Allergy Therapeutics - Interim Results for six months ended 31 Dec 2025
31/03/2026 07:00
RNS Number : 7099Y
Allergy Therapeutics PLC
31 March 2026
Allergy Therapeutics plc
("Allergy Therapeutics" or the "Company" or the "Group")
Interim Results for the six months ended 31 December 2025
- Revenues of £36.3 million (FY2025 H1: £34.0 million, representing 7% growth (2.5% on constant currency basis)
- Significant portfolio progress with regulatory approval and commercialisation in Germany of Grassmuno® (Grass MATA MPL)
- Short-course peanut allergy vaccine candidate VLP Peanut meets Phase I/IIa primary endpoint; Phase IIb planning underway
- Substantially strengthened balance sheet and continued selective investment in strategic growth-related projects
- New £40 million senior secured facility entered into post period end - provides significant capital to drive future investment
- Company continues to explore potential dual primary listing on Hong Kong Stock Exchange
31 March 2026: Allergy Therapeutics plc (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy immunotherapies, announces its unaudited interim results for the six months ended 31 December 2025.
Highlights
Financial
- Momentum building with H1 revenues of £36.3 million (FY2025 H1: £34.0 million) representing 7% growth on a reported basis despite a significant phase out of unregistered allergy treatments impacted by the TAV programme in Germany.
- Operating loss of £2.5 million before R&D (FY2025 H1: £1.9 million operating profit pre-R&D) as the Group continued its focus on selective investment in strategic growth-related projects in the build up to commercialisation of Grassmuno® (Grass MATA MPL).
- Substantially strengthened balance sheet with the shareholder lenders exercising all warrants related to the shareholder loan facility and the warrant proceeds used to repay the loan facility in full.
- Cash position of £10.1 million at 31 December 2025 (30 June 2025: £12.8 million).
- Post-period, the Group entered into an amendment to the secured senior loan facility, entered into in October 2024 (the "2024 Hayfin Facility") with Hayfin Healthcare Opportunities LuxCo S.a.r.l., a fund advised by Hayfin Capital Management LLP ("Hayfin"), under which a new £40 million senior secured facility (the "2026 Hayfin Facility") was made available and immediately drawn down.
Operational
- Marketing authorisation granted for subcutaneous grass pollen allergen immunotherapy, Grassmuno, in adults by the German regulatory authority, the Paul Ehrlich Institut (PEI). Grassmuno launched in Germany on 15th January 2026 with strong response seen from prescribing clinicians.
- G308 Phase III paediatric study of Grass MATA MPL progressed to its planned second year of recruitment allowing evaluation of short-term efficacy and safety.
- PROTECT Phase I/IIa trial investigating short-course peanut allergy vaccine candidate, VLP Peanut, met its primary safety endpoint with excellent safety profile up to the highest planned dose. Preliminary safety data from 48 participants demonstrated that a 2000-fold increase in the dose of VLP Peanut was safe and well tolerated. Biomarker data in peanut allergic patients demonstrated a strong immunomodulating response.
- Company commenced exploration of potential dual primary listing on The Stock Exchange of Hong Kong Limited.
Manuel Llobet, CEO at Allergy Therapeutics, commented: "With a highly focused approach to our business priorities, and building on the significant achievements within our grass and peanut allergy programmes, we enter 2026 with a strengthened commercial portfolio and increased confidence in the potential of our pipeline of next-generation allergy immunotherapies. The Group's recent progress illustrates the world-leading research, regulatory and commercial capabilities of this company, and positions us well to maintain strong momentum across all aspects of the business, including delivering on our intent to expand the Grassmuno franchise beyond Germany into wider-EU, non-EU and US markets."
Financial Review
Revenue for the six months ended 31 December 2025 was £36.3 million (FY2025 H1: £34.0 million) representing 7% growth on a reported basis, or 2.5% on a constant currency basis*. This performance is positive, particularly given the ongoing transition away from unregistered products under Germany's TAV programme and reflects strong growth in the Group's existing German registered product portfolio.
Cost of sales increased to £14.8 million (FY2025 H1: £13.2 million) due to higher sales volumes and inflationary pressures, causing a small drop in gross margin from 61% to 59%.
