Cambridge Nutrition. - Half-year Report

Cambridge Nutritional Sciences

10/11/2025 07:00

RNS Number : 7691G

Cambridge Nutritional Sciences PLC

10 November 2025

 

CAMBRIDGE NUTRITIONAL SCIENCES PLC

("CNS" or the "Company" or the "Group")

 

Half-Year Report

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

 

Company remains EBITDA positive with further improvements in gross margin.

Sales and marketing teams restructured to deliver long term growth.

 

CNS (AIM: CNSL), the specialist medical diagnostics company focused on promoting a personalised and functional approach to health and nutrition, announces its unaudited interim results for the six months ended 30 September 2025.

 

H1 Financial Highlights:

·      Revenue decreased to £3.9m (H1 2025: £4.1m)

·      Gross margin increased to 67.7% (H1 2025: 65.4%), largely due to production efficiencies & product mix

·      Adjusted EBITDA2 £0.1m (H1 2025: £0.2m)

·      Loss before tax £0.4m (H1 2025: £0.2m)

·      Cash balance £3.6m (H1 2025: £4.5m)

 

Operational Highlights:

·      Strong performance in operations with FoodPrint® yields continuing their improvement

·      CNS Lab productivity remains high with good year on year growth, sales rising 8% on last year

·      Gross margin improvement driven by improved productivity and production yields, reinforcing our focus to improve this area further   

 

Outlook:

·      Company now expects full year sales to be lower than the previous year, as sales cycles for new customers prove to be longer than anticipated

·      The sales pipeline continues to grow and the team are focused on converting initial agreements into  orders. Our revenues in H1 have not been helped by some regions, mainland Europe in particular, ordering less than in previous years.

·      USA Laboratories are taking longer to commercialise FoodPrint® but we are seeing encouraging signs.  

·      The Company remains well-funded to deliver on our strategic objectives, with cash being invested to drive new initiatives including IVDR development and new Gut Detective® product.

·      The Board remains confident and focused on driving new and existing sales as the primary objective for H2 and the year thereafter and is increasingly spending more of its time on this area.

·      Out of this has come a complete restructure of the sales team and its operations, splitting out the roles of customer service, acquisition and customer success from the sales function so they can focus primarily on signing new distributors and laboratories and driving more sales from existing customers. This feeding of the funnel is paramount to future sales growth.

   

1Adjusted for exceptional items, amortisation of intangible assets and share based payment charges.

 2See Segment Information note 2.

 

 

Commenting on the results, Carolyn Rand, Chair, said:

"The first half of this year has been frustrating. We have seen some regions showing good growth, particularly where we are closer to the end user, whilst other key areas have not achieved their budget.

We have therefore implemented a restructure of the sales teams to ensure more focus is given to understand the markets more deeply and deliver on customer needs and demands. This will take a little time to embed so we do not expect the second half to show any significant improvements.

The positive news is that despite lower sales we have continued to grow our gross margin by another 2.3% in the first half and that profitability in the business continues at the adjusted EBITDA level, demonstrating the excellent work laying the foundations in these areas over the last few years.

We remain confident in the long term future of CNSL as the new sales team structure beds in and starts to deliver"

 

Investor presentation

James Cooper CEO and Ajay Patel CFO will provide a live presentation relating to the Interim Results via the Investor Meet Company platform today at 16:00 GMT. The presentation is open to all existing and potential shareholders.

 

Investors can sign up to Investor Meet Company for free and add to meet Cambridge Nutritional Sciences PLC  via:

https://www.investormeetcompany.com/cambridge-nutritional-sciences-plc/register-investor

The investor presentation will be available later this morning on the Company website:

https://www.cnsplc.com/financials/presentations

The information communicated in this announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014

 

Contacts: 

Cambridge Nutritional Sciences PLC www.cnsplc.com
James Cooper, Chief Executive Officer
Ajay Patel, Chief Financial Officer
Cavendish Capital Markets LimitedTel: 020 7220 0500
Nigel Birks / Harriet Ward (ECM)
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") EU no.596/2014. Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

About Cambridge Nutritional Sciences plc

Cambridge Nutritional Sciences plc (AIM: CNSL) is a specialist medical diagnostics company focused on industry-leading Health and Nutrition products.

