Final Results
19/05/2025 07:00
RNS Number : 1185J
KRM22 PLC
19 May 2025
KRM22 plc
("KRM22", the "Group" and the "Company")
AUDITED RESULTS STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024
KRM22 plc (AIM: KRM.L), the technology and software company focused on risk management in capital markets, announces its audited results for the year ended 31 December 2024 ("2024", the "Year").
Financial highlights
· Annualised Recurring Revenue (ARR)[1] as at 31 December 2024 of £6.6m (2024: £5.4m) - growth of 22.2%
o New contracted ARR in 2024 of £1.7m (2023: £1.1m)
o Total ARR attributable to the relationship with Trading Technologies International, Inc. ("TT") of £0.9m (2023: £0.4m)
· Total revenue recognised of £6.8m (2023: £5.3m) - growth of 28.3%
· Adjusted EBITDA profit[2] of £1.0m (2023: loss of £1.4m) - a maiden reported adjusted EBITDA profit since the Company's inception
· Loss before tax of £1.4m (2023: loss of £4.9m)
· Gross cash as at 31 December 2024 of £1.0m (2023: £0.9m)
Operational highlights
· 12 new ARR contracts signed in the year including 6 new customers
· 44 institutional customers as at 31 December 2024
· Launch of Risk Manager application, with first sales and ARR generated from this application
· Group restructure and rationalisation to implement a focused cost savings programme, with annual cost savings of £1.2m delivered
· Board changes with the appointment of Dan Carter as CEO and Garry Jones as Non-Executive Chairman, replacing Stephen Casner and Keith Todd respectively, with Keith Todd remaining on the Board as Executive Director
Post year-end events
· Growth in ARR to £7.4m as at the date of this report at current FX rates
· New contractual ARR in 2025 generated from three cross sales opportunities to existing customers for the Limits Manager and Risk Manager applications
· Amendments to the Convertible Loan with Trading Technologies International, Inc ("TT") to defer all interest payments until June 2026
Garry Jones, Non-Executive Chairman of KRM22, commented: "These 2024 results demonstrate continued strong growth with significant increases in ARR, in-year recognised revenue and a maiden year of adjusted EBITDA. We have had a strong start to 2025 and have never been in a better position, in terms of momentum and client satisfaction. Our risk management technology and services are even more essential to our clients in these volatile times, as we look to expand further in terms of geographical focus and asset class coverage."
For further information please contact:
KRM22 plc InvestorRelations@krm22.com
Garry Jones, Non-Executive Chairman
Dan Carter, CEO
Kim Suter, CFO
Cavendish Capital Markets Limited (Nominated Adviser and Broker) +44 (0)20 7220 0500
Stephen Keys / Isaac Hooper (Corporate Finance)
Sunila de Silva (ECM)
The information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended. With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
About KRM22 plc
KRM22 is a closed-ended investment company which listed on AIM on 30 April 2018. The Company has been established with the objective of creating value for its investors through the investment in, and subsequent growth and development of, target companies in the technology and software sector, with a focus on risk management in capital markets.
Through its investments and the Global Risk Platform, KRM22 helps capital market companies reduce the cost and complexity of risk management. The Global Risk Platform provides applications to help address firms' trading and corporate risk challenges and to manage their entire enterprise risk profile.
Capital markets companies' partner with KRM22 to optimise risk management systems and processes, improving profitability and expanding opportunities to increase portfolio returns by leveraging risk as alpha.
KRM22 plc is listed on AIM and the Group is headquartered in London, with offices in several of the world's major financial centres.
See more about KRM22 at KRM22.com.
CHAIRMAN'S STATEMENT
At the start of 2024, we implemented a focused cost savings programme and also made changes to the Board with the appointment of Dan Carter and myself as CEO and Non-Executive Chairman respectively. I am pleased to report that these changes have led to a marked improvement in financial and operational performance as we progressed through 2024, with a maiden reported adjusted EBITDA profit since the Company's inception, and which we continue to progress in 2025.
We remain focused on continuing to grow our core business, with a substantial increase in Annualised Recurring Revenue ("ARR") and expansion of services to new and existing customers being delivered during the year. Our customer base covers many of the largest banks and brokers in the world as well as regulators and buy side companies. We are continuing to invest in harvesting new customers across the market spectrum and we now look forward to broadening and accelerating our market coverage into new asset classes such as equities, FX and digital currencies.
