Preliminary Results
18/11/2025 07:07
RNS Number : 9624H
Nanoco Group PLC
18 November 2025
18 November 2025
NANOCO GROUP PLC
("Nanoco", the "Company" or the "Group")
Unaudited Group Preliminary Results for the year ended 31 July 2025
Reinvigorated leadership and strategy; Well-positioned to deliver shareholder value
Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other specific nanomaterials emanating from its technology platform, announces its unaudited Group Preliminary Results for the year ended 31 July 2025 ("the Year" or "FY25").
Reinvigorated leadership and strategy, and continued commercial progress
· Appointed Dmitry Shashkov as CEO, Jalal Bagherli as Non-Executive Chairman and appointed Jai Subramanian as Global Head of Business Development to help drive commercial engagement
· Implemented a fully refreshed Group strategy, underpinned by extensive market research to both identify priority markets and key applications within the Quantum Dot ("QD") image sensor market and to initiate exploratory work in other market areas
· Commenced a Joint Development Agreement ("JDA") with a second Asian chemical customer with a focus on technological adoption of QD enabled sensors for high volume consumer applications
· Initiated litigation proceedings against LG Electronics for alleged patent infringement in the US
· Post year end, signed a three-year extension to the previous two-year programme with the first Asian chemical customer, which will take the Group through development and scale up of Quantum Dot ("QD") material to be used in sensors
Positioned for growth in high-potential markets
· Maintained global leadership at the forefront of quantum dot sensing technology, underpinned by best-in-class results and a defensible IP position
· Market sector forecasts1 highlight significant potential growth in QD sensing and display - notably through the adoption of the technology in mobile phones for sensors and micro-LEDs for display - which should lead to a step change in addressable markets for Nanoco
· Companies in other, non-priority markets are assessing the opportunity to work with quantum dots in their products, which could also offer further significant opportunities in the long term
· Continue to progress as a research-led production company, with the ambition of becoming cash breakeven in the medium term
Streamlined structure and cost control
· During the Year, completed a reorganisation of the business to reduce overhead costs, which included a reduction in the Board's size and cost - gross monthly cash cost base steady at £0.5m (FY24 Q4: £0.7m)
· Ongoing focus on cash preservation, including Board cost and size reviews, promoting internally when opportunities arise, and spreading workload among existing staff
· Continue to retain research and testing capabilities to develop and manufacture a variety of quantum dots at scale, whilst also allowing us to test the progress of our materials on devices
Potential divestment of the Group's trading business (the "CDX process")
· Following an extensive reach out process, we remain in discussions with several parties, assessing options which will deliver the best value for shareholders and wider stakeholders
Results overview
Financial summary
· Reported revenue decreased to £7.6m (FY24: £7.9m) due to the previously announced cancellation of the contract with the European Customer in 2024
· Adjusted EBITDA improved to £1.5m (FY24: £1.2m) due to the reorganisation during the year.
· Period end reported cash of £14.0m (FY24: £20.3m)
· During the year we completed the on-market buyback, fulfilling our commitment to return £33 million to shareholders
· Contracted organic and licence revenue of £7.6m for FY26 (FY25: £6.7m), with a stable gross cash cost base of £6.0m (FY25: £7.4m)
Dmitry Shashkov, Chief Executive Officer of Nanoco Group plc, said:
"This has been a year of transition at Nanoco. We have reinvigorated the leadership team, and strategy, invested in our business development and continued to gain commercial traction. In parallel, we have continued to run the CDX process, engaging with a number of parties who have shown interest in a potential acquisition of the trading subsidiary.
We now have two large Asian chemical customers who have a focus on commercialising QD enabled sensor technology in high volume markets. The market adoption of this technology into consumer electronics would instantly make Nanoco cash generative, and we believe our technology is the most advanced in this area. We continue discussions with other companies in this market to provide additional services and products.
We have also made progress in other markets, establishing contacts, presenting our capabilities, and discussing commercial opportunities with other customers, for both products and services.
We believe in our strategy, and are focused on proving the value inherent in the business, and look forward to further updating shareholders on our progress in due course."
1 Sources: Yole, IDTechEx
Investor Meet Company presentation for investors
There will be a presentation for investors via the Investor Meet Company platform today, 18 November 2025 at 1:00pm GMT. Questions can be submitted live or in advance via the Investor Meet Company Dashboard. Investors can sign up to the Investor Meet Company platform for free and register their interest in events hosted by Nanoco Group plc via:
https://www.investormeetcompany.com/nanoco-group-plc/register-investor
Investors who already follow Nanoco Group plc on the Investor Meet Company platform will automatically be invited.
