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REG - Cambridge Nutrition. - Half-year Report

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RNS Number : 0400N  Cambridge Nutritional Sciences PLC  21 November 2024

CAMBRIDGE NUTRITIONAL SCIENCES PLC

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

 

Interim Report

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

 

Improved gross margin and an increase in adjusted EBITDA. Company continues to
build on foundations and improve profitability

 

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
2024 and remains on track to meet EBITDA expectations for the year.

 

H1 Financial Highlights:

·      Adjusted EBITDA(1) increased to £0.2m (H1 2024: £0.0m)

·      Revenue of £4.1m (H1 2024: £4.9m)

·      Gross margin increased to 65.4% (H1 2024: 62.7%), largely due to
production efficiencies & product mix

·      Loss before tax reduced to £0.2m (H1 2024: £0.7m)

·      Cash and cash equivalents ahead of prior year at £4.5m (H1 2024:
£4.4m)

 

Operational Highlights:

·      Strong performance in operations with FoodPrint® yields
continuing to improve

·      CNSLab productivity has remained high with August and September
both hitting a record high number of tests

·      Automation and restructuring in operations have helped drive
sustainable margin improvement

·      Appointment of two full-time salespersons in the USA and Southern
Europe to further develop the markets

 

Current trading and Outlook:

·      Company remains on track to meet adjusted EBITDA(1) expectation

·      Sales team have been expanded with new Global Sales Director and
UK BDM to help drive long-term growth

·      Well-funded to deliver on our strategic objectives to grow the
Company

·      Developing new partnerships with USA Laboratories that are
expected to commercialise FoodPrint® in H2

·      The Board remains confident that the Company has a compelling
case regarding the dispute with DHSC but there have been no material
developments

 

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

 

Commenting on the results, James Cooper, Interim Chief Executive officer,
said:

"The results of H1 have shown that the operational improvements are now
hitting the bottom line, with an improved margin and an uplift in adjusted
EBITDA. This is particularly encouraging as we did not have the benefit of a
sizeable order backlog that boosted last year's H1 revenue. This puts us in a
strong position as we continue to invest in growing the sales team whilst
being confident in our ability to deliver on time and in full to all our
customers."

 

 

Investor presentation

Carolyn Rand, Chair, and James Cooper, Interim CEO, will provide a live
presentation relating to the Interim Results via the Investor Meet Company
platform today at 4:00pm 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/omega-diagnostics-group-plc/register-investor
(https://www.investormeetcompany.com/omega-diagnostics-group-plc/register-investor)

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

https://www.cnsplc.com/financials/presentations
(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 (http://www.cnsplc.com)
 Carolyn Rand, Non-Executive Chair                         investors@cnsplc.com

 James Cooper, Interim Chief Executive
 Officer

 Cavendish Capital Markets Limited                         Tel: 020 7220 0500
 Geoff Nash / Edward Whiley (Corporate Finance)
 Nigel Birks / Harriet Ward (ECM)

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.

 

Chair's Statement

Overview

I am pleased to see the operational efforts have continued to deliver results,
with a gross margin improvement to 65% due to productivity gains, despite
higher raw material costs. The continued operational improvements and
workforce rationalization also helped us reduce our overheads by 17%, allowing
adjusted EBITDA to improve to £0.2m, while maintaining stable cash balances
at £4.5m. Q1 sales were softer than expected as some customers are working on
one off reductions in their stock holdings to manage external forces, and in
addition now that they trust the product and our improved delivery service,
revenue has normalized following an abnormal backlog of orders in the previous
year, which decreased to £4.1m but is well ahead of H1 2023's £3.4m.

Following on from the success of improving operations and production capacity
our operational focus is now shifting towards sales and marketing; this
includes development and expansion for the UK and overseas markets to develop
the pipeline and expand our customer base. Although the sales cycles are long,
the focus has already greatly improved our qualified pipeline, and this gives
us confidence in our future delivery.

A strategic marketing priority includes expanding market outreach and is
evidenced by a full rollout of the MyHealthTracker App in the UK and a focus
on new markets and customers now helped by our recent sales hires. We have
also started enhancing business support systems and improving production
efficiency. A new eQMS (Quality Management System) and wireless temperature
monitoring system are also expected to drive productivity gains.

