REG - RUA Life Sciences - Final results for period ended 30 September 2025
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RNS Number : 9991Q RUA Life Sciences PLC 30 January 2026
RUA Life Sciences plc
("RUA Life Sciences", the "Company" or the "Group")
Final results for the period ended 30 September 2025
RUA Life Sciences, a medical device focussed CDMO specialising in implantable
textile components and devices and the exploitation of the world's leading
long-term implantable biostable polymer (Elast-Eon(TM)), announces its
audited final results for the period ended 30 September 2025.
Highlights:
· Strategic objective of doubling revenue achieved with focus on
growth and commercial activities.
· Revenues for 18 months £6.7m (12 months to March 2024: £2.2m)
· Like for like revenue growth of 104%
· £2.0m improvement in EBITDA to £0.4m from £1.6m loss.
· Loss before tax reduced 85% to £0.2m (2024: £2.0m)
· CDMO business strengthened with bargain purchase of ABISS (£0.9m
gain).
· CDMO revenues £5.8m (FY24 £1.7m)
· 23% like for like growth in RUA Biomaterials despite strength of
Sterling against US dollar.
· Biomaterials revenues £914,000 (FY24 £496,000).
· Reduced R&D spend £438,000 (2024: £873,000)
· Strategy to commercialise IP created in RUA Vascular and RUA
Structural Heart being pursued
· Year-end cash £3,250,000 (2024: £3,931,000)
Current trading and outlook
Activity levels achieved during period have continued into current year with
encouraging new business pipelines.
Geoff Berg, Chairman of RUA Life Sciences, commented: "The two year
objectives set at the time of the 2023 Strategy Review, of doubling revenues,
reducing cash burn and focussing on profitability have been achieved ahead of
time through strong trading and the purchase of the Abiss subsidiary in
France. We look forward to building upon this success through broadening both
services for current customers and expanding the customer base further
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
G Berg, Non-Executive
Chairman
W Brown, Chief Executive Officer
L Smith, Group Chief Financial Officer
Cavendish Capital Markets Limited
(Nominated Advisor and Stockbroker)
Tel:
+44 (0)20 7220 0500
Giles Balleny/Isaac Hooper (Corporate
Finance)
Harriet Ward (Broking)
Nigel Birks (Healthcare Specialist Sales)
Michael Johnson (Sales)
About RUA Life Sciences
RUA Life Sciences plc is the ultimate parent company of the Group, whose
principal activities are the Contract Development and Manufacture of medical
devices and components and exploiting the polymer and device IP & know-how
developed within the Group.
The mission of the Group is to be a long-term trusted partner to the medical
device industry through specialisation in implantable textiles and biostable
polymers and related technology. This is being undertaken through:
· International growth via licensing Elast-Eon to third parties through RUA
Biomaterials;
· International growth through Medical Devices and Components businesses
exploiting implantable textiles expertise;
· Partnering with other parties to exploit and monetise the substantial
Intellectual Property developed within the Group.
RUA Life Sciences will seek to maximise shareholder value by growing each
business to achieve attractive levels of profitability or disposing of
business areas if the valuations are attractive.
A copy of this announcement will be available shortly
at www.rualifesciences.com/investor-relations/regulatory-news-alerts
(http://www.rualifesciences.com/investor-relations/regulatory-news-alerts) .
CHAIRMAN'S STATEMENT
I am pleased to present my statement for the 18-month period to 30 September
2025. The longer reporting period results from the Company's decision to
change its year-end from March to September, providing additional time to
integrate the Abiss acquisition and to align our reporting cycle with that of
a major customer to support improved planning. The financial results for the
period to 30 September 2025 are presented below together with the strategic
and organisational progress achieved by the Company. Throughout the Report and
Accounts, reported revenues and expense items relate to an 18-month period,
whilst prior period comparatives are for the 12 months to 31 March 2024.
Background
I concluded my statement last year by observing that RUA had recently switched
from a business with funding required to finance the needs of R&D projects
to a financially strong business focussed on growth, cash generation and
profitability. It is against this background that we set out this report.
Trading for Year
The headline trading results demonstrate that RUA has made exceptional
progress towards its objectives of growth and profitability. Revenue grew over
threefold from £2.19 million in the year to March 2024 to £6.69 million in
the 18 month period to September 2025. Losses before tax reduced from £2.02
million to £0.24 million a reduction of 86%.
