REG - Ondo InsurTech PLC - Interim Results
03/12/2024 07:00
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RNS Number : 5041O Ondo InsurTech PLC 03 December 2024
3 December 2024
Ondo Insurtech Plc
("ONDO", the "Company")
Interim Results for the six months ended 30 September 2024
Ondo InsurTech PLC (LSE: ONDO), the London-listed leader in claims prevention
technology for home insurers, is pleased to announce its unaudited results for
the six-month period ended 30 September 2024. A copy of an accompanying
Investor Presentation is also available on the Company's website:
www.ondoplc.com
(https://wp-ondo-2021.s3.eu-west-2.amazonaws.com/media/2024/12/Interims-Sep-2024-VF-Published.pdf)
.
OPERATIONAL AND STRATEGIC HIGHLIGHTS
· LeakBot strategy for United States expansion on track positioning
the U.S. as a key market for near-term growth.
- 5 U.S. insurers deployed 7,500 LeakBots in 4 U.S. states preventing 539
insurance claims valued at an estimated $2 million, compared to an insurer
cost of $0.15 million during the six-month period.
- Achieved a Net Promoter Score of +77 and 4.83 / 5 Customer Satisfaction
with US partners, creating foundation for insurer expansions announced
post-period.
· Group KPIs continue to progress:
- Registered Customers grew by 36%, reaching 114,000 by period end (H1 2023:
84,000). 60% of this growth from Nordics and 27% from U.S. as new contracts
start to deliver installed units.
- Addressable Households under contract grew by 128% to 5.7m Households by
period end driven by U.S. insurer contract wins (H1 2023: 2.5m). Our U.S.
partners make up 3.3m of these addressable households.
- Recurring revenue represents 52% of revenues (H1 2023: 58%). The U.S. is
already having disproportionate impact with 16% of recurring revenues from
recently acquired U.S. customers that account for only 5% of registered
customer base.
· Post-Period, Fortune 100 U.S. insurer Nationwide Mutual signed a
contract to expand LeakBot to all new and existing customers in 16 U.S.
states, with 4 other insurers now expanding LeakBot into overlapping states
FINANCIAL HIGHLIGHTS
· Revenue grew by 42% to £1.7 million for the six-month period
ended 30 September 2024 (H1 2023: £1.2 million)
· £0.9 million from recurring Software and Services 27% growth
over 2023 (H1 2023: £0.7 million).
· EBITDA loss of £2.4 million (H1 2023: loss £1 million).
· Cash as at 30 September 2024 of £1.8 million (30 Sept 2023:
£0.4 million)
WORKING CAPITAL OPTIMISATION
Key developments have strengthened the Company's cash flow and balance sheet:
1. Repeat Pre-payment Model Proven
- All U.S. insurers now pre-pay the first 12 months of recurring fees for
agreed order volumes.
- Further orders are triggered when previous order volume is fully deployed
(not when the advance is fully utilised), which funds working capital for
growth.
2. Fundraising complete in May 2024
- Raised £4.2 million in May 2024 through an oversubscribed placing and
open offer to support U.S. expansion and growth.
3. Vendor Loan Note Restructured (Post-Period).
- Loan note term extended, new maturity date one year later on 31 March
2030.
- Principal repayments deferred: Commencing one year later on 31 March 2027
and then annually to 31 March 2030.
- Interest roll-up extended: Accruing an additional year to 31 March 2026.
- Interest rate maintained: At 12% until 31 March 2027 increasing to 14%
thereafter.
- Restructure designed so obligations can be met from future trading
revenues.
OUTLOOK
· Foundation set for U.S. Growth. H2 launches announced with
Nationwide Mutual, Selective, Mutual of Enumclaw, Indiana Farm Bureau and with
a strong sales pipeline and management look forward to making further
announcements in due course. Expectation for United States to be the majority
of Registered Customers and Recurring Revenues in the near term.
· Concurrent Growth in Europe. NFU and Alm. Brand Group
(announced today) new contract wins have added 0.8m more addressable
households in Europe, with more contract wins in the pipeline.
· EBITDA positive trading in sight - without need for further
funding. Projecting the revenues from current contracts reaffirms the
Board's expectations in achieving EBITDA positive trading in the second half
of next year without the need for further working capital funding.
CHAIRMAN'S STATEMENT
Since I wrote to you twelve months ago our chief executive and his team have
delivered against their targets in the UK, Scandinavia and the United States
of America while transforming our business' balance sheet and confirming
projections showing ONDO plc delivering positive EBITDA in the second half of
next year.
