REG - Abingdon Health PLC - Interim Results
31/03/2023 07:00
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RNS Number : 8472U Abingdon Health PLC 31 March 2023
Abingdon Health plc
("Abingdon" or "the Company")
Interim Results
Now positioned as a fully integrated CDMO focused on lateral flow testing,
with strong commercial traction
York, U.K. - 31 March 2023: Abingdon Health plc (AIM: ABDX), a leading
international lateral flow contract development and manufacturing organisation
(CDMO), announces its unaudited interim results for the six months ended 31
December 2022.
Operational highlights (including post-period):
· The Company has successfully transitioned its activities away from
COVID-19 and is now operating as a fully integrated CDMO maintaining its full
focus on lateral flow testing.
· Strong revenue traction from a diverse range of customers across all
aspects of Abingdon's fully integrated CDMO solution, including contract
development, technical transfer, manufacturing, and regulatory, quality
assurance and commercial support.
· The Company's opportunity pipeline remains robust and the Board
believes Abingdon's lateral flow CDMO proposition will continue to yield
further contract service opportunities over the course of 2023 and beyond.
· The Company's product revenue growth, including the Abingdon Simply
Test™ range, is encouraging with further own brand and third-party product
launches. New product launches, including Salistick™, the first ever saliva
pregnancy test, are planned in due course.
· The Company is currently working with a number of new customers
across 11 different contract service projects in multiple areas (vs three as
at 1 July 2022) with two additional contracts signed, work on which will
commence in Q4 2023.
Financial highlights:
· Revenue of £1.1m for the six months to December 2022 (H1 2022:
£1.7m) expected to be significantly improved in H2 2023 and FY 2023 revenues
are expected to be materially higher than FY 2022 revenues of £2.8m.
· At 31 December 2022, the Company had £4.4m cash. Current cash is in
line with the Board's expectations and is expected to be £3.7m as at 31 March
2023. The primary objective of the Board is to move the Company to a breakeven
and cash flow positive position which it forecasts will be achieved in FY
2024.
· Gross margin increased slightly to 25.9% when compared to the prior
year (2022: 25.4% when adjusted for stock provisions of £1.6m for
comparability) which represents the cost savings from the reduction in
headcount in the year as well as the positive impact from sales mix.
· Reduction in adjusted(1) EBITDA loss of £2.2m in the period (H1
2022: adjusted(2) EBITDA loss of £4.8m) predominantly driven by cost-savings,
mainly due to a reduction in headcount.
Outlook
· Successfully transitioned the Company towards a non-COVID customer
base with a solid pipeline of opportunities.
· Signed another two CDMO contracts post-period end and these projects
are in the process of onboarding.
· Based on current trading to date and contracted business in H2 2023,
the Board is confident that second half revenues will be materially ahead of
H1 2023.
Chris Yates, CEO at Abingdon Health plc, commented: "Our dedicated lateral
flow CDMO service continues to gain traction with a number of new customers
onboarded in recent months. Importantly, all of our CDMO activities are
non-COVID-19 and are spread across a range of sectors including clinical and
animal health. We believe our fully integrated CDMO service is offering
customers a straightforward solution to bring their products to market in the
most cost-effective and efficient manner. We are also pleased with the
progress that our lateral flow product portfolio, including Abingdon Simply
Test™, is making; and whilst we are still in an early phase of our strategy,
the distribution channels we have worked hard to build are beginning to
generate repeatable revenues.
"Our focus is to continue to grow our commercial pipeline, increase our
revenues and ultimately achieve profitability and a positive cash flow
position. I would like to thank the Abingdon team for their unwavering
commitment and support during a period of significant change which has been
greatly appreciated by me and the rest of the Board."
Dr Chris Hand, Non-Executive Chairman of Abingdon Health plc, said: "Abingdon
continues to build revenue across lateral flow development, technical transfer
and manufacture. In addition, the Company's regulatory support gives customers
an end to end offering of lateral flow expertise. The Abingdon Simply Test™
range brings this expertise and knowledge in lateral flow testing to the
consumer and we will continue to expand our offering including unique products
such as the Salistick™.