Sales, marketing and distribution costs increased compared to the prior period at £11.0 million (FY2025 H1: £9.3 million) mainly as a result of investment in the planned launch of Grassmuno in Germany. Administrative expenses increased to £10.4 million (FY2025 H1: £8.5 million) as a result of increasing corporate costs as the Group seeks to position itself for growth and the increasing regulatory scrutiny that comes with a dual listing.
The Group made an operating loss pre-R&D costs of £2.5 million (FY2025 H1: £1.9 million operating profit pre-R&D costs).
Research and development costs increased to £8.8 million (FY2025 H1: £7.6 million) as a result of continued progression of the G308 Phase III paediatric trial of Grass MATA MPL and the Phase I/IIa PROTECT trial of VLP Peanut.
There is a £4.2 million accounting loss in the period due to the revaluation of the Hayfin warrants to fair value at the reporting date (FY2025 H1: £3.0 million loss).
The operating loss was £11.4 million (FY2025 H1: £5.7 million), and the loss before tax was £19.3 million (FY2025 H1: £11.4 million). The finance expense for the period was £3.9 million (FY2025 H1: £3.3 million) mainly comprising interest expenses on the shareholder loan and Hayfin facility. Tax was a charge of £0.6 million (FY2025 H1: £0.5 million) relating mainly to tax payable by the overseas subsidiaries.
At 31 December 2025, the Group had cash of £10.1 million (30 June 2025: £12.8 million) and debt of £20.2 million (30 June 2025: £53.4 million). The operating cash outflow was £11.8 million (FY2025 H1: £7.3 million) reflecting the increased operating loss. The investing outflow was £2.8 million (FY2025 H1: £1.4 million), offset by an inflow of £11.7 million (FY2025 H1: £17.4 million) from the net proceeds of financing activities.
During the period the Group drew down £12.5 million under the Amended Shareholder Facility and issued further warrants in accordance with the entitlement to 25 warrants for each £1 drawn, at a price of 4 pence per share. Along with previous drawdowns the entire amount of the Amended Shareholder Facility was drawn and a total of 1,375,000,000 warrants issued. On 29 October 2025, the Company received exercise notices from the Shareholder Lenders in respect of the 1,375,000,000 warrants, which would generate aggregate proceeds of £55 million on exercise. In satisfaction of the exercise price payable by the Shareholder Lenders for the warrants, the Shareholder Lenders transferred the entire Amended Shareholder Facility to the Company along with net proceeds of £1 million in cash. As a result, all financial indebtedness owed by the Group to the Shareholder Lenders under the Amended Shareholder Facility, was repaid.
The Directors have applied the going concern principle in preparing the interim results for the six months ended 31 December 2025.
Clinical Update
Grass MATA MPL Programme
During the period, the PEI granted a marketing authorisation in Germany for the Group's subcutaneous grass pollen allergen immunotherapy, Grassmuno (Grass MATA MPL). The approval marked the first subcutaneous grass-pollen immunotherapy to be authorised by the PEI through its TAV (Therapieallergene-Verordnung) framework and followed the submission of a comprehensive evidence package of quality, safety and clinical efficacy including the Group's pivotal Phase III G306 trial in adults. In that trial, the immunotherapy demonstrated a highly statistically significant and clinically relevant reduction in the Combined Symptom & Medication Score compared to placebo over the peak pollen season.
Grass pollen is a key segment within the German seasonal allergy market and Grassmuno is expected to be a major driver of the Group's business in Germany, its largest market, as a regulatory-approved, short-course treatment approach that can be completed before the allergy season begins. This offers the potential for people living with a grass pollen allergy to achieve protection without the burden of months-long treatment schedules.
The Group's G308 Phase III trial, evaluating the short- and long-term efficacy and safety of Grass MATA MPL in a paediatric population, continues as planned, progressing to its second year of recruitment during the period. A full analysis of the short-term safety and efficacy results of the G308 study is anticipated in Q4 2026.
VLP Peanut Programme
The clinical development of VLP Peanut, the Group's innovative short-course peanut allergy vaccine candidate administered via subcutaneous injection, advanced significantly during the period. The Phase I/IIa PROTECT trial completed final dosing of the minimum required number of patients at the highest planned treatment dose, meeting the trial's primary safety endpoint. Preliminary safety data from 48 participants demonstrated that a 2000-fold increase in dose from the starting dose was safe and well tolerated, including in both peanut-allergic patients and healthy participants.
