REG - Tribe Technology PLC - Audited results for the year ended 30 June 2023
29/12/2023 08:45
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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 £2 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 £4.6million at IPO gross of listing costs (net
proceeds of £3.29million)
· Secured a capital facility of £3 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
(https://www.londonstockexchange.com/news-article/TRYB/trading-update/16267258)
· 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
(https://tribetechgroup.com/reports-presentations/) ]
Unaudited Balance Sheet of Tribe Technology PLC
As at 30 June 2023 (£000s)
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)£1.17M ASA funds, less loss for period
-END-
For further information, please visit www.tribetechgroup.com
(http://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 Wright (Corporate Finance) info@allenbycapital.com
Tony Quirke / Joscelin Pinnington (Sales & Corporate Broking)
Tavistock (Financial PR) +44 20 7920 3150
Gareth Tredway / Rebecca Hislaire / Saskia Sizen tribetech@tavistock.co.uk
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)
£'000 £'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)
£'000 £'000 £'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)
£'000 £'000 £'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 £2,851k (2022:
£1,489k). 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 premium Shares to be issued Accumulated losses Foreign exchange reserve Total
capital equity
£'000 £'000 £'000 £'000 £'000 £'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 premium Shares to be issued Accumulated losses Total
capital equity
£'000 £'000 £'000 £'000 £'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
£'000 £'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
£'000 £'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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