REG - RUA Life Sciences - 12 Month Interim Results
25/06/2025 07:02
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RNS Number : 2627O RUA Life Sciences PLC 25 June 2025
25 June 2025
RUA Life Sciences plc
("RUA Life Sciences", the "Company" or the "Group")
Interim Results
RUA Life Sciences, the holding company of a group of medical device businesses
focused on the exploitation of the world's leading long-term implantable
biostable polymer (Elast-EonTM), today announces its unaudited second interim
results for the twelve months ended 31 March 2025
Highlights:
· Break even achieved with £1k post tax profit (FY2024, £1,440k
loss)
· Revenue increased 88% to £4,113k (FY2024: £2,191k), 29%
before the consolidation of ABISS revenue from acquisition on 6 September 2024
· Strong Gross profit margin of 77% (FY2024: 81%)
· Strategic purchase of Abiss - £985k of net assets purchased
for £68k
· Cash burn over the twelve-month period significantly reduced
· Cash balance £3,567k (31 March 2024: £3,931k)
Geoff Berg, Chairman of RUA Life Sciences, commented:
"Compared to other industries, growing a medical device business can be
frustratingly slow due to the necessary regulatory requirements; however, the
past 12 months have been exceptional, with a doubling in the scale of the
business. The new business opportunities being pursued are equally exciting
and, if successful, will add further to the growing high-quality revenues."
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the EU
Market Abuse Regulation (2014/596), which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018, as amended and supplemented from
time to time.
For further information contact:
RUA Life
Sciences
Tel: +44 (0)1294 317073
Geoffrey Berg, Non-Executive
Chairman
Bill Brown, Chief
Executive
Lachlan Smith, Group Chief Financial Officer
Cavendish Capital Markets Limited
(Nominated Adviser and Broker)
Tel: +44 (0)20 7220 0500
Giles Balleny/Isaac Hooper (Corporate
Finance)
Jamie Anderson (Broking)
Michael Johnson (Sales)
About RUA Life Sciences
RUA Life Sciences plc is the ultimate parent company of the Group, whose
principal activities comprise exploiting the value of its IP & know-how,
medical device contract manufacturing and development of medical devices.
CHAIRMAN'S STATEMENT
I am pleased to present the second interim statement covering the 12 month
period to 31 March 2025. As previously announced to shareholders, the Company
extended its reporting period to 30 September 2025, and the full 18 month
period report and accounts will be published during January 2026. These
interim accounts do, however, cover a year's trading at RUA and, compared to
the previous year-end results, demonstrate the substantial progress made
during the year.
The focus of the business over the past twelve months has been to increase the
size and scale of our medical device and component manufacturing business
whilst keeping a tight control over costs. Growing a medical device business
in the short term is not straightforward as customer decisions and timelines
are driven by strict regulatory considerations rather than shorter term
financial objectives. Although frustrating compared to other industries, the
compensation tends to be the attractive margins achievable and the longer term
nature of supply contracts.
Against this general industry background, the results are encouraging.
Revenue
In the year to 31 March 2025, Group revenues grew by 88% from £2,191k to
£4,113k, achieving much of our 2-3 year objective to double revenues within
the period. All of the revenue-generating business units have contributed to
this growth, with Biomaterials growing 18% from £496k to £587k, the Medical
Device and Components business increasing 110% from £1,679k to £3,526k. Of
this growth, £550k (33%) was contributed by the UK Contract Manufacture
business. On 6 September 2024, the Group acquired the business of ABISS
France, and in the period from the acquisition to 31 March 2025, contributed
further revenue of £1,296k.
Gross Profit
Over the period, gross profits increased by 79% from £1,776k to £3,172k. The
Gross Margin, however, fell from 81% to 77% over the period. This reduction is
partly due to the Biomaterials business, on which gross margins remain at over
94%, being diluted by the faster-growing contract manufacturing business. The
margins were also depressed by the integration of ABISS Group. The underlying
margin in both the Biomaterials and UK Contract manufacture business increased
during the period, but the Gross Margin recognised at ABISS during the period
was a lower 68% reflecting on consolidation the fair value of work in progress
held on the date of acquisition. The normal gross margin at ABISS has
historically been around 75% and is expected to return to those levels in the
medium term.
