REG - Fusion Antibodies - Half-year Report
04/12/2023 07:00
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RNS Number : 4785V Fusion Antibodies PLC 04 December 2023
Prior to publication, the information contained within this announcement was
deemed by the Company to constitute inside information for the purposes of
Article 7 under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With
the publication of this announcement, this information is now considered to be
in the public domain.
4 December 2023
Fusion Antibodies plc
("Fusion" or the "Company")
Half year Report
Fusion Antibodies plc (AIM: FAB), an Early Discovery Contract Research
Organisation ("CRO") specialising in pre-clinical antibody discovery,
engineering and supply for both therapeutic drug and diagnostic applications,
announces its unaudited interim results for the six months ended 30 September
2023 ("H1 FY2024") and provides an update on recent commercial progress.
Operational highlights
· Increased numbers of commercial opportunities identified and
improving pipeline valuation
· A number of projects delayed by clients as they seek further
investment
· Progress in development of the OptiMAL® library, with demonstration
of whole IgG antibodies expressed on the cell surface
· £1.67 million fundraise alongside £1.6 million cost rationalisation
exercise
· Appointment of Stephen Smyth as interim CFO
Financial highlights
· Revenue of £541k (H1 FY2023: £1.9 million)
· Expenditure on R&D decreased by 60% to £0.18 million (H1 FY2023:
£0.45 million)
· Loss of £1.4 million (H1 FY2023: £1.1 million loss)
· Cash position at 30 September 2023 was £0.5 million (31 March 2023:
£0.2 million)
Post-period highlights
· Collaboration Agreement with the National Cancer Institute, USA
("NCI") to validate OptiMAL®
· First AI/ML-Ab(TM) project successfully completed
· Further pipeline progression and increased rate of deal closures
· FY2024 results expected to be significantly weighted towards the
second half of the year
Commenting on the interim results, Adrian Kinkaid, CEO of Fusion Antibodies
plc, said: "During this calendar year, the industry has been experiencing
significant headwinds especially in the venture capital ("VC") funded biotech
sector. A number of clients have consequently delayed initiating their
projects with us. Nonetheless, we have generated a significantly stronger
pipeline which includes a wider diversity of clients that are less dependent
on VC funding. Consequently, whilst overall revenues for the period are low as
previously announced, through our efforts we have benefitted from a trend of
increasing month-on-month revenues throughout the H1 FY2024 period, which we
hope will continue to strengthen in the remainder H2 and beyond.
"It is particularly encouraging to see our newer offerings also being well
received with our first AI/ML-Ab(TM) contract being successfully completed
and, post-period end, securing the agreement with the NCI to help validate
OptiMAL®. Both of these developments are having a positive impact on market
awareness and engagement."
Investor presentation via Investor Meet Company
Fusion will host a presentation on the results open to all investors via the
Investor Meet Company platform at 11.00 a.m. on Thursday, 7(th) December 2023,
delivered by Dr Adrian Kinkaid, CEO and Mr Stephen Smyth, CFO. The Company is
committed to providing an opportunity for all existing and potential investors
to hear directly from management on its results whilst additionally providing
an update on the business and current trading.
Investors can sign up to Investor Meet Company for free and add to meet Fusion
Antibodies plc via the following
link: https://www.investormeetcompany.com/fusion-antibodies-plc/register-investor
(https://www.investormeetcompany.com/fusion-antibodies-plc/register-investor)
Enquiries:
Fusion Antibodies plc www.fusionantibodies.com (http://www.fusionantibodies.com)
Adrian Kinkaid PhD, Chief Executive Officer Via Walbrook PR
Stephen Smyth, Chief Financial Officer
Allenby Capital Limited Tel: +44 (0)20 3328 5656
James Reeve / Vivek Bhardwaj (Corporate Finance)
Tony Quirke/Joscelin Pinnington (Sales and Corporate Broking)
Walbrook PR Tel: +44 (0)20 7933 8780 or fusion@walbrookpr.com
Anna Dunphy Mob: +44 (0)7876 741 001
About Fusion Antibodies plc
Fusion is a Belfast-based Collaborative Research Organisation ("CRO") company,
listed on AIM, providing an integrated end-to-end range of antibody
engineering services for the development of antibodies for both therapeutic
drug and diagnostic applications.
