
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "
(the "Company" or "HUI")
Interim Results
CEO Shareholders' Letter
Dear Shareholders,
I write to you today with a sense of gratitude, reflection, and a pinch of frustration.
On the cover of the Forbes Middle East edition, Mr
Meanwhile, the Gulf States, often misunderstood as "petrol economies," are driving rapid and meaningful progress. In the GCC, waste-to-hydrogen is embraced as "super green hydrogen," and innovation is rewarded rather than blocked by strangling bureaucracy.
The situation in
Where
Our focus must remain true to the core purpose of Hydrogen Utopia.Europe miscalculated. Hydrogen for transport was introduced prematurely, hydrogen stations are closing, and bus and heavy-duty vehicles projects are stalling. The real opportunity lies in decarbonising heavy industry, steel, cement, and construction, while simultaneously addressing the waste problem. With
I would like to express my heartfelt gratitude to our long-term Shareholders for their unwavering support. My deepest thanks also go to
It is equally important to underline that our Board has worked without remuneration for more than a year, choosing to preserve every pound for the matters that truly shape our future. This is not a lifestyle company. We are not here for comfort or convenience. We are here to fight, to build, and to deliver. Every member of this Board believes wholeheartedly in our vision, and together we stand united in our mission to make
With united and continued support, we will deliver on the vision that has always defined us: to turn waste into a resource, hydrogen into strength, and ambition into tangible, world-changing results, which will result in receiving substantial royalty streams from large-scale developments.
Finally, the pieces fit. We have the right
Chief Financial Executive
Chairman's Statement
I write this statement with a heavy heart, having stepped into the shoes of
This has been a year of both challenge and achievement for
Our commitment to efficiency is further reflected in the fact that the Board draws no salary. Every member contributes not for personal gain but for the long-term success of the Company. This lean, disciplined approach has allowed us to preserve resources, while at the same time accelerating operations rather than slowing them down. Our accounts demonstrate how negligible our cash burn has been in comparison to what we have accomplished, particularly when measured against the dilution and scale of fundraising typical in our sector.
This year we also welcomed two highly capable Directors to the Board. Mr
In addition, we have engaged consultants with proven track records in the
I would also like to take this opportunity to highlight the remarkable support we continue to receive from our long-term shareholders, who have stood by us over many years, remain fully engaged and supportive of our strategy. Their confidence in HUI is both a validation of what we have achieved and a foundation for what lies ahead.
In closing, I would emphasise that our Board today is stronger, more focused, and more determined than ever before. We have combined experience, vision, and efficiency with a commitment to building and commercialising
Non-Executive Chairman
For more information about the Company, please refer to our website: www.hydrogenutopia.eu
For further information, please contact:
+44 20 3811 8770
+44 20 8064 4056
Jon Belliss/Colin Rowbury
+44 20 7399 9400
Interim Management Report
Commercial, technological and business development
When HUI began its journey, the landscape for funding new technologies appeared limitless. Yet, just as we launched our first fundraising round, the Omicron wave struck and markets effectively shut down. Despite this, we were fortunate to secure support from a group of early believers, primarily friends and family, alongside
Since then, the investment climate has shifted dramatically. The never-ending waves of COVID, geopolitical conflicts that haven't been resolved until now, rising inflation, and higher interest rates have all reshaped investor appetite, leaving little room for risk. Unproven technologies, especially in the climate space, became particularly hard to finance. While we secured a number of EU grants, regulatory and structural challenges prevented us from fully realising them. The lesson was clear: success requires proven, technology.
That is why HUI has secured the exclusive right to negotiate licenses for InEnTec's PEM Melter technology, an established solution with more than 70 patents, a 13-year commercial operating track record, and multiple systems successfully deployed worldwide. The exclusive rights are for MENA, a region with significant demand for scalable hydrogen solutions.
The PEM Melter operates at 2,500°C, delivering ultra-clean syngas through a two-stage process: first, an oxygen-blown gasifier, followed by plasma polishing. This robust technology has been operating across 11 global sites and has demonstrated consistent performance across a wide variety of feedstocks, including unsorted plastics, shredded tyres, PFAs, wind turbine blades, and other hard-to-recycle materials.