Other Income
Other income is represented in the main by the bargain purchase gain on the
acquisition of ABISS. Having concluded the fair value calculation of the
assets and liabilities of ABISS, the gain amounts to £917k. Of this gain
£322k reflects the recognition of the work in progress, the attributed value
of which had the resultant depressing impact on gross margin recognised on
consolidation.
Costs
A key objective is to control the costs within the business. Over the period,
administration costs increased by 10% to £4,161. This increase is represented
by the overheads within the acquired ABISS business of £757k and savings made
within the UK business as a result of an organisational restructure enabling
higher levels of activity and efficiency.
Break-even for the period
As a result of tight cost control, growth in revenues and the initial benefits
of the ABISS acquisition, a small post-tax profit of £1k was achieved
compared to a loss of £1,440k in the comparative 12 month period.
Cash
Over the 12 months to March, the business saw consolidated cash balances
reduce from £3.9m to £3.6m, representing cash consumption of £0.3m. This
reduced level of cash burn demonstrates improved cost control, and management
is committed to further reducing cash burn over the remaining six months of
the financial period to September 2025.
Acquisition of ABISS
On acquisition, RUA paid £68k for the entire issued share capital of ABISS
(France), together with a 60% interest in ABISS (Poland), a distributor of
ABISS-manufactured medical devices. The (preliminary) fair value of the
identified net assets on acquisition has been adjusted to £985k, resulting in
a bargain purchase gain of £917k.
ABISS is the legal manufacturer of pelvic floor repair devices under CE Mark
and a subcontract manufacturer of the same devices for a US manufacturer.
ABISS was purchased with a short-term order backlog, which was fulfilled in
the period. However overall, inventory levels at ABISS's customer had been
increased to levels higher than required due to the supply chain risk as a
result of the status of the former parent of ABISS. There will be a period of
reduced orders as this excess inventory is worked through the system. However,
ABISS is not anticipated to be a drag on the Group during this period.
There are structural changes in the competitive landscape within the European
pelvic floor device market, driven by two of the market's major players. One
has withdrawn entirely from the European market, while another has transferred
its product portfolio to a business with no current European presence. The
structural impact is believed to affect around 70% of an estimated market of
more than €25 million. These products will still require to be sourced by
hospitals. ABISS 's customers should benefit from this opportunity, but ABISS
is also seeking to expand its distribution networks for its own product range.
ABISS has manufacturing capacity to supply a significantly larger market
share, and as an indication of the operational gearing within the business, it
has historically achieved a 30% net margin on revenues of over €3 million.
Business review
Since the equity fund raise in December 2023, significant progress has been
made by the business in its objectives of growing the contract manufacturing
business and controlling costs. The progress and potential have been
accelerated through the purchase of ABISS and deepening relationships with
major customers allowing a shorter pathway to profitability. Over the same
period, little of the progress made by the Company has been reflected in the
share price, and indeed it has not progressed from the heavily discounted
price of the fund raise.
The business had previously been pursuing a strategy of developing its own
devices to bring to market, however, the ability to exploit these business
areas was prohibited by the quantity of capital and the cost of that capital.
The strategy was therefore switched to focus on the biomaterials and contract
manufacturing part of the business.
We believe that the historical investment in both grafts and heart valve
material will result in revenues to the group through a combination of
licensing income and device/component manufacturing revenues. It is however
counterproductive to have market expectations based on the potential to
exploit IP at a time when the Company is marketing and negotiating potential
contracts. Rather than provide a commentary of developments, we will focus on
reporting the outcomes of deals once completed.
Focus for growth
RUA has been profitable on an occasional monthly basis over the period and is
much closer to our objectives of being profitable on a sustainable basis. The
opportunities for growth identified and being actively pursued are:
· Biomaterials
o Continuation of organic growth from existing licensees.
o Additional growth opportunities from signing new license agreements in new
fields of use.