"The next phase of growth for the business brings the Company towards the
Board's primary objective of the achievement of a cash flow positive
position. On behalf of the Board of Abingdon Health plc, I would like to
thank our colleagues, customers, partners and shareholders for their continued
support."
(1) adjusted for amortization, depreciation, share based payment expense and
non-recurring redundancy costs and professional fees as well as adjustments
relating to IFRS 16
(2)adjusted for amortization, depreciation, share based payment expense and
non-recurring legal fees
For further information, please contact:
Abingdon Health plc www.abingdonhealth.com/investors/ (http://www.abingdonhealth.com/investors/)
Chris Yates, Chief Executive Officer Via Walbrook PR
Melanie Ross, Chief Financial Officer
Chris Hand, Non-Executive Chairman
Singer Capital Markets (Sole Broker and Nominated Adviser) Tel: +44 (0)20 7496 3000
Peter Steel, Alex Bond
Walbrook PR Limited Tel: +44 (0)20 7933 8780 or abingdon@walbrookpr.com
(mailto:abingdon@walbrookpr.com)
Paul McManus / Alice Woodings Mob: +44 (0)7980 541 893 / +44 (0)7407 804 654 +44 (0)7867 984 082
Phillip Marriage
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of
this announcement via the Regulatory Information Service, this inside
information is now considered to be in the public domain.
About Abingdon Health plc
Abingdon Health is a leading lateral flow contract development and
manufacturing organisation ("CDMO") offering its services to an international
customer base across industry sectors that include clinical, animal health,
plant health, and environmental testing. Abingdon Health has the internal
capabilities to take projects from initial concept through to routine and
large-scale manufacturing; from "idea to commercial success."
The Company's CDMO division offers product development, regulatory support,
technology transfer and manufacturing services for customers looking to
develop new assays or transfer existing laboratory-based assays to a lateral
flow format. Abingdon Health aims to support the increase in need for rapid
results across many industries and locations and produces lateral flow tests
in areas such as infectious disease, clinical testing including companion
diagnostics, animal health and environmental testing.
Abingdon Health's Abingdon Simply Test™ range of self-tests is an ecommerce
platform that offers a range of self-tests to empower consumers to manage
their own health and wellbeing. The Abingdon Simply Test
(http://www.abingdonsimplytest.com) (TM) ecommerce site offers consumers a
range of information to support them in making informed decisions on the tests
available. In addition, the site provides Abingdon's contract services
customers with a potential route to market for self-tests. The Abingdon Simply
Test™ range is also sold through international distributors and through
other channels in the UK and Ireland such as pharmacy chains.
Founded in 2008, Abingdon Health is headquartered in York, England.
www.abingdonhealth.com (http://www.abingdonhealth.com)
BUSINESS REVIEW
Strategy
Abingdon Health's mission is to make rapid testing accessible to all. We seek
to achieve this in two ways. Firstly, by providing our customers with a
comprehensive lateral flow contract development and manufacturing service
("CDMO") to bring their products to market in the most efficient and
cost-effective way. Secondly, through the distribution of a range of lateral
flow self-test products, both online and via third party distributors, the
majority of which are branded Abingdon Simply Test™.
Lateral Flow CDMO services
Abingdon provides its customers with an integrated CDMO service. This covers
feasibility, optimisation, scale-up, technical transfer and manufacturing. In
addition, we offer a range of other services such as regulatory and commercial
support, meaning that we can provide customers with all the services required
to take their project from idea to commercial launch and large-scale
manufacture.
We are pleased with the progress our CDMO service has made in the past period.
As set out in our February 2023 trading statement, we commenced an additional
two new technical transfer projects, three new R&D projects, and two new
regulatory projects in December 2022, illustrating the growing commercial
momentum in this offering. At the time of the trading statement, we noted we
were working with a number of customers across 11 different contract service
projects in multiple areas (vs three as at 1 July 2022). Since then, we have
signed another two CDMO contracts and these projects are in the process of
onboarding. The pipeline remains robust, and we anticipate bringing more
customers onboard as we see the current projects transfer from development
into technical transfer which will free up our development team to take on
further projects. Importantly, all our activities in CDMO are now focused on
non-COVID-19 sectors and we believe this offers a more stable and sustainable
business pipeline.