The management team of KRM22, under the leadership of CEO Dan Carter and CFO Kim Suter, has performed in an exemplary fashion, in extremely challenging markets, and pleasingly our customer satisfaction is at an all-time high.
The Board and I wish to thank our loyal customers and shareholders for their continued commitment to our long-term vision of delivering high quality applications and services to the capital markets and derivatives risk community. The quality of our customers and their importance to the traded markets gives us much confidence that we are providing much needed solutions and hitting the mark with industry professionals, who rely on KRM22's applications and services to add value to their business.
I also want to congratulate the entire KRM22 team globally for another year of progress, and to recognise their continued hard work and loyalty to the Company. I look forward to further growth and continued increase in ARR in 2025.
Volatility in the financial system continues to increase, and the new normal sees an ever-growing focus on risk management. KRM22's applications, which can add value, transparency and security in uncertain times, are ideally placed to meet our customers need for state of the art and scalable risk management systems.
KRM22 has never been in a better position as we progress through 2025 and beyond and our pipeline of sales opportunities gives us confidence in our expectations for the year and full year outturn.
Garry Jones
Non-Executive Chairman
CEO'S REPORT
As I reflect on my first year as CEO of KRM22, I do so with great pride, especially considering what has been a record-breaking year for the Company with 22.2% growth in Annual Recurring Revenue ("ARR"). We have remained focused on executing our business strategy, with a continued emphasis on delivering for our customers and building a new industry-standard set of applications. This commitment has contributed to our unprecedented growth, a true testament to our team's dedication and strategic vision. At the same time, we took decisive steps to optimise our cost structure, ensuring long-term efficiency and sustainability. These structural enhancements position us for continued success while enabling us to reinvest in key areas of the business. Additionally, we have built a robust sales pipeline, strengthening our foundation for future expansion. KRM22 is positioning itself as a market leader in Risk Management in capital markets, and we are excited to continue our growth and achieve our strategic goals of becoming a cash-generative and profitable business.
Strong revenue growth
KRM22 delivered impressive growth in 2024, achieving a record ARR of £6.6m as of 31 December 2024, representing a 22.2% increase from £5.4m twelve months earlier. This growth was driven by £1.7m in new contracted ARR, a significant rise from £1.1m in the previous year. Notably, £1.2m of this new ARR was generated through direct sales, while £0.5m resulted from the continued and strengthening relationship with Trading Technologies International, Inc. ("TT"). These achievements reflect KRM22's strategic focus and the value driven by our Global Risk Platform delivering integrated Risk Management to capital markets firms.
We launched the Risk Manager application at the start of 2024 and new ARR generated from this application accounted for 48% of our total new ARR in the year. Meanwhile, Limits Manager and Market Surveillance continued to experience strength growth with contributions to total new ARR of 31% and 19% respectively, driven by both new customer acquisitions and existing customers expanding their engagement with our services.
Our sales pipeline continues to strengthen, led by the seamless integration of the Limits Manager and Risk Manager applications. This powerful combination is resonating with both new and existing clients, as they recognise the enhanced value of a unified risk and limit management solution. New customers are attracted by the comprehensive functionality and efficiency gains, while existing customers are expanding their engagement by adopting both applications to streamline their risk operations and enhance their audit capabilities. This momentum is creating significant opportunities for growth, reinforcing our position as a trusted partner for risk management solutions.
Our Market Surveillance application sales pipeline is gaining momentum through our strategic partnership with TT. Following the successful completion of development work in the latter half of 2024, we are now leveraging TT's extensive market reach to drive adoption among their global client base. This collaboration enhances our visibility and provides a strong channel for expanding our customer footprint. With seamless integration into the TT platform, we are well-positioned to accelerate sales growth and deliver best-in-class surveillance capabilities to a broader audience.
Cost saving programme
At the start of 2024, we undertook a comprehensive group restructure, an initiative to drive greater operational efficiency and long-term sustainability. As part of this effort, we implemented a focused cost savings programme, streamlining our organisational structure and optimising resources to enhance productivity. These strategic actions resulted in annual cost savings of £1.2m, primarily through a reduction in workforce, reinforcing our commitment to maintaining a lean and agile business while continuing to invest in growth opportunities. This disciplined approach ensures we remain well-positioned to deliver value to our stakeholders while strengthening our financial foundations.
