REG - SkinBioTherapeutics - Half-year Report
26/03/2025 07:16
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RNS Number : 1555C SkinBioTherapeutics PLC 26 March 2025
SkinBioTherapeutics plc
("SkinBioTherapeutics" or "the Group")
Half Year results for the six months ended 31 December 2024
26 March 2025, SkinBioTherapeutics plc (AIM: SBTX), a life science group
focused on skin health, announces its half year results for the six months to
31 December 2024.
Operational highlights
· SkinBiotix: Croda studies completed which will support marketing
claims for official launch on 8-10 April 2025 at the world's largest cosmetic
ingredients exhibition, the in-cosmetics Global 2025 event in Amsterdam.
· AxisBiotix:
o Sales continue to grow in UK and Europe, with strong customer retention;
active dialogue with the USA's National Psoriasis Foundation for official
endorsement. Discussions ongoing with two high street chains.
o Acne: continuing to work on best formulation for commercial launch;
commercialisation preferably with a partner.
· Acquisitions:
o Dermatonics fully integrated and performing as expected; Once Heel Balm
being sold by Umesh Modi Group, starting with its home market in India.
o Bio-Tech Solutions (BTS) acquired for £1.25m in October 2024, adding
manufacture and packaging of health, hygiene and personal care products, and a
future development platform for topical products. Integration complete and
performance in line with expectations.
· R&D programmes: the Board is reviewing the whole R&D
portfolio to establish which programmes to take forward for future
commercialisation
· Appointment of Dr Surinder 'Dass' Chahal, formerly a senior Croda VP,
as Cosmetic Science / Customer Alliances Advisor to the Board
Financial highlights
· Revenues up significantly to £1.58m (HY24: £0.11m) reflecting 20%
growth in AxisBiotix sales and addition of Dermatonics revenues, £1.03m
(HY24: £0.91m), and BTS sales of £0.42m (HY24: £0.39m) from 12 October
2024.
· Operating loss reduced by 25% to £1.04m (HY24: loss £1.39m)
· Cash and cash equivalents as at 31 December 2024 was £1.24m (at 30
June 24: £0.80m), strengthened by positive cashflows from the newly acquired
businesses, plus by two placings in the period.
· Financial transactions
o July 2024: Closure of £5.0m convertible bond facility in July 2024.
o August 2024: Investment of £1.56m from new investors.
o October 2024: To support acquisition of BTS, loan of £950,000 taken on
with an existing shareholder, David Brierwood and a subscription for 2,349,624
new Ordinary Shares at 10.64p raising £250,000 and 3,289,474 warrants
exercisable at the issue price.
· Trading update and outlook: Following the completion of the second
acquisition, BTS, during H1 25, the Group is in a much stronger financial and
operational position, creating a platform to reach profitability in the medium
term. Trading continues in line with expectations in all Group entities for
the full year to June 2025, reflecting strong BTS revenues since acquisition,
elements of seasonality in the Dermatonics business, and strong sales in the
first few months of calendar year 2025.
Stuart Ashman, CEO of SkinBioTherapeutics plc, said:
"Last year represented a drive for growth through the original corporate
platform plus the acquisition of value-added businesses (the M&A strategy)
to bring scale and synergies.
"The commercialisation by Croda of the SkinBiotix lysate has begun and we look
forward to sharing the marketing information with shareholders upon its
official launch in April.
"AxisBiotix, targeting symptoms of psoriasis, continues to have a strong
customer retention and we are focused on finding the best commercial form for
our acne product, which received very positive feedback in the Company's
consumer study.
"We also completed our second acquisition of the manufacturing and packaging
company, BTS. The team's expertise in the health, hygiene and personal care
products provides not only new sources of revenue and cash, but also offers an
opportunity as a future development platform for our own topical products.
With our first acquisition Dermatonics, integration is now complete and we are
seeing traction for sales via the Umesh Modi Group partnership.
"The big focus for the second half of the financial year will be the official
commercial launch of the SkinBiotix lysate to the global skincare and cosmetic
industry by Croda next month. We are very excited about this and will report
back to shareholders once it's occurred.
"As stated in our Full Year results, our future financial profile has changed
significantly across all metrics."