Subsequently, post-period, the trial delivered consistent biomarker results, highlighting the transformational clinical potential of the vaccine candidate, and its unique opportunity to offer a potent immunomodulating treatment option with a limited number of injections, not currently offered by oral immunotherapy nor monoclonal options currently available or under development.
Plans are now underway to prepare investigational medicinal product for a Phase IIb trial, with dosing of VLP Peanut being informed by the combined safety and efficacy information generated during the PROTECT trial.
Outlook
With Grassmuno expected to be a major driver of the Group's business in Germany, its largest market, commercialisation is underway and sales momentum is expected to accelerate further in the second half of the financial year.
Following receipt of the 2026 Hayfin Facility proceeds, the Group has sufficient funds for the entirety of the twelve-month going concern review period, while it continues to explore a listing in Hong Kong and pursue its strategic growth initiatives.
*Constant currency uses prior year weighted average exchange rates to translate current year foreign currency denominated revenue to give a year-on-year comparison excluding the effects of foreign exchange movements.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation.
- ENDS -
For further information, please contact:
Allergy Therapeutics
Manuel Llobet, Chief Executive Officer
Shaun Furlong, Chief Financial Officer
+44 (0)1903 845 820
Cavendish Capital Markets Limited (Nominated Adviser and Broker)
Geoff Nash/ Giles Balleny/ Seamus Fricker
Nigel Birks - Life Science Specialist Sales
+44 (0)20 7220 0500
ICR Healthcare
Mary-Jane Elliott/ David Daley/ Davide Salvi
+44 (0)20 3709 5700
allergytherapeutics@icrhealthcare.com
About Allergy Therapeutics
Allergy Therapeutics is an international commercial biotechnology company, headquartered in the UK, focussed on the treatment and diagnosis of allergic disorders, including aluminium free immunotherapies that have the potential to cure disease. The Group sells proprietary and third-party products from its subsidiaries in nine major European countries and via distribution agreements in an additional ten countries. For more information, please see www.allergytherapeutics.com.
| ALLERGY THERAPEUTICS PLC | |||
| Consolidated income statement | |||
| 6 months to | 6 months to | ||
| 31 Dec 2025 | 31 Dec 2024 | ||
| £'000 | £'000 | ||
| Unaudited | Unaudited | ||
| (as restated) | |||
| Revenue | 36,280 | 34,030 | |
| Cost of sales | (14,801) | (13,168) | |
| Gross profit | 21,479 | 20,862 | |
| Sales, marketing and distribution costs | (11,035) | (9,307) | |
| Research and development costs | (8,830) | (7,647) | |
| Depreciation expense | (2,054) | (1,726) | |
| Amortisation expense | (104) | (209) | |
| Share based payment (expense) / credit | (985) | 102 | |
| Administration expenses - other | (10,392) | (8,532) | |
| Total administrative expenses | (33,400) | (27,319) | |
| Other income | 546 | 733 | |
| Operating loss | (11,375) | (5,724) | |
| Revaluation of warrant liabilities held at fair value | (4,155) | (2,956) | |
| Gain on modification of shareholder loan | - | 430 | |
| Finance income | 144 | 213 | |
| Finance expense | (3,944) | (3,325) | |
| Loss before taxes | (19,330) | (11,362) | |
| Income tax | (588) | (513) | |
| Loss for the period | (19,918) | (11,875) | |
| Loss per share | |||
| Basic (pence per share) | (0.38)p | (0.25)p | |
| Diluted (pence per share) | (0.38)p | (0.25)p | |
| Consolidated statement of comprehensive income | |||
| 6 months to | 6 months to | ||
| 31 Dec 2025 | 31 Dec 2024 | ||
| £'000 | £'000 | ||
| Unaudited | Unaudited (as restated) | ||
| Loss for the period | (19,918) | (11,875) | |
