RUA Life Sciences - Interim Results
30 June 2026
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 interim results for the six months ended 31 March 2026
Highlights:
· Post tax loss £183k (H1 2025: £641k loss)
· Revenue increased 6% to £2,747(H1 2025: £2,589),
· Strong Gross profit margin of 75% (H1 2025: £74%)
· Improved adjusted EBITDA £76k (H1 2025: £227k Loss)
· Cash balance £2,365k (31 March 2025: £3,567, 30 September 2025: £3,250k)
Geoff Berg, Chairman of RUA Life Sciences, commented:
"Over the past two years, management has successfully transformed the business from a heavily loss-making, R&D-stage product company into a customer-focused, profitable Contract Manufacturer. Additionally, two transformative deals have been concluded that will provide value enhancement potential beyond the growth of the Contract Manufacture activities."
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)
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 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 interim statement for the six-month period to 31 March 2026. These interim results demonstrate the continuing progress being made in developing a profitable Medical Devices and Components business, but do not reflect the strategic value creation in other assets within the group, in particular RUA Structural Heart ("RSH"), which completed a highly successful third-party fundraise and spin-out shortly after the period end.
Revenue
In the six months to 31 March 2026, Group revenues grew by 6.1% from £2,589k to £2,747k and are now double the level from two years ago.
The key drivers were:
· The Medical Devices and components business contributed £2,253k to Group revenue compared to £2,240k in 2025. New development contracts enabled the UK business to grow revenue by 32%, but Abiss France experienced a decline in revenue due to its major customer holding excess inventory of Abiss products and undergoing a period of rationalisation.
· The majority of revenue growth came from the Biomaterials business, with revenue increasing from £349k to £490k, including historical underpayments identified following the audit of royalties from licensees.
Gross Margin
Gross Profit margins increased from the 73.5% achieved in the six months to March 2025 to 74.9%. Over the eighteen-month period to 30 September 2025, Gross Profit margins were 78.5% and the reduction experienced during the period to 31 March 2026 is explained by the reduced activity levels at Abiss France, a higher proportion of the UK medical devices and components business being development contracts which tend to be lower margin than manufacturing contracts, offset by the near 100% margin Biomaterials business increasing from 13.5% to 17.8% of total Group revenue.
Administrative Expenses
Despite general inflationary pressures, costs within the business were carefully controlled, and total Administrative expenses fell 6.2% to £2,314k from £2,476k in the comparative period.
Operating Loss
Compared to the same period last year, the operating loss of £234k represented a reduction of 66%. Adjusted for amortisation, depreciation, share-based payments and other non-cash items (Adjusted EBITDA), a profit of £76k was achieved, a £303k improvement over the £227k loss reported for the period to 31 March 2025.
Balance Sheet
Net working capital (Current assets less Current liabilities) was stable at £4,234k (30 September 2025; £4,232k) with a £300k reduction in Current assets offset by a £302k reduction in current liabilities. Cash, however, was reduced by £885k with receivables increasing as part of the working capital cycle. The cash position is expected to increase by the year-end as the negative working capital effects reverse.
Strategic Developments
The core of the Group is its contract manufacture of medical devices and components together with the Biomaterials licensing business. These businesses, combined, are not only profitable in their own right but are expected to cover all central costs and move the Group into net profitability. The growth strategy over the past two years has been very successful, as evidenced by revenue growth to date, and a number of Development contracts currently underway have the potential to drive further growth on the manufacturing side of the business. Having succeeded in our objective of doubling revenue over the past two years, we now have the opportunity to further double revenue over the next two years.
Other opportunities for value enhancement have been created through identifying strategies to exploit Group IP.
RUA Structural Heart (RSH)
The Board was delighted to announce the spinout and third-party funding of RSH on 12 May 2026. This is a very significant deal which not only validates the clinical and commercial potential of AurTex™, a platform technology, but also independently funds the entire activities of RSH through pre-clinical development. RSH has developed a novel cardiovascular composite that addresses the three fundamental failure modes of existing valve technologies: thrombosis, calcification, and structural leaflet failure. RSH intends to prove the platform clinically in an underserved and vast rheumatic heart disease valve sector and then expand through licensing and partnerships into the global surgical and TAVR valve markets. The strategy is driven by platform technology companies commanding significantly higher valuations than product technology companies, and the potential to allow the creation of next-generation valves is very attractive.