Notwithstanding this impressive performance the delivered target we can take
most satisfaction from is not financial but is the consistently impressive net
promoter score of +82 coupled with Customer satisfaction rated at 4.9/5. These
two measures reflect our remediation of water leaks of which householders have
been unaware.
These customer ratings coupled with the immediate mitigation of what would
otherwise in many cases have been substantial household insurance claims is
why Mark Teets of Nationwide Mutual said "the results so far have been
remarkable... Our ambition at Nationwide is for all of our customers to
benefit from this type of Predict and Prevent technology". This statement
accompanies Nationwide's announcement expand LeakBot for all their new and
existing customers across 16 U.S. States. There are now already 3.2m
households in the United States that are insured by carriers deploying the
LeakBot solution.
While we have continued to grow in Scandinavia most recently with the number
two insurer in Denmark and in the UK most recently with the National Farmers
Union insurance company, in the coming year the USA will likely become our
largest market by number of units deployed, by number of insurers contracted,
and by revenues.
For many early stage insurtech ventures funding for growth has been a
constraint. This is not the case for our company. The demonstratable benefits
which insurers derive from the customer satisfaction we deliver and the
reduced claims costs we secure enables us to agree advanced payments ahead of
deployment of LeakBot. As we grow, our balance sheet and cashflow
are strengthened by these advanced payments.
Earlier this year we raised what we expect to be the final funding necessary
before we reach EBITDA positive trading. That money financed the building out
of our US team and created the platform which is now servicing the growth
which Craig and the team are delivering.
The successes achieved this year are not easily won. Working with Craig,
Kevin, Helen, Jim and all the team is invigorating. I am immensely proud of
what our management and our people have delivered.
My thanks go to each of them.
G M Wood CBE DBA FCA BA.
Chairman
CHIEF EXECUTIVE'S STATEMENT
2024 has so far been a defining period for Ondo InsurTech. We are tackling one
of the biggest problems for home insurers: the escalating costs of water
damage claims, which account for up to 30% of all home insurance claims and
over $20 billion in payouts annually in the U.S. alone. Many of these claim's
result from hidden leaks that go undetected until significant damage occurs.
What's more this is a growing problem because of claims inflation. In the UK
for example over 4 years the average cost of a water damage claim has
increased by 84% to £7,725 in Q3 of 2024. This claims inflation is
compressing insurer margins and increasing the urgency to find innovative
solutions to reduce claims costs.
At Ondo, we've developed a simple yet powerful solution: LeakBot, a unique,
low-cost, self-install sensor that detects leaks anywhere in a home's mains
water system. Combined with real-time alerts and an integrated leak repair
service, LeakBot delivers measurable savings for insurers while offering
homeowners peace of mind. What sets us apart is the proven ROI we deliver to
insurers, the ease of adoption for homeowners, and the seamless integration of
our service into insurers' claims prevention strategies.
Executing Our Strategy
In May 2024, we raised £4.2 million through an oversubscribed fundraise to
support our expansion plans, particularly in the U.S. To prove out the US
opportunity we had a four-point plan:
1. Prove the Product Works in the U.S.: Demonstrate measurable claims
savings for insurers and deliver exceptional homeowner satisfaction.
2. Secure a Leading Market Partner to Expand: Scale deployments with
a major insurer to drive broader adoption.
3. Attract Additional Insurers to Follow: Leverage proven results to
onboard more insurance partners.
4. Establish LeakBot as the Market-Leading Solution: Build
recognition as the standard for water damage claims prevention.
I am pleased to report that we have made great progress on all fronts in the
United States, which is rapidly emerging as the core of our business.
Delivering for U.S. Insurers
Our U.S. operations have seen remarkable success. Over the past six months, we
deployed LeakBot in 7,500 homes across four states in partnership with five
leading insurers. The results speak for themselves:
• 539 leaks identified and fixed, preventing an estimated $2 million in
claims for insurers at a cost of just $0.15 million in the 6 month period to
30 Sep 2024.
• Achieved a Net Promoter Score of +77 and a Customer Satisfaction Score
of 4.83/5 for our in-home service.
Nationwide Mutual, a Fortune 100 insurer, has led the way, making LeakBot
available to all new and existing customers in 16 states following what it
described as "remarkable" results. Other insurers, including Selective,
Indiana Farm Bureau and Mutual of Enumclaw, have quickly followed suit, and
are now scaling deployments into overlapping states.