The Abiss acquisition added customers, capability and momentum and, on
completion, generated a non-recurring bargain-purchase gain of £0.9m. While
that item lifts the reported result, the direction of travel is clear, a
larger, better-balanced business moving toward sustainable profitability.
As set out in the Strategic Report below, the improved trading is a result of
growth in Contract Manufacture and the acquisition of Abiss together with
tight cost control and the elimination of certain roles within the Group.
Net cash outflow excluding proceeds from share issues was much reduced from
the £1.49 million in the year to March 2024 to £0.66 million for the
18-month period to September 2025. It is pleasing that in the final six months
of the period, there was a net cash inflow from operating activities meeting
the objective of reaching a position of cash generation from trading.
Cash balances at 30 September 2025 remained strong at £3.25 million after
having repaid a mortgage of £0.11 million on the Drummond Crescent factory
unit.
Industry Drivers
In the last interim report, I discussed the long-term nature of the medical
device industry. The industry in many areas is dominated by large corporations
which tend to be risk averse and often leave true innovation to smaller,
entrepreneurial organisations but later acquire that innovation once proven.
The regulatory environment is also highly structured, both for demonstrating
the necessary safety and efficacy to obtain an initial marketing authority,
and also for the additional submissions required if there is a change to a
device. Against this background, progress in the industry is typically slow;
however, when it does occur, it can generate high value, attractive margins
and strong barriers to entry, reflecting the substantial investment required
to bring a product to market and sustain it.
Achieving growth as a contract manufacturer of devices or licensor of
technology is long-term in nature, as it follows the market penetration of the
device.
The focus on commerciality over the past two years has not only positioned RUA
well to grow alongside its partners but has brought a number of early-stage
contract development opportunities that engage the R&D team and have set
the foundations for future manufacturing revenues.
Future Drivers
As the business has come through the transition from being R&D to
commercially focussed, revenue growth will be driven by an integrated contract
development and manufacturing business working closely with partners at all
stages of their product lifecycles. In addition, the business owns a
substantial IP portfolio in polymers, composite materials and manufacturing
processes that will drive licensing and component supply opportunities.
Conclusion
The two year objectives set at the time of the 2023 Strategy Review, of
doubling revenues, reducing cash burn and focussing on profitability have been
achieved ahead of time through strong trading and the purchase of the Abiss
subsidiary in France. We look forward to building upon this success through
broadening both services for current customers and expanding the customer base
further.
BUSINESS REVIEW
Group Performance
The Group entered the financial period with an emphasis towards growth,
profitability and cash generation. This short term commercial focus
represented a significant change from previous, longer term ambitions of
growing infrastructure to support R&D activities to having a short term
commercial focus. At the point of this transition, a number of senior roles
were eliminated from the business with total annualised payroll savings of
over £0.6 million. The executive leadership team was restructured and
empowered to deliver on the Group objectives. Reflecting upon the objectives
set for the business, they were ambitious and stretching and the progress made
over the past 18 months is a significant achievement by the team.
The financial performance over the period of this report has seen a
substantial improvement in the position of the Group, driven by growth in
customer engagement, cost control and strategic acquisitions.
As the shape and focus of the business has changed it is an opportune time to
summarise what the key activities of the Group are:
· We develop components and finished devices under contract for
customers.
· We manufacture devices and components for customers under long
term contracts.
· We manufacture, market and distribute our own medical devices
through Abiss.
· We develop medical device and component IP in house using our
talented and experienced team of engineers.
· We license our IP to industry partners to enable their devices.
As mentioned in the Chairman's Statement, product development in the medical
device industry can be slow but there are a number of attractions in becoming
established and embedded in these development projects:
· High barriers to entry, both technical and regulatory.
· High margin potential from both device and component supply.
· Long product lifecycles: 10-20 years providing long term revenue
visibility.
RUA operates in a long term industry with high value outcomes on success.
Developing a new medical device or implant is a structured, multi-year
process. Each phase of development is designed to ensure product safety,
reliability and regulatory compliance and can typically take from five to
eight years for a device to be approved. The key stages and activities in this
process are:
· Phase 1 - Research and Feasibility
Early scientific research is undertaken and prototypes are developed. This can
involve up to 2 years work.