For further information, please contact:
Nanoco Group plc:
Dmitry Shashkov, CEO +44 (0)1928 761 404
Liam Gray, CFO & Company Secretary
Sodali & Co (Public Relations)
Elly Williamson +44 (0)79 3535 1934
Pete Lambie
Oliver Banks
Nanoco@sodali.com
Cavendish Capital Markets Limited (Financial Adviser and Corporate Broker):
Ed Frisby / George Lawson (Corporate Finance) +44 (0)20 7220 0500
Tim Redfern (Corporate Broking)
Jasper Berry (Sales)
CDX Advisors (Financial Adviser):
Steven Foland +1 415 425 2224
Steve Month
Patrick Foley
Notes for editors:
About Nanoco Group plc
Nanoco (LSE: NANO) is a nanomaterial production and licensing group, specialising in the production of its patented cadmium free quantum dots (CFQD® materials) and other patented nanomaterials for use in the electronics industries. Founded in 2001 and headquartered in Runcorn, UK, Nanoco continues to build out a world-class, patent-protected IP portfolio alongside its existing scaled up production facilities for commercial orders.
Nanomaterials are materials with dimensions typically in the range 1 - 100 nm. Nanomaterials have a range of useful properties, including optical and electronic. Quantum dots are a subclass of nanomaterial that have size-dependent optical and electronic properties. Within the sphere of quantum dots, the Group exploits different characteristics of the quantum dots to target different performance criteria that are attractive to specific markets or end-user applications such as the Sensor, Electronics and Display markets. Nanoco's CFQD® quantum dots are free of cadmium and other toxic heavy metals, and can be tuned to emit light at different wavelengths across the visible and infrared spectrum, rendering them useful for a wide range of display applications. Nanoco's HEATWAVE® quantum dots can be tuned to absorb light at different wavelengths across the near-infrared spectra, rendering them useful for applications including cameras and image sensors.
Nanoco is listed on the Main Market of the London Stock Exchange, holds the LSE's Green Economy Mark, and trades under the ticker symbol NANO. For further information please visit: www.nanocotechnologies.com
Chairman's statement
Overview
2025 was a critical year for Nanoco. In what has been a rapidly changing operating environment, the Board acted decisively to stabilise and refocus the business following a challenging start to the year. This was in spite of a major European customer transitioning away from QD sensor technology.
Against this backdrop, the Nanoco Board remained focused on ensuring strategic delivery to preserve and enhance shareholder value, establishing and executing against four key priorities:
1. Bring on board a new CEO, and strengthen the commercial focus of the organisation.
2. Significantly reduce cash burn to lengthen Nanoco cash runway.
3. Develop and execute new strategy for Nanoco, focused around commercial development.
4. In parallel, evaluate strategic options for the organisation, including the potential sale of its operating business.
I am pleased to say that we were largely successful in all the above objectives.
Following the hiring of Dmitry Shashkov as the new CEO in October 2024, the group established a global commercial organisation and hired Jai Subramanian as Global Business Director to lead this work. In the span of a few months, our commercial pipeline had grown across several market segments.
During the period, we implemented significant cost savings, resulting in a reduction of our cash burn by 29% on a like-for-like basis, from £0.7 million per month (FY24 Q4) to £0.5 million per month, by selective personnel reductions, reducing the size and cost of the Board alongside additional operational efficiencies and cost savings. The above measures, while painful, did not impact critical Nanoco capabilities required to grow the business.
A new strategy for Nanoco was developed in a rapid but rigorous process involving primary and secondary market research. As a result, we defined the total available market for quantum dots ("QDs") around eight market segments. Within these segments, we reconfirmed that Image Sensors remains the core market for Nanoco. Outside of Image Sensors, we continue some work in Display, and also initiated small scale exploratory work and selective customer engagements in Photovoltaics, Paints and Pigments, and Agricultural areas.
To evaluate strategic options for Nanoco, we retained CDX Advisors, an investment bank with a strong focus on the high tech sector. Talks to divest the Group's trading business are ongoing, however there can be no certainty of an outcome and the Board remains highly cognisant of ensuring that any agreement is executable and reflects the inherent value within the trading business.
