TIDMTRYB
RNS Number : 1935Y
Tribe Technology PLC
29 December 2023
29 December 2023
Tribe Technology PLC
("Tribe Tech", the "Company" or the "Group")
Trading subsidiaries consolidated audited results for the year
ended 30 June 2023 and unaudited balance sheet for the Company for
the period ended 30 June 2023
Tribe Technology PLC (AIM: TRYB), a disruptive developer and
manufacturer of autonomous mining equipment, is pleased to announce
the consolidated audited results for its trading subsidiaries Tribe
Technology Group Ltd and Tribe Technology Pty Ltd for the year
ended 30 June 2023, details of which have been filed at Companies
House and will be available on the Company website. The Group's
unaudited balance sheet as at 30 June 2023 is also included in this
announcement.
Tribe Technology PLC was incorporated on 30 March 2023 and the
Group's next set of results will be its unaudited consolidated
interim results for the six month period from 1 July to 31 December
2023, which will be announced by 31 March 2024 in accordance with
the AIM Rules.
Highlights
-- On a consolidated basis the revenue and EBITDA numbers to 30
June 2023 were in line with management expectations
-- Successful pre-IPO fundraise of GBP2 million with a number of
prominent investment firms as Tribe Tech established itself as an
exciting investment opportunity
-- Mike Irvine appointed as Non-Executive Director 6 December
2022 with additional non-executive directors Caroline Bault and
Preeti Mardia appointed 17 August 2023
-- Secured significant order with major mining company for autonomous drill rig
-- Since reporting date, successfully admitted to trading on AIM on 5 September 2023
-- Successful raise of GBP4.6million at IPO gross of listing
costs (net proceeds of GBP3.29million)
-- Secured a capital facility of GBP3 million (gross proceeds)
in October 2023 with Beach Point Capital, details of which were
announced on 25 October 2023
Outlook
-- Committed to developing product portfolio and research and
development in Q1 2024 with its disruptive mining equipment
-- Early qualification of sample system by working with existing
customers and further trials have been successfully conducted and
will continue into the first half of 2024
-- The Company continues to develop and advance innovative
products for the drilling sector to advance efficiency, safety and
sustainability within the sector
-- The Company released a trading update on 28 December 2023
which can be accessed below Trading update - 07:00:02 28 Dec 2023 -
TRYB News article | London Stock Exchange
-- As set out in the trading update, factory completion of the
first generation autonomous TTDS 700 GC drill rig, originally
anticipated to occur in late Q4 2023, is now expected to occur in
Q1 2024
Charlie King, Chief Executive Officer at Tribe Tech, stated:
"This has been an exciting year for everyone at Tribe Tech, and
we have made progress in 2023, highlighted by our successful IPO in
September 2023 and the strong working relationships the Group has
with a number of current and future customers. I look forward to
providing shareholders with additional updates in the new
year".
[The full financial statements for Tribe Technology Group
Limited can be found here: Reports & Presentations - Tribe Tech
Group ]
Unaudited Balance Sheet of Tribe Technology PLC
As at 30 June 2023 (GBP000s)
Current Assets (Cash) 672.8
Current Liabilities(1) (10.7)
--------
Amount Owed from Subsidiary(2) 500.0
--------
Net Assets 1,162.1
--------
Equity(3) 1,162.1
--------
(1) Accrued directors fees for new NEDs
(2) Transfer to Tribe Technology Group, trading subsidiary, for
working capital purposes
(3) GBP1.17M ASA funds, less loss for period
--
For further information, please visit www.tribetechgroup.com or
contact:
Tribe Technology PLC via Tavistock
Charlie King, Chief Executive Officer
Eric Hampel, Chief Financial Officer
Allenby Capital Limited (Nominated Adviser
and Broker) +44 20 3328 5656
John Depasquale / Vivek Bhardwaj / Lauren info@allenbycapital.com
Wright (Corporate Finance)
Tony Quirke / Joscelin Pinnington (Sales &
Corporate Broking)
Tavistock (Financial PR) +44 20 7920 3150
Gareth Tredway / Rebecca Hislaire / Saskia tribetech@tavistock.co.uk
Sizen
About Tribe Tech
Established in 2019, the Group was founded to create a safer,
more efficient work environment through the development of fully
autonomous reverse circulation drill rigs in the mining industry.
The Group's core activities are the development, in-house
manufacturing, and sale of its autonomous RC Drill Rigs
incorporating its core proprietary intellectual property, the Tribe
Technology Drilling System ("TTDS").
The following financial statements are for the Tribe Technology
Group Limited.