KRM22 risk applications
In 2024 we made significant strides across our application suite, advancing our mission to deliver risk management solutions that are robust and adaptive. Risk Manager progressed from proof-of-concept to full production, now delivering real-time P&L exchange margin, parametrised stress scenario analysis and integration with the Portfolio Science Risk API for Value at Risk ("VaR"). Limits Manager, having been launched and matured in 2022 and 2023 respectively, saw expanded Exchange Traded Derivative ("ETD") connectivity and major enhancements to workflow automation - enabling firms to automate limit changes based on their own risk thresholds. Live risk metrics from Risk Manager are now directly integrated into Limits Manager, with full audit trail support, thus allowing for firms to not only see who and what was changed at any time, but also the standing of the account at the time the change was approved.
Within Market Surveillance, we completed development of our API layer, enabling us to embark on a project to build a new web-based GUI and add AI functionality focussed on monitoring near misses, and this will be launched in 2025. The API layer has also allowed a strategic integration with TT's own surveillance application enabling TT, in partnership with KRM22, to launch a best-in-class surveillance solution at the end of 2024 which will drive future revenue for KRM22 via a revenue share model. The Risk Cockpit saw important enhancements to incident management, including automated PDF reporting to improve communication and documentation of risk events.
Looking ahead, we are focused on broadening asset class coverage, particularly within the Risk Manager and Limits Manager applications, to match the multi-asset design already present in the Market Surveillance application.
Wider capital markets trends
The broader macro trends in the capital markets industry have seen a significant shift in focus over the past 15 years. In the ten years that followed the 2008 financial crisis, regulatory reporting underwent significant changes, with the goal of enhancing transparency, reducing risk and improving the stability of the financial system. As a result, capital markets firms were primarily engaged in ensuring compliance with the regulatory changes. This was followed by the disruption of the Covid pandemic in 2020 and 2021, which brought new challenges and operational complexities for businesses. In a post-pandemic world, we are now seeing firms take a more proactive approach to risk management, reassessing their processes and systems to ensure they have best-in-class technology solutions in place.
There is a growing recognition that legacy systems are no longer sufficient in managing today's dynamic risk landscape. At the same time, regulatory scrutiny remains high, with fines being issued for errors in risk management and process failures. This heightened regulatory pressure is driving firms to refine their procedures, with technology playing a critical role in enabling greater accuracy, efficiency, and compliance. As a result, the demand for modern, integrated risk management solutions has never been stronger, reinforcing the need for continuous innovation in the space and the benefits that KRM22's applications bring to capital markets firms.
Globally, firms spend approximately £6.0 billion annually on Software-as-a-Service ("SaaS") risk management software. Even if the total addressable market for KRM22 is a fraction of this £6.0 billion annual spend, there is significant opportunity for KRM22's growth, both within existing asset classes that KRM22 already supports, and within new asset classes that we are looking to expand into as outlined above.
Outlook
KRM22 delivered an outstanding 22.2% growth in ARR in 2024, reinforcing our strong market position and momentum toward becoming a cash generative and profitable business. Limits Manager and Risk Manager are rapidly becoming the industry standard for risk management, driving increased adoption across both new and existing clients. Additionally, our partnership with TT has successfully launched a best-in-class Market Surveillance offering, setting the stage for significant revenue growth in 2025. With a dedicated team and a clear strategic vision, we remain focused on innovation, excellence, and delivering value to our customers. These are truly exciting times for KRM22, and we are well-positioned for continued success in 2025 and beyond, as demonstrated by the growth in ARR to £7.4m at the date of this report, with a strong sales pipeline that underpins our confidence in this year's management expectations.
Dan Carter
CEO
CFO'S REPORT
From a financial performance perspective, 2024 was the most successful year since KRM22's IPO in 2018 with significant growth and improvements in all key financial performance metrics including total revenue recognised, ARR, adjusted EBITDA and net cash position.