| Items that will not be reclassified subsequently to profit or loss: | |||
| Remeasurement of retirement benefit obligations | 585 | (288) | |
| Remeasurement of investments - retirement benefit assets | (27) | 85 | |
| Deferred tax movement - retirement benefit obligations | (192) | 95 | |
| Deferred tax movement - retirement benefit assets | 9 | (28) | |
| Deferred tax movement - land and buildings | 21 | 20 | |
| Total other comprehensive loss | 396 | (116) | |
| Items that may be reclassified subsequently to profit or loss: | |||
| Exchange differences on translation of foreign operations | 67 | (291) | |
| Total comprehensive loss | (19,455) | (12,282) |
| ALLERGY THERAPEUTICS PLC | |||
| Consolidated statement of financial position | |||
| 31 Dec 2025 | 30 Jun 2025 | ||
| £'000 | £'000 | ||
| Unaudited | Audited | ||
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment - right-of use assets | 6,100 | 6,229 | |
| Property, plant and equipment - other | 20,289 | 18,029 | |
| Intangible assets - goodwill | 3,340 | 3,325 | |
| Intangible assets - other | 860 | 931 | |
| Investment - retirement benefit asset | 2,776 | 2,839 | |
| Deferred tax asset | 1,388 | 1,513 | |
| Total non-current assets | 34,753 | 32,866 | |
| Current assets | |||
| Inventories | 13,786 | 13,915 | |
| Trade and other receivables | 10,981 | 5,916 | |
| Current tax receivables | 1,400 | 2,056 | |
| Cash and cash equivalents | 10,084 | 12,790 | |
| Total current assets | 36,251 | 34,677 | |
| Total assets | 71,004 | 67,543 | |
| Liabilities | |||
| Current liabilities | |||
| Trade and other payables | (13,949) | (13,618) | |
| Current tax payables | (1,299) | (912) | |
| Borrowings | (450) | (405) | |
| Provisions | (205) | (325) | |
| Lease liabilities | (1,514) | (1,475) | |
| Derivative financial instruments | (14,612) | (10,457) | |
| Total current liabilities | (32,029) | (27,192) | |
| Net current assets | 4,222 | 7,485 | |
| Non-current liabilities | |||
| Retirement benefit obligations | (8,234) | (8,592) | |
| Deferred taxation liability | (50) | (68) | |
| Provisions | (1,655) | (1,675) | |
| Lease liabilities | (5,075) | (5,169) | |
| Long term borrowings | (19,712) | (53,040) | |
| Total non-current liabilities | (34,726) | (68,544) | |
| Total liabilities | (66,755) | (95,736) | |
| Net assets / (liabilities) | 4,249 | (28,193) | |
| Equity | |||
| Capital and reserves | |||
| Issued share capital | 6,141 | 4,766 | |
| Capital redemption reserve | 10 | 10 | |
| Share premium | 208,130 | 154,639 | |
| Merger reserve | 40,128 | 40,128 | |
| Reserve - share based payments | 2,264 | 1,279 | |
| Revaluation reserve | 2,151 | 2,151 | |
| Reserve - warrants | 412 | 4,773 | |
| Foreign exchange reserve | (646) | (713) | |
| Retained earnings / (deficit) | (254,341) | (235,226) | |
| Total equity | 4,249 | (28,193) |
| ALLERGY THERAPEUTICS PLC Consolidated statement of changes in equity | ||||||||||||
| Issued share Capital | Capital redemption reserve | Share premium | Merger reserve | Reserve - share based payment | Revaluation reserve | Reserve - warrants | Foreign exchange reserve | Retained earnings / (deficit) | Total equity | |||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||
| At 30 June 2024 (as reported) | 4,776 | - | 154,639 | 40,128 | 408 | 1,782 | 1,719 | (816) | (198,927) | 3,709 | ||
| Prior period adjustment | - | - | - | - | - | - | - | (3) | 3,650 | 3,647 | ||
| At 30 June 2024 (as restated) | 4,776 | - | 154,639 | 40,128 | 408 | 1,782 | 1,719 | (819) | (195,277) | 7,356 | ||
| Exchange differences on translation of foreign operations | - | - | - | - | - | - | - | (291) | - | (291) | ||
| Deferred tax - land and buildings | - | - | - | - | - | - | - | - | 20 | 20 | ||
| Remeasurement of net defined benefit liability | - | - | - | - | - | - | - | - | (288) | (288) | ||
