REG - Metir PLC - Half-year Report
30/09/2025 07:00
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RNS Number : 2894B Metir PLC 30 September 2025
30 September 2025
Metir plc
("Metir" or the "Group")
Interim Results for the six months ended 30 June 2025
Preparing for growth
Metir plc (AIM: MET), the leading global provider of fast response mobile and
point-of-use water and environmental testing technology, today announces its
unaudited interim results for the six months ended 30 June 2025 ("H1 25").
£'000s H1 25 H1 24 *
Revenue 919 111
Gross profit 352 43
Gross margin 38.3% 38.7%
Operating expenses 656 674
EBITDA (261) (556)
Profit/(Loss) (304) (631)
Cash balance at 30 June 585 982
* H1 24 revenues restated to defer £144k of Qatar CTM revenues to H1 25 to
reflect delay in commissioning
Financial highlights
· Revenue increased 828% to £919k (H1 2024: £111k), reflecting strong
sales momentum following the 2024 reset.
· Microtox® LX instrument sales increased to £368k (H1 2024: £40k).
· Reagent revenue increased to £117k (H1 2024: £41k), including
approximately £26k of reagent revenue from three previously installed and
active continuous monitoring ("CTM") installations in Hungary and Poland.
· The flagship Qatar project contributed revenue of £386k, with
project CTMs now successfully commissioned.
· Gross profit margin remained steady at c.38%, with reagents
delivering the highest margin at over 70% and LX instruments the lowest margin
at 18% (see below).
· Operating expenses of £656k are in line with the prior year,
reflecting the strong control of costs as the business was stabilised.
· Adjusted EBITDA loss reduced to £(261k), a 54% improvement from the
prior year, driven by higher revenues and gross profit.
· Loss reduced to £(304k), more than halved from the prior year,
driven by higher revenues and gross profit.
· Cash balance of £585k compared to £982k in the prior period as a
result of the successful fundraise of £780k on 10 June 2025.
Operational highlights
· Completion of strategic reset in 2024 and a clear platform
established for future revenue growth.
· Rebranded to Metir plc in February 2025, aligning with the Group's
strategic vision to integrate Microsaic Systems' and Modern Water's
technologies.
· Appointment of Dr Christopher Potts as Independent Non-Executive
Director in February 2025, strengthening Board oversight and governance.
· Launch of Sulphate Reducing Bacteria ("SRB") kits in late June 2025,
creating a new revenue stream from H2 2025.
· Field development of proprietary mobile PFAS "forever chemicals"
mobile testing platform in partnership with Swansea University completed, and
initial product testing with US technology partner expected to be finalised at
the end of the year.
· During the installation of 27 new CTM instruments in Qatar, the
systems were also upgraded with enhanced software to deliver improved
real-time data recording.
Post period end
· Signed collaboration agreement with Aptamer Group plc in September
2025 to develop Optimer® binders for the Group's Pathogen Detector, enabling
real-time monitoring of Cryptosporidium parvum in drinking water.
· As announced on 26 September 2025, the Group has received
confirmation from its partner, Avanceon in Qatar, that the state water
authority, Kahramaa, has granted final approval for all the CTMs
installations. This activates the final project payment of £198k, with the
total due within 60 days of the announcement.
Outlook summary
· Changing market dynamics mean mission-critical technology and
validated global platforms position Metir at the forefront of tightening
regulation.
· Focus on accelerating sales growth and improving gross margins,
with a group gross margin target of 60%.
· Roll-out of LX, FX and CTM instruments through strengthened sales
and distributor strategy which in turn drives higher-margin and
repeat reagent revenues.
· Build on Qatar success with new CTM projects currently being
evaluated in other cities and industrial plants.
· Strong progress with PFAS mobile testing and Pathogen Detector
prototype development, opening new market opportunities.
· Continued focus on governance and cost control with the
recruitment of a senior finance leader to support growth.
· Decision to focus on investing in infrastructure and product
development during the next 12 months to accelerate long-term sales growth,
profitability, and cash generation.
