REG - Abingdon Health PLC - Interim Results
14/03/2024 07:00
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RNS Number : 7476G Abingdon Health PLC 14 March 2024
Abingdon Health plc
("Abingdon" or "the Company")
Interim Results for the six months ended 31 December 2023
York, U.K - 14 March 2024: Abingdon Health plc (AIM: ABDX, 'Abingdon' or 'the
Company'), a leading international lateral flow contract development and
manufacturing organisation (CDMO), announces its unaudited interim results for
the six months ended 31 December 2023.
Operational Highlights (including post-period):
· Continued growth of contract service activities with a number of
projects moving through into technical transfer for manufacture; and the
Company's full-service offering resonating well with customers across a range
of industries.
· Strong revenue growth across all aspects of Abingdon's fully
integrated CDMO solution, including contract development; technical transfer;
manufacturing; and regulatory and commercial support.
· The Company's opportunity pipeline remains robust with 3 new CDMO
projects signed up post 31 December 2023 bringing the total to 29 live CDMO
projects; and the Board is confident, based on the customer base and pipeline,
that Abingdon's lateral flow CDMO proposition will continue to yield further
contract service opportunities over the course of 2024 and beyond.
· The Company's product revenue growth will be supported in H2 2024
with the launch of a number of retailer own label self-test products with
purchase orders in place and being delivered in H2 2024.
Financial Highlights:
· Revenue of £2.4m for H1 2024 (H1 2023: £1.1m), representing a more
than doubling of like-for-like revenue with a growth rate of 117% compared
with H1 2023.
§ Lateral Flow CDMO revenues accounted for £2.2m (H1 2023: £0.9m) which
represented a growth rate of 136% compared with H1 2023.
§ Lateral Flow Products revenues accounted for the balance of £0.2m (H1
2023: £0.2m).
· Gross profit of £1.3m for H1 2024 (H1 2023: £0.3m).
§ As a result, gross margins have increased in the period to 53.0% (H1 2023:
25.9%).
§ This is a result of improved utilisation of our operational team through
increased manufacturing volumes being delivered in H1 2024 compared with H1
2023.
· Against this backdrop of revenue growth, operating costs remain
stable at £2.7m for H1 2024; compared with both H1 2023 and H2 2023.
· Reduction in Adjusted(1) EBITDA loss of 47% in H1 2024 to £(1.2)m
(H1 2023: Adjusted(2) EBITDA loss of £(2.2)m).
· Reduction in operating loss of 50% to £(1.2)m (H1 2023: £(2.4)m);
with H2 2024 revenue growth and further cost savings anticipated to drive
continued improvement in profit performance and cashflow.
(1) adjusted for amortization, depreciation, share based payment expense and
non-recurring redundancy cost and impairment reversals/(charges).
(2) adjusted for amortization, depreciation, share based payment expense,
non-recurring redundancy costs and professional fees as well as adjustments
relating to IFRS16.
( )
Current Trading & Outlook
· Trading in the first two months of H2 2024 has been robust.
· The Board therefore expects that H2 2024 revenue will be
significantly improved compared with H1 2024. As a result, FY 2024 revenues
are expected to be materially higher than FY 2023 revenues of £4.0m.
· The primary objective of the Board remains to move the Company to a
breakeven and cash flow positive position which it forecasts will be achieved
in 2024 without the need for additional funding.
Chris Yates, CEO at Abingdon Health plc, commented:
"We are pleased with H1 2024 revenue growth of 117% and look forward to
building on this in H2 2024. We are encouraged by the growth Abingdon's
dedicated lateral flow CDMO service continues to generate with our
international customer base and we are pleased to have onboarded a number of
new customers since the end of H1 2024. Our strategy remains on building our
capabilities to support our customers in all the areas required to bring their
lateral flow project from "idea to commercial success." Our full-service
offering is resonating well with customers that want to benefit from the cost
and time efficiencies this integrated service provides."
"Our focus is to continue to grow our commercial pipeline, increase revenues,
pro-actively manage costs, to achieve profitability and generate positive
cashflow. All of our activities are now geared towards these near-term
objectives. I would like to thank the Abingdon team for their hard work,
expertise, dedication and their full focus on going that extra mile to deliver
for our customers. They are a credit to the Company and their efforts are
greatly appreciated by me and the rest of the Board. I would like to thank
shareholders for their continued support and I look forward to updating
further on progress as we move through 2024."