There was growth of 28.3% in total revenue recognised to £6.8m from £5.3m reported for the year ended 31 December 2023. Growth in ARR continued with a net increase of £1.2m to end the year at £6.6m from £5.4m at 31 December 2023 - a year-on-year increase of 22.2%. Following the group restructure and rationalisation programme executed in early in 2024, with annual cost savings of £1.2m, KRM22 has reported an adjusted EBITDA profit for the year of £1.0m - the first time it has reported an adjusted EBITDA profit since its inception. All of this contributed to a closing cash balance of £1.0m (2023: £0.9m).
Profit and Loss
Total revenue
Revenue recognised for the year to 31 December 2024 was £6.8m (2023: £5.3m), an increase of 28.3% compared with the prior year, with 92.2% (2023: 90.6%) of total revenue generated from recurring customer contracts. Non-recurring revenue for the year ended 31 December 2024 totalled £0.5m (2023: £0.5m) and related principally to customer implementations, product development and proof of concept work.
Recurring revenue
ARR is a key metric and KPI for KRM22 and as at 31 December 2024, ARR had increased by 22.2% to £6.6m (2023: a net increase of 17.4% to £5.4m), a net increase of £1.2m (2023: net increase of £0.8m).
New contracted ARR in the year totalled £1.7m (2023: £1.1m) of which £0.7m (2023: £0.6m) was from six new customers, primarily for the Limits Manager and Risk Manager applications, and £1.0m (2023: £0.6m) was generated from existing customers. Of the £1.0m of new ARR generated from existing customers, £0.8m was derived from existing customers purchasing additional applications and £0.2m was contractual renewals for existing applications, with increases in ARR value and extensions of contractual length.
The amount of ARR generated through partner products and services, primarily through data and news feeds, with minimal margin to KRM22, accounted for 4.2% (2023: 4.6%).
Total churn in ARR for the year was £0.5m of which £0.4m was from three institutional customers, which included one customer closing downs its operations. The second customer churn was from a Market Surveillance customer who, following a public RFP process, decided to contract with an alternative supplier whilst the third customer was a specific user case that could not be delivered.
Gross profit
Gross profit for the year to 31 December 2024 was £5.6m (2023: £4.1m). There was a small increase in gross profit margin to 83% compared to the prior year margin of 78%.
Capitalised development
A total of £1.1m (2023: £1.1m) of development was capitalised in the year to 31 December 2024. Capitalised development is amortised over three years.
Adjusted EBITDA
Adjusted EBITDA is the key metric that the Company considers in order to understand the cash-profitability of the business. This is due in particular to the non-cash items that impact the Income Statement under IFRS accounting, such as non-cash share-based payment charges and one-off cash items such as Group reorganisation costs.
Adjusted EBITDA for the year to 31 December 2024 was a profit of £1.0m (2023: loss of £1.4m). The adjusted EBITDA reported for the year was a significant improvement on the prior year; driven by the increase in underlying total revenue recognised in the year, together with the Group restructure plan actioned at the start of 2024 which implemented a focused cost savings programme, primarily through a reduction in workforce, with annual cost savings of £1.2m.
A reconciliation of Adjusted EBITDA profit/(loss) to the reported operating loss is provided as follows:
| 2024 £'m | 2023 £'m | |
| Adjusted EBITDA profit/(loss) | 1.0 | (1.4) |
| Depreciation and amortisation | (1.2) | (1.3) |
| Impairment of intangible assets | - | (1.6) |
| Unrealised foreign exchange loss | 0.0 | (0.5) |
| Deferred consideration write back | - | 0.1 |