RSH now has a Board independent of the Group, including private equity investors and recognised US-based experts in developing and commercialising heart valve technology. As a result of this "loss of control", RSH will now be treated as an investment rather than have its losses during the development phase consolidated into group results. As an investment, the funding deal set a £10 million valuation floor for the next round of financing. Ambitions for value creation are driven by deal history for other heart valve technologies that have achieved £40 million pre-money valuation at the end of pre-clinical development and over £1 billion exit values for TAVR platform technology.
Abiss
There are two key components of Abiss: a contract manufacturing business supplying finished products to a major US-based customer, together with a product portfolio of its own in the area of stress urinary incontinence and pelvic floor repair.
The product portfolio has not been actively exploited to date out of concern for conflict with its customer. RUA has, however, engaged with the customer to ensure a strategy is in place to secure their product supply and allow Abiss to refocus the business on its product portfolio across the key European markets.
A new business model is now being developed for Abiss to enable a two-year transition from a contract manufacturing business to a Europe-focused urogynaecology specialist providing next-generation pelvic floor solutions, with the ambition of replicating the success achieved in Poland. A product pipeline is already in place with approved products, next-generation products benefitting from clinical data and a "frozen" technical file ready for submission and other early-stage development opportunities. RUA believes the Abiss portfolio makes a compelling investment case and the model adopted for RSH of introducing third party investors to drive and add value to its investment in Abiss will be considered alongside other options.
Conclusion and Outlook
Over the past two years, management has successfully transformed the business from a heavily loss-making, R&D-stage product company into a customer-focused, profitable Contract Manufacturer. Additionally, management has been very mindful of the value of the Group's IP developed during its R&D stage and, with selective investment, has enabled deals to be done that both grow the business and provide substantial future upside potential.
The core of RUA will remain its Biomaterials and Medical Device and Components activities, which together should make the Group profitable in the second half of the current year. Unusually for a small business, an investment portfolio is being developed in addition to the core business to provide the potential for a level of return not normally achievable in pure manufacturing businesses. An opportunity to exploit the vascular graft technology has still to be identified but no further investment is being made in that area. This is probably the main disappointment since the new strategy was adopted, however the RSH spin-out has the makings of being a very valuable investment, and the acquisition of Abiss delivers a product portfolio that can be separately exploited.
Geoff Berg, Chairman
29 June 2026
CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Unaudited
Unaudited
Audited
Note
Six months to
31 March 2026£'000
Six months to
31 March 2025£'000
Eighteen months to 30 September 2025
£'000
Revenue
3
2,747
2,589
6,689
Cost of sales
(689)
(686)
(1,438)
Gross profit
2,058
1,903
5,251
Other income
4
22
(121)
1,014
Administrative expenses
(2,314)
(2,467)
(6,522)
Operating profit / (loss)
(234)
(685)
(257)
Net finance income / (expense)
51
44
21
Profit / (loss) before taxation
(183)
(641)
(236)
Taxation received / (charge)
(20)
6
3
Profit / (loss) for the period
(203)
(635)
(233)
Loss for the period attributable to:
Equity holders of the parent
(201)
(628)
(218)
Non-controlling interests
(2)
(7)
(15)
(203)
(635)
(233)
Other comprehensive income:
Currency translation differences
(5)
2
9
Total comprehensive income for the period
(208)
(633)
(224)
Total comprehensive income for the period is attributable to:
Equity holders of the parent
(206)
(626)
(209)
Non-controlling interests
(2)
(7)
(15)
(208)
(633)
