REG - Blackbird PLC - Final Results
05/03/2024 07:00
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RNS Number : 5428F Blackbird PLC 05 March 2024
5 March 2024
Blackbird plc
("Blackbird" or the "Company")
Audited full year results for the year ended 31 December 2023
Blackbird plc (AIM: BIRD), the technology licensor, developer and seller of
the multi award-winning cloud-native video editing platform, Blackbird
(https://www.blackbird.video/overview/) , announces its audited full year
results for the year ended 31 December 2023.
Ian McDonough, CEO of Blackbird, commented:
"2023 was a year of great progress on our direct to creator platform,
elevate.io. During the year we conducted both qualitative and quantitative
market research which reinforced our belief that there are three key problems
that creators face in content creation, namely: i) they currently have to use
complex locally installed products; ii) third-party collaboration is clunky;
and iii) existing tools have limited extensibility. Our vision for elevate.io
is to address these problems via a powerful web-based platform. We are early
to market in this area and have the opportunity to capitalise on the paradigm
shift to web-based video tools for the huge and fast-growing Creator
Economy. Good progress is being made on the development of elevate.io which
went into its early access phase in November 2023 and will move to general
release at the end of March 2024. The Board are very excited about the
prospects for elevate.io."
"2023 was a challenging year for our existing Blackbird platform. Revenue fell
by 32% to £1.94 million. Whilst the majority of the fall is attributable to
non-recurring items in 2022, such as the EVS technology licensing development
fees and the fees for the global winter games, we also experienced some deal
losses, most notably A+E Networks, which as we announced in May 2023 concluded
at the end of June 2023. Flat advertising revenues and structural changes are
affecting the industry with layoffs being made across the Media and
Entertainment and technology sectors. Despite this, Blackbird continues to be
used at the pinnacle of Sports and News video creation. During the year our
platform was used at a number of major global sporting events, including the
Women's World Cup, the Rugby World Cup, the Ryder Cup, the Superbowl and at
all of the tennis majors. Through one of our OEM partners, we also closed a
deal for the 2024 summer games where the platform will be used on up to 70
concurrent feeds granting access to our full suite of tools to global
broadcasters. In News, through our partnership with Blox Digital, Blackbird
continues to provide fast-turnaround content for local US news stations and in
early 2024 we had a further expansion of an additional 2 stations to leave us
with 69 in total. Through our deal with the US Department of State, the US
Secretary of State's press conferences continue to be edited and pushed at
speed to social media through our platform."
"Additionally, as general access of elevate.io (http://elevate.io/)
approaches we have had a number of High Net Worth individuals show interest
in investing directly in our story. As a result, last week we raised
additional funds to assist in the early months of elevate.io
(http://elevate.io/) 's growth. We were delighted to get the support of the
individuals and institutions and did this at only a minimal discount. As
announced on 29 February 2024 I and other members of the management team
intend to subscribe for £70,000 of new shares following the announcement of
these results."
"I am very excited about 2024 and progressing elevate.io to general release.
The Creator Economy represents a massive opportunity for the Company to open
up our addressable market and, through elevate.io's self-service model, we
anticipate this significantly accelerating our revenue growth".