· Medical Devices and Components
o Increase the customer base for Contract Manufacture development projects,
leading to long-term supply contracts.
o Deepen the relationship with existing customers by supplying more of their
supply chain needs for current products.
o Introduce existing customers to RUA IP and technology to help develop
next-generation devices.
o Increase market penetration of ABISS-manufactured devices through both
existing and new sales channels.
· Structural Heart and Vascular
o Increase IP and royalty revenue from licensing RUA-developed technology
(graft and heart valve).
As mentioned at the beginning of my report, compared to other industries,
growing a medical device business can be frustratingly slow due to the
necessary regulatory requirements; however, the past 12 months have been
exceptional, with a doubling in the scale of the business. The new business
opportunities being pursued are equally exciting and, if successful, will add
further to the growing high-quality revenues.
Geoff Berg, Chairman
24 June 2025
CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS
Unaudited Audited
Note Twelve months to 31 Mar 2025 Twelve months to 31 Mar 2024
GB£000 GB£000
Revenue 3 4,113 2,191
Cost of sales (941) (415)
Gross profit 3,172 1,776
Other income 4 969 79
Administrative expenses (4,161) (3,792)
Operating Profit / (loss) (20) (1,937)
Net finance income / (expense) 10 (83)
Loss before taxation (10) (2,020)
Taxation received / (charge) 11 580
Profit / (Loss) for the period 1 (1,440)
Other comprehensive income:
Currency translation differences - -
Total comprehensive income for the period 1 (1,440)
Total comprehensive income for the period is attributable to:
Equity holders of the parent 6 (1,440)
Non-controlling interests (5) -
1 (1,440)
Profit/(Loss) per share:
Basic & Diluted (GB Pence per share) - (4.29)
CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Audited
Note 31 Mar 2025 31 Mar 2024
GB£000 GB£000
Assets
Non-current assets
Goodwill 5 301 301
Other intangible assets 6 375 419
Property, plant and equipment 7 3,166 2,456
Total non-currents assets 3,842 3,176
Current assets
Inventories 8 754 112
Trade and other receivables 9 1,092 950
Cash and cash equivalents 10 3,567 3,931
Total current assets 5,413 4,993
Total assets 9,255 8,169
Equity
Issued capital 3,103 3,103
Share premium 13,709 13,709
Capital redemption reserve 11,840 11,840
Reserves (1,375) (1,485)
Profit and loss account (19,979) (19,985)
Total equity attributable to equity holders of the parent company 7,298 7,182
Non-controlling interests 94 -
Total Equity 7,392 7,182
Liabilities
Non-current liabilities
Borrowings 11 19 132
Lease liabilities 11 620 140
Deferred tax 64 74
Other Liabilities 12 58 87
Total non-current liabilities 761 433
Current liabilities
Borrowings 11 234 31
Lease liabilities 11 156 86
Trade and other payables 12 683 408
Other liabilities 12 29 29
Total current liabilities 1,102 554
Total liabilities 1,863 987
Total equity and liabilities 9,255 8,169
CONDENSED INTERIM CONSOLIDATED CASH FLOW STATEMENT
Unaudited Audited
Twelve months to Twelve months to
31 March 2025 31 March 2024
GB£000 GB£000
Cash flows from operating activities:
Group Profit / (Loss) after tax 1 (1,440)
Adjustments for:
Gain on bargain purchase (917) -
Amortisation of intangible assets 55 51
Depreciation of property, plant and equipment 366 313
Share-based payments 110 (35)
Net finance costs (10) 83
Tax credit in year - (580)
(Increase)/decrease in trade and other receivables 180 (362)
(Increase)/decrease in inventories 2 (31)
Taxation received (11) 569
(Increase)/decrease in trade and other payables 5 104
Net cash flow from operating activities (219) (1,328)
Cash flows from investing activities:
Purchase of property plant and equipment (62) (55)
Proceeds from disposal of tangible assets 1 25
Acquisition of subsidiary (net of cash acquired) 102 -
Interest paid (51) (55)
Interest received 80 -
Net cash flow from investing activities 70 (85)
Cash flows from financing activities:
Proceeds from borrowing 27 7
Repayment of borrowings and leasing liabilities (223) (93)
Proceeds from share issue - 3,974
Net cash flow from financing activities (196) 3,888
Net increase / (decrease) in cash and cash equivalents (345) 2,475
Cash and cash equivalents at beginning of year 3,931 1,484
Effect of foreign exchange rate changes (19) (28)
Cash and cash equivalents at end of the period 3,567 3,931