Commercial strategy
The Board has a clear vision for Nanoco's trading business. Underpinned by a significant competitive moat provided by our unique and validated IP, we aspire to be the pioneering and go-to manufacturer of cutting-edge QDs for the nanotechnology era. By focusing on our core competencies, we play to our key strengths while ensuring that we understand enough about the full device performance to be a credible and trusted supply chain partner to some of the world's largest companies.
Our sensing materials can provide significant improvements over existing technologies at a competitive price point while our display materials offer performance and clear environmental benefits over highly toxic, cadmium-based quantum dots.
We will continue to add to our IP assets - the value of which was amply proven in the litigation with Samsung - and defend it vigorously, as evidenced in our patent infringement filing against LG Electronics.
Our people
Nanoco has built an outstanding team which boasts a wealth of international talent based out of our headquarters in Runcorn. Our people are highly committed to executing Nanoco's strategy and focused on delivering against specific objectives we set for them. We are repaying that commitment through further investments in learning and development opportunities.
This commitment to staff was recognised when Nanoco was recognised in several prestigious awards, including the Halton Business Awards and the Sunday Times Best Places to Work 2025.
Sustainability and ESG strategy
The Board is committed to the promotion and achievement of environmental, social and governance objectives within the context of a small, listed group. During the year, we have strengthened the Nanoco Environmental, Health and Safety ("EHS") approach and maintained ongoing ISO 9001 and ISO 14001 accreditations, passing all certifications with minimal findings.
Governance
We remain committed to the highest standards of corporate governance and we comply with all of the provisions of the UK Corporate Governance Code.
Board and Annual General Meeting
Ahead of the Annual General Meeting ("AGM") to be held in January 2026, we continue to manage the size and cost of the Board.
In line with this priority, following the announcement of the pending retirement of Dr Nigel Pickett, Nanoco CTO and co-founder, we reorganised Nanoco's technology organisation and replaced Nigel's role with a non-Board Director of Technology position.
Additionally, after over eight years, this will be Dr Alison Fielding's final year as a Non-Executive Director of Nanoco Group plc.
Dividends
No dividend is proposed for the year (2024: none).
Outlook
The Board continues to be confident in the inherent value of the Nanoco technology, IP and trading business, while acknowledging that technological challenges and changing markets can impact the commercialisation and adoption of quantum dot enabled technology. In efforts to realise the inherent value, we have fully revamped the group strategy and reoriented Nanoco onto the path of commercial growth during 2025. With the increased commercial pipeline, the group is aiming to achieve break-even and financial sustainability in the calendar year 2027.
Following the appointment of CDX Advisors to review strategic options including the potential sale of the operating business, we are driving this process to its conclusion and expect to announce its results post year end.
Whether the CDX process results in a transaction for the operating business, or Nanoco continues to operate as a standalone business, we are confident the group is firmly on a growth path to deliver returns to its shareholders.
Dr Jalal Bagherli
Chairman
18 November 2025
CEO's statement
The Nanoco team worked throughout the year to develop and implement our new growth strategy informed by extensive primary and secondary market research that we conducted early in the year. One of the outcomes of this work was a clear definition of the Total Available Market ("TAM") for quantum dot-based materials. We defined this market around eight distinct segments:
1. Image Sensor technology that can enhance the capability of the conventional silicon-based CMOS image sensor by extending its sensitivity into the infrared region. QDs in such sensors can be "tuned" to respond to a particular wavelength of light, spanning the region from Near Infrared ("NIR"): 700nm-1,000nm; to Short Wave Infrared ("SWIR"): 1,000nm-3,000nm; and eventually to Mid Wave Infrared ("MWIR"): 3,000nm-5,000nm.
2. Flat Panel Displays ("FPD") including existing liquid crystal display ("LCD") and organic light-emitting diode ("OLED") products as well as two emerging display technologies, microLED and electroluminescent ("EL") displays. In all of these technologies, QDs play a critical role in creating and enhancing vibrant true-to-life colours and enhancing user experience while improving the display's energy efficiency.
3. The Photovoltaic ("PV") market for quantum dots is at an emerging stage and includes several different applications of QDs. One application which is gaining traction is down-converting coatings, where QDs absorb visible light between 400nm and 800nm, and converts it to longer wavelengths (800nm-1,000nm). The underlying solar cell has the highest photoconversion efficiency at these wavelengths, thus boosting the total energy yield of the panel.