| Deferred tax - defined benefit liability | - | - | - | - | - | - | - | - | 95 | 95 | ||
| Remeasurement of investments - retirement benefit assets | - | - | - | - | - | - | - | - | 85 | 85 | ||
| Deferred tax - defined benefit assets | - | - | - | - | - | - | - | - | (28) | (28) | ||
| Total other comprehensive income | - | - | - | - | - | - | - | (291) | (116) | (407) | ||
| Loss for the period after tax | - | - | - | - | - | - | - | - | (11,875) | (11,875) | ||
| Total comprehensive loss | - | - | - | - | - | - | - | (291) | (11,991) | (12,282) | ||
| Transactions with owners: | ||||||||||||
| Share based payment expense/ (credit) | - | - | - | - | (102) | - | - | - | - | (102) | ||
| Warrants issued | - | - | - | - | - | - | 822 | - | - | 822 | ||
| At 31 December 2024 | 4,776 | - | 154,639 | 40,128 | 306 | 1,782 | 2,541 | (1,110) | (207,268) | (4,206) | ||
| Exchange differences on translation of foreign operations | - | - | - | - | - | - | - | 397 | - | 397 | ||
| Valuation gains taken to equity (land and buildings) | - | - | - | - | - | 369 | - | - | - | 369 | ||
| Deferred tax - land and buildings | - | - | - | - | - | - | - | - | (58) | (58) | ||
| Remeasurement of net defined benefit liability | - | - | - | - | - | - | - | - | 565 | 565 | ||
| Deferred tax - defined benefit liability | - | - | - | - | - | - | - | - | (186) | (186) | ||
| Remeasurement of investments - retirement benefit assets | - | - | - | - | - | - | - | - | (33) | (33) | ||
| Deferred tax - defined benefit assets | - | - | - | - | - | - | - | - | 11 | 11 | ||
| Total other comprehensive income | - | - | - | - | - | 369 | - | 397 | 299 | 1,065 | ||
| Loss for the period after tax | - | - | - | - | - | - | - | - | (28,257) | (28,257) | ||
| Total comprehensive loss | - | - | - | - | - | 369 | - | 397 | (27,958) | (27,192) | ||
| Transactions with owners: | ||||||||||||
| Share based payment expense/ (credit) | - | - | - | - | 973 | - | - | - | - | 973 | ||
| Shares redeemed | (10) | 10 | - | - | - | - | - | - | - | - | ||
| Warrants issued | - | - | - | - | - | - | 2,232 | - | - | 2,232 | ||
| At 30 June 2025 | 4,766 | 10 | 154,639 | 40,128 | 1,279 | 2,151 | 4,773 | (713) | (235,226) | (28,193) |
| Exchange differences on translation of foreign operations | - | - | - | - | - | - | - | 67 | - | 67 |
| Deferred tax - land and buildings | - | - | - | - | - | - | - | - | 21 | 21 |
| Remeasurement of net defined benefit liability | - | - | - | - | - | - | - | - | 585 | 585 |
| Deferred tax - defined benefit liability | - | - | - | - | - | - | - | - | (192) | (192) |
| Remeasurement of investments - retirement benefit assets | - | - | - | - | - | - | - | - | (27) | (27) |
| Deferred tax - retirement benefit assets | - | - | - | - | - | - | - | - | 9 | 9 |
| Total other comprehensive loss | - | - | - | - | - | - | - | 67 | 396 | 463 |
| Loss for the period after tax | - | - | - | - | - | - | - | - | (19,918) | (19,918) |
| Total comprehensive loss | - | - | - | - | - | - | - | 67 | (19,522) | (19,455) |
| Transactions with owners: | ||||||||||
| Share based payment expense/ (credit) | - | - | - | - | 985 | - | - | - | - | 985 |
| Warrants issued | - | - | - | - | - | - | 1,004 | - | - | 1,004 |
| Shares issued - Warrants Exercised | 1,375 | - | 53,625 | - | - | - | (5,365) | - | 407 | 50,042 |
| Share issue costs | - | - | (134) | - | - | - | - | - | - | (134) |
| At 31 December 2025 | 6,141 | 10 | 208,130 | 40,128 | 2,264 | 2,151 | 412 | (646) | (254,341) | 4,249 |
| ALLERGY THERAPEUTICS PLC | ||||
| Consolidated cash flow statement | ||||
| 6 months to | 6 months to | |||
| 31 Dec 2025 | 31 Dec 2024 | |||
| £'000 | £'000 | |||
| Unaudited | Unaudited | |||
| (as restated) | ||||
| Cash flows from operating activities | ||||
| Loss before tax | (19,330) | (11,362) | ||
| Adjustments for: | ||||
| Finance income | (144) | (213) | ||