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Issued Share capital Share Premium Capital Redemption Reserve Other Reserve Non- Controlling Interest Profit and loss account Total equity
GB£000 GB£000 GB£000 GB£000 GB£000 GB£000 GB£000
Balance at 1 April 2023 1,109 11,729 11,840 (1,450) - (18,545) 4,683
Shares Issued (Net of Expenses) 1,994 1,980 - - - 3,974
Share based payments - - - (35) - - (35)
Transactions with owners 1,994 1,980 - (35) - - (3,939)
Total comprehensive income for the period - - - - - (1,440) (1,440)
Balance at 31 March 2024 3,103 13,709 11,840 (1,485) - (19,985) 7,182
Share based payments - - - 110 - 110
Transactions with owners - - - 110 - - 110
Adjustment to NCI from foreign entity acquisition - - - - 99 - 99
Total comprehensive income for the period - - - - (5) 6 1
Balance at 31 March 2025 3,103 13,709 11,840 (1,375) 94 (19,979) 7,392
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Reporting entity
RUA Life Sciences plc ("the Company") is a public limited company and is
domiciled and incorporated in Scotland with number SC170071. The Company is
listed on the AIM market of the London Stock Exchange (ticker: RUA, ISIN:
GB0033360586)
The registered office is
2 Drummond Crescent
Irvine
Ayrshire
KA11 5AN
These condensed consolidated interim financial statements as at and for the
twelve months ended 31 March 2025 comprise the company and its subsidiaries
(together referred to as 'the Group'). RUA Life Sciences plc is the ultimate
parent company of the Group, whose principal activities are contract design
and manufacture of medical devices and exploiting the value of its IP and
know-how.
2. Basis of preparation
These interim financial statements do not comprise statutory accounts within
the meaning of section 434 of the Companies Act 2006. Statutory accounts for
the year ended 31 March 2024 were approved by the Board of Directors on 23
July 2024 and delivered to the Registrar of Companies. The report of the
auditors on those accounts was unqualified and did not contain statements
under sections 498 (2) or (3) of the Companies Act 2006.
As permitted, these interim financial statements have been prepared in
accordance with UK AIM Rules and UK-adopted IAS 34, "Interim Financial
Reporting". They should be read in conjunction with the annual financial
statements for the year ended 31 March 2024, which have been prepared in
accordance with UK-adopted international accounting standards, consistent with
the IFRS framework adopted in UK law. The accounting policies applied are
consistent with those of the annual financial statements for the year ended 31
March 2024, as described in those annual financial statements.
Where new standards or amendments to existing standards have become effective
during the year, there has been no material impact on the net assets or
results of the Group.
The financial information is presented in pounds Sterling, which is the
functional and presentational currency of the Company. Balances are rounded to
the nearest thousand (£'000) except where otherwise indicated.
These Interim Financial Statements were authorised for issue by the Company's
Board of Directors on 24 June 2025.
Going concern
The Directors have considered the applicability of the going concern basis in
the preparation of the financial statements. This included the review of
financial results, internal budgets and cash flow forecasts for the period of
at least 12-months following the date of approval of these interim financial
statements.
In assessing whether the going concern assumption is appropriate, the
directors have considered the Group's existing working capital and are of the
opinion that the Group has adequate resources to undertake its planned program
of activities for a period of at least 12 months from the date of approval of
these financial statements.
Principal Risks and Uncertainties
The principal risks and uncertainties affecting the business activities of the
Group remain those detailed on pages 22-24 of the Annual Report 2024, a copy
of which is available on the Company's website www.rualifesciences.com
(http://www.rualifesciences.com)
Profit/(Loss) per share
Profit/(Loss) per share has been calculated on the basis of the result for the
period after tax, divided by the weighted average number of ordinary shares in
issue in the period of 62,060,272. (31 March 2024: 62,060,272).