For further information, please contact:
Abingdon Health plc www.abingdonhealth.com/investors/ (http://www.abingdonhealth.com/investors/)
Chris Yates, Chief Executive Officer
Chris Hand, Non-Executive Chairman
Singer Capital Markets (Sole Broker and Nominated Adviser) Tel: +44 (0)20 7496 3000
Peter Steel, Alex Bond, Jalini Kalaravy (Corporate Finance)
Tom Salvesen (Corporate Broking)
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 research and contract
development and manufacturing organisation ("CDMO") offering its services to
an international customer base across industry sectors that include clinical,
self-testing, 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. Faster access to results
allows for rapid decision making, targeted intervention and can support better
outcomes.
Abingdon Health's Abingdon Simply Test™ range of self-tests is an ecommerce
platform that offers a range of self-tests to empowers consumers to manage
their own health and wellbeing. The Abingdon Simply Test
(http://www.abingdonsimplytest.com) ™ 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.
For more information visit: www.abingdonhealth.com
(http://www.abingdonhealth.com/)
BUSINESS REVIEW
Strategy
Abingdon Health's mission is to improve life by making 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, branded Abingdon Simply Test(TM),
retailer own brand or (select) private-label products.
Abingdon Health is proud of the fact that its customers are increasingly
viewing the Company's as a one stop solution for the development, manufacture
and distribution of lateral flow self-test products.
Lateral Flow CDMO services
Abingdon provides is customers with an integrated lateral flow Contract
Research Organisation ("CRO") and Contract Development and Manufacturing
Organisation ("CDMO") service (collectively "CDMO"). Abingdon's contract
service programme covers feasibility, optimisation, scale-up, technical
transfer and manufacturing. In addition, we offer a range of other
complementary services such as packaging design and kitting, regulatory advice
including validation and verification, documentation for regulatory
submissions, and commercial support. The Company provides customers with all
the services required to take their project from idea to large-scale
manufacture, regulatory approval when required, and commercial success.
H1 2024 saw solid commercial progress in our CDMO division. H1 2024 CDMO
revenues more than doubled to £2.2m which represented a growth rate of 136%
compared with H1 2023. One particularly encouraging aspect is that a number of
Abingdon's customers are engaging with the Company on a broad range of
contract services and we are supporting them not only in accelerating their
projects through the lateral flow development phase into technical transfer
and manufacturing but in other areas such as packaging design, regulatory
support, analytical laboratory services and kitting. The clear benefit for the
customer is that they have one principal service provider who is proactively
co-ordinating the various work streams in a cohesive and integrated manner to
ensure the overall project is being driven in a cost effective and time
efficient way. Our CDMO pipeline remains robust and we are pleased to have
signed another 3 new CDMO project since January 2024 (bringing the total
number of live CDMO projects to 29); with these projects now being
initiated.
We continue to be optimistic on the prospects for the lateral flow market.
Recent estimates suggest the lateral flow market will reach nearly $23 billion
by 2027 (Source: MarketsandMarkets). Within this large opportunity one
important thing to note is that the product mix within the market is also
changing with large COVID product revenues being replaced by a range of other
lateral flow products across a range of sectors as the adoption of lateral
flow technology becomes more widespread. COVID-19 certainly played a key role
in reducing the barriers to adoption for lateral flow technology and "doing a
lateral flow test" became part of the vernacular. This changing mix creates
opportunities for Abingdon to support customers bringing new products to
market and this is being reflected in the range of new product development
opportunities emerging across a range of sectors including clinical, animal
health, food, plant pathogen and the environmental markets. The Board believes
these market drivers will offer further opportunities for the Company to grow
its CDMO business for the foreseeable future.
Lateral Flow Self-Test Products
The Abingdon Simply Test and branded range of self-tests has increased to 18
products. H1 2024 revenues were £0.2m which represented a growth rate of 5%
compared to H1 2023. As the product line, and OEM variants of it, become
more established, the Company anticipates more growth from this product range
during H2 2024. A number of significant purchase orders have been received
in H2 2024 which we expect to fulfil by the end of June 2024. The Company is
aiming to selectively add additional self-tests, including those developed
through its contract service activities, over the rest of FY2024 and beyond.
