REG - Pennant Int. Group - Interim Results, Analyst Briefing & Investor Pres
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RNS Number : 4162Z Pennant International Group PLC 16 September 2025
FOR IMMEDIATE RELEASE
16 September 2025
PENNANT INTERNATIONAL GROUP PLC
("Pennant", the "Company" or the "Group")
Interim Results
Analyst Briefing & Investor Presentation
Pennant International Group plc (AIM: PEN), the systems support software and
training solutions company, announces its Interim Results for the six months
ended 30 June 2025 (the "First Half", the "Period", or "H1 2025").
Commenting on the results, Chairman, Ian Dighé, said:
"The Group has made solid progress in executing our strategy during the
Period, investing in our proprietary Auxilium suite and implementing our 'go
to market' plan to increase the segmental and geographic reach of our software
distribution channels.
"While a difficult procurement environment is causing short-term challenges,
we are confident that, by concentrating on higher margin software and related
services segments, we can achieve increasing and sustainable recurring and
repeatable revenues, and profitability growth. Indeed, with a growing focus in
defence on 'operational readiness', 'data standardisation' and 'equipment
availability', the Board is confident that Pennant is well-placed to provide
the solutions to address these critical market needs."
Financial Highlights:
· Group revenues of £4.5 million (H1 2024: £7.4 million);
· Gross profit margin of 44% (H1 2024: 48%);
· Adjusted((1)) loss before tax of £1.8 million (H1 2024: £0.2
million);
· Group assets at Period-end of £12.8 million (H1 2024: £17.9
million);
o £0.6m capitalised investment in Auxilium;
· Net debt, excluding lease liabilities, of £2.1 million (H1
2024: £1.6 million);
Operational Highlights:
· Good progress delivering Auxilium suite strategy, successfully
completing GenS and Analyzer integration for Q2 release;
o 50% of installed base customers transitioned to Auxilium;
· Progress executing the 'go-to-market' strategy; expanding
Pennant's partnership base and global reach;
· Auxilium sales with several new customers in new territories
and adjacent markets;
· Strong bid activity across all segments of the business
Post Period end:
· Signed global OEM partner agreement with Siemens Digital
Industries Software, licensing it to sell GenS (a key part of the Auxilium
suite) as part of its market leading Teamcentre software;
· Appointed Win-Tek and Eva Aviation as Auxilium sales
representatives in new territories of South Korea and Japan respectively;
· Appointed Velentra Solutions as sales representative in India;
· GenFly MoD negotiations progressing well;
· Advanced negotiations for multi-year sole source training
equipment contracts with existing customers;
· Completed property disposal programme, realising £3.1 million,
a net gain versus fair value;
Commenting on the outlook, Chief Executive Officer, Phil Walker, said:
"I am pleased with the team's progress in delivering on our strategic plan
including the successful integration of GenS and Analyzer the customer
transition programme to Auxilium and, via our go to market strategy, the
expansion of our market reach beyond our traditional channels. I'm
particularly encouraged by our partnership with Siemens which will offer new
market opportunities and is an important endorsement of our capabilities."
(1) The loss before taxation is stated prior to £0.2 million of exceptional
costs associated with the restructuring exercise initiated in H2 2024, £0.3m
of acquired intangible amortisation charge, and a profit relating to the sale
of freehold property of £0.1 million.
Analyst Briefing: 9.30am today, Tuesday 16 September 2025
An online briefing for Analysts will be hosted by Phil Walker, Chief Executive
Officer, and Darren Wiggins, Chief Financial Officer, at 9.30am today, Tuesday
16 September 2025, to review the results and update on prospects. Analysts
wishing to attend should contact Walbrook PR on Pennant@walbrookpr.com
(mailto:Pennant@walbrookpr.com) or 020 7933 8780.
Investor Presentation: 11.00am on Wednesday 17 September 2025
Management will hold an investor presentation to cover the Interim Results at
11.00am on Wednesday 17 September 2025.