HY results presentation webinar
Because of the imminent launch of SkinBiotix by Croda, the management team
will hold an Investor Meet Company presentation at 11am BST on 16 April 2025.
At this presentation, the team will update shareholders on both the HY results
and the launch.
The presentation will be open to all existing and potential
SkinBioTherapeutics shareholders. Questions can be submitted pre-event via the
Investor Meet Company dashboard
(https://www.investormeetcompany.com/companies/skinbiotherapeutics-plc) up
until 15 April 2025, 09.00am BST, or at any time during the live presentation.
Investors who already follow SkinBioTherapeutics plc on the Investor Meet
Company platform will automatically be invited.
Investors who already follow SkinBioTherapeutics on the Investor Meet Company
platform will automatically be invited. Investors can sign up to Investor Meet
Company for free at https://www.investormeetcompany.com/.
For more information please contact:
SkinBioTherapeutics plc +44 (0) 191 495 7325
Stuart J. Ashman, CEO
Manprit Randhawa, CFO
Cavendish Capital Markets Limited (Nominated Adviser & Broker) +44 (0) 20 7397 8900
Giles Balleny, Dan Hodkinson (Corporate Finance)
Charlie Combe (Broking)
Dale Bellis, Tamar Cranford-Smith (Sales)
Vigo Consulting (financial media) +44 (0) 20 7390 0231
Rozi Morris
Skinbio@vigoconsulting.com (mailto:Skinbio@vigoconsulting.com)
Notes to Editors
About SkinBioTherapeutics plc
SkinBioTherapeutics is a life science company focused on skin health. The
Group's proprietary platform technology, SkinBiotix(®), is based upon
discoveries made by the translational dermatology team at the University of
Manchester.
The Group's foundation business is targeting the skin healthcare market via
five pillars, the most advanced of which are cosmetic skincare (SkinBiotix)
and food supplements to modulate the immune system by harnessing the gut-skin
axis (AxisBiotix). The cosmetic pillar has a partnership with Croda plc and
the Group's first in-house product, AxisBiotix-Ps™, is a food supplement to
address the symptoms of mild to moderate psoriasis.
The Group is also acting as a consolidator and is making acquisitions in
complementary areas such as skin care and cosmetic applications, that also
bring new distribution and geographical platforms, and manufacturing
capabilities through which it can funnel its in-house pillar products.
The Company listed on AIM in April 2017 and is based in Newcastle, UK. For
more information, visit: www.skinbiotherapeutics.com
(http://www.skinbiotherapeutics.com) .
Chairman and Chief Executive's Statement
The 6 months to 31 December 2024 has continued at the same fast pace as H1
FY24. The focus has been to increase growth by driving the platform and
M&A strategies. Under the platform strategy, the Croda partnership has
moved on significantly in the period through the completion of the successful
clinical studies in September 2024. We are now anticipating the global launch
by Croda of our lysate in April 2025 at the in-cosmetics Global 2025 event in
Amsterdam. With our M&A strategy, we completed the integration of our
first acquisition, Dermatonics (acquired in January 2024), and in October
2024, completed and integrated our second acquisition, Bio-Tech Solutions
(BTS).
During the period, we also strengthened the financial position of the Group.
Firstly, we received support from a long standing shareholder, David
Brierwood, who supported the acquisition of BTS through a loan and investment.
Secondly, we received finance via a placing of shares in August 2024 from
Premier Miton and Cynosure Capital which raised £1.44m. The Board closed the
convertible bond facility with Macquarie Bank and CLG Capital in July 2024.
In summary, by the end of HY25, management can report the Group is in a much
stronger financial position compared to the same period in 2024, with both the
platform business and two new acquisitions performing in line with
expectations. Looking forward, excitement is growing with the global launch by
Croda of our lysate.
Financial review
Total revenue for the half year was up significantly to £1.58m (HY24:
£0.11m) following the acquisitions of Dermatonics and Bio-Tech Solutions in
2024. AxisBiotix-Ps sales increased by 20% to £0.13m (HY24: £0.10m) as a
result of an increase in subscriber numbers and further expansion in European
sales. Dermatonics revenues increased by 14% to £1.03m (HY24: £0.91m) due to
expansion in Amazon orders in the UK and USA. The acquisition of BTS
contributed revenues of £0.42m (HY24: £0.39m) from the 12 October 2024,
being the first day since the acquisition, to 31 December 2024. On a
like-for-like half-year basis, Bio-Tech Solutions revenues were £1.11m (HY24:
£0.97m)
Cost of sales rose to £0.70m (HY24: £0.04m) reflecting the impact of the
acquisitions of Dermatonics and Bio-Tech Solutions, as well as rise in sales
volumes of AxisBiotix-Ps.
