REG - Diaceutics PLC - H1 2025 Results
Tue 07:00
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RNS Number : 3043A Diaceutics PLC 23 September 2025
Diaceutics PLC
("Diaceutics" or the "Company")
H1 2025 Results - Performance, Growth and Profitability on Track
Revenue growth of 22% on a constant currency basis to £14.6 million in H1
2025 representing a 3-year CAGR of 25%
H1 2025 Adjusted EBITDA of £0.1 million; on track to return to full year
profitability
Order book of £31.7 million with £9.0 million already contracted for H2 2025
delivery
Annual Recurring Revenue (ARR) up 16% to £16.4 million, with recurring
revenue now representing 61% of total H1 revenues
17% growth in number of customer therapeutic brands Diaceutics is working with
New enterprise-wide agreement signed, bringing total to eight, representing
£10.1 million in ARR
Diaceutics continues to demonstrate its ability to be the primary
commercialisation partner for pharma and biotech companies launching precision
medicines
Continued strong commercial momentum in H1 2025
Strong balance sheet with no debt and cash of £10.4 million
New York, Belfast and London, 23 September 2025 - Diaceutics PLC
(https://www.diaceutics.com/) (AIM: DXRX), a leading technology and solutions
provider to the pharma and biotech industry, today announces its unaudited
results for the half-year ended 30 June 2025.
Ryan Keeling, Diaceutics' Chief Executive Officer, commented: "I am
extremely pleased to report another period of strong operational and
commercial execution, marked by double-digit organic revenue growth, expanding
customer adoption and increased recurring revenue visibility. Despite
macro-economic uncertainties globally, our customers remain active as they
seek our help to improve patient access to therapy, capture lost revenue and
increase profitability. Our continued growth demonstrates the significant
value our customers place on our solutions, reflected by the increasing number
of therapeutic brands we are working with. The success of our current strategy
and financial strength, and the sustained positive momentum in 2025 to date,
serve to validate our growth strategy and provide us with confidence that our
profitability targets for 2025 are on track to be delivered as we continue to
grow."
Financial Highlights:
H1 2025 H1 2024 Change
£000's £000's
Revenue 14,564 12,320 +18%
Revenue growth constant currency basis 22% 28% -6 ppts
Annual Recurring Revenue (ARR)** 16,442 14,205 +16%
Net Revenue Retention (NRR)** 118% Not available -
Order book 31,701 27,878 +14%
Order book visibility for next 6 months 9,018 8,927 +1%
Gross profit 12,087 10,731 13%
Gross profit margin 83% 87% -4 ppts
Adjusted EBITDA* 57 -900 +957
Adjusted EBITDA margin +0.4% -7.3% +7.7 ppts
EBITDA* -475 -1,310 +835
EBITDA margin -3% -11% +8 ppts
Loss before tax -3,013 -3,264 +251
Free cash flow* -2,358 -392 -1,966
Cash and cash equivalents 10,384 16,749 -38%
* EBITDA is earnings before interest, tax, depreciation and amortisation.
Adjusted EBITDA removes share-based payment charges and once-off exceptional
items. Free cash flow is net cash inflow from operating activities less
capital expenditure less the payment of lease liabilities.
**Annual Recurring Revenue (ARR) is the value of recurring subscription
revenue at a specific point in time that is expected to be recognised from
contracts over the next twelve months. Net Revenue Retention (NRR) is the net
percentage increase in customer ARR over the prior twelve months.
· 18% revenue growth to £14.6 million, 22% on a constant currency basis
· 61% of revenues in the period were recurring (H1 2024: 55%)
· ARR of £16.4 million ($22.6 million) as at 30 June 2025 (£14.2 million
($18.1 million) at 30 June 2024), with an NRR of 118%
· Increased visibility on future revenues - order book at 30 June 2025 of £31.7
million (H1 2024: £27.9 million), of which £9.0 million is expected to be
realised in H2 2025
· Consistent and strong Gross Profit Margin at 83% in H1 2025 (H1 2024: 87%)
· Adjusted EBITDA of £0.1 million (H1 2024 loss: £0.9 million); on track to
return to full year profitability
· Debt free with cash of £10.4 million at 30 June 2025 (31 December 2024:
£12.7 million)
H1 2025 Strategic & Commercial Highlights:
· Further expansion of lab network, data assets and capabilities in the US
· Significant technical upgrades to DXRX platform involving best in class AI
which facilitates greater insights and utilisation of data
· One new customer enterprise-wide engagement secured taking total to eight (FY
2024: seven) representing £10.1 million ($13.9 million) in ARR
· 17% increase to 74 therapeutic brands worked on in H1 2025 (H1 2024: 63
therapeutic brands)
· DXRX is a well invested and highly scalable platform that it believes can
deliver up to $100 in additional therapy revenue for every $1 invested by our
customers
Current Trading & Outlook:
· Continued momentum driven by deeper customer engagement
· New enhanced technologies delivering continued operational leverage
· Commercial pipeline and platform expansion will support full year
profitability
· Global pharma and biotech continuing to accelerate their shift to precision
medicine to improve patient access, capture lost revenue and increase
profitability
· Expansion of market opportunities outside of precision medicine continue to be
explored
· The Board reaffirms its confidence in the Company's ability to deliver its
profitability targets for 2025 and continues to trade in line with
expectations
Analyst Presentation:
A webinar presentation for investors and analysts will be held at 1430 BST
(0930 ET) on Tuesday, 23 September 2025. Those wishing to attend can register
using the following link:
https://us06web.zoom.us/webinar/register/WN_lcoB0C3eSc20_DCSsisB5A
(https://us06web.zoom.us/webinar/register/WN_lcoB0C3eSc20_DCSsisB5A)
Enquiries:
Diaceutics PLC
Ryan Keeling, Chief Executive Officer Tel: +44 (0)28 9040 6500
Nick Roberts, Chief Financial Officer investorrelations@diaceutics.com (mailto:investorrelations@diaceutics.com)
Canaccord Genuity Limited (Nomad & Broker) Tel: +44 (0)20 7523 8000
Simon Bridges, Andrew Potts, Harry Rees
About Diaceutics
At Diaceutics we believe that every patient should get the opportunity to
receive the right test and the right therapy to positively impact their
disease outcome. We provide the world's leading pharma and biotech companies
with an end-to-end commercialisation solution for precision medicines through
data analytics, scientific and advisory services enabled by our platform DXRX
- The Diagnostics Network®.