Consolidated Statement of Comprehensive Income
Year ended Year ended
30 June 30 June
2023 2022
(restated)
GBP'000 GBP'000
---------- ----------
Revenue 40 2
Cost of sales (799) (293)
Gross loss (759) (291)
Other operating income 464 428
Administrative expenses (3,327) (2,402)
Operating loss (3,622) (2,265)
Finance income 2 -
Finance expense (184) (105)
Other losses (5) -
Loss before taxation (3,809) (2,370)
Taxation 533 638
---------- ----------
Loss for the year (3,276) (1,732)
========== ==========
Other comprehensive expense
Foreign currency retranslation (4) (62)
---------- ----------
Total comprehensive expense (3,280) (1,794)
========== ==========
Consolidated Statement of Financial Position
As at As at As at
30 June 30 June 1 July
2023 2022 2021
(restated) (restated)
GBP'000 GBP'000 GBP'000
-------- ----------- -----------
Assets
Non-current assets
Property, plant and
equipment 206 130 39
Intangible assets 28 38 20
Right-of-use assets 523 720 676
Total non-current
assets 757 888 735
-------- ----------- -----------
Current assets
Inventories 1,688 832 1
Trade and other receivables 793 1,220 437
Cash and cash equivalents 207 232 64
Total current assets 2,688 2,284 502
-------- ----------- -----------
Total assets 3,445 3,172 1,237
-------- ----------- -----------
Liabilities
Current liabilities
Trade and other payables 2,410 1,791 513
Lease liabilities 209 205 150
Borrowings 220 489 50
-------- ----------- -----------
Total current liabilities 2,839 2,485 713
-------- ----------- -----------
Non-current liabilities
Borrowings 359 211 -
Lease liabilities 264 497 528
Other payables 1,737 989 830
-------- ----------- -----------
Total non-current
liabilities 2,360 1,697 1,358
-------- ----------- -----------
Total liabilities 5,199 4,182 2,071
-------- ----------- -----------
Net liabilities (1,754) (1,010) (834)
-------- ----------- -----------
Equity
Share capital - - -
Share premium 3,244 1,618 -
Shares to be issued 910 - -
Exchange reserve (73) (69) (7)
Accumulated losses (5,835) (2,559) (827)
-------- ----------- -----------
Total equity (1,754) (1,010) (834)
======== =========== ===========
Company Statement of Financial Position
As at As at As at
30 June 30 June 1 July
2023 2022 2021
(restated) (restated)
GBP'000 GBP'000 GBP'000
-------- ----------- -----------
Assets
Non-current assets
Property, plant and
equipment 167 92 15
Intangible assets 23 29 10
Right-of-use assets 431 575 531
-------- ----------- -----------
Total non-current
assets 621 696 556
-------- ----------- -----------
Current assets
Inventories 1,676 614 1
Trade and other receivables 1,735 2,074 940
Cash and cash equivalents 156 220 16
-------- ----------- -----------
Total current assets 3,567 2,908 957
-------- ----------- -----------
Total assets 4,188 3,604 1,513
-------- ----------- -----------
Liabilities
Current liabilities
Trade and other payables 2,183 1,586 481
Lease liabilities 149 160 97
Borrowings 90 489 50
-------- ----------- -----------
Total current liabilities 2,422 2,235 628
-------- ----------- -----------
Non-current liabilities
Borrowings 359 211 -
Lease liabilities 229 392 426
Other payables 1,737 989 811
-------- ----------- -----------
Total non-current
liabilities 2,325 1,592 1,237
-------- ----------- -----------
Total liabilities 4,747 3,827 1,865
-------- ----------- -----------
Net liabilities (559) (223) (352)
-------- ----------- -----------
Equity
Share capital - - -
Share premium 3,244 1,618 -
Shares to be issued 910 - -
Accumulated losses (4,713) (1,841) (352)
-------- ----------- -----------
Total equity (559) (223) (352)
======== =========== ===========
The loss for the financial year of the parent company was
GBP2,851k (2022: GBP1,489k). The Company has elected to take the
exemption under section 408 of the Companies Act 2006 not to
present the Parent Company Statement of Comprehensive Income.