Fusion provides a broad range of services in antibody generation, development,
characterisation, optimisation, and small-scale production. These services
include antigen expression, purification and sequencing, antibody humanisation
using Fusion's proprietary CDRx(TM) platform and cell line development,
producing antibody generating stable cell lines optimised for use downstream
by the customer to produce material for clinical trials. Since 2012, the
Company has successfully sequenced and expressed over 250 antibodies and
successfully completed over 200 humanisation projects for its international
customer base, which has included eight of the top 10 global pharmaceutical
companies by revenue.
At every stage, our client's vision is central to how we work in combining the
latest technological advances with cutting edge science. In this work our
world-class humanization and antibody optimization platforms harness the power
of natural somatic hypermutation (SHM) to ensure the best molecule goes to the
clinic. Fusion Antibodies' growth strategy is based on enabling Pharma and
Biotech companies get to the clinic more effectively, using molecules with
optimized therapeutic profile and enhanced potential for successful
development and approval and, ultimately, on speeding up the drug discovery
and development process. The announced Integrated Therapeutic Antibody
Services ("ITA") offering will enhance the efficiency of this process by
providing a continuous service offering from target nomination to stable cell
line. Fusion's use of SHM to create a fully human antibody library to capture
the human antibody repertoire will address a continuing market need in
antibody discovery.
Fusion Antibodies' emphasis on antibody therapeutics is based on the size and
growth rate in the sector, with the market valued at $186 billion in 2021 and
forecast to surpass $400 billion by 2028. As of June 2022, there were 150
approved antibody therapies on the market and nearly 600 antibody drugs in
clinical trials.
Operational Review
As announced on 29 September 2023, at the time of publication of its annual
report for the year ended 31 March 2023 ("FY2023"), the Company has been
experiencing a commercially challenging period, primarily due to weak market
conditions for investment in new drug discovery and development programmes and
the subsequent delays to a number of anticipated contracts, both large and
small. The Company had anticipated an easing of these constraints during H1
FY2024, however, this has not materialised as quickly as expected.
Consequently, trading conditions remain very challenging and revenue for H1
FY2024 is £541k. Towards the end of the period, several projects were subject
to certain technical challenges which required additional work to be
undertaken, thereby pushing some of the expected H1 recognised revenue into
H2. The remainder of the shortfall was due to a delayed project initiation.
Revenues for FY2024 are expected to be significantly weighted towards the
second half of the year, and the Board remain optimistic that our new
services, such as AI/ML-Ab(TM), will have an impact, and contribute positively
to revenue growth in the second half. The Company has achieved a marked
growth in its pipeline of sales opportunities with overall values now standing
at approximately four times that of six months ago. Part of the pipeline
growth is attributable to enhanced penetration of adjacent markets (including
Veterinary Medicine, Diagnostics and Research Antibodies) in line with our
previously stated strategy. These factors bode well for the Company's future
provided opportunities can be progressed and converted into work in progress.
In June 2023, the Company successfully completed a £1.5m fundraise (net of
expenses) to provide additional working capital and we have now implemented
circa. £1.6m in restructuring savings, including a reduction in headcount
from 48 at 31 March 2023 to 29 at 30 September 2023. We are seeking to
identify additional cost savings that can be implemented without further
impacting on the operating capacity of the Company. A significant program of
cross training of staff from different laboratories has been completed which
maintains the capability to deliver all of our services.
In August 2023, we announced that the negotiations with a leading AI/ML
(artificial intelligence/machine learning) company based in the USA had been
finalised and that we received our first order from this new collaboration to
generate de-novo antibody sequences. This AI/ML platform, known as the
AI/ML-Ab(TM) service (pronounced "AIM Lab"), provides a method of designing
panels of antibodies in-silico, with the AI/ML algorithms typically producing
small libraries of sequences which are an excellent match with our Mammalian
Display platform, which emanated from the OptiMAL® library development
program. These designs are transformed into real protein molecules for
screening and final selection and is a potentially powerful combination to
speed up the discovery process.
Our Integrated Therapeutic Antibody Service (ITAS) that integrates our current
Discovery, Engineering and Supply services into one proposition, continues to
gain attention and our R&D program to develop a cell-based mammalian
display technology screening library, OptiMAL®, is progressing, with key
stages of the process now developed. As announced in our annual report for
the year ended 31 March 2023 ("FY2023"), we now have clear evidence that our
highly diverse library of DNA sequences are expressed as fully intact
antibodies on the surface of mammalian cells. With the antibody on the cell
surface, a cell can be individually selected and manipulated to produce larger
quantities of the antibody of interest, although further optimisation work is
still required to deliver the full operational screening parameters. The goal
of this cell-based process is to directly identify intact fully human
antibodies against biomarkers and other targets of interest and is in line
with the antibody drug discovery industry's aim to gradually moving away from
the use of animals.