Prior to publication the information communicated in this announcement was
deemed by the Company to constitute inside information for the purposes of
article 7 of the Market Abuse Regulations (EU) No 596/2014 as amended by
regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations No
2019/310 ('MAR'). With the publication of this announcement, this information
is now considered to be in the public domain. The person responsible for
making this announcement on behalf of the Company is Nick Roberts, Chief
Financial Officer.
STRATEGIC AND OPERATIONAL REVIEW
"Delivering Growth Against a Complex Backdrop"
CEO Outlook Statement
As we reach the midpoint of 2025, I am pleased to report that Diaceutics is on
track to return to profitability in 2025 and our business is progressing well.
Our commitment to accelerating access to innovative treatments for those who
need them most has driven significant progress in the first half of the year.
We have continued to deliver on our strategy, recording strong financial
performance and growth, and successfully executing our strategic initiatives.
The deliberate investments we made throughout 2023 and 2024 have laid the
foundations for the next phase of Diaceutics' journey. We are now beginning to
realise the benefits of those decisions, as our platform scales efficiently
and operational leverage starts to flow through the business. This is more
than a financial milestone - it marks the transition from building to
delivering. With a stronger, more resilient operating model, we are now
positioned to focus on sustainable profitability while continuing to advance
our vision of transforming how patients access precision medicine. We believe
the business will deliver profitability this year, a testament to the strategy
we set in motion and the future value we are building for our investors,
partners, and patients.
The first half of 2025 has been an interesting period for the pharmaceutical
industry in the US, our largest market. We have navigated a rapidly evolving
and complex regulatory environment, that is facing drug pricing pressures and
adapting to manufacturing and supply chain reorganizations. Despite these
challenges, our team has demonstrated resilience and agility, ensuring that we
remain on track to deliver on our profitability targets in 2025.
Our investments in AI, talent, and strategic partnerships have positioned us
well for future growth. We are excited about the opportunities ahead and
remain focused on leveraging our unique capabilities to drive greater adoption
of our solutions and strengthen our competitive edge.
A focus on our purpose continues to be a core strength that drives engagement
and performance. Our ongoing investment in culture, consistent communication
of our strategic goals and KPIs, and sound leadership, ensure that every team
member understands how their contributions support broader success. Thank you
to our extraordinary team for their dedication and hard work. Together, we
will continue to make a meaningful impact in the healthcare and diagnostics
landscape.
From Investment to Impact
As we review H1 2025, I am pleased to share that the strategic investments we made in 2023 and 2024 are now delivering exactly the outcomes we intended. These investments have strengthened the foundations of our business, enabling us to scale with greater efficiency and resilience. We are beginning to see the benefits of operational leverage across the organization, with revenue growth now translating more directly into improved margins. Importantly, this positions Diaceutics to shift from an investment-led phase into one with a clear profitability focus. As a result, we expect the business to deliver profitability this year, underscoring the effectiveness of our strategy and the confidence we have in the value we are creating for all stakeholders.
We reached a standout milestone in 2024 when we launched our integrated
commercialization partner agreement (PMx) and signed our first contract with
Partner Therapeutics. This was the culmination of years of dedicated effort
and underscored our ability to provide customers with end-to-end
commercialization solutions that address unmet needs, whilst continuing to
perform and driving our future growth.
The Partner Therapeutics contract was signed in March 2025 and is worth up to
£13.0 million including auto renewal clauses which, if exercised, extend the
contract to September 2028. We are pleased to report that this
commercialization partnership continues to go from strength to strength with
the uptake of Bizengri® tracking to forecast since receiving FDA approval in
the US in December 2024.
By aligning real-time data insights, digital and personal engagement, and
expert consulting, we're ensuring that patients with a critical cancer
diagnosis gain timely access to the right targeted treatment for them. Our PMx
programme exemplify our strategic approach to precision medicine
commercialization and we are working to add at least one more
commercialization partner agreement this year.
The launch of Bizengri® by Partner Therapeutics forms part of Diaceutics'
broader strategy to expand its portfolio of therapeutic brands across rare and
biomarker-driven diseases, reinforcing its position as the commercialization
partner of choice in precision medicine. Up to 30 June 2025, our DXRX
platform solutions identified almost 400,000 patients who could be treated by
our pharma customer therapies, and is on track to identify around 800,000 by
the year end.
US Expansion
Our investment in the United States continues to yield strong returns. The
establishment of our US headquarters has provided a central hub for our
commercial and client success teams, enabling us to better support our growing
base of US biopharma clients.
During the first half of the year, we expanded our US sales team with 10
highly experienced hires, strengthening our ability to engage with leading
pharmaceutical companies and extend our reach into new accounts. This
investment has already translated into tangible results, with the team
contributing to a growing pipeline of enterprise-wide engagements and new
client wins.
The US market remains the largest and most dynamic for precision medicine, and
our enhanced presence through the US HQ and expanded sales organisation
positions us to capture a greater share of this opportunity. This expansion
also demonstrates the scalability of our model, aligning our commercial
infrastructure with the increasing demand for data-driven diagnostic insights
across the industry.
Expanding our Addressable Market
Our precision medicine Total Addressable Market (TAM) today is characterised
by approximately 250 therapy brands that are already on, or close to, the
market. Diaceutics will partner on approximately 95 of these therapies during
2025, underscoring both our strong market presence and the significant
headroom that remains. Looking ahead, as the definition of precision medicine
broadens to encompass diagnostically enabled therapies, this universe of
brands expands from 250 to 560 therapies. This expansion represents a market
opportunity of $864 million, into which we are already making measured
inroads, with initial launches anticipated in 2025. By 2030, the number of
diagnostically enabled therapies is expected to reach 1,020 brands, informed
by today's clinical trial pipeline. This projected growth reflects a 13%
compound annual growth rate (CAGR) and a TAM of approximately $1.44 billion.
This forward trajectory illustrates not only the scale of opportunity before
us but also Diaceutics' unique position at the intersection of diagnostics and
therapeutics, where our platform is increasingly aligned with the future of
drug development and patient care.
Enabling True Scale through Agentic AI
In the first half of 2025, Diaceutics has achieved true scale in our
operations through the strategic implementation of agentic AI. By fully
automating the extraction of data, we have significantly enhanced our ability
to derive meaningful insights and value from our dataset. Our agentic AI
approach has enabled us to seamlessly integrate and analyse vast amounts of
data from diverse sources, including laboratory, insurance claims, and
electronic medical records.