This validation from leading insurers has been critical. It demonstrates that
LeakBot delivers real and immediate value, positioning us as the go-to
solution for water damage claims prevention in the world's largest insurance
market.
Financial and Operational Highlights
Our operational achievements have focussed on the United States, while our
in-period financial results have been driven mostly by our more mature
business in the Nordics.
During the first six months of the year, revenue increased by 42% to £1.7
million (H1 2023: £1.2 million). The total number of registered customers has
grown by 36%, reaching 114,000 at the period's end, up from 84,000 in the
prior year.
60% of the growth in this reporting period was driven by the Nordics.
However, already the United States is starting to impact results. I am
particularly pleased to report that 16% of our recurring revenue is now
derived from recently onboarded U.S. customers, who make up just 5% of our
total registered customer base. This highlights the strong revenue potential
of our U.S. operations as penetration deepens over time.
Global Results by Geography
While the U.S. has been a major focus, we have continued to make progress
across all key geographies:
• United Kingdom: The UK remains a foundational market for Ondo.
• With 45,000 registered customers primarily with mid-to-high
net worth insurers, we have achieved a 49% penetration rate of our addressable
households (before recent expansion of the addressable market, as set out
below), showing what is possible when the unit economics make sense for
carriers and they consistently and programmatically offer LeakBot to customers
over a number of years. Similarly, the UK has a gross margin of 49% which
reflects the mix of Year 2+ customers with higher gross margins.
• Recent in-period contact wins have expanded our addressable
market by 400%, adding approximately 400,000 new households, which provides
significant room for future growth in the UK. Near term focus will be in the
deployment with new partner NFU, and progression with new partners like Ageas
and water companies like Southern Water.
• Nordics:
• Denmark: Strong momentum continues, with 35,000
registered customers and a 7% penetration rate of 450,000 addressable
households. We today also announced that one of the largest non-life Danish
insurers Alm. Brand Group have signed a contract to introduce LeakBot across
their brands including Alm Brand and Codan. Assuming a positive initial
launch in January this will more than double the addressable households for
LeakBot in Denmark.
• Sweden: Rollout with Länsförsäkringar in
Sweden has been slower than we hoped for. Our partner is experimenting with
paid-for "smart home bundle" propositions. Ondo's position is that the
optimal model to deploy LeakBot is always for free to the policyholder.
While initial expansion has been slower as the partner finds the right model
for their needs Sweden still holds long-term potential with 21,000 registered
customers and a large addressable market of 1.6 million households.
• United States: The U.S. is fast becoming the engine of our growth,
contributing 16% of recurring revenues despite representing just 5% of our
total registered customers. At period end we had already achieved a 5%
penetration of the addressable households in our signed partners in the 4
states where we had active plumbing services. Our expansion into 18 states
has immediately opened up an additional 27 million addressable households in
these 18 states, and another 39,000,000 in the remaining 32 states
illustrating the size of the opportunity in front of us as we establish
LeakBot as the industry-standard solution to predict and prevent water damage
claims in the U.S.A.
Looking Ahead
The outlook for Ondo is exciting. In the second half of 2024, we will see an
unprecedented level of activity, with new campaigns and partnerships launching
across all geographies.
In the U.S. our goal is to establish LeakBot as the industry-standard market
leading solution for U.S. insurers to predict and prevent water damage
claims. We are particularly focused on sustaining the momentum we've built
in the U.S., leveraging the repeat prepayment model to fund further growth.
This innovative contractual framework ensures that our expansion is
largely self-funded, enabling us to deploy LeakBot at scale without the need
for additional capital. EBITDA trading is in sight in the second half of
2025 without the need for any additional working capital funding.
The sense of excitement in the team is palpable and I think our belief that
Ondo has the potential to be a highly valuable fast-growth technology and
services company generating significant recurring revenue and profits is now
shared by more and more investors, partners and stakeholders.
Globally, our focus will remain on operational excellence, innovation, and
customer satisfaction. By enhancing our technology and delivering exceptional
service, we aim to maintain our leadership in claims prevention technology and
continue driving measurable value for insurers and homeowners alike.
Conclusion
The first half of 2024 has proven that Ondo is at an inflection point. We have
validated our solution in the largest insurance market in the world,
strengthened our financial foundation, and built a scalable model that
positions us for sustainable growth.