The presentation will be hosted through the digital platform Investor Meet
Company. Investors can sign up to Investor Meet Company and add to meet
Pennant via the following
link https://www.investormeetcompany.com/pennant-international-group-plc/register-investor
(https://www.investormeetcompany.com/pennant-international-group-plc/register-investor)
.
For those investors who have already registered and added to meet the Company,
they will automatically be invited.
Questions can be submitted pre-event to Pennant@walbrookpr.com
(mailto:Pennant@walbrookpr.com) or in real time during the presentation via
the "Ask a Question" function.
Enquiries:
Pennant International Group plc www.pennantplc.com (http://www.pennantplc.com/)
Phil Walker, Chief Executive Officer +44 (0) 1452 714 914
David Clements, Company Secretary
Cavendish (Nominated Adviser and Sole Broker) www.cavendish.com (http://www.cavendish.com/)
Ben Jeynes / Callum Davidson / George Lawson (Corporate Finance) +44 (0) 207 220 0500
Michael Johnson / Dale Bellis / Sunila de Silva (Sales and Corporate
Broking)
Walbrook PR (Financial PR) pennant@walbrookpr.com (mailto:Pennant@walbrookpr.com)
Tom Cooper +44 (0)20 7933 8780
Joe Walker Mob: +44 (0)7407 020 470
Notes to editors:
Pennant International Group plc (AIM: PEN) is a technology driven, leading
global provider of system support software and services, technical services,
and training solutions. It supports its global customer base in the design,
development, operation, maintenance, and training of complex assets, to
maximise operational and maintenance efficiency.
Its key markets include Aerospace, Defence and Rail, and adjacent
safety-critical markets such as Shipping, Nuclear and Space.
The Group addresses the market through three key business segments:
· Auxilium software: a key generator of recurring revenues
through the provision of a suite of software tools designed to help clients:
manage and use complex data; ensure equipment availability at optimal cost;
and comply with industry standards. Its Integrated Product Support (IPS) and
Integrated Logistics Support (ILS) software and services equip customers with
powerful market-leading toolsets to manage, model and utilise complex
equipment data.
· Technical Services: drives repeatable revenues through expert
support for users of Pennant and third-party solutions including consultancy,
support and maintenance, training and bespoke development.
· Training Systems: project-based revenue relating to the design
and build of hardware, software and virtual training solutions for maintainers
and operators of aircraft, ships and land systems.
Pennant is strategically focused on sustainable recurring and repeatable
revenues and profitability growth, shifting its model towards high margin
software and services. Against a climate of rising defence budgets and the
burgeoning technological complexity of military, aviation and rail platforms,
the demand for these solutions is expected to grow substantially.
Headquartered in Cheltenham, UK, the Group operates worldwide, with offices in
the UK, North America and Asia-Pacific, serving markets with high barriers to
entry often in regulated industries.
Pennant International Group plc
Interim Report for the six months ended 30 June 2025
Chairman's Statement
Financial Results
The Group recorded revenues for the six-month period ended 30 June 2025 of
£4.5 million (H1 2024: £7.4 million), generating an adjusted ((1)) loss
before tax of £1.8 million (H1 2024: £0.2 million loss). The gross profit
margin for the Period was 44% (H1 2024: 48%). The basic loss per share for H1
2025 was 5.21p (H1 2024: 1.08p basic loss per share)
Administrative costs for the Period were £4.1 million (H1 2024: £3.8
million), including realized foreign exchange losses of £0.2m (H1 2024: gain
£0.1 million).
Net debt at Period end, excluding lease liabilities, stood at £2.1 million
(H1 2024: £1.6 million), with cash and cash equivalents of £0.7 million at
30 June 2025. In July 2025, the Company announced that it had concluded the
property disposal programme launched in September 2024 which realised, in
aggregate, £3.1 million in gross sale proceeds, £1.1 million of which was
released following the end of the Period.