This advanced AI-driven infrastructure has transformed fragmented and siloed
data into actionable intelligence, driving commercialization success for our
customers. Unlike traditional data sources that capture only part of the
patient journey, our multi-modal data insights engine provides a comprehensive
view, from testing through to treatment decisions. This holistic approach
allows us to deliver data-driven insights at scale, without adding significant
resource burdens.
The strategic application of agentic AI has not only improved our operational
efficiency but also strengthened our competitive edge. By leveraging this
technology, we have created the ideal conditions for a successful high
recurring revenue model, ensuring that we continue to deliver superior service
and value to our customers.
Building Investor Momentum
As Chief Executive, I recognise the importance of clear, consistent and
transparent engagement with our shareholders. In the first half of the year we
have intensified our investor relations activity to ensure that our growth
strategy, profitability journey and progress are well understood by the market
and I am pleased to welcome several new investors who have joined our
shareholder register, as well as many existing investors continuing to
increase their holdings in Diaceutics.
Over the past 12 months we have delivered regular trading updates,
presentations and webinars, capital market events, all designed to provide
investors with greater visibility of our revenue trajectory, recurring revenue
model, and the operational leverage beginning to flow through the business. We
have also enhanced disclosure of key performance indicators such as Annual
Recurring Revenue, Net Revenue Retention, order book size, and the number of
therapy brands supported by our platform.
Looking ahead to the second half of this year, we will build on this momentum
by expanding our engagement with international institutions, further
sharpening our communication of the profitability trajectory, and providing
continued transparency on shareholder developments. As ever, our focus is on
creating long-term sustainable value for all shareholders.
Maximizing our Lab Network
Our lab network remains a key differentiator, both as a source of valuable
data and as a critical enabler of our products and services. While
historically the focus has been on expanding the number of laboratories in the
network, we have now reached a point of stability that allows us to optimize
and maximize its value. Moving forward, we expect a strategic refinement of
the network, with a particular emphasis on strengthening our presence in the
US, where we see the greatest growth potential.
Balancing Growth and Financial Discipline
As we look ahead, we remain committed to accelerating growth - both through
organic expansion and strategic mergers, acquisitions and/or partnerships. We
see significant untapped potential in our business and recognize the
opportunities that selective inorganic growth can bring.
At the same time, we are mindful of maintaining a disciplined approach and are
committed to striking a careful balance between investing for future growth
and delivering strong financial results to our shareholders. As ever, this
requires prudent decision-making to ensure we meet our commitments while
seizing opportunities that will create sustainable long-term value.
H2 2025 and Beyond
A Continued Focus on Performance, Growth and Profitability
As we look towards the end of 2025, our primary objectives remain clear: from
delivering on our commitment to drive profitability through sales and revenue
growth, to accelerating commercial success, further embedding our technology
and expertise into customer workflows, fostering strategic partnerships and
ensuring patients get the right tests and treatments.
AI is playing an increasingly significant role in the businesses ability to
scale its operations and we are seeing considerable benefits from our agentic
AI solution and our emerging multi-modal data offering alongside more
conventional "off the shelf" offerings from our operational technology
providers. With all of this we remain focused on our recurring revenue model,
and our US expansion, which are our key priorities, supported by continued
investment in talent and infrastructure.
Looking to the Future
2025 has been a challenging year for the pharma industry, especially in the
US, our biggest market: from a complex and rapidly evolving regulatory
environment, to drug pricing pressures, to manufacturing and supply chain
reorganizations - pharma budgets, investment patterns and project timelines
are being impacted. We remain vigilant to these, actively seeking market
intelligence from our people, customers, suppliers and other stakeholders, and
are mitigating the risks as they materialize to ensure we remain on track to
deliver profitability in 2025.
The success of the Company's strategy and financial strength, and the
sustained positive momentum in 2025 to date, provide the Board with confidence
that the profitability targets for 2025 are on track to be delivered.
The transition to a stronger adjusted EBITDA margin in 2025 and beyond will be driven by:
● Continued revenue expansion, particularly in high margin recurring
revenue solutions. Notwithstanding the current US pharma economic
uncertainties and FX headwinds, we will target a 25% constant currency CAGR
for revenue and ARR.
● Discipline and focus, ensuring that investment is targeted at
high-return and scalable opportunities, AI technology is continually deployed
to allow rapid innovation at scale, and costs are managed through strong
processes.
● Operational scalability, leveraging the AI and technology
infrastructure we built and continue to invest in to deliver increasing
returns and margins, targeting growth in EBITDA and breakeven profit before
tax.
FINANCIAL REVIEW
Diaceutics has continued to deliver strong financial performance in the first
six months of 2025, the seventh consecutive period of growth for the Group.
With cash reserves of £10.4 million and Annual Recurring Revenue (ARR) of
£16.4 million at 30 June 2025, the Company enters the second half of the year
with an increasing level of visibility to achieve its full year profitability
targets.
Growing and Scaling the Business
Diaceutics' comprehensive suite of data driven solutions have continued to
experience strong organic growth in the first six months of 2025. Despite the
increasing currency headwinds, revenue grew 18% from £12.3 million to £14.6
million, 22% on a constant currency basis. This performance extends a
three-year trend of consistent expansion, with a compound annual growth rate
of 25% over the first half periods since 2022.
The business continues to increase revenue visibility as it transitions to
high quality, predictable, recurring revenue streams. In 2021, only 3% of the
business revenues fell into this category; by June 2025, that figure had grown
to 61%. The shift to a recurring revenue model, underpinned by our end-to-end
integrated commercialization solution (PMx) and subscription-based data and
technology solutions, strengthens customer relationships and embeds us more
deeply into their operations as a long-term commercialization partner. It also
enhances the quality and visibility of our revenues. In other key metrics, ARR
grew 16% from £14.2 million (USD 18.1 million) at June 2024 to £16.4 million
(USD 22.6 million) at June 2025, with a Net Revenue Retention (NRR) for this
period of 118%. The ARR as at June 2025 grew 7% on December 2024 in USD but
was marginally down in GBP due to currency headwinds (31 December 2024 ARR
£16.8 million and USD 21.1 million).
The recurring revenue transformation naturally affects how revenue is
recognized, with more income now spread across multiple quarters rather than
all captured upfront. While this typically delays the initial recognition of
some revenue, it creates a more robust and scalable foundation for the future
and greater revenue visibility. We are focused on building a business that is
not only growing rapidly but doing so in a way that ensures sustainability and
predictability.
