REG - EMV Capital PLC - Interim Results and Investor Presentation
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RNS Number : 2946B EMV Capital PLC 30 September 2025
Strictly embargoed for: 07.00 a.m. on 30 September 2025
EMV Capital PLC
(EMV Capital or EMVC or the Company or the Group)
Interim Results for the six months ended 30 June 2025
and Investor Presentation
EMV Capital plc (AIM: EMVC), the deep tech and life sciences VC investment
group, today announces its interim results for the six months ended 30 June
2025.
Analyst and Investor Presentation
A live results meeting will be held online on the Investor Meet Company
platform at 10.00 BST today (30 September 2025). This presentation is open to
all interested parties. Anyone can sign up for free to the Investor Meet
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Questions can be submitted at any time during the live presentation.
Financial and Operational Highlights
Group Performance
* The Group's performance includes the operational 'core' of EMV Capital plc,
EMV Capital Partners and other EMV Capital operating companies, alongside
subsidiary portfolio companies where the Group holds over a 50% shareholding.
* Group revenue decreased slightly to £1.1 million (H1 2024: £1.2 million),
comprising:
* £1.0 million from EMV Capital core revenue (H1 2024: £1.0 million), which
covered approximately 79% of the core Group's costs for the period whilst also
providing infrastructure and services to the Group and its portfolio
companies; and
* £0.1 million from ProAxsis (H1 2024: £0.2 million), reflecting production
delays of its work-in-progress pipeline.
* Group losses for the period decreased to £1.5 million (H1 2024: £1.8
million), comprising:
* £0.3 million attributed to the core EMV Capital operations (H1 2024: £0.6
million); and
* £1.2 million attributed to the subsidiary portfolio companies, ProAxsis and
Glycotest (H1 2024: £1.2 million).
* Total Assets increased to £19.7 million (FY 2024: £19.5 million), whilst net
assets decreased slightly to £13.6 million (FY 2024: £14.1 million). After
adjustment to account for the full fair value of the Group's subsidiary
portfolio companies adjusted net assets decreased to £29.3 million (FY 2024:
£29.9 million).
* There were no divestments during the period (H1 2024: £Nil).
* Cash on the balance sheet was £0.5 million at 30 June 2025 (H1 2024: £1.0
million), with a further £1.0 million in readily realisable quoted
securities at 30 June 2025 (H1 2024: £2.5 million).
Assets Under Management
* EMV Capital has direct and indirect interests in over 70 portfolio companies.
* Total AUM (both direct and indirect) stood at £104.7 million (FY 2024: £98.5
million, H1 2024: £106.7 million), comprising:
* £38.6 million in Fair Value of direct holdings, including balance sheet
investments of £14.3 million and subsidiaries and associates at directors'
valuations of £24.3 million; and
* £66.1 million in Fair Value of managed and third-party holdings, including
the EMVC syndicated portfolio, the Martlet Capital fund, and the Evergreen EIS
fund managed by EMV Capital Partners.
Deal flow Activity
* EMV Capital Partners syndicated £5.0 million (H1 2024: £6.4 million) in new
investments across seven portfolio companies (H1 2024: 11).
* EMV Capital made £0.4 million (H1 2024: £0.3 million) of new direct
investments across the portfolio (all through the issue of EMV Capital plc
shares).
Key Post Balance Sheet Date Highlights
* During September 2025, Martlet Capital received exit proceeds of c.£320k
following a strategic secondary trade of part of its stake in a healthcare
portfolio company, representing a 2.5x return.
* During September 2025 EMV Capital Partners syndicated a c.£280k co-investment
round into Xampla, a plant polymers technology company within the Martlet
Capital portfolio, evidencing the Group's ability to expand its fundraising
activities across its wider portfolio and co-invest with Martlet Capital and
its investors.
* On 22 September 2025, EMV Capital announced its acquisition of IP and clinical
assets from ex-AIM quoted Destiny Pharma for up to £2.475 million, and the
syndication of a c.£1.3 million fundraising to finance the acquisition and
working capital requirements (which fundraising round has now closed).
Commenting on Outlook for the Group, Dr Ilian Iliev, CEO of EMVC, added:
"August 2025 marked the five year anniversary since we combined NetScientific
PLC (now EMV Capital PLC) and EMV Capital Ltd and adopted our new investment
and growth strategy. Since then, the Group has grown from managing £12
million in AUM in eight companies to over £100 million in seventy companies,
and now has a differentiated business model generating recurring revenues from
corporate finance, fund management and other services. We have diversified
from life sciences into deeptech and sustainability, seen key portfolio
companies advance significantly, and established depth in the Cambridge
high-tech cluster.
"Despite continued challenging market conditions, our AUM remains above £100
million as we protected and strengthened our positions in key portfolio
companies. We supported our portfolio through £5 million in syndicated
fundraisings, with proactive management and hands-on value creation services.
We have integrated the Martlet Capital practice into EMV Capital, driving fair
value growth, synergies, and opening up co-investment opportunities for our
broader practice. We continue to focus on expanding our Funds practice to
deliver sustained growth.
"Our Venture Building programme is progressing a core group of companies
through key milestones, with strong prospects for significant potential
capital returns. The exciting IP and clinical assets recently acquired from
Destiny Pharma offer a meaningful opportunity to generate further shareholder
value."
The person responsible for arranging the release of this announcement on
behalf of the Company is Ilian Iliev, Chief Executive Officer of the Company.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH IS PART OF UK LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
-ends-
For more information, please contact:
EMV Capital plc via Rosewood
Ilian Iliev, CEO
Panmure Liberum Limited (NOMAD and Broker) +44 (0)20 7886 2500
Emma Earl / Will Goode / Freddy Crossley / Mark Rogers (Corporate Finance)
Rupert Dearden (Corporate Broking)
Rosewood (Financial PR) +44 (0)20 7653 8702
John West / Llewellyn Angus / Lily Pearce
About EMV Capital plc (EMVC)
EMV Capital plc, is a deep tech and life sciences venture capital investment
group with an international portfolio of high-growth companies.
With a strategic focus on generating superior returns for investors from the
fast-growing sectors and technologies that will define our future, EMV Capital
invests in, manages and strengthens early-stage IP-rich companies.
EMV Capital holds both direct equity stakes and carried interest in its
portfolio companies, creating an evergreen structure that supports extensive
growth and value creation. EMV Capital's investment thesis is realised through
these capital sources:
· capital-efficient investments through Group balance sheet;
· fund management of the Evergreen EIS and Martlet Capital Funds;
· syndicated investments leveraging its network of third-party
investors.
EMV Capital's approach is characterised by its proactive management style,
aiming to advance portfolio companies to critical value inflection points by
actively engaging with them. Companies are supported through Board
representation and the use of its Value Creation Services practice.