Total assets at Period end stood at £12.8 million (H1 2024: £17.9 million)
including a further £0.6m of capitalised investment in the Auxilium suite of
software products.
The Group carries forward unrelieved tax losses of £7.0 million (H1 2024:
£6.8 million) and continues to benefit from R&D tax credit claims in the
UK and Australia.
The Company has today separately announced an underwritten proposed direct
subscription for new ordinary shares by existing shareholders to raise £1.25
million (before expenses) at an issue price of 21.5 pence per new ordinary
share (the "Subscription"). The results of the Subscription are expected to be
announced by the Company by 22 September 2025. With a reduction in the
Company's overdraft limit from £2 million to £1 million on 1 November 2025,
the net proceeds from the Subscription will enable the Group to both reduce
its overdraft as planned and also provide additional working capital resources
with which to support the Company, enabling continued investment in the
Company's Auxilium software product development.
The Directors have concluded that it is in the best interests of the Company
and its shareholders to retain cash at this time and therefore will not be
declaring an interim dividend.
Performance Review
An analysis of the Group's revenue by operating segment is as follows:
Revenue by operating segment H1 2025 H1 2024
£m £m
Systems Support Software 1.2 1.2
Technical services 2.7 3.7
Sub-total Software and Services 3.9 4.9
Engineered training solutions 0.4 2.4
Generic training products 0.2 0.1
Sub-total Training Systems 0.6 2.5
Total 4.5 7.4
Revenues contributed by Software and Services represented an increased 87% of
total Group revenue for the Period (2024: 66%), albeit £1.0m behind H1 2024
in absolute terms.
· Revenue from software contracts was flat on prior year as we
continued to experience the effect of delayed purchasing decisions which were
awaiting the Q2 launch of the integrated Auxilium suite. Focus on the process
of converting customers from legacy applications to the new Auxilium
equivalent has progressed with 50% of customers now transitioned. This
customer transition programme was a contributing factor in the Group exceeding
£2 million of Annual Recurring Revenues ("ARR"), the annualised revenue
generated from software subscriptions and maintenance contracts, for the first
time in Pennant's history.
· In the Technical Services segment, revenues were in line with
Board expectations with a reduction in revenues in H1 2025 compared to H1 2024
as a result of the completion of the technical publication conversion project
for the Australia Defence Force ("ADF") which contributed £0.5 million in
revenue in H1 2024, and the cyclical impacts in our UK Rail market where
project awards from Network Rail, which did not contribute in H1 2025, are
expected to arise in the second half of the current year or later.
· In the Training Systems segment, prior year comparatives were
driven by the final year of delivery under a 3-year contract with Boeing
Defence UK for updates to AH Mk1 Apache ("Apache") training equipment,
generating £2.4 million of Engineered training solutions revenues in H1 2024.
Following the restructuring exercise announced and executed in 2024 the
Training Systems business is now focused on delivering modifications,
retrofits and overhauls to its installed base and has an active pipeline of
such opportunities which are expected to convert into a strong H2 order
intake.
The revenue generated by each region and business line during the Period is
shown in the tables below:
Revenue by Region H1 2025 H1 2024
£m £m
EMEA 1.6 4.1
Americas 1.6 1.4
APAC 1.3 1.9
Total 4.5 7.4
The year over year trend in the EMEA region is largely explained by the
completion of the Apache program in 2024 within the Training System segment
and in the APAC regions is explained by the completion of the ADF contract
within the Technical Services segment.
The North American business continues to benefit from the successful re-tender
of technical service contracts with the Canadian Department of National
Defence.
Property Disposals and Net Debt
As part of the restructuring exercise announced in 2024, certain UK-based
facilities within the Training System segment were marketed for sale at a
total fair value of £2.9m after estimated selling costs. At the time of
releasing these interim financial statements, £3.0 million of net sales
proceeds had been contracted, of which £2.0m was realised as cash in H1.