 

James Cooper, Chief Executive Statement

Overview

Sales in the first half of this fiscal year have not reached our expectations. The key regions we have seen sales fall against last year are in mainland Europe, Africa/Middle East and the Americas. We have experienced existing customers ordering lower volumes and new clients taking longer to place significant orders. This demonstrates the need to increase our pipeline further and focus on driving  demand in these regions, as the feedback on our product and its appeal to customers remains  positive. We are continuing to review our position amongst our competitors to ensure we are considered a top choice for Food IgG testing. The positive news on the sales side is that the UK and India continue to show good growth, both markets where we have more control of the laboratories and the sales teams. This growth demonstrates to us the substantial opportunity that exists in the other regions.

    

 

 

Financial Performance

Revenue decreased 6.6% to £3.9m (H1 2025: £4.1m) which was below our expectations and driven by a slowness in orders in many of our key regions. We have seen year on year sales growth of 33% in India and 6% in the UK, with all other regions showing decreases. The biggest fall is in Europe with some distributors in France, Poland and Hungary ordering less in H1 than in previous years. The European market is one of the most competitive and we are exploring all options to ensure we continue to focus our sales coverage to the most appropriate regions.  

Revenue by product group:

 

§ Sales of FoodPrint® decreased 7% to £2.4m (H1 2025: £2.6m)

§ Sales of Food Detective® decreased 23% to £0.6m (H1 2025: £0.7m)

§ CNS Lab and other sales were up 9% to £0.9m (H1 2025: £0.9m)

 

Gross profit from operations decreased to £2.6m (H1 2025: £2.7m) with an improved gross margin percentage of 67.7% (H1 2025: 65.4%). The increase in margin principally reflects the continued improvements in production yields as well as a higher proportion of high margin FoodPrint® tests in the product mix. Despite the competition and pressure to reduce price, the Board is confident that Food Print® margins can continue at this improved level in H2 FY25 as the Company benefits from the enhanced operational efficiencies.

 

Overheads increased by 4% to £2.6m (H1 2025: £2.5m). This increase is directly attributed to an increase in investment in our sales, marketing and leadership team from H2 FY25 showing full year effect in H1 FY26. We do anticipate some of these costs will increase in the second half as the restructuring work referred to below in more detail will most likely incur some additional costs.   

 

The Group continues to consider EBITDA and adjusted EBITDA (adjusted for exceptional items and share-based payments) as being the appropriate measures of profitability being aligned with the cash generating activities of the business. The adjusted EBITDA was £0.1m (H1 2025:  £0.2m). The £0.1m for exceptional items is related to compensation for loss of office and share related payments.

 

The cash balance on 30 September 2025 was £3.6m (H1 2025: £4.5m, 31 March 2025: £4.9m) and fell from the March 2025 year-end position as a result of outflows from working capital (£0.7m), capital expenditure predominantly in new machinery/systems (£0.4m) and financing activities (£0.1m). The capital expenditure includes the purchase of a new machine to manufacture FoodPrint  as well as investment in our new LIMS system, work on our new website and IVDR project. In the previous financial year we experienced a similar reduction in cash from March year end to September half year.   

 

Operational Update

The historic work undertaken in creating efficiencies in producing our tests and servicing our test results in the laboratory in the UK, has resulted in excellent performance improvements in operations, and updates to sample collection packs, upgrading our Laboratory Information Management System (LIMS)system and processes and related projects demonstrates the urgency with which this work continues. The 2.3% gross margin increase is a direct result of this work. We are very proud of our operations team based in Littleport and are confident they will deliver even more improvements for the remaining year.   