Headquartered in London, with a Cambridge presence and strong international
links, EMV Capital is quoted on the AIM market of the London Stock Exchange.
www.emvcapital.com (http://www.emvcapital.com)
CHIEF EXECUTIVE OFFICER'S STATEMENT
Overview
Despite continued challenging market conditions during the first half of 2025
we have seen our AUM remain above £100 million, protected our positions in
key portfolio companies, and continued to support our portfolio through £5
million in syndicated fundraisings, proactive management, and our hands-on
value creation services. We fully integrated the Martlet Capital practice into
EMV Capital's structure, driving fair value growth, synergies, and opening up
co-investment opportunities for our broader practice. We continue to focus on
expanding our Funds practice to deliver sustained growth.
Our Venture Building programme is seeing a core group of companies progress
through key milestones with the prospects for significant capital returns. We
were pleased to add to the programme the exciting IP and clinical assets
recently acquired from Destiny Pharma, opening significant potential
additional capital upside for the Group.
August 2025 marked the five-year anniversary since the acquisition by
NetScientific plc (now EMV Capital plc) of EMV Capital Limited (now EMV
Capital Partners), and the adoption of a new strategy. In that period, we have
seen the transformation of the Group from £12 million AUM across eight
portfolio companies to over £100 million AUM across more than 70 companies,
and a differentiated business model. We introduced growing recurring revenue
streams to the Group spanning corporate finance, fund management and value
creation services, covering a substantial part of our costs. The Group has
diversified from solely life sciences investment activity to include deep tech
and sustainability investments, seen key portfolio companies advanced
significantly in value, and established depth in the Cambridge high-tech
cluster.
Financial and Operational Highlights
Reflecting our venture capital model, we report on both the 'core' operations
of our Group (comprising EMV Capital plc, EMV Capital Partners Limited and
other EMV Capital trading companies) and our 'portfolio subsidiaries'
(Glycotest and ProAxsis). The portfolio subsidiaries are treated as separately
managed portfolio companies, each supported by external investors.
Group Performance
· Group revenue decreased slightly to £1.1 million (H1 2024:
£1.2 million), comprising:
o £1.0 million from EMV Capital core revenue (H1 2024: £1.0 million),
which covered c.79% of the core Group's costs for the period whilst also
providing infrastructure and services to the Group and its portfolio
companies; and
o £0.1 million from ProAxsis (H1 2024: £0.2 million), reflecting
production delays of its work-in-progress pipeline.
· Group losses for the period decreased to £1.5 million (H1
2024: £1.8 million), comprising:
o £0.3 million attributed to the core EMV Capital operations (H1 2024:
£0.6 million); and
o £1.2 million attributed to the subsidiary portfolio companies,
ProAxsis and Glycotest (H1 2024: £1.2 million).
· Total Assets increased to £19.7 million (FY 2024: £19.5
million), whilst net assets decreased slightly to £13.6 million (FY 2024:
£14.1 million) and after adjustment to account for the full fair value of the
Group's subsidiary portfolio companies net assets decreased to
£29.3 million (FY 2024: £29.9 million).
· £0.4 million (H1 2024: £0.3 million) of new direct
investments made by EMV Capital across the portfolio (all through the
issue of EMV Capital plc shares).
· There were no divestments during the period (H1 2024: £Nil).
· Cash on the balance sheet was £0.5 million at 30 June 2025 (H1
2024: £1.0 million), with a further £1.0 million in readily
realisable quoted securities at 30 June 2025 (H1 2024: £2.5 million).
Assets Under Management
· EMV Capital has interests in its portfolio of more than seventy
companies. A mixture of direct and indirect (third party/managed) holdings
provides a broad range of potential investment returns, opportunities to
take deeper stakes and generate advisory revenues and broaden our footprint
in the deep tech and life sciences sectors.
· Total AUM (both direct and indirect) stood at £104.7 million
(FY 2024: £98.5 million, H1 2024: £106.7 million),
comprising:
o £38.6 million in Fair Value of direct holdings, including balance
sheet investments of £14.3 million and subsidiaries and associates at
directors' valuations of £24.3 million; and
o £66.1 million in Fair Value of managed and third-party holdings,
including the EMVC syndicated portfolio, the Martlet Capital
fund, and the Evergreen EIS fund managed by EMV Capital Partners.
Corporate Finance Practice
· EMV Capital Partners syndicates investments from its extensive
network of private, institutional VC, and corporate investors, focusing
on pre-Series A and Series A stages. EMV Capital Partners also provides
corporate finance advice to portfolio companies to identify and execute
capital efficient solutions as they seek to grow or streamline their
cap structures. Often such deals are defensive in nature or helping the
companies prepare for a larger investment round and protect EMVC shareholder
value.
· This plays a vital role in the Group's capital-efficient
strategy by, providing third party fundraising support to portfolio
companies.
· Raising investments from EIS investors is central to the EMV
Capital Partners business model, both for supporting the
funding needs of the portfolio and fee generation.
· EMV Capital syndicated £5.0 million (H1 2024: £6.4 million)
in new investments across seven portfolio companies (H1
2024: 11). This helped to unlock additional funding from other investors and
support our portfolio companies in a difficult fundraising market.
· Key portfolio fundraisings included support for Q-Bot, Wanda,
Deeptech Recycling and Martlet Capital (please see our
Portfolio Review section for further details).
Value Creation Services Practice
· Our in-house operational team, venture partners, and panel of
expert service providers offer support across investment readiness, exit
readiness, IP strategy, corporate collaborations, financial functions, and
senior executive placements.
· EMV Capital actively engages with portfolio companies to drive
venture capital returns through Board representation and
the active use of its Value Creation Services offering.
· These services are expected to drive further fair value
increases in the next 12 to 18 months, and enhance the prospects for
profitable exits, whilst generating fees for the Group.
Funds Practice
· Martlet Capital
o Fund performance: the fair value of the fund's portfolio holdings has
grown by 7% in the first half of 2025 from £24.5 million at 31 December 2024
to £26.5 million at 30 June 2025. Several of its portfolio companies executed
follow-on investments, including Converge ($22 million), Stroll (£10.3
million) and Cambridge GaN Devices (£32 million), Paragraph ($55m) and Xampla
($14 million) closed investment rounds. We believe the growth in value and
portfolio resilience is meaningful in the context of a challenging VC market,
showing the promise of the Martlet portfolio which is now supported by EMVC's
pro-active investment management strategy.
o Operations: we have now fully integrated the Martlet Capital
infrastructure, realising significant savings through
synergies. Working with our Cambridge-based colleagues, EMV Capital has
deepened its links within this leading UK high-tech cluster of
entrepreneurs, investors, and stakeholders.
o Fundraising: EMV Capital Partners led a c.£1.2 million fundraising
into Martlet Capital, providing additional working capital for the
business. This included £0.2 million from the EMV Capital investor
network.
o Co-investment programme: during September 2025 (with work commencing
during H1 2025), EMV Capital Partners closed its first co-investment into a
Martlet portfolio company, investing c.£280k syndicated from its investor
network into the $14 million investment round of Xampla, a plant polymers
technology company. EMVC plans further co-investment into the Martlet
portfolio, increasing the scope for investment returns through carried
interest, corporate finance fees and increased AUM.
o Exits: during September 2025, exit proceeds of c.£320k were received
by Martlet Capital following a strategic secondary trade of part of its stake
in a healthcare portfolio company, representing a 2.5x return.