| Gain on extinguishment of debt | - | 0.1 |
| Group restructure costs | (0.6) | - |
| Shared-based payment (expense)/credit | (0.1) | 0.1 |
| Operating loss | (0.9) | (4.5) |
| Note | 2024 £'000 | 2023 £'000 | ||
| RevenueCost of sales | 3 | 6,769 (1,167) | 5,266 (1,145) | |
| Gross profit Other operating income Administrative expenses | 5,602 84 (6,566) | 4,121 142 (8,788) | ||
| Operating profit/(loss) before interest, taxation, depreciation, amortisation, share based payment and exceptional items ('Adjusted EBITDA') | 976 | (1,399) | ||
| Depreciation and amortisation | (1,225) | (1,298) | ||
| Impairment of intangible assets | - | (1,593) | ||
| Group reorganisation costs | (561) | - | ||
| Deferred consideration write back | - | 115 | ||
| Gain on extinguishment of debt (net) | - | 127 | ||
| Unrealised foreign exchange loss | (13) | (539) | ||
| Acquisition, funding and debt related expenses | - | (38) | ||
| Share based payment (charge)/credit | (57) | 100 | ||
| Operating loss | (880) | (4,525) | ||
| Finance charge (net) | (547) | (353) | ||
| Loss before taxation | (1,427) | (4,878) | ||
| Taxation credit | 133 | 259 | ||
| Loss for the year | (1,294) | (4,619) | ||
| Loss for the year attributable to: | ||||
| Equity shareholders of the parent | (1,294) | (4,619) | ||
| (1,294) | (4,619) | |||
| Other comprehensive income Item that may be reclassified subsequently to profit and loss: | ||||
| Exchange (loss)/gain on translation of foreign operations | (145) | 334 | ||
| Total comprehensive loss for the year | (1,439) | (4,285) | ||
| Total comprehensive loss for the year attributable to: | ||||
| Equity shareholders of the parent | (1,439) | (4,285) | ||
| (1,439) | (4,285) | |||
| Loss per ordinary share | ||||
| Basic losses per share 4 | (3.6p) | (13.0p) | ||
| Diluted losses per share 4 | (3.6p) | (13.0p) | ||
| Note | 2024 £'000 | 2023 £'000 |
| Non-current assets | ||
| Goodwill 5 | 3,485 | 3,516 |
| Other intangible assets 5 | 2,128 | 2,105 |
| Property, plant and equipment | 19 | 21 |
| Right of use assets | - | 136 |
| 5,632 | 5,778 | |
| Current assets | ||
| Trade and other receivables | 773 | 1,142 |
| Cash and cash equivalents | 1,035 | 886 |
| 1,768 | 2,028 | |
| Total assets | 7,400 | 7,806 |
| Current liabilities | ||
| Trade and other payables | 4,218 | 3,900 |
| Lease liabilities | 249 | 369 |
| Loans and borrowings | 774 | 391 |
| Derivative financial liability | 209 | 196 |
| 5,450 | 4,856 | |
| Net current liabilities | (3,682) | (2,828) |
| Non-current liabilities | ||
| Loans and borrowings | 4,039 | 3,887 |
| Deferred tax liability | 145 | 164 |
| 4,184 | 4,051 | |
| Total liabilities | 9,634 | 8,907 |
| Net liabilities | (2,234) | (1,101) |
| Equity | ||
| Share capital | 3,596 | 3,567 |
| Share premium | 20,737 | 20,517 |
| Merger reserve | (190) | (190) |
| Convertible debt reserve | 327 | 327 |
| Foreign exchange reserve | (259) | (114) |
| Share-based payment reserve | 2,723 | 2,945 |
| Retained deficit | (29,168) | (28,153) |
| Total equity | (2,234) | (1,101) |
| 2024 £'000 | 2023 £'000 | |
| Cash flows from operating activities | ||
| Loss for the year | (1,294) | (4,619) |
| Adjustments for: | ||
| Tax credit | (133) | (259) |
| Netfinance expense | 547 | 353 |
| Amortisation of intangible assets | 1,081 | 1,059 |
| Depreciation of property, plant and equipment and right of use assets | 144 | 239 |
| Impairment of intangible assets | - | 1,593 |
| Deferred consideration write back | - | (115) |
| Gain on extinguishment of debt | - | (127) |
| Unrealised loss on non-GBP denominated loans | 13 | 539 |
| Equity-settled Share-based payment charge/(credit) | 57 | (100) |
| Income taxes received | 97 | 186 |
| 512 | (1,251) | |
| Decrease in trade and other receivables | 409 | 320 |
| Increase in trade and other payables | 502 | 52 |