| Finance expense | 3,944 | 3,325 | ||
| Non-cash movements on defined benefit pension plan | 49 | 56 | ||
| Depreciation and amortisation | 2,158 | 1,935 | ||
| Net monetary value of above the line R&D tax credit | (546) | (733) | ||
| Charge for share-based payments | 985 | (102) | ||
| Movement in fair value of derivative financial instruments | 4,155 | 2,956 | ||
| Gain on modification of shareholder loan | - | (430) | ||
| Increase in trade and other receivables | (3,666) | (1,597) | ||
| Decrease in inventories | 258 | 739 | ||
| Decrease in trade and other payables | (392) | (1,906) | ||
| Net cash used by operations | (12,529) | (7,332) | ||
| Income tax received / (paid) | 773 | (10) | ||
| Net cash used by operating activities | (11,756) | (7,342) | ||
| Cash flows from investing activities | ||||
| Interest received | 78 | 109 | ||
| Payments for property plant and equipment | (2,809) | (1,432) | ||
| Payments for intangible assets | (23) | (92) | ||
| Net cash used in investing activities | (2,754) | (1,415) | ||
| Cash flows from financing activities | ||||
| Proceeds from issue of equity shares | 1,494 | - | ||
| Share issue expenses | (134) | - | ||
| Payment of listing expenses for exploration of Hong Kong listing | (1,326) | - | ||
| Proceeds of bank borrowings | 1,336 | 663 | ||
| Repayment of bank borrowings | (448) | (306) | ||
| Interest paid on bank borrowings | (30) | (34) | ||
| Repayment of principal on lease liabilities | (770) | (769) | ||
| Interest paid on lease liabilities | (131) | (135) | ||
| Proceeds from shareholder loan | 12,500 | 5,000 | ||
| Repayment of shareholder loan | - | (5,000) | ||
| Interest and fees paid on shareholder loan | (717) | (818) | ||
| Proceeds from Hayfin loan | - | 19,370 | ||
| Fees paid on Hayfin loan | (30) | (559) | ||
| Net cash generated in financing activities | 11,744 | 17,412 | ||
| Net (decrease) / increase in cash and cash equivalents | (2,766) | 8,655 | ||
| Effects of exchange rates on cash and cash equivalents | 60 | 106 | ||
| Cash and cash equivalents at the start of the period | 12,790 | 12,915 | ||
| Cash and cash equivalents at the end of the period | 10,084 | 21,676 | ||
| 6 months to | 6 months to | ||
| 31 Dec 2025 | 31 Dec 2024 | ||
| Unaudited | Unaudited (as restated) | ||
| Loss after tax attributable to equity shareholders (£'000) | (19,918) | (11,875) | |
| Issued ordinary shares at start of the period ('000) | 4,766,440 | 4,766,440 | |
| Ordinary shares issued in the period ('000) | 1,375,000 | - | |
| Issued ordinary shares at end of the period ('000) | 6,141,440 | 4,766,440 | |
| Weighted average number of shares in issue for the period | 5,224,773 | 4,766,440 | |
| Weighted average number of shares for diluted earnings | 5,224,773 | 4,766,440 | |
| Basic earnings per ordinary share (pence) | (0.38)p | (0.25)p | |
| Diluted earnings per ordinary share (pence) | (0.38)p | (0.25)p |
| Previously reported £'000 | Deferred tax assets and liabilities £'000 | Uncertain tax positions £'000 | Total adjustments £'000 | Restated amount £'000 | |
| Income tax | 277 | 43 | (833) | (790) | (513) |
| Loss per share | |||||
| Basic (pence per share) | (0.23) | - | (0.02) | (0.02) | (0.25) |
| Diluted (pence per share) | (0.23) | - | (0.02) | (0.02) | (0.25) |
| Previously reported £'000 | Deferred tax assets and liabilities £'000 | Uncertain tax positions £'000 | Total adjustments £'000 | Restated amount £'000 | |
| Loss for the period | (11,085) | 43 | (833) | (790) | (11,875) |
| Other comprehensive income | |||||
| Deferred tax - retirement benefit obligations | - | 95 | - | 95 | 95 |
| Deferred tax - retirement benefit assets | - | (28) | - | (28) | (28) |
| Deferred tax - land and buildings | - | 20 | - | 20 | 20 |
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