We were pleased to announce our strategic partnership with Senzo Health
(Senzo) in March 2023 which will see Abingdon support Senzo by providing CDMO
services to Senzo's partners to enable them to develop and manufacture new
rapid tests utilising Senzo's cutting-edge high-sensitivity Amplified Lateral
Flow platform.
We remain optimistic on the prospects for the lateral flow market. Recent
market estimates suggest the lateral flow market will reach nearly $23 billion
by 2027 (Source: MarketsandMarkets) and we believe that this will be driven by
new product development which will offer further opportunities for the Group
to grow its CDMO business for the foreseeable future.
Abingdon Simply Test™ and related products
Abingdon launched the Abingdon Simply Test™ range of self-test products
online in July 2022 and we continue to grow the portfolio of products sold on
our e-commerce platform. The product range has recently expanded to include a
Strep A test and a Flu/COVID combination test. We currently have 16 products
for sale on the platform. The Company is broadening the channels to market to
include retail chains and other e-commerce channels such as Amazon. Abingdon
Simply Test™ launched in a major pharmacy chain in Ireland in February 2023
and we are pleased to see repeat orders from this customer. Further
distribution channels have been established in H1 2023 and early in H2,
including a number of country-specific distribution agreements. The Company is
aiming to add further self-tests, including those developed through its
contract service activities, over the rest of FY 2023. Abingdon anticipates
launching one of its CDMO customer's tests, the Salignostics Salistick™
saliva pregnancy test, on the Abingdon Simply Test™ site, in due course. We
were pleased to see Salistick™ achieve Medicines and Healthcare products
Regulatory Agency (MHRA) approval in March 2023 and will therefore be
available for sale in the United Kingdom and we remain on target for an
exclusive launch of Salistick™ on the Abingdon Simply Test™ website and on
Amazon before the end of this financial year.
People
During the six months to 31 December 2022, the Company further reduced its
headcount to 74, from 93 at 30 June 2022. This was part of our planned
restructure as we refocused the activities of the business towards the CDMO
pipeline of opportunities. Post-period end, headcount has increased to 81 with
recruitment focus on development scientists to support the strong revenue
growth in the Contract Development revenue stream.
Financial Performance
Revenues fell in the period to £1.1m (2022: £1.7m) but on a like-for-like
basis, excluding revenues from COVID related products in both periods,
underlying sales grew 15% (and more strongly in Contract Development where
non-COVID business increased 64%).
The gross profit margin for the period improved slightly to 25.9% against the
prior year which, when adjusted for the £1.6m stock obsolescence provision
for comparability, gave an adjusted gross margin of 25.4%, (or -67% in H1 2022
including the provision). The gross margin continues to reflect the
underutilization of the contract manufacturing infrastructure, however margins
are expected to improve as revenue continues to grow from signed contracts
already underway and the pipeline of opportunities in progress as outlined
above.
Administration costs reduced to £2.6m (2022: £3.7m) from the cost saving
measures taken such as reductions in headcount and in other costs such as the
business reducing its lease obligations on its site in York, which resulted in
a reduction in site space and associated lease costs. This resulted in a
reduction in the total value of the lease liability, which, when adjusted for
the carrying value of the right of use asset resulted in a net gain of £0.3m
Adjusted operating loss has decreased significantly from the prior period to a
loss of £2.2m (2022: loss of £4.8m) from the savings resulting from the
actions taken described above.
The Company's cash balance at 31 December 2022 was £4.4m and is expected to
be £3.7m at 31 March 2023. We also anticipate our adjusted EBITDA loss to
reduce in H2 2023 compared to H2 2022 due to increased sales and the cost
reductions made. The Group produces outward forecasts over a period of at
least 12 months which are sensitised to reflect the companies expected cash
position under various trading circumstances and believes that it has
operating headroom for at least this length of time.