£1.1 million of net sales proceeds have since been received in cash in H2
2025.
The Group continues to receive support from HSBC through the provision of a
Group overdraft facility. However, following delayed contract awards in the
Training Systems segment, and a reduction in the overdraft limit to £1
million from the current temporary limit of £2 million on 1 November 2025,
the Group has today announced that it has raised £1.25 million (before
expenses) via the Subscription. The net proceeds of the Subscription will
enable the planned reduction in the overdraft limit and provide the Group with
additional working capital resources to support the Group, including the
continued investment in developing Pennant's Auxilium software product suite.
Auxilium Development and Go to Market Update
The Board is pleased with the progress in executing our Auxilium strategy.
During the Period we successfully completed the integration of GenS and
Analyzer, and this was released to market in Q2. We expect development
expenditure to run at £1.2 million - £1.4 million per annum for the
foreseeable future as we remain committed to ensuring that our market leading
Integrated Product Support ("IPS") software products continue to offer
exceptional value to existing and prospective licensees. Recent updates have
included the introduction of advanced scenario modelling in support of
operational and mission readiness.
Pennant has made progress with its 'go to market' strategy, focusing on
partnering for success - enabling Pennant's products to reach new territories,
industries, and customers. Post Period end the Company has announced that it
has
· Signed a global OEM partner agreement with Siemens Digital
Industries Software (https://www.sw.siemens.com/en-US/) , licensing it to
Siemens to distribute GenS as part of its market leading Teamcenter Service
Lifecycle Management software solution
· Appointed Win-Tek and Eva Aviation as sales representatives for
Auxilium in South Korea and Japan respectively - new territories for Pennant;
and
· Appointed of Velentra Solutions acting as sales representative in
India - a market with significant potential
We continue to progress potential appointments and will continue to update the
market as appropriate.
During the Period we sold Auxilium products into several new customers,
including in new territories and adjacent markets, all of which contributed to
an annual recurring revenues ("ARR") of £2.3 million (2024: £1.9 million), a
new high for the Group. This growth has been achieved organically, and we
continue to view the opportunities presented by the new go-to-market strategy,
discussed above, optimistically.
As the global defence industry increases its awareness of the need for strong
IPS process and systems, Pennant is well positioned to support as we have done
with the Canadian and Australian defence forces for many years.
Outlook
Further to the trading update provided on 8 August 2025, the GenFly contract
negotiations with the UK Ministry of Defence are continuing and there have
been positive developments towards securing the contract award before the end
of the current year.
In addition to GenFly, within the Training Systems segment, the Group is in
advanced stages of negotiations for multi-year sole source training equipment
contracts that are expected to contribute revenues to 2026. Including GenFly,
and in aggregate, the contract value of these advanced bids exceeds £10
million. We expect to be in a position to give further details during Q4 2025.
As at the date of this announcement, the Group has contracted revenue for the
full year of approximately £9 million, and the Board has a high level of
confidence of generating full year revenues of not less than £10 million.
The Board therefore considers that the Group is currently trading in line with
current market expectations.
With our market leading Auxilium suite, delivered by a team of experts
supported by our new channel partners, and a commitment to excellent customer
service, we believe we are extremely well-placed to capitalise on the
longer-term opportunities for our software, systems, and services offerings in
the defence space and beyond. While we proactively address the short-term
challenges of converting a strong pipeline and the continued re-positioning of
the Group, we remain firm in our strategic direction and the growth
opportunity we are targeting.