4. The Agriculture market for QDs is at the early adoption stage. In this process, QDs are incorporated onto a polymer laminate film used to convert incoming solar light into the orange-red part of the spectrum. An increasing body of research has confirmed that light in this part of the spectrum speeds up fruiting of various types of produce, resulting in crop yields increasing by up to 30% without any major investment by the end user.
5. Paints and Pigments is a significant and relatively mature market; however, novel formulations continue to emerge in response to changing consumer demands and other specialised requirements. QDs can be incorporated into a paint, serving as a speciality pigment that either enhances the main paint colour or imparts another useful functionality - e.g. QDs tuned to the infrared region of the spectrum can be used to enhance vehicle visibility under LIDAR illumination.
6. LED Lighting is a maturing segment of the larger lighting market. Within this segment, there is a continuous search for enhancing LED energy efficiency and enabling speciality lighting applications. QDs can enable novel applications such as agricultural lighting and therapeutic lighting. In both applications, QDs enable precise tuning of the light wavelength to maximise agricultural productivity or therapeutic effect.
7. Authentication is another emerging market for QDs where their unique spectral response enables both document security and product authentication. In this field, novel solutions continue to emerge, to stay one step ahead of the forgers and counterfeiters.
8. Biomedical applications of QDs span multiple applications including drug delivery, diagnostic tools, and even surgical aids. All of these applications, however, are at a nascent stage of development and are not expected to generate significant market opportunities in the near term.
After extensive reviews, the Nanoco team re-confirmed that the primary focus of the group should remain on the Image Sensors market, since this offers the most attractive business potential. In addition, this market fits well with Nanoco's established capabilities and IP, including extensive patent portfolio, breadth of products, application knowledge, significant manufacturing capacity, and proven high volume production experience in Runcorn that differentiates Nanoco from its competition.
In addition, we chose the next four market segments (Display, PV, Agriculture and Paints and Pigments) for additional exploration, either as customer engagements, or as stand-alone projects where Nanoco has a unique competitive advantage. As a small group, we are striking the balance between our core markets and a small number of exploratory projects that open the longer-term growth opportunities.
Business performance
Image sensors (HEATWAVE® quantum dots)
We have successfully executed Phase 1 of the Joint Development Agreement ("JDA") with a major Asian customer, focusing on heavy metal-free QDs utilised in sensors for consumer applications. Technical results of this work met or exceeded customer expectations throughout the project. Post year end, we announced the extension of this JDA into Phase 2, which will lead to the commercialisation of this technology at scale, assuming the market adoption takes place as expected.
In addition, in April 2025 we announced a second JDA, also with a major Asian customer. This one-year agreement is targeting consumer applications but with a different QD material and at a different wavelength, allowing us to spread the risks associated with such developments. The initial results of this work are encouraging, and we expect to extend it during 2026, similar to our first JDA.
Internally, we have developed Indium Arsenide ("InAs") QD materials at alternative wavelengths which, when testing in our device facility, exhibit the best in-class results in the industry on device.
Outside of these two JDAs, the Nanoco team has thoroughly screened the market and established commercial contacts with almost every company already involved in QD-SWIR sensor technology or considering its implementation in the future. These contacts may generate near-term commercial revenues as many of these participants target better developed industrial and defence applications that utilise lead sulphide (PbS) based QDs where Nanoco has more experience and production capacity than any other supplier. In addition, we aim to convert some of these relationships into additional JDAs to target new materials, wavelengths and application areas.
At our Runcorn site, we have production capabilities to produce both first generation (PbS) and second generation (InAs) quantum dot materials for sensing applications. This means we can produce material for hundreds of millions of sensors per year once the technology is adopted, with a modest increase to the price per sensor.
Display (Cadmium free quantum dots (CFQD®))
Display materials remain a focus for Nanoco. Our analysis divides the market into existing display technologies and nascent display technologies. The former includes QD film (whether the QDs are in a barrier film "sandwich" or an extruded product) and QD-OLED. Recent market data confirms a growing share of quantum dot technology in these early generation displays, especially in the new mini-LED configuration of LCD technology that is growing rapidly, mainly with China and Taiwan producers. These devices are predominantly produced today with highly toxic cadmium-based QDs. This creates an opportunity for Nanoco to substitute them with our CFQD® material in this growing global consumer market.
