UNAUDITED INTERIM CONSOLIDATED FINANCIAL INFORMATION OF THE GROUP
Set out below are the unaudited results of the Group for the six months ended 30 June 2023, together with the unaudited results for the comparative six-month period ended 30 June 2022.
Commercial, technological and business development
During the period the Company commenced trading on the main market of the London Stock Exchange under symbol HUI and ceased trading on the AQSE main market.
Work continues on building a pipeline of HUI facilities in Europe. New markets are keen to learn about the HUI technology and aid us in setting up a facility in their locality.
Research and Development remains a key component of our work at this stage of the Group’s strategy. Shortly after the period for which these interim statements cover the EU awarded a grant to one of the Company’s Irish subsidiaries. This will give a further boost to our R&D capabilities and facilities in Ireland.
The Board of Directors continue to monitor the Group’s project pipeline, which includes current and future projects, as well as Group cashflows for OPEX and project specific funding. The current market conditions raise significant challenges to raising capital which is why the board has sort alternative methods of income to assist the Groups’ objectives in waste to energy.
Related party transactions
Ohrid Organics Limited (“OOL") is a company with a majority ownership by Howard White, who is also a director of HUI PLC. Subsequent to the period end, HUI PLC has signed an agreement on 3 July 2023 to provide a loan to OOL (full details in note 6 below). This related party transaction has allowed the Group to build a cash runway for future operations of the Group.
Outlook
The outlook for the Group remains very positive and the board looks forward to the second half of the
year with a high degree of confidence in the ongoing execution of its strategy. Despite the macro-economic backdrop, the Group are moving forward with current and future projects as expected.
Financial Performance
· Admin expenses for the half year of £0.9m (H1 2022: £0.6m)
· Gross Loss for period increased to £0.8m (H1 2022: £0.6m)
· Cash at bank as at 30 June 2023 of £2.1m (H1 2022: £3.2m)
Principal risks
The Directors consider that the principal risks and uncertainties which could have a material effect on the Group’s performance identified in the Annual Report 2022 are also applicable for a period of six months from 31 December 2022.
The Directors continue to monitor the risks associated with currency fluctuations and believe that the strategy put in place reduces this risk significantly.