The MyHealth Tracker App we have been operating has been used less frequently as customers have started to use their own Apps. This App has therefore been suspended for new customers whilst we explore what additional and new information our new LIMS system can produce for the benefit of all our customers. 

 

Strategic Priorities

Driving more sales from existing and new customers is our number one priority.

The Board asked management to undertake a restructure of the existing Sales team to improve focus and attention on customers, and reduce the span of activities undertaken by our salespeople. The restructure has been completed and involved separating the customer service and customer success functions from the sales team so once a new or existing client signs a contract or places orders they can be serviced by these teams, with the sales team moving onto the next customer. These teams will help with new installations, overseas stock levels and ordering requirements as well as any other issues that may arise. They will work closely with distributors and laboratories to make using our test processes and systems a smooth and easy operation. The customer acquisition team, who are based in the regions, will help drive more demand for our products in the overseas regions directly into these laboratories. This restructure commenced recently and we will let you know in our next update at year end how it is working. At the moment the plans are to rearrange existing teams to complete this restructure with the additional headcount needed being one or two people at most. 

 

In terms of regions of focus, the UK, Europe, Americas and Asia (especially India) remain our key markets. Progress in the Americas is much slower than we had hoped, but we remain confident this market will deliver good growth in the future. The laboratories we have signed are taking longer than planned to commence our tests, but we have some local support, as part of the customer acquisition team, to help drive more traffic into the laboratories for our tests. We recently changed this local support as the previous support was not delivering.      

 

We saw robust growth in our UK market, with 6% growth in the first half on last year coming on top of the 8% growth reported last year. This growth is coming mainly from the direct consumer demand serviced by our white-label partners, and demonstrates the increasing awareness of how direct consumer marketing generates more demand for our tests in the UK. We believe this bodes well for overseas markets also. In India, the business has grown 33% in sterling value in the first half which translates to over 40% in local currency, demonstrating how well our tests are received in that markets where our local sales team are growing fast to drive even more growth. At over 10% of our overall sales, this market is one we are looking for even more sales growth.  

 

In August we launched a new product called Gut Detective® which is for our UK practitioner market only at the outset. Gut Detective is a comprehensive stool biomarker panel used by practitioners to investigate key areas of gut health, including inflammation, digestive enzyme production and intestinal permeability. This noninvasive testing solution helps identify underlying imbalances and supports targeted, personalised treatment plans. Gut Detective combines multiple functional stool markers into a single, convenient panel. It provides a detailed picture of a patient's digestive health, helping to uncover potential causes of persistent symptoms that may not show up on routine tests. Each test is CE-marked and analysed in the CNSLab, ensuring trusted clinical accuracy. It's an ideal tool for practitioners specialising in nutrition, gut health, functional medicine, or integrative care. 

 

Current trading and Outlook

We acknowledge sales in the first half have been disappointing as the Company builds its sales focus to operate a multi-channel multi-regional approach. We have seen the difficulties in some of our larger regions and are expecting a slow recovery in these areas, accordingly our full year revenues will show a modest decline compared to the prior year. However gross margin is expected to hold strong and with careful cost management we expect to remain profitable for the full year at the adjusted EBITDA level. That will require a lot of careful management of the team and costs to achieve, without taking our focus off the need to deliver more sales and orders.  

As a result of the above, we anticipate the cash position will decline in H2, as further capital expenditure is expected as we continue to invest in the long term potential of the business. However, we believe we have more than sufficient working capital to execute on our strategy and return the Company to growth with a healthy gross margin.      

The Board's expectations are that the medium term growth opportunities remain significant and the Company is well capitalised to deliver growth in the years ahead.