As we look to the future, we are more confident than ever in our ability to
transform the insurance industry and create significant value for all
stakeholders. Thank you for your continued support as we embark on this next
chapter of growth and innovation.
Craig Foster
Chief Executive Officer
3 December 2024
RESPONSIBILITY STATEMENT
We confirm that to the best of our knowledge:
(a) the condensed set of financial statements has been prepared in
accordance with IAS 34 'Interim Financial Reporting'.
(b) the interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events during the
first six months and description of principal risks and uncertainties for the
remaining six months of the year; and
(c) the interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein).
CAUTIONARY STATEMENT
This Interim Management Report (IMR) has been prepared solely to provide
additional information to shareholders to assess the Company's strategies and
the potential for those strategies to succeed. The IMR should not be relied on
by any other party or for any other purpose.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
Note 30 September 2024 30 September 2023 31 March
2024
£'000 £'000 £'000
Revenue 6 1,682 1,186 2,691
Cost of sales (1,279) (892) (1,951)
Gross profit 403 294 740
Administrative expenses 7 (2,471) (1,928) (3,978)
Operating loss (2,068) (1,634) (3,238)
Finance expense (376) (265) (627)
Gain on derecognition of loan note liability - 877 877
Loss before income tax (2,444) (1,022) (2,988)
Income tax - - -
Loss for the period (2,444) (1,022) (2,988)
Other comprehensive income
Exchange gain on translation of foreign subsidiaries 36 - 7
Total comprehensive loss attributable to equity holders of the parent company (2,408)
(1,022) (2,981)
Earnings per share attributable to equity owners
Basic and diluted (loss) pence per share 12 (2.24) (1.37) (3.75)
The income statement has been prepared on the basis that all operations are
continuing operations.
The accounting policies and notes form an integral part of these financial
statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
As at As at As at
30 September 30 September 31 March
2024 2023 2024
Note £'000 £'000 £'000
ASSETS
Non-current assets
Intangible assets 453 73 445
Property, plant, and equipment 91 60 83
Current assets
Inventories 639 808 649
Trade and other receivables 8 1,127 1,341 1,299
Cash and cash equivalents 9 1,750 492 397
Total assets 4,060 2,774 2,873
EQUITY AND LIABILITIES
Equity attributable to owners
Share capital 5,823 4,046 4,335
Share premium 8,010 5,088 5,849
Share based payments reserve 272 217 257
Currency translation reserve 43 - 7
Reverse acquisition reserve 21,769 21,769 21,769
Retained deficit (41,309) (36,907) (38,865)
(5,392) (5,787) (6,648)
Current liabilities
Trade and other payables 10 2,341 2,419 2,791
Non-current liabilities
Trade and other payables 11 243 - 243
Borrowings 11 6,868 6,142 6,487
Total equity and liabilities 4,060 2,774 2,873
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Six months ended 30 September 2024 (Unaudited)
Share Share Currency Translation Reserve Share based payments reserve Reverse acquisition reserve Retained Total
capital premium deficit
£'000 £'000 £'000 £'000 £,000 £'000 £'000
As at 1 April 2024 4,335 5,849 7 257 21,769 (38,865) (6,648)
Issue of ordinary shares 1,488 2,679 - - - - 4,167
Cost of shares issued - (518) - - - - (518)
Share based payments - - - 15 - - 15
Currency translation differences on overseas subsidiary - - -- 36
36 - -
Exercise of options - - - - - - -
Total comprehensive loss for the year - - - - - (2,444) (2,444)
At 30 September 2024 5,823 8,010 43 272 21,769 (41,309) (5,392)
Six months ended 30 September 2023 (Unaudited)
Share Share Currency Translation Reserve Share based payments reserve Reverse acquisition reserve Retained Total
capital premium deficit
£'000 £'000 £'000 £'000 £,000 £'000 £'000
As at 1 April 2023 3,408 3,902 - 170 21,769 (35,888) (6.639)
Issue of ordinary shares 627 1,255 - - - - 1,822
Cost of shares issued - (81) - - - - (81)
Share based payments - - - 47 - 3 50
Exercise of options 11 12 - - - - 23
Loss for the Period - - - - - (1,022) (1,022)
At 30 September 2023 4,046 5,088 - 217 21,769 (36,907) (5,787)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
Year ended 31 March 2024 (audited)
Share Share Currency Translation Reserve Share based payments reserve Reverse acquisition reserve Retained Total
capital premium earnings
£'000 £'000 £'000 £'000 £,000 £'000 £'000
As at 31 March 2023 3,408 3,902 - 170 21,769 (35,888) (6,639)
Issue of ordinary shares 927 2,139 - 3,066
- - -
Cost of shares issued - (192) - - - - (192)
