REG - Blackbird PLC - Final Results
04/03/2025 07:00
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RNS Number : 1790Z Blackbird PLC 04 March 2025
4 March 2025
Blackbird plc
(the "Company")
Audited results for the year ended 31 December 2024
Blackbird plc (AIM: BIRD), the technology licensor, developer and seller of
market-leading cloud native video editing platform, Blackbird, and developer
of the online collaborative video editing and content creation platform,
elevate.io, announces its audited results for the year ended 31 December 2024.
Ian McDonough, CEO of Blackbird, commented:
"2024 was a year of great progress for elevate.io which went on general
release at the end of March 2024. Subsequently we have added features and
functionality at pace and continue to do so. In September 2024 we began our
first marketing campaigns which gave us valuable customer acquisition and
usage insights. In January 2025 we brought Nick Lisher onboard as a consultant
to strengthen our marketing team ahead of the payment gateway launch. Nick is
a performance marketeer with a track record of delivering exceptional revenue
growth at previous SaaS companies. His experience will be invaluable as we
look to scale elevate.io. On 11 February 2025 we introduced the first payment
tier, Creator, on elevate.io. For a company that has in recent years been
entirely focused on B2B white glove sales, going direct to customer is a
significant undertaking. The paid Creator tier was seamlessly launched.
"Whilst its early days and we have little data to analyze, we are encouraged
by the early growth of Creator. At the time of writing, 20 days in, the
number of paying subscribers stands at circa 100 We have launched payments
ahead of key features like vertical video editing in order to learn and
optimize the search engine marketing algorithm. We will ramp up more
significant marketing initiatives on additional platforms to our target
customer base of creator and corporate video editors as features drop. It is
worth noting that since the launch of vertical video our Weekly Active users
doubled to 1,337 for the week ended 2 March 2025. The Board are excited about
the prospects for elevate.io.
"The structural changes that we made to our business has led to improved
financial performance, with the Blackbird division delivering a positive
EBITDA of c.£0.5 million in 2024. Blackbird continues to be used at the
pinnacle of Sports and News video creation. During 2024, our platform was used
at a number of major global sporting events, including at the summer games
where the platform was used on 75 concurrent feeds, granting remote access to
our full suite of tools to global broadcasters. In News, we extended our
partnership with the global financial news organization by a further three
years and, through our partnership with Blox Digital, Blackbird continues to
provide fast-turnaround content for 72 local US news stations. In an
important election year, through our deal with the US Department of State, the
US Secretary of State's press conferences were edited and pushed at speed to
social media through our platform.
"I am incredibly excited about 2025 and growing elevate.io's user base and
revenue. The size of the addressable market is significant and I look forward
to working with our talented team to realise the value in our proven and
patented technology."
Operational highlights (post year end)
o elevate.io's first payment tier, Creator, was launched successfully
on 11 February 2025, ahead of management's original plan, to gather further
data and insights ahead of stepping up marketing activity
o At 3(rd) March 2025, elevate.io had circa 100 paid subscribers.
Features continue to be added to the platform, such as vertical video on 25
February 2025, which will help drive further take up. This more than doubled
the weekly active users in the week ending 2 March 2025 to 1,337^ compared to
the prior week. Monthly active users also doubled to 2,223^ in February 2025
compared to the prior month. The Board are encouraged by these early signs.