· Evergreen EIS Fund
o The fund selectively co-invests alongside EMVC's portfolio (including
Martlet Capital).
o Fair Value grew to £1.4 million (FY 2024: £1.3 million).
o During H1 2025 we continued work into the Evergreen EIS Fund, building
infrastructure, and refreshing the investment thesis. We are in discussions
with various IFAs and wealth managers to increase inflows into the fund.
o We anticipate further investments into the fund given the tax-driven
investments sector remains resilient in the UK.
· New fund initiatives
o We have continued work on future new fund initiatives but recognise
the fundraising environment for establishing new funds is very tough.
o We are also looking at special opportunities for non-organic growth of
our Funds practice, as we believe the UK VC deep tech and life
sciences space is ripe for consolidation.
· Future growth benefits
o Additional exposure to carried interest from fund distributions.
o Recurring management fee income from fund management fees,
contributing to the Group's infrastructure costs.
o Diversified returns profile, increasing investment opportunities,
reducing risk and enhancing potential returns.
o Use of balance sheet selectively to take advantage of opportunities
without over-extending resources.
o Growing ecosystem of co-investors and partners, to enhance investment
prospects and strategic synergies.
o Scale funding capacity to support portfolio and reduce burden of
deal-by-deal funding.
o Reaching critical mass as a VC player in our sectors of choice.
Venture Building Programme
· EMV Capital's Venture Building practice actively engages with a
subset of portfolio companies to drive venture capital returns
through the combination of Board representation, pro-active management,
corporate finance support and the active use of its
Value Creation Services offering.
· Key stages of Venture Building programme include:
o Receiving a significant direct stake through minimum cash and/or in-kind
services as part of a restructuring.
o Syndicating an initial investment to fund a transition/turnaround
period.
o Supporting the companies through our Value Creation Services to achieve
key value inflection points.
o Helping build an autonomous management team, enabling EMV Capital to
decrease its involvement.
o Increasing and validating fair value through further external investment
at a higher valuation.
o Realising outsized investment returns through partial or full exits.
· Key companies in our Venture Building programme include Wanda,
Deeptech Recycling, Vortex, Ventive, and DName-iT(please see our Portfolio
Review section for further details).
· In addition, on 22 September 2025, EMV Capital added Destiny
Pharma AMR Ltd (formerly Moirai Acquisitions) to its
Venture Building programme following its acquisition of the IP and clinical
assets from ex- AIM quoted Destiny Pharma.
· Over the past three years, five of these companies have
generated £9.3 million in direct fair value increases at a cash and
in-kind services cost of £0.9 million, representing a 10.3x uplift on
investment.
Outlook
As mentioned at the time of release of our 2024 Annual Report, whilst
challenging market conditions and limited capital availability persist, we
continue to successfully close investment rounds.. These are often taking
longer with more investor-friendly terms and smaller amounts being raised. In
response, but we are working with companies to streamline funding needs and
decrease cash-burn, whilst still targeting key value inflection points, and
closing out more modest investment rounds.
The Group remains squarely focused on the implementation of its strategic
roadmap, positioning EMV Capital as a leading VC in the deeptech and life
sciences sectors. We aim to drive shareholder value by investing in companies
with transformative technologies both in the UK and internationally. We are
focused on continuing to grow as a multi-sector venture capital firm committed
to delivering superior returns from innovative, high-growth companies.
PORTFOLIO HIGHLIGHTS
Summary
Since its holding of a portfolio of eight companies in 2020, the Company has
significantly expanded its reach, now managing a portfolio of over seventy
companies. This includes a mix of direct (on balance sheet) holdings and
third-party stakes, for which we have established carried interest fee
arrangements. Collectively, we refer to these holdings as Assets Under
Management (AUM).
This diverse portfolio offers a broad spectrum of potential returns and
presents opportunities to take larger stakes in select companies while
generating additional advisory revenue.
Measuring Assets Under Management (AUM): AUM is a commonly used measure in the
VC and PE industry to denote the Fair Value of stakes owned in public and
private companies, on balance sheet (i.e. owned by the company), and as part
of third-party funds under management with carried interest.
As outlined in our 2023 annual accounts, historically we have reported the
value of directly owned (on balance sheet) stakes based on directors' fair
value, whilst indirect advised stakes were recorded at cost. To enhance
comparability and transparency, beginning with our 2023 accounts, both direct
(on balance sheet) and indirect (third-party managed) stakes will now be
measured at directors' fair value. Collectively, these holdings will be
referred to as Assets Under Management (AUM).
It is important to note that investments in early-stage private companies are
inherently challenging to value. To ensure consistency and rigor in our
valuation process, we have applied the British Venture Capital Association
(BVCA) valuation principles when determining fair value.
Total assets under management (both direct and indirect) are £104.7 million
(YE 2024: £98.5 million, H1 2024: £106.7 million) as described above.
More details on the individual companies' developments are provided in the
Portfolio Update section below.
Table 1: Fair Value of Directly Held Portfolio Holdings
Fair Value of Direct stakes
Portfolio Company Country Technology/Sector Stage Group Stake (%) Fair Value (m)
H1 2025 YE 2024 H1 2024
Vortex Biotech Holdings UK/US Medtech: Liquid biopsy Sales 22.1% £3.5 £3.5 £3.5
Deeptech Recycling UK Waste management: Recycling of plastic Industrial 17.5% £2.5 £1.8 £1.8
Wanda Connected Health Systems UK/US Medtech: remote patient monitoring Sales 14.4% £1.5 £1.4 £0.1
Q-Bot UK Robotics: construction industry Sales 29.6% £1.4 £0.8 £4.0
PDS Biotechnology -Nasdaq Listed US Therapeutics: Immuno-oncology Phase II clinical 2.2% £1.0 £1.4 £2.5
EpiBone US Medtech: Regenerative medicine Early clinical 1.3% £1.0 £1.1 £1.1
SageTech Medical Equipment UK Waste management: anaesthetic gases Commercial 4.5% £0.9 £0.9 £0.9
Ventive UK Energy: Heat pumps and passive ventilation Sales 10.1% £0.9 £0.9 £0.9
Sofant Technologies UK Semiconductors: satellite antennas Early sales 1.2% £0.5 £0.5 £0.5
CytoVale US Medtech: Sepsis diagnostics Late clinical 0.2% £0.4 £0.4 £0.3
G - Tech Medical US Medtech: Wearable gut monitor Early clinical 3.8% £0.3 £0.3 £0.3
Martlet Capital UK Venture capital Sales 1.1% £0.2 £0.2 £0.2
PointGrab IL IoT: Smart building automation Sales 0.4% £0.1 £0.1 £0.1
QuantalX Neuroscience IL Medtech: brain monitoring Late clinical 0.4% £0.1 £0.1 £0.1
FOx Biosystems BEL Medtech: Research equipment Sales 3.9% £0.0 £0.0 £0.5
TOTAL £14.3 £13.4 £16.8
Table 2: Directors' Valuations of Subsidiaries and Associates
Directors' Valuations of Subsidiaries & Associates
Portfolio Company Country Technology/Sector Stage Group Stake (%) Fair Value (m)
H1 2025 YE 2024 H1 2024
EMV Capital UK Venture capital Sales 100% £3.6 £3.6 £3.6
Glycotest US Medtech: Liver cancer diagnostics Late clinical 52.7% £11.0 £11.0 £11.0
ProAxsis UK Medtech: Respiratory diagnostics Sales 88.5% £8.0 £8.0 £8.0
DName-iT UK/BEL Medtech: Lab technology Presales 30.3% £1.7 £1.7 £1.6
TOTAL £24.3 £24.3 £24.2
Third-Party Stakes: Funds and Syndicated Investment to which the Group has
carried interest exposure
Carried interest or profit share agreements typically range from 15% to 20% of
profits earned for investors above a minimum return hurdle rate of c.10%.