Share based payments - - - 98 - - 98
Currency translation differences on overseas subsidiary - - 7 - 7
- -
Exercise of options - - - (11) - 11 -
Total comprehensive loss for the year - - (2,988) (2,988)
- - -
At 31 March 2024 4,335 5,849 7 257 21,769 (38,865) (6,648)
The accounting policies and notes form an integral part of these financial
statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
Six months ended Six months ended Year
ended
Note 30 September 30 September 31 March
2024 2023 2024
£'000 £'000 £'000
Cash flows from operating activities
Loss before income tax (2,444) (1,022) (2,988)
Adjustments:
Share based payments 15 50 98
Depreciation and amortisation 85 24 94
Gain on derecognition of loan note liability - (877) (877)
Finance expense 376 265 627
Movement in working capital
(Increase) in inventories 10 (385) (226)
(Increase) in trade and other receivables 177 (513) (470)
Increase in trade and other payables (450) 753 1,369
Cash used in operations (2,231) (1,705) (2,373)
Interest expense paid - - (17)
Net cash used in operations (2,231) (1,705) (2,390)
Cash flows from investing activities
Purchase of intangible assets (79) (3) (431)
Purchase of property, plant, and equipment (22) - (39)
Net cash flows from investing activities (101) (3) (470)
Cash flows from financing activities
Proceeds from Issue of ordinary shares, net of costs 3,649 1,824 2,874
Net cash flows from financing activities 3,649 1,824 2,874
Net increase in cash and cash equivalents 1,317 116 14
Effect of foreign exchange rates 36 - 7
Cash and cash equivalents at beginning of year 397 376 376
Cash and cash equivalents at end of year 1,750 492 397
The accounting policies and notes form an integral part of these financial
statements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 September 2024
1. General information
Ondo InsurTech Plc (the "Company") was incorporated on 23 February 2021 in
England and Wales, with registered number 13218816 under the Companies Act
2006. The registered office of the company is 6(th) Floor 60 Gracechurch
Street, London, United Kingdom, EC3V 0HR.
The principal activity of the Group is that of the provision of domestic leak
detection services and technology to the home insurance industry and
homeowners.
2. Basis of preparation
The consolidated interim financial information for the 6 months to 30
September 2024 has been prepared in accordance with the measurement and
recognition principles of UK adopted international accounting and accounting
policies that are consistent with the Group's Annual report and Accounts for
the year ended 31 March 2024 and that are expected to be applied in the
Group's Annual Report and Accounts for the year ended 31 March 2025. They do
not include all of the information required for the full financial statements
and should be read in conjunction with the 2024 Annual Report and Accounts
which were prepared in accordance with UK adopted international accounting
standards.
The comparative financial information for the year ended 31 March 2024 in this
interim report does not constitute statutory accounts for that period under
section 435 of the Companies Act 2006. Statutory accounts for the year ended
31 March 2024 have been reported on by the Group's auditors and delivered to
the Registrar of Companies.
The auditors' report on the accounts for the year ended 31 March 2024 was
unqualified, did not draw attention to any matters by way of emphasis, and did
not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
3. New standards, interpretations and amendments adopted by the Group
The accounting policies adopted in the preparation of the interim condensed
consolidated financial statements are consistent with those followed in the
preparation of the Group's annual consolidated financial statements for the
year ended 31 March 2024.
4. Going Concern
In accordance with the QCA Corporate Governance and UK adopted IAS, the
Directors have assessed going concern over a period extending more than twelve
months from the approval of the interim financial statements i.e., up to 31
December 2025. As part of this assessment, the Directors have analysed the
prospects of the Group by reference to its current financial position, recent
trading trends and momentum, forecasts and financial projections, strategy,
economic model and the principal risks and mitigating factors.
The Group's cash flow forecasts, including the proceeds of £4.2 million from
the Placing and Open Offer that was completed in May 2024, show that the Group
will be able to operate through to the end of 31 December 2025 and show that
the Group has sufficient cash to meet its liabilities as they fall due.
