Source - LSE Regulatory
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

·    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 (£000s)

Current Assets (Cash)

672.8

Current Liabilities1

(10.7)

Amount Owed from Subsidiary2

500.0

Net Assets

1,162.1

Equity3

1,162.1

1Accrued directors fees for new NEDs

2Transfer 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 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)

Tony Quirke / Joscelin Pinnington (Sales & Corporate Broking)

info@allenbycapital.com



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

capital

 

Share premium

 

Shares to be issued

 

Accumulated losses

 

Foreign exchange reserve

 

Total

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

capital

 

Share premium

 

Shares to be issued

 

Accumulated losses

 

Total

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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