Third party Assets Under Management are expected to grow through further
syndicated investments in existing and new portfolio companies and the
expansion of our Funds practice. The Consolidated Statement of Financial
Position reflects the owned portfolio as equity investments classified as fair
value through other comprehensive income (FVTOCI) and financial assets
classified as fair value through profit and loss (FVTPL), adhering to the
British Venture Capital Association guidelines widely accepted in the VC
community. The fair value of the below third-party stakes is not included
within the group's audited financial statements.
Table 3: Fair Value of Third-Party Portfolio Holdings (estimates)
Portfolio Company Country Technology/Sector Stage Holding stake (%) AUM Fair Value (m)
H1 2025 YE 2024 H1 2024
Sofant Technologies UK Semiconductors: satellite antennas Early sales 27.1% £11.8 £11.8 £8.8
SageTech Medical Equipment UK Waste management: anaesthetic gases Commercial 22.4% £4.6 £4.6 £4.4
Deeptech Recycling UK Waste management: Recycling of plastic Industrial 27.3% £4.0 £2.5 £2.5
PointGrab IL IoT: Smart building automation Sales 19.6% £3.4 £3.8 £4.2
Ventive UK Energy: Heat pumps and passive ventilation Sales 30.0% £3.2 £2.9 £2.7
Q-Bot UK Robotics: construction industry Sales 54.6% £2.8 £1.8 £9.4
Vortex Biotech Holdings UK/US Medtech: Liquid biopsy Sales 13.9% £2.2 £2.2 £2.2
Wanda Connected Health Systems UK/US Medtech: remote patient monitoring Sales 21.3% £2.1 £1.3 £0.4
Martlet Capital UK Venture capital Sales 7.4% £1.8 £1.6 £1.6
Glycotest US Medtech: Liver cancer diagnostics Late clinical 5.8% £1.3 £1.3 £1.5
DName-iT UK/BEL Medtech: Lab technology Presales 19.9% £1.1 £1.1 £0.9
EpiBone US Medtech: Regenerative medicine Early clinical 1.1% £0.9 £0.9 £0.3
ProAxsis UK Medtech: Respiratory diagnostics Sales 8.6% £0.8 £0.8 £0.8
Nanotech Industrial Solutions US Material science: Lubricants Sales - £0.0 £0.0 £0.8
TOTAL £40.0 £36.6 £40.5
Table 4: Fair Value of Fund Management Portfolio (estimates)
Portfolio Company Country Technology/Sector Stage Holding stake (%) AUM Fair Value (m)
H1 2025 YE 2024 H1 2024
Martlet Capital Portfolio UK Investment Life Sciences/ 7.4% £26.5 £24.5 £24.1
DeepTech
EMV Capital Evergreen EIS Fund UK EIS Investment Life Sciences/ - £1.4 £1.3 £1.1
DeepTech
TOTAL £27.9 £25.8 £25.2
In Martlet Capital the Group holds direct equity investment, syndicated third
party monies and fund management stakes which when consolidated for the Groups
total AUM have been adjusted for any double count.
PORTFOLIO HIGHLIGHTS DURING THE PERIOD
Glycotest, Inc. (Glycotest) - Subsidiary (https://www.glycotest.com/)
· Location: Philadelphia, US;
· Technology/Sector: Medtech; Liver cancer diagnostics
· Holding: Direct 52.7% (2023: 52.7%); Advised 5.8% (2023: 5.8%)
· Fair Value: Direct £11.0 million (2023: £11.0 million); Advised
£1.3 million (2023: £0.6 million)
Overview:
Glycotest is a US based liver disease diagnostics company commercialising new
and unique blood tests for life threatening liver cancers and
fibrosis-cirrhosis. The Company was founded in 2012 by EMV Capital (then
NetScientific) on technology originating at the Baruch S. Blumberg Institute
and Drexel University College of Medicine.
Glycotest's lead product, the HCC Panel, is a biomarker panel powered by a
proprietary algorithm for the early detection of curable, early-stage
hepatocellular carcinoma (HCC) - the most common form of primary liver cancer.
The HCC Panel has outperformed the current standard of care blood test in
preliminary clinical studies. Glycotest estimates that the early detection
market for HCC presents a >$800 million opportunity in the US alone.
Glycotest has also developed a blood test for the second most prevalent form
of liver cancer, cholangiocarcinoma, and a blood test for staging liver
fibrosis.
Key developments 2025:
Following the announcement last year of its partnership with the University of
Georgia Complex Carbohydrate Research Center to develop novel glycoproteomic
assays for the Company's HCC Panel blood test for early-stage liver cancer,
Glycotest has advanced this project through the initial assay development
phase with promising preliminary data on selected patient samples. Further
progress will be dependent on additional financing which the company is
seeking with the assistance of EMV Capital. The company is also initiating
discussions with potential partners for its Fibrosis Test. The Fibrosis Test
has shown promise for staging liver fibrosis in preliminary clinical
evaluations. The importance of effective staging tests for liver fibrosis has
increased with the emergence of drug therapy for the rapidly expanding MASH
(non-viral hepatitis) population which is eligible for treatment when
intermediate fibrosis is reached.
ProAxsis Ltd ("ProAxsis") (https://proaxsis.com/) - Subsidiary
(https://proaxsis.com/)
· Location: Belfast, UK;
· Technology/Sector: Medtech; Respiratory diagnostics
· Holding: Direct 88.5% (FY 2024: 88.5%); Advised 8.6% (FY 2024:
9.1%)
Fair Value: Direct £ 8.0 million (FY 2024: £8.0 million); Advised £0.8
million (FY 2024: £0.8 million)
Overview:
ProAxsis Limited is a commercial-stage research company and a spin-out from
Queens University Belfast. The company specialises in the development and
supply of assays for basic and pharmaceutical research and has commercialised
activity-based immunoassays targeting Neutrophil Elastase (NE), Proteinase 3
(Pr3) and Cathepsin G (Cat G) as biomarkers of lung infection and inflammation
in chronic respiratory diseases such as COPD, cystic fibrosis and
bronchiectasis.
The technology has been translated into a point-of-care test (NEATstik®),
designed to enable fast, routine assessment of active NE levels. It is
primarily used by Pharma and clinical research businesses to support drug
development clinical trials.