 

 

Consolidated Statement of Comprehensive Income

for the six months ended 30 September 2025

6 months ended.
30 September 2025
6 months ended.
30 September 2024
12 months ended.
31 March 2025
Note
£'000
£'000
£'000
Revenue
2
3,863
4,134
8,330
Cost of sales
(1,248)
(1,432)
(2,889)
Gross profit
2,615
2,702
5,441
Administration costs
(2,169)
(2,263)
(4,680)
Selling and marketing costs
(839)
(617)
(1,436)
Other income
96
26
280
Operating loss before exceptional items
(297)
(152)
(395)
Exceptional items
(138)
(117)
1,831
Operating profit/(loss) after exceptional items
(435)
(269)
1,436
Finance income/(costs)
3
38
73
130
Profit/(Loss) before taxation
(397)
(196)
1,566
Tax credit
4
-
-
-
Profit/(Loss) for the period
(397)
(196)
1,566
Other comprehensive profit/(losses) to be reclassified to profit and loss in subsequent periods
Exchange differences on translation of foreign operations
(33)
(17)
(25)
Other comprehensive income for the period
(33)
(17)
(25)
Total comprehensive profit/(losses) for the period
(430)
(213)
1,541
Earnings per share (EPS)
Basic and diluted EPS on profit/(loss) for the period
5
(0.2)p
(0.1)p
0.7p

 

Consolidated Balance Sheet

as at 30 September 2025

30 September 2025
30 September 2024
31 March 2025
Note
£'000
£'000
£'000
ASSETS
Non-current assets
Intangibles
6
3,805
4,039
3,821
Property, plant, and equipment
7
670
485
535
Right of use assets
7
175
76
226
Deferred taxation
1,406
1,400
1,406
Total non-current assets
6,056
6,000
5,988
Current assets
Inventories
729
776
829
Trade and other receivables
2,311
2,208
1,965
Cash and cash equivalents
3,594
4,520
4,868
Total current assets
6,634
7,504
7,662
Total assets
12,690
13,504
13,650
EQUITY AND LIABILITIES
Equity
Share capital
10,255
10,255
10,255
Share premium
25,072
25,072
25,072
Retained deficit
(24,154)
(25,710)
(23,833)
Translation reserve
(118)
(77)
(85)
Total equity
11,055
9,540
11,409
Liabilities
Non-current liabilities
Long-term borrowings
-
-
-
Lease liabilities
75
-
126
Deferred income
-
2,500
-
Total non-current liabilities
75
2,500
126
Current liabilities
Short-term borrowings
62
3
123
Lease liabilities
100
76
100
Trade and other payables
1,398
1,203
1,892
Total current liabilities
1,560
1,282
2,115
Liabilities directly associated with assets held for sale
-
182
-
Total liabilities
1,635
3,964
2,241
Total equity and liabilities
12,690
13,504
13,650

 

 

Consolidated Statement of Changes in Equity

for the six months ended 30 September 2025

Share
Share
Retained
Translation
capital
premium
deficit
reserve
Total
£'000
£'000
£'000
£'000
£'000
Balance at 31 March 2024
10,255
25,072
(25,585)
(60)
9,682
Loss for the period to 30 September 2024
-
-
(196)
-
(196)
Other comprehensive losses - net exchange adjustments
-
-
-
(17)
(17)
Total comprehensive losses for the period
-
-
(196)
(17)
(213)
Share-based payments
-
-
71
-
71
Balance at 30 September 2024
10,255
25,072
(25,710)
(77)
9,540
Profit for the period to 31 March 2025
-
-
1,762
-
1,762
Other comprehensive losses - net exchange adjustments
-
-
-
(8)
(8)
Total comprehensive income/(losses) for the period
-
-
1,762
(8)
1,754
Issue of share capital
-
-
-
-
-
Share-based payments
-
-
115
-
115
Balance at 31 March 2025
10,255
25,072
(23,833)
(85)
11,409
Loss for the period to 30 September 2025
-
-
(397)
-
(397)
Other comprehensive income - net exchange adjustments
-
-
-
(33)
(33)
Total comprehensive (losses)/income for the period
-
-
(397)
(33)
(430)
Share-based payments
-
-
75
-
75
Balance at 30 September 2025
10,255
25,072
(24,154)
(118)
11,055