The first CDMO customer's product to be launched through the Company's sales
and distribution platform was the Salignostics Salistick(TM) saliva pregnancy
test. The product is currently sold across a range of retail platforms and
online at www.abingdonsimplytest.com (http://www.abingdonsimplytest.com) and
we expect further product distribution expansion in 2024.
We are pleased to support a leading UK retail chain with the launch of a small
range of own-label lateral flow self-tests. As lateral flow experts Abingdon
is well placed to support major retailers, both in the UK and mainland Europe,
in the sourcing and launch of lateral flow products. Abingdon's ambition is to
be the trusted source of lateral flow tests for the retail industry giving
both retailers and consumers confidence in the lateral flow tests they procure
and use.
During H1 2024 Abingdon, alongside Morrama Ltd ("Morrama"), invested in a new
company, Eco-Flo Innovations Ltd ("Eco-Flo"), that is focused on developing
sustainable product design solutions for the lateral flow market. As part of
the agreement Morrama assigned the intellectual property and know-how of their
novel Eco-Flo material (https://www.morrama.com/ecoflo) into Eco-Flo. Work
is well underway and in H2 2024 Abingdon will be testing the first
plastic-free, compostable cassettes generated by the tooling Eco-Flo has
invested in. The target is to have the first products available to customers
in the second half of 2024. These cassettes will be manufactured in the UK and
will utilise renewable plant fibre moulding technology that reduces
CO2 emissions by 80% compared to the equivalent single-use plastic. The
initial design will offer a straight swap from traditional plastic cassettes,
breaking down any barrier for companies looking to reduce the impact of their
assays and reduce the plastic use across the full test kit by 62%.
People
As at 31 December 2023, the Company's headcount was 84, compared with 82 as at
1 July 2023. During H1 2024 we increased the size of the R&D development
team to support the strong commercial traction in the Contract Development
segment of the business. This growth in the number of R&D scientists was
largely offset by reductions in headcount in other areas of the business. Our
intention is to keep our headcount stable and continue to invest in developing
the skills and capabilities of our team to improve productivity and revenue
generation capabilities.
Financial Performance
Revenues in H1 2024 were more than double those of H1 2023 at £2.4m (H1 2023:
£1.1m) which represented a growth rate of 117%. We expect revenues to be
weighted towards the second half of the financial year, as in the previous
financial year, and our target remains to achieve good like-for-like revenue
growth for each year. We are on track to achieve this in 2024 with H2 2024
revenues expected to be positively impacted by the number of technical
transfer projects compared to H1 2024, both from projects transferred into
Abingdon at design freeze and from existing projects moving through the design
review process at Abingdon and into technical transfer ready for manufacture.
The gross profit margin for the period increased to 53.0% (H1 2023: 25.9%) as
we improved the utilisation of our operational team through increased
manufacturing volumes being delivered in H1 2024 compared with H1 2023.
Operating costs in H1 2024 were stable at £2.7m (H1 2023 £2.6m; H2 2023:
£2.7m). The Company was affected by the inflationary environment across H1
2024 resulting in increased costs such as energy costs but this was offset by
a continued focus on cost control throughout the business. Cost control
remains a key focus and a number of cost cutting measures taken during H1 2024
will positively influence H2 2024.
Adjusted EBITDA loss reduced from £(2.2)m in H1 2023 to £(1.2)m in H1 2024
as a result of increased revenues and relatively stable operating costs.
In H1 2024 the operating loss was £(1.2)m which was a 50% reduction in the
loss compared to the first half of 2023 (H1 2023: £(2.4)m).
Our key focus is to continue to reduce our operating loss in H2 2024 and this
will be driven by forecast revenue growth and additional cost savings, some of
which have already been made in H1 2024 but will impact mainly in H2 2024.
The Company's cash balance at 31 December 2023 was £2.0m (30 June 2023:
£3.2m).
