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Ora Technology PLC Interim / Quarterly Report 2025
10535_er_2025-04-30_9b67fb99-d6a4-4b29-b84a-39a8237b914f.html
Interim / Quarterly Report
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RNS Number : 9088G
Ora Technology PLC
30 April 2025
30 April 2025
Ora Technology PLC
("Ora" or the "Company")
Interim accounts
Ora Technology PLC (AQSE: ORA) announces its unaudited results for the six months ended 31 January 2025.
Comments from Michael Edwards, Chairman of Ora Technology plc:
During the Interim six-month period of 1 August 2024 to 31 January 2025 the Company was in an announced proposed transaction with Kondor AI plc for all but the first 22 days of the period. As such, the Company has focused in this period on working with Kondor AI plc, the proposed purchaser of the Company, to progress the transaction.
The terms of the transaction are that the Company's shareholders will receive 0.9844 shares in Kondor AI plc as consideration for each share they hold in the Company (so for example a shareholder with 10,000 ORA shares will receive 9,844 Kondor shares).
During this period the Company has restricted expenditure to only that necessary to support the transaction and maintain the listing. As such expenditure in the period was reduced by 81% compared to the same period in 2023/4. During the period, all Director fees were accrued and remain unpaid as at the date of the release of these Interim results. As a result, the Loss before Tax was reduced from £497k to £94k.
During the period the Company raised a further £255,400 before expenses by the issuance of 3,192,500 new shares at a price of 8p per share. The proceeds will be used to support the completion of the Kondor purchase transaction.
The directors of Ora accept responsibility for this announcement.
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
For further information please contact:
| Ora Technology PLC | |
| Mike Edwards | Via First Sentinel |
| First Sentinel ( Corporate Adviser) | |
| Brian Stockbridge | [email protected] +44 (0) 20 3855 5551 |
About Ora Technology
Ora Technology PLC is a software company that is developing a digital carbon trading platform that intends to offer users the ability to buy, sell and retire carbon credits in the voluntary carbon market, an instrument used by both the public and private sectors to work towards carbon neutral and net-zero climate goals. Ora's 'Ora Carbon' platform aims to allow access to carbon assets - and the broader carbon economy - with the goal of reducing the complexity of current industry practices and an emphasis towards providing a simple and intuitive user experience.
Ora Technology PLC
Statement of Comprehensive Income
For the six months ended 31 January 2025
| Unaudited | Audited | ||||
| Note | Six months ended 31 January | Year end 31 July |
|||
| 2025 | 2024 | 2024 | |||
| £ | £ | £ | |||
| Revenue | - | - | - | ||
| Administrative expenses | (67,481) | (497,183) | (880,696) | ||
| Amortisation | (26,890) | - | (35,853) | ||
| Operating Loss | (94,371) | (497,183) | (916,549) | ||
| Other comprehensive income | - | - | - | ||
| Loss before and after taxation and total comprehensive loss for the period | (94,371) | (497,183) | (916,549) | ||
| Loss per ordinary share: | |||||
| Basic loss per share on loss for the period | 3 | (0.05p) | (0.24p) | (0.44p) | |
| Diluted loss per share on loss for the period | 3 | (0.05p) | (0.24p) | (0.44p) |
Ora Technology PLC
Statement of Financial Position
As at 31 January 2025
Company reference number: 13720688
| Unaudited | Audited | |||
| Note | Six months ended 31 January |
Year ended 31 July | ||
| 2025 | 2024 | 2024 | ||
| £ | £ | £ | ||
| Non-Current Assets | ||||
| Intangible assets - Software development costs | 4 | 206,158 | 292,901 | 233,048 |
| Total non-current assets | 206,158 | 292 901 | 233,048 | |
| Current Assets | ||||
| Other receivables | 1,820 | 39,938 | 13,721 | |
| Cash and cash equivalents | 215,282 | 313,912 | 58,169 | |
| Total current assets | 217,102 | 353,850 | 71,890 | |
| Total assets | 423,260 | 646,751 | 304,938 | |
| Current Liabilities | ||||
| Trade and other payables | 99,358 | 26,202 | 103,755 | |
| Total liabilities | 99,358 | 26,202 | 103,755 | |
| Net Assets | 323,902 | 620,549 | 201,183 | |
| Shareholders' equity | ||||
| Share capital | 209,870 | 206,678 | 206,678 | |
| Share premium | 1,453,351 | 1,239,453 | 1,239,453 | |
| Share based payments reserve | 396,483 | 396,483 | 396,483 | |
| Retained earnings | (1,735,802) | (1,222,065) | (1,641,431) | |
| Total shareholders' equity | 323,902 | 620,549 | 201,183 | |
Ora Technology PLC
Statement of Changes in Equity