3. BUSINESS SEGMENTS AND REVENUE ANALYSIS
The principal activity of the RUA Life Sciences Group comprises exploiting the
value of its IP & know-how, medical device manufacturing and development
of cardiovascular devices.
Following the acquisition of the ABISS Group on 6(th) September 2024 and an
internal organisation and reporting review, the Board has decided to rename
the business segment formerly known as Contract Manufacturing to Medical
Devices and Components to more accurately describe it. This change
incorporates revenues generated from contract manufacturing of medical
devices, manufacturing and sale & distribution of medical devices into a
single reporting segment. This change is consistent with both how the business
will be managed and be reported internally in the future. The following
analysis by segment is presented in accordance with IFRS 8 on the basis of
those segments whose operating results are regularly reviewed by the Chief
Operating Decision Maker (considered to be the Chief Executive Officer) to
assess performance and make strategic decisions about the allocation of
resources. Segmental results are calculated on an IFRS basis.
A brief description of the segments of the business is as follows:
· Biomaterials - Licensor of Elast-Eon(TM) polymers to the medical
device industry.
· Medical Devices and Components - End-to-end contract developer,
manufacturer, and seller of medical devices and implantable fabric specialist.
· Vascular - Development and commercialisation of the Group's
Elast-Eon sealed Vascular Graft products.
· Structural Heart - Development of the Group's Elast-Eon composite
heart valve material AurTex(TM).
Operating results which cannot be allocated to an individual segment are
recorded as central and unallocated.
Segment revenue represents revenue from external customers arising from sale
of goods and services. Segment results, assets and liabilities include items
directly attributable to a segment as well as those that can be allocated on a
reasonable basis.
The Group's revenue from continuing operations to destinations outside the UK
amounted to 100% (year to 31 March 2024: 100%). The revenue analysis below is
based on the region of registration of the customer:
The Group's revenue for 12 months to 31 March 2025 is segmented as follows:
Analysis of revenue by income stream
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Biomaterials Medical Devices & Components Vascular Structural Heart Central and unallocated Total
GB£000 GB£000 GB£000 GB£000 GB£000 GB£000
Manufacture and sale of - 3,526 - - - 3,526
Medical Devices
Royalty revenue 587 - - - - 587
Total 587 3,526 - - - 4,113
Analysis of revenue by geographical location
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Biomaterials Medical Devices & Components Vascular Structural Heart Central and unallocated Total
GB£000 GB£000 GB£000 GB£000 GB£000 GB£000
Europe 159 524 - - - 683
North America 377 2,981 - - - 3,358
Middle East 51 - - - - 51
Asia Pacific 0 20 0 0 0 20
Africa 0 1 0 0 0 1
Total 587 3,526 - - - 4,113
The Group's revenue for 12 months to 31 March 2024 is segmented as follows:
Analysis of revenue by income stream
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Biomaterials Medical Devices & Components Vascular Structural Heart Central and unallocated Total
GB£000 GB£000 GB£000 GB£000 GB£000 GB£000
Manufacture and sale of - 1,679 16 - - 1,695
Medical Devices
Royalty revenue 496 - - - - 496
Total 496 1,679 16 - - 2,191
Analysis of revenue by geographical location
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Biomaterials Medical Devices & Components Vascular Structural Heart Central and unallocated Total
GB£000 GB£000 GB£000 GB£000 GB£000 GB£000
Europe 158 38 - - - 196
North America 288 1,641 16 - - 1,945
Middle East 50 - - - - 50
Asia Pacific - - - - - -
Africa - - - - - -
Total 496 1,679 16 - - 2,191
The Group's Segmental analysis for 12 months to 31 March 2025 is segmented as
follows:
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Biomaterials Medical Devices & Components Vascular Structural Heart Central and unallocated Total
GB£000 GB£000 GB£000 GB£000 GB£000 GB£000
Consolidated group revenues from external customers 587 3,526 - - - 4,113
Contributions to group operating loss 553 166 (672) (426) 359 (20)
Depreciation - 267 82 14 3 366
Amortisation of intangible assets - 47 - - 8 55
Segment assets 293 4,063 665 114 4,120 9,255
Segment liabilities 6 1,242 233 5 377 1,863
Intangible assets - goodwill - 301 - - - 301
Other intangible assets - 180 139 - 56 375
Additions to non-current assets - 38 2 3 19 62
Additions to non-current assets represent capital expenditure incurred by the
Group during the reporting period, including purchases of property, plant and
equipment, and right-of-use assets arising from new lease arrangements. This
excludes any assets or fair value adjustments recognised as part of business
combinations, which are reflected within segment assets but not reported as
current period additions.