The earnings per share figure below includes in the denominator deferred
shares. Technically this is correct. However, it should be noted that the
deferred shares are non-voting shares, with no rights to dividends, but
holders of deferred shares are entitled to receive the nominal value of that
share (0.0025 pence sterling) once on a return of capital, a repurchase of
those shares by the Company or in connection with a sale of those shares. As
set out in note 3 below, the total nominal value of all the deferred shares is
£45k.
Current Trading and Outlook
Abingdon's comprehensive lateral flow CDMO service proposition is resonating
well with customers and we look forward to continue to build our business and
grow shareholder value.
The Board remains confident of achieving material revenue growth for FY24
compared to FY23, with revenues in H2 2024 also being materially ahead of H1
2024.
Our key focus remains on continued revenue growth, proactive cost control and
progression towards profitability and a cashflow positive position.
Consolidated Statement of Total Comprehensive Income
For the period ended 31 December 2023
Unaudited Unaudited Audited
Notes 6 months ended 6 months ended Year
31 December 2023 31 December 2022 ended
30 June
2023
£'000 £'000 £'000
Revenue 1 2,410 1,111 4,045
Cost of sales (1,132) (823) (1,970)
Gross profit 1,278 288 2,075
Administrative expenses (2,728) (2,563) (5,220)
Other income 281 80 252
Adjusted EBITDA (before adjusting items) (1,169) (2,195) (2,893)
Amortisation (15) (7) (29)
Depreciation (270) (323) (644)
Impairment reversals/ (charges) 361 - (86)
Share-based payment expenses (10) (7) (28)
Non-recurring legal, professional and fundraising fees - (18) (33)
Non-recurring redundancy costs (109) (162) (162)
Lease modification - - 390
Exceptional income/(costs) - 305 (88)
Operating loss (1,212) (2,407) (3,573)
Finance income 26 32 89
Finance costs (34) (31) (72)
Loss before taxation (1,220) (2,406) (3,556)
Taxation 15 (15) 105
Loss for the period (1,205) (2,421) (3,451)
Other comprehensive loss - - -
Total comprehensive loss for the period (1,205) (2,421) (3,451)
Attributable to:
Equity holders of the parent (1,205) (2,421) (3,451)
Basic earnings per share (pence) 2 (0.40) (0.80) (1.14)
Diluted earnings per share (pence) 2 (0.40) (0.80) (1.14)
Consolidated Statement of Financial Position
For the period ended 31 December 2023
Notes Unaudited Unaudited Audited
31 December 2023 31 December 2022 30 June
2023
£'000 £'000 £'000
ASSETS
Non-current assets
Investments in associates 15 - -
Other intangible assets 76 46 90
Property, plant and equipment 977 1,494 1,209
1,068 1,540 1,299
Current assets
Inventories 411 183 329
Trade and other receivables 999 824 1,147
Income tax debtor 346 86 50
Cash and cash equivalents 1,998 4,450 3,236
3,754 5,543 4,762
Total assets 4,822 7,083 6,061
LIABILITIES
Current liabilities
Trade and other payables 2,000 1,972 2,033
Borrowings - 52 -
Obligations under leases 97 83 87
2,097 2,107 2,120
Non-current liabilities
Borrowings 721 690 708
Obligations under leases 190 268 224
911 958 932
Total liabilities 3,008 3,065 3,052
Net assets 1,814 4,018 3,009
EQUITY
Attributable to the owners of the parent:
Share capital 3 76 76 76
Share premium 30,309 30,309 30,309
Share based payment reserve 5 90 79 80
Accumulated losses (28,661) (26,446) (27,456)
Total equity 1,814 4,018 3,009
Consolidated Statement of Changes in Equity
For the period ended 31 December 2023
Share Share Share based payment reserve Retained earnings Total equity attributable to owners of the parent
Capital premium
£'000 £'000 £'000 £'000 £'000
At 30 June 2022 76 30,309 153 (23,446) 7,092
Loss (2,421) (2,421)
Consolidated Statement of Changes in Equity (continued)
For the period ended 31 December 2023
Share Share Share based payment reserve Retained earnings Total equity attributable to owners of the parent