 

Financial Performance

Revenue decreased 16% to £4.1m (H1 2024: £4.9m), as some customers reduced
their stock holdings, however the Board expect revenues to be stronger in the
second half of the year.

Revenue by product group:

§ Sales of FoodPrint® £2.6m (H1 2024: £3.3m)

§ Sales of Food Detective® £0.7m revenue in line with the prior year

§ CNS Lab revenue in line with prior year at £0.8m

Gross profit from operations was £2.7m (H1 2024: £3.1m) whilst gross margin
improved by 4% to 65.4% (H1 2024: 62.7%). The increase in margin is due to a
reduction in production costs which has been driven by yield and productivity
increases. This is despite increases in raw material costs which were more
than offset by these improvements.

Overheads decreased by 17% to £2.9m (H1 2024: £3.5m), mainly due to our
operational project improvements and business process realignments.

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 £0.2m (H1 2024:  £0.0m). The £0.1m
adjustment for exceptional items relates to the continued legal costs in
relation to the DHSC contract and Board changes.

The cash balance (including short term deposits) on 30 September 2024 was
£4.5m (H1 2024: £4.4m, 31 March 2024: £5.4m).

 

Operational Update

Following a successful yield improvement project in FY24, the business has
widened its focus on operational improvements to other areas, enabled by the
continuous improvement function. This has helped deliver new yield
improvements as well as productivity gains that have helped drive the change
in the gross margin. The team continue to look for further ways to improve the
operational efficiency in a cost-effective manner and we view this as an
important element of the business strategy going forward.

The business support systems have also been reviewed, and the team are in the
final stages of transitioning to a new eQMS. This will improve the
productivity of both the production and quality assurance teams whilst opening
up further productivity gains in the future, due to the increased
functionality that the new system contains. The team are now benefiting from
the new wireless Temperature Monitoring System which has eliminated the need
for hourly manual data collection and demonstrates how we can successfully use
technology to deliver valuable gains.

 

Strategic Priorities

The Company is now focussed on growing sales in both existing and new markets.
To enable this, we are expanding the sales team both in the UK and overseas.
The team are investigating multiple routes to market within their territories
and are receiving a positive response from those that we are engaging with.
The interest in our field is only growing and we frequently find people
unaware of the product and clinical utility that it can offer. This highlights
the need to continuously educate and increase our outreach to new potential
customers. In recognition of this we are expanding the marketing team which
will allow for a greater focus on both the education and direct marketing
capability of the company.

The MyHealthTracker App is fully rolled out in the UK and the team are now
analysing feedback from users and working with our partner to determine the
next generation of improvements and functionality. This includes the ability
to release the app in foreign languages for overseas markets.

The USA continues to be a focus market for the sales team and the recent
addition of a full-time sales member based in the US is expected to help
accelerate our progress in this market. They will be responsible for working
with our existing partners to help grow their business and in identifying new
opportunities in this exciting market.

 

DHSC dispute update

There is no further progress to report in our dispute with the Department of
Health and Social Care ('DHSC'). The Board continues to vigorously pursue its
substantial counterclaim for losses incurred towards the DHSC, as a direct
result of its failure to licence the necessary intellectual property to permit
the contract to move forward and their failure to notify the Group of their
inability to do so in a timely manner. The Board remains confident that the
Company has a compelling case.

 

Current trading and Outlook

Whilst revenues in H1 were lower than expected, we remain confident in meeting
EBITDA expectations for the year. We expect that the de-stocking we
experienced in H1 will be alleviated in H2 as customers return to a more
regular order pattern. In addition, the impact of the expanded sales team
should be felt in the later stages of H2 and deliver a strong end to the
financial year. The business has been able to react accordingly and maintains
a strong margin which demonstrates the underlying strength of the business.

The Board's expectations are that the market conditions remain good - we are
well capitalised and in a strong position to grow as a standalone business.

 

Carolyn Rand

Non-Executive Chair

 

Consolidated Statement of Comprehensive Income

for the six months ended 30 September 2024

                                                                                       6 months ended.     6 months ended.     12 months ended.