The Total Contract Value (TCV) of net sales secured in H1 2025 was £21.3
million, a significant increase on the net value of contracts secured in the
prior period of £13.8 million, and our biggest ever six-month period of
selling activity to date. This was boosted by the Company securing a
significant uplift in its PMx contract with Partner Therapeutics and
highlights the importance of the Company's launch of its PMx offering, both in
terms of multi-year order book and ARR, and the continued investment in the
sales and marketing capacity. In the first 6 months of 2025 the sales and
marketing team grew from 22 to 29, with the focus being on the sales team in
the US.
The Group continues to observe and expect a higher weighting of revenue, and
therefore profitability, in the second half of the financial year. In 2024 the
H1/H2 weighting of revenue was 38:62, and we are forecasting a similar split
in 2025. The H2 weighting is driven by the pharma industry's propensity to
spend more of its discretionary budget in the second half of the year,
particularly the fourth quarter, as it reaches the end of its own budget and
financial year.
Gross Profit and Margins
The gross profit for the first six months of 2025 increased 13% to £12.1
million (H1 2024: £10.7 million). The gross margin reduced from 87% in H1
2024 to 83% in H1 2025, down four percentage points, but when calculated on
revenue at a constant currency it remained consistent at 86%, and slightly
above management's expected margin of 85%.
The high gross margin is enabled by Diaceutics' investment in the DXRX
platform and the efficient delivery of its DXRX platform product insights
which are directly integrated into its pharma customer native technology
environment. The primary direct selling costs of the business relate to
platform and compute power, time and materials relating to project-based work,
marketing and media company costs and some customer pass-through costs.
EBITDA and Profitability: building a sustainable growth model
H1 2025 H1 2024
£000's £000's
Operating loss (3,179) (3,585)
- Depreciation & Amortization 2,704 2,275
EBITDA (475) (1,310)
EBITDA margin -3% -11%
Adjustments for:
- Redundancy costs 105 -
- Share based payment charge 427 410
Adjusted EBITDA 57 (900)
Adjusted EBITDA margin 0.4% -7.3%
Our adjusted EBITDA for H1 2025 is £0.06 million. This represents an adjusted
EBITDA shift to profitability in H1 2025 (H1 2024: loss of £0.90 million), an
important milestone in demonstrating the Company's return to profitability in
2025 and beyond. The adjusted EBITDA in H1 2025 includes the add back of
share-based payment charges.
The loss before tax in H1 2025 was reduced to £3.2 million (H1 2024: loss
£3.3 million). While administrative expenses (operating overheads including
depreciation and amortization) continue to increase, the rate of increase was
reduced to 8% between H1 2025 and H1 2024. The business continues to focus on
disciplined investment and increases in its cost base, and while growth
remains a priority, we are keenly focused on profitability. 2025 will mark an
inflection point, where we shift from an investment-heavy phase, to driving
operational efficiency and profit at an increasing scale.
Navigating Uncertainty While Delivering Results
The broader market environment in 2025 continues to present a series of
challenges, including regulatory shifts, evolving pharmaceutical budgets, and
macroeconomic uncertainty. These challenges have continued from 2024 and
earlier years.
While the US healthcare sector saw disruptions due to the changing political
and regulatory landscapes, our focus on pharmaceutical commercialization
largely insulated us in 2024 from the budgetary tightening seen in the
clinical setting. That said, while the precision and personalized medicine
sectors grew, wider caution in pharmaceutical investment decisions in 2025 has
created a more measured market environment which we continue to see in reports
from some of the largest pharmaceutical service companies in the US.
Whilst we note volatility in the GBP:USD foreign exchange markets, there are
observable trends that GBP is slowly gaining strength back against the USD
after a sustained period of weakness. This represented a revenue and ARR
growth headwind in H1 2025, with our constant currency revenue growth rate in
the period four percentage points higher than the GBP reported revenue.
The Group's customer base is heavily weighted towards blue-chip pharma
companies, with 95% of revenue generated in H1 by customers based in the US
(H1 2024: 92%). The Group worked with a total of 43 customers during H1 2025
(H1 2024: 44) across 74 therapies (H1 2024: 63). The Group has increased its
average revenue per customer 21% to £0.34 million, up from £0.28 million in
H1 2024, and reduced its average revenue per brand 10% to £0.20 million, down
from £0.22 million in H1 2024 and primarily driven by FX headwinds.
At the end of June 2025, the ARR was £16.4 million which was split across 56
brands and 24 customers - an average ARR of £0.29 million per brand and
£0.69 million per customer (June 2024: ARR was £14.2 million across 49
brands - an average ARR of £0.29 million per brand).
The non-recurring revenue in H1 2025 was £5.8 million across 55 brands and 29
customers - an average of £0.10 million per brand and £0.20 million per
customer (H1 2024: non-recurring revenue of £5.5 million across 51 brands -
an of £0.10 million per brand).
Our historic ability to deliver strong financial performance despite the
broader market and industry challenges underscores the resilience of our
business model and the market opportunity for our solutions.
Maintaining Financial Discipline while Investing in Technology and Growth
Profit Led Growth
Over the past two years, we embarked on a deliberate and measured investment
cycle, designed to enhance our technological capabilities, expand our
commercial footprint, and automate key business functions. This investment has
featured a significant focus on AI and positioned us for long-term scale and
efficiency, ensuring that we can grow profitably and sustainably.
By the end of 2024, this investment phase has been successfully executed,
enabling a strategic shift back towards delivering profitability in 2025. We
do not plan to stop our investment activities, in fact, we must continue to
innovate to maintain leadership and unlock new growth opportunities, but we do
plan to significantly reduce the pace of investment spend growth, ensuring
that our revenue growth translates into profitability and increasing
shareholder value.
AI and Platform Investment: A Transparent Approach to Innovation
Our commitment to innovation remains strong, with AI and platform investment
totaling £1.3 million in H1 2025 (H1 2024: £1.8 million). As you would
expect for a technology-led company like Diaceutics, the value of development
investment can fluctuate from period to period, but continues to grow as the
Company continues to innovate. However, the increased investment has
materialized as an expense, rather than a capital item, with no
capitalization in H1 2025 vs. £0.3 million capitalized in H1 2024.