· Phase 2 - Design and Development
Engineering work is undertaken to turn prototypes into finished devices and
testing of those devices is performed. Again this is typically a 2 year
period.
· Phase 3 - Clinical studies
Studies to ensure device safety and performance with timescales determined by
the study design but typically over a one to two year period.
· Phase 4 - Regulatory dossier submission
Review and clearance activities necessary to obtain regulatory approvals.
Once approved, the device will be launched onto the market and volume
manufacture is required. A succesful device can have a lifespan of 10-20
years. Any change to the device or manufacturing process can require parts of
these steps to be undertaken again.
RUA is a Contract Developer and Manufacturer of medical devices and components
and we need to be engaged with customers at the appropiate stage of their
device lifecycle. Our marketing approach has been to partner with customers at
the Design and Development stage of their projects, becoming a key part of
their R&D process (and budget) and partnering to become the manufacturer
of either components or finished devices once Regulatory Approval has been
achieved. Additionally, we recognised that during the product marketing phase,
supply chain risks appear and customers may be let down by other external
suppliers. RUA is becoming recognised as a problem solver, working succesfuly
with customers to avoid product shortages.
The spectacular growth we have enjoyed in our contracting business, termed
Medical Devices and Components, over the past 18 months has been a result of
our reputation for quality, innovation and agility, drawing customers to RUA
when they have a problem that needs to be solved. The new material project
announced in July 2024 and the acquisition of Abiss in September 2024 were
examples of our ability to support these needs..
Importantly, RUA is now contracted on several earlier stage projects at or
beyond the Design and Development stage of device lifecycles. This will ensure
additional revenue from engineering services and future device or component
supply.
IP Exploitation
RUA has developed a substantial IP portfolio in house with potential and
opportunities to further exploit.
The areas of IP are:
· The world leading, long term implantable polyurethane -
Elast-Eon(TM).
· Polymer processing technology to convert textile into an
Elast-Eon composite - AurTex(TM).
· Mechanical testing data suite on AurTex with indications for use
in multiple areas.
· Polymer heart valve technology and data including AurTex and
Elast-Eon as leaflet material.
· A fully designed and developed polymer coated vascular graft
together with agreed FDA protocol for clinical studies.
· A technical file ready for approval on a next generation single
incision mini-sling for treatment of Stress Urinary Incontinence (SUI).
· Regulatory approved mesh devices for pelvic floor disorders.
· Next generation material as alternative to mesh/tape in SUI.
Elast-Eon
The reporting period has seen a growth in our IP related revenue from £0.49
million in the year to March 2024 to £0.91 million in the current 18 month
period. On a like for like basis this is a 24% increase year on year. This is
all related to Biomaterials and the licensing of Elast-Eon. There are growth
indicators within this area with good performance from established devices in
the market together with customer products currently at
Design/Development/Regulatory stages that can lead to growth in licence and
royalty fees.
Structural Heart
Over the past 18 months, we have continued selective investment in our AurTex
material and its application for heart valve leaflets. This work has been in
support of a serious interest in AurTex for a specific heart valve need. The
development work is showing promise, and we hope to make further progress
during the current period. The Board's objective is to move future activities
in this area off book whilst being able to recognise value created to date.
Vascular
No further investment is being made in this area. Some of the technology
developed has enabled early stage revenues for our Contract Design and
Development business with contracts for supply of crimping services and coated
grafts supplied as components for further processing. It has been a
disapointment that we have to date not succeeded in finding a partner to take
on the regulatory burden of bringing the graft range to market.
Abiss
This business was purchased to ensure that the supply of a range of products
to a major customer remained secure. Future product strategy is being
discussed with the customer, and the results of those discussions will drive
how certain IP within Abiss will be exploited in the future. We have been
encouraged by the depth of product IP within Abiss and are seeking to build
upon it for the benefit of both the Abiss business and the wider Group.
Within the IP of the Group, there are at least four product ranges or even
potential businesses that can be developed. Our strategy is to find partners
willing to support each project with RUA providing Contract Development and
Manufacturing services for a financial return through royalties or otherwise
on the provision of the initial IP.