From a single modular 125-ton-per-day unit, the system can produce around 4,000 tons of hydrogen annually. When scaled to 10 front-end PEM Melter systems using shared cleanup and hydrogen extraction infrastructure, output increases to 40,000 tons of hydrogen per year, delivered at highly competitive prices. The scale of this technology makes it capable of fuelling some of the world's most energy-intensive industries, such as steel and cement.
As CEO of HUI, I want to make it clear that we are not giving up on HUI's primary technology. Its deployment will take time, as it depends on the further development of the automotive hydrogen market, which ultimately must happen. Our smaller HUI systems will be ideally placed to serve local and municipal heavy-duty vehicle fleets once that demand emerges. The world's reserves of oil, coal, and natural gas are finite. Beyond them, hydrogen is not just an alternative; it is the inevitable future.
I would also like to extend my gratitude to Mr Richard Fish, who has recently joined the HUI Board. A seasoned expert in plasma gasification, Mr Fish brings unparalleled experience and insight that are already proving invaluable to our work with InEnTec. Importantly, he has also taken an active interest in HUI's own proprietary technology, for which I am deeply grateful. His support strengthens both our immediate project and our long-term vision.
At HUI, we are determined to stand at the forefront of the energy transition. With proven technology ready to scale today, and pioneering systems prepared for tomorrow, we are building a bridge between immediate opportunity and long-term necessity. Our mission is not only to deliver hydrogen at competitive prices, but to help power industries, cities, and nations towards a cleaner, more resilient, and sustainable future.
Related party transactions
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 is moving forward with current and future projects as expected.
Financial Performance
· Admin expenses for the half year of
· Gross Loss for period decreased to
· Cash at bank as at
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 2024 are also applicable for a period of six months from
The Directors continue to monitor the risks associated with currency fluctuations and believe that the strategy put in place reduces this risk significantly.
Unaudited Consolidated Statement of Comprehensive Income for the period ending
|
|
Six months ended |
Six months ended |
Year ended |
|
|
2025 |
2024 |
2024 |
|
|
£ (Unaudited) |
£ (Unaudited) |
£ (Audited) |
|
|
|
|
|
Administrative expenses |
|
(185,892) |
(503,711) |
(861,712) |
Exceptional items |
|
- |
- |
275,846 |
Operating loss |
|
(185,892) |
(503,711) |
(585,866) |
|
|
|
|
|
Other revenue |
|
- |
100,000 |
100,000 |
Investment revenues |
|
118 |
268 |
2,433 |
Finance costs |
|
(15,587) |
(14,924) |
(29,937) |
Loss on ordinary activities before taxation |
|
(201,361) |
(418,367) |
(513,370) |
|
|
|
|
|
Income tax income |
|
(322) |
(211) |
(826) |
Loss and total comprehensive income for the period |
|
(201,683) |
(418,578) |
(514,196) |
|
|
|
|
|
Basic and Diluted Earnings per share from continuing operations (pence) |
|
(0.05) |
(0.11) |
(0.13) |
Unaudited Consolidated Statements of Financial Position as at
|
|
30 June 2025 |
30 June 2024 |
|
|
|
£ (Unaudited) |
£ (Unaudited) |
£ (Audited)
|
Non-Current assets |
|
|
|
|
Intangible assets |
|
606,125 |
606,125 |
606,125 |
Property, plant and equipment |
|
839 |
1,224 |
1,032 |
Investment in Financial Assets |
|
459,744 |
183,898 |
459,744 |
|
|
1,066,708 |
791,247 |
1,066,901 |
Current assets |
|
|
|
|
Trade and other receivables |
|
1,053,118 |
1,152,545 |
1,102,945 |
Cash and bank balances |
|
373,197 |
238,795 |
266,994 |
|
|
1,426,315 |
1,391,340 |
1,369,939 |
Current liabilities |
|
|
|
|
Trade and other payables |
|
135,616 |
101,663 |
156,061 |
Borrowings |
|
927,283 |
613,606 |
870,182 |
|
|
1,062,899 |
715,269 |
1,026,243 |
|
|
|
|
|
Net current assets |
|
363,416 |
676,071 |
343,696 |
Net assets |
|
1,430,124 |
1,467,318 |
1,410,597 |
Equity |
|
|
|
|
Share capital |
|