| Net cash flows from/(used in) operating activities | 1,423 | (879) |
| Cash flows from investing activities | ||
| Acquisition deferred consideration payment | - | (43) |
| Purchase of intangible assets | (1,148) | (1,105) |
| Purchase of property, plant and equipment | (7) | (16) |
| Net cash used in investing activities | (1,155) | (1,164) |
| Cash flows from financing activities | ||
| Lease payments principal | (119) | (232) |
| Lease payments interest | (3) | (18) |
| Receipts from borrowings | - | 4,500 |
| Interest paid | - | (208) |
| Repayments of borrowings | - | (3,000) |
| Net cash (used in)/from financing activities | (122) | 1,042 |
| Net increase/(decrease) in cash and cash equivalents | 146 | (1,001) |
| Cash and cash equivalents at beginning of year | 886 | 1,900 |
| Effect of foreign exchange rate changes | 3 | (13) |
| Cash and cash equivalents at end of year | 1,035 | 886 |
| Ordinary shares | Share premium | Merger reserve | Convertible debt reserve | Foreign exchange reserve | Share based payment reserve | Retained losses | Total equity | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| At 1 January 2023 | 3,567 | 20,517 | (190) | 224 | (448) | 3,045 | (23,534) | 3,181 |
| Loss for the year | - | - | - | - | - | - | (4,619) | (4,619) |
| Other comprehensive gain | - | - | - | - | 334 | - | - | 334 |
| Total comprehensive gain/(loss) | - | - | - | - | 334 | - | (4,619) | (4,285) |
| Convertible debt option | - | - | - | 103 | - | - | - | 103 |
| Share-based payments | - | - | - | - | - | (100) | - | (100) |
| At 31 December 2023 | 3,567 | 20,517 | (190) | 327 | (114) | 2,945 | (28,153) | (1,101) |
| Loss for the year | - | - | - | - | - | - | (1,294) | (1,294) |
| Other comprehensive loss | - | - | - | - | (145) | - | - | (145) |
| Total comprehensive loss | - | - | - | - | (145) | - | (1,294) | (1,439) |
| Allotment of share capital | 29 | 220 | - | - | - | - | - | 249 |
| Share-based payments | - | - | - | - | - | (222) | 279 | 57 |
| At 31 December 2024 | 3,596 | 20,737 | (190) | 327 | (259) | 2,723 | (29,168) | (2,234) |
| Revenue 2024 | Non-current assets 2024 | Revenue 2023 | Non-current assets 2023 | ||
| £'000 | £'000 | £'000 | £'000 | ||
| UK | 2,418 | 2,200 | 1,906 | 2,109 | |
| Europe | 692 | 1,333 | 792 | 1,466 | |
| USA | 3,315 | 2,099 | 2,215 | 2,203 | |
| Rest of world | 344 | - | 353 | - | |
| Total | 6,769 | 5,632 | 5,266 | 5,778 |
| 2024 | 2023 | ||
| £'000 | £'000 | ||
| Recurring revenue | 6,239 | 4,769 | |
| Non-recurring revenue | 530 | 497 | |
| Total revenue | 6,769 | 5,266 |
| 2024 | 2023 | ||
| £'000 | £'000 | ||
| Trading Risk | 3,359 | 2,487 | |
| Corporate Risk | 3,002 | 2,593 | |
| Multiple Risk | 60 | 72 | |
| TT platform | 348 | 114 | |
| Total | 6,769 | 5,266 |
| 2024 | 2023 | ||
| £'000 | £'000 | ||
| Loss for the year attributable to equity holders of the parent | (1,294) | (4,619) | |
| Basic weighted average number of shares in issue | 35,815,256 | 35,666,336 | |
| Diluted weighted average number of shares in issue | 46,318,047 | 46,492,491 | |
| Basic and diluted loss per share | (3.6p) | (13.0p) |
| Goodwill on consolidation £'000 | Acquired software & related assets £'000 | Capitalised development costs £'000 | Total £'000 | ||
| Cost | |||||
| At 1 January 2024 | 7,807 | 2,887 | 4,649 | 15,343 | |
| Additions | - | - | 1,148 | 1,148 | |
| Foreign exchange movements | (35) | (7) | (284) | (326) | |
| At 31 December 2024 | 7,772 | 2,880 | 5,513 | 16,165 | |
| Accumulated amortisation | |||||
| At 1 January 2024 | 4,291 | 2,223 | 3,208 | 9,722 | |
| Amortisation for the year | - | 126 | 957 | 1,083 | |
| Foreign exchange movements | (4) | 35 | (284) | (253) | |
| At 31 December 2024 | 4,287 | 2,384 | 3,881 | 10,552 | |
| At 31 December 2023 | 3,516 | 664 | 1,441 | 5,621 | |
| At 31 December 2024 | 3,485 | 496 | 1,632 | 5,613 |