Outlook
Last year, we set the expectation of growing Biomaterials licence income as
well as engaging with customers to double the scale of our Contract
Manufacturing business. We were succesful in meeting those expectations and
intend to grow each of those areas further during the current year. In
addition, a key focus of management will be to exploit further the
considerable IP portfolio within the business.
FINANCIAL REVIEW
The focus of the period has been to grow the established businesses of
Biomaterials and Contract Manufacture, which enjoy strong contractual revenue
streams and generate attractive net margins. Ambitious targets were set for
the Group at the start of the period, and it is positive that we have been
able to perform in line with these expectations. The period under review is an
extended 18 months to 30 September 2025 as a result of the change in year-end.
The corresponding results for last year represent the 12 months to 31 March
2024 and, as such, are not directly comparable.
Revenue
Group revenue for the 18-month period ended 30 September 2025 was £6.7
million compared to the 12 months to 31 March 2024 of £2.2 million. The
period benefited from strong organic growth together with the first-time
contribution from the acquisition of Abiss..
Revenue by segment
· Medical Devices and Components
UK Operations: £3.6 million (53% of Group revenue). On a like for like basis
this represents 41 % growth from higher volumes and demand together with new
business from new and existing customers.
EU Operations: (Abiss Group): £2.2 million (33% of Group revenue). New
contribution in the period, broadening the Group's revenue base and adding
complementary manufacturing income.
· Biomaterials: £0.9 million (14% of Group revenue). This area
grew from the £0.5 million reported last year representing annualised growth
of 20%.Performance remained resilient, despite the stronger Sterling versus US
Dollar exchange rate during parts of the period.
Overall, the revenue profile is now more diversified, with Medical Devices and
Components (UK and Abiss combined) representing c.86% of Group revenue and
Biomaterials c.14%, positioning the Group for more balanced growth going into
the next period.
Acquisition of Abiss
On 6(th) September 2024, the Group acquired 100% of the share capital of
Abiss France SAS, a France-based medical device group, for cash consideration
of £68k.
The acquisition provides the Group with an established manufacturing and
development platform in continental Europe, broadens its medical device
product offering and customer base, and is expected to generate operational
and commercial synergies across the Group.
A fair value adjustment to align the identified assets and liabilities of
Abiss to their estimated fair values at the acquisition date, including
adjustments to inventory, property, plant and equipment, intangible assets and
provisions has resulted in a gain on bargain purchase of £0.9 million being
recognised.
General and administrative expenses
For the 18 months to 30 September 2025, general and administrative (G&A)
expenses were £6.5 million (12 months to 31 March 2024: £3.8 million, not
directly comparable due to the extended reporting period and business mix).
The 2025 figure includes 13 months of the Abiss Group.
Depreciation & amortisation: £0.7 million (c.10.2% of G&A) vs £0.4
million in 2024 (c.9.6%).
Cost control remains a management focus. Throughout 2025, we tightened
budgeting and approval processes, enhanced spend visibility, and strengthened
financial controls across the Group (including Abiss). These actions improved
oversight of operating costs and are intended to support a more efficient
run-rate going forward.
Research and development costs
As first outlined in November 2023, the Group continued to re-prioritise
resources away from pre-commercial R&D toward near-term profitability and
customer delivery.
For the 18 months to 30 September 2025, the Group expensed £0.4 million of
Research & Development costs (12 months to 31 March 2024: £0.9 million).
The lower spend is a consequence of our strategy to redeploy expenditure away
from long term development projects.
No development costs were capitalised in the period; all amounts were expensed
to the income statement as they relate primarily to early-stage development
activities, where the technical feasibility, commercial viability and timing
of future revenues are not yet sufficiently certain to meet the criteria for
capitalisation.
Consistent with commitments made at the 2023 fundraise, we intend to reduce
R&D expenditure further over the next 12 months, concentrating only on
projects that demonstrably support profitable growth or are directly funded by
third parties.
Share-based payment charges
The business operates share option plans for key personnel, which incurred a
charge for share-based payment expenses of £171,000 for the period compared
to a credit of £35,000 in 2024. The non-cash credit in 2024 is attributed to
a writeback related to the cancellation of share option awarded to two
executives who left the Group during the year to 31 March 2024.