Capital premium
£'000 £'000 £'000 £'000 £'000
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 -
At 31 December 2022 76 30,309 79 (26,446) 4,018
Loss (1,030) (1,030)
Total comprehensive loss for the period - - - (1,030) (1,030)
Share option expense - - 21 - 21
Share options forfeited - - (20) 20 -
At 30 June 2023 76 30,309 80 (27,456) 3,009
Share Share Share based payment reserve Retained earnings Total equity attributable to owners of the parent
capital premium
£'000 £'000 £'000 £'000 £'000
Loss (1,205) (1,205)
Total comprehensive loss for the period - - - (1,205) (1,205)
Share option expense - - 10 - 10
At 31 December 2023 76 30,309 90 (28,661) 1,814
Notes to the Interim Financial Statements
For the period ended 31 December 2023
Unaudited Unaudited Audited Year ended
6 months 6 months 30 June
ended ended 2023
31 December 2023 31 December 2022
£'000 £'000 £'000
Cash flow from operating activities
Loss for the period (1,205) (2,421) (3,451)
Adjustment for:
Other income (281) (80) (252)
Exceptional income - (305) -
Net finance income 9 (1) (17)
Tax (credit)/charge (15) 15 (105)
Amortisation and impairment of intangible assets 15 7 29
Share based payments 10 7 28
Depreciation and impairment of property, plant and equipment 270 323 730
Profit on disposal of property, plant and equipment - (14) -
Impairment reversal (361) - -
Changes in working capital:
(Increase)/decrease in inventories (83) 351 205
Decrease in trade and other receivables 149 7,020 6,647
Decrease in trade and other payables 327 (3,068) (3,180)
Cash used in operations (1,165) 1,834 634
Interest paid (34) (31) (48)
Income taxes received - 162 325
Insurance claim proceeds - - 2
Net cash (used in)/generated from operating activities (1,199) 1,965 913
Cash flow from investing activities
Interest received 26 32 89
Purchase of intangible assets (4) (18) (82)
Purchase of property, plant and equipment (18) (40) (75)
Proceeds on disposal of property, plant and equipment - - 1
Net cash generated from/ (used in) investing activities 4 (26) (67)
Cash flow from financing activities
Cash withheld for SAYE scheme - - (1)
Proceeds from new bank loans and borrowings - 250 250
Repayment of loans - (63) (115)
Payment of lease obligations (43) (73) (141)
Net cash (absorbed by)/ generated from investing activities (43) 114 (7)
(Decrease) / increase in cash and cash equivalents (1,238) 2,053 839
Net cash and cash equivalents at beginning of the period 3,236 2,397 2,397
Net cash and cash equivalents at end of period 1,998 4,450 3,236
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") incorporate 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 provide lateral flow contract
development and manufacturing ("CDMO services") and related contract services
to an international customer base.
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 2023 and are expected to be consistently applied for
the current year ended 30 June 2024 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 2023 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 2023 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 2023, the Group has net current assets. The Group has a
number of CDMO service 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.
The Group continues to focus on increasing the number of CDMO customers and
supporting those customers in bringing their products to market, thereby
securing additional revenues for the Group.
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 2023 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.
Investments in Associates
An associate is an entity, being neither a subsidiary nor a joint venture, in
which the company holds a long-term interest and where the company has
significant influence. The company considers that it has significant influence
where it has the power to participate in the financial and operating decisions
of the associate.
