10
January 2025
EQUIPMAKE HOLDINGS
PLC
("Equipmake" or the
"Company")
RESULTS FOR THE SIX MONTHS
ENDED 30 NOVEMBER 2024
Equipmake, a market leader in
engineering-driven differentiated electrification technologies,
products and solutions across the automotive, truck, bus and
speciality vehicle industries, is pleased to announce its unaudited
results for the six-month period ended 30 November 2024 ("H1
FY25").
Financial Highlights
|
•
|
Half year revenue (including grants)
up by 19% to £2.47m.
|
|
•
|
Half year revenue from EV components
of £253,587, an 80% year-on-year increase.
|
|
•
|
Improvement in gross margins for
repowered vehicles to -47%, from -75% in the full year to May
2024. Ongoing cost reduction initiatives are expected to
deliver further margin improvements in the second half of the
year.
|
|
•
|
Operating losses before exceptionals
of £3.95m, (H1 24: loss of £2.97m), in line with
expectations.
|
|
•
|
Bus repowering services have been
materially scaled down with ongoing annualised cost saving of about
£2m
|
|
|
◦ Bus repowering services
provided the Company with an excellent early opportunity to deploy
its products into real world, customer-driven environments,
showcasing the quality and efficiency of Equipmake's
offering. However, at low volumes it was not possible to
generate sustainable gross margins from this business. It has,
however, been a strategically important shop window for a
higher-margin Drivetrain and EV Components supply business, in a
variety of operating domains including public transport, industrial
and aerospace.
|
|
•
|
Significant cost-reduction
initiatives including a manufacturing improvements programme and
materially lower-cost battery and component sourcing.
|
|
•
|
Contracted order book1 of £11m as of
9th January 2025.
|
|
•
|
Raised approximately £3m through a
Placing and Subscription in October 2024.
|
|
•
|
Cash as of 30 November 2024 was
£2.04m (30 November 2023: £3.91m).
|
Operational Highlights
|
•
|
Achieved further traction in
Drivetrain and EV Components Supply to OEM and Tier 1 customers,
including:
|
|
|
◦ Argentina's first,
domestically manufactured, electric bus which entered operation in
Buenos Aires;
|
|
|
◦ An initial order for five
Zero Emission Drivetrains ("ZEDs") from South American bus
manufacturer Agrale S.A. ("Agrale");
|
|
|
◦ An order from Agrale to
supply specialised parts to support the development of a prototype
electric/ethanol hybrid lightweight bus; and
|
|
|
◦ Signing a manufacturing and
supply agreement for ZEDs with Textron (a Fortune 500 company), a
leading global manufacturer of airport ground support
vehicles.
|
|
•
|
Contract secured with leading UK Tour
Bus operator, Golden Tours, to repower ten Volvo B5 London tour
busses.
|
|
•
|
Doubled the continuous power output
of HTM-3500 motor, reinforcing Equipmake's strong position in the
rapidly expanding global market for electrification
technology.
|
|
•
|
Continued discussions with a major
automotive supplier in relation to it licencing the Group's
functional safety technology and systems integration capability for
its commercial vehicle business. It is envisaged this licensing
agreement would total $6 million (equivalent to approximately £4.6
million) of milestone payments over two years, as well as future
volume-based royalty revenues.
|
Post Period End
|
•
|
December 2024: Commenced a Strategic
Review and Formal Sale Process, as the Company did not have
confirmation from the potential licensee, or any other potential
licensee, as to when licences currently under negotiation would be
entered into, if at all.
|
|
•
|
December 2024: ZED system approved
for bus and coach repowering under the UK Energy Saving Trust's
Zero Emission Vehicle Repower Accreditation Scheme
("ZEVRAS").
|
|
•
|
Jon Beasley will be stepping down
from his role as an Independent Non-Executive Director of the
Company for personal reasons, effective prior to the Company's
Annual General Meeting on 15 January 2025. The Board extends its
gratitude to Jon for his contribution over the past two and a half
years.
|
1 The contracted orderbook is orders that have been contracted
but where revenue has not been recognised.