We are now enhancing our market initiatives to convert free users and drive
further paid subscriptions and look forward to giving shareholders a further
update on elevate.io take up at the AGM
o Nick Lisher joined elevate.io as a consultant from the start of
2025, alongside his Non-Executive role, to assist with executing against our
go to market strategy and to drive early paying customer growth
o Multi-year renewal signed with CBS19, a Charlottesville-based local
TV station
o £960k* revenue secured for 2025, at end of February 2025, which is
down 18% year on year (2024 comparative at end of February 2024: £1,169k).The
fall was primarily driven by the one-off winter and summer games deal in the
order book in prior year
o Contracted but unrecognised revenue of £1,318k* at end of February
2025. Of this, £338k* is to be recognised in 2025, a further £690k* in
2026, with the remainder in 2027
o Selected to join Innovate UK's Global Business Innovation Programme
which includes a fully-funded trip to attend the South by Southwest Conference
in Austin, Texas in March 2025
*Unaudited and subject to exchange rate fluctuations
^Figures are based on users whose accounts are at least one week old
Operational highlights (during the year)
· elevate.io went on general release in March 2024 in accordance
with the previously announced time frame
· elevate.io is being continually enhanced via a rapid deployment
method and during the period multiple features were added, including more
transformations, transitions, text, team structure, editing controls and
further general performance improvements
· Placing announced on 29 February 2024:
o raised approximately £1.05 million before expenses
o brought onboard some engaged High Net Worth individuals who showed an
interest in investing directly in our technology
o proceeds used to bolster our investment in and grow elevate.io
· Board changes to reflect the skillsets required to execute our
elevate.io strategy
o Anne de Kerckhove joined the Board on 6 March 2024 as Senior Independent
Non-Executive Director and Audit Chair and became Chair of the Board following
the Annual General Meeting held on 18 June 2024. Anne is an experienced Board
member and executive with a background in technology, innovation and digital.
Anne currently chairs the Board of Eagle Eye Solutions Group and is a Senior
Independent Director and Chair of the Nominations and ESG committees of evoke
plc
o Youri Hazanov joined the Board on 15 August 2024 as a Non-Executive
Director. Youri is an experienced international Creator Economy executive with
a track record of growing businesses and a background in technology,
partnerships and marketing. Youri is currently General Manager and Chief
Partnerships Officer and member of the executive team at JellySmack and
previously led partnerships, business & strategy at YouTube in EMEA, CEE,
Russia, Israel and the Middle East
o Nick Lisher joined the Board on 16 September 2024 as a Non-Executive
Director. Nick is a growth marketeer who has driven performance marketing,
community building, digital marketing, and innovative brand development at a
number of ecommerce companies including Flo Health, Nextdoor and Depop
o Andrew Bentley stepped down from the Board and from the Chair at the
Annual General Meeting held on 18 June 2024. The Board would like to thank
Andrew for all his contributions over his tenure
· Blackbird deployed at the 2024 summer games through an OEM
partner with up to 75 live concurrent feeds being used for fast turnaround
content for global broadcasters
· Successful renewals on Blackbird with:
o Global financial news organisation for a further three years
o FIFA for an additional 25 months
o US Department of State, CBS Sports, Televisa Univision, Arsenal
· Deal signed with CBS19, a Charlottesville-based local TV station,
for collaborative and scalable video editing and publishing for its broadcast
and digital workflow
· New deal, through an OEM partner, with a South Korean TV station
for fast turnaround of sports content to their OTT platform
Financial highlights
· In line with previous guidance, the structural changes made to
the Blackbird division led to that division making a positive Adjusted EBITDA
(pre LTIP and share option costs) of £492k in 2024 (2023: £365k Adjusted
EBITDA loss pre LTIP and share option cost) and a net profit of £22k (2023:
£966k loss)
· Placing and management subscription raised c. £1.05 million (net
of expenses) to bring onboard some engaged high net worth investors and assist
with elevate.io's growth
· Revenues of £1,608k for the 12 months to 31 December 2024, down
17% year-on-year (12 months to 31 December 2023: £1,937k) with the main
reasons being the loss of the A+E Network deal in 2023 and some smaller
customer churn
· Contracted but unrecognised revenue of £1,831k up 3%
year-on-year (as at 31 December 2023: £1,770k):
o £891k of this balance is to be recognised in 2025 (as at 31 December
2023: £1,151k to be recognised in 2024)
o £678k in 2026 (as at 31 December 2023: £325k to be recognised in 2025)
o £262k in 2027 (as at 31 December 2023: £294k to be recognised in 2026)
· Operating costs during the year to 31 December 2024 were £3,604k
compared to £4,114k in 2023. Operating costs pre-capitalisation and LTIP
provision decreased to £5,300k from £5,744k due to tight cost control and a
restructuring of the Blackbird business. Capitalisation costs were higher than
prior year at £1,696k (2023: £1,631k) with increased investment on the
elevate.io platform in 2024 compared to prior year
· Total adjusted EBITDA loss (pre LTIP and share option costs),
decreased to a loss of £2,137k (2023: a loss of £2,301k). This was due to
lower revenues partially more than offset by lower operating costs
· The net loss for the year was £2,347k compared to a net loss of
£2,493k in 2023 due to a lower Adjusted EBITDA loss pre LTIP provision and
lower amortisation and depreciation charges partially offset by lower net
financial income and a lower tax credit
· Net cash outflow, ignoring proceeds from share issues and
transfers into short-term deposits, decreased to £3,748k (12 months to 31
December 2023: £3,786k) as improved performance in the Blackbird division
offset higher costs on developing elevate.io
· At 31 December 2024 the Company had cash and short-term deposits of
£3,770k (2023: £6,468k) 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, Media and Entertainment and
content creation markets. Blackbird plc's patented technology allows for
frame accurate navigation, playback, viewing and editing in the cloud and it
has two products.