((1)) See note 4 for further information with regard to this alternative
profit measure
PENNANT INTERNATIONAL GROUP plc
CONSOLIDATED INCOME STATEMENT for the six months ended 30 June 2025
Six months ended 30 June 2025 Unaudited Six months ended 30 June 2024 Unaudited Year ended 31 December 2024
Audited
Notes
£000s £000s £000s
Revenue 4,493 7,382 13,775
Cost of sales (2,505) (3,871) (6,875)
Gross profit 1,988 3,511 6,900
Exceptional costs 4 (176) (218) (2,322)
Profit on sale of property, plant, and equipment 4 2 231 231
Profit on sale of available for sale assets 4 96 - -
Other administration expenses (3,994) (3,828) (7,596)
Total administrative expenses (4,072) (3,815) (9,687)
Other income 53 75 185
Operating loss (2,031) (229) (2,602)
Finance costs (174) (190) (444)
Finance income - - 5
Loss before taxation (2,205) (419) (3,041)
Taxation (40) - 466
Loss for the period (2,245) (419) (2,575)
Loss per share
Basic 2 (5.21p) (1.08p) (6.37p)
Diluted 2 (5.21p) (1.08p) (6.37p)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2025
Six months ended 30 June 2025 Unaudited Six months ended 30 June 2024 Unaudited Year ended 31 December 2024 Audited
£000s £000s £000s
(Loss) attributable to equity
holders of the parent (2,245) (419) (2,575)
Other comprehensive income / (loss)
Exchange differences on 66 (79) (300)
translation of foreign operations
Impairment on property, plant, and equipment - - (80)
Deferred tax credit - property, plant, and equipment 77 - 20
(Loss) attributable to equity (2,102) (498) (2,935)
holders of the parent
PENNANT INTERNATIONAL GROUP plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 June 2025
Six months ended 30 June 2025 Unaudited Six months ended 30 June 2024 Unaudited Year ended 31 December 2024
Audited
£000s £000s £000s
Non-current assets
Goodwill 2,455 2,574 2,530
Other intangible assets 4,155 5,216 4,218
Property plant and equipment 396 3,974 470
Right of use asset 513 618 543
Deferred tax asset 639 400 591
Total non-current assets 8,158 12,782 8,352
Current assets
Inventories 652 1,013 617
Trade and other receivables 1,743 2,238 2,355
Current tax asset 447 629 593
Assets held for sale 1,113 - 2,974
Cash and cash equivalents 674 1,282 1,045
Total current assets 4,629 5,162 7,584
Total assets 12,787 17,944 15,936
Current liabilities
Trade and other payables 3,145 3,487 3,251
Bank overdraft 2,734 2,844 3,330
Current tax liabilities - - 3
Lease liabilities 167 141 137
Deferred consideration on acquisition - 245 311
Total current liabilities 6,046 6,717 7,032
Net current (liabilities) / assets (1,417) (1,555) 552
Non-current liabilities
Lease liabilities 412 534 468
Warranty provisions 69 159 92
Total non-current liabilities 481 693 560
Total liabilities 6,527 7,410 7,592
Net assets 6,260 10,534 8,344
Equity
Share capital 2,162 2,116 2,162
Share premium 6,457 6,291 6,457
Capital redemption reserve 200 200 200
Retained earnings (2,598) 1,618 (495)
Translation reserve (19) 136 (85)
Revaluation reserve 58 173 105
Total equity 6,260 10,534 8,344
On 1st October 2024 owned Land & Buildings in Cheltenham, UK were
advertised for sale and subsequently reclassified as current assets held for
sale in accordance with IFRS 5. The carrying amount of assets classified as
held for sale on 30 June 2025 was £1.1 million. The progress of this sale
process is discussed in the Property Disposals and Net Debt section above
PENNANT INTERNATIONAL GROUP plc
CONSOLIDATED STATEMENT OF CASH FLOWS for the six months ended 30 June 2025
Six months ended 30 June 2025 Six months ended 30 June 2024 Year ended 31 December 2024
Unaudited Unaudited Audited
£000s £000s £000s
Net cash (used in) / generated from operating activities (837) 144 176
Investing activities
Interest received - - 5
Deferred consideration paid in respect of prior year acquisition (411) (511) (511)
Investment in intangible assets (612) (703) (1,371)
Purchase of property plant and equipment (26) (226) (223)
Proceeds from disposal of available for sale assets 2,030 - -
Proceeds from disposal of property, plant, and equipment 8 465 484
Net cash generated from / (used in) investing activities 989 (975) (1,616)
Financing activities
Proceeds from issue of ordinary shares - 1,358 1,392
Issue costs - (178) -
Repayment of lease liabilities (26) (38) (251)
Net cash (used in) / generated from financing activities (26) 1,142 1,141
Net increase / (decrease) in cash and cash equivalents 126 311 (299)
Cash and cash equivalents at beginning of period (2,285) (1,879) (1,879)
Effect of foreign exchange rates 99 6 (107)
Cash and cash equivalents at end of period (2,060) (1,562) (2,285)
Cash and cash equivalents consists of Cash at bank of £674k net of short-term
borrowings (bank overdraft) of £2,734k.