Net finance costs
For the 18 months to 30 September 2025, the Group recorded net finance income
of £21,000 (12 months to 31 March 2024: net finance costs £83,000)
The improvement reflects interest earned on surplus cash held in a low-risk
liquidity fund during the period and the repayment of borrowings.
This figure is net of unrealised foreign exchange losses of £31,000 (2024:
£28,000).
Losses before taxation
In the year to 31 March 2024, the Group incurred a pre tax loss of £2.0m, The
trading improvements and Abiss acquisition referred to above contributed to a
much reduced loss of £0.2m in the 18 month period to 30 September 2025.
This loss includes the effect of a £0.9 million non-cash gain on bargain
purchase from the Abiss acquisition. Excluding this item, the underlying loss
before tax was £1.1 million. The periods are not directly comparable due to
the move from a 12-month to an 18-month reporting period and the acquisition
of Abiss during the period.
Loss per share
Basic and diluted loss per share for the period was 0.35 pence (2024: 4.29
pence).
Taxation
The Group claims research and development tax credits each year and, since it
is currently loss making, elects to surrender these tax credits for a cash
rebate. The amount is included within the taxation line of the consolidated
income statement in respect of amounts receivable for the surrender of
research and development expenditure amounting to £0.4m (2024: £0.9m). The
Group has not recognised any tax assets in respect of trading losses arising
in the current financial year or accumulated losses in previous financial
years.
EBITDA
EBITDA, which includes non-cash share-based payment expenses, improved
£2.0million to a positive £0.4 million in the period (FY24: loss £1.6
million) as a result of the improvement in revenue volumes and gross margin
and gain on bargain purchase from the acquisition of the Abiss Group.
Cashflow
Closing cash at 30 September was £3.2 million (2024: £3.9 million)
Cash preservation remains a strategic objective. Throughout the year,
operating cash outflows from operations amounted to £0.2 million (2024: £1.3
million), reflecting the financial activities and commitments required to
sustain business operations and growth initiatives.
The business invested £161,000 in capital expenditure during the year (2024:
£55,000), Spend remained tightly controlled and focused on essential
replacement and maintenance, with no significant new capital projects
undertaken, reflecting our ongoing cash preservation and cost discipline
strategy.
Financial position
During the year, the Group completed the acquisition of Abiss, a French
medical device business, marking a significant strategic step in expanding our
capabilities and market reach. Our financial position remains robust, with net
assets at 30 September 2025 of £7.1 million (2024: £7.2 million).
Intangible assets (not including Goodwill) reduced to £0.3 million (2024:
£0.4 million), reflecting an amortisation charge of £82,000, partially
offset by £11,000 of intangibles acquired with the Abiss Group.
Dividends
No dividends have been proposed for the period ended 30 September 2025 (2024:
£nil).
STRATEGY
The mission of the Group is to be a long-term trusted partner to the medical
device industry through specialisation in implantable textiles and biostable
polymers and related technology. This is being undertaken through:
· International growth via licensing Elast-Eon to third parties
through RUA Biomaterials;
· International growth through Medical Devices and Components
businesses exploiting implantable textiles expertise;
· Partnering with other parties to exploit and monetise the
substantial Intellectual Property developed within the Group.
RUA Life Sciences will seek to maximise shareholder value by growing each
business to achieve attractive levels of profitability or disposing of
business areas if the valuations are attractive.