Based on the above indications, the Directors believe that it is appropriate
to the prepare the Interim financial statements on a going concern basis.
5. Critical accounting estimates and judgements
The Company makes estimates and assumptions regarding the future. Estimates
and judgements are continually evaluated based on historical experience and
other factors, including expectations of future events that are believed to be
reasonable under the circumstances. In the future, actual results may differ
from these estimates and assumptions. There are no estimates and assumptions
that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial period except for
the judgements on share based payments.
Share based payments
The estimates of share-based payment costs require that management selects an
appropriate valuation model and makes decisions on various inputs into the
model, including the volatility of its own share price, the probable life of
the options before exercise, and behavioural consideration of employees. A
significant element of judgement is therefore involved in the calculation of
the charge
Standalone selling price
Where a contract includes several performance obligations for revenue to be
recognised within the financial statements, the Company determines the
standalone selling price of each obligation for the goods or services using
historic contracts and costs incurred to determine the standalone selling
price. These judgements have been applied consistent throughout the period and
will be applied for future periods.
6. Segmental information
The Group only has one segment being the sale of the LeakBot product.
Analysis of revenue by geographical market is:
Six months Six months Year
Ended Ended Ended
30 September 30 September 31 March
2024 2023 2024
£'000 £'000 £'000
UK 560 568 1,390
Nordics 971 597 1,215
USA 151 21 87
1,682 1,186 2,691
The Group has 4 Partners that contribute more that 10% of annual revenue
representing £1.1m. (£1.5m - 2024)
7. Operating expenses by nature
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2024 2023 2024
£000 £000 £000
Directors' remuneration 249 324 538
Professional fees 342 194 462
Staff costs 1,148 914 1,689
Share Based payments 15 50
Bad debts - - 6
Contract Staff 32 - 214
Travel/ Conferences 116 - -
IT Systems & Platform 392 236 629
Depreciation and amortisation 85 24 95
Sundry expenses 92 186 345
2,471 1,928 3,978
8. Trade and other receivables
Group Group Group
30 September 30 September 31 March
2024 2023 2024
£'000 £'000 £'000
Trade receivables - gross 522 898 894
Provision for impairment - - (6)
Trade receivables - net 522 898 888
Other receivables 605 443 411
Amounts due from subsidiary undertakings - -
-
1,127 1,341 1,299
The amounts due from subsidiary undertakings comprises of £6,239,160 (2024:
£4,492,704) from LeakBot Limited and £89,873 (2024: £92,851) from LeakBot
USA Inc. These loans are non-interest bearing and repayable on demand and
considered fully recoverable.
9. Cash and cash equivalents
Group Group Group
30 September 30 September 31 March
2024 2023 2024
£'000 £'000 £'000
Cash at bank 1,750 492 397
1,750 492 397
10. Trade and other payables
Amounts falling due within one year:
Group Group Group
30 September 30 September 31 March
2024 2023 2024
£'000 £'000 £'000
Trade payables 1,105 1,123 1,032
Other payables 20 142 94
Deferred revenue 1,190 1,050 1,400
Accruals 26 104 265
2,341 2,419 2,791
Amounts falling due in more than one year:
Group Group Group
30 September 30 September 31 March
2024 2023 2024
£'000 £'000 £'000
Trade payables 243 - 243
243 - 243
11. Borrowings
Group Group Group
30 September 30 September 31 March
2024 2023 2024
£'000 £'000 £'000
Non-current: 243 - 243
Repayable 2-5 years: 6,487
Loan notes
6,868 6,142
7,111 6,142 6,730
12. Earnings per share
The basic earnings per share is calculated by dividing the loss attributable
to equity shareholders by the weighted average number of shares in issue.
The Company had in issue 116,466,036 ordinary shares at 30 September 2024.
The loss attributable to equity shareholders and weighted average number of
ordinary shares for the purposes of calculating diluted earnings per ordinary
share are identical to those used for basic earnings per ordinary share. This
is because the exercise of share options and warrants would have the effect of
reducing the loss per ordinary share and is therefore anti-dilutive.
30 Sept 30Sept 31 March
2024 2023 2024
£'000 £'000 £'000
Loss for the period attributable to equity holders (£) (2,444) (1,022) (2,988)
Weighted average number of shares in issue 109,307,916 74,435,000 79,634,789
Basic and diluted loss per share (pence) (2.24) (1.37) (3.75)
.
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