BlackbirdⓇ a market leading suite of cloud-native computing applications, is
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.
elevate.io is the company's new online collaborative content creation platform
currently in general release. elevate.io (http://elevate.io/) is built using
Blackbird's core technology and is aimed at professional teams and the fast
growing Creator Economy.
Blackbird plc also licences its core video technology, under its 'Powered by
Blackbird' licensing model, enabling video companies to accelerate their path
to true cloud business models.
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 (http://www.youtube.com/c/blackbirdcloud)
www.elevate.io
Chair's statement
I am delighted to have joined Blackbird's board in March 2024 and subsequently
taken over the Chair from Andrew Bentley in August 2024. The Company has had
award-winning patented scalable technology for the professional broadcast
market for media and entertainment for many years. We are delighted to have
powered the coverage of key sporting and news events during 2024.
Our underlying technology is now allowing us to disrupt the much larger market
of collaborative video editing for the Creator Economy. We have all witnessed
in the last five years the proliferation of video content and the shift from
traditional media produced content to independent creators globally across all
walks of society. Athletes, designers, professional sports teams, artists,
influencers, chefs, musicians have all taken video to reach and engage with
their fanbase and drive revenue. The quality of video content has
substantially increased in the last two years with creators focusing on
longer-form content. Direct to Consumer brands now also leverage video as the
main tool to drive sales and consumer engagement. Small businesses use video
to engage with prospects every day. Large corporates also leverage video as
their main employee engagement tool as well as brand engagement. This growing
market offers a massive opportunity to introduce new faster, simpler,
collaborative tools to create and edit video.
elevate.io, our online collaborative video editor is the perfect tool for this
new Creator Economy as it is accessible to all and allows creators to produce
videos much faster with teams that can be dispersed across the world.
elevate.io was released in Q1 2024 and new functionality has been added
continuously to the platform. With very limited marketing spend, we have
reached users in multiple verticals within the Creator Economy. We are now
focusing on deploying our payment gateway and converting our consumers to
enhanced paid packages.
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 focus on the Creator
Economy, on product-led growth and on SaaS Go to market. To this end, we were
delighted to welcome two new non-executive board members, Youri Hazanov and
Nick Lisher. Youri Hazanov, a highly experienced executive in technology and
in the video space, brings a wealth of expertise in developing and scaling
international businesses, with a proven track record of revenue growth and
extensive knowledge and skill in partnerships across both B2C and B2B sectors.
During a career spanning over two decades, Nick Lisher has demonstrated the
power of marketing to connect consumers, build engaged communities and drive
growth across various industries, from music and fashion to technology,
education and health.
Regarding governance policies, we continue to adopt the guidance from the
Quoted Companies Alliance (the QCA code). Our updated policy statement is
available to view on our website at
www.blackbird.video/aim-rule-26-information/.
On behalf of the board, we thank you for your continued support and we look
forward to sharing the growth in deployment of elevate.io globally whilst also
retaining our key broadcast clients.
Anne de Kerckhove
Chair
Chief Executive Officer's statement
2024 marked a year of significant progress for elevate.io, which officially
launched in March 2024. Since then, we've rapidly added features and
functionality, continuously enhancing the platform. In September 2024, we
initiated our first marketing campaigns, yielding valuable insights into
customer acquisition and usage. To strengthen our marketing efforts ahead of
the payment gateway launch, we engaged Nick Lisher in January 2025 as a
consultant. With his proven track record of driving exceptional growth at SaaS
companies, Nick's expertise will be instrumental in scaling elevate.io.