We will continue to build a body of data with a view to establishing
commercial relationships for further validation and we recently announced our
first validation partner. The Company has signed a Collaboration Agreement
(the "Agreement") with the National Cancer Institute, USA (NCI) to validate
OptiMAL®. Under the terms of the Agreement, Fusion will provide access to
the OptiMAL® technology to NCI for the discovery of novel antibodies against
an agreed number of primarily cancer targets selected by NCI over a period of
up to two years in order to develop potential therapeutic antibodies. The
parties will work together to ensure successful validation of the
OptiMAL® technology and jointly publish any results from the collaboration
at various times over the two-year period, although as with any R&D
project the timing of any results from the collaboration cannot be
predicted.
We have seen the first of the results in our strategy to grow sales through
penetration of adjacent markets. We recently announced the signing of a
commercial contract with a US-based diagnostic company to develop production
quality cell lines using our new Mammalian Display technology, for the
expressions of a range of proteins, other than antibodies, showing the
flexibility of the technology. An initial feasibility study will be
performed on a fee-for-service basis for two difficult to produce reagents.
The study, if successful, can be expanded to a much larger portfolio of
reagents.
Board changes
Changes in the board composition during the period to September 2023 was the
appointment of Stephen Smyth as the interim CFO / Company secretary following
the resignation of James Fair (CFO). In addition, post period end, Sonya
Ferguson stepped down as a non-Executive Director of the Company.
Financial Review
Revenues for the six-month period ending 30 September 2023 were £0.54 million
(H1 FY2023: £1.86 million). All revenues were derived from services and they
contained no milestone or royalty payments.
The (15)% gross profit percentage for H1 FY2024 (H1 FY2023: 33%) was lower
than in the same period last year due to a service based labour fixed cost in
place in readiness for an increased revenue.
R&D expenditure in H1 FY2024 was £182k (H1 FY2023: £452k), a decrease of
60% over the comparable period. SG&A expenditure of £1,153k was £266k
lower than in H1 FY2023 (£1,419k) and, despite significantly lower revenue
than H1 FY2023, the operating loss for H1 FY2024 was £1.36 million (H1
FY2023: £1.26 million loss). The reduction in R&D expenditure, S&G
expenditure and small increase in operating loss relative to the reduction in
revenues are all primarily due to the restructuring and cost saving measures
that were in the process of being implemented during H1 FY2024.
Cash used in operations was £1,213k compared with £754k used in H1 FY2023.
The H1 FY2024 operational outflow includes the £182k investment in R&D.
The total inflow was £291k and the closing cash balance at 30 September
2023 was £487,000.
Key Performance Indicators
The key performance indicators (KPIs) regularly reviewed by the Board are:
KPI H1 FY2024 H1 FY2023
Underlying revenue growth (71)% (19)%
EBITDA* (£1.231m) (£1.008m)
Cash used in operations (£1.351m) (£0.754m)
* Earnings before interest, tax, depreciation and amortisation
The investment in R&D and the impact on EBITDA is set out in Note 12 to
these statements. EBITDA for the period was a loss of £1.231 million (H1
FY2023: £1.008 million loss) and adjusting for research and development
expenditure shows an EBITDA loss excluding R&D of £1.049 million for the
period (H1 FY2023: £0.5560 million loss).
Outlook
The Board is confident that Fusion's prospects for growth are increasingly
positive and the new novel technologies available to the Company, especially
AI/ML-Ab(TM) and OptiMAL®, will play an important role in differentiating the
business and creating fresh value for our shareholders.
Revenues for FY2024 are expected to be significantly weighted towards the
second half of the financial year. This is supported by the revenue growth
trend observed through H1 FY2024 and the marked growth in its sales
opportunities pipeline over the last six months. Additionally, the recent news
regarding OptiMAL® has raised the Company's profile with new connections
being made with significant prospective clients, further enhancing our
strategy of penetration into adjacent markets including Veterinary Medicine,
Diagnostics and Research Antibodies.