A copy of these interim results is being made available on the Group's website
at https://www.metirplc.com/investors/#documents,
(https://www.metirplc.com/investors/#documents) and hard copies will be sent
to shareholders who have requested communications in that format.
Bob Moore, Executive Chairman and Chief Executive Officer, Metir plc,
commented:
"The first half of 2025 has been a pivotal period for Metir, marking the
Group's return to growth following the acquisition of the Modern Water
business and the comprehensive strategic reset undertaken in 2024. Revenue
increased to £919,000, driven by strong demand for our Microtox® LX
instruments, higher reagent sales and the revenue from the Group's flagship
Qatar Continuous Toxicity Monitors (CTM) project.
The recently announced deployment and commissioning of the CTM project in
Qatar is a major step forward. This high-profile installation project gives us
a strategic foothold in the Middle East and demonstrates the Group's ability
to deliver large-scale, real-time water quality monitoring solutions.
Alongside this, the Group has broadened its product portfolio with the launch
of SRB kits, commenced production of its portable Microtox® FX units, and
advanced two key technology initiatives, the Pathogen Detector and the Group's
mobile PFAS testing platform, both of which have the potential to redefine
environmental testing capabilities with rapid early warning results.
Looking ahead, the Group is encouraged by strong sales momentum with a clear
plan to accelerate growth in 2026. With the recent launch of the SRB kits and
FX instruments, the second half of 2025 is also expected to meet management's
sales expectations. With environmental regulation tightening globally,
increasing water scarcity, quality issues and climate pressures driving demand
for real-time and mobile testing, Metir's fast response field-ready technology
is well placed to provide proven solutions to industries, utilities and
regulators worldwide.
With a realisable plan for growth supported by prudent further investment, the
Group is focusing on its objective to drive commercialisation, increase gross
margins and deliver sustainable long-term value for shareholders."
- Ends -
Metir plc +44 (0) 20 3657 0050
Bob Moore, Executive Chairman and Chief Executive Officer via Turner Pope
Singer Capital Markets (Nominated Adviser & Joint Broker) +44 (0) 20 7496 3000
Alex Bond / Oliver Platts
Turner Pope Investments (TPI) Limited (Joint Broker) +44 (0) 20 3657 0050
Andy Thacker / James Pope
Northstar Communications (Investor Relations) +44 (0) 113 730 3896
Sarah Hollins
About Metir
Metir plc is a leading global provider of fast response, including mobile,
point-of-use water and environmental testing technology. Through its two
established trading divisions, Modern Water and Microsaic Systems, the Group
develops and supplies innovative, easy-to-use solutions that deliver rapid,
accurate water quality results, helping industries, utilities and regulators
monitor safety and compliance in real time.
With a strong focus on data-driven insight and field-ready design, Metir's
technology supports critical decision-making across sectors, including
environmental monitoring, public health and industrial process management.
Headquartered in York, UK, Metir serves worldwide customers and is dedicated
to advancing water testing standards through innovative, accessible solutions.
For more information, please visit https://www.metirplc.com
(https://www.metirplc.com)
Chairman and Chief Executive Officer's Statement
The first half of 2025 has marked a turning point for Metir plc, as the
operational and financial transformation initiated in 2024 has begun to
deliver clear, measurable results.
Following a year of strategic reset and consolidation, the business has
returned to growth with revenue of £919k for the six months ended 30 June
2025 (H1 2024: £111k), underpinned by strong demand for our Microtox® LX
instruments, increased reagent sales and the recognition of revenue from the
Group's flagship Qatar project.
The successful deployment and commissioning of the CTMs project in Qatar
represents a major operational milestone, cementing a strategic foothold in
the Middle East and demonstrating the Group's capability to deliver
large-scale, real-time water quality monitoring solutions. This project not
only strengthens the Group's market presence but also positions Metir at the
forefront of global water safety and regulatory compliance, which we expect to
replicate elsewhere.