The Group's Segmental analysis for 12 months to 31 March 2024 is segmented as
follows:
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Biomaterials Medical Devices & Components Vascular Structural Heart Central and unallocated Total
GB£000 GB£000 GB£000 GB£000 GB£000 GB£000
Consolidated group revenues from external customers 496 1,679 16 - - 2,191
Contributions to group operating loss 421 931 (1,009) (465) (1,815) (1,937)
Depreciation - 135 116 17 45 313
Amortisation of intangible assets - 43 - - 8 51
Segment assets 225 1,527 1,118 232 5,067 8,169
Segment liabilities 5 218 383 22 359 987
Intangible assets - goodwill - 301 - - - 301
Other intangible assets - 216 139 - 64 419
Additions to non-current assets - 14 3 - 38 55
4. BUSINESS COMBINATIONS
On 6 September 2024, RUA Life Sciences acquired the assets of Analytic
Biosurgical Solutions SAS, ("ABISS ") for a cash consideration of £68,000
(€80,000) through a transaction facilitated by the French courts. ABISS was
part of a wider medical devices group which went into insolvent liquidation
in June 2021 because of the impacts of Covid. Although the parent company
was in liquidation, ABISS itself was not placed in receivership/liquidation.
ABISS has continued to trade solvently and has traded within its own financial
resources. There is no future, deferred or contingent consideration due on
this transaction. Further details of the acquisition are detailed in the
Chairmans statement.
As part of the acquisition, the net identifiable assets' carrying value was
determined to be £985,000, which exceeds the total consideration transferred
of £68,000. Consequently, a gain on a bargain purchase of £917,000 has been
recognised in profit or loss as of the acquisition date.
This gain reflects the favourable terms of the transaction, arising primarily
from the purchase through court proceedings at a value significantly below the
fair value of the assets acquired.
The Group intends to complete the review of the fair value of the acquired
assets and liabilities during the annual reporting process for the 18-month
period ending 30 September 2025, as permitted under IFRS 3-Business
Combinations. Thus, the accounting is currently provisional.
Details of the Acquisition:
· Date of Acquisition: 6 September 2024
· Consideration Transferred: £68,000
· Carrying Value of Identifiable Net Assets Acquired: £985,000
· Gain on Bargain Purchase: £917,000
· Recognition of Gain: Included under "Other Income" in the
Statement of Comprehensive Income for the period ended 31 March 2025
The Group continues to assess the fair value of assets and liabilities
acquired in the ABISS transaction. As of 31 March 2025, these amounts remain
provisional and may be subject to further adjustment as permitted under IFRS 3
during the measurement period. The updated provisional fair values at 31 March
2025 are as follows.
Details of the consideration paid and the fair value of net assets acquired
are as follows:
ABISS Group
Provisionally recognised fair value on acquisition
GB£000
Consideration paid 68
Less:
Intangible Assets 11
Property, Plant and Equipment 1,015
Trade receivables 275
Inventory 322
WIP 322
Other Current Assets 107
Cash 170
Trade payables (106)
Other Current Liabilities (196)
Other interest-bearing loans and borrowings (836)
Non-Controlling Interest (99)
Carrying value of net assets acquired 985
Gain on bargain purchase 917
5. GOODWILL
The final valuation following the acquisition of RUA Medical Devices Limited
gave rise to adjustments being required to the value of intangibles recognised
in the Interim Report for the six months ended 30 September 2020, and lead to
the following goodwill being recognised:
No impairment review has been carried out in the six-month period.