Commenting of the results, Ian Foley, CEO of Equipmake
said: "H1 FY25 has been a period of significant progress for
Equipmake as we shifted our focus towards higher margin Drivetrain
and EV Components business and laid the foundations for long-term
profitability and growth. By scaling back our bus repowering
activities and moving away from lower margin business units, we are
starting to leverage the credibility and success that our
technology has gained in real-world applications. This strategic
shift is further bolstered by the exciting new partnerships we are
developing with leading global OEMs and Tier 1 customers, such as
Textron and Agrale.
"During the period we have taken significant steps to enhance
operational efficiencies and reduce costs, but the strategic review
and formal sale process we are now undertaking are necessary steps
to ensure we can capitalise on the growing demand for our
electrification technologies. I remain confident that Equipmake's
innovative solutions and the strong relationships we are
cultivating will enable us to secure a pathway to sustainable
growth and long-term value creation for all
stakeholders."
INTERIM CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 NOVEMBER
2024
|
|
|
Period
Ended
|
|
Period
Ended
|
|
Year
Ended
|
|
|
|
30
November
|
|
30
November
|
|
31
May
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
Revenue
|
2
|
2,470,874
|
|
2,072,750
|
|
8,068,348
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
(3,305,861)
|
|
(1,949,576)
|
|
(10,697,440)
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
(834,986)
|
|
123,174
|
|
(2,620,092)
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
(3,245,792)
|
|
(3,267,845)
|
|
(5,794,323)
|
|
|
|
|
|
|
|
|
|
Other operating income
|
|
128,601
|
|
196,801
|
|
509,681
|
|
|
|
|
|
|
|
|
|
Share based payment
charge
|
|
0
|
|
(35,414)
|
|
(45,000)
|
|
|
|
|
|
|
|
|
|
Exceptional items
|
|
(336,752)
|
|
-
|
|
(1,034,029)
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
(4,288,930)
|
|
(2,974,701)
|
|
(9,092,763)
|
|
|
|
|
|
|
|
|
|
Interest receivable and similar
income
|
|
7,561
|
|
35,414
|
|
54,303
|
|
|
|
|
|
|
|
|
|
Interest payable and similar
expenses
|
|
(30,645)
|
|
(20,786)
|
|
(48,787)
|
|
|
|
|
|
|
|
|
|
Loss before taxation
|
|
(4,312,014)
|
|
(2,960,073)
|
|
(9,087,246)
|
|
|
|
|
|
|
|
|
|
Tax on loss
|
3
|
(11,250)
|
|
(17,862)
|
|
(112,753)
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
|
(4,323,264)
|
|
(2,977,935)
|
|
(9,200,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period
|
|
(4,323,264)
|
|
(2,977,935)
|
|
(9,200,000)
|
|
|
|
|
|
|
|
|
|
Loss for the period attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non‑controlling interests
|
|
‑
|
|
‑
|
|
‑
|
|
|
|
|
|
|
|
|
|
Owners of the parent
Company
|
|
(4,323,264)
|
|
(2,977,935)
|
|
(9,200,000)
|
|
|
|
|
|
|
|
|
|
|
|
(4,323,264)
|
|
(2,977,935)
|
|
(9,200,000)
|
|
|
|
|
|
|
|
|
|
Basic loss per share in
pence
|
5
|
(0.4)
|
|
(0.3)
|
|
(0.95)
|
INTERIM CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2024
|
|
|
30
November
|
|
30
November
|
|
31
May
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
Intangible assets
|
|
1,571,362
|
|
1,390,816
|
|
1,243,017
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
1,555,382
|
|
1,286,999
|
|
1,647,350
|
|
|
|
|
|
|
|
|
|
|
|
3,126,744
|
|
2,677,815
|
|
2,890,367
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
Stocks
|
|
3,581,616
|
|
4,743,020
|
|
3,554,641
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within
one year
|
|
2,905,992
|
|
2,418,113
|
|
4,165,054
|
|
|
|
|
|
|
|
|
|
Cash at bank and in hand
|
|
2,043,838
|
|
3,913,331
|
|
2,480,124
|
|
|
|
|
|
|
|
|
|
|
|
8,531,446
|
|
11,074,464
|
|
10,199,819
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due
within one year