The Group's product portfolio has expanded with the June 2025 launch of SRB
kits, creating a new revenue stream to be recognised in the second half.
Production of the Group's Microtox® FX portable units is now underway,
complementing the established LX range and driving additional reagent demand.
The Group continues to make further progress on its proprietary PFAS (forever
chemicals) mobile testing platform in collaboration with Swansea University
and a US technology partner. These technologies have the potential to define
the next generation of environmental testing solutions.
Post period end in September 2025, the Group signed an agreement with Aptamer
Group plc, which represents a significant step forward in the
commercialisation of our real-time Pathogen Detector platform. By integrating
Aptamer's Optimer® technology for the rapid detection of Cryptosporidium
parvum, the Group is advancing one of the final technical stages required to
take the Pathogen Detector from prototype to commercial readiness. This
innovative collaboration is expected to deliver proof-of-concept within months
and position Metir at the forefront of next-generation water quality
monitoring, addressing a critical global public health need and creating a
strong commercial opportunity in a growing market.
The strengthened governance, rebranding to Metir plc, and prudent investment
in infrastructure, manufacturing, and commercial capability, supported by the
£780,000 net proceeds from the Group's June 2025 fundraising and an
additional Directors' contribution of £70,000 to the fundraise, have enhanced
the Group's ability to scale production, accelerate product commercialisation
and expand internationally.
Outlook
The Group is encouraged by strong sales momentum with a clear plan to
accelerate growth in 2026. With the recent launch of the SRB kits and FX
instruments, the second half of 2025 is also expected to meet management's
sales expectations. Expansion of the sales and business development function
will support the international roll-out of LX, FX and CTM instruments through
a targeted distributor strategy. Increased adoption of these instruments is
expected to drive higher-margin reagent revenues. With sales concentrated
through a limited number of international distributors, there remain
significant growth opportunities for international market growth.
Building on the progress achieved in Qatar, the Group intends to pursue
further projects and CTM installations in other cities and industrial plants.
The Group will be participating in a UK regional trade mission in Saudi
Arabia and Bahrain during November 2025 as part of this marketing strategy.
Management also believes it can deliver greater gross margins from the future
sales of LX machines with further investment and development of the hardware
electronics. The Board has set a group gross margin target of 60%
underpinned by LX cost reductions and continued growth in reagent sales.
Plans to achieve this are being developed and will be presented to
shareholders in due course.
At the same time, Metir is making strong progress on its innovation pipeline.
The development of the PFAS mobile testing platform, with successful field
tests completed and the Pathogen Detector prototype development, represents a
major opportunity to enter new markets and respond to growing global demand
for next-generation environmental testing technologies.
The Board will also continue to focus on governance and cost control as it
looks to invest in further growth. To support this, the management team will
be strengthened with a senior finance appointment.
The Board is encouraged by the Group's progress and believes a significant
growth opportunity exists for its products. With mission-critical
technology, a validated global platform, and a recurring revenue model, Metir
is positioned at the forefront of tightening environmental regulation,
increasing water scarcity, and climate-driven pressures. Demand for real-time,
mobile water quality testing continues to grow, and Metir's rapid response
field-ready technology provides proven solutions to industries, utilities, and
regulators worldwide.
To accelerate this opportunity and deliver greater long-term value for
shareholders, the Board has decided to focus on investing in infrastructure
and product development during the next 12 months to accelerate long-term
sales growth, profitability, and cash generation. The Group looks forward to
updating shareholders on the execution of this growth strategy.
STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2025
6 months 6 months Year to 31
to 30 June to 30 June December
2025 2024 2024
Notes Unaudited Unaudited Audited
£000s £000s £000s
Revenue 4 919 111 232
Cost of sales 5 (567) (68) (357)
Gross profit 352 43 (125)
Other operating income - - -
Other operating expenses (656) (674) (1,590)
Total operating expenses (656) (674) (1,590)
Loss from operations before share-based payments (304) (631) (1,715)
Share-based payments 11 - - -
Loss from operations after share-based payments (304) (631) (1,715)
Other financial cost - - (384)
Fair value gain to other financial costs - - 152
Finance cost - - -
Finance income - 16 25
Loss before tax (304) (615) (1,922)
Tax on loss on ordinary activities - - 113
Total comprehensive loss for the period (304) (615) (1,809)
Loss per share attributable to the equity holders of
the Company
Basic and diluted loss per ordinary shares 6 (0.16)p (0.37)p (1.05)p
STATEMENT OF FINANCIAL POSITION (UNAUDITED)
AS AT 30 JUNE 2025
30 June 30 June 31 December
2025 2024 2024
Notes Unaudited Unaudited Audited
£000s £000s £000s
ASSETS
Non-current assets
Intangible assets 149 75 142
Property, plant and equipment 47 133 68
Right of use assets - - -
Total non-current assets 196 208 210
Current assets
Inventories 46 265 193
Trade and other receivables 575 491 695
Corporation tax receivable - - 113
Cash and cash equivalents 585 982 188
Total current assets 1,206 1,738 1,189
TOTAL ASSETS 1,402 1,946 1,399
EQUITY AND LIABILITIES
Equity
Share capital 1,734 1,748 1,733
Share premium 30,812 30,095 30,110
Share-based payment reserve - - -
Retained losses (31,963) (30,465) (31,659)
Total Equity 583 1,378 184
Current liabilities
Trade and other payables 566 531 962
Lease liability 19 18 19
Financial Liability 232 - 232
Total current liabilities 817 549 1,213
Non-current liabilities
Provision 9 2 19 2
Lease liability - - -
Total non-current liabilities 2 19 2
Total liabilities 819 568 1,215
TOTAL EQUITY AND LIABILITIES 1,402 1,946 1,399
STATEMENT OF CHANGES IN EQUITY (UNAUDITED) AS AT 30 JUNE 2025 Share
based
Share Share payment Retained Total
capital premium reserve Losses equity
£000s £000s £000s £000s £000s
At 1 January 2024 1,731 28,263 - (29,850) 144
Total comprehensive loss for the period - - - (615) (615)
Transactions with owners
2 2,112 - - 2,114
Shares issued
- (265) - - (265)
Share issue costs
Share based payments share options - - - - -
At 30 June 2024 1,733 30,110 - (30,465) 1,378
At 1 July 2024 1,733 30,110 - (30,465) 1,378
Total comprehensive loss for the period - - - (1,194) (1,194)
Transactions with owners
Transfer in respect of directors' warrants exercised - - - - -
Transfer in respect of lapsed share options - - - - -
Share based payments-share options - - - - -
At 31 December 2024 1,733 30,110 - (31,659) 184
At 1 January 2025 1,733 30,110 - (31,659) 184
Total comprehensive loss for the period - - - (304) (304)
Transactions with owners
Transfer in respect of lapsed share options -
1 779 - - 780
Shares issued
(77) - - (77)
Shares issued costs
At 30 June 2025 1,734 30,812 - (31,963) 583
STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2025
6 months 6 months Year to 31
to 30 June to 30 June December
2025 2024 2024
Notes Unaudited Unaudited Audited
£000s £000s £000s
Cash flows from operating activities
Cash absorbed by operations 12 (390) (1,186) (1,917)
Corporation tax received 113 262 262
Net cash used in operating activities (277) (924) (1,655)
Cash flows from investing activities
Purchases of intangible assets (29) (38) (122)
Purchases of property, plant and equipment - (90) (78)
Proceeds from sale of Non-current assets - - -
Interest received - 16 25
Net cash used in investing activities (29) (112) (175)
Cash flows from financing activities
Proceeds from share issues 780 2,112 2,112
Share issue costs (77) (265) (265)
Repayment of lease liabilities - (2) (2)
Net cash from/(used in) financing activities 703 1,845 1,845
Net increase/(decrease) in cash and cash equivalents 397 809 15
Cash and cash equivalents at beginning of the year 188 173 173
Cash and cash equivalents at the end of the period 585 982 188
NOTES TO THE INTERIM FINANCIAL INFORMATION (UNAUDITED)
1. Nature of Operations
Metir plc (the "Company") is registered in England and Wales. The Company's
registered office is at York Eco Business Centre, Amy Johnson Way, York,
England YO30 4AG. The Company has two wholly (100%) owned subsidiaries, Modern
Water (U.K.) Ltd and Microsaic Systems Trading Ltd, so the financial
information relates to these consolidated accounts together with the parent
company. Metir is a high technology company supplying Modern Water analytical
instruments utilising the MicroTox® bio-reagent brand manufactured at our new
dedicated laboratory near York, England. The Company also manufactures
miniaturised mass spectrometers that are designed to be utilised at
point-of-need testing which can be used complimentary to Modern Water
technologies including PFAS detection.
