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TRIBE TECHNOLOGY PLC
Earnings Release • Dec 29, 2023
7988_10-k_2023-12-29_450b86c1-f709-47a3-822e-b436f42223ec.html
Earnings Release
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National Storage Mechanism | Additional information 
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
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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) |
[email protected] |
| Tavistock (Financial PR) | +44 20 7920 3150 |
| Gareth Tredway / Rebecca Hislaire / Saskia Sizen | [email protected] |
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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