|
|
(4,059,642)
|
|
(2,514,085)
|
|
(3,786,940)
|
|
|
|
|
|
|
|
|
|
Net
current (liabilities)/assets
|
|
4,471,804
|
|
8,560,379
|
|
6,412,879
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
7,598,548
|
|
11,238,194
|
|
9,303,246
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due after
more than one year
|
|
(307,834)
|
|
(385,772)
|
|
(307,834)
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
Onerous contracts
provision
|
|
(41,000)
|
|
-
|
|
(358,000)
|
|
|
|
|
|
|
|
|
|
Net
(liabilities)/assets
|
|
7,249,714
|
|
10,852,422
|
|
8,637,412
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
Called up share capital
|
4
|
112,007
|
|
95,101
|
|
102,007
|
|
|
|
|
|
|
|
|
|
Share premium
|
|
26,035,512
|
|
19,128,427
|
|
23,098,012
|
|
|
|
|
|
|
|
|
|
Other reserves
|
|
6,842,851
|
|
5,748,311
|
|
6,842,851
|
|
|
|
|
|
|
|
|
|
Profit and loss account
|
|
(25,740,656)
|
|
(15,195,796)
|
|
(21,405,458)
|
|
|
|
|
|
|
|
|
|
Share-based payments
reserve
|
|
0
|
|
1,076,379
|
|
-
|
|
|
|
|
|
|
|
|
|
Equity attributable to owners of the parent
Company
|
|
7,249,714
|
|
10,852,422
|
|
8,637,412
|
|
|
|
|
|
|
|
|
|
Non‑controlling interests
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
7,249,714
|
|
10,852,422
|
|
8,637,412
|
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
FOR THE SIX MONTHS ENDED 30 NOVEMBER
2024
|
|
Called up
share capital
|
Share
premium
|
Other
reserves
|
Profit and
loss account
|
Share-based payments reserve
|
Equity
attributable to owners of parent Company
|
Non‑
controlling interests
|
Total
equity
|
|
|
£
|
£
|
£
|
£
|
£
|
£
|
£
|
£
|
|
At
1 June 2024 (Audited)
|
102,007
|
23,098,012
|
5,748,311
|
(21,417,392)
|
1,094,540
|
8,625,478
|
-
|
8,625,478
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
-
|
-
|
-
|
(4,039,012)
|
-
|
(4,039,012)
|
-
|
(4,039,012)
|
|
|
|
|
|
|
|
|
|
|
|
Issue of shares
|
10,000
|
2,990,000
|
-
|
-
|
-
|
3,000,000
|
-
|
3,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payments
movement
|
-
|
(52,500)
|
-
|
(284,252)
|
|
(336,752)
|
-
|
(336,752)
|
|
|
|
|
|
|
|
|
|
|
|
At
30 November 2024 (Unaudited)
|
112,007
|
26,035,512
|
5,748,311
|
(25,740,655)
|
1,094,540
|
7,249,714
|
-
|
7,249,714
|
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
FOR THE SIX MONTHS ENDED 30 NOVEMBER
2023
|
|
Called up
share capital
|
Share
premium
|
Other
reserves
|
Profit and
loss account
|
Share-based payments reserve
|
Equity
attributable to owners of parent Company
|
Non‑
controlling interests
|
Total
equity
|
|
|
£
|
£
|
£
|
£
|
£
|
£
|
£
|
£
|
|
At
1 June 2023 (Audited)
|
94,823
|
19,128,427
|
5,748,311
|
(12,217,861)
|
1,049,548
|
13,803,248
|
-
|
13,803,248
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
‑
|
-
|
‑
|
(2,977,935)
|
-
|
(2,977,935)
|
-
|
(2,977,935)
|
|
|
|
|
|
|
|
|
|
|
|
Issue of shares
|
278
|
|
-
|
‑
|
‑
|
278
|
|
278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based movement
|
‑
|
-
|
‑
|
‑
|
26,831
|
26,831
|
-
|
26,831
|
|
|
|
|
|
|
|
|
|
|
|
At
30 November 2023 (Unaudited)
|
95,101
|
19,128,427
|
5,748,311
|
(15,195,796)
|
1,076,379
|
10,852,422
|
-
|
10,852,422
|
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
FOR THE YEAR ENDED 31 MAY 2024
|
|
Called up
share capital
|
Share
premium
|
Other
reserves
|
Profit and
loss account
|
Share-based payments reserve
|
Equity
attributable to owners of parent Company
|
Non‑
controlling interests
|
Total
equity
|
|
|
£
|
£
|
£
|
£
|
£
|
£
|
£
|
£
|
|
At
1 June 2022 (Audited)
|
94,823
|
19,128,427
|
5,748,311
|
(12,217,861)
|
1,049,548
|
13,803,248
|
-
|
13,803,248
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year
|
-
|
-
|
-
|
(9,199,531)
|
-
|
(9,199,531)
|
-
|
(9,199,531)
|
|
|
|
|
|
|
|
|
|
|
|
Total transactions with
owners
|
|
|
|
|
|
|
|
|
|
Loan conversion