Key developments 2025:
The company ended 2024 with revenues up 92% to £470k, a lower cost base and a
promising sales pipeline for 2025. However, at the start of 2025 a major OEM
supplier quality issue led to a pause in production which has lasted until
September. The company undertook a comprehensive review of this aspect of the
business, which has resulted in a more resilient supply chain, with
alternatives identified. Production has restarted in September, with a
pipeline of contracts for execution for the rest of 2025. The production pause
will lead to a significant decrease on the sales targets for 2025, but it is
expected sales will recover in 2026 and beyond.
The company continues to receive interest from pharma and clinical research
businesses for use of its offering in clinical trials. It was pleased to have
supplied assays utilised in Insmed's Phase II clinical trial supporting the
FDA approval and subsequent launch of a first -in-class treatment for
non-cystic fibrosis bronchiectasis (NCFB).
In line with its focus to expand the use of the NEATSTIK test into COPD,
ProAxsis has negotiated with Imperial College a 12-month COPD clinical study.
The study is launching in October 2025. Should it be successful, it is
expected to open up the clinical trials market in COPD and longer term around
COPD point of care applications.
The company also moved into new facilities at Randox's state of the art
laboratories near Belfast International Airport, providing ProAxsis with a
strong base for production and potential for collaborations.
ProAxsis plans a modest third party fundraising which is expected to take the
business through to breakeven on its current operations, and launch the
clinical study. It also continues to benefit from several grants from
InnovateUK, LifeArc and Future Medicines Institute.
Deeptech Recycling Technologies Limited ("DeepTech Recycling")
(https://www.deeptech-recycling.co.uk/)
· Location: Oxfordshire, UK;
· Technology/Sector: Waste management; Recycling of plastic
· Holding: Direct 17.5% (FY 2024: 21.2%), Advised 27.3% (FY 2024:
29.3%)
· Fair Value: Direct £2.5 million (FY 2024: £1.8 million);
Advised £4.0 million (FY 2024: £2.5 million)
Overview:
DeepTech Recycling is a UK-based technology company addressing the global
environmental crisis caused by the insufficient and unsustainable management
of plastic waste. Its technology converts currently unrecyclable plastic
waste, that would normally be landfilled or incinerated, into oil that can be
used by the petrochemical industry as feedstock for producing virgin quality
plastic. The company's mission is to make plastic sustainable and support the
critical global transition towards a circular economy for plastics. DeepTech
Recycling is pursuing a capital efficient investment approach, whereby plastic
recycling plants are set up as SPVs funded by end users and feedstock
suppliers, whilst the company provides the design and operates under a
licensing arrangement.
Key developments 2025:
The company has made significant progress towards achieving its corporate
objective to reach Final Investment Decision (FID) in one or more key
projects. The launch of one or more of these projects is expected to generate
significant revenues, drive increases to shareholder value, and open the route
to further licensing. The company has focused on the following projects from
its pipeline:
· A planned 9,000 tonne per annum commercial mixed plastic waste
recycling plant in Norway with Norwegian industrial partners,
has reached a significant milestone. The SPV set-up by the company and its
partners in late 2024 has secured an indicative term sheet for debt financing
from the Norwegian Government of up to £11 million, and has successfully
completed third-party technical and financial due diligence.
· Detailed negotiations are underway for a second facility in
Norway, an initial 700 tonne per annum commercial
demonstration mixed plastic waste recycling plant, involving a Norwegian
industrial partner and an established Waste Management Company. If
successful, this initial facility will pave the way for a larger plant for
the Waste Management Company.
· In the UK, a commercial demonstration plant is progressing
following a signed MOU in 2023 with a major packaging producer active in the
UK and EU markets. After completing proof-of-concept (in a Small Pilot
Plant) and feasibility studies in 2024, DeepTech is now in discussions with
a major recycling facility, the Welsh Government, and the packaging producer
to establish the commercial facility to process current volumes in the UK.
· In the EU, the company is working on developing commercial
capacity to recycle waste polystyrene. Having completed
proof-of-concept testing, DeepTech Recycling has initiated joint IP and
development testing with a major Central European Group and producer of
expanded polystyrene.
With these developments and routes to commercial deployment, the company
believes it has a strong position in a growing market, amidst a growing global
awareness around the essential role of chemical recycling in dealing with the
environmental challenges of plastic waste and ensuring sustainable, circular
polymer production. This ambitious development programme was backed by funding
syndicated by EMV Capital Partners during 2024 and 2025, with support expected
to continue.
Wanda Health ("Wanda") (https://www.wandahealth.com/)
· Location: Bristol, UK and US;
· Technology/Sector: Digital health; Remote patient monitoring
· Holding: Direct 14.4% (FY 2024: 20.2%); Advised 21.3% (FY 2024:
19.2%)
· Fair Value: Direct £1.5 million (FY 2024: £1.4 million);
Advised £2.1 million (FY 2024: £1.3 million)
Overview:
Wanda Health is an intelligent platform for remote patient monitoring and
virtual care. It empowers healthcare providers and payers with early detection
of patient exacerbations, enabling faster interventions, preventing adverse
events, and improving patient adherence. Wanda's platform helps reduce
hospitalisation and readmission rates by collecting and analysing patient data
from home or community settings. Originally a spin-out from UCLA, the company
is now headquartered in Bristol, UK, with sales and operational presence in
the US.
Key developments 2025:
The company has continued to grow its ARR through the onboarding of several
contracts signed in late 2024 and early 2025. Following several years of
product platform development, refinement, and commercial pilots, Wanda Health
achieved significant commercial traction in the US market in late 2024, which
accelerated into 2025. The company has onboarded several Healthcare Providers
as well as a National Pharmacy Benefit Manager, with ARR steadily increasing.
The company is also progressing its FDA regulatory pathway.
The company closed an EMV Capital led £1.1 million funding round in April
2025, supporting the scale-up of the business.
While the company's ARR is increasing, there are various operational risks in
a scale-up stage, so EMVC is closely monitoring and supporting the growth of
its Board and senior management to handle the scale-up challenge.
Q-Bot Limited ("Q-Bot'') (https://q-bot.co/)
· Location: London, UK;
· Technology/Sector: Robotics; Construction industry
· Holding: Direct 29.6% (FY 2024: 15.1%); Advised 54.6% (FY 2024:
21.1%)
· Fair Value: Direct £1.4 million (FY 2024: £0.8 million);
Advised £2.8 million (FY 2024: £1.8 million)
Overview:
Q-Bot is an award-winning robotics company developing robust, purpose-built,
software-enabled robot solutions for the built environment, and in particular
retrofit of underfloor insulation. Its robots-enabled platform and workflow
solution is used to survey, monitor, and install underfloor insulation in
floor voids. It is widely recognised as a specialist market leader in the
automation of underfloor installation. Having already been deployed in over
5,000 homes across the UK and France, Q-Bot is helping to improve energy
efficiency, increase home comfort, and align with new regulations around
decarbonisation. Q-Bot is seeking to capture a significant share of the
underfloor insulation market in the UK and internationally by working with
installation partners, whilst exploring new applications in construction
robotics.