For the six months ended 31 January 2025
| Share capital | Share Premium | Share-based payments reserve | Retained earnings | Total | |
| £ | £ | £ | £ | £ | |
| Unaudited | |||||
| Six months ended 31 January 2025 | |||||
| At 1 August 2024 | 206,678 | 1,239,453 | 396,483 | (1,641,431) | 201,183 |
| Shares issued in the period | 3,19 2 | 252,208 | - | - | 255,400 |
| Share issue costs | - | (38,310) | - | - | (38,310) |
| Loss for the period and total comprehensive loss | - | - | - | (94,371) | (94,371) |
| At 31 January 2025 | 209,870 | 1,453,351 | 396,483 | (1,735,802) | 323,902 |
| Unaudited | |||||
| Six months ended 31 January 2024 | |||||
| At 1 August 2023 | 206,678 | 1,239,453 | 396,483 | (724,882) | 1,117,732 |
| Loss for the period and total comprehensive loss | - | - | - | (497,183) | (497,183) |
| At 31 January 2024 | 206,678 | 1,239,453 | 396,483 | (1,222,065) | 620,549 |
| Audited | |||||
| Year ended 31 July 2023 | |||||
| At 1 August 2023 | 206,678 | 1,239,453 | 396,483 | (724,882) | 1,117,732 |
| Loss for the year and total comprehensive loss | - | - | - | (916,549) | (916,549) |
| At 31 July 2024 | 206,678 | 1,239,453 | 396,483 | (1,641,431) | 201,183 |
Ora Technology PLC
Statement of Cash Flows
For the six months ended 31 January 2025
| Unaudited | Audited | ||||
| Six months ended 31 January |
Year ended 31 July |
||||
| 2025 | 2024 | 2024 | |||
| £ | £ | £ | |||
| Operating activities | |||||
| Loss for the year | (94,371) | (497,183) | (916,549) | ||
| Adjustments: | |||||
| Amortisation | 26,890 | - | 35,853 | ||
| Working capital adjustments: | |||||
| Decrease/(increase) in trade and other receivables | 11,901 | 43,581 | 69,798 | ||
| (Decrease)/increase in trade and other payables | (4,397) | (245,480) | (167,927) | ||
| Net cash used in operating activities | (59,977) | (699 082) | (978,825) | ||
| Investing activities | |||||
| Software development costs | - | (24,000) | - | ||
| Net cash from/(used) in investing activities | - | (24,000) | - | ||
| Financing activities | |||||
| Share issue | 255,400 | - | - | ||
| Share issue costs | (38,310) | - | - | ||
| Net cash from financing activities | 217,090 | - | - | ||
| Net (decrease)/increase in cash and cash equivalents | 157,113 | (723,082) | (978,825) | ||
| Cash and cash equivalents at start of financial period | 58,169 | 1,036,994 | 1,036,994 | ||
| Cash and cash equivalents at end of financial period | 215,282 | 313 912 | 58,169 |
Ora Technology PLC
Notes to the Interim Financial Statements for the six months ended 31 January 2025
1. Basis of preparation
The interim results of Ora Technology PLC (the Company) are prepared in accordance with the requirements of IAS 34 Interim Financial Reporting and are prepared in accordance with the accounting policies set out in the last financial statements for the year- ended 31 July 2024. Ora Technology PLC expects to apply the same policies in its financial statements for the year ending 31 July 2025.
The financial information for the six months ended 31 January 2025 and for the six months ended 31 January 2024 have neither been audited nor reviewed by the Company's auditors. The comparative financial information for the year-ended 31 July 2024 has been derived from the audited financial statements for that period.
2. Critical accounting estimates and judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results.
There are no judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
3. Loss per ordinary share
The calculation of a basic loss per share is based on the loss for the period attributable to equity holders of the Company and on the weighted average number of shares in issue during the period.
Diluted loss per share is calculated adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
For the six months ended 31 January 2025, year-ended 31 July 2024 and six months ended 31 January 2024 there is no difference between the diluted loss per share and the basic loss per share presented due to the loss position of the Company.
4. Intangible assets - Software development costs
| Unaudited | Audited | |||
| Six months ended 31 January |
Year ended 31 July |
|||
| 2025 £ |
2024 £ |
2024 £ |
||
| Cost | ||||
| At start of the period | 268,901 | 268,901 | 268,901 | |
| Additions | - | 24,000 | - | |
| Disposals | - | - | - | |
| At end of the period | 268,901 | 292,901 | 268,901 | |
| Amortisation | ||||
| At start of the period | 35,853 | - | - | |
| Charge for the period | 26,890 | - | 35,853 | |
| At end of the period | 62,743 | - | 35,853 | |
| Net book value as at the end of the period | 206,158 | 292,901 | 233,048 |
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