This underscores the reality that our technology has reached a high level of
maturity, reducing the need for large-scale capitalization and giving our
investors an accurate reflection of our robust financial position. We feel
that expensing AI and platform development costs in real time provides greater
visibility of our operational priorities, reinforcing our commitment to
financial clarity. The Group continues to invest in data from its laboratory
network, insurance claims providers, electronic health record providers and
other data sources, expending £2.8 million in H1 2025 (H1 2024: £1.1
million).
Cash Management: Unlocking a New Era of Growth
Cash flow is a crucial pillar of our financial strategy, and our disciplined
approach to cash management has been instrumental in unlocking the company's
future growth potential. In 2023 and 2024, we followed through on our
commitment to a carefully managed investment cycle, with a free cash outflow
of £8.0 million, in line with management's projections, and maintaining a
minimum cash position of at least £12.0 million throughout this period.
At the end of June 2025, our cash balance stood at £10.4 million (30 June
2024: £16.7 million and 31 December 2024: £12.7 million), in line with
expectations.
Cash conversion will be key for H2 2025. Carefully managing our working
capital, ensuring timely recovery of receivables, maintaining disciplined
efficiency in payment cycles and managing foreign exchange exposures will
maximize the opportunity to maintain cash flow neutral for 2025. In doing so
we will ensure that we can fund future organic growth without relying on
external financing, preserving our cash assets and potential strategic access
to capital if needed.
Investing in People to Strengthen our Commercial Capabilities
Our team remains the single most important driver of our success, and we have
continued to recruit strategically to support our long-term ambitions.
Over the course of H1 2025, we increased our headcount from 199 to 213
employees, with strong emphasis on commercial roles, particularly in the US,
carried over and continued from the end of 2024.
Our investment in people extends beyond recruitment. Training, development,
compensation, and performance-based incentives all play a crucial role in
ensuring that we continue to attract, retain, and develop top-tier talent.
This commitment will remain central, with a particular emphasis on expanding
our commercial footprint in the US market, as supported by our new US office
in New Jersey.
Execution and Profitability
Our financial priorities for 2025 and beyond are clear. We will continue to
drive top-line growth, targeting a CAGR of 25%, and translating an increasing
proportion of this performance into profitability. This will see us preserve
our cash resources and enter a period of sustainable tech-led investment.
At the same time, we will continue to explore opportunities for strategic
acquisitions and partnerships, to supplement organic growth where they align
with our long-term vision and purpose. As always, we will pursue these
opportunities in a measured way, ensuring that we maintain a clear focus on
execution and financial stability and we are fully funded to execute our
organic growth plans.
Meeting Targets, Driving Progress
2024 was a year of strong financial performance, considered investment, and
strategic growth. We have demonstrated our ability to execute against plan,
adapt to market challenges, and build a scalable, profitable business model.
Our focus for 2025 has remained the same: setting clear targets, executing
against them, and continue delivering value for investors, customers, and
employees alike. Through a combination of financial discipline, strong
leadership, operational excellence, and strategic investment, we are
well-positioned to drive our sustained profitability and deliver on our
purpose - to help every patient get the opportunity to get the right test and
most appropriate treatment as fast as possible.
Condensed Profit and Loss Account
for the six months ended 30 June 2025
Notes Six months to Six months to Year ended
30 June 2025 (Unaudited) 30 June 2024 (Unaudited) 31 December 2024
£000's £000's (audited)
£000's
Revenue 2 14,564 12,320 32,158
Cost of sales (2,477) (1,589) (3,888)
Gross profit 12,087 10,731 28,270
Administrative expenses (15,435) (14,324) (30,742)
Other operating income 3 169 8 17
Operating loss (3,179) (3,585) (2,455)
Finance Income 195 349 601
Finance costs (29) (28) (54)
Loss before tax (3,013) (3,264) (1,908)
Income tax credit 4 612 680 205
Loss for the financial period (2,401) (2,584) (1,703)
All activities in the current and prior periods relate to continuing
operations.
Condensed Statement of Comprehensive Income
for the six months ended 30 June 2025
Six months to Six months to Year ended
30 June 2025 (Unaudited) 30 June 2024 (Unaudited) 31 December 2024 (audited)
£000's £000's £000's
Loss for the financial period (2,401) (2,584) (1,703)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations (640) (7) (386)
Total comprehensive loss for the period, net of tax (3,041) (2,591) (2,089)
All activities in the current and prior periods relate to continuing
operations.
Earnings per share
for the six months ended 30 June 2025
Note Six months to Six months to Year ended
30 June 2025 (Unaudited) 30 June 2024 (Unaudited) 31 December 2024 (audited)
Pence Pence Pence
Basic loss per share 6 (2.84) (3.06) (2.02)
Diluted loss per share 6 (2.84) (3.06) (2.02)
Condensed Balance Sheet
as at 30 June 2025
Notes 30 June 2025 30 June 2024 31 December
(Unaudited) (Unaudited) 2024
(Audited)
ASSETS £000's £000's £000's
Non-current assets
Intangible assets 7 15,362 14,522 15,413
Right of use assets 1,090 1,103 1,026
Property, plant and equipment 8 621 700 652
Deferred tax asset 2,886 1,872 2,000
19,959 18,197 19,091
Current assets
Trade and other receivables 9 13,512 9,750 16,043
Income tax receivable 568 730 742
Cash and cash equivalents 10,384 16,749 12,744
24,464 27,229 29,529
TOTAL ASSETS 44,423 45,426 48,620
EQUITY AND LIABILITIES
Equity
Equity share capital 12 170 169 170
Share premium - 37,261 -
Treasury shares (312) (312) (312)
Translation reserve (1,266) (247) (626)
Profit and loss account 38,649 1,869 40,625
TOTAL EQUITY 37,241 38,740 39,857
Non-current liabilities
Lease liability 905 984 907
Provision for dilapidations 93 89 91
998 1,073 998
Current liabilities
Trade and other payables 10 5,951 5,463 7,611
Lease liability 229 150 153
Income tax payable 4 - 1
6,184 5,613 7,765
TOTAL LIABILITIES 7,182 6,686 8,763
TOTAL EQUITY AND LIABILITIES 44,423 45,426 48,620
Condensed Statement of Changes in Equity
for the six months ended 30 June 2025
Equity share capital Share Treasury Translation reserve Profit and loss account Total
equity
premium shares
£000's £000's £000's £000's £000's £000's
At 1 January 2024 169 37,126 (312) (240) 4,043 40,786
Loss for the period - - - - (2,584) (2,584)
Other comprehensive loss - - - (7) - (7)
Total comprehensive loss for the period - - - (7) (2,584) (2,591)
Transactions with owners recorded directly in equity
Share based payment - - - - 410 410