Current Trading and Outlook
As set out in our trading statement in February 2023 the Board remains
confident of achieving material revenue growth for FY23 compared to FY22, with
revenues in H2 2023 significantly ahead of H1 2023. In particular, growth in
non-COVID-19 revenues in FY23 compared to FY22 will be a key indicator of the
progress the Company has made in repositing itself as a CDMO service business
in a post-COVID-19 environment.
Our key focus remains on continued revenue growth and progression towards
profitability and a cashflow positive position. Our target is to achieve this
in FY 2024 and we believe that this year will put the foundations in place to
allow us to achieve this.
Consolidated Statement of Total Comprehensive Income
For the period ended 31 December 2022
Unaudited Unaudited Audited
Notes 6 months ended 6 months ended Year
31 December 2022 31 December 2021 ended
30 June
2022
£'000 £'000 £'000
Revenue 1 1,111 1,704 2,835
Cost of sales (823) (2,844) (6,427)
Gross profit/(loss) 288 (1,140) (3,592)
Administrative expenses (2,563) (3,664) (6,645)
Other income 80 50 240
Adjusted EBITDA (before adjusting items) (2,195) (4,754) (9,997)
Amortisation (7) (58) (121)
Depreciation (323) (581) (1,516)
Impairment charges - - (7,192)
Share-based payment expenses (7) (100) (231)
Non-recurring legal, professional and fundraising fees (18) (198) (688)
Non-recurring redundancy costs (162) - (198)
Other exceptional costs relating to DHSC settlement - - (1,585)
Exceptional income 2 305 - -
Operating loss (2,407) (5,691) (21,528)
Finance income 32 - 4
Finance costs (31) (34) (69)
Loss before taxation (2,406) (5,725) (21,593)
Taxation (15) (9) 331
Loss for the period (2,421) (5,734) (21,262)
Other comprehensive loss - - -
Total comprehensive loss for the period (2,421) (5,734) (21,262)
Attributable to:
Equity holders of the parent (2,421) (5,734) (21,262)
Basic earnings per share (pence) 3 (0.80) (2.05) (7.29)
Diluted earnings per share (pence) 3 (0.80) (2.05) (7.29)
Consolidated Statement of Financial Position
For the period ended 31 December 2022
Notes Unaudited Unaudited Audited
31 December 2022 31 December 2021 30 June
2022
£'000 £'000 £'000
ASSETS
Non-current assets
Goodwill - 763 -
Other intangible assets 46 445 36
Property, plant and equipment 1,494 8,764 1,777
1,540 9,972 1,813
Current assets
Inventories 183 7,736 534
Trade and other receivables 824 9,592 7,844
Income tax debtor 86 155 183
Cash and cash equivalents 4,450 5,961 2,397
5,543 23,444 10,958
Total assets 7,083 33,416 12,771
LIABILITIES
Current liabilities
Trade and other payables 1,972 10,263 5,059
Borrowings 52 125 115
Obligations under leases 83 220 150
2,107 10,608 5,324
Non-current liabilities
Borrowings 690 311 435
Obligations under leases 268 668 580
958 979 1,015
Total liabilities 3,065 11,587 6,339
Net assets 4,018 21,829 6,432
EQUITY
Attributable to the owners of the parent:
Share capital 4 76 76 76
Share premium 30,309 30,309 30,309
Share based payment reserve 5 79 121 153
Retained earnings (26,446) (8,677) (24,106)
Total equity 4,018 21,829 6,432
Consolidated Statement of Changes in Equity
For the period ended 31 December 2022
Share Share Share based payment reserve Retained earnings Total equity attributable to owners of the parent
capital premium
£'000 £'000 £'000 £'000 £'000
At 1 July 2021 69 24,180 44 (2,966) 21,327
Loss - - - (5,734) (5,734)
Total comprehensive loss for the period - - - (5,734) (5,734)
Share option expense - - 100 - 100
Share options forfeited - - (23) 23 -
Issue of shares 7 6,493 - - 6,500
Cost of issue of shares - (364) - - (364)
At 31 December 2021 76 30,309 121 (8,677) 21,829
Loss - - - (15,528) (15,528)
Total comprehensive loss for the period - - - (15,528) (15,528)
Share option expense - - 131 - 131
Share options exercised - - (10) 10 -
