REG - Cambridge Nutrition. - Half-year Report
Mon 07:00
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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 EBITDA(2) £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.
(1)Adjusted for exceptional items, amortisation of intangible assets and share
based payment charges.
(2)See 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
(https://url.uk.m.mimecastprotect.com/s/NtlWCExnXsp0EPriNfpC7DT7c?domain=investormeetcompany.com)
The investor presentation will be available later this morning 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)
James Cooper, Chief Executive Officer
Ajay Patel, Chief Financial
Officer
Cavendish Capital Markets
Limited
Tel: 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. 6 months ended. 12 months ended.
30 September 2025 30 September 2024 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 6 months ended 12 months ended
30 September 2025 30 September 2024 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 (36) 110
movement
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 6 months to
30 September 2025 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 6 months to inc/(dec)
30 September 2025 30 September 2024
£'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 6 months to
30 September 2025 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 6 months to
30 September 2025 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 6 months to
30 September 2025 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 6 months to
30 September 2025 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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