 

 

Consolidated Cash Flow Statement

for the six months ended 30 September 2025

6 months ended
30 September 2025
6 months ended
30 September 2024
12 months ended
31 March 2025
£'000
£'000
£'000
Cash flows generated from operations
Loss for the period
(397)
(196)
1,566
Adjustments for:
Depreciation
98
90
179
Amortisation of intangible assets
226
218
436
Share-based payments
75
71
186
Finance costs
(38)
(73)
(130)
Cash inflow/(outflow) from operating activities before working capital movement
(36)
110
2,237
(Increase)/decrease in trade and other receivables
(346)
(384)
(141)
(Increase)/decrease in inventories
100
(169)
(222)
Decrease in trade and other payables
(494)
(120)
569
Change in deferred income
-
-
(2,500)
Cash (outflow)/inflow from operating activities
(776)
(563)
(57)
Investing activities
Finance income
45
82
147
Transfer from/(to) short-term deposits
-
2,501
2,501
Purchase of property, plant, and equipment
(183)
(137)
(225)
Purchase of intangible assets
(210)
(157)
(157)
Net cash inflow/(outflow) in investing activities
(348)
2,289
2,266
Financing activities
Finance costs
-
-
-
Principal portion of asset finance payments
(61)
(78)
(140)
Interest portion of asset finance payments
(3)
(4)
(7)
Principal portion of lease liability payments
(50)
(50)
(101)
Interest portion of lease liability payments
(4)
(5)
(10)
Net cash outflow from financing activities
(118)
(137)
(258)
Net increase/(decrease) in cash and cash equivalents
(1,242)
1,589
1,950
Effects of exchange rate movements
(32)
(12)
(25)
Cash and cash equivalents at beginning of period
4,868
2,943
2,943
Cash and cash equivalents at end of the period
3,594
4,520
4,868

 

Notes to the Interim Report

for the six months ended 30 September 2025

1. BASIS OF PREPARATION

For the purpose of preparing the 31 March 2025 annual financial statements the Directors used IFRS as adopted by the EU and in accordance with the AIM Rules issued by the London Stock Exchange. In preparing these interim financial statements, the accounting policies used in the Group's Annual Report for the year ended 31 March 2025 have been applied consistently. The Group has not applied IAS 34 Interim Financial Reporting, which is not mandatory for AIM companies, in the preparation of these interim financial statements.

The interim financial statements are unaudited. The information shown in the consolidated balance sheet as at 30 September 2025 does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006 and the information in respect of the year ended 31 March 2025 has been extracted from the Group's 2025 Annual Report which has been filed with the Registrar of Companies. The report of the auditors on the financial statements contained within the Group's 2025 Annual Report was unqualified and did not contain a statement under sections 498 (2) and 498 (3) of Chapter 3, Part 16 of the Companies Act 2006. These interim financial statements were approved by the Board of Directors on 10 November 2025.

 

2. SEGMENT INFORMATION

The Health and Nutrition division specialises in the research, development, and production of kits to aid the detection of immune reactions to food. It also provides clinical analysis to the general public, clinics, and health professionals.

The Corporate segment consists of centralised corporate costs which are not allocated to the trading activities of the Group.

Inter segment transfers or transactions are entered into under the normal commercial conditions that would be available to unrelated third parties.