Key developments 2025:
Following a strategy review and rescue funding during 2024, Q-Bot completed
its restructuring into a leaner robot-as-a-service business. The pivot to this
lighter model was completed in early 2025, with team size reduced from a 2024
high of 70 people to 13, operating expenditure was reduced by 60%+, and a
streamlined focus on its core capabilities of robotised underfloor insulation
for the UK and international markets.
On the back of this transition a new CEO with industry experience in scale-ups
and partnerships was attracted to the business, to lead the implementation of
a focused commercial growth strategy with a focus on Q-Bot's core strengths.
With a much lower cost base, management expects breakeven and profitability to
arrive sooner than under the previous model, in turn facilitating further
growth. It is also planning on supplementing the Robotics platform with
various AI tools that can improve efficiency and profitability of the
installations.
To fund this strategy, in late May the company launched a pre-emptive funding
offer to provide funding through to breakeven. With EMV Capital support, the
company raised over £700k of fresh capital, agreed the conversion of over £1
million of debt, and refinancing of a further c.£380k. The post-money
valuation of Q-Bot following completion of that funding offer is c.£5
million, with a much healthier balance sheet.
The Board of Q-Bot is cautiously optimistic for the company's prospects, now
based on a leaner platform with a clear and focused strategy and a strong
product-market fit. Nevertheless, significant risks remain including around
execution, team stability, market take-up and fundraising. Should the company
be successful in its strategy, there is significant upside potential in
valuation with comparison to other robotics and AI companies in the
ConstructionTech space.
Sofant Technologies Limited ("Sofant")
(file:///C%3A/Users/StephenCrowe/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/KX5157GL/;%20http%3A/www.sofant.com/)
· Location: Edinburgh, UK
· Technology/Sector: Semiconductors; Satellite antennas
· Holding: Direct 1.2% (FY 2024: 1.2%); Advised 27.1% (FY 2024:
27.2%)
· Fair Value: Direct £0.5 million (FY 2024: £0.5 million);
Advised £11.8 million (FY 2024: £11.8 million)
Overview:
Sofant is developing next generation phased array antennas for satellite and
terrestrial communications, featuring a high energy efficiency and a modular,
scalable design. Sofant's satellite terminal technology leads the industry in
terms of Size, Weight, Power consumption, and Cost (SWaP-C), enabling mobile
connectivity across a wide range of airborne, land, and sea applications,
including in-flight connectivity (IFC), maritime communications, and
communications on the move (COTM) for both military and commercial
applications. Its low-power passively cooled terminals deliver unparalleled
performance, supporting multi-orbit connectivity across LEO, MEO, and GEO
satellite networks.
Key developments 2025:
Sofant achieved a major technical breakthrough in its RF MEMS technology,
achieving world-class cycle reliability. The company's receive antenna was
successfully tested on a Viasat satellite in Edinburgh on two separate
occasions, marking a key technical milestone. The final version of the MEMS
device has started production at Silex, with devices due to be assembled into
the satellite terminals by Q4 2025.
Sofant has experienced significant growth in market interest, particularly in
the aero market, including defence, commercial, business jet and autonomous
vehicle markets. The company anticipates launch of commercial sales in 2026.
These developments underscore Sofant's continued progress and strategic
positioning in the satellite and terrestrial communications market.
Destiny Pharma AMR Ltd (https://www.destinypharma.com/)
· (https://www.destinypharma.com/) Location: London
· Technology/Sector: Therapeutics; antibiotic resistance
· Holding: Direct 30% fully diluted
· Fair Value: Direct £0.56 million; Advised £1.3 million
Overview:
Post balance sheet date, EMV Capital added Destiny Pharma AMR Ltd (formerly
Moirai Acquisitions Limited) to the portfolio. The recently formed company
acquired key IP and clinical assets of ex-AIM company Destiny Pharma Ltd (in
administration). EMV Capital syndicated a £1.3 million investment round to
finance the acquisition of the assets and setup of the business, the final
tranche of which closed on 29 September 2025.
Destiny Pharma was an AIM-quoted clinical stage biotechnology company focused
on the development and commercialisation of novel medicines to prevent and
cure life threatening infections. In particular, its XF-73 programme was
focused on the prevention of post-surgical site infections, a major part in
the fight against the worldwide epidemic of antibiotic resistant S. aureus
(including MRSA). Having been quoted on AIM until 13 August 2024, the company
subsequently appointed administrators on 21 August 2024 and liquidators on 1
August 2025.
Prior to going into administration, Destiny Pharma had completed a Phase 2b
trial for its nasal gel and had advanced plans to launch a Phase 3 clinical
trial. Key potential benefits of the XF drug platform acquired by Bidco
include:
· ultra-rapid bacteria kill;
· ability to kill bacteria in any growth phase;
· ability to kill bacteria within staphylococcal bacterial biofilms;
· active against all Gram positive bacteria tested to date and
selected Gram negative bacteria; and
· no bacterial (MRSA) resistance is seen to emerge.
As part of EMVC's Venture Build programme, the company is consolidating the
acquired assets, setting up a new management team, and setting up a new
business plan and roadmap, anticipated to target the launch of a Phase 3
programme in due course. In line with EMV Capital's capital efficient
investment approach, cash burn is kept low until the point a clear regulatory
and investment path to a Phase 3 trial is confirmed.