When first embarking upon the elevate.io project, I was reminded many times of
the words of large satellite and cable operators in my old world of media who
would tell us media owners how difficult it was to build a direct to customer
payment gateway. The world of SaaS has improved this situation but it is not a
small undertaking then to build a global multi-currency gateway in a company
that has been focussed on B2B white glove sales for so long. On February 11
2025, we very proudly successfully introduced the first payment tier, Creator,
without any significant hitch, and we now have paying customers from around
the world. The gateway itself has elements of innovation where fractional
transparent payments are aimed at building trust with customers.
Whilst its early days and we have little data to analyze, we are encouraged by
the early growth. At the time of writing, 20 days in, the number of
subscribers stands at circa 100. We launched payments ahead of key features
like vertical video editing in order to learn and optimize the search engine
marketing algorithm. We will ramp up bigger marketing initiatives on
additional platforms to our target customer base of creator and corporate
video editors as features drop. It is worth noting that since the launch of
vertical video our Weekly Active users doubled to 1,337 for the week ending 2
March 2025. The Board are excited about the prospects for elevate.io.
elevate.io is meticulously crafted to democratise professional video tools and
make them available online and through a browser. elevate.io aims to deliver a
user-friendly collaborative solution for both the Creator Economy and
corporate video sectors. These markets are global in scope, encompassing
long-form and short-form content creation for internal and external
communications.
The Creator Economy
The Creator Economy's scale and growth are widely recognised. According to
Goldman Sachs, the market was valued at $250 billion in 2023, with projections
to reach $600 billion by 2030 (The Mediator). Video content is central to this
ecosystem:
· 73% of teens watch YouTube daily, and 53% are active on
TikTok;
· more adults in the U.S. consume news from social media
than traditional TV or mainstream media; and
· half of Americans aged 18-35 regularly use at least
five social media platforms, all heavily reliant on video.
These statistics highlight the ever-growing demand for video content across
platforms, underscoring elevate.io's potential to support creators in meeting
these needs.
Corporate Video
In the corporate world, video is increasingly recognized as a critical
communication tool:
· 93% of internal communicators believe video is essential for
employee engagement (Ragan Communications and NASDAQ OMX Corporate Solutions).
· employees are 75% more likely to watch a video than read
documents or emails (Forrester Research); and
· despite this, only 31% of organizations effectively use video
for corporate communications from leadership, even though 80% of employees
prefer it (Brightcove).
elevate.io addresses this gap by offering scalable, accessible video creation
tools, making it easier for companies to meet employee preferences.
Despite the competitive noise in the online video sector, elevate.io has a
core competitive advantage-our proprietary codec and vidlib technologies.
These innovations enable the seamless editing of videos of any length directly
in a browser, a capability unmatched in the market. The upcoming launch of
Blackbird 10 will further enhance quality and performance, solidifying our
technological lead.
The elevate.io of today is V1 only. Much of the market opportunity and hard
work in product and development lies ahead of us. We have identified customers
and jobs to be done with elevate today that will provide significant revenue
opportunities and traction. However, as we add features and functionality,
which we are doing continuously, this will enable us to be able to perform
additional jobs and the potential to serve further customers.
Upcoming features include:
· Viral/Collaborative: Comments for review and approve,
view only mode
· Editing features: audio waveforms, speed adjustments,
key frame animation presets
· Templates for branding and graphics
· AI and automation tools, such as speech-to-text and
text-to-speech, to streamline workflows.
We've maintained a disciplined approach to our cost base, leading to further
internal restructuring in 2024. These changes improved the financial
performance of our Blackbird media and entertainment division, which delivered
a positive Adjusted EBITDA pre LTIP and share option costs of approximately
£0.5 million in 2024.
