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Ora Technology PLC - Interim accounts


Announcement provided by

Ora Technology Plc · ORA

30/04/2025 17:13

Ora Technology PLC - Interim accounts
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 

  

brian@first-sentinel.com  

 

+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

3,192

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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