                                                                                       30 September 2024   30 September 2023   31 March 2024
                                                                                 Note  £'000               £'000               £'000

 Revenue                                                                         2     4,134               4,934               9,774
 Cost of sales                                                                         (1,432)             (1,841)             (3,728)
 Gross profit                                                                          2,702               3,093               6,046
 Administration costs                                                                  (2,263)             (2,746)             (5,287)
 Selling and marketing costs                                                           (617)               (790)               (1,378)
 Other income                                                                          26                  51                  84
 Operating loss before exceptional items                                               (152)               (392)               (535)
 Exceptional items                                                                     (117)               (294)               (238)
 Operating loss after exceptional items                                                (269)               (686)               (773)
 Finance income/(costs)                                                          3     73                  (12)                28
 Loss before taxation                                                                  (196)               (698)               (745)
 Tax credit                                                                      4     -                   -                   417
 Loss for the period                                                                   (196)               (698)               (328)
 Other comprehensive losses to be reclassified to profit and loss in subsequent
 periods
 Exchange differences on translation of foreign operations                             (17)                (3)                 (14)
 Other comprehensive income for the period                                             (17)                (3)                 (14)
 Total comprehensive losses for the period                                             (213)               (701)

                                                                                                                               (342)
 Earnings per share (EPS)
 Basic and diluted EPS on loss for the period                                    5     (0.1)p              (0.3)p              (0.1)p

 

Consolidated Balance Sheet

as at 30 September 2024

                                                                  30 September 2024   30 September 2023   31 March 2024
                                                            Note  £'000              £'000                £'000
 ASSETS
 Non-current assets
 Intangibles                                                6     4,039              4,313                4,099
 Property, plant, and equipment                             7     485                515                  388
 Right of use assets                                        7     76                 177                  126
 Deferred taxation                                                1,400              994                  1,406
 Total non-current assets                                         6,000              5,999                6,019
 Current assets
 Inventories                                                      776                1,073                607
 Trade and other receivables                                      2,208              2,290                1,824
 Short-term deposits                                              -                  -                    2,501
 Cash and cash equivalents                                        4,520              4,396                2,943
 Total current assets                                             7,504              7,759                7,875
 Total assets                                                     13,504             13,758               13,894

 EQUITY AND LIABILITIES
 Equity
 Share capital                                                    10,255             10,244               10,255
 Share premium                                                    25,072             25,072               25,072
 Retained deficit                                                 (25,710)           (25,974)             (25,585)
 Translation reserve                                              (77)               (49)                 (60)
 Total equity                                                     9,540              9,293                9,682

 Liabilities
 Non-current liabilities
 Long-term borrowings                                             -                  3                    -
 Lease liabilities                                                -                  77                   25
 Deferred income                                                  2,500              2,500                2,500
 Total non-current liabilities                                    2,500              2,580                2,525
 Current liabilities
 Short-term borrowings                                            3                  33                   22
 Lease liabilities                                                76                 101                  101
 Trade and other payables                                         1,203              1,452                1,323
 Total current liabilities                                        1,282              1,586                1,446
 Liabilities directly associated with assets held for sale        182                299                  241
 Total liabilities                                                3,964              4,465                4,212
 Total equity and liabilities                                     13,504             13,758               13,894

 

 

Consolidated Statement of Changes in Equity

for the six months ended 30 September 2024

                                                            Share    Share    Retained  Translation
                                                            capital  premium  deficit   reserve      Total
                                                            £'000    £'000    £'000     £'000        £'000
 Balance at 31 March 2023                                   10,244   25,072   (25,319)  (46)         9,951
 Loss for the period to 30 September 2023                   -        -        (698)     -            (698)
 Other comprehensive losses - net exchange adjustments      -        -        -         (3)          (3)
 Total comprehensive losses for the period                  -        -        (698)     (3)          (701)
 Share-based payments                                       -        -        43        -            43
 Balance at 30 September 2023                               10,244   25,072   (25,974)  (49)         9,293
 Profit for the period to 31 March 2024                     -        -        370       -            370
 Other comprehensive losses - net exchange adjustments      -        -        -         (11)         (11)
 Total comprehensive income/(losses) for the period         -        -        370       (11)         359
 Issue of share capital                                     11       -        -         -            11
 Share-based payments                                       -        -        19        -            19
 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 income - net exchange adjustments      -        -        -         (17)         (17)
 Total comprehensive (losses)/income 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