(224)
Profit / (loss) per share:
Basic & diluted (GB Pence per share)
(0.33)
(1.02)
(0.35)
CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited
Unaudited
Audited
Note
31 March 2026
£'000
31 March 2025
£'000
30 September 2025
£'000
Assets
Non-current assets
Goodwill
5
301
301
301
Other intangible assets
6
308
375
348
Property, plant and equipment
7
2,895
3,166
3,074
Total non-currents assets
3,504
3,842
3,723
Current assets
Inventories
8
960
754
894
Trade and other receivables
9
1,769
1,092
1,250
Cash and cash equivalents
10
2,365
3,567
3,250
Total current assets
5,094
5,413
5,394
Total assets
8,598
9,255
9,117
Equity
Issued capital
3,103
3,103
3,103
Share premium
13,709
13,709
13,709
Capital redemption reserve
11,840
11,840
11,840
Reserves
(1,249)
(1,375)
(1,305)
Profit and loss account
(20,404)
(19,979)
(20,203)
Total equity attributable to equity holders of the parent company
6,999
7,298
7,144
Non-controlling interests
39
94
41
Total equity
7,038
7,392
7,185
Liabilities
Non-current liabilities
Borrowings
11
-
19
-
Lease liabilities
11
485
620
560
Deferred tax
186
64
167
Other liabilities
29
58
43
Total non-current liabilities
700
761
770
Current liabilities
Borrowings
11
12
234
73
Lease liabilities
11
154
156
161
Trade and other payables
12
665
683
899
Other liabilities
29
29
29
Total current liabilities
860
1,102
1,162
Total liabilities
1,560
1,863
1,932
Total equity and liabilities
8,598
9,255
9,117
CONDENSED INTERIM CONSOLIDATED CASH FLOW STATEMENT
Unaudited
Unaudited
Audited
Six months to
31 March 2026
Six months to
31 March 2025
Eighteen months to 30 September 2025
£'000
£'000
£'000
Cash flows from operating activities:
Group profit / (loss) after tax
(203)
(635)
(233)
Adjustments for:
Gain on bargain purchase / fair value adjustment
-
144
(895)
Amortisation of intangible assets
40
28
82
Depreciation of property, plant and equipment
209
225
583
Share-based payments
61
61
171
Net finance income
(51)
(44)
(21)
Tax charge / (credit) in year
19
-
(3)
(Increase) / decrease in trade and other receivables
(519)
(39)
11
(Increase) / decrease in inventories
(66)
36
(206)
Taxation received
-
(6)
142
Increase / (decrease) in trade and other payables
(248)
243
176
Net cash flow from operating activities
(758)
13
(193)
Cash flows from investing activities:
Purchase of property plant and equipment
(41)
(27)
(161)
Proceeds from disposal of tangible assets
11
1
4
Acquisition of subsidiary (net of cash acquired)
-
(115)
98
Interest paid
(21)
(32)
(77)
Interest received
49
57
133
Net cash flow from investing activities
(2)
(116)
(3)
Cash flows from financing activities:
Proceeds from borrowing
-
19
49
Repayment of borrowings and leasing liabilities
(143)
(152)
(508)
Proceeds from share issue
-
-
-
Net cash flow from financing activities
(143)
(133)
(459)
Net increase / (decrease) in cash and cash equivalents
(903)
(236)
(655)
Cash and cash equivalents at beginning of the period
3,250
3,779
3,931
Effect of foreign exchange rate changes
18
24
(26)
Cash and cash equivalents at end of the period
2,365
3,567
3,250
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
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 30 September 2024
3,103
13,709
11,840
(1,438)
123
(19,351)
7,986
Share based payments
-
-
-
61
-
-
61
Transactions with owners
-
-
-
61
-
-
61
Adjustment to business combinations
-
-
-
-
(22)
-
(22)
Total comprehensive income for the period
-
-
-
2
(7)
(628)
(633)
Balance at 31 March 2025
3,103
13,709
11,840
(1,375)
94
(19,979)
7,392
Share based payments
-
-
-
61
-
-
61
Transactions with owners
-
-
-
61
-
-
61
Adjustment to business combinations
-
-
-
-
(45)
-
(45)
Total comprehensive income for the period
-
-
-
9
(8)
(224)
(223)
Balance at 30 September 2025
3,103
13,709
11,840
(1,305)
41
(20,203)
7,185
Share based payments
-
-
-
61
-
-
61
Transactions with owners
-
-
-
61
-
-
61
Total comprehensive income for the period
-
-
-
(5)
(2)
(201)
(208)
Balance at 31 March 2026
3,103
13,709
11,840
(1,249)
39
(20,404)
7,038
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Reporting entity
The interim consolidated financial statements cover the consolidated entity RUA Life Sciences plc and the entities it controlled at the end of, or during, the interim period to 31 March 2026 ("the Group").