Summarised consolidated income
Period ended Year ended
30 September 2024 31 March 2024
Notes £'000 £'000
Revenue 2 6,689 2,191
Cost of sales (1,438) (415)
Gross Profit 5,251 1,756
Other income 1,014 79
Administrative expenses (6,522) (3,792)
Operating loss (257) (1,937)
Net finance income / (expense) 21 (83)
Loss before taxation (236) (2,020)
Taxation 3 580
Loss for the period (233) (1,440)
Loss attributable to:
Owners of the parent (218) (1,440)
Non-Controlling interest (15) -
(233) (1,440)
Loss per share per Ordinary Share attributable to the owners of the parent 5
during the year
Basic (0.35) (4.29)
Diluted (0.35) (4.29)
Summarised consolidated statement of financial position
Period ended Year ended
30 September 2025 31 March 2024
Notes £'000 £'000
Assets
Non current assets
Goodwill 301 301
Other intangible assets 348 419
Property, plant and equipment 3,074 2,456
3,723 3,176
Total non current assets
Current assets
Inventories 894 112
Trade and other receivables 1,250 950
Cash and cash equivalents 3,250 3,931
Total current assets 5,394 4,993
Total assets 9,117 8,169
Equity & Liabilities
Equity
Issued capital 3,103 3,103
Share premium 13,709 13,709
Capital redemption reserve 11,840 11,840
Other reserve (1,305) (1,485)
Profit and loss account (20,203) (19,985)
Total equity attributable to equity holders of the parent 7,144 7,182
Non-controlling interests 41 -
Total Equity 7,185 7182
Liabilities
Non-current liabilities
Borrowings - 132
Lease liabilities 560 140
Deferred tax 167 74
Other liabilities 43 87
Total non-current liabilities 770 433
Current liabilities
Borrowings 73 31
Lease liabilities 161 86
Trade and other payables 899 408
Other liabilities 29 29
Total current liabilities 1,162 554
Total liabilities 1,932 987
Total equity and liabilities 9,117 8,169
Summarised consolidated cash flow statement
Period ended Year ended
30 September 2025 31 March 2024
£'000 £'000
Cash flows from operating activities
Group loss after tax (233) (1,440)
Adjustments for:
Gain on bargain purchase (895) -
Amortisation of intangible assets 82 51
Depreciation of property, plant and equipment 583 313
Share-based payments 171 (35)
Net finance costs (21) 83
Tax credit in year (3) (580)
(Increase)/decrease in trade and other receivables 11 (362)
(Increase)/decrease in inventories (206) (31)
Taxation received 142 569
(Increase)/decrease in trade and other payables 176 104
Cash inflow / (outflow) generated from operations (193) (1,328)
Cash flows from investing activities
Purchase of property plant and equipment (161) (55)
Proceeds from disposal of tangible assets 4
Acquisition of subsidiary (net of cash acquired) 98
Interest paid (77) 25
Interest received 133 (55)
Net cash inflow / (outflow) from operating activities (3) (85)
Cash flows from financing activities
Proceeds from borrowing 49 7
Repayment of borrowings and leasing liabilities (508) (93)
Proceeds from share issue - 3,974
Net cash inflow / (outflow) from financing activities (459) 3,888
Net (decrease)/increase in cash and cash equivalents (655) 2,475
Cash and cash equivalents at beginning of Period 3,931 1,484
Effect of foreign exchange rate changes (26) (28)
Cash and cash equivalents at the end of the period 3,250 3,931
Summarised consolidated statement of changes in equity
Issued Share capital Share Premium Capital Redemption Reserve Other Reserves Non- Controlling Interest Profit and loss account Total equity
£'000 £'000 £'000 £'000 £'000 £'000 £'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 loss 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 - - - 171 - - 171
Transactions with owners - - - 171 - - 171
Adjustment to NCI from foreign entity acquisition - - - - 56 - 56
Total comprehensive income/(loss) for the period - - - 9 (15) (218) (224)
Balance at 30 September 2025 3,103 13,709 11,840 (1,305) 41 (20,203) 7,185
NOTES TO THE EXTRACTS FROM THE CONSOLIDATED FINANCIAL STATEMENTS
General Information
RUA Life Sciences plc (the Company) is a company incorporated and domiciled in
the UK. The registered head office is 2 Drummond Crescent, Riverside Business
Park, Irvine, Ayrshire, KA11 5AN.
The Company (together with its subsidiaries, the "Group") was under the
control of the directors throughout the period covered in the financial
statements. The list of the subsidiaries consolidated in the financial
statements is shown in Note xx.
The principal activity of the Group is exploiting the value of its IP &
know-how, medical device contract manufacturing and development of
cardiovascular devices.
1. Basis of preparation and status of financial information
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined by section 434 of the Companies Act
2006.