PENNANT INTERNATIONAL GROUP plc
STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June 2025
Share capital Share premium Capital redemption reserve Retained earnings Translation reserve Revaluation reserve Total equity
At 1 January 2025 2,162 6,457 200 (495) (85) 105 8,344
Loss for the period - - - (2,245) - - (2,245)
Other comprehensive income - - - - 66 77 143
2,162 6,457 200 (2,740) (19) 182 6,242
Recognition of share-based payment - - - 18 - - 18
Transfer from revaluation reserve - - - 124 - (124) -
At 30 June 2025 2,162 6,457 200 (2,598) (19) 58 6,260
Share capital Share premium Capital redemption reserve Retained earnings Translation reserve Revaluation reserve Total equity
At 1 January 2024 1,844 5,383 200 1,990 215 185 9,817
Loss for the period - - - (419) - - (419)
Other comprehensive loss - - - - (79) - (79)
1,844 5,383 200 1,571 136 185 9,319
Issue of new ordinary shares 272 1,086 - - - - 1,358
Issue costs - (178) - - - - (178)
Recognition of share-based payment - - - 35 - - 35
Transfer from revaluation reserve - - - 12 - (12) -
At 30 June 2024 2,116 6,291 200 1,618 136 173 10,534
Share capital Share premium Capital redemption reserve Retained earnings Translation reserve Revaluation reserve Total equity
At 1 January 2024 1,844 5,383 200 1,990 215 185 9,817
Loss for the year - - - (2,575) - - (2,575)
Other comprehensive loss - - - - (300) (60) (360)
1,844 5,383 200 (585) (85) 125 6,882
Issue of new ordinary shares 318 1,252 - - - - 1,570
Issue costs - (178) - - - - (178)
Recognition of share-based payment - - - 70 - - 70
Transfer from revaluation reserve - - - 20 - (20) -
At 31 December 2024 2,162 6,457 200 (495) (85) 105 8,344
PENNANT INTERNATIONAL GROUP plc
NOTES TO THE FINANCIAL INFORMATION for the six months ended 30 June 2025
1. Basis of preparation
This condensed set of financial statements has been prepared using accounting
policies expected to be adopted for the year ending 31 December 2025.
The interim financial information in this report has been prepared using
accounting policies consistent with International Financial Reporting
Standards (IFRS) as adopted by the United Kingdom.
The comparative figures for the year ended 31 December 2024 set out in this
Interim Report are not statutory accounts within the meaning of section 434 of
the Companies Act 2006 ("the Act"). A copy of the statutory accounts for that
year has been delivered to the Registrar of Companies. The auditors reported
on those accounts; their report was unqualified and did not contain a
statement under s498 (2) or s498(3) of the Companies Act 2006. The audit
report drew attention by way of emphasis to a material uncertainty relating to
going concern.
AIM-quoted companies are not required to comply with IAS34 'Interim Financial
Reporting', and the Group has taken advantage of this exemption.
