 12 months year ended 31 January
2023 ("FY23") and a business update ahead of the Company's annual
meeting ("AGM") to be held later today.
As has been previously announced the Company could not, due to
diary conflicts with its auditor, prepare audited accounts in time
for the 31 July 2023 deadline. The Company has been working closely
with a regulated third party to support its audit work and has a
fully formed Statutory Report ready for audit.
The Company expects to be delivering this not later than end of
September 2023 and it fully expects there to be no material
differences between those audited accounts and the short form
Statutory Report below that is built off of that larger document.
As the Company will not publish audited financial results before
the 31 July 2023 deadline, trading in the Company's shares will be
temporarily suspended from trading on AIM with effect from 7.30
a.m. on 1 August 2023 until the publication of its audited accounts
for FY23.
The Board commented, "We remain disappointed that a situation
that is affecting the entire marketplace for audit has affected us
despite our being very prepared and starting work in late February.
It is something we would of course preferred to have avoided but it
is also not something that impacts our day-to-day work. We look
forward to discussing this at the AGM and to providing the audited
accounts in due course."
Chairman's Statement
During the year to 31 January 2023, the Company continued its
focus on the transformative change management process, focusing the
business on the one core aim of building a deep tech-based banking
business of the future. The ground that the Company has covered in
past 23 months since becoming Tintra plc is quite astounding, with
it now being a key player in the development of a very advanced and
sophisticated banking platform.
As expected, the Company has not traded and as such has no
revenues during this research & development phase. The year has
been driven by putting in place the essential building blocks for
that technology and banking infrastructure, including key talent
hiring at all levels, securing our first regulatory licences,
contracting for our major banking infrastructure system and
significant work that has taken place to build the functional
requirements for that.
The Company is building infrastructure that has the potential to
change the way the world banks. It won't happen overnight but the
pace at which these innovations are happening is meaningful.
Current Trading, Outlook and Transformation
The board of directors are delighted with the significant
progress that has been made in the Group's transformation during
the period. The legacy issues of the past are behind us. As I
stated last year the importance of making sure the new Tintra was
built on a very clean foundation remains paramount. It is important
to remember that at the same time as rapid transformation in our
new mission, we have had immense amounts of work to resolve old
legacy matters.
We continued to build resilience in our talent pool through
additions to the Group's Board and advisory team, highly skilled
PhD senior management team leads and key roles throughout the
business as building blocks for the new bank systems and
infrastructure.
The Board are delighted with the securing of operating licences
in two key jurisdictions and remain positive about ongoing work to
secure operating licences in at least 3 other regions and
countries.
As expected, the strategic financing and commercial agreement
with Tintra Acquisitions Limited announced in March 2021 led to
other substantial investments in Tintra and its exciting
transformation program. In the year, the Company brought in four
new strategic investors from North America, the Gulf and Southeast
Asia, which set in place its foundation for critical research and
discovery work. The Company raised net seed capital and funding in
the year of GBP11.65 million in addition to that from Tintra
Acquisitions Limited, to further support Tintra during its initial
Research & Development phase. That funding included US$3.0
million from Fintech Leaders Fund, with which the Company later
reached an agreement for full & final settlement as described
in the Chief Financial Officer's report as a Post Balance Sheet
Event. Discussions with the four strategic key investors continue
regarding the next phase of the Company's development ahead of the
platform infrastructure going live in 4th quarter of 2024.
As regards the $2.0m (GBP1.61m equivalent) strategic investment
from a Gulf-based investor which was first announced on 10 March
2023 (as such, a FY23 post-balance sheet event) and updated on 9
June 2023 and 11 July 2023, the Board updates that the parties
remain in close contact progressing the investment and the mutually
agreed an extension until 31 August 2023 remains in place.
The Company's strategic business plan and clear vision for
executing on it remains in place.
CEO's Review
The year to the end of January saw such vast change within our
company as we built new relationships, created new inventions and
hired more passionate individuals to help us contribute in our own
way to solving the major global challenge of the planet in the
2020's - namely driving financial and social equality across the
world.
The magical conversations that drive our business on a daily
basis often feel at odds with the public company that for reasons
that remain beyond me seem to not be part of the vast coterie of
those who support our mission and see the need for true revolution
in banking the Global South.
In the past 3 months alone we have met with, and received
support in different ways, from representatives of the United
Nations, the World Bank, the United States Government and a range
of African and Central Asian Governments, all at very senior
levels.
Our team of mission driven people that work night and day to
make the changes that we need to make now includes anthropologists,
sociologists, world beating artificial intelligence technologists -
with 10 new hires due to begin next month to make the Tintra
Culture Lab a leader in its field - not least because no others are
seeing the world as we are.
We have or are in the process of setting up footprint operations
in Doha, Rwanda, Singapore, Azerbaijan. A few weeks ago our Chief
Innovation Officer spoke in Baku about the need for more holistic
understanding of risk in Central Asia and about a month ago I was
honoured to share a stage with African Presidents and senior
government people at the Fintech Summit in Kigali. Th establishment
of a new banking hub in Rwanda, first announced on 8 March 2023 and
updated on 9 June 2023, continues to progress and discussions with
the Rwandan authorities remains positive regarding the development
of a business plan. Further updates will be made as materially
milestones are archived.
Our work really is at the leading edge of pioneering emerging
world banking transformation and I am constantly humbled by the
support of the numerous governments, multilaterals and regulators
our work receives. This is a big mission that requires a
medium-term view and an understanding of what the solution looks
like.
We have been approached by a governmental organisation to assist
in their building of a banking platform on our technology - again
humbling validation that a company less than 2 years into its work
is getting asked to do things that in all reason it would be
expected that a legacy incumbent would be asked. The fact that they
are not underlines the opportunity for Tintra but also the
unfortunate fact that most of the world is not taking the needs of
the Global South as seriously as it should. We are grateful for the
support of the government bodies who support us in absolutely
getting what we are doing and why.