Operational highlights (post year end)
· elevate.io on track to move to general release at
the end of Q1 2024
· Placing announced on 29 February 2024:
o to raise approximately £1.05 million before expenses;
o bring onboard some engaged High Net Worth individuals who showed interest
in investing directly in our story; and
o proceeds will be used to bolster our investment in and grow elevate.io
· Certain members of the Board, associated family
members and management are intending to subscribe for an aggregate of
approximately £70k following the release of this announcement
· Anne de Kerckhove to join the Board on 6 March
2024 as Senior Independent Non-Executive Director and Audit Chair. John
Honeycutt, Independent Non-Executive Director will step down on the same date
· Deals signed, through our partner Blox Digital,
for an additional 2 local US news stations taking the total serviced to 69
· £1,167k* revenue secured for 2024, at end of February 2024,
which is down 28% year on year (2023 comparative at end of February 2023:
£1,618k)
· Contracted but unrecognised revenue of £1,514k* at end of
February 2024. Of this, £913k* is to be recognised in 2024, a further
£311k* in 2025, with the remainder in 2026
*Unaudited and subject to exchange rate fluctuations
Operational highlights (during the year)
· Direct to Creator platform named elevate.io at the Company's
investor day in September 2023. Subsequently, elevate.io went into early
access in November 2023
· Contract win with an OEM partner for use at global
summer games in 2024. The deployment will involve Blackbird's platform being
used to edit and publish content from up to 70 concurrent live streams and
provide rights holders all over the world with the full editing suite
· Deal signed with CBS19 reinforcing Blackbird's
applicability for fast turnaround news content
· Restructuring leading to annual cost savings £0.6m
from reduction of UK based roles mainly in sales and marketing. Reinvestment
of funds in software development team and product specialists
· Deal signed with Argentinian station Telefe, part of
the Paramount Global group and introduced by the CBS sports team, for football
highlights
· One year deal signed with a large Mexican
broadcaster via our partner, Simplemente
· Deals signed with Australian OTT provider and
subsequently used at Roland Garros and all subsequent tennis majors
· Further successful renewals including with US
Department of State, Sky News Arabia, BT and Arsenal
· Protected our core technology increasing our IP
portfolio to 27 patents, with a further two pending
· Guest exhibitor on Microsoft's stand at the NAB
show in April 2023
Financial highlights
· Revenues of £1,937k for the 12 months to 31
December 2023, down 32% year-on-year (12 months to 31 December 2022: £2,847k)
with the main reasons being no development fees on technology licensing in
2023 (2022: £452k), one-off fees on the winter games in 2022 and the loss of
the A+E Network and NHL deals
· Contracted but unrecognised revenue of £1,770k down 48%
year-on-year (as at 31 December 2022: £3,426k). The main reasons behind the
fall were the loss of the A+E Networks deal and one year less of some of our
larger deals
o £1,151k of this balance is to be recognised in 2024 (as at 31 December
2022: £1,597k to be recognised in 2023),
o £325k in 2025 (as at 31 December 2022: £1,045k to be recognised in
2024),
o £294k in 2026 (as at 31 December 2022: £480k to be recognised in 2025)
· Operating costs, excluding LTIP provision, during
the year to 31 December 2023 were £4,114k compared to £4,510k in the
corresponding period in 2022. Operating costs pre-capitalisation and LTIP
provision increased to £5,744k from £4,975k. Capitalisation costs increased
to £1,631k from £458k mainly due to the increased development work on the
elevate.io platform
· Adjusted EBITDA loss (pre LTIP and share option
costs), increased to a loss of £2,301k (2022: a loss of £1,806k). This was
due to lower revenues partially offset by lower operating costs
· The net loss for the year was £2,493k compared to a
net loss of £1,917k in 2022 due to a lower Adjusted EBITDA pre LTIP
provision, as explained above, no amount relating to the LTIP in the income
statement in 2023 (2022: £350k credit), partially offset by higher net
financial income as a result of higher interest rates
· Net cash outflow, ignoring proceeds from share
issues and transfers into short-term deposits, increased to £3,786k (12
months to 31 December 2022: £2,746k), primarily as a result of £1,248k
additional costs incurred on developing the elevate.io platform
· At 31 December 2023 the Company had cash and short-term
deposits of £6,468k (2022: £10,099k) and no debt.
Enquiries:
Blackbird plc Tel: +44 (0)20 8879 7245
Ian McDonough, Chief Executive Officer
Stephen White, Chief Operating and Financial Officer
Allenby Capital Limited (Nominated Adviser and Broker) Tel: +44 (0)20 3328 5656
Nick Naylor / Piers Shimwell (Corporate Finance)
Amrit Nahal / Guy McDougall (Equity Sales)
About Blackbird plc
Blackbird plc operates in the fast-growing SaaS and cloud video market. It has
created Blackbird(Ⓡ), the world's most advanced suite of cloud-native
computing applications for video all underpinned by its lightning fast codec.