2. SEGMENT INFORMATION (CONTINUED)

 

Business segment information

Health and
Nutrition
Corporate
Total
6 months to 30 September 2025
£'000
£'000
£'000
Revenue
3,959
-
3,959
Other income
(96)
-
(96)
Total revenue
3,863
-
3,863
Cost of sales
(1,248)
-
(1,248)
Gross profit
2,615
-
2,615
Operating costs
(2,408)
(504)
(2,912)
Operating profit/(loss) before exceptional items
207
(504)
(297)
Exceptional items
-
(138)
(138)
Operating profit/(loss) after exceptional items
207
(642)
(435)
Depreciation
98
-
98
Amortisation
226
-
226
EBITDA
531
(642)
(111)
Exceptional items
-
138
138
Share-based payment charges
-
75
75
Adjusted EBITDA
531
(429)
102
Share-based payment charges
-
(75)
(75)
Depreciation
(98)
-
(98)
Amortisation
(226)
-
(226)
Interest income
38
-
38
Exceptional costs
(138)
(138)
Profit/(loss) before tax
245
(642)
(397)
Exceptional items
138
138
Share-based payment charges
-
75
75
Amortisation
68
-
68
Adjusted profit/(loss) before tax
313
(429)
(116)

 

 

2. SEGMENT INFORMATION (CONTINUED)

 

Health and
Nutrition
Corporate
Total
6 months to 30 September 2024
£'000
£'000
£'000
Revenue
4,160
-
4,160
Other income
(26)
-
(26)
Total revenue
4,134
-
4,134
Cost of sales
(1,432)
-
(1,432)
Gross profit
2,702
-
2,702
Operating costs
(2,153)
(701)
(2,854)
Operating profit/(loss) before exceptional items
549
(701)
(152)
Exceptional items
(49)
(68)
(117)
Operating profit/(loss) after exceptional items
500
(769)
(269)
Depreciation
90
-
90
Amortisation
218
-
218
EBITDA
808
(769)
39
Exceptional items
49
68
117
Share-based payment charges
-
71
71
Adjusted EBITDA
857
(630)
227
Share-based payment charges
-
(71)
(71)
Depreciation
(90)
-
(90)
Amortisation
(218)
-
(218)
Net finance costs
73
-
73
Exceptional costs
(49)
(68)
(117)
Profit/(loss) before tax
573
(769)
(196)
Exceptional items
49
68
117
Share-based payment charges
-
71
71
Amortisation
60
-
60
Adjusted profit/(loss) before tax
682
(630)
52

 

The adjusted profit/(loss) before taxation is a key measure of the Group's trading performance used by the Directors. The reported numbers are non-GAAP measures

2. SEGMENT INFORMATION (CONTINUED)

 

6 months to
30 September 2025
6 months to
30 September 2024
£'000
£'000
Revenues
UK
894
840
Rest of Europe
707
952
Americas
737
805
India
402
302
Asia
796
826
Africa and the Middle East
327
408
3,863
4,134

 

6 months to
30 September 2025
6 months to
30 September 2024
inc/(dec)
£'000
£'000
%
FoodPrint®
2,380
2,564
(7)%
Food Detective®
554
717
(23)%
CNS laboratory service
910
842
8%
Food ELISA/other
19
11
73%
3,863
4,134
(7)%

 

 

3. FINANCE INCOME/(COSTS)

6 months to
30 September 2025
6 months to
30 September 2024
Continuing operations
£'000
£'000
Interest receivable
45
82
Interest payable on bank overdraft
-
-
Interest payable on lease liabilities
(4)
(5)
Interest on hire purchase and asset finance arrangements
(3)
(4)
38
73

 

 

4. TAXATION

6 months to
30 September 2025
6 months to
30 September 2024
Continuing operations
£'000
£'000
Tax credited in the income statement
Current tax - current year
-
-
Current tax - prior year adjustment
-
-
Deferred tax - current year
-
-
Deferred tax - prior year adjustment
-
-
-
-

 

 

4. TAXATION (continued)

 

Reconciliation of total tax credit
Factors affecting the tax credit for the period:
£'000
£'000
Loss taxable
(397)
(196)
Effective rate of taxation
25%
25%
Loss before tax multiplied by the effective rate of tax
(99)
(49)
Effects of:
Deferred tax asset not recognised
99
49
Tax credit for the period
-
-

 

 

5. EARNINGS PER SHARE

6 months to
30 September 2025
6 months to
30 September 2024
£'000
£'000
Loss attributable to equity holders of the Group
(397)
(196)

 

2025
2024
Number
Number
Weighted average number of shares
238,270,660
237,950,660
Share options
-
-
Diluted weighted average number of shares
238,270,660
237,950,660

 

The number of shares in issue at the period end was 237,950,660. Basic earnings per share are calculated by dividing profit for the year attributable to ordinary equity holders of the Group by the weighted average number of ordinary shares outstanding during the year.

