Inspirit Energy Holdings PLC on Tuesday reported a significantly widened annual loss after what the cash shell described as an ‘exceptional’ asset write-down in 2024.

The London-based developer of sustainable heat and power boilers said pretax loss in the 12 months to June 30 was £2.1 million, compared to £303,000 million the year prior.

This included the £1.8 million asset write-down, leaving net assets at June 30 £750,000, versus £2.4 million in 2023. Market capitalisation decreased to £742,097 from £1.1 million in the same period.

Inspirit has not proposed an annual dividend, unchanged from the previous year, and the cash shell’s agreed value was reported between £600,000 and £750,000.

Inspirit between December 2023 and March 2024 began relocating development work back to the UK from Poland, and completed the third of four stages updating its products’ waste heat recovery system.

The company in October, however, announced it would become a cash shell, following the resignation of Design & Development Director Paul Booker.

Priorities have since shifted to maintaining Inspirit’s cash balance, rather than improving products. The company aims to realise value from existing intellectual property whilst waiting out the six-month window that precedes delisting. Inspirit has until April 8 to make an acquisition or acquisitions constituting a reverse takeover, or its shares will be cancelled from trading.

Inspirit shares closed down 3.6% at 0.0027 pence each on Tuesday afternoon in London.

The company said additional funds would be necessary to commercialise operations and generate profit. Inspirit plans to fundraise through share placings and short-term loans, but suggested lack of funds may hinder any such attempts. The company also plans to ‘mitigate through forecast preparation, monitoring and reducing discretionary costs’.

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