Blackbird plc's patented technology allows for frame accurate navigation,
playback, viewing and editing in the cloud. Blackbird(Ⓡ) enables multiple
applications, which are used by rights holders, broadcasters, sports and news
video specialists, live events and content owners, post production houses,
other mass market digital video channels and corporations.
Since it is cloud-native, Blackbird(Ⓡ) removes the need for costly, high-end
workstations and can be used from almost anywhere on almost any device. It
also allows full visibility on multilocation digital content, improves time to
market for live content such as video clips and highlights for digital
distribution, and ultimately results in much more effective monetisation.
Blackbird plc is a licensor of its core video technology under its 'Powered by
Blackbird' licensing model. Enabling video companies to accelerate their path
to true cloud business models, licensees benefit from power and carbon
reductions, cost and time savings, less hardware and bandwidth requirements
and easy scalability. elevate.io, built using Blackbird core technology, is
the company's new creator SaaS product, a browser based end-to-end content
creation tool aimed at the Creator Economy.
www.blackbird.video (http://www.blackbird.video/)
www.linkedin.com/company/blackbird-cloud
(http://www.linkedin.com/company/blackbird-cloud)
www.twitter.com/blackbirdcloud (http://www.twitter.com/blackbirdcloud)
www.facebook.com/blackbirdplc (http://www.facebook.com/blackbirdplc)
www.youtube.com/c/Blackbirdcloud (https://www.youtube.com/c/Blackbirdcloud)
Chairman's statement
2023 has been a significant year of investment and transformation for
Blackbird:
In last year's Annual Report (and in our public statements prior and
subsequently), we stated our plans …" to focus on creating a self-service
SaaS platform provided on a public cloud ("Blackbird SaaS")" to "…bring on
board, product, engineering and marketing talent to enable us to initially
address the Prosumer and Pro Teams markets" and to "continue to drive
innovation, creating valuable IP in the process".
This we have done in 2023. Our new elevate.io SaaS platform commenced early
access Q4 of 2023 and will begin general release towards the end of Q1 2024.
Background
Long term followers of Blackbird will already appreciate that our
award-winning technology is well recognized within the professional broadcast
market for media and entertainment ("M&E"), which has previously been the
main focus and drive of our go to market strategy. However, each of our major
accounts have often required bespoke integrations which are both time
consuming and costly. Combined with the pressures that major broadcasters face
with diminishing audience share and reduced advertising or subscription
revenues, it has proved a challenging task to grow our share of the M&E
services market. As a consequence, we took steps to ensure that, without
turning our backs on the M&E market where we still have role to play, we
expanded our focus into the significant prosumer/creator market with a
standalone product that builds upon the core technology that underpins the
Blackbird platform.
The market potential for elevate.io is significant. The total addressable
market ("TAM") is enormous and, after almost two years of team building and
product development, we start 2024 in a position to capitalise on our
capabilities. We will provide unique and much needed solutions to this major
market. Ian outlines our approach and this opportunity in more detail in his
Chief Executive's review.
Governance
Over the last year we have made changes to the composition and skill mix of
the board to better reflect the requirements of our wider market focus and
SaaS product model. To this end, David Main one of our most long serving
nonexecutive directors (and former Chairman) stepped down during the year and
we undertook an extensive search to secure a suitable replacement. We would
like to use this opportunity to thank David for his contribution and diligence
over the years and for the unwavering support and constructive input that he
has always provided. We will also shortly be saying goodbye to John
Honeycutt who has stepped down to concentrate on his growing International
client portfolio. We would like to thank him for his sound technical advice
and M&E sector knowledge. Yesterday we were pleased to announce the
appointment of Anne de Kerckhove as a non-executive director. Anne is an
experienced international executive with a background in technology, B2B and
B2C SaaS, Media and Entertainment, e-commerce, marketplaces & digital
transformation, and helping businesses scale. Anne has a wealth of relevant
and valuable experience which will assist us as we roll out and scale
elevate.io.