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 2023 31 December 2022 2023
£'000 £'000 £'000
Product sales 174 165 418
Contract manufacturing 1,131 433 1,059
Contract development 818 513 2,300
Regulatory 287 - 268
Total revenue from contracts with customers 2,410 1,111 4,045
Revenue analysed by geographical market
Unaudited Unaudited Audited
6 months to 31 December 2023 6 months to 31 December 2022 12 months to 30 June
2023
£'000 £'000 £'000
United Kingdom 1,317 333 1,307
Europe (excluding Belgium) 475 575 1,179
Belgium - - 479
USA & Canada 480 99 861
Rest of the World 138 104 219
2,410 1,111 4,045
2. Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data:
Unaudited 31 December 2023 Unaudited 31 December 2022 Audited
30 June 2023
Earnings used in calculation (£'000s) (1,205) (2,421) (3,451)
Number of shares 304,033,634 304,033,096 304,033,363
Basic EPS (p) (0.40) (0.80) (1.14)
Number of dilutable shares 306,667,725 304,033,096 305,820,420
Diluted EPS (p) (0.40) (0.80) (1.14)
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 diluted EPS is the same as the basic EPS as there
is a loss for each of the periods concerned. The calculated adjusted earnings
for the current period of accounts is as follows:
Adjusted Earnings per Share Unaudited Unaudited Audited
6 months ended 6 months ended Year
31 December 2023 31 December 2022 ended
30 June 2023
£'000s £'000s £'000s
Loss before taxation (1,220) (2,406) (3,556)
Adjusted for:
Share-based payment 10 7 28
Impairment (reversal)/charge (361) - 86
Non-recurring legal fees - 18 33
Non-recurring employee redundancy costs 109 162 162
Depreciation and amortisation 285 330 672
Net finance cost / (income) 8 (1) (17)
Lease modification - - (390)
Exceptional income - (305) 88
Adjusted Earnings (1,169) (2,195) (2,894)
Unaudited Unaudited Audited
6 months ended 6 months ended Year
31 December 2023 31 December 2022 ended
30 June 2023
Adjusted earnings (£000s) (1,169) (2,195) (2,894)
Number of shares 304,033,634 304,033,096 304,033,363
Adjusted EPS (p) (0.38) (0.72) (0.95)
Number of dilutable shares 306,667,725 304,033,096 305,820,420
Adjusted diluted EPS (p) (0.38) (0.72) (0.95)
3. Share capital
Unaudited 31 December 2023 Unaudited Audited
31 December 2022 30 June
2023
Ordinary share capital
Authorised Number Number Number
Ordinary shares of 0.025p each 121,716,822 121,716,822 121,716,822
Deferred ordinary shares of 0.025p each 182,316,812 182,316,812 182,316,812
304,033,634 304,033,634 304,033,634
Allotted and fully paid Number Number Number
Ordinary shares of 0.025p each 121,716,822 121,716,822 121,716,822
Deferred ordinary shares of 0.025p each 182,316,812 182,316,812 182,316,812
304,033,634 304,033,634 304,033,634
£'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 Ordinary
Number Number
At 1 July 2022 121,711,614 182,316,812
Exercise of share options 5,208 -
At 31 December 2022 121,716,822 182,316,812
At 31 June 2023 121,716,822 182,316,812
At 31 December 2023 121,716,822 182,316,812
4. Investments in Associates
On 7(th) August 2023, the group paid consideration of £15,000 in order to
acquire a 25.1% shareholding in Eco-Flo Innovations Ltd.
5. Share options
The following movements on share options have been recognised in the period:
Number of share options Weighted average exercise price
Unaudited Unaudited 31 December 2022 Audited 30 Unaudited 31 December 2023 Unaudited Audited
31 December 2023 June 31 December 2022 30
2023 June 2023
Number Number Number £ £ £
Outstanding at start of period 4,247,210 219,781 219,781 0.0818 0.5057 0.3997
Exercised - (5,208) (5,208) - 0.0003 0.0003
Issued 2,386,238 4,119,286 4,119,286 0.00 0.0700 0.0700
Forfeited (914,286) (27,444) (86,649) 0.0698 0.3281 0.4642
Lapsed (2,084) - - - - -
Outstanding at end of period 5,717,078 4,306,415 4,247,210 0.0462 0.0818 0.0773
Exercisable at end of period 68,752 - 70,836 0.00 - 0.0025
The options outstanding at 31 December 2023 had an exercise price ranging from
£0.00 to £0.70 and a remaining contractual life of up to 10 years. The
options exist at 31 December 2023 across the following share option schemes:
Number of shares Exercise price per share (£) Vesting period
Options issued in April 2021 68,752 0.00025 1 year
SAYE scheme commenced in March 2021 57,089 0.70 3 years
Options issued in December 2022 3,204,999 0.07 3 years
Options issued in October 2023 2,386,238 0.00 3 years
5,717,078
The fair value of the scheme represents the reduced fair value after adjusting
for leavers and is being expensed over the vesting period.
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