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of shares
|
7,185
|
4,137,295
|
-
|
-
|
-
|
4,144,479
|
-
|
4,144,479
|
|
|
|
|
|
|
|
|
|
|
|
Share issue costs
|
-
|
(167,710)
|
-
|
-
|
-
|
(167,710)
|
-
|
(167,710)
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payments
charge
|
-
|
-
|
-
|
-
|
44,992
|
44,992
|
-
|
44,992
|
|
|
|
|
|
|
|
|
|
|
|
At
31 May 2023 (Audited)
|
102,008
|
23,098,012
|
5,748,311
|
(21,417,392)
|
1,094,540
|
8,625,479
|
-
|
8,625,479
|
INTERIM CONSOLIDATED STATEMENT OF CASH
FLOWS
FOR THE SIX MONTHS ENDED 30 NOVEMBER
2024
|
|
|
Period
Ended 30 November
|
Period
Ended 30 November
|
Year Ended
31 May
|
|
|
|
2024
|
2023
|
2024
|
|
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
|
|
£
|
£
|
£
|
|
|
|
|
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the financial
year
|
|
(4,323,264)
|
(2,977,935)
|
(9,199,531)
|
|
|
|
|
|
|
|
Adjustments for:
|
|
|
|
|
|
|
|
|
|
|
|
Amortisation of intangible
assets
|
|
257,574
|
45,381
|
158,000
|
|
|
|
|
|
|
|
Depreciation of tangible
assets
|
|
191,784
|
139,403
|
343,000
|
|
|
|
|
|
|
|
Loss on disposal of tangible
assets
|
|
(24,409)
|
24,390
|
51,000
|
|
|
|
|
|
|
|
Impairment of capitalised development
|
|
|
|
408,000
|
|
|
|
|
|
|
|
Interest paid
|
|
30,645
|
20,786
|
49,000
|
|
|
|
|
|
|
|
Interest received
|
|
(7,561)
|
(35,414)
|
(54,000)
|
|
|
|
|
|
|
|
RDEC Taxation credit
(net)
|
|
(117,184)
|
(152,709)
|
(476,000)
|
|
|
|
|
|
|
|
SME R&D credit
received
|
|
-
|
(17,958)
|
777,000
|
|
|
|
|
|
|
|
(Increase)/decrease in
stocks
|
|
(26,975)
|
(1,784,695)
|
(597,000)
|
|
|
|
|
|
|
|
(Increase)/decrease in
debtors
|
|
1,259,062
|
1,834,183
|
38,000
|
|
|
|
|
|
|
|
Increase/(decrease) in
creditors
|
|
260,769
|
511,736
|
1,813,000
|
|
|
|
|
|
|
|
Increase/(decrease) in
provisions
|
|
126,867
|
-
|
358,000
|
|
|
|
|
|
|
|
Corporation tax received
|
|
-
|
435,575
|
-
|
|
|
|
|
|
|
|
Share‑based payments
charge
|
|
-
|
26,831
|
45,000
|
|
|
|
|
|
|
|
Net
cash generated from operating activities
|
|
(2,372,692)
|
(1,930,426)
|
(6,286,531)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of tangible fixed
assets
|
|
(99,817)
|
(678,111)
|
(1,241,000)
|
|
|
|
|
|
|
|
Sale of tangible fixed
assets
|
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Intangible assets - capitalisation
of development costs
|
|
(585,920))
|
(653,161)
|
(1,053,000)
|
|
|
|
|
|
|
|
Net
cash from investing activities
|
|
(685,737)
|
(1,331,272)
|
(2,294,000)
|
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
(CONTINUED)
FOR THE SIX MONTHS ENDED 30 NOVEMBER
2024
|
|
|
Period Ended 30 November
2024
|
Period Ended 30 November
2023
|
Year Ended
31 May
2024
|
|
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
|
|
£
|
£
|
£
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
New finance leases and hire purchase
contracts
|
|
0
|
255,324
|
255,000
|
|
|
|
|
|
|
|
Repayment of obligations under
finance leases and hire purchase contracts
|
|
(18,367)
|
(79,662)
|
(176,000)
|
|
|
|
|
|
|
|
Interest paid
|
|
(30,645)
|
(20,786)
|
(49,000)
|
|
|
|
|
|
|
|
Interest received
|
|
7,561
|
20,189
|
54,000
|
|
|
|
|
|
|
|
Issue of ordinary shares
|
|
3,000,000
|
278
|
4,144,000
|
|
|
|
|
|
|
|
Conversion of convertible
loan
|
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Share issue costs
|
|
(336,752)
|
-
|
(167,000)
|
|
|
|
|
|
|
|
Net
cash from financing activities
|
|
2,621,797
|
175,343
|
4,061,000
|
|
|
|
|
|
|
|
Net
increase/(decrease) in cash and cash equivalents
|
|
(436,632)
|
(3,086,355)
|
(4,519,531)
|
|
|
|
|
|
|
|
Cash and cash equivalents at
beginning of year
|
|
2,480,469
|
6,999,686
|
7,000,000
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of
period
|
|
2,043,838
|
3,913,331
|
2,480,469
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of period
comprise:
|
|
|
|
|
|
|