Regarding governance policies, we have recently updated our corporate
governance policies in line with renewed guidance from the Quoted Companies
Alliance (QCA) which is our adopted corporate governance code. Our updated
policy statement is available to view on www.blackbird.video. We have
adopted all the updated recommendations, where applicable, and going forward
will seek annual reelection to the board for all directors and putting
director's remuneration to an advisory vote. We also follow all QCA
recommendations on ESG matters whilst we promote the role that we play in
helping other stakeholders in achieving their own ESG targets.
We appreciate that the last couple of years have been a very challenging time
for our business and shareholders alike. All of the board are shareholders of
Blackbird and we are very mindful of the investment journey that each of us
have experienced. On behalf of the board, I would simply like to thank you for
your belief and on-going support, particularly as we transition the business
in order to realize the full economic potential of our amazing technology
which we are working relentlessly to achieve.
Andrew Bentley
Chairman
Chief Executive Officer's statement
2023 was the year of tremendous progress on our direct to creator Blackbird
SaaS platform now officially named, elevate.io. During the year we conducted
both qualitative and quantitative market research with over 300 people which
reinforced our belief that there are three key common problems that creators
face in content creation. Namely, that to make a video of quality they
currently have to use complex locally installed 'Hollywood' tools, there is
clunky third-party collaboration and the existing tools have limited
extensibility in terms of third party plug-ins, AI, stock library or effects.
Our vision for elevate.io is to address these issues and others via a powerful
web-based platform. We believe we are early to market in this area and have
the opportunity to capitalise on the paradigm shift to web tools in video for
the huge and fast-growing Creator Economy. Strong progress is being made on
the development of elevate.io which went into its early access phase in
November 2023 and will move to general release at the end of March 2024.
Our strategic vision set out in 2021 to develop a tool set for the creator
space has proved prescient as the media and entertainment industries globally
suffer badly from both cyclical and structural issues. Flat advertising
revenues, industry consolidation and the continuing search for sustainable
profits from streaming services are affecting the industry with layoffs rife
across the M&E and technology sectors. Meanwhile the creator economy
continues to grow strongly with Goldman Sachs predicting a doubling in size
from $250bn to $500bn by 2027.
It's probably no surprise therefore that 2023 was a challenging year for our
existing Blackbird platform as the market stagnated and our internal resources
were focused on elevate.io. As a result revenue fell by 32% to £1.94 million.
Whilst most of the fall is attributable to non-recurring items in 2022, the
EVS technology licensing development fees and the fees for the global winter
games, we also experienced some deal losses, most notably A+E Networks, which
as we announced in May 2023 concluded at the end of June 2023.
This is a highly competitive and exacting space, and some internal decisions
were taken about where to deploy developer resource to achieve the highest ROI
for the Company. Despite this, Blackbird continues to be used on the pinnacle
of Sports and News and was used on the largest sporting tournaments in 2023.
During the year the platform was used for the Women's World Cup, the Rugby
World Cup, the Ryder Cup, the Superbowl and at all of the tennis majors.
Through one of our OEM partners, we also closed a deal for the 2024 summer
games where the platform will be used on up to 70 concurrent feeds granting
access to our full suite of tools to global broadcasters. In News, through our
partnership with Blox Digital, Blackbird continues to provide fast-turnaround
content for local US news stations and in early 2024 we had a further
expansion of an additional 2 stations to leave us with 69 in total. Through
our deal with the US Department of State, the US Secretary of State's press
conferences continue to be edited and pushed at speed to social media through
our platform. Although challenged in achieving scale, Blackbird's prestigious
client base and technological pedigree in global news and sport sets us up
very well for scaling elevate.io.
The ongoing challenges to the media and entertainment sector are most evident
in our losses of the Gfinity and ODK services which have been pulled from the
market. In addition, Deltatre lost key sports contracts and A+E discontinued
its close to live action show which both contributed to the reduction in
revenues on the Blackbird platform. The post covid return to on premise
strategy for the NHL also led to the termination of their contract. None of
this is desirable but together with long sales cycles and idiosyncratic
workflows and complexity, it is symptomatic of the sector.