399,806 |
385,520 |
385,520 |
Share premium |
|
5,451,568 |
5,248,679 |
5,248,679 |
Other reserves |
|
345,079 |
185,560 |
341,044 |
Retained earnings |
|
(4,766,329) |
(4,352,441) |
(4,564,646) |
Total equity |
|
1,430,124 |
1,467,318 |
1,410,597 |
Unaudited Consolidated Statement of Changes in Equity for the period ending
|
Share capital |
Share premium |
Other reserves |
Retained profits |
Total equity |
|
|
£ |
£ |
£ |
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
385,520 |
5,248,679 |
273,865 |
(4,050,450) |
1,857,614 |
|
|
|
|
|
|
|
|
Loss for the six months ended |
- |
- |
- |
(418,578) |
(418,578) |
|
Share based payment expense |
- |
- |
28,282 |
- |
28,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
385,520 |
5,248,679 |
302,147 |
(4,469,028) |
1,467,318 |
|
|
|
|
|
|
|
|
Loss for the six months ended |
- |
- |
- |
(95,618) |
(95,618) |
|
Share based payment expense |
- |
- |
38,897 |
- |
38,897 |
|
|
|
|
|
|
|
|
Balance at |
385,520 |
5,248,679 |
341,044 |
(4,564,646) |
1,410,597 |
|
|
|
|
|
|
|
|
Loss for the six months ended |
|
|
|
(201,683) |
(201,683) |
|
Issue of share capital |
14,286 |
235,714 |
|
|
250,000 |
|
Share issue costs |
|
(32,825) |
|
|
(32,825) |
|
Share based payment expense |
|
|
4,035 |
|
4,035 |
|
|
|
|
|
|
|
|
Balance at |
399,806 |
5,451,568 |
345,079 |
(4,766,329) |
1,430,124 |
Unaudited Consolidated Statement of Cash Flows for the period ended
|
|
Six Months ended 30th June |
Six Months ended 30th June |
Year ended 31st December |
|
|
2025 |
2024 |
2024 |
|
|
£ |
£ |
£ |
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
Cash flow from operating activities |
|
|
|
|
Profit/(loss) for the period |
|
(201,361) |
(418,578) |
(513,370) |
Other income |
|
- |
(100,000) |
(100,000) |
Investment Income |
|
(118) |
(268) |
(2,433) |
Finance costs |
|
15,587 |
14,924 |
29,937 |
Disposal of property, plant and equipment |
|
- |
- |
- |
Depreciation, amortisation and impairment |
|
192 |
193 |
386 |
(Revaluation)/Impairment of intangibles |
|
- |
- |
(275,846) |
Equity settled share based payment expense |
|
4,035 |
28,282 |
67,179 |
(Increase)/decrease in trade and other receivables |
|
(39,503) |
3,690 |
55,671 |
Increase/(decrease) in trade and other payables |
|
(9,857) |
(111,065) |
(41,655) |
Tax (paid)/received |
|
(322) |
- |
(826) |
Net cash generated for/(absorbed in) operating activities |
|
(231,347) |
(582,822) |
(780,957) |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Purchase of unincorporated business |
|
- |
- |
- |
Purchase of Intangible assets |
|
- |
- |
- |
Purchase of property, plant and equipment |
|
- |
- |
- |
Receipts from agreements |
|
- |
100,000 |
100,000 |
Investment deposits |
|
94,000 |
(550,916) |
(551,319) |
Investment in Financial Assets |
|
- |
- |
- |
Interest received |
|
118 |
268 |
454 |
Net cash generated for/(absorbed in) investing activities |
|
94,118 |
(450,648) |
(450,865)) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Proceeds from issue of shares |
|
217,175 |
- |
- |
Proceeds from shares to be issued |
|
- |
- |
- |
Proceeds from borrowings |
|
41,844 |
- |
241,564 |
Interest paid |
|
(15,587) |
(14,924) |
(29,937) |
Net cash generated for/(absorbed in) financing activities |
|
243,432 |
(14,924) |
211,627 |
|
|
|
|
|
|
|
|
|
|
Net increase in cash & cash equivalents |
|
106,203 |
(1,048,394) |
(1,020,195) |
Cash and equivalent at beginning of period |
|
266,994 |
1,287,189 |
1,287,189 |
Cash and equivalent at end of period |
|
373,197 |
238,795 |
266,994 |
1. General information
The unaudited consolidated financial information comprises the financial information of
The principal activities of the entities in the Group are as follows: -
Name of company |
Country of incorporation |
Principal activities |
|
|
|
|
England and Wales |
Holding company |
|
England and Wales |
SPV |
Hydropolis United Sp.Z.O.O. |
Poland |
Energy producer |
Plastic Gold I.K.E |
Greece |
Energy producer |
|
Ireland |
SPV |
|
Ireland |
Energy producer |
|
The Netherlands |
SPV |
There have been no significant changes in these activities during the relevant financial periods.