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2025
EMV Capital plc
Unaudited Unaudited
Six months Six months
ended 30 June ended 30 June
2025 2024
Continuing Operations Notes £000s £000s
Total Income 1,095 1,171
Revenue 4 1,043 1,134
Cost of sales (101) (208)
Gross profit 942 926
Other operating income 5 52 37
Research and development costs (847) (920)
Selling, general and administrative costs (1,467) (1,656)
Other costs (106) (53)
Loss from operations (1,426) (1,666)
Share of loss of equity accounted associate (82) (71)
Finance income 47 23
Finance expense (48) (97)
Loss before taxation (1,509) (1,811)
Income Tax 38 -
Total loss for the period from continuing operations (1,471) (1,811)
Loss attributable to:
Owners of the parent 6 (1,131) (1,692)
Non-controlling interests (340) (119)
(1,471) (1,811)
Basic and diluted loss per share attributable to owners of the parent during
the period:
6
Total loss for the period from continuing operations (4.1p) (7.1p)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Unaudited Unaudited
Six months Six months
ended 30 June ended 30 June
2025 2024
Notes £000s £000s
Loss for the period (1,471) (1,811)
Items that may be subsequently reclassified to profit or loss in subsequent
periods:
Exchange differences on translation of foreign operations 113 26
Change in fair value of investments classified as fair value through other
comprehensive income
583 874
Total comprehensive loss for the period (775) (911)
Attributable to:
Owners of the parent (550) (782)
Non-controlling interests (225) (129)
(775) (911)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
Unaudited Audited
30 June 31 December
2025 2024
Notes £000s £000s
Assets
Non-current assets
Property, plant and equipment 49 134
Right-of-use assets 114 122
Intangible assets 1,946 2,037
Investments in equity-accounted associates 1,029 1,111
Equity investments classified as FVTOCI* 14,289 13,389
Financial assets classified as FVTPL** 284 637
Total non-current assets 17,711 17,430
Current assets
Inventories 90 81
Trade and other receivables 1,301 991
Cash and cash equivalents 548 1,002
Total current assets 1,939 2,074
Total assets 19,650 19,504
Liabilities
Current liabilities
Trade and other payables (4,586) (3,891)
Lease liabilities (53) (78)
Loans and borrowings (495) (510)
Total current liabilities (5,134) (4,479)
Non-current liabilities
Lease liabilities (61) (49)
Loans and borrowings (877) (898)
Total non-current liabilities (938) (947)
Total liabilities (6,072) (5,426)
Net assets 13,578 14,078
Issued capital and reserves
Attributable to the parent
Called up share capital 7 1,388 1,368
Warrants 42 42
Share premium account 76,243 76,013
Capital reserve account 237 237
Equity investment reserve 4,651 4,068
Foreign exchange and capital reserve 1,324 1,326
Retained earnings (69,062) (67,956)
Equity attributable to the owners of the parent 14,823 15,098
Non-controlling interests (1,245) (1,020)
Total equity 13,578 14,078
* Fair value through other comprehensive income
** Fair value through profit and loss
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Shareholders' equity
Share capital Warrants Share premium Capital reserve Equity investment reserve Retained earnings Foreign exchange and capital reserve Total Non-controlling interests Total equity
£000s £000s £000s £000s £000s £000s £000s £000s £000s £000s
1 January 2024 1,179 42 74,217 237 7,508 (66,702) 1,351 17,832 (720) 17,112
Loss for the period - - - - - (1,692) - (1,692) (119) (1,811)
Other comprehensive income -
Foreign exchange differences
- - - - - - 30 30 (10) 20
Change in fair value during the period
- - - - 874 - - 874 - 874
Total comprehensive income - - - - 874 (1,692) 30 (788) (129) (917)
Issue of share capital 18 - 137 - - - - 155 - 155
Decrease in subsidiary shareholding - - - - - 1,696 - 1,696 432 2,128
Share-based payments - - - - - 32 - 32 - 32
30 June 2024 1,197 42 74,354 237 8,382 (66,666) 1,381 18,927 (417) 18,510
Loss for the period - - - - - (1,366) - (1,366) (543) (1,909)
Other comprehensive income -
Foreign exchange differences - - - - - - (55) (55) 39 (16)
Change in fair value during the period - - - - (4,314) - - (4,314) - (4,314)
Total comprehensive income - - - - (4,314) (1,366) (55) (5,735) (504) (6,239)
Issue of share capital 171 - 1,680 - - - - 1,851 - 1,851
Cost of share issue - - (21) - - - - (21) - (21)
Decrease in subsidiary shareholding - - - - - 45 - 45 (99) (54)
Share-based payments - - - - - 31 - 31 - 31
31 December 2024 1,368 42 76,013 237 4,068 (67,956) 1,326 15,098 (1,020) 14,078
Loss for the period - - - - - (1,131) - (1,131) (340) (1,471)
Other comprehensive income -
Foreign exchange differences
- - - - - - (2) (2) 115 113
Change in fair value during the period
- - - - 583 - - 583 - 583
Total comprehensive income - - - - 583 (1,131) (2) (550) (225) (775)
Issue of share capital
20 - 230 - - - - 250 - 250
Share-based payments - - - - - 25 - 25 - 25
30 June 2025 1,388 42 76,243 237 4,651 (69,062) 1,324 14,823 (1,245) 13,578
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Notes Unaudited Unaudited
Six months Six months
ended 30 June ended 30 June
2025 2024
£000s £000s
Cash flows from operating activities
Loss after income tax (1,471) (1,811)
Adjustments for:
Depreciation of property, plant and equipment 23 25
Depreciation of right to use assets 35 82
Amortisation of intangibles 109 114
Estimated credit losses on trade receivables 12 22
Loss on disposal of property, plant and equipment 68 -
Share-based payments 25 32
R&D tax credit (5) (23)
Foreign exchange (gain)/loss (8) 23
Share of associate loss 82 71
Finance income (47) (23)
Finance costs 48 97
Tax credit (38) -
(1,167) (1,391)
Changes in working capital
Decrease/(Increase) in inventories (9) 24
(Increase) in trade and other receivables 99 (105)
Increase in trade and other payables 632 648
Cash used in operations (445) (824)
Income tax received 41 75
Net cash used in operating activities (404) (749)
Cash flows from investing activities
Purchase of property, plant and equipment (9) (42)
Capitalisation of development costs (18) (113)
Net cash used in investing activities (27) (155)
Cash flows from financing activities
Lease payments (42) (94)
Repayment of borrowings (73) (32)
Proceeds from issue of equity instruments by subsidiaries - 1,039
Proceeds of loan 95 -
Proceeds from share issue - 116
Net cash from financing activities (20) 1,029
Increase/(decrease) in cash and cash equivalents (451) 125
Cash and cash equivalents at beginning of the period 1,002 200
Exchange differences on cash and cash equivalents (3) -
Cash equivalents at end of the period 548 325
NOTES TO THE UNAUDITED INTERIM FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED 30 JUNE 2025
1. ACCOUNTING POLICIES
Basis of preparation
The interim financial information, which is unaudited, has been prepared on
the basis of the accounting policies expected to apply for the financial year
to 31 December 2025 and in accordance with International Accounting Standards
in conformity with the requirements of the Companies Act 2006. Policies have
been consistently applied to all periods presented apart from where new
standards have been adopted during the period, see below for changes in
accounting policies.
The financial information for the period ended 30 June 2025 does not
constitute the full statutory accounts for that period. The Annual Report and
Financial Statements for the year ended 31 December 2024 have been filed with
the Registrar of Companies.
The Independent Auditor's Report on the Report and Financial Statements for
the year ended 31 December 2024 was qualified as The Group and the Parent
Company had certain equity investments measured at fair value with a carrying
amount of £ 1.1 million as at 31 December 2023. The Directors considered that
they did not have sufficient information to perform the valuations on these
investments. Therefore, we were unable to obtain sufficient appropriate audit
evidence in order to verify the Change in fair value of equity investments
classified as FVTOCI for the year ended 31 December 2023. As a result, we do
not have sufficient and appropriate audit evidence over the valuation of
investments measured at fair value as at 1 January 2024. We were unable to
satisfy ourselves by alternative means and consequently, we were unable to
determine whether any adjustments to these amounts were necessary or whether
there was any consequential adjustment to Change in fair value of equity
investments classified as FVTOCI for the year ended 31 December 2024.
Going Concern
The 2024 Annual Report audit report drew attention to the material uncertainty
relating to going concern as follows:
"We draw attention to Note 2 to the financial statements, which indicates that
the Group and Parent Company is dependent on additional funding being raised
which is not guaranteed. As stated in Note 2, these events or conditions,
along with other matters as set forth in Note 2, indicate that a material
uncertainty exists that may cast significant doubt on the Group and the Parent
Company's ability to continue as a going concern. The financial statements do
not include any adjustments that would result if the Company were unable to
continue as a going concern. Our opinion is not modified in respect of this
matter.