In addition, established FPD technologies give us further potential IP licensing opportunities, following our successful settlement with Samsung that resulted in our technology licence and a $150 million fee paid by Samsung. We continue to pursue such licensing opportunities, as evidenced by our filing of a patent infringement lawsuit against LG Electronics.
The emerging display technologies that have now been demonstrated at various trade shows and which are attracting significant investment include the use of quantum dots in micro-LED and in electro-luminescent ("EL") displays. In particular, the application of quantum dots to micro-LEDs for small screen devices, such as smart watches or phones, is an area of growing focus for a number of companies. In such applications, the volume of quantum dots, as a ratio to the area covered, is significantly higher than in a film for a television.
Our routes to revenue generation are therefore still threefold in display:
• development services for new materials;
• supply of consistent high quality materials from our Runcorn facility which can be easily expanded; and
• the licensing of our IP that protects our unique scale up process for the mass market production of cadmium-free nanomaterials.
Operations
During the year, we strengthened our Environmental, Health and Safety ("EHS") capabilities. In the beginning of 2025, we have implemented Behaviour-Based Safety Observation ("BBSO"), a proven EHS tool used to strengthen and codify safety culture. Throughout the year, nearly all Nanoco employees participated in the programme, helping identify potentially unsafe situations and prevent more serious accidents from happening. We systematically reviewed BBSO results in regular meetings, to ensure corrective actions are taken and the learnings and best practices are institutionalised.
Nanoco has also maintained ongoing ISO 9001 (Quality Management System) and ISO 14001 (Environmental Management System) accreditations. We passed both annual certifications with minimal findings. Going forward, we intend to maintain and further strengthen both systems as the backbone of our management systems. This approach positions Nanoco as a robust supply chain partner for electronic materials. Such certifications are often fundamental requirements of our electronics customers before they will even consider high volume supply relationships.
We continued to make investments in our capabilities throughout 2025, especially in the new device facility where we sourced several second-hand pieces of equipment from the discontinued Image Sensor project, along with test wafers and other critical materials. Our Device Lab significantly shortens the feedback loop between our chemistry and device performance and enables us to provide customer demos. A process that used to take up to three months now takes only one week. This is critical as long-term success in developing new materials is driven by the number of new reactions and recipes that can be run in a period of time. This new capability can be applied to various generations of our technology, and we have complete flexibility to operate the Device Lab with multiple customers, enhancing our operational capability.
Leveraging intellectual property
We continue to proactively manage our IP portfolio to maximise value and protect our core competencies while carefully managing our IP maintenance spend. We finished the year with 341 patents and patents pending (2024: 366). Our annual IP maintenance spend is approximately £0.2 million, which is a reduction from the figure of approximately £0.4 million in 2020.
Finally, following the filing of a patent infringement lawsuit against LG Electronics, we continue screening our relevant markets (both FPD and Image Sensors) for future IP licensing opportunities. As in prior periods, we have to weigh the potential size of the opportunity against costly and time-consuming legal work that is required to enforce our IP.
People and community
Our people are our ultimate differentiator. They make Nanoco great and provide excellent service to our customers by delivering high quality materials on time and achieving challenging milestones and deliverables in our development work.
During 2025, we worked with all employees to develop and refine Nanoco's mission, vision and values. The group mission and vision are more than just slogans - they inform our strategy and inspire our people to deliver results, every day.
The group values are perhaps even more important - they define what is important to us, they shape our organisational culture, and ultimately they are our guiding principles that dictate everything we do and how we do it. This year, we started to use Nanoco values for the first time as part of our annual performance reviews, to make sure the values are lived and breathed by every employee.
Our Employee Voice Committee ("EVC") has been active throughout the year to support the group and all staff on matters of physical and mental wellbeing, relaying concerns to the Board and helping with our CSR activities.
We have awarded a general cost of living increase for all staff for FY25 of 3.5% of salary (excluding the Executive Directors who are receiving 2.5%). In FY24, we implemented a workplace health programme for all staff that has an equivalent cost of 1% of salary. We also completed a further benchmarking exercise post year end, and we believe that all employees are now fairly compensated. All staff are also eligible to participate in the group's Long Term Incentive Plan.
We will review other benefits options and further potential improvements to pension contributions as our financial situation improves and when the group becomes self-financing in its organic operations.