It remains a key strategic focus for the Company to achieve cash neutrality.
The Company continues to maintain stringent cost controls, closely monitor the
cash runway, and will seek to identify additional cost savings that can be
implemented without further impacting the operating capacity of the Company.
Statement of Directors' Responsibilities
The Directors confirm, to the best of their knowledge:
· The condensed set of financial statements has been prepared in
accordance with IAS34 'Interim Financial Reporting';
· The interim management report includes a fair review of the
information required by DTR 4.2.7R of the Disclosure and Transparency Rules of
the of the United Kingdom's Financial Conduct Authority, being an indication
of important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements,
and a description of the principal risks and uncertainties for the remaining
six months of the year, and gives a true and fair view of the assets,
liabilities, financial positions and profit for the period of the Company; and
· The interim management report includes a fair review of the
information required by DTR 4.2.8R of the Disclosure and Transparency Rules of
the United Kingdom's Financial Conduct Authority, being a disclosure of
related party transactions and changes therein since the previous annual
report.
On behalf of the Board
Dr Simon Douglas
Non-executive Chairman
04 December 2023
Condensed Statement of Comprehensive Income
For the six months ended 30 September 2023
6 months to 30.09.23 6 months to 30.09.22 Unaudited Year to 31.03.23 Audited
Unaudited £'000 £'000
£'000
Notes
Revenue 541 1,863 2,901
Cost of sales (625) (1,256) (2,327)
Gross profit (84) 607 574
Other operating income 10 - 8 11
Administrative expenses 3 (1,335) (1,871) (3,443)
Operating loss (1,419) (1,256) (2,858)
Finance income 4 2 1 3
Finance costs 4 (3) (7) (4)
Loss before tax (1,420) (1,262) (2,859)
Income tax credit 5 63 146 263
Loss for the period (1,357) (1,116) (2,596)
Total comprehensive expense for the period
(1,357) (1,116) (2,596)
Pence Pence Pence
Basic loss per share 6 (2.3) (4.3) (10.0)
Condensed Statement of Financial Position
As at 30 September 2023
As at As at 30.09.22 As at
30.09.23 Unaudited 31.03.23
Unaudited £'000 Audited
Notes
£'000 £'000
Assets
Non-current assets
Intangible assets - - -
Property, plant and equipment 7 250 743 375
250 743 375
Current assets
Inventories 524 552 539
Trade and other receivables 471 1,212 690
Current tax receivable 326 277 263
Cash and cash equivalents 487 1,198 195
1,808 3,329 1,687
Total assets 2,058 3,982 2,062
Liabilities
Current liabilities
Trade and other payables 537 1,057 844
Borrowings 8 17 83 35
554 1,140 879
Net current assets 1,254 2,100 808
Non-current liabilities
Borrowings 8 30 250 40
Provisions for other liabilities and charges
20 20 20
Total liabilities 604 1,410 60
Net assets 1,454 2,572 1,123
Equity
Called up share capital 12 2,378 1,040 1,040
Share premium reserve 7,981 7,647 7,647
(Accumulated losses)/retained earnings
(8,905) (6,115) (7,564)
Equity 1,454 2,572 1,123
Condensed Statement of Changes in Equity
For the six months ended 30 September 2023
6 months ended 30 September 2023 Called up share capital Share premium reserve Accumulated losses Total
Unaudited £'000 £'000 £'000 Equity
£'000
At 1 April 2023 1,040 7,647 (7,564) 1,123
Loss for the period - - (1,357) (1,357)
Issue of share capital 1,338 334 - 1,672
Share options - value of employee services
- - 16 16
Total transactions with owners, recognised directly in equity
- - 16 16
At 30 September 2023 2,378 7,981 (8,905) 1,454
6 months ended 30 September 2022 Called up share capital Share premium reserve Retained earnings Total
Unaudited £'000 £'000 £'000 Equity
£'000
At 1 April 2022 1,040 7,647 (5,003) 3,684
Loss for the period - - (1,116) (1,116)
Issue of share capital - - - -
Share options - value of employee services
- - 4 4
Total transactions with owners, recognised directly in equity
- - 4 4
At 30 September 2022 1,040 7,647 (6,115) 2,572
Year ended 30 March 2023 Called up share capital Share premium reserve Accumulated losses Total
Audited £'000 £'000 £'000 Equity
£'000
At 1 April 2022 1,040 7,647 (5,003) 3,684
Loss for the year - - (2,596) (2,596)
Share options - value of employee services
- - 35 35
Total transactions with owners, recognised directly in equity
- - 35 35
At 31 March 2023 1,040 7,647 (7,564) 1,123
Statement of Cash Flows
For the six months ended 30 September 2023
6 months to 6 months to 30.09.22 Year to 31.03.23
30.09.23 Unaudited Audited
Unaudited £'000 £'000
£'000