|
|
|
|
|
Cash at bank and in hand
|
|
2,043,838
|
3,913,331
|
2,480,469
|
|
|
|
|
|
|
|
|
|
2,043,838
|
3,913,331
|
2,480,469
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 NOVEMBER
2024
1. Basis of
preparation
The group consists of the parent Equipmake
Holdings PLC and subsidiary Equipmake Limited. All group entities
are included within the consolidation.
These interim consolidated financial statements
are for the six months to 30 November 2024. The interim results are
not audited and are not the statutory accounts of the group as
defined in section 434 of the Companies Act 2006.
The accounting policies and presentation that
have been applied in preparing the interim consolidated financial
statements are consistent with those applied in the preparation of
the group's annual report and financial statements for the year
ended 31 May 2024, which were prepared under FRS 102. These interim
consolidated financial statements should be read in conjunction
with the annual report.
Going concern
These financial statements have been
prepared on a going concern basis. The Directors have
reviewed the financial forecasts and have identified a requirement
to raise additional funding over the next 12 months. Whilst the
Directors expect that additional funding can be raised, this
presents a material uncertainty which may cast doubt over the
Company's ability to continue as a going concern and therefore its
ability to realise its assets and discharge its liabilities in the
normal course of business. The financial statements do not reflect
any adjustments that would be required to be made if they were
prepared on a basis other than the going concern basis.
2. Segmental
Reporting and Turnover
Segmental information is presented in respect of
the Group's operating segments based on the format that the Group
reports to its chief operating decision maker, for the purpose of
allocating resources and assessing performance. The Group considers
that the chief operating decision maker comprises the Executive
Directors of the business.
The
Directors manage the Group as a single business delivering electric
power train solutions across a range of markets. Information that
was made available to the chief operating decision maker in the
reporting period included a split of gross margin by customer
project, and therefore segmental information is presented along the
same lines. Operating segments that share similar characteristics
have been aggregated where the criteria for aggregation have been
met.
|
Segmental Analysis for the Six Months Ended 30 November 2024
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Powertrain (inc. vehicle
integration)
|
Powertrain (supply only)
|
EV components
|
Engineering projects
|
Other
|
Total (excluding
Grants)
|
Grants
|
Total
|
|
Turnover
|
1,532,859
|
(2,733)
|
253,587
|
141,228
|
23,648
|
1,948,588
|
522,286
|
2,470,874
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
(2,254,070)
|
(73,974)
|
(155,439)
|
(87,406)
|
-
|
(2,570,889)
|
(734,971)
|
(3,305,861)
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin
|
(721,211)
|
(76,708)
|
98,148
|
53,822
|
-
|
(622,301)
|
(212,685)
|
(834,986)
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(3,582,544)
|
|
|
|
|
|
|
|
|
|
|
|
Other operating income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
128,601
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,288,930)
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(23,084)
|
|
|
|
|
|
|
|
|
|
|
|
Loss before taxation
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,312,014)
|
|
|
|
|
|
|
|
|
|
|
|
Tax on loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(11,250)
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the financial year
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,323,264)
|
2.