2. Basis of preparation
The interim financial statements of the Company for the six months ended 30
June 2025, which are unaudited, have been prepared in accordance with the
accounting policies set out in the annual report and accounts for the year
ended 31 December 2024, which were prepared under International Financial
Reporting Standards ("IFRS").
This report does not constitute statutory accounts as defined in Section 434
of the Companies Act 2006 and has not been audited. The financial information
for the full preceding year is based on the statutory accounts for the year
ended 31 December 2024. Those statutory accounts have been published and have
been filed with the Registrar of Companies. The auditor's report on those
statutory accounts was unqualified.
As permitted, this interim report has been prepared in accordance with the AIM
Rules for Companies and not in accordance with IAS 34 "Interim Financial
Reporting" and therefore it is not fully compliant with IFRS.
The interim financial statements are presented in pounds sterling.
3. Critical accounting estimates and judgements
Accounting estimates and judgements are continually evaluated and are based on
past experience and other factors, including expectations of future events
that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The
resulting accounting estimates could, by definition, differ from the actual
outcome.
Estimates and adjustments that have a risk of causing a material adjustment to
the carrying amounts of assets and liabilities are set out in the annual
report and accounts for the year ended 31 December 2024, and no additional
items have been identified.
4. Revenues
IFRS 15 provides a single, principles based, five-step model to be applied to
all contracts with customers. The five-step framework includes:
· Identify the contract(s) with a customer;
· Identify the performance obligations in the contract;
· Determine the transaction price;
· Allocate the transaction price to the performance obligations in the
contract; and
· Recognise revenue when the entity satisfies a performance obligation.
The Company recognises revenue from the following four sources:
· Sale of products;
· Sale of consumables and spare parts;
· Product service and product support; and
· Consultancy services.
All revenues and trade receivables arise from contracts with customers.
Revenue is measured based on the consideration which the Company expects to be
entitled in a contract with a customer and excludes amounts collected on
behalf of third parties. The sale of products, consumables and spare
parts are recognised when the sole performance obligation is met which is
usually on delivery to the customer. For product service, product support and
consultancy services revenue, the performance obligation is satisfied over the
duration of the service period and revenue is recognised in line with the
satisfaction of the performance obligation.
Sale of products
The Company sells a wide range of Modern Water analytical and toxic water and
effluent testing equipment utilising our MicroTox® consumable bio-reagents.
The Company also sells mini mass spectrometers (Microsaic 4500 MiD®) mainly
through OEMs and distributors. A small proportion of its sales are direct to
the customer. Discounts are offered and agreed as part of the contractual
terms. Terms are generally Ex Works so control passes when the customer
collects the goods. Payment terms are generally 30 days from the date of
invoice.
Sales of consumables and spare parts
The Company sells consumables and spare parts mainly through OEMs and
distributors. Terms are generally Ex Works so control passes when the customer
collects the goods. Discounts are offered and agreed as part of the
contractual terms. Payment terms are generally 30 days from the date of
invoice.