Blackbird continues to excel at the forefront of sports and news video
creation:
· used in major global sporting events, including the
Summer Games, with 75 concurrent feeds enabling remote access for
broadcasters;
· extended our partnership with a leading global
financial news organization for an additional three years;
· supported U.S. local news stations through our
partnership with Blox Digital, ensuring fast turnaround for content creation;
and
· enabled the U.S. Secretary of State's press conferences
to be edited and published to social media with speed and efficiency.
I am incredibly excited about 2025 and the opportunities to grow elevate.io's
user base and revenue. The size of the addressable market is immense, and I
look forward to working with our talented team to unlock the value of our
proven and patented technology.
Ian McDonough
Chief Executive Officer
Financial review
Revenue
In the year ended 31 December 2024, the Company recorded revenues of £1,608k
(2023: £1,937k), which represented a decrease of 17% year on year. The
majority of the fall relates to the loss of the A+E Networks deal, along with
churn from some smaller deals partially offset from non-recurring revenue from
the 2024 summer games
Operating costs
Operating costs during the year to 31 December 2024 decreased to £3,604k
compared to £4,114k in the corresponding period in 2023 due to cost savings
from restructuring the Blackbird division. Operating costs pre-capitalisation
and LTIP provision decreased to £5,300k from £5,744k. Capitalisation costs
of £1,696k (2023: £1,631k) increased compared to prior year with a higher
amount of work on developing the elevate.io platform.
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 decreased
to a loss of £2,137k (2023: a loss of £2,301k). This was due to lower
operating costs partially offset by lower revenues as explained above.
Net loss
The net loss for the year was £2,347k compared to a net loss of £2,493k in
2023 due to an improved Adjusted EBITDA loss pre LTIP provision and share
option costs as explained above, and a lower depreciation charge (caused by
having to capitalise and depreciate the previous office lease due to its
length under IFRS16, as opposed to expensing the current shorter office lease
to the Income statement) partially offset by lower net financial income and a
lower tax credit.
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, decreased to £3,748k from £3,786k in
2023, primarily as a result of improved performance from the Blackbird
division partially offset from additional costs incurred on developing the
elevate.io platform.
The Company ended the year with a balance sheet including £3,770k of cash and
short-term deposits (31 December 2023: £6,468k) and no debt.
Outlook
The Company started 2025 with a contracted but unrecognised revenue balance of
£1,831k (2023: £1,770k) for the Blackbird division up 3% on prior year. The
main reasons were the renewals of the global financial news organisation and
FIFA deals partially offset from one year less of the technology licensing
minimum guarantee and no balance at the end of 2024 similar to the 2024 summer
games order which was included at 31 December 2023. In 2024 the Blackbird
division made a positive EBITDA for the first time and we are forecasting that
this will continue in 2025.
Post elevate.io's,beta launch in March 2024 features and functionality are
being continuously added. In November 2024 the number of elevate.io users
exceeded 40,000 and since then the user numbers have continued to grow. The
payment gateway was successfully launched on 11 February 2025. This will
give us more valuable data and insights ahead of a bigger marketing initiative
to our target customer base of creator and corporate video editors once
further features drop. At 3rd March 2025, elevate.io had circa 100 paid
subscribers. Features continue to be added to the platform, such as vertical
video on 25 February 2025, which will help drive further take up. This more
than doubled the weekly active users in the week ending 2 March 2025 to 1,337
compared to the prior week. Monthly active users also doubled to 2,223 in
February 2025 compared to the prior month. We are now enhancing our market
initiatives to convert free users and drive further paid subscriptions and
look forward to giving shareholders a further update on elevate.io take up at
the AGM.
The Board is encouraged by the speed of recent elevate.io development, the
early positive feedback and excited about its growth prospects.