The consolidated interim financial information has been prepared in accordance with UK adopted International Accounting Standards (IFRSs). The interim financial information does not constitute full financial statements within the meaning of Section 435 of the Companies Act 2006. The interim results have not been audited or reviewed by the Company's auditors. The unaudited interim results have been prepared under the historical cost convention, in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom.
The comparative figures for the year ended 31st
The Directors have considered all available information about future events when considering going concern. The Directors have prepared and reviewed cash flow forecasts for 12 months following the date of these Financial Statements.
The projections show that the Company will have sufficient funding to be able to continue as a going concern on the basis of its cash balances as at
2. Presentational currency
The financial information has been presented in sterling ("£") the Group's presentational currency. The functional currency of the Group is sterling ("£").
3. Summary of significant accounting policies
The same accounting policies and methods are used in the Interims as compared with the most recent financial statements, the year ended 31st
Investment in Financial Assets are measured at fair value, any interest or dividend income are recognised in profit and loss.
The tax charge on profits assessable has been calculated at the rates of tax prevailing, based on existing legislation, interpretation and practices in respect thereof.
4. Segmental reporting
IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the
Based on management information there is one operating segment. Revenues are reviewed based on the services provided.
No single customer has accounted for more than 10% of total revenue during the periods presented.
5. Related Party Disclosure
As at
6. Significant events during the period
On
On
On
On
On
On
7. Called up share capital
Authorised |
Nominal value |
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
|
£ |
£ |
£ |
399,805,714 Ordinary |
|
|
399,805 |
385,520 |
385,520 |
8. Basic and diluted earnings per share
The calculation of earnings per share is based on the following earnings and number of shares.
|
Six months Ended |
Six months Ended |
Year ended |
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
£ |
£ |
£ |
|
|
|
|
Total comprehensive loss |
(201,683) |
(418,578) |
(514,196) |
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares |
386,107,084 |
385,520,000 |
385,520,000 |
Earnings per share |
|
|
|
Basic and diluted earnings per share (pence) |
(0.05) |
(0.11) |
(0.13) |
9. Intangible assets and Property, plant and equipment
|
|
Intangible assets |
Computers |
Total |
|
|
£ |
£ |
£ |
Cost |
|
|
|
|
At |
|
606,125 |
1,928 |
608,083 |
Adjustments |
|
|
(1) |
(1) |
At |
|
606,125 |
1,927 |
608,052 |
Additions |
|
- |
- |
- |
At |
|
606,125 |
1,927 |
608,052 |
Adjustments |
|
- |
- |
- |
At |
|
606,125 |
1,927 |
608,052 |
Accumulated depreciation and impairment |
|
|
|
|
At |
|
- |
510 |
510 |
Charge for the period |
|
- |
193 |
193 |
At |
|
- |
703 |
703 |
Charge for the period |
|
- |
192 |
193 |
At |
|
- |
896 |
896 |
Charge for the period |
|
- |
193 |
193 |
At |
|
- |
1,089 |
1,089 |
Carrying amount |
|
|
|
|
At |
|
606,125 |
1,418 |
607,543 |
At |
|
606,125 |
1,224 |
607,350 |
At |
|
606,125 |
1,032 |
607,157 |
At |
|
606,125 |
839 |
606,964 |
10. Related party transactions
All Group related parties transactions are unchanged from the 6 months ended
11. Events after the reporting period
On
On
On
On
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the