Share options forfeited - - (89) 89 -
At 30 June 2022 76 30,309 153 (24,106) 6,432
Consolidated Statement of Changes in Equity (continued)
For the period ended 31 December 2022
Share Share Share based payment reserve Retained earnings Total equity attributable to owners of the parent
capital premium
£'000 £'000 £'000 £'000 £'000
Loss - - - (2,421) (2,421)
Total comprehensive loss for the period - - - (2,421) (2,421)
Share option expense - - 7 - 7
Share options exercised - - (4) 4 -
Share options forfeited - - (77) 77 -
Issue of shares - - - -
At 31 December 2022 76 30,309 79 (26,446) 4,018
Notes to the Interim Financial Statements
For the period ended 31 December 2022
Unaudited Unaudited Audited Year ended
6 months 6 months 30 June
ended ended 2022
31 December 2022 31 December 2021
£'000 £'000 £'000
Cash flow from operating activities
Loss for the period (2,421) (5,734) (21,262)
Adjustment for:
Other income (80) (50) (240)
Exceptional income (305) - -
Net finance (income)/costs (1) 34 65
Tax charge/(credit) 15 9 (331)
Amortisation and impairment of intangible assets 7 58 1,270
Share based payments 7 100 231
Depreciation and impairment of property, plant and equipment 323 581 7,559
(Profit)/loss on disposal of property, plant and equipment (14) 39 240
Impairment of inventories (including DHSC) - - 9,676
Insurance claim proceeds - - 146
Changes in working capital:
Decrease/(increase) in inventories 351 152 (2,322)
Decrease in trade and other receivables 7,020 385 2,134
Decrease in trade and other payables (3,068) (134) (5,170)
Cash used in operations 1,834 (4,560) (8,004)
Interest paid (31) (34) (58)
Income taxes received 162 1 323
Net cash generated from/(used in) operating activities 1,965 (4,593) (7,739)
Cash flow from investing activities
Interest received 32 - 4
Purchase of intangible assets (18) (39) (78)
Purchase of property, plant and equipment (40) (342) (682)
Net cash used in investing activities (26) (381) (756)
Cash flow from financing activities
Net proceeds from issue of own shares (net of costs) - 6,135 6,136
Cash withheld for SAYE scheme - (3) (7)
Proceeds from new bank loans and borrowings 250 - 167
Repayment of loans (63) (58) (125)
Payment of lease obligations (73) (116) (144)
Payment on settlement of accrued lease obligations - - (112)
Net cash generated from investing activities 114 5,958 5,915
Increase/(decrease) in cash and cash equivalents 2,053 984 (2,580)
Net cash and cash equivalents at beginning of the period 2,397 4,977 4,977
Net cash and cash equivalents at end of period 4,450 5,961 2,397
Notes to the Interim Financial Statements
For the period ended 31 December 2022
Company information
Abingdon Health PLC ("the Company") is a public limited company domiciled and
incorporated in England and Wales. The Company is quoted on the London Stock
Exchange's Alternative Investment Market ("AIM"). The registered office is
York Biotech Campus, Sand Hutton, York, YO41 1LZ. The consolidated financial
information (or "financial statements") incorporates the financial information
of the Company and entities (its subsidiaries) controlled by the Company
(collectively comprising the "Group").
The principal activity of the Group is to develop, manufacture and distribute
diagnostic devices and provide consultancy services to businesses in the
diagnostics sector.
Significant accounting policies
The Group has presented below key extracts of its accounting policies. All
policies are consistent with the previous statutory financial statements for
the year ended 30 June 2022 and are expected to be consistently applied for
the current year ended 30 June 2023 inclusive of these changes.
Basis of preparation
These financial statements have been prepared in accordance with UK adopted
international accounting standards ("IFRS") insofar as these apply to interim
financial statements.