We are proud to have been recognised in the course of 2025 by three prestigious UK awards:
• November 2024 - Halton Healthy Workplace Wellbeing Gold Award;
• April 2025 - Halton Business Awards Finalist in the Employer of the Year (35+ employees) category; and
• May 2025 - Sunday Times Best Places to Work 2025 recognition.
Post-year-end events and our response
Post year end, we announced the awarding of a grant by Innovate UK for the development of a one-step ink for our first generation Image Sensor material.
Subsequently, we have also announced a three-year extension to the JDA with the Asian Chemical Customer.
Outlook
The Board strongly believes that Nanoco has significant organic growth opportunities. They span a range of applications from the Nanoco core market (Image Sensors) as well as several other segments such as Display, Photovoltaic, Agriculture and Paints and Pigments. All these applications fit with our core capabilities and offer opportunities for competitive differentiation. Importantly, in our core Image Sensor market, we believe the next three to five years will bring a real inflection point as these products migrate from a small volume, artisanal manufacturing approach to high volume, semiconductor fab-based, full wafer-based, low cost manufacturing.
Nanoco's targeted markets span a range of timings, from several months to over five years, making for a more balanced portfolio with lower investment risk. Our engagements are also becoming increasingly diverse and include the whole spectrum of customers - from small, nimble, fast-moving innovators in various spaces to global giants with leading positions in their respective markets.
Based on this outlook, we believe Nanoco is now on track to achieve break-even point and financial viability in the course of approximately two years.
Dmitry Shashkov
CEO
18 November 2025
Financial review
Financially underpinned group with growth opportunities
| Highlights | 2025 £ million | 2024 £ million | % change |
| Revenue | 7.6 | 7.9 | (3%) |
| Other operating income | - | 0.1 | (94%) |
| Adjusted EBITDA | 1.5 | 1.2 | 25% |
| Net loss | (2.2) | (1.3) | 20% |
| Loss per share (p) | (1.13) | (0.43) | (21%) |
| Billings | 1.4 | 61.0 | (98%) |
| Cash and cash equivalents | 14.0 | 20.3 | (31%) |
| Billings reconciliation | 2025 £ million | 2024 £ million |
| Revenue | 7.6 | 7.9 |
| Movement in deferred income | (6.3) | 19.6 |
| Movement in accrued income | 0.1 | 33.1 |
| FX movement between billing and recognition | - | 0.4 |
| Billings | 1.4 | 61.0 |
| 2025 £ million | 2024 £ million | |
| Operating (loss)/profit | (1.6) | 1.7 |
| Litigation costs | 0.3 | - |
| Strategic review fees | 0.3 | - |
| Gain on derivative financial instrument | - | (1.8) |
| Requisitioned general meeting | 0.2 | - |
| Restructuring costs | 0.1 | - |
| Foreign exchange | - | (0.9) |
| Share-based payment charge | 0.7 | 1.0 |
| Employer's NI on SBP | 0.1 | 0.0 |
| Depreciation | 1.2 | 0.8 |
| Amortisation1 | 0.2 | 0.4 |
| Adjusted EBITDA | 1.5 | 1.2 |
| Notes | 2025 £'000 | 2024 £'000 | ||
| Revenue | 4 | 7,618 | 7,874 | |
| Cost of sales | (622) | (1,211) | ||
| Gross profit | 6,996 | 6,663 | ||
| Other operating income | ||||
| Government grants | 8 | 142 | ||
| Gain on derivative financial instrument | - | 1,814 | ||
| Operating expenses | ||||
| Research and development expenses | (1,349) | (853) | ||
| Administrative expenses | (7,267) | (6,059) | ||
| Operating (loss)/profit | (1,612) | 1,707 | ||
| - Before share-based payments and non-recurring items | 27 | 850 | ||
| - Share-based payments | (731) | (957) | ||
| - Strategic review fees | (313) | - | ||
| - Gain on derivative financial instrument | - | 1,814 | ||
| - Litigation costs | (255) | - | ||
| - EGM requisition | (230) | - | ||