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
RUA Life Sciences plc is the ultimate parent company of the Group, whose principal activities are the contract design and manufacture of medical devices and the exploitation of the value of its IP and know-how.
2. Basis of preparation
The condensed consolidated financial statements comprise the unaudited results for the six months ended 31 March 2026 and 31 March 2025, together with the audited results for the period ended 30 September 2025. The financial information contained in this interim report does not constitute statutory accounts as defined in section 435 of the Companies Act 2006.
These condensed consolidated interim financial statements have been prepared in accordance with the requirements of IAS 34, "Interim Financial Reporting". They do not include all of the information required for full annual financial statements and should be read in conjunction with the audited consolidated financial statements of the Group for the period ended 30 September 2025, which have been filed with the Registrar of Companies.
The condensed consolidated interim financial statements have been prepared using the accounting policies set out in the Group's audited consolidated financial statements for the period ended 30 September 2025 and in accordance with the recognition and measurement principles of IFRS issued and effective at that date. The accounting policies have been applied consistently throughout the Group.
The Group's trading operations are not materially seasonal or cyclical; however, working capital requirements are typically higher in the six-month period to March. There were no material changes in estimates or unusual items during the six months ended 31 March 2026, other than as disclosed in these condensed consolidated interim financial statements.
The figures for the period ended 30 September 2025 have been extracted from the audited statutory accounts, which were approved by the Board of Directors on 29 January 2026. The Independent Auditor's Report on those financial statements was unqualified and did not contain any statements under sections 498(2) or 498(3) of the Companies Act 2006.
The financial information is presented in pounds Sterling, which is the functional and presentational currency of the Group. Balances are rounded to the nearest thousand pounds (£'000), except where otherwise indicated.
The condensed consolidated interim financial statements were approved by the Board of Directors on 29 June 2026.
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 at least the 12-month period 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 24-26 of the Annual Report 2025, a copy of which is available on the Company's website www.rualifesciences.com
Profit/(Loss) per shareProfit/(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 2025: 62,060,272 and 30 September 2025: 62,060,272).
Alternative Performance Measures
The Group uses adjusted EBITDA as an alternative performance measure to monitor underlying trading performance. Adjusted EBITDA is calculated as operating loss before depreciation, amortisation, share-based payments and other non-cash items, including fair value movements and gains arising from business combinations.
RECONCILIATION OF STATUTORY FIGURES TO ALTERNATIVE PERFORMANCE MEASURES (APM'S)
Unaudited
Unaudited
Audited
Six months to
31 March 2026£'000
Six months to
31 March 2025
£'000
Eighteen months to 30 September 2025
£'000
Operating Loss
(234)
(685)
(257)
Amortisation
40
28
82
Depreciation
209
225
583
EBITDA
15
(432)
408
Gain on bargain purchase / fair value adjustment
-
144
(895)
Share-based payments
61
61
171
Adjusted EBITDA
76
(227)
(316)
Dividends
No dividends were paid or proposed during the six months ended 31 March 2026.
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.
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 the sale of goods and services. Segment results, assets, and liabilities include items directly attributable to a segment as well as those that can be reasonably allocated.