As has been seen in the last year the Company will keep a careful eye on the
cost base as compared to the opportunity and take action where and when
necessary.
With regards to tools for Creators there have been some very exciting
developments in recent years where companies like Figma and Canva have
unlocked huge amounts of value by a combination of simplifying toolsets and
taking them natively to the web. It would be easy to think that simple,
powerful web video creation tools already exist. However, for videographers
using standard Non-linear Editor ("NLE") suites then there are lots of pain
points still to iron out.
Currently video production tools are powerful but inflexible such as
traditional 'Hollywood' NLE's. Or they are semi-flexible web tools that lack
power, usability, and functionality and only suitable for short form video.
The vision behind elevate.io is to bring power and flexibility together. No
company has truly cracked video production at scale in the cloud as video has
been traditionally very clunky, expensive, and slow to manipulate on the web.
The prize on offer for the largest public clouds if this happens is huge
amounts of future storage, bandwidth and compute as production moves off
premise to cloud workflows.
elevate.io has been architected and built natively in the AWS public cloud as
was our vision when I joined the Company. This allows both effectively
infinite storage for our customers and most importantly effectively infinite
power for complex or compute hungry video creation workflows should this be
required in bursts. The fact that we are architected on AWS does not mean we
are in any way restricted from working with customers and creators who have
content stored in other places or clouds. We will continue to be completely
agnostic in this area.
After extensive research, involving more than 300 future prospects, our vision
for elevate.io is to make an extensible platform by combining disparate
strands of what is currently a 'broken workflow' for videographers in a
seamless and slick user experience. Examples of this vision for future
functionality would include storage, media management, editing, stock video,
third party effects and AI and many others. As investors will be aware this is
a dynamic and competitive space and so we will not go too deeply into future
product plans.
In addition to making the platform extensible, a key selling point for
creators from the outset will be the live multi-player ability. Use cases for
this will range from creators being able to work in pairs or teams,
supervising producers working with editors remotely, those pro-teams in
client-agency relationships getting feedback on changes in real time.
We envisage that a combination of these features will result in both improved
efficiency and improved video and storytelling quality which is a virtuous
circle for creators and viewers alike.
Additionally, as general access of elevate.io approaches, we have had a number
of engaged High Net Worth individuals show interest in investing directly in
our story. Together with some existing shareholders we have raised additional
funds to assist in the early months of elevate.io's growth. We were delighted
to get the support of these individuals and institutions and did this at only
a minimal discount.
I am very excited about 2024 and moving elevate.io to general release at the
end of Q1. The Creator Economy represents a massive opportunity for the
Company to open up our addressable market and, through elevate.io's unique
proposition, product market fit and self-service model, we anticipate this
accelerating our revenue growth.
Ian McDonough
Chief Executive Officer
Financial review
Revenue
In the year ended 31 December 2023, the Company recorded revenues of £1,937k
(2022: £2,847k), which represented a decrease of 32% year on year. The
majority of the fall relates to two non-recurring items in 2022; firstly, the
development fee for the technology licensing fee and secondly revenues earned
from the global winter games. However, the Company also lost deals from A+E
Networks, Deltatre and NHL during the year, and smaller ones from ODK and
Gfinity who shut their services due to them being uneconomical in the tough
market conditions.
Operating costs
Operating costs, excluding LTIP provision, during the year to 31 December 2023
were £4,114k compared to £4,510k in the corresponding period in 2022.
Operating costs pre-capitalisation and LTIP provision increased to £5,744k
from £4,975k. Capitalisation costs increased to £1,631k from £458k mainly
due to the increased development work on the elevate.io platform.
Restructuring of the Blackbird platform team led to a number of roles leaving
the business and resulted in one-off costs of £131k. Going forward this
action will lead to annual savings of c.£600k.