The financial information set out in these interim consolidated financial
statements for the six months ended 31 December 2022 is unaudited. The
financial information presented are not statutory accounts prepared in
accordance with the Companies Act 2006, and are prepared only to comply with
AIM requirements for interim reporting.
The Group's financial statements for the year ended 30 June 2022 have been
filed with the Registrar of Companies. The auditor's report on those financial
statements was unqualified and did not contain a statement under Section 498
(2) of the Companies Act 2006.
Basis of measurement
The financial statements have been prepared on the historical cost basis,
modified to include the revaluation of certain financial instruments at fair
value.
Use of estimates and judgements
The preparation of the financial statements in conformity with IFRS requires
management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets and liabilities,
income, and expenses. The estimates and associated assumptions are based on
historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ from these
estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised and in any future periods affected.
Going concern
As at 31 December 2022, the Group has net current assets. The Group has a
number of contracts in place which generate revenues and are expected to
continue doing so. The Group also has significant unused cash reserves
available which are expected to provide an operating headroom for a period of
at least 12 months which is supported by the cash flow forecasts prepared for
a period no less than 12 months out and which are sensitised to reflect the
companies expected cash position under various trading circumstances.
The Group continues to focus on securing sales of existing and new products.
Basis of consolidation
The Group financial information consolidates those of the Company and the
subsidiaries that the Company has control of. Control is established when the
Company is exposed, or has rights, to variable returns from its involvement
with the subsidiary and has the ability to affect those returns through its
power over the subsidiary.
Electronic communications
The Company is not proposing to bulk print and distribute hard copies of this
Interim Report for the six months ended 31 December 2022 unless specifically
requested by individual shareholders. The Board believes that by utilising
electronic communication it delivers savings to the Company in terms of
administration, printing and postage, and environmental benefits through
reduced consumption of paper and inks, as well as speeding up the provision of
information to shareholders.
News updates, Regulatory News and Financial statements can be viewed and
downloaded from the Group's website, www.abingdonhealth.com/investors. Copies
can also be requested from: Company Secretary, Abingdon Health PLC, York
Biotech Campus, Sand Hutton, York YO41 1LZ.
Share-based payment
The fair value of equity-settled share-based payments to employees is
determined at the date of grant and is expensed on a straight-line basis over
the vesting period based on the Group's estimate of shares or options that
will eventually vest.
1. Revenue
The Group applies IFRS 15 'Revenue from contracts with customers'. Under IFRS
15, the Group applies the 5-step method to identify contracts with its
customers, determine performance obligations arising under those contracts,
set an expected transaction price, allocate that price to the performance
obligations, and then recognises revenues as and when those obligations are
satisfied.
Segmental analysis of revenue
Unaudited Unaudited Audited
6 months to 6 months to 12 months to 30 June
31 December 2022 31 December 2021 2022
£'000 £'000 £'000
Product sales 165 203 465
Contract manufacturing 433 614 1,124
Contract development 513 887 1,246
Total revenue from contracts with customers 1,111 1,704 2,835
Revenue analysed by geographical market
Unaudited Unaudited Audited
6 months to 31 December 2022 6 months to 31 December 2021 12 months to 30 June
2022
£'000 £'000 £'000
United Kingdom 333 1,013 1,417
United States of America 99 67 182
Europe 575 523 1,072
Rest of World 104 101 164
1,111 1,704 2,835
2. Exceptional Income
The exceptional income represents gains made on a significant modification to
one of the Group's leases whereby it reduced site space and associated lease
costs. This resulted in a release from the total value of the lease liability,
which exceeded the carrying amount of the right of use asset immediately prior
to modification. This has resulted in a net gain of £390,000 (2021 - £nil)
which is included within exceptional income in the Income Statement. Set
against this is an impairment of £85,000 (2021 - £nil) of the modified right
of use asset to reduce this asset to the carrying value of the
pre-modification right of use asset immediately prior to lease modification,
to align with the impairment charge included within the FY22 financial
statements.
3. Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data:
31 December 2022 31 December 2021 30 June 2022
Earnings used in calculation (£'000s) (2,421) (5,734) (21,262)
Number of shares 304,033,096 279,428,969 291,622,638
Basic EPS (p) (0.80) (2.05) (7.29)
Number of dilutable shares 304,033,096 279,428,969 291,622,638
Diluted EPS (p) (0.80) (2.05) (7.29)
The directors have presented adjusted earnings as a measure of ongoing
profitability and performance, and before deduction of share-based payment
costs and listing costs. The calculated adjusted earnings for the current
period of accounts is as follows:
Adjusted Earnings per Share 6 months ended 6 months ended Year
31 December 2022 31 December 2021 ended
30 June 2022
£'000s £'000s £'000s
Loss after taxation (2,421) (5,734) (21,593)
Adjusted for:
Share based payment 7 100 231
Impairment charge - - 7,192
Non-recurring legal fees 18 198 688
Non-recurring employee redundancy costs 162 - 198
Exceptional costs relating to settlement of DHSC contract - - 1,585
Depreciation and amortisation 330 639 1,638
Finance costs 31 34 69
Exceptional income (305) - -
Adjusted Earnings (2,178) (4,763) (9,992)
6 months ended 6 months ended Year
31 December 2022 31 December 2021 ended
30 June 2022
Adjusted earnings (£000s) (2,178) (4,763) (9,992)
Number of shares 304,033,096 279,428,969 291,622,638
Adjusted EPS (p) (0.72) (1.70) (3.43)
Number of dilutable shares 304,033,096 279,428,969 291,622,638
Adjusted diluted EPS (p) (0.72) (1.70) (3.43)
4. Share capital
31 December 2022 31 December 2021 30 June
2022
Ordinary share capital
Authorised Number Number Number
Ordinary shares of 0.025p each 121,716,822 121,699,114 121,711,614
Deferred ordinary shares of 0.025p each 182,316,812 182,316,812 182,316,812
304,033,634 304,015,926 304,028,426
Allotted and fully paid Number Number Number
Ordinary shares of 0.025p each 121,716,822 121,699,114 121,711,614
Deferred ordinary shares of 0.025p each 182,316,812 182,316,812 182,316,812
304,033,634 304,015,926 304,028,426
£'000 £'000 £'000
Ordinary shares of 0.025p each 31 31 31
Deferred ordinary shares of 0.025p each 45 45 45
76 76 76
Reconciliation of movements during the periods:
Ordinary Deferred
Shares Ordinary
Shares
At 1 July 2021 95,699,114 182,316,812
Issue of shares for cash 26,000,000 -
At 31 December 2021 121,699,114 182,316,812
Exercise of share options 12,500 -
At 31 December 2021 121,711,614 182,316,812
Exercise of share options 5,208 -
At 31 December 2022 121,716,822 182,316,812
5. Share options
The following movements on share options have been recognised in the period:
Number of share options Weighted average exercise price
31 December 2022 31 December 2021 30 31 December 2022 31 December 2021 30
June June 2022
2022
Number Number Number £ £ £
Outstanding at start of period 219,781 729,467 729,467 0.5057 0.5071 0.5071
Exercised (5,208) - (12,500) 0.0003 - 0.0003
Issued 4,119,286 - - 0.07 - -
Forfeited (27,444) (129,273) (497,186) 0.3281 0.5139 0.5755
Outstanding at end of period 4,306,415 600,194 219,781 0.0818 0.5057 0.3997
Exercisable at end of period - - - - - -
The options outstanding at 31 December 2022 had an exercise price ranging from
£0.00025 to £0.70 and a remaining contractual life of between 1 years 3
months and 10 years. The options exist at 31 December 2022 across the
following share option schemes:
Number of shares Exercise price per share (£) Vesting period
Options issued in April 2021 95,838 0.00025 1 year
SAYE scheme commenced in March 2021 91,291 0.70 3 years
Options issued in December 2022 4,119,286 0.07 3 years
4,306,415
The fair value of the scheme represents the reduced fair value after adjusting
for leavers and is being expensed over the vesting period. All share options
expire 10 years after the date of issue.
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