| - Capital reduction fees | (37) | - | ||
| - Restructuring costs | (73) | - | ||
| Finance income | 731 | 835 | ||
| Finance expense | (92) | (677) | ||
| (Loss)/profit before taxation | (973) | 1,865 | ||
| Taxation | (1,224) | (3,118) | ||
| Loss after taxation | (2,197) | (1,253) | ||
| Other comprehensive expense - Items that may be reclassified to profit or loss | ||||
| Loss on translation of foreign subsidiary | (6) | - | ||
| Total comprehensive loss for the year | (2,203) | (1,253) | ||
| Loss per share | ||||
| Basic loss per share for the year | 5 | (1.13p) | (0.43p) | |
| Diluted loss per share for the year | 10 | (1.13p) | (0.43p) | |
| Group | Share capital £'000 | Capital redemption reserve £'000 | Reverse acquisition reserve £'000 | Share- based payment reserve £'000 | Merger reserve £'000 | Shares held by EBT £'000 | Retained earnings £'000 | Total £'000 | |
| At 1 August 2023 | 32,443 | - | (77,868) | 5,610 | (1,242) | (105) | 57,575 | 16,413 | |
| Loss for the year | - | - | - | - | - | - | (1,253) | (1,253) | |
| Other comprehensive income | - | - | - | - | - | - | - | - | |
| Total comprehensive loss | - | - | - | - | - | - | (1,253) | (1,253) | |
| Share buy-back | (12,186) | 12,186 | - | - | - | (3,348) | (29,683) | (33,031) | |
| Issue of capital to EBT on option exercise | - | - | - | (207) | - | 105 | 5 | (97) | |
| Transfer of expired options | - | - | - | (4,788) | - | - | 4,788 | - | |
| Share-based payments | - | - | - | 957 | - | - | - | 957 | |
| At 31 July 2024 | 20,257 | 12,186 | (77,868) | 1,572 | (1,242) | (3,348) | 31,432 | (17,011) | |
| Loss for the year | - | - | - | - | - | - | (2,197) | (2,197) | |
| Other comprehensive expense | - | - | - | - | - | - | (6) | (6) | |
| Total comprehensive loss | - | - | - | - | - | - | (2,203) | (2,203) | |
| Share buy-back | (796) | 796 | - | - | - | 28 | (1,051) | (1,023) | |
| Capital reduction | - | (12,982) | - | - | - | - | 12,982 | - | |
| Share option exercise | - | - | - | (233) | - | 158 | 75 | - | |
| Transfer of expired options | - | - | - | (380) | - | - | 380 | - | |
| Share-based payments | - | - | - | 731 | - | - | - | 731 | |
| At 31 July 2025 | 19,461 | - | (77,868) | 1,690 | (1,242) | (3,162) | 41,615 | (19,506) |
| 31 July 2025 Group £'000 | 31 July 2024 Group £'000 | ||
| Assets | |||
| Non-current assets | |||
| Tangible fixed assets | 1,492 | 1,651 | |
| Right of use assets | 1,452 | 2,188 | |
| Intangible assets | 600 | 745 | |
| Deferred tax assets | 1,599 | 2,350 | |
| Foreign withholding tax receivable | 780 | 1,664 | |
| Total non-current assets | 5,923 | 8,598 | |
| Current assets | |||
| Inventories | 165 | 305 | |
| Trade and other receivables | 670 | 1,083 | |
| Foreign withholding tax receivable | 152 | 149 | |
| Income tax receivable | 319 | 235 | |
| Cash and cash equivalents | 13,998 | 20,293 | |
| Total current assets | 15,304 | 22,065 | |
| Total assets | 21,227 | 30,663 | |
| Liabilities | |||
| Current liabilities | |||
| Trade and other payables | (1,495) | (1,578) | |
| Lease liabilities | (643) | (621) | |
| Deferred revenue | (6,090) | (5,934) | |
| Total current liabilities | (8,228) | (8,133) | |
| Non-current liabilities | |||
| Lease liabilities | (655) | (1,288) | |
| Provisions | (669) | (659) | |
| Deferred revenue | (31,181) | (37,594) | |
| Total non-current liabilities | (32,505) | (39,541) | |
| Total liabilities | (40,733) | (47,674) | |
| Net liabilities | (19,506) | (17,011) | |
| Capital and reserves | |||
| Share capital | 19,461 | 20,257 | |
| Capital redemption reserve | - | 12,186 | |
| Reverse acquisition reserve | (77,868) | (77,868) | |
| Share-based payment reserve | 1,690 | 1,572 | |
| Merger reserve | (1,242) | (1,242) | |
| Shares held by EBT | (3,162) | (3,348) | |