The Group's revenue from continuing operations to destinations outside the UK amounted to 100% (6 months to 31 March 2025: 100%; 18-month period to 30 September 2025: 100%). The revenue analysis below is based on the country of registration of the customer:
Disaggregation of Revenue:
Analysis of revenue by geographical locationUnaudited
Unaudited
Audited
Six months to
31 March 2026£'000
Six months to
31 March 2025£'000
Eighteen months to 30 September 2025
£'000
Europe
645
631
1,173
North America
2,055
1,910
5,396
Middle East
28
24
81
Asia Pacific
18
23
37
Africa
1
1
2
Total
2,747
2,589
6,689
The Group's unaudited revenue for six months to 31 March 2026 is segmented as follows:
Analysis of revenue by income stream
BiomaterialsMedical Devices & Components
VascularStructural Heart
Central and unallocated
Total
£'000
£'000
£'000
£'000
£'000
£'000
Manufacture and sale of
medical devices and components
-
2,253
4
-
-
2,257
Royalty revenue
490
-
-
-
-
490
Total
490
2,253
4
-
-
2,747
Analysis of revenue by geographical location
BiomaterialsMedical Devices & Components
VascularStructural Heart
Central and unallocated
Total
£'000
£'000
£'000
£'000
£'000
£'000
Europe
149
492
4
-
-
645
North America
313
1,742
-
-
-
2,055
Middle East
28
-
-
-
-
28
Asia Pacific
-
18
-
-
-
18
Africa
-
1
-
-
-
1
Total
490
2,253
4
-
-
2,747
Timing of revenue recognition
BiomaterialsMedical Devices & Components
VascularStructural Heart
Central and unallocated
Total
£'000
£'000
£'000
£'000
£'000
£'000
Products or services transferred at a point in time
490
2,093
4
-
-
2,587
Products or services transferred over time
-
160
-
-
-
160
Total
490
2,253
4
-
-
2,747
The Group's unaudited revenue for six months to 31 March 2025 is segmented as follows:
Analysis of revenue by income stream
BiomaterialsMedical Devices & Components
VascularStructural Heart
Central and unallocated
Total
£'000
£'000
£'000
£'000
£'000
£'000
Manufacture and sale of
medical devices and components
-
2,240
-
-
-
2,240
Royalty revenue
349
-
-
-
-
349
Total
349
2,240
-
-
-
2,589
Analysis of revenue by geographical location
BiomaterialsMedical Devices & Components
VascularStructural Heart
Central and unallocated
Total
£'000
£'000
£'000
£'000
£'000
£'000
Europe
158
473
-
-
-
631
North America
167
1,743
-
-
-
1,910
Middle East
24
-
-
-
-
24
Asia Pacific
-
23
-
-
-
23
Africa
-
1
-
-
-
1
Total
349
2,240
-
-
-
2,589
Timing of revenue recognition
BiomaterialsMedical Devices & Components
VascularStructural Heart
Central and unallocated
Total
£'000
£'000
£'000
£'000
£'000
£'000
Products or services transferred at a point in time
349
2,212
-
-
-
2,561
Products or services transferred over time
-
28
-
-
-
28
Total
349
2,240
-
-
-
2,589
The Group's audited revenue for eighteen months to 30 September 2025 is segmented as follows:
Analysis of revenue by income stream
BiomaterialsMedical Devices & Components
VascularStructural Heart
Central and unallocated
Total
£'000
£'000
£'000
£'000
£'000
£'000
Manufacture and sale of
medical devices and components
-
5,759
16
-
-
5,775
Royalty revenue
914
-
-
-
-
914
Total
914
5,759
16
-
-
6,689
Analysis of revenue by geographical location