Going Concern
Whilst the underlying conditions behind the material uncertainty noted in the
statutory accounts for 31 December 2024 have been amplified by delayed
contract awards in the Training System segment, the Directors have, at the
time of approving these interim results and taking into consideration the
proposed equity raise from existing shareholders, a reasonable expectation
that the Group has or will have adequate resources to continue in operational
existence for at least the next 12 months.
The Directors acknowledge that, even after the proposed equity raise, the
group remains reliant on the award of Training Systems contracts without which
would give rise to a material uncertainty that may cast significant doubt upon
the company's ability to continue as a going concern. The Directors remain
satisfied with the availability of mitigating actions and the Group's ability
to raise capital from a number of different funding options.
For these reasons, the Directors continue to adopt the going concern basis of
accounting in preparing the interim financial statements.
Were the company no longer a going concern, adjustments may be required to the
carrying value of assets, provisions would be required for the future
liabilities arising as a consequence of the company ceasing business and
assets and liabilities currently classified as non-current would be
reclassified as current.
2. Loss per share
Basic loss per share is calculated by dividing the loss for the period
attributable to the shareholders by the weighted average number of shares in
issue. The calculation of diluted loss per share does not consider the
potentially diluting effect of share options as this impact would be
antidilutive to the losses attributable to equity shareholders.
Six months ended 30 June 2025 Six months ended 30 June 2024 Year ended 31 December 2024
Unaudited Unaudited Audited
£000s £000s £000s
Loss
Loss attributable to equity shareholders (2,245) (419) (2,575)
Number of shares Number Number Number
Weighted average number of ordinary shares 43,086,205 38,693,027 40,421,945
Diluting effect of share options 2,332,806 1,655,000 1,683,762
Weighted average number of ordinary shares for the purpose of dilutive loss 45,419,011 40,348,027 42,105,707
per share
Loss per share (basic) (5.21p) (1.08p) (6.37p)
Loss per share (diluted) (5.21p) (1.08p) (6.37p)
3. Cash generated from operations
Six months ended 30 June 2025 Six months ended 30 June 2024 Year ended 31 December 2024
Unaudited Unaudited Audited
£000s £000s £000s
Loss for the period (2,245) (419) (2,575)
Finance income - - (5)
Finance costs 174 190 444
Income tax credit 40 - (466)
Depreciation of property, plant, and equipment 100 164 306
Depreciation of right-of-use assets 73 108 194
Profit on disposal of property (98) (231) (217)
Amortisation of other intangible assets 675 822 1,644
Impairment of other intangibles - - 831
Impairment of property, plant, and equipment - - 302
Other income - RDEC (53) (75) (119)
Share-based-payment 18 35 70
Operating cash flows before movement in working capital (1,316) 594 409
Decrease in receivables 612 409 292
(Increase) / decrease in inventories (35) (33) 363
Decrease in payables and provisions (106) (596) (901)
Cash (used in) / generated from operations (845) 374 163
Tax received 182 - 445
Interest paid (174) (230) (432)
Net cash (used in) / generated from operations (837) 144 176
4. Reconciliation of statutory to adjusted loss before tax for the period
The 'adjusted' income statement excludes exceptional items, share-based
payment charges, gains on disposal of land & buildings, and acquired
intangible amortisation, and has been presented to aid understanding of our
recurring trade and operations.
Certain incomes and expenditures are presented as an 'exceptional item' on the
face of the consolidated income statement as they are seen by the Board as
non-recurring transactions or one-off in nature.
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Unaudited
£'000s £'000s £'000s
Statutory loss before tax for the period (2,205) (419) (3,041)
Exceptional costs 176 218 2,322
Share-based-payments 18 35 70
Profit from disposal of available for sale assets (96) - -
Profit from disposal of property, plant and equipment (2) (231) (231)
Acquired intangible asset amortisation 261 240 552
Adjusted loss before tax for the period (1,848) (157) (328)
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