Cash flows from operating activities
Loss for the period (1,357) (1,116) (2,596)
Adjustments for:
Share based payment expense 16 4 35
Depreciation 125 248 372
Amortisation of intangible assets - - -
Finance income (2) (1) (3)
Finance costs 3 7 4
Income tax credit (63) (146) (263)
Decrease/(increase) in inventories 15 32 46
Decrease/(increase) in trade and other receivables 219 304 819
(Decrease)/increase in trade and other payables (307) (86) (299)
Cash used in operations (1,351) (754) (1,885)
Income tax received - - 131
Net cash used in operating activities (1,351) (754) (1,754)
Cash flows from investing activities
Purchase of property, plant and equipment - (358) (114)
Finance income - interest received 2 1 3
Net cash generated by/(used in) investing activities 2 (357) (111)
Cash flows from financing activities
Proceeds from issue of share capital 1,672 - -
Proceeds from new borrowings - 323 69
Repayments of borrowings (28) (56) (62)
Finance costs - interest paid (3) (7) (4)
Net cash generated from financing activities 1,641 260 3
Net increase/(decrease) in cash and cash equivalents 292 (851) 1,862
Cash and cash equivalents at the beginning of the period
195 2,049 2,049
Effects of exchange rate changes on cash and cash equivalents 8
Cash and cash equivalents at the end of the period 487 1,198 195
Notes to the Interim Results
For the six months ended 30 September 2023
1 Basis of Preparation
The condensed financial statements comprise the unaudited results for the six
months to 30 September 2023 and 30 September 2022 and the audited results for
the year ended 31 March 2023. The financial information for the year ended 31
March 2023 does not constitute the full statutory accounts for that period.
The Annual Report and Financial Statements for the year ended 31 March 2023
have been filed with the Registrar of Companies. The Independent Auditor's
Report on the Annual Report and Financial Statements for the year ended 31
March 2023 was unmodified and did not contain a statement under s498(2) or
s498(3) of the Companies Act 2006. The Auditor's report contained a material
uncertainty related to going concern.
The condensed financial statements for the period ended 30 September 2023 have
been prepared in accordance with the Disclosure and Transparency Rules of the
Financial Conduct Authority and with IAS 34 'Interim Financial Reporting' as
adopted by the UK. The information in these condensed financial statements
does not include all the information and disclosures made in the annual
financial statements.
Going concern
At 30 September 2023 the Company had a cash balance of £0.5 million. The
Directors have reviewed detailed projections for the Company. These
projections are based on estimates of future performance and have been
adjusted to reflect various scenarios and outcomes that could potentially
impact the forecast outturn. Based on these estimates, the Directors have a
reasonable expectation that the Company has adequate resources to continue in
operational existence for 12 months from the reporting date. Accordingly, they
have prepared these condensed financial statements on the going concern basis.
The Directors note that there is inherent uncertainty in any cash flow
forecast, however this is further exacerbated given the nature of the
Company's trade and the industry in which it operates. Due to the risk that
revenues and the related conversion of revenue to cash inflows may not be
achieved as forecast over the going concern period, the Directors believe that
there exists a material uncertainty that may cast significant doubt on the
Company's ability to continue as a going concern and it may be unable to
realise its assets and discharge its liabilities in the normal course of
business.
These financial statements do not include the adjustments that would result if
the Company were unable to continue as a going concern.
Accounting policies
The condensed financial statements have been prepared in a manner consistent
with the accounting policies set out in the financial statements for the year
ended 31 March 2023 and on the basis of the International Financial Reporting
Standards (IFRS) as adopted for use in the UK that the Company expects to be
applicable at 31 March 2023. IFRS are subject to amendment and interpretation
by the International Accounting Standards Board (IASB).
2 Segmental information
For all the financial periods included in these condensed financial
statements, all the revenues and costs relate to the single operating segment
of research, development and manufacture of recombinant proteins and
antibodies.