Performance measures
The Company has identified certain metrics such as i) Adjusted EBITDA pre LTIP
provision and share option costs and ii) cash burn excluding proceeds from
share issues and transfers into short-term deposits, which whilst they are
non-GAAP metrics, assist in the understanding of business performance. These
alternative performance measurements may not be directly comparable with other
companies' measures and are not intended to be a substitute for any
International Accounting Standards performance measures. The Company believes
that Adjusted EBITDA pre LTIP provision and share option costs is the best
measure to reflect core operational performance and that cash burn, excluding
proceeds from share issues and transfers into short-term deposits, provides
the best measure of the cash being utilised by the business until it can be
self-generating.
Adjusted EBITDA pre LTIP provision and share option costs
The Adjusted EBITDA pre LTIP provision and share option costs loss increased
to a loss of £2,301k (2022: a loss of £1,806k). This was due to lower
revenues partially offset by lower operating costs as explained above.
LTIP
There were no LTIP units issued during the year and consequently there was no
charge to the Income Statement in 2023 (2022: £350k credit) and no LTIP
provision on the Statement of Financial Position at 31 December 2023 (At 31
December 2022 £nil).
Net loss
The net loss for the year was £2,493k compared to a net loss of £1,917k in
2022 due to a worse Adjusted EBITDA pre LTIP provision as explained above, a
£350k LTIP credit to the income statement in 2022 (2023: £nil), partially
offset by higher net financial income as a result of higher interest rates.
Cash burn excluding proceeds from share issues and transfers into short-term
deposits
During the year the Company's cash burn, excluding proceeds from share issues
and transfers into short-term deposits, increased to £3,786k from £2,746k in
2022, primarily as a result of £1,248k additional costs incurred on
developing the elevate.io platform.
The Company ended the year with a balance sheet including £6,468k of cash and
short-term deposits (31 December 2022: £10,099k) and no debt.
Outlook
The Company started the year with a contracted but unrecognised revenue
balance of £1,770k (2022: £3,426k) down 48% on prior year. The main reasons
behind the fall were the loss of the A+E Networks deal and one year less of
some of our larger deals. £1,150k of the year-end balance relates to
revenue to be recognised in 2024 (2022 comparative: £1,597k revenue to be
recognised in 2023). The Company will be showcasing its platform, via its OEM
partner, EVS, to multiple Broadcasters at the 2024 global summer games.
We anticipate that elevate.io will be made available for general release at
the end of Q1 2024. The intention is to open up our addressable market and
accelerate sales growth through elevate.io's self-service model. The board are
excited about the prospects for elevate.io and are greatly encouraged by the
feedback from early users.
In February 2024 the Company announced a placing to raise £1.05 million
(before expenses) to bring onboard some valuable High Net Worth individuals
who wanted to invest directly in our story. The proceeds will be used to
bolster our investment in and grow elevate.io.
Stephen White
Chief Operating and Financial Officer
Income statement and statement of comprehensive income for the year ended 31
December 2023
2023 2022
£ £
CONTINUING OPERATIONS
Revenue 1,937,481 2,847,202
Cost of Sales (124,918) (143,149)
GROSS PROFIT 1,812,563 2,704,053
Operating costs excluding LTIP provision (4,113,851) (4,509,938)
ADJUSTED EARNINGS BEFORE INTEREST, TAXATION, DEPRECIATION, AMORTISATION, (2,301,288) (1,805,885)
EMPLOYEE SHARE OPTION COSTS AND LTIP PROVISION (ADJUSTED EBITDA Pre LTIP and
Share Option Costs)
LTIP provision decrease - (41,309) 350,431 (168,981)