The financial information for the period ended 30 September 2025 and the year
ended 31 March 2024 does not constitute the Company's statutory accounts for
those years. Statutory accounts for the year ended 31 March 2024 have been
delivered to the Registrar of Companies. The statutory accounts for the period
ended 30 September 2025 were approved by the Board on 10 November 2025 and
will be delivered to the Registrar of Companies in due course. The statutory
accounts for the period ended 30 September 2025 will be posted to shareholders
at least 21 days before the Annual General Meeting and made available on the
Group's website.
The Group's statutory financial statements for the year ended 30 September
2025, from which the financial information presented in this announcement has
been extracted, were prepared in accordance with UK adopted international
accounting standards ("IFRS"). The financial statements have been prepared on
the historical cost basis with the exception of certain items, which are
measured at fair value as disclosed in the principal accounting policies set
out in the Group's Annual Report. These policies have been consistently
applied to all years presented.
The preparation of financial statements in conformity with IFRS requires the
use of estimates and assumptions that affect the reported amounts of assets
and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Although these
estimates are based on management's best knowledge of the amount, event, or
actions, actual results may ultimately differ from these estimates.
The auditor's reports on the accounts for 30 September 2025 and 31 March 2024
were unqualified and did not contain a statement under 498(2) or 498(3) of the
Companies Act 2006.
2. Significant accounting policies - Going concern
At 30 September 2025, the Group had cash and cash equivalents of £3.25
million. As at the date of approval of these financial statements, the Group's
cash and cash equivalents were approximately £2.8 million
The Directors have prepared detailed financial forecasts and cash flows
looking beyond 12 months from the date of the approval of these financial
statements. In developing these forecasts, the Directors have made assumptions
based upon their view of the current and future economic conditions that will
prevail over the forecast period.
The cash flow predictions are based on a period of closely controlled cash
flows to maintain ongoing development at a level commensurate with our means.
Third party sources of funding are being explored to accelerate the
development of our vascular graft portfolio and structural heart technology,
in line with our corporate objectives.
The Directors estimate that the cash held by the Group together with known
receivables will be sufficient to support the planned level of activities to
continue in operational existence for the foreseeable future (being a period
of at least 12 months from the date of this report), and for this reason, the
financial statements have been prepared on a going concern basis.
3. Revenue
Group revenue for the period was £6.7 million (2024: £2.2 million). The
current period covers an 18-month reporting period, compared with a 12-month
comparative period, and therefore, the results are not directly comparable. In
addition, the increase in revenue reflects the inclusion of revenue from
businesses acquired during the period. On a like-for-like basis, excluding the
impact of the extended reporting period and acquisitions, underlying revenue
performance was broadly in line with management expectations.
Revenue analysed by class of business
Period ended Year ended
30 September 2025 31 March 2024
£'000 £'000
Contract Design & Manufacture of Medical Devices 5,775 1,695
Royalty revenue 914 496
Total 6,689 2,191
Revenue analysed by geographical market
Period ended Year ended
30 September 2025 31 March 2024
£'000 £'000
Europe 1,173 196
North America 5,396 1,945
Middle East 81 50
Asia Pacific 37 -
Africa 2 -
Total 6,689 2,191
4. Other income
Other income for the period includes a gain on bargain purchase arising on the
acquisition of Abiss France SAS, reflecting the excess of the fair value of
the identifiable net assets acquired over the consideration transferred. The
gain arose due to the distressed circumstances of the vendor following the
insolvency of its ultimate parent company.
Period ended Year ended
30 September 2025 31 March 2024
£'000 £'000
Government Grants 44 63
Rental Income 28 13
Gain On Bargain Purchase 895 -
Miscellaneous Income 47 3
Total 1,014 79
5. Acquisitions
On 6 September 2024, the Group acquired 100% of Abiss France SAS for cash
consideration of £68k and, through this acquisition, obtained indirect
control of Abiss Poland sp. z o.o., in which Abiss France holds a 60%
interest. A non-controlling interest was recognised in respect of the
remaining 40% held by minority shareholders.
The acquisition resulted in a gain on bargain purchase, reflecting the
distressed circumstances of the vendor following the insolvency of Abiss
France's ultimate parent company. The transaction price was further influenced
by the business's reliance on a single major customer and the limited pool of
potential acquirers. The Group's existing technical capability, regulatory
expertise and established customer relationship enabled it to complete the
acquisition at a price below the fair value of the identifiable net assets
acquired.