Treasury shares - 135 - - 135
Total transactions with owners - 135 - - 410 545
At 30 June 2024 (unaudited) 169 37,261 (312) (247) 1,869 38,740
Loss for the period - - - 881 881
Other comprehensive loss - - - (379) - (379)
Total comprehensive loss for the period - - - (379) 881 502
Transactions with owners recorded directly in equity
Share based payments - - - - 610 610
Deferred Tax Credit - - - - 4 4
Issue of shares 1 - - - - 1
Cancellation of Share Premium - (37,261) - - 37,261 -
Total transactions with owners 1 (37,261) - - 37,875 615
At 31 December 2024 (audited) 170 - (312) (626) 40,625 39,857
At 1 January 2025 170 - (312) (626) 40,625 39,857
Loss for the period - - - - (2,401) (2,401)
Other comprehensive loss - - - (640) - (640)
Total comprehensive loss for the period - - - (640) (2,401) (3,041)
Transactions with owners recorded directly in equity
Share based payment - - - - 425 425
Total transactions with owners - - - - 425 425
At 30 June 2025 (unaudited) 170 - (312) (1,266) 38,649 37,241
Condensed Statement of Cash Flows
for the six months ended 30 June 2025
Notes Six months to 30 June 2025 (Unaudited) Six months to 30 June 2024 (Unaudited) Year ended 31 December 2024 (audited)
£000's £000's £000's
Loss before tax (3,013) (3,264) (1,908)
Adjustments to reconcile loss before tax to net cash flows from operating
activities
Net finance income (164) (321) (547)
Amortisation of intangible assets 7 2,494 2,118 4,306
Impairment of intangible assts 7 - - 87
Depreciation of right to use asset 124 77 154
Depreciation of property, plant and equipment 8 83 80 167
Research and development tax credits - - -
Decrease/(increase) in trade and other receivables 3,863 1,616 (4,676)
Increase/(decrease) in trade and other payables (3,139) 1,226 3,374
Loss on disposal of fixed asset -
Share based payments 425 410 1,020
Cash generated/(used) from operations 673 1,942 1,977
Tax (paid)/received (68) (790) (1,326)
Net cash inflow from operating activities 605 1,152 651
Investing activities
Purchase of intangible assets 7 (2,767) (1,385) (4,532)
Purchase of property, plant and equipment 8 (55) (61) (100)
Finance interest received 195 349 601
Net cash outflow from investing activities (2,627) (1,097) (4,031)
Financing activities
Interest paid - - (1)
Leasehold repayments (141) (98) (199)
Purchase of treasury shares 12 - - 136
Issue of shares on exercise of a warrant 12 - 135 -
Net cash inflow/(outflow) from financing activities (141) 37 (64)
Net increase/(decrease) in cash and cash equivalents (2,163) 92 (3,444)
Net foreign exchange movements (197) (10) (479)
Opening cash and cash equivalents 12,744 16,667 16,667
Closing cash and cash equivalents 10,384 16,749 12,744
Notes to the Condensed Financial Statements
for the six months ended to 30 June 2025
1. Summary of material accounting policies
Basis of preparation
The condensed financial statements have been prepared in accordance with the
recognition and measurement requirements of UK adopted International
Accounting Standard 34, 'Interim Financial Reporting'.
The condensed financial statements should be read in conjunction with the
Group's last annual consolidated financial statements as at and for the year
ended 31 December 2024. Selected explanatory notes are included to explain
events and transactions that are significant to an understanding of the
changes in the Group's financial position and performance since the last
annual financial statements.
The condensed financial statements have been prepared under the historical
cost convention, except for the fair value of certain financial instruments
which are further detailed in note 11.
The same accounting policies, presentation and methods of computation have
been followed in these condensed financial statements as were applied in the
preparation of the Group's financial statements for the year ended 31 December
2024.
These condensed financial statements do not comprise statutory accounts within
the meaning of section 434 of the Companies Act 2006. Statutory accounts for
the year ended 31 December 2024 were approved by the Board of Directors and
have been delivered to the Registrar of Companies. The audit report on those
accounts was unqualified, did not draw attention to any matters by way of
emphasis and did not contain any statement under section 498(2) or (3) of the
Companies Act 2006.
There have been no significant related party transactions in the period which
have materially affected the financial position or performance of the Company,
or changes to related party transactions in the period which were disclosed in
the prior annual report.
Critical accounting judgements and key sources of estimation uncertainty
In preparing these condensed financial statements, management has made
judgements and estimates that affect the application of accounting policies
and the reported amounts of assets and liabilities, income and expense.
The significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty were the
same as those described in the last annual financial statements and are
summarised below.
Sources of estimation uncertainty
Source of estimation uncertainty Description
Useful Economic Life (UEL) of intangible assets The assessment of UEL of data purchases and platform require estimation over
the period in which these assets will be utilised and is based on information
on the estimated technical obsolescence of such assets and latest information
on commercial and technical use. The platform has been assessed to have a UEL
of ten years, platform algorithms six years and Data three years.
Impairment of assets The assessment of the recoverable amount of property plant and equipment,
intangible assets and right-of-use assets is made in accordance with IAS 36
Impairment of Assets. The Group performs an annual review in respect of
indicators of impairment, and if any such indication exists, the Group is
required to estimate the recoverable amount of the asset. The Group considered
whether there had been any indicators of impairment during the year ended 31
December 2024 which would require an impairment review to be performed. Based
upon this review, the Group concluded that its Singaporean subsidiary is to be
wound down as it will not be cash generating in future. The carrying value of
the intangible assets in that entity exceeded the recoverable amount. Based
upon this review, the Group recorded an impairment charge of £87,000 in
respect of intangible assets held in Diaceutics Pte Limited at 31 December
2024.
Discount rate Application of IFRS 16 requires the Group to make significant estimates in
assessing the rate used to discount the lease payments in order to calculate
the lease liability. The incremental borrowing rate depends on the term,
currency and start date of the lease and is determined based on a series of
inputs including the Group commercial borrowing rate.
Revenue In revenue recognition for certain Scientific & Advisory Services where
the input method is used to determine the revenue over a period of time, a key
source of estimation will be the total budgeted hours to completion for
comparison with the actual hours spent.