| Retained earnings | 41,615 | 31,432 | |
| Total equity | (19,506) | (17,011) |
| 31 July 2025 Group £'000 | 31 July 2024 Group £'000 | ||
| (Loss)/profit before tax | (973) | 1,865 | |
| Adjustments for: | |||
| Net finance income | (639) | (158) | |
| Loss/(profit) on exchange rate translations | 37 | (852) | |
| Depreciation of tangible fixed assets | 412 | 117 | |
| Depreciation of right of use assets | 763 | 698 | |
| Amortisation of intangible assets | 189 | 224 | |
| Impairment of intangible assets | 51 | 132 | |
| Share-based payments | 731 | 957 | |
| Loss on disposal of tangible fixed assets | 25 | 2 | |
| Increase in inventory provision | 78 | 93 | |
| Increase/(decrease) in receivables provision | - | - | |
| Changes in working capital: | |||
| Decrease/(increase) in inventories | 62 | (90) | |
| Decrease/(increase) in trade and other receivables | 413 | 33,459 | |
| Decrease in trade and other payables | (83) | (1,209) | |
| (Decrease)/increase in deferred revenue | (6,257) | 19,604 | |
| Cash (outflow)/inflow from operating activities | (5,191) | 54,842 | |
| Foreign withholding tax paid | - | (2,566) | |
| Tax paid | - | (797) | |
| Research and development tax credit received | 325 | - | |
| Net cash (outflow)/inflow from operating activities | (4,866) | 51,479 | |
| Cash flow from investing activities | |||
| Purchases of tangible fixed assets | (282) | (1,466) | |
| Purchases of intangible fixed assets | (95) | (135) | |
| Proceeds from sale of tangible fixed assets | 4 | - | |
| Interest received | 731 | 785 | |
| Net cash inflow/(outflow) from investing activities | 358 | (816) | |
| Cash flow from financing activities | |||
| Purchase of shares to satisfy options | - | (97) | |
| Return of capital to shareholders | (1,009) | (32,000) | |
| Fees on return of capital to shareholders | (14) | (1,027) | |
| Repayment of loan - capital | - | (3,550) | |
| Repayment of loan - interest | - | (1,528) | |
| Payment of lease liabilities (capital) | (627) | (558) | |
| Payment of lease liabilities (interest) | (87) | (103) | |
| Interest paid | (6) | (57) | |
| Net cash outflow from financing activities | (1,743) | (38,920) | |
| (Decrease)/increase in cash and cash equivalents | (6,251) | 11,743 | |
| Cash and cash equivalents at the start of the year | 20,293 | 8,207 | |
| Effects of exchange rate changes | (44) | 343 | |
| Cash and cash equivalents at the end of the year | 13,998 | 20,293 |
| 31 July 2025 £'000 | 31 July 2024 £'000 | |
| Analysis of revenue | ||
| Products sold | 131 | 408 |
| Rendering of services | 1,215 | 1,410 |
| Licences | 6,272 | 6,056 |
| 7,618 | 7,874 |
| 31 July 2025 £'000 | 31 July 2024 £'000 | |
| Revenue | ||
| South Korea | 6,272 | 6,013 |
| Japan | 810 | 573 |
| Netherlands | 492 | 926 |
| UK | 34 | 1 |
| France | 9 | 268 |
| Belgium | 1 | 2 |
| USA | - | 46 |
| Taiwan | - | 42 |
| Canada | - | 3 |
| 7,618 | 7,874 |
| Group | 31 July 2025 £'000 | 31 July 2024 £'000 |
| Loss for the financial year attributable to equity shareholders | (2,203) | (1,253) |
| Share-based payments | 731 | 957 |
| Loss for the financial year before share-based payments | (1,472) | (296) |
| Weighted average number of shares | ||
| Ordinary shares in issue | 195,615,212 | 288,791,171 |
| Options exercisable at the reporting date | 4,021,999 | 160,664 |
| Options not yet exercisable at the reporting date | 10,732,098 | 12,717,665 |
| Diluted weighted average number of shares | 210,369,309 | 301,669,500 |
| Adjusted loss per share before share-based payments (pence) | (0.75) | (0.10) |
| Basic loss per share (pence) | (1.13) | (0.43) |
| Diluted adjusted loss per share before share-based payments (pence) | (0.75) | (0.10) |
| Diluted loss per share (pence) | (1.13) | (0.43) |