 

 

Consolidated Cash Flow Statement

for the six months ended 30 September 2024

                                                                             6 months ended      6 months ended      12 months ended

                                                                             30 September 2024   30 September 2023   31 March 2024
                                                                             £'000               £'000               £'000
 Cash flows generated from operations
 Loss for the period                                                         (196)               (698)               (328)
 Adjustments for:
  Depreciation                                                               90                  108                 214
  Amortisation of intangible assets                                          218                 219                 436
  Impairment of property, plant and equipment                                -                   -                   110
  Share-based payments                                                       71                  43                  73
  Taxation                                                                   -                   -                   (417)
  Finance costs                                                              (73)                12                  (28)
 Cash inflow/(outflow) from operating activities before working capital      110                 (316)               60
 movement
 (Increase)/decrease in trade and other receivables                          (384)               113                 579
 (Increase)/decrease in inventories                                          (169)               (296)               170
 Decrease in trade and other payables                                        (120)               (73)                (202)
 Cash (outflow)/inflow from operating activities                             (563)               (572)               607
 Investing activities
 Finance income                                                              82                  -                   50
 Transfer from/(to) short-term deposits                                      2,501               -                   (2,501)
 Purchase of property, plant, and equipment                                  (137)               (10)                (48)
 Purchase of intangible assets                                               (157)               (7)                 (11)
 Net cash inflow/(outflow) in investing activities                           2,289               (17)                2,510
 Financing activities
 Finance costs                                                               -                   (1)                 (1)
 Principal portion of asset finance payments                                 (78)                (71)                (143)
 Interest portion of asset finance payments                                  (4)                 (7)                 (13)
 Principal portion of lease liability payments                               (50)                (47)                (99)
 Interest portion of lease liability payments                                (5)                 (4)                 (9)
 Net cash outflow from financing activities                                  (137)               (130)               (265)
 Net increase/(decrease) in cash and cash equivalents                        1,589               (719)               (2,168)
 Effects of exchange rate movements                                          (12)                -                   (4)
 Cash and cash equivalents at beginning of period                            2,943               5,115               5,115
 Cash and cash equivalents at end of the period                              4,520               4,396               2,943

 

Notes to the Interim Report

for the six months ended 30 September 2024

1. BASIS OF PREPARATION

For the purpose of preparing the 31 March 2024 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 2024 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 2024 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 2024 has been extracted from
the Group's 2024 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 2024 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 20 November 2024.

 

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 2024                     £'000       £'000      £'000
 Revenue                                           4,265       -          4,265
 Inter-segment revenue                             (131)       -          (131)
 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 income                                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

 

 

2. SEGMENT INFORMATION (CONTINUED)

 

                                                   Health and
                                                   Nutrition   Corporate  Total
 6 months to 30 September 2023                     £'000       £'000      £'000
 Revenue                                           5,062       -          5,062
 Inter-segment revenue                             (128)       -          (128)
 Total revenue                                     4,934       -          4,934
 Cost of sales                                     (1,841)     -          (1,841)
 Gross profit                                      3,093       -          3,093
 Operating costs                                   (2,739)     (746)      (3,485)
 Operating profit/(loss) before exceptional items  354         (746)      (392)
 Exceptional items                                 (151)       (143)      (294)
 Operating profit/(loss) after exceptional items   203         (889)      (686)
 Depreciation                                      108         -          108
 Amortisation                                      219         -          219
 EBITDA                                            530         (889)      (359)
 Exceptional items                                 151         143        294
 Share-based payment charges                       -           17         17
 Adjusted EBITDA                                   681         (729)      (48)
 Share-based payment charges                       -           (17)       (17)
 Depreciation                                      (108)       -          (108)
 Amortisation                                      (219)       -          (219)
 Net finance costs                                 (12)        -          (12)
 Exceptional costs                                 (151)       (143)      (294)
 Profit/(loss) before tax                          191         (889)      (698)
 Exceptional items                                 151         143        294
 Share-based payment charges                       -           17         17
 Amortisation                                      61          -          61
 Adjusted profit/(loss) before tax                 403         (729)      (326)

 