BiomaterialsMedical Devices & Components
VascularStructural Heart
Central and unallocated
Total
£'000
£'000
£'000
£'000
£'000
£'000
Europe
158
999
16
-
-
1,173
North America
675
4,721
-
-
-
5,396
Middle East
81
-
-
-
-
81
Asia Pacific
-
37
-
-
-
37
Africa
-
2
-
-
-
2
Total
914
5,759
16
-
-
6,689
Timing of revenue recognition
BiomaterialsMedical Devices & Components
VascularStructural Heart
Central and unallocated
Total
£'000
£'000
£'000
£'000
£'000
£'000
Products or services transferred at a point in time
914
5,567
-
-
-
6,481
Products or services transferred over time
-
192
16
-
-
208
Total
914
5,759
16
-
-
6,689
The Group's unaudited segmental analysis for six months to 31 March 2026 is segmented as follows:
BiomaterialsMedical Devices & Components
VascularStructural Heart
Central and unallocated
Total
£'000
£'000
£'000
£'000
£'000
£'000
Consolidated group revenues from external customers
490
2,253
4
-
-
2,747
Contributions to group operating loss
472
366
(70)
(166)
(836)
(234)
Depreciation
-
156
40
7
6
209
Amortisation of intangible assets
-
22
14
-
4
40
Segment assets
498
4,798
602
185
2,515
8,598
Segment liabilities
6
1,283
95
-
176
1,560
Intangible assets - goodwill
-
301
-
-
-
301
Other intangible assets
-
183
125
-
-
308
Additions to non-current assets
-
38
-
2
1
41
The Group's unaudited segmental analysis for six months to 31 March 2025 is segmented as follows:
BiomaterialsMedical Devices & Components
VascularStructural Heart
Central and unallocated
Total
£'000
£'000
£'000
£'000
£'000
£'000
Consolidated group revenues from external customers
349
2,240
-
-
-
2,589
Contributions to group operating loss
338
(537)
(336)
(221)
71
(685)
Depreciation
-
210
23
7
(15)
225
Amortisation of intangible assets
-
24
-
-
4
28
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
-
9
-
1
17
27
The Group's audited segmental analysis for 18 months to 30 September 2025 is segmented as follows:
BiomaterialsMedical Devices & Components
VascularStructural Heart
Central and unallocated
Total
£'000
£'000
£'000
£'000
£'000
£'000
Consolidated group revenues from external customers
914
5,759
16
-
-
6,689
Contributions to group operating loss
854
1,702
(885)
(943)
(985)
(257)
Depreciation
-
322
177
21
62
583
Amortisation of intangible assets
-
71
-
-
11
82
Segment assets
95
3,816
902
191
4,113
9,117
Segment liabilities
-
1,351
166
12
403
1,932
Intangible assets - goodwill
-
301
-
-
-
301
Other intangible assets
-
156
139
-
53
348
Additions to non-current assets
-
106
2
5
48
161
4. OTHER INCOME
Unaudited
Unaudited
Audited
Six months to
31 March 2026
Six months to
31 March 2025
Eighteen months to 30 September 2025
£'000
£'000
£'000
Government grants
14
14
44
Rental income
4
8
28
Gain on bargain purchase
-
-
895
Movement in fair value of net assets from business combinations
-
(144)
-
Miscellaneous income
4
1
47
22
(121)
1,014
5. GOODWILL
Goodwill arose on the acquisition of RUA Medical Devices Limited in April 2020.
£'000
Gross carrying amount
Balance at 30 September 2024
301
Balance at 31 March 2025
301
Balance at 30 September 2025
301
Balance at 31 March 2026
301
No impairment review has been carried out in the six-month period.
6.