Stephen White
Chief Operating and Financial Officer
Income statement and statement of comprehensive income for the year ended 31
December 2024
2024 2023
£ £
CONTINUING OPERATIONS
Revenue 1,607,673 1,937,481
Cost of Sales (141,973) (124,918)
GROSS PROFIT 1,465,700 1,812,563
Other Income 2,000 -
Operating costs excluding LTIP provision and share option costs (3,604,239) (4,113,851)
ADJUSTED EARNINGS BEFORE INTEREST, TAXATION, DEPRECIATION, AMORTISATION, (2,136,539) (2,301,288)
EMPLOYEE SHARE OPTION COSTS AND LTIP PROVISION (ADJUSTED EBITDA Pre LTIP and
Share Option Costs)
Employee share option costs (47,044) (41,309)
LOSS BEFORE INTEREST, TAXATION, DEPRECIATION, AMORTISATION (EBITDA) (2,183,583) (2,342,597)
Depreciation (82,498) (168,111)
Amortisation (411,585) (416,691)
(494,083) (584,802)
OPERATING LOSS (2,677,666) (2,927,399)
Net Finance income 259,928 325,409
LOSS BEFORE INCOME TAX (2,417,738) (2,601,990)
Income tax 70,887 108,704
(2,346,851) (2,493,286)
LOSS FOR THE YEAR
Other comprehensive income - -
TOTAL COMPREHENSIVE LOSS FOR THE YEAR (2,346,851) (2,493,286)
Earnings per share expressed in pence per share:
Basic - continuing and total operations
(0.61p) (0.68p)
Statement of financial position as at 31 December 2024
2024 2023
£ £
ASSETS
NON-CURRENT ASSETS
Intangible assets 3,831,607 2,547,305
Property, plant and equipment 17,655 78,192
3,849,262 2,625,497
CURRENT ASSETS
Trade and other receivables 732,375 699,829
Current tax assets 70,887 108,704
Short-term investments 607,376 2,489,009
Cash and bank balances
3,162,581 3,979,265
4,573,219 7,276,807
TOTAL ASSETS 8,442,481 9,902,304
EQUITY AND LIABILITES
CAPITAL AND RESERVES
Issued share capital 3,096,618 2,947,284
Share premium 34,980,224 34,079,856
Capital contribution reserve 125,000 125,000
Retained earnings (30,656,558) (28,356,751)
TOTAL EQUITY 7,545,284 8,795,389
CURRENT LIABILITIES
Trade and other payables 877,197 1,106,915
TOTAL LIABILITIES 877,197 1,106,915
TOTAL EQUITY AND LIABILITIES 8,422,481 9,902,304
Statement of changes in equity for the year ended 31 December 2024
Issued share capital Retained earnings Share premium Capital contribution reserve Total equity
£ £ £ £ £
Balance at 1 January 2023 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
Changes in equity
Issue of share capital 149,334 - 900,368 - 1,049,702
Share issue expenses - - - - -
- 47,044 - - 47,044
Share based payment
Total comprehensive loss for the year - (2,346,851) - - (2,346,851)
Balance at 31 December 2024 3,096,618 (30,656,558) 34,980,224 125,000 7,545,284
Statement of cash flows for the year ended 31 December 2024
2024 2023
Notes £ £
Cash flows from operating activities
Cash used in operations A (2,157,629)
(2,513,577)
Interest paid on lease liabilities (70) (3,185)
Tax received 108,704 94,178
Net cash from operating activities (2,404,943) (2,066,636)
Cash flows from investing activities
Payments for intangible fixed assets (1,695,887) (1,706,141)
Payments for property, plant and equipment (20,719) (44,096)
Transfer from short-term investments 1,881,633 1,877,333
Interest received 402,825 236,634
Net cash from investing activities 567,852 363,730
Cash flows from financing activities
Share issues (net of expenses) 1,049,702 47,350
Payment of lease liabilities (29,295) (97,529)
Net cash from financing activities 1,020,407 (50,179)
Decrease in cash and cash equivalents (816,684) (1,753,085)
Cash and cash equivalents at beginning of year 3,979,265 5,732,350
Cash and cash equivalents at end of year
3,162,581 3,979,265
A. Reconciliation of loss before income tax to cash used in
operations
2024 2023
£ £
Loss before income tax (2,417,738) (2,601,990)
Depreciation 82,498 168,111
Amortisation charges 411,585 416,691
Finance income (259,928) (325,409)
Earnings before interest, taxation, depreciation and amortisation (2,183,583) (2,342,597)
Adjustment for Employee share option costs 47,044 41,309
Movements in working capital:
Decrease in trade and other receivables 5,272 165,300
(Decrease) in trade and other payables (382,310) (21,641)
Cash used in operations (2,513,577) (2,157,629)
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