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         6 months to

                             30 September 2024   30 September 2023
                             £'000               £'000
 Revenues
 UK                          840                 830
 Rest of Europe              952                 1,167
 North America               628                 1,031
 South/Central America       178                 243
 India                       302                 282
 Asia                        826                 874
 Africa and the Middle East  408                 507
                             4,134               4,934

 

                         6 months to         6 months to         inc/(dec)

                         30 September 2024   30 September 2023
                         £'000               £'000                %
 FoodPrint®              2,564               3,284               47%
 Food Detective®         717                 732                 4%
 CNS laboratory service  842                 829                 97%
 Food ELISA/other        11                  89                  28%
                         4,134               4,934               44%

 

 

3. FINANCE INCOME/(COSTS)

                                                           6 months to         6 months to

                                                           30 September 2024   30 September 2023
 Continuing operations                                     £'000               £'000
 Interest receivable                                       82                  -
 Interest payable on bank overdraft                        -                   (1)
 Interest payable on lease liabilities                     (5)                 (4)
 Interest on hire purchase and asset finance arrangements  (4)                 (7)
                                                           73                  (12)

 

 

4. TAXATION

                                       6 months to         6 months to

                                       30 September 2024   30 September 2023
 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                                             (196)   (672)

 Effective rate of taxation                               25%     19%
 Loss before tax multiplied by the effective rate of tax  (49)    (128)
 Effects of:
 Deferred tax asset not recognised                        49      128
 Tax credit for the period                                -       -

 

 

5. EARNINGS PER SHARE

                                                   6 months to         6 months to

                                                   30 September 2024   30 September 2023
                                                   £'000               £'000
 Loss attributable to equity holders of the Group  (196)               (698)

 

                                            2024         2023
                                            Number       Number
 Weighted average number of shares          237,950,660  237,685,180
 Share options                              -            -
 Diluted weighted average number of shares  237,950,660  237,685,180

 

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         6 months to

                                                            30 September 2024   30 September 2023
                                                            £'000               £'000
 Loss attributable to equity holders of the Group           (196)               (698)
 Exceptional items                                          117                 294
 Amortisation of intangible assets                          60                  61
 Share-based payment charges                                71                  17
 Adjusted loss attributable to equity holders of the Group  52                  (326)

 

 Adjusted EPS on loss for the period  0.0p  (0.8)p

 

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 2023                   3,017     1,726      1,975       100            9,259        15,907
 Additions                          -         7          -           -              -            7
 At 30 September 2023               3,017     1,733      1,975       100            9,259        16,084
 Additions                          -         4          -           -              -            4
 Currency translation               -         (1)        -           -              -            (1)
 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

 Accumulated amortisation
 At 31 March 2023                   -         1,647      1,539       100            8,266        11,552
 Amortisation charge in the period  -         12         49          -              158          219
 At 30 September 2023               -         1,659      1,588       100            8,424        11,771
 Amortisation charge in the period  -         10         50          -              157          217
 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

 Net book value
 At 30 September 2024               3,017     215        287         -              520          4,039
 At 31 March 2024                   3,017     67         337         -              678          4,099
 At 30 September 2023               3,017     74         387         -              835          4,313

 

7. FIXED ASSETS

                           Right of use  Leasehold     Plant and
                           assets        improvements  machinery  Total
 Consolidated              £'000         £'000         £'000      £'000
 Cost
 At 31 March 2023          412           696           2,445      3,553
 Additions                 202           -             10         212
 Disposals                 (412)         -             -          (412)
 At 30 September 2023      202           696           2,455      3,353
 Additions                 -             4             34         38
 Disposals                 -             (299)         (1,069)    (1,368)
 At 31 March 2024          202           401           1,420      2,023
 Additions                 -             -             137        137
 At 30 September 2024      202           401           1,557      2,160

 Accumulated depreciation
 At 31 March 2023          391           694           1,880      2,965
 Charge in the period      46            -             62         108
 Disposals                 (412)         -             -          (412)
 At 30 September 2023      25            694           1,942      2,661
 Charge in the period      51            2             53         106
 Impairment                -             -             110        110
 Disposals                 -             (299)         (1,069)    (1,368)
 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

 Net book value
 At 30 September 2024      76            3             482        561
 At 31 March 2024          126           4             384        514
 At 30 September 2023      177           2             513        692

 

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