From the acquisition date to 30 September 2025, Abiss contributed revenue of
£2.2m and a loss before tax of £0.2m to the Group. Had the acquisition
occurred on 1 April 2024, Group revenue for the 18-month period would have
been £7.6m with a loss before tax of £0.6m. Fair value adjustments reflect
the alignment of acquired assets and liabilities to their estimated fair
values at the acquisition date.
6. Preliminary announcement
The summary accounts set out above do not constitute statutory accounts as
defined by section 434 of the UK Companies Act 2006. The summarised
consolidated statement of financial position at 30 September 2025, the
summarised consolidated income statement, the summarised consolidated cash
flow statement and the summarised consolidated statement of changes in equity
for the period then ended have been extracted from the Group's statutory
financial statements for the year ended 30 September 2025 upon which the
auditor's opinion is unqualified and did not contain a statement under either
sections 498(2) or 498(3) of the Companies Act 2006. The audit report for the
year ended 30 September 2025 did not contain statements under sections
498(2) or 498(3) of the Companies Act 2006. The statutory financial statements
for the year ended 31 March 2024 have been delivered to the Registrar of
Companies. The 30 September 2025 accounts were approved by the Directors
on 29 January 2026, but have not yet been delivered to the Registrar of
Companies.
7. Earnings per share
The basic and diluted loss per ordinary share of 0.35 pence (2024: loss
of 4.29 pence) is calculated on the loss of the Group of £218,000 (2024:
loss of £1,440,000 ) and on 62,060,272 (2024: 33,546,577) ordinary shares,
being the weighted average number of shares in issue during the year.
8. Interest in subsidiary undertakings
Name of undertaking Country of registration or incorporation Registered office Description of shares held Proportion of nominal value of direct shares held
%
(i) RUA Biomaterials Limited Scotland 2 Drummond Crescent, Irvine, Ayrshire, KA11 5AN Ordinary £1 100
(ii) RUA Structural Heart Limited Scotland 2 Drummond Crescent, Irvine, Ayrshire, KA11 5AN Ordinary £1 100
(iii) RUA Vascular Limited Scotland 2 Drummond Crescent, Irvine, Ayrshire, KA11 5AN Ordinary £1 100
(iv) RUA Medical Devices Limited Scotland 2 Drummond Crescent, Irvine, Ayrshire, KA11 5AN Ordinary £1 100
(v) Aortech International Limited Scotland 2 Drummond Crescent, Irvine, Ayrshire, KA11 5AN Ordinary £1 100
(iv) Analytic Biosurgical Solutions SAS France 14 Rue de la Télématique, 42000 Saint-Étienne, France Ordinary €1 100
(vi) Abiss Poland Sp. z o.o Poland Ul.Bagrowa 1, 30-733 Kraków, Ordinary zł50 60
Poland
Posting and availability of accounts
The annual report and accounts for the period ended 30 September 2025 will
be sent by post or electronically to all registered shareholders at least 21
days prior to the Annual General Meeting. Additional copies will be
available for a month thereafter from the Company's office, 2 Drummond
Crescent, Riverside Business Park, Irvine, Ayrshire KA11 5AN. Alternatively,
the document may be viewed on, or downloaded from, the Company's
website: www.rualifesciences.com (http://www.rualifesciences.com/) .
Notice of Annual General Meeting
Notice of the twenty-seventh Annual General Meeting of RUA Life Sciences
plc will be posted with the Annual Report and Accounts and will be held at
Gailes Hotel, Marine Drive, Irvine, Ayrshire KA11 5AE on Tuesday, 17 March
2026 at 11:00am.
FORMAT OF THE AGM
The AGM will be a physical meeting. The Board encourages all shareholders who
are unable to, or do not wish to, attend the AGM in person to vote by proxy.
If you wish to attend the AGM in person, it would assist the Company's
planning if you could please notify the Company in advance by email to
lachlan.smith@rualifesciences.com, including your name as shown on the
Company's Register of Members.
Any changes to these arrangements will be published on the Company's website
as soon as possible before the date of the meeting and will also be circulated
via a Regulatory Information Service.
Further details of the AGM will be included in the Annual Report and will
published on the Company's website at www.rualifesciences.com
(http://www.rualifesciences.com/) .
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