Employee share option costs
EARNINGS BEFORE INTEREST, TAXATION, DEPRECIATION, AMORTISATION (EBITDA) (2,342,597) (1,624,435)
Depreciation (168,111) (144,677)
Amortisation (416,691) (383,330)
(584,802) (528,007)
OPERATING LOSS (2,927,399) (2,152,442)
Net Finance income 325,409 141,414
LOSS BEFORE INCOME TAX (2,601,990) (2,011,028)
Income tax 108,704 94,178
(2,493,286) (1,916,850)
LOSS FOR THE YEAR
Other comprehensive income - -
TOTAL COMPREHENSIVE LOSS FOR THE YEAR (2,493,286) (1,916,850)
Earnings per share expressed in pence per share:
Basic - continuing and total operations
(0.68p) (0.52p)
Statements of financial position as at 31 December 2023
2023 2022
£ £
ASSETS
NON-CURRENT ASSETS
Intangible assets 2,547,305 1,270,231
Property, plant and equipment 78,192 202,204
2,625,497 1,472,435
CURRENT ASSETS
Trade and other receivables 699,829 862,549
Stock - 662
Current tax assets 108,704 94,178
Short-term investments 2,489,009 4,366,342
Cash and bank balances
3,979,265 5,732,350
7,276,807 11,056,081
TOTAL ASSETS 9,902,304 12,528,516
EQUITY AND LIABILITES
CAPITAL AND RESERVES
Issued share capital 2,947,284 2,941,044
Share premium 34,079,856 34,038,746
Capital contribution reserve 125,000 125,000
Retained earnings (28,356,751) (25,904,774)
TOTAL EQUITY 8,795,389 11,200,016
NON-CURRENT LIABILITIES
Lease and other payables - 29,783
CURRENT LIABILITIES
Trade and other payables 1,106,915 1,298,717
TOTAL LIABILITIES 1,106,915 1,328,500
TOTAL EQUITY AND LIABILITIES 9,902,304 12,528,516
Statement of changes in equity for the year ended 31 December 2023
Issued share capital Retained earnings Share premium Capital contribution reserve Total equity
£ £ £ £ £
Balance at 1 January 2022 2,940,524 (24,156,905) 34,034,228 125,000 12,942,847
Changes in equity
Issue of share capital 520 - 4,518 - 5,038
Share issue expenses - - - - -
Share based payment - 168,981 - - 168,981
Total comprehensive loss for the year - (1,916,850) - - (1,916,850)
Balance at 31 December 2022 2,941,044 (25,904,774) 34,038,746 125,000 11,200,016
Changes in equity
Issue of share capital 6,240 - 41,110 - 47,350
Share based payment - 41,309 - - 41,309
Total comprehensive loss for the year - (2,493,286) - - (2,493,286)
Balance at 31 December 2023 2,947,284 (28,356,751) 34,079,856 125,000 8,795,389
Statement of cash flows for the year ended 31 December 2023
2023 2022
Notes £ £
Cash flows from operating activities
Cash used in operations A (2,157,629) (2,194,724)
Interest paid on lease liabilities (3,185) (7,692)
Tax received 94,178 32,166
Net cash from operating activities (2,066,636) (2,170,250)
Cash flows from investing activities
Payments for intangible fixed assets (1,706,141) (470,200)
Payments for property, plant and equipment (44,096) (90,226)
Transfer into short-term investments 1,877,333 (197,156)
Interest received 236,634 82,041
Net cash from investing activities 363,730 (675,541)
Cash flows from financing activities
Share issues (net of expenses) 47,350 5,038
Payment of lease liabilities (97,529) (97,169)
Net cash from financing activities (50,179) (92,131)
Decrease in cash and cash equivalents (1,753,085) (2,937,924)
Cash and cash equivalents at beginning of year 5,732,350 8,670,274
Cash and cash equivalents at end of year 5,732,350
3,979,265
A. Reconciliation of loss before income tax to cash used in
operations
2023 2022
£ £
Loss before income tax (2,601,990) (2,011,028)
Depreciation 168,111 144,677
Amortisation charges 416,691 383,330
Finance income (325,409) (141,414)
Earnings before interest, taxation, depreciation and amortisation (2,342,597) (1,624,435)
Adjustment for LTIP - (350,431)
Adjustment for Employee share option costs 41,309 168,981
Movements in working capital:
Decrease /(Increase)in trade and other receivables 165,300 (372,821)
(Decrease) in trade and other payables (21,641) (16,018)
Cash used in operations (2,157,629) (2,194,724)
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