RUA Life Sciences - 12 Month Interim Results

Rua Life Sciences

25/06/2025 07:00

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
GB£000
Twelve months to 31 Mar 2024
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
GB£000
31 Mar 2024
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 

 

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 6th 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-EonTM 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 AurTexTM.

 

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
Medical Devices
-
3,526
-
-
-
3,526
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
Medical Devices
-
1,679
16
-
-
1,695
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 at31 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 right-of-use assets as follows:
Buildings (Leased)
Plant & Machinery (Leased)
Motor Vehicles (Leased)
Total
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
At31 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
2 Drummond Crescent
Irvine
Ayrshire
KA11 5AN
REGISTERED OFFICE
2 Drummond Crescent
Irvine
Ayrshire
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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