OTHER INTANGIBLE ASSETS
Development costs
Intellectual property
Customer related (CM)
Technology based
(CM)
Total
£'000
£'000
£'000
£'000
£'000
Gross carrying amount
At 30 September 2024
516
3,325
247
147
4,235
Additions
-
-
-
-
-
Acquired in business combination
212
5
-
-
217
At 31 March 2025
728
3,330
247
147
4,452
Additions
-
-
-
-
-
Movement in fair value of intangibles from business combinations
(391)
-
-
-
(391)
At 30 September 2025
337
3,330
247
147
4,061
Additions
-
-
-
-
-
At 31 March 2026
337
3,330
247
147
4,061
Amortisation
At 30 September 2024
347
3,125
131
63
3,666
Charge
-
7
14
7
28
Movement in fair value of intangibles from business combinations
381
2
-
-
383
At 31 March 2025
728
3,134
145
70
4,077
Charge
-
1
15
13
29
Movement in fair value of intangibles from business combinations
(391)
(3)
-
-
(394)
Exchange rate difference
-
1
-
-
1
At 30 September 2025
337
3,133
160
83
3,713
Charge
-
18
15
7
40
At 31 March 2026
337
3,151
175
90
3,753
Net book value
At 31 March 2025
-
196
102
77
375
At 30 September 2025
-
197
87
64
348
At 31 March 2026
-
179
72
57
308
7. PROPERTY, PLANT AND EQUIPMENT
Land & buildings
Assets under construction
Plant & machinery
Office equipment
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 30 September 2024
1,989
-
2,120
102
34
4,245
Additions
-
-
7
1
19
27
Acquired through business combinations
3
-
331
3
-
337
Disposals
-
-
(1)
-
-
(1)
At 31 March 2025
1,992
-
2,457
106
53
4,608
Additions
1
-
69
3
20
93
Acquired through business combinations
-
-
1
1
33
35
Disposals
-
-
(3)
-
-
(3)
At 30 September 2025
1,993
-
2,524
110
106
4,733
Additions
-
-
13
13
15
41
Disposals
-
-
(11)
-
-
(11)
At 31 March 2026
1,993
-
2,526
123
121
4,763
Depreciation
At 30 September 2024
261
-
852
71
33
1,218
Charge
63
-
151
8
3
225
At 31 March 2025
324
-
1,003
79
36
1,442
Charge
73
-
102
6
8
189
Acquired through business combinations
2
-
15
-
13
30
Exchange rate difference
(2)
-
-
-
-
(2)
At 30 September 2025
397
-
1,120
85
57
1,659
Charge
65
-
124
5
14
208
Exchange rate difference
-
-
1
-
-
1
At 31 March 2026
462
-
1,245
90
71
1,868
Net book value
At 31 March 2025
1,668
-
1,454
27
17
3,166
At 30 September 2025
1,596
-
1,404
25
49
3,074
At 31 March 2026
1,531
-
1,281
33
50
2,895
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
£'000
£'000
£'000
£'000
Cost
At 30 September 2024
653
399
33
1085
Additions
-
-
19
19
Acquired through business combinations
3
-
-
3
At 31 March 2025
656
399
52
1,107
Additions
-
-
22
22
Acquired through business combinations
-
-
29
29
At 30 September 2025
656
399
103
1,158
Additions
-
-
-
-
At 31 March 2026
656
399
103
1,158
Depreciation
At 30 September 2024
5
98
33
136
Charge
45
8
3
56
At 31 March 2025
50
106
36
192
Charge
45
25
5
75
Acquired through business combinations
-
-
14
14
At 30 September 2025
95
131
55
281
Charge
47
19
13
79
At 31 March 2026
142
150
68
360
Net book value
At 31 March 2025
606
293
16
915
At 30 September 2025
561
268
48
877
At 31 March 2026
514
249
35
798
8. INVENTORIES
Inventories consist of the following:
Unaudited
Unaudited
Audited
Six months to
31 March 2026
Six months to
31 March 2025
Eighteen months to 30 September 2025
£'000
£'000
£'000
Raw materials
416
215
395
Work in progress
454
372
253
Finished goods
90
167
246
960
754
894
9. TRADE AND OTHER RECEIVABLES
Unaudited
Unaudited
Audited
Six months to
31 March 2026
Six months to
31 March 2025
Eighteen months to 30 September 2025
£'000
£'000
£'000
Current:
Trade receivables - gross
963
519
729
Allowance for credit losses
-
-
-
Trade receivables net
963
519
729
Accrued income
346
231
86
Tax credit due
142
-
142
Prepayments and other receivables
318
342
293
1,769
1,092
1,250
10. CASH AND CASH EQUIVALENTS
Unaudited
Unaudited
Audited
Six months to
31 March 2026
Six months to
31 March 2025
Eighteen months to 30 September 2025
£'000
£'000
£'000
Cash at bank and in hand
2,365
3,567
3,250
2,365
3,567
3,250
11. BORROWINGS & LEASE LIABILITIES
Unaudited
Unaudited
Audited
Six months to
31 March 2026
Six months to
31 March 2025
Eighteen months to 30 September 2025
£'000
£'000
£'000
Current:
Bank loans
12
234
73
Lease liabilities
154
156
161
166
390
234
Non-current:
Bank loans
-
19
-
Lease liabilities
485
620
560
485
639
560
Total borrowings & lease liabilities
651
1,029
794
Bank loans
Lease liabilities
Total
£'000
£'000
£'000
Repayable in less than 6 months
12
79
91
Repayable in 7 to 12 months
-
75
75
Repayable in 1 to 5 years
-
464
464
Repayable after 5 years
-
21
21
12
639
651
£12,000 of bank loans is an unsecured government support loan. Unsecured bank loans carry an effective interest rate of 9%.