GB£000
Gross carrying amount
Balance at 31 March 2024 301
Balance at 31 March 2025 301
6. OTHER INTANGIBLE ASSETS
Development costs Intellectual property Customer Related Technology Based Total
GB£000 GB£000 GB£000 GB£000 GB£000
Gross carrying amount
At 31 March 2023 337 3,325 247 141 4,050
Additions - - - - -
At 31 March 2024 337 3,325 247 141 4,050
Additions 391 5 - 6 402
At 31 March 2025 728 3,330 247 147 4,452
Amortisation and impairment
At 31 March 2023 337 3,114 87 42 3,580
Amortisation - 8 29 14 51
At 31 March 2024 337 3,122 116 56 3,631
Amortisation - 12 29 14 55
Impairment 391 - - - 391
At 31 March 2025 728 3,134 145 70 4,077
Net book value
At 31 March 2023 - 211 160 99 470
At 31 March 2024 - 203 131 85 419
At 31 March 2025 - 196 102 77 375
As part of the acquisition of Analytic Biosurgical Solutions SAS ("ABISS") on
6 September 2024, the Group recognised identifiable intangible assets with a
carrying value of £391,000. These assets primarily related to previously
capitalised research and development expenditure.
During the measurement period permitted under IFRS 3, management conducted a
detailed review of the acquired intangible assets as part of the purchase
price allocation process. It was determined that the assets did not possess
standalone commercial value. As a result, the full amount was impaired
retrospectively in the financial statements, with no residual net book value
at the reporting date.
7. PROPERTY, PLANT AND EQUIPMENT
Land & Buildings Assets Under Construction Plant & Machinery Office Equipment Motor Vehicles Total
GB£000 GB£000 GB£000 GB£000 GB£000 GB£000
Cost
At 31 March 2023 1,335 142 1,905 95 25 3,502
Additions - - 18 4 33 55
Transfer of Assets - (142) 142 - - -
Disposals - - - - (25) (25)
At 31 March 2024 1,335 - 2,065 99 33 3,532
Additions 657 - 393 7 20 1,077
Disposals - - (1) - - (1)
At 31 March 2025 1,992 - 2,457 106 53 4,608
Depreciation
At 31 March 2023 180 - 509 50 24 763
Charge 53 - 236 15 9 313
At 31 March 2024 233 - 745 65 33 1,076
Charge 91 - 258 14 3 366
At 30 31 March 2025 324 - 1,003 79 36 1,442
Net book value
At 31 March 2023 1,155 142 1,396 45 1 2,739
At 31 March 2024 1,102 - 1,320 34 - 2,456
At 31 March 2025 1,668 - 1,454 27 17 3,166
Included in the net carrying amount of property plant and equipment are Buildings (Leased) Plant & Machinery (Leased) Motor Vehicles (Leased) Total
right-of-use assets as follows:
GB£000 GB£000 GB£000 GB£000
Cost
At 31 March 2023 - 391 25 416
Additions - 33 33
Disposals - - (25) (25)
At 31 March 2024 - 391 33 424
Additions 656 8 19 683
At 31 March 2025 656 399 52 1,107
Depreciation
At 31 March 2023 - 48 24 72
Charge - 30 9 39
At 31 March 2024 - 78 33 111
Charge 50 28 3 81
At 31 March 2025 50 106 36 192
Net book value
At 31 March 2023 - 343 1 344
At 31 March 2024 - 313 - 313
At 31 March 2025 606 293 16 915
8. INVENTORIES
Inventories consist of the following:
Unaudited Audited
Twelve months to 31 Mar 2025 Twelve months to 31 Mar 2024
GB£000 GB£000
Raw Materials 215 59
Work in Progress 372 53
Finished Goods 167 -
754 112
The cost of inventories recognised as an expense and included in cost of goods
sold amounted to £212k (2024: £36k).