Attrition rate In the calculation of Share Based Payments and related costs charge an
assessment of expected employee attrition is used based on expected employee
attrition and where possible actual employee turnover from the inception of
the share option plan.
Vesting probability and period In the calculation of Share Based Payments and related costs charge an
assessment of expected probability that certain performance criteria will be
met within the vesting time period and the length of the vesting period.
Critical accounting judgements
Accounting policy Description of critical judgement
Revenue In determining the performance obligations for the data consultancy service
component of Insight & Engagement Solutions, judgment may be required in
interpreting the contract wording and customer expectation of the data
consultancy as a separately identifiable and distinct service, if the contract
is not explicit.
The transaction price associated with the performance obligation components of
Insight & Engagement Solution services is determined by reference to the
contract and change orders. Where the contract does not determine the
transaction price for performance obligations, judgement may be required to
determine the transaction price. These judgements include allocating
transaction prices to data consultancy services based on an adjusted market
assessment approach with the residual transaction price allocated to the
retrospective and prospective data license performance obligations pro-rated
depending on the data license period of coverage.
Deferred tax In assessing the requirement to recognise a deferred tax asset, management
carried out a forecasting exercise in order to assess whether the Group will
have sufficient future profits on which the deferred tax asset can be
utilised. This forecast required management's judgment as to the future
performance of the Group.
Intangible assets The Group capitalises costs associated with the development of the DXRX
platform and data lake. These costs are assessed against IAS 38 Intangible
Assets to ensure they meet the criteria for capitalisation.
Going Concern
The financial performance and balance sheet position at 30 June 2025 along
with a range of scenario plans to 31 December 2027 has been considered,
applying different sensitives to revenue. Across these scenarios, including at
the lower end of the range, there remains significant headroom in the minimum
cash balance over the period to 31 December 2027 and therefore the Directors
have satisfied themselves that the Group has adequate funds in place to
continue operational existence for the foreseeable future. Accordingly, the
Group continues to adopt the going concern basis in preparing its financial
statements.
2. Revenue and segmental analysis
For all periods reported the Group operated under one reporting segment but
revenue is analysed under three separate products/service lines.
a) Revenue by major product/service line
Six months to 30 June 2025 Six months to 30 June 2024 Year ended 31 December 2024
£000's £000's £000's
Insight & Engagement Solutions 11,053 9,348 23,117
Scientific & Advisory services 3,511 2,972 9,041
14,564 12,320 32,158
b) Revenue by geographical area
Six months to 30 June 2025 Six months to 30 June 2024 Year ended 31 December 2024
£000's £000's £000's
North America 13,842 11,292 29,537
UK 615 38 547
Europe 106 900 1,893
Asia and rest of world 1 90 181
14,564 12,320 32,158
c) Revenue by timing of recognition
Six months to 30 June 2025 Six months to 30 June 2024 Year ended 31 December 2024
£000's £000's £000's
Point in time 1,782 3,840 15,223
Over time and input method 12,781 8,480 16,935
14,564 12,320 32,158
The contract assets and liabilities in relation to contracts with customers are as follows:
Six months to 30 June 2025 Six months to 30 June 2024 Year ended 31 December 2024
£000's £000's £000's
Contract assets
Accrued Revenue 4,486 3,887 4,155
Contract liabilities
Deferred revenue 1,357 973 237
Order book
The aggregate amount of the transaction price allocated to product and service
contracts that are partially or fully unsatisfied as at the reporting date
('order book') are as follows:
As at June 2025
2025 2026 2027+ Total
£000's £000's £000's £000's
Insight & Engagement Solutions 6,722 10,859 25,639
8,059
Scientific & Advisory services 2,297 3,166 599 6,062
9,018 14,025 8,658 31,701
As at June 2024
2024 2025 2026+ Total
£000's £000's £000's £000's
Insight & Engagement Solutions 7,727 10,255 8,333 26,316
Scientific & Advisory services 1,200 203 160 1,562
8,927 10,458 8,493 27,878
3. Other operating income
Six months to 30 June 2025 Six months to 30 June 2024 Year ended 31 December 2024
£000's £000's £000's
Government grants 123 8 17
Research and developments credits 40 - -
Other income 6 - -
169 8 17
4. Income tax
Income tax expense is recognised at an amount determined by multiplying the
loss before tax for the interim reporting period by management's best estimate
of the weighted-average annual income tax rate, adjusted for the tax effect of
certain items recognised in full in the interim period. As such, the effective
tax rate in the condensed financial statements may differ from management's
estimate of the effective tax rate for the annual financial statements.
The Group's consolidated effective tax rate in respect of continuing
operations for the six months ended 30 June 2025 was 20.2% (six months ended
30 June 2024 was 20.8%).
The difference to the corporation tax rate of 25% reflects share-based
payments of £138,000, UK R&D net tax credit of £5,000, an adjustment in
respect of prior periods of £25,000, disallowable expenses credit of £7,000,
£5,000 of higher rate taxes and £250 credit movement in deferred tax not
recognised.
UK corporation tax is calculated at 25% (2024: 25%) of the taxable profit or
loss for the period. Taxation for other jurisdictions is calculated at the
rates prevailing in the respective jurisdictions. The deferred tax asset is
recognised on the basis that the Group has forecasted sufficient profits on
which the deferred tax asset will be utilised in future periods. Tax losses
carried forward amount to £3,348,580 (H1 2024: £2,943,957) within Diaceutics
PLC. The Group has tax losses carried forward arising in subsidiary
undertakings. Due to the uncertainty of the recoverability of the tax losses
within these subsidiaries, a potential deferred tax asset of £135,000 (H1
2024: £116,000) has not been recognised. All other deferred tax assets and
liabilities have otherwise been recognised as they arise.