3 Administrative expenses
6 months to 30.09.23 6 months to 30.09.22 Year to 31.03.23
Unaudited Unaudited Audited
£'000 £'000 £'000
Research & development 182 452 807
Selling, general and administration 1,153 1,419 2,636
1,335 1,871 3,443
4 Finance income and costs
6 months to 30.09.23 6 months to 30.09.22 Year to 31.03.23
Unaudited Unaudited Audited
£'000 £'000 £'000
Income
Bank interest receivable 2 1 3
6 months to 30.09.23 6 months to 30.09.22 Year to 31.03.23
Unaudited Unaudited Audited
£'000 £'000 £'000
Expense
Interest expense on other borrowings 3 7 4
5 Income tax credit
6 months to 30.09.23 6 months to 30.09.22 Year to 31.03.23
Unaudited Unaudited Audited
£'000 £'000 £'000
Current tax (63) (146) (263)
6 Loss per share
6 months to 6 months to 30.09.22 Year to
30.09.23 Unaudited 31.03.23
Unaudited Number Audited
Number Number
Loss for the financial year (1,357) (1,116) (2,596)
Loss per share pence pence pence
Basic (2.3) (4.3) (10.0)
Diluted (2.9) (4.3) (10.0)
6 Loss per share (continued)
The weighted average number of shares used in the calculation of the basic
earnings per share are as follows:
6 months to 6 months to 30.09.22 Year to
30.09.23 Unaudited 31.03.23
Unaudited Number Audited
Number Number
Issued ordinary shares at the end of the period
59,453,714 26,014,946 26,014,946
Weighted average number of shares in issue during the period 46,496,775 26,014,946 26,014,946
Basic earnings per share is calculated by dividing the basic earnings for the
period by the weighted average number of shares in issue during the period.
Diluted earnings per share is calculated by dividing the basic earnings for
the year by the diluted weighted average number of shares in issue inclusive
of share options outstanding at year end.
7 Property, plant and equipment
Right of use assets Leasehold Plant & Fixtures, fittings & equipment Total
£'000 property machinery £'000 £'000
£'000 £'000
Cost
At 1 April 2023 14 844 2,396 277 3,531
Additions - - - - -
Disposals - - - - -
At 30 September 2023 14 844 2,396 275 3,531
Accumulated depreciation
At 1 April 2023 9 812 2,112 223 3,156
Disposals - - - - -
Depreciation charged in the period
2 17 93 13 125
At 30 September 2023 11 829 2,205 236 3,281
Net book value
At 30 September 2023 3 15 191 41 250
At 31 March 2023 5 32 284 54 375
8 Borrowings
At 30 September At 30 September At 31 March
2023 2022 2023
£'000 £'000 £'000
At 1 April 75 69 69
Additions in period - 323 69
Interest 3 7 4
Repayments (31) (66) (67)
At period end 47 333 75
Amounts due in less than 1 year 17 83 35
Amounts due after more than 1 year 30 250 40
47 333 75
Borrowings are secured by a fixed and floating charge over the whole
undertaking of the Company, its property, assets and rights in favour of
Northern Bank Ltd trading as Danske Bank.
9 Retirement benefits obligations
The Company operates a defined contribution scheme, the assets of which are
managed separately from the Company.
10 Transactions with related parties
The Company had the following transactions with related parties during the
period:
Invest Northern Ireland is a shareholder in the Company. The Company received
invoices for rent and estate services amounting to £38,000 (6 months ended 30
September 2022: £42,000, year ended 31 March 2023: £79,000). There was no
balance due and payable to Invest NI at the reporting dates presented.
11 Events after the reporting date
The Company was pleased to announce on 28(th) November 2023 that an agreement
had been established with the National Cancer Institute to help validate the
OptiMAL® platform.
12 Reconciliation of loss to EBITDA and EBITDA excluding
R&D expenditure
6 months to 30.09.23 6 months to 30.09.22 Year to 31.03.23
Unaudited Unaudited Audited
£'000 £'000 £'000
Loss before tax (1,357) (1,262) (2,859)
Finance income/expense 1 6 1
Depreciation and amortisation 125 248 372
EBITDA (1,231) (1,008) (2,486)
Expenditure on research and development 182 452 807
EBITDA excluding research and development (1,049) (556) 1,679
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