9. TRADE AND OTHER RECEIVABLES
Unaudited Audited
Twelve months to 31 Mar 2025 Twelve months to 31 Mar 2024
GB£000 GB£000
Current:
Trade receivables - gross 519 301
Allowance for credit losses - -
Trade receivables net 519 301
Tax credit due - 189
Prepayments and accrued income 573 460
1,092 950
10. CASH AND CASH EQUIVALENTS
Unaudited Audited
Twelve months to 31 Mar 2025 Twelve months to 31 Mar 2024
GB£000 GB£000
Cash at bank and in hand 3,567 3,931
3,567 3,931
11. BORROWINGS & LEASE LIABILITIES
Unaudited Audited
Twelve months to 31 Mar 2025 Twelve months to 31 Mar 2024
GB£000 GB£000
Current:
Bank Loans 234 31
Lease Liabilities 156 86
390 117
Non-current:
Bank loans 19 132
Lease Liabilities 620 140
639 272
Total Borrowings & Lease Liabilities 1,029 389
Bank loans Lease liabilities Total
GB£000 GBP£000 GB£000
Repayable in less than 6 months 176 85 261
Repayable in 7 to 12 months 58 71 129
Repayable in 1 to 5 years 19 439 458
Repayable after 5 years - 181 181
253 776 1,029
£117,519 of bank loans is secured on the property at 2 Drummond Crescent,
Irvine, Ayrshire and subject to a bond and floating charge over the Group's
assets. Secured bank loans carry a variable rate of interest, which were
between 6% and 7.8%.
£14,787 of bank loans is an unsecured UK government support loan. Unsecured
bank loans carry an effective rate of interest at 9%.
£121,171 of bank loans is an unsecured French government support loan.
Unsecured bank loans carry an effective rate of interest at 6%.
The lease liabilities are secured by the related underlying assets. Lease
borrowings carry fixed rates of interest, ranging between 4.0% and 9.6%.
Reconciliation of change in lease liabilities:
GB£000
As at 1 April 2023 282
Payment of lease liability - principal (58)
Payment of lease liability - interest (41)
Interest expense 41
Additions 2
Disposals -
As at 31 March 2024 226
Payment of lease liability - principal (132)
Payment of lease liability - interest (39)
Interest expense 39
Additions 682
Disposals -
As at 31 March 2025 776
12. TRADE AND OTHER PAYABLES
Unaudited Audited
Twelve months to 31 Mar 2025 Twelve months to 31 Mar 2024
GB£000 GB£000
Current liabilities:
Trade payables 110 140
Other payables 180 46
Accruals and deferred income 393 222
683 408
Other Liabilities (Grant Income) 87 116
Total Trade and Other Payables 770 524
Deferred grant income is included within other liabilities in the Consolidated
Statement of Financial Position. £29,000 (2024: £29,000) is included in
current liabilities and £58,000 (2024: £87,000) is included in Non-current
Liabilities.
13. SUBSEQUENT EVENTS
None to report.
14. ISSUED SHARE CAPITAL
The Company's issued share capital as at 31 March 2025 comprises 62,060,272
Ordinary Shares of which none are held in treasury.
15. INTERIM ANNOUNCEMENT
The interim results announcement was released on 25 June 2025. A copy of
this Interim Report is also available on the Company's website
www.rualifesciencs.com.
CORPORATE INFORMATION AND ADVISERS
HEAD OFFICE REGISTERED OFFICE
2 Drummond Crescent 2 Drummond Crescent
Irvine Irvine
Ayrshire Ayrshire
KA11 5AN KA11 5AN
web: www.rualifesciences.com
email: info@rualifesciences.com
NOMINATED ADVISER AND BROKER REGISTRARS
Cavendish Capital Markets Limited Equiniti Limited
One Bartholomew Close Aspect House
London Spencer Road
EC1A 7BL West Sussex
BN99 6DA
LAWYERS
Burness Paull LLP
50 Lothian Road
Festival Square
Edinburgh
EH3 9WJ
INDEPENDENT AUDITOR
RSM Audit UK LLP
Centenary House
69 Wellington Street
Glasgow
G2 6HG
Registered in Scotland, Company No.SC170071
Financial statements will be available to Shareholders from the Company
Website, along with copies of the announcement. Dealings permitted on
Alternative Investment Market (AIM) of the London Stock Exchange.
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