In auditing the financial statements, we have concluded that the Directors'
use of the going concern basis of accounting in the preparation of the
financial statements is appropriate."
In the 2024 Annual Report we set out the various options underpinning the
going concern assumptions.
The Directors are confident that the Company remains a going concern, and it
is appropriate to prepare the financial statements on this basis. Accordingly,
the financial statements do not include any adjustments that would be
necessary if the Group and Company were unable to continue as a going concern.
Business Combinations
The Group recognises identifiable assets acquired and liabilities assumed in a
business combination, regardless of whether they have been previously
recognised in the acquiree's financial statements prior to the acquisition.
Assets acquired and liabilities assumed are generally measured at their
acquisition-date fair values. Goodwill is stated after separate recognition of
identifiable intangible assets. It is calculated as the excess of the sum of:
a) fair value of consideration transferred; b) the recognised amount of any
non-controlling interest in the acquiree; and c) acquisition-date fair value
of any existing equity interest in the acquiree, over the acquisition-date
fair values of identifiable net assets. If the fair values of identifiable net
assets exceed the sum calculated above, the excess amount (i.e. gain on a
bargain purchase) is recognised in profit or loss immediately.
Change in accounting policies
The Group has applied the same accounting policies and methods of computation
in its interim consolidated financial statements as in its 2024 annual
financial statements. We do not expect accounting rule changes would impact
the Group as they are either not relevant to the Group's activities or require
accounting which is consistent with the Group's current accounting policies.
The Group does not expect any standards issued by the IASB, but not yet
effective, to have a material impact on the group.
Use of estimates and judgements
There have been no material revisions to the nature and estimate assumptions
as reported in prior periods, including:
(a) Impairment of goodwill;
(b) The valuation of intangibles;
(c) The valuation of financial assets classified as FVTPL;
(d) The valuation of equity investments classified as FVTOCI; and
(e) The capitalisation of development costs
2. SEGMENTAL REPORTING
An operating segment is a component of the group that engages in business
activities from which it may earn revenues and incur expenses, for which
separate financial information is available and whose operating results are
evaluated and as identified by Board of Directors.
The Board of Directors assess the performance of the operating segment using
financial information which is measured and presented in a manner consistent
with that in the financial statements.
Revenue from contracts with customers by segment
30 June 2025 Delivered Goods Service Fees Total
£000s £000s £000s
EMV Capital - 1,039 1,039
ProAxsis 4 - 4
4 1,039 1,043
30 June 2024 Delivered Goods Service Fees Total
£000s £000s £000s
EMV Capital - 988 988
ProAxsis 146 - 146
146 988 1,134
Total Loss for the period by segment
Unaudited Unaudited
Six months Six months ended 30 June
ended 30 June 2024
2025 £000s
£000s
EMV Capital Plc (686) (699)
EMV Capital & Operating Subsidiaries 412 61
ProAxsis (547) (437)
Glycotest (551) (648)
Cetromed (99) (88)
(1,471) (1,811)
The above losses reflect investment in R&D by Glycotest and ProAxsis,
which add value for the future through new product and clinical trials.
3. OTHER OPERATING INCOME
Revenue from contracts with customers
30 June 2025 Delivered Goods Service Fees Total
£000's £000's £000's
United Kingdom - 1,039 1,039
Europe 4 - 4
4 1,039 1,043
30 June 2024 Delivered Goods Service Fees Total
£000's £000's £000's
United Kingdom 19 988 1,007
Europe 80 - 80
United States 5 - 5
Rest of World 42 - 42
146 988 1,134
4. OTHER OPERATING INCOME
Unaudited Unaudited
Six months Six months ended 30 June
ended 30 June 2024
2025 £000s
£000s
R&D tax credit above the line 5 23
Grant Income 7 -
Miscellaneous income 40 14
52 37
5. LOSS PER SHARE
The basic and diluted loss per share is calculated by dividing the loss for
the financial period by the weighted average number of ordinary shares in
issue during the period. Potential ordinary shares from vested outstanding
options at 30 June 2025 of 1,759,112 (30 June 2024: 1,435,610; 31 December
2024: 1,565,877) are not treated as dilutive as the group is loss making.
Unaudited Unaudited
Six months Six months
ended 30 June ended 30 June
2025 2024
£000s £000s
Loss attributable to equity holders of the Company
Continuing operations (1,131) (1,692)
Total Loss attributable to equity holders of the Company (1,131) (1,692)
Number of shares
Weighted average number of ordinary shares in issue 27,762,862 23,874,381
6. CALLED UP SHARE CAPITAL
The total number of voting rights in the Company and issued capital at 30 June
2025 is 27,767,391 5p ordinary shares (30 June 2024: 23,945,828, 31 December
2024: 27,357,555).
On 31 December 2024, EMV Capital announced that the Company was issuing to
Q-Bot 409,836 new ordinary shares as part of a £1.3 million Q-Bot first close
of a fundraising programme, at a price of £0.61 per new share, a 25.5 per
cent premium to the closing price of the Company's ordinary share price on 30
December 2024. The shares were allotted on 3 January 2025.
7. RELATED PARTY DISCLOSURES
EMV Capital 'Core': Beckman Group and Melvin Lawson, who is interested in
14.54% (31 December 2024: 14.54%) of the issued share capital of EMV Capital,
is also considered and presumed to be acting in concert with Dr Ilian Iliev,
as defined by the City Code on Takeovers and Mergers.
ProAxsis: An unsecured £365k loan facility with AB Group, part of the Beckman
Group and Melvin Lawson is repayable on demand and remains unpaid at the date
of issue. Interest is charged at 12%. During the period interest expense was
accrued totalling £18k (H1 2024: £18k). The total balance outstanding at 30
June 2025 is £450k (31 December 2024: £432k).
Vortex: EMV Capital provides corporate finance, consulting and management
services to Vortex Biosciences Inc. and Vortex Biotech Holdings Limited a
related party by common substantial shareholders. During the period revenue
was booked totalling £42k (H1 2024: £44k). The total balance outstanding at
30 June 2025 is £125k (31 December 2024: £95k).
Wanda: EMV Capital provides corporate finance, consulting and management
services to Wanda Connected Health Systems Limited, a related party by common
substantial shareholders. During the period revenue was booked totalling
£131k (H1 2024: £77k). The total balance outstanding at 30 June 2025 is
£18k (31 December 2024: £90k).
DeepTech Recycling: EMV Capital provides corporate finance, consulting and
management services to DeepTech Recycling Limited, a related party by common
substantial shareholders. During the period revenue was booked totalling
£106k (H1 2024: £130k). The total balance outstanding at 30 June 2025 is
£Nil (31 December 2024: £13k).
8. EVENTS AFTER THE REPORTING PERIOD
On 22 September 2025, EMV Capital announced its acquisition of pharma assets
from ex-AIM quoted Destiny Pharma for up to £2.475 million, and the
syndication of a c.£1.3 million fundraising to finance the acquisition and
working capital requirements (which fundraising round has now closed).
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