5. EBITDA
Six months to 30 June 2025 Six months to 30 June 2024 Year ended 31 December 2024
£000's £000's £000's
Operating loss: (3,179) (3,585) (2,455)
Adjusted for:
Depreciation and amortisation 2,704 2,275 4,714
EBITDA (475) (1,310) 2,259
6. Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data:
Earnings attributable to shareholders
Six months to 30 June 2025 Six months to 30 June 2024 Year ended 31 December 2024
£000's £000's £000's
Earnings for the purposes of basic and diluted earnings per share being net (2,401) (2,584) (1,703)
loss attributable to owners of the Company
Adjusted earnings for the purposes of basic and diluted earnings per share (2,401) (2,584) (1,703)
Number of shares
Six months to 30 June 2025 Six months to 30 June 2024 Year ended 31 December 2024
Number Number Number
Ordinary Shares in issue at the end of the period 84,812,636 84,720,076 84,773,888
Weighted average number of shares in issue 84,793,746 84,703,311 84,705,590
Less Treasury Shares (252,063) (252,063) (252,063)
Weighted average number of shares for basic 84,541,683 84,451,248 84,453,527
earnings per share
Effect of dilution of share options and warrants granted - - -
Weighted average number of shares for diluted 84,541,683 84,451,248 84,453,527
earnings per share
Earnings and Diluted Earnings per share
Six months to Six months to Year ended
30 June 2025 30 June 2024 31 December 2024
Pence Pence Pence
Basic (2.84) (3.06) (2.02)
Diluted (2.84) (3.06) (2.02)
The group has outstanding share options that could potentially dilute basic
earnings per share in the future. These were not included in the calculation
of diluted earnings per share during the year because these are antidilutive
for the period.
7. Intangible assets
Patents and trademarks Datasets Total
Platform Software
£000's £000's £000's £000's £000's
Cost
At 1 January 2024 1,179 10,636 13,366 975 26,156
Foreign exchange (19) 16 (30) - (33)
Additions - 1,067 272 46 1,385
At 30 June 2024 1,160 11,719 13,608 1,021 27,508
(19) 76 (28) 1 30
Foreign exchange
Additions 6 3,134 - 7 3,147
At 31 December 2024 1,147 14,929 13,580 1,029 30,685
Foreign exchange 17 (759) (139) (6) (887)
Additions - 2,818 5 90 2,915
At 30 June 2025 1,164 16,988 13,446 1,113 32,711
Patents and trademarks Datasets Total
Platform Software
£000's £000's £000's £000's £000's
Amortisation
At 1 January 2024 1,174 5,962 3,157 601 10,894
Foreign Exchange (20) 1 (7) - (26)
Charge for the period 4 1,386 680 48 2,118
At 30 June 2024 1,158 7,349 3,830 649 12,986
Foreign exchange (18) 35 (6) - 11
Charge for the period 1 1,449 688 50 2,188
Impairment loss - 4 83 - 87
At 31 December 2024 1,141 8,837 4,595 699 15,272
Foreign Exchange 17 (373) (59) (2) (418)
Charge for the period 1 1,754 683 56 2,494
At 30 June 2025 1,159 10,218 5,219 753 17,349
Net book value
At 30 June 2025 5 6,770 8,227 360 15,362
At 31 December 2024 6 6,092 8,985 330 15,413
At 30 June 2024 2 4,370 9,778 372 14,522
The Group considered whether there have been any indicators of impairment
during the year ended 31 December 2024 which would require an impairment
review to be performed. Based upon this review, the Group concluded that the
Singaporean subsidiary is to be wound down as it will not be cash generating
in future. The carrying value of the intangible assets in that entity exceeded
the recoverable amount. Based upon this review, the Group recorded an
impairment charge of £87,000 in respect of intangible assets held in
Diaceutics Pte Limited at 31 December 2024.
8. Property, plant and equipment
Office Equipment Leasehold Improvements Total
£000's £000's £000's
Cost
At 1 July 2024 790 532 1,322
Disposals (1) - (1)
Additions 39 - 39
At 31 December 2024 828 532 1,360
Foreign exchange translation (4) - (4)
Additions 55 - 55
At 30 June 2025 879 532 1,411
Depreciation
At 1 July 2024 475 147 622
Charge for the period 60 27 87
Foreign exchange translation (1) - (1)
At 31 December 2024 534 174 708
Foreign exchange translation (1) - (1)
Charge for the period 56 27 83
At 30 June 2025 589 201 790
Net book value
At 30 June 2025 290 331 621
At 31 December 2024 294 358 652
At 30 June 2024 315 385 700
9. Trade and other receivables
30 June 2025 30 June 2024 31 Dec 2024
£000's £000's £000's
Trade receivables 6,880 4,851 10,659
Accrued revenue 4,486 3,887 4,155
Derivative Financial Instrument 635 - -
Other receivables 329 216 147
Prepayments 1,182 796 1,082
13,512 9,750 16,043
10. Trade and other payables
30 June 2025 30 June 2024 31 Dec 2024
£000's £000's £000's
Creditors: falling due within one year
Trade payables 1,073 610 1,217
Accruals 2,827 3,135 5,048
Derivative Financial Instrument - - 477
Other tax and social security 423 589 466
Deferred revenue 1,357 973 237
Deferred Grant Income 91 109 100
Other Payables 180 47 66
5,951 5,463 7,611
11. Financial instruments
30 June 2025 30 June 2024 31 Dec 2024
£000's £000's £000's
Financial assets at amortised cost
Trade receivables 6,880 4,851 10,659
Contract Assets 4,486 3,887 4,155
Other receivables 964 216 147
Cash at bank and in hand 10,384 16,749 12,744
Financial liabilities at amortised cost
Trade payables (1,074) (610) (1,217)
Lease liability (1,134) (1,134) (1,151)
Financial assets/(liabilities) at fair value
Derivative financial instrument - Foreign currency forward contract 635 - (477)
Derivative financial instrument - Foreign currency forward contract
The group has entered into a number of foreign currency derivative contracts
during the period. The nominal value of the Group's forward contracts is
£11,550,537 (30 June 2024: NIL) principally to sell US Dollars.
The foreign currency forward contracts are categorised as level 2 within the
fair value hierarchy.
The Group's foreign currency forward contracts are not traded in active
markets. These contracts have been fair valued using observable forward
exchange rates and interest rates corresponding to the maturity of the
contract. The effects of non-observable inputs are not significant for foreign
currency forward contracts.
Fair value measurement on these derivatives as at the period end is £635,000
(30 June 2024: NIL).
12. Share capital
30 June 2025 30 June 2024 31 Dec 2024
£000's £000's £000's
Allotted, called up and fully paid
84,812,636 (June 2024: 84,720,076; Dec 2024: 84,773,888) 170 170
Ordinary shares of £0.002 each
169
Treasury shares are shares in Diaceutics PLC that are acquired and held by the
Diaceutics Employee Share Trust for the purpose of issuing shares under
relevant employee share option plans.
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