Segmental Reporting and Turnover (continued)
|
Segmental Analysis for the Six Months Ended 30 November 2023
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Powertrain (inc. vehicle
integration)
|
Powertrain (supply only)
|
EV components
|
Engineering projects
|
Other
|
Total (excluding
Grants)
|
Grants
|
Total
|
|
Turnover
|
1,260,000
|
259,048
|
140,926
|
251,319
|
-
|
1,911,293
|
161,456
|
2,072,750
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
(1,144,584)
|
(216,244)
|
(84,269)
|
(186,204)
|
-
|
(1,631,300)
|
(318,275)
|
(1,949,576)
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin
|
115,416
|
42,804
|
56,657
|
65,116
|
-
|
279,993
|
(156,819)
|
123,174
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(3,294,676)
|
|
|
|
|
|
|
|
|
|
|
|
Other operating income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
196,801
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,974,701)
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
14,628
|
|
|
|
|
|
|
|
|
|
|
|
Loss before taxation
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,960,073)
|
|
|
|
|
|
|
|
|
|
|
|
Tax on loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(17,862)
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the financial year
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,977,935)
|
2.
Segmental Reporting and Turnover (continued)
|
Segmental Analysis for the Year Ended 31 May 2024
(Audited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Powertrain (inc. vehicle
integration)
|
Powertrain (supply only)
|
EV components
|
Engineering projects
|
Other
|
Total (excluding
Grants)
|
Grants
|
Total
|
|
Turnover
|
3,854,000
|
2,181,000
|
846,000
|
399,000
|
-
|
7,280,000
|
788,000
|
8,068,000
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
(6,770,000)
|
(1,548,000)
|
(609,000)
|
(297,000)
|
-
|
(9,224,000)
|
(1,473,000)
|
(10,697,000)
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin
|
(2,916,000)
|
633,000
|
237,000
|
102,000
|
0
|
(1,944,000)
|
(685,000)
|
(2,629,000)
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(6,972,000)
|
|
|
|
|
|
|
|
|
|
|
|
Other operating income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
509,000
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(9,092,000)
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
5,000
|
|
|
|
|
|
|
|
|
|
|
|
Loss before taxation
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(9,087,000)
|
|
|
|
|
|
|
|
|
|
|
|
Tax on loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(113,000)
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the financial year
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(9,200,000)
|
2.
Segmental Reporting and Turnover (continued)
|
Analysis of turnover by class of
business:
|
|
|
|
|
|
|
|
|
30
November
|
|
30
November
|
|
31
May
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
Powertrain (inc. vehicle
integration)
|
|
1,542,859
|
|
1,260,000
|
|
3,854,000
|
|
|
|
|
|
|
|
|
|
Powertrain (supply only)
|
|
(2,733)
|
|
259,048
|
|
2,181,000
|
|
|
|
|
|
|
|
|
|
EV components
|
|
253,587
|
|
140,926
|
|
846,000
|
|
|
|
|
|
|
|
|
|
Engineering projects
|
|
141,228
|
|
251,319
|
|
399,000
|
|
|
|
|
|
|
|
|
|
Grants receivable
|
|
522,286
|
|
161,456
|
|
788,000
|
|
|
|
|
|
|
|
|
|
Other
|
|
23,648
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
2,470,874
|
|
2,072,750
|
|
8,068,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of turnover by
destination:
|
|
|
|
|
|
|
|
|
30
November
|
|
30
November
|
|
31
May
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
United Kingdom
|
|
2,081,644
|
|
1,716,027
|
|
6,165,000
|
|
|
|
|
|
|
|
|
|
Rest of Europe
|
|
365,583
|
|
299,223
|
|
1,772,000
|
|
|
|
|
|
|
|
|
|
Rest of world
|
|
23,648
|
|
57,500
|
|
131,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,470,874
|
|
2,072,750
|
|
5,053,540
|
3.
Taxation
The tax charge has been estimated
for the six months to 30 November 2024 based on the anticipated tax
rate and estimates of eligible R&D expenditure against which a
research and development expenditure credit (RDEC) and SME credit
can be claimed for the period. The gross RDEC claim is included
within other operating income and the SME tax credit in
taxation.