Product service and product support revenue
Service and support to our OEMs, distributors and systems integrators includes
training their sales and service teams and servicing the products from time to
time. Discounts are offered and agreed as part of the contractual terms. Terms
are Ex Works so control passes when the customer receives the service. Payment
terms are generally 30 days from the date of invoice.
Usually, there is no obligation on the Company for returns, refunds or similar
arrangements. Also, the Company does not manufacture specific items to a
customer's specification and no financing component is included in the terms
with customers.
The Company provides assurance warranties which are 15 months from the date of
shipment for OEMs and distributors. These warranties confirm that the product
complies with agreed-upon specifications. The Company is looking to provide
service warranties in the future to direct customers in Europe, where the
revenue from such warranties will be recognised over the period of the service
agreement.
Consultancy services revenue
Consultancy services comprise science and engineering consultancy, laboratory
services and monitoring services. These services are delivered over a period
of time usually in accordance with a master services agreement and/or
statement of works with an agreed outcome at the end of the project or project
phase.
Consultancy services revenue is recognised by reference to the stage of
completion of the project or project phase at the balance sheet date as
follows:
· Where there are defined project or project phase milestones, the
revenue is recognised in full on completion of the project or project phase
and on a time basis for the stage of completion where the project or project
phase is not completed at the balance sheet date. The stage of completion is
recognised as the proportion of time spent on the project or project phase
compared with the total time anticipated to complete the project or project
phase; and/or
· Where the project is defined with the client in terms of time spent,
the revenue is recognised on the basis of consulting time spent on the project
by the Company at the time-based rates agreed with the client.
The geographical analysis of revenues (by location of shipment) was as
follows:
6 months 6 months Year to 31
to 30 June to 30 June December
2025 2024 2024
Unaudited Unaudited Audited
£000s £000s £000s
UK 12 3 11
USA 69 70 97
EU 142 23 42
China 19 - 14
ROW 677 15 68
919 111 232
The product group analysis of revenues was as follows:
6 months 6 months Year to 31
to 30 June to 30 June December
2025 2024 2024
Unaudited Unaudited Audited
£000s £000s £000s
Product/Unit 783 54 84
Consumables and spares 131 43 118
Service and support income 5 14 30
Total Sales to customers 919 111 232
5. Cost of sales
Cost of sales of products
The cost of sales of Modern Water, mass spectrometers and related equipment is
the bought in purchase cost of the product or the transfer value from stock
value if an item has been previously written down. Usually, the sale is made
on an Ex-Works basis but if it were not the cost of delivery to the customer
is also included in cost of sales.
Cost of sales of consumables and spare parts
The cost of sales of consumable and spare parts is the bought in purchase cost
of the consumable or spare part or the transfer value from stock value if an
item has been previously written down. Usually, the sale is made on an
Ex-Works basis but if it were not the cost of delivery to the customer is also
included in cost of sales.
Cost of sales of product service and product support income
The cost of sales of service and support income is the time-based
apportionment of the employment costs of the relevant staff spent on the
delivery of the service and support income plus any related costs of
fulfilment such as travel expenses and any externally incurred direct costs.
For the purposes of cost of sales, the employment costs are considered to be
salaries, pensions and employers national insurance but does not include
share-based payments nor any apportionment of training or overheads.
Cost of sales of consultancy services revenue
The cost of sales of consultancy services (comprising science and engineering
consultancy, laboratory services and monitoring services) is the time-based
apportionment of the employment costs of the relevant staff spent on the
delivery of this revenue plus any related costs of fulfilment such as travel
expenses and any externally incurred direct costs. For the purposes of cost of
sales, the employment costs are considered to be salaries, pensions and
employers national insurance but does not include share-based payments nor any
apportionment of training or overheads.