Consolidated Statement of Changes in Equity
Share Share Shares Accumulated Foreign Total
capital premium to be losses exchange equity
issued reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance
At 01 July
2021 - - - (827) (7) (834)
Comprehensive
income
Loss for
the year - - - (1,732) - (1,732)
Other comprehensive
income - - - - (62) (62)
Transactions
with owners
Issue of
shares - 1,618 - - - 1,618
--------
Balance
at 30 June
2022 - 1,618 - (2,559) (69) (1,010)
----------- --------- ======== ----------- ---------- --------
Balance
at 01 July
2022 - 1,618 - (2,559) (69) (1,010)
Comprehensive
income
Loss for
the year - - - (3,276) - (3,276)
Other comprehensive
income - - - - (4) (4)
Transactions
with owners
Issue of
shares - 1,551 - - - 1,551
Reissue as
a convertible
loan - (214) - - - (214)
Issue of
shares on
conversion
of convertible
loan note - 527 - - - 527
Share issue
costs - (238) - - - (238)
Shares to
be issued - - 910 - - 910
----------- --------- -------- ----------- ---------- --------
Balance
at 30 June
2023 - 3,244 910 (5,835) (73) (1,754)
----------- --------- -------- ----------- ---------- --------
Company Statement of Changes in Equity
Share Share Shares Accumulated Total
capital premium to be losses equity
issued
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance At 01
July 2021 - - - (352) (352)
Comprehensive
income
Loss for the year - - - (1,489) (1,489)
Other comprehensive - - - - -
income
Transactions with
owners
Issue of shares - 1,618 - - 1,618
--------
Balance at 30
June 2022 - 1,618 - (1,841) (223)
----------- --------- ======== ------------ --------
Balance at 01
July 2022 - 1,618 - (1,841) (223)
Comprehensive
income
Loss for the year - - - (2,872) (2,872)
Other comprehensive - - - - -
income
Transactions with
owners
Issue of shares - 1,551 - - 1,551
Issue of shares
on conversion of
convertible loan
notes - 527 - - 527
Reissue as a convertible
loan - (214) - - (214)
Share issue costs - (238) - - (238)
Shares to be issued - - 910 - 910
----------- --------- -------- ------------ --------
Balance at 30
June 2023 - 3,244 910 (4,713) (559)
=========== ========= ======== ============ ========
Consolidated Statement of Cash Flows
As at As at
30 June 30 June
2023 2022
GBP'000 GBP'000
------- -------
Cash flows from operating activities
Loss before taxation from continuing activities (3,809) (2,370)
Adjustments for non-cash/non-operating items:
Depreciation of property, plant and equipment 27 15
Amortisation of intangible assets 9 5
Amortisation of right-of-use assets 175 158
Loss on disposal of property, plant and equipment 1 -
Loss on disposal of right-of-use assets 7 -
Shares issued in lieu of cash settlement 67 -
Movement in provisions 479 177
Initial lease payments (13) (16)
Loss on remeasurement of leases (22) -
Finance income (2) -
Finance expense 184 105
(2,897) (1,926)
Increase in inventories (856) (830)
Decrease/(Increase) in trade and other receivables 427 (784)
Increase in trade and other payables 1,378 1,261
Cash used in operations (1,948) (2,279)
R&D tax credits received 533 638
Net cash used in operating activities (1,415) (1,641)
------- -------
Cash flows from investing activities
Purchase of property, plant and equipment (107) (106)
Purchase of intangible assets - (23)
Interest received 2 -
Net cash used in investing activities (105) (129)
------- -------
Cash flows from financing activities
Principal paid on lease liabilities (181) (169)
Interest paid on lease liabilities (52) (59)
Cash received for shares to be issued 844 -
Issue of shares 1,550 1,618
Share issue costs (238) -
Issue of convertible loan notes 287 -
Repayment of borrowings (1,341) -
Proceeds from borrowings 740 650
Other interest paid (106) (46)
Net cash from financing activities 1,503 1,994
------- -------
Net (decrease)/ increase in cash and cash equivalents (17) 224
Cash and cash equivalents at beginning of year 232 64
Effect of foreign exchange rates (8) (56)
Cash and cash equivalents at end of year 207 232
======= =======
Company Statement of Cash Flows
As at As at
30 June 30 June
2023 2022
GBP'000 GBP'000
------- -------
Cash flows from operating activities
Loss before taxation from continuing activities (3,100) (1,885)
Adjustments for non-cash/non-operating items:
Depreciation of property, plant and equipment 18 7
Amortisation of intangible assets 6 3
Amortisation of right-of-use assets 139 124
Loss on disposal of property, plant and equipment 1 -
Loss on disposal of right-of-use assets 5 -
Shares in lieu 67 -
Movement in provisions 479 177
Initial lease payments (13) (7)
Loss on remeasurement of leases (22) -
Finance income (2) -
Finance expense 150 68
(2,272) (1,513)
Increase in inventories (1,062) (613)
Decrease/(increase) in trade and other receivables 336 (1,135)
Increase in trade and other payables 1,095 1,104
Cash from operations (1,903) (2,157)
R&D tax credits received 230 397
Net cash used in operating activities (1,673) (1,760)
------- -------
Cash flows from investing activities
Purchase of property, plant and equipment (94) (85)
Purchase of intangible assets - (21)
Interest received 2 -
Net cash used in investing activities (92) (106)
------- -------
Cash flows from financing activities
Principal paid on lease liabilities (138) (131)
Interest paid on lease liabilities (42) (45)
Cash received for shares to be issued 844 -
Issue of shares 1,550 1,618
Share issue costs (238) -
Issue of convertible loan notes 287 -
Repayment of borrowings (1,105) (94)
Proceeds from borrowings 625 744
Other interest paid (82) (22)
Net cash from financing activities 1,701 2,070
------- -------
Net (decrease)/increase in cash and cash equivalents (64) 204
Cash and cash equivalents at beginning of year 220 16
Cash and cash equivalents at end of year 156 220
======= =======
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FR FZMZZRLFGFZG
(END) Dow Jones Newswires
December 29, 2023 03:40 ET (08:40 GMT)
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