4. Share
Capital
|
|
|
|
|
|
|
30
November
|
30
November
|
31
May
|
|
|
2024
|
2023
|
2024
|
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
|
£
|
£
|
£
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
1,120,074,565 Ordinary shares (Nov
2023 - 951,004,051) of £0.0001 (Nov 2023: £0.0001) each
|
112,007
|
95,101
|
102,008
|
|
|
|
|
|
|
The following amendments to Share
Capital took place in the period:
|
|
|
|
|
|
|
|
|
|
At
30 November 2023 ‑ Ordinary shares of £0.0001
each
|
95,101
|
|
|
|
|
|
|
|
|
Share issue - 69,070,028 Ordinary
Shares of £0.0001 each on conversion of convertible loan
|
6,907
|
|
|
|
|
|
|
|
|
At
31 May 2024 ‑ Ordinary shares of £0.0001
each
|
102,008
|
|
|
|
|
|
|
|
|
Share issue - 99,999,996 Ordinary
Shares of £0.0001 each
|
9,999
|
|
|
|
|
|
|
|
|
At
30 November 2024 ‑ Ordinary shares of £0.0001
each
|
112,007
|
|
|
5. Earnings per
share
The calculation of basic loss per
share of 0.42 pence for the six months ended 30 November 2024 is
based on the loss for the period of £4,323,264 and the weighted
average number of shares in issue during the period of
1,026,923,884.
The group was loss-making for all
periods presented in these statements; therefore, the dilutive
effect of share options has not been taken into account in the
calculation of diluted earnings per share, since this would
decrease the loss per share for each reporting period.
|
6.
|
Share-based payments
|
|
|
The company operates a share-based remuneration
scheme for employees, directors and stakeholders. A charge has been
recognised in respect of employee share options in the period based
on the fair value of the options at the grant date, estimated using
the Black Scholes model.
No new options were granted in the 6 months to
30 November 2024.
|
|
|
30
November
|
30
November
|
31
May
|
|
|
|
2024
|
2023
|
2024
|
|
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
|
|
£
|
£
|
£
|
|
|
|
|
|
|
|
Equity‑settled schemes recognised in
the profit or loss for the period
|
|
-
|
26,831
|
44,992
|
|
|
|
|
|
|
|
|
|
-
|
26,831
|
44,992
|
|
For
further information, please contact:
|
Equipmake
Clive Scrivener, Non-Executive
Chairman
Ian Foley, CEO
|
Via St Brides Partners
|
|
VSA Capital (Rule 3 and Financial
Adviser, Aquis Corporate Adviser and Broker)
Andrew Raca / Simon
Barton
|
Tel: +44 (0) 20 3005 5000
|
|
|
|
|
PricewaterhouseCoopers LLP
(Financial Adviser)
Jamie Peel / Jon Raggett
|
Tel: +44 (0)
20 7583 5000
|
|
St Brides Partners (Financial PR
Adviser)
Susie Geliher / Paul Dulieu / Will
Turner
|
Tel: +44 (0) 20 7236 1177
equipmake@stbridespartners.co.uk
|
About Equipmake
Equipmake is a UK-based industrial technology company specialising in the
engineering, development and production of electrification products
to meet the needs of the automotive and other
sectors in support of the transition from fossil-fuelled to
zero-emission drivetrains.
Equipmake is a leader in high
performance technologically advanced electric motors, inverters and
complete zero-emission electric drivetrains and power electronic
systems. Equipmake has developed a
vertically integrated offering providing fully bespoke solutions to
its customers. The Company is focussed on accelerating traction
with OEM and Tier 1 suppliers in relation to higher margin
component and drivetrain supply under long-term growth contracts
and securing high margin licencing transactions.
Key differentiators of the Company
offerings are its advanced technology and performance, reliability
and adherence to ASIL-D1 functional safety. Equipmake's
advanced motor and inverter technology, featuring ASIL-D
compliance, are designed to customers' highest Functional Safety
standards. With decades of experience in electric drivetrain
integration and a dedicated prototype vehicle testing facility,
Equipmake can significantly accelerate product development for
customers.
1 Automotive Safety Integrity Level ("ASIL") is a risk
classification scheme defined by the ISO 26262 - Functional Safety
for Road Vehicles standard and is a critical requirement for road
vehicles. Of the four ASILs identified by the standard, ASIL-D
dictates the highest integrity requirements on the product, which
require exceptional rigour in their development.