6. Loss per share
6 months 6 months Year to 31
to 30 June to 30 June December
2025 2024 2024
Unaudited Unaudited Audited
Comprehensive loss attributable to equity (304) (615) (1,809)
shareholders (£000s)
Weighted average number of ordinary
shares for the purpose of basic 192,364,998 164,321,042 172,695,993
and diluted loss per share
Basic and diluted loss per ordinary share (p) (0.16)p (0.37)p (1.05)p
7. EBITDA Adjusted Loss
A key indicator of performance for the Company is Adjusted EBITDA Loss (Loss
of earnings before interest, tax, depreciation, amortisation and other items
such as share-based payments and exceptional one-off expenditure). Detailed
below is the Adjusted EBITDA Loss for the period:
6 months 6 months Year to
to 30 June to 30 June 31-Dec
2025 2024 2024
Unaudited Unaudited Unudited
£000s £000s £000s
Comprehensive loss for period (304) (615) (1,809)
Adjust for:
Tax on loss on ordinary activities - - (113)
Depreciation of property, plant and equipment 21 60 124
Depreciation of right of use assets - -
Amortisation of Intangibles 22 15 34
Net finance cost/(income) - (16) (25)
Share-based payments (excluding fee shares) - - -
EBITDA Adjusted Loss (261) (556) (1,789)
8. Employees and employment related costs
6 months 6 months Year to 31
to 30 June
to 30 June
December
2025 2024 2024
Unaudited Unaudited Audited
Staff Numbers
Directors 2 2 2
Other staff 2 - 2
Average Headcount 4 2 4
£000s £000s £000s
Employment costs (including Directors)
Wages and salaries 98 110 264
Social security costs 6 8 16
Termination payments - - -
Pension costs 5 10 15
Employment related share-based payments - - -
109 128 295
9. Provisions
Dilapidations Warranties TOTAL
£000s £000s £000s
Balance at 1 January 2025 0 2 2
Provided for/(reduced) during the period - - -
Balance at 30 June 2025 0 2 2
10. Commitments
As at 30 June 2025, purchase commitments relating to purchase orders placed
on, and related contractual arrangements and obligations, with our third-party
manufacturers amounted to £349,800 (31 December 2024: £104,400).
11. Share-based payments
The share-based payments charge comprises 6 months 6 months Year to
to 30 June to 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
£000s £000s £000s
Directors' fees settled in shares - - -
Vesting of share options - - -
Employment related share-based payments - - -
Brokers' fees settled in shares - -
- - -
There were no Directors' fees settled in shares in the 6 month period to 30
June 2025.
12. Cash absorbed by operations.
6 months 6 months Year to 31
to 30 June to 30 June December
2025 2024 2024
Unaudited Unaudited Audited
£000s £000s £000s
Total comprehensive loss for the year (304) (615) (1,809)
Adjustments for:
Amortisation of intangible assets 22 15 34
Depreciation of right of use assets - - -
Depreciation of property, plant and equipment 21 60 124
Transfer of property, plant and equipment to - - -
cost of goods
Loss/(Profit) on disposal of right of use assets - - -
Recognition of other financial liability - - 384
Fair value movement on other financial liability - - (152)
Increase/(Decrease) in provision for expected - -
-
credit losses
- -
-
Share-based payments (inclusive of fees settled in shares)
Increase/(Decrease) in inventory provision - -
Tax on loss on ordinary activities - (113)
Interest on lease liability - - -
Interest received - (16) (25)
Movements in working capital:
147 (162) (90)
Increase/(Decrease) in inventories
120 (480) (688)
(Increase)/Decrease in trade and other receivables
Increase/(Decrease) in trade and other payables (396) 12 60
(Decrease) in provisions for - - (28)
dilapidations & warranty
Increase/(Decrease) in contract Liabilities - - 386
Cash absorbed by operations (390) (1,186) (1,917)
13. Related party transactions
There were no related party transactions in the six months ended 30 June 2025.
Mr Bob Moore and Dr. Nigel Burton, as Participating Directors, subscribed for
10,727,969 ordinary shares of 0.001 pence for an aggregate of £70,000 via the
Subscription following the period end as announced at the time of the
Fundraise on 10 June 2025.
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