Diluted earnings per share are calculated by dividing the loss attributable to ordinary equity holders of the Group by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. Diluting events are excluded from the calculation when the average market price of ordinary shares is lower than the exercise price.

Adjusted earnings per share on loss for the period

The Group presents adjusted earnings per share which is calculated by taking adjusted loss before taxation and adding the tax credit in order to allow shareholders to understand better the elements of financial performance in the year, so as to facilitate comparison with prior periods and to assess better trends in financial performance.

6 months to
30 September 2025
6 months to
30 September 2024
£'000
£'000
Loss attributable to equity holders of the Group
(397)
(196)
Exceptional items
138
117
Amortisation of intangible assets
68
60
Share-based payment charges
75
71
Adjusted loss attributable to equity holders of the Group
(116)
52

 

Adjusted EPS on loss for the period
-0.0p
0.0p

 

Adjusted loss before taxation, which is a key measure of the Group's trading performance used by the Directors, is derived by taking statutory loss before taxation and adding back exceptional items, amortisation of intangible assets (excluding development costs) and share-based payment charges.

 

6. INTANGIBLES

Licences/
Technology
Customer
Development
Goodwill
software
assets
relationships
costs
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 31 March 2024
3,017
1,736
1,975
100
9,259
16,087
Additions
-
158
-
-
-
158
At 30 September 2024
3,017
1,894
1,975
100
9,259
16,245
Additions
-
-
-
-
-
-
Currency translation
-
(1)
-
-
-
(1)
At 31 March 2025
3,017
1,893
1,975
100
9,259
16,244
Additions
-
47
-
-
163
210
At 30 September 2025
3,017
1,940
1,975
100
9,422
16,454
Accumulated amortisation
At 31 March 2024
-
1,669
1,638
100
8,581
11,988
Amortisation charge in the period
-
10
50
-
158
218
At 30 September 2024
-
1,679
1,688
100
8,739
12,206
Amortisation charge in the period
-
12
49
-
157
218
Currency translation
-
(1)
-
-
-
(1)
At 31 March 2025
-
1,690
1,737
100
8,896
12,423
Amortisation charge in the period
-
18
50
-
158
226
At 30 September 2025
-
1,708
1,787
100
9,054
12,649
Net book value
At 30 September 2025
3,017
232
188
-
368
3,805
At 31 March 2025
3,017
203
238
-
363
3,821
At 30 September 2024
3,017
215
287
-
520
4,039

 

 

7. FIXED ASSETS

Right of use
Leasehold
Plant and
assets
improvements
machinery
Total
Consolidated
£'000
£'000
£'000
£'000
Cost
At 31 March 2024
202
401
1,420
2,023
Additions
-
-
137
137
At 30 September 2024
202
401
1,557
2,160
Additions
201
-
88
289
At 31 March 2025
403
401
1,645
2,449
Additions
-
8
175
183
At 30 September 2025
403
409
1,820
2,632
Accumulated depreciation
At 31 March 2024
76
397
1,036
1,509
Charge in the period
50
1
39
90
At 30 September 2024
126
398
1,075
1,599
Charge in the period
51
2
36
89
At 31 March 2025
177
400
1,111
1,688
Charge in the period
50
2
46
98
At 30 September 2025
227
402
1,157
1,785
Net book value
At 30 September 2025
176
8
663
846
At 31 March 2025
226
1
534
761
At 30 September 2024
76
3
482
561

 

 

 

 

 

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