The work that we undertake on a daily basis is exciting and
passion-inducing internally and to our stakeholders; yet we see a
key divergence of what we do, day to day, and difficult reactions
to that on AIM.
The Company will press on regardless. We have investors, staff
and advisors that counsel governments and multilaterals helping
drive our mission. Our entire raison d'etre is to solve the
challenges of inequality in the world. We will continue that work
in whatever form we need to take as an organisation, to be able to
do the most good for the most people at the greatest pace.
The Tintra Foundation recently hosted a dinner attended by His
Majesty King Charles III in which he noted that the work of saving
indigenous knowledge was something he views as an imperative and
that he was glad it is finally being done, some 35 years after he
first noticed the need.
It is these great things, the great innovations, the dozens of
new inventions and patents, the buy-in from governments and the
requests from global organizations for our input and assistance
that drive us passionately every day. We know we are on track to
make real change.
I look forward to providing a fuller and more complete update
when the audited accounts are released within the next 8 weeks.
For further information, contact:
Tintra PLC
(Investor Relations)
ir@tintra.com
Website www.tintra.com 020 3795 0421
Allenby Capital Limited
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss / Vivek
Bhardwaj 020 3328 5656
Consolidated Statement of Profit and Loss and Other
Comprehensive Income
for year ended 31 January 2023
2023 2022
GBP000 GBP000
Continuing operations
Revenue - 351
Cost of sales - (469)
Gross loss - (118)
Administrative expenses
Other administrative expenses (2,572) (1,098)
Loss on disposal of fixed assets - (15)
Impairment of goodwill - (334)
Total administrative expenses (2,572) (1,447)
Fair value gain on financial assets 281 670
Operating loss (2,291) (895)
Finance expenses (46) (59)
Other income 113 -
Loss before tax (2,224) (954)
Income tax expense - -
Loss for the year from continuing operations (2,224) (954)
Discontinuing operations
Gain from discontinued operations, net of tax 1,316 500
Loss for the year (908) (454)
======= =======
Other comprehensive loss:
Other comprehensive profit for the year, net of income tax - -
Total comprehensive loss for the year (908) (454)
======= =======
Attributable to:
Owners of Tintra PLC (908) (454)
Non-controlling interest - -
------- -------
(908) (454)
======= =======
Loss per share
Basic loss per ordinary share (pence per share) (0.06) (0.05)
Diluted loss per ordinary share (pence per share) (0.06) (0.05)
Loss per share from continuing operations
Basic loss per ordinary share (pence per share) (0.15) (0.11)
Diluted loss per ordinary share (pence per share) (0.15) (0.11)
Earnings per share from discontinued operations
Basic earnings per ordinary share (pence per share) 0.09 0.06
Diluted earnings per ordinary share (pence per share) 0.09 0.06
Consolidated Statement of Financial Position
At 31 January 2023
2023 2022
GBP000 GBP000
Non-current assets
Property, plant and equipment 42 40
Goodwill - -
Other intangible assets 39 -
Non-current other receivables - 35
Investments in debt instruments 2,198 1,917
-------- -------
Total non-current assets 2,279 1,992
-------- -------
Current assets
Trade and other receivables 501 151
Cash and cash equivalents 9,997 512
-------- -------
10,498 663
Disposal group classified as held for sale - 367
Total current assets 10,498 1,030
-------- -------
Total assets 12,777 3,022
-------- -------
Current liabilities
Trade and other payables (11,195) (2,126)
Bank and other borrowings (7) (7)
-------- -------
(11,202) (2,133)
Disposal group classified as held for sale - (279)
Total current liabilities (11,202) (2,412)
-------- -------
Non-current liabilities
Bank and other borrowings (428) (434)
Total liabilities (11,630) (2,846)
-------- -------
Net assets 1,147 176
======== =======
Equity attributable to owners of the parent
Share capital 3,239 3,230
Share premium 7,122 5,252
Other reserves 141 141
Retained deficit (9,355) (8,447)
Total equity attributable to owners of the parent 1,147 176
======== =======
Consolidated Cash Flow Statement
for year ended 31 January 2023
2023 2022
GBP000 GBP000
Cash flows used in operating activities
Profit/(loss) before tax
Continuing operations (2,224) (954)
Discontinued operations 1,316 500
(908) (454)
Adjustments for:
Depreciation 5 2
Amortisation - 5
Financial expenses 51 (28)
Share based payment expense 124 -
Fair value adjustments (281) (670)
Loss on disposal of fixed assets - 30
Gain on disposals of subsidiaries 1,037 848
Movement in working capital :
Increase in trade and other receivables (350) (361)
Decrease/(increase) in non-current receivables 35 (35)
Decrease in trade and other payables (2,497) (1,880)
Cash used in operations (2,784) (2,543)
Interest paid (11) -
------- -------
Net cash used in operating activities (2,795) (2,543)
------- -------
Cash flows from/(used in) investing activities:
Disposal of subsidiaries 50 -
Acquisition of plant and equipment (39) (40)
Acquisition of intangibles (7) -
Net cash from/(used in) investing activities 4 (40)
------- -------
Cash flows from financing activities:
Issue of share capital 1,730 2,035
Cash from financial liabilities issued 10,558 -
Cash from loan notes - 134
Repayment of bank loans (12) (6)
Net cash from financing activities 12,276 2,163
------- -------
Net increase/(decrease) in cash and cash equivalents 9,485 (420)
Cash and cash equivalents at start of period 512 932
Cash and cash equivalents at end of period 9,997 512
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