The lease liabilities are secured by the related underlying assets. Lease borrowings carry fixed interest rates ranging from 4.0% to 9.6%.
Reconciliation of change in lease liabilities:
£'000
At 1 October 2024
859
Payment of lease liability - principal
(85)
Payment of lease liability - interest
(25)
Interest expense
25
Additions
19
Movement in fair value of liabilities from business combinations
(17)
Disposals
-
At 31 March 2025
776
Payment of lease liability - principal
(105)
Payment of lease liability - interest
(25)
Interest expense
25
Additions
22
Movement in fair value of liabilities from business combinations
28
Disposals
-
At 30 September 2025
721
Payment of lease liability - principal
(84)
Payment of lease liability - interest
(21)
Interest expense
21
Exchange rate difference
2
At 31 March 2026
639
12. TRADE AND OTHER PAYABLES
Unaudited
Unaudited
Audited
Six months to
31 March 2026
Six months to
31 March 2025
Eighteen months to 30 September 2025
£'000
£'000
£'000
Current liabilities:
Trade payables
180
110
172
Other payables
96
105
71
Other taxes and social securities
118
75
214
Accruals and deferred income
271
393
442
665
683
899
Other liabilities (grant income)
58
87
72
Total Trade and Other Payables
723
770
971
Deferred grant income is included within other liabilities in the consolidated statement of financial position, £29,000 (2025: £29,000) is included in current liabilities, and £29,000 (2025: £58,000) is included in non-current Liabilities.
13. SUBSEQUENT EVENTS
On 11 May 2026, following completion of the spinout financing announced by the Company on 12 May 2026, the Group lost control of RUA Structural Heart Limited ("RSH") for the purposes of IFRS 10 Consolidated Financial Statements. Although the Group retains 100% of RSH's ordinary equity share capital, RSH will cease to be consolidated from that date and will instead be accounted for as an investment.
As this occurred after the period end, it has been treated as a non-adjusting subsequent event, and no adjustment has been made to the interim financial information for the period ended 31 March 2026.
14. ISSUED SHARE CAPITAL
The Company's issued share capital as at 31 March 2026 comprises 62,060,272 Ordinary Shares of which none are held in treasury.
No ordinary shares were issued, repurchased or cancelled during the period.
15. INTERIM ANNOUNCEMENT
The interim results announcement was released on 30 June 2026. A copy of this Interim Report is also available on the Group's website www.rualifesciences.com.
BOARD OF DIRECTORS AND ADVISORS
W Brown
- CEO
L Smith
- Group CFO
G Berg
- Non-Executive Chairman
I Ardill
- Non-Executive Director
J Ely
- Non-Executive Director
J McKenna
- Non-Executive Director
COMPANY SECRETARY
L Smith
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
REGISTRARS
NOMINATED ADVISORS & STOCKBROKERS
Equiniti Limited
Cavendish Capital Markets Limited
Aspect House
1 Bartholomew Close
Spencer Road
London
Lancing
EC1A 7BL
West Sussex
BN99 6DA
LAWYERS
INDEPENDENT AUDITOR
Burness Paull LLP
RSM Audit UK LLP
50 Lothian Road
G1, 5 George Square
Festival Square
Glasgow
Edinburgh
G2 1DY
EH3 9WJ
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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