Gross profit increased to £0.88m (HY24: £0.07m) as a result of the increase
in revenues. Gross profit margins reduced to 55% (HY24: 64%) due to the mix of
Dermatonics and Bio-Tech Solutions products as well as rising costs of raw
materials for AxisBiotix-Ps.
Total operational costs were £1.91m (HY24: £1.45m) comprising, selling and
distribution costs of £0.13m (HY24: £0.05m), research and development costs
of £0.01m (HY24: £0.25m) and operating expenses of £1.77m (HY24: £1.16m).
Overall, there was a marginal rise in costs largely through inflation.
Expenses rose in line with the increase in sales of products. The fall in
R&D costs reflected the completion of the first phases of the oral and
inflammation research programmes.
The operating loss reduced by 25% to £1.04m (HY24: loss £1.39m). The loss
after tax for the period was £1.03m (HY24: £1.33m).
The cash and cash equivalents balance as at 31 December 2024 was £1.24m (at
30 June 24: £0.80m). The balance was increased by the £1.44m (net of
expenses) placing in August 2024.
Current trading and outlook
The commercialisation by Croda of the SkinBiotix lysate has begun. Due to the
highly confidential nature of its business and market, shareholders will only
see the impact from the Croda partnership upon our financial results at full
year end, and long term, we believe the potential enhanced commercial
opportunities could be considerable. Management looks forward to sharing news
of the industry launch on 9 April and we will be holding an Investor Meets
Company presentation on 16 April 2025 to report on it in more detail.
With the implementation of the M&A strategy in 2023, the Group has changed
significantly from a commercial perspective. Following the completion of the
second acquisition of BTS in October 2024, the Group is in a much stronger
financial and operational position than it was in the prior period. The
acquisition of Dermatonics (in January 2024) and BTS (in October 2024) has
also created a number of synergies for existing products, new sales channels
and manufacturing capabilities. In addition, these acquisitions have provided
the wider Group with complementary skills and experiences through the staff
that have been integrated into the Group.
Trading continues to be in line with market expectations in all Group
entities, reflecting strong BTS revenues since acquisition, elements of
seasonality in the Dermatonics business, and strong sales in the first few
months of calendar year 2025, and providing the platform for the Group to
reach profitability in the medium term.
M&A Strategy
During the half year period, the Group closed its second acquisition, BTS, a
manufacturing business, for total consideration of £1.25m (no earn-out). BTS
is a specialist health, hygiene and personal care product manufacturing and
packaging business, with the potential in the future to become a development
platform for advanced topical creams.
This acquisition followed that of Dermatonics Limited earlier in the calendar
year, which is a specialist in innovative topical and dermatological products
in the skincare/woundcare space. The financial details of the deal were for an
initial £1.68m upfront payment plus an earn-out over three years of up to
£1.25m based on performance criteria.
Both acquisitions are accretive, and the transactions were undertaken on a
cash-free and debt-free basis.
The Company is continuing to pursue its M&A strategy but will only
complete deals for businesses which provide significant revenue and
profitability opportunities to the existing Group, as well as synergies from
financial and product perspectives.
Operational review
Biotix division
SkinBiotix (skincare/cosmetics)
We have had a commercial and manufacturing agreement with Croda plc since
2019. Croda is a specialist manufacturer of ingredients which it supplies to
the international cosmetics and FMCG industry. It has been investigating the
use of SkinBiotix as a novel bioactive ingredient.
In September 2024, Croda successfully completed clinical trials which will
support the marketing claims that it will make to its customers with the
launch of the lysate.
The formal launch of SkinBiotix as an active ingredient is taking place at
in-cosmetics Global 2025, the world's largest cosmetic ingredients exhibition,
in Amsterdam (8th-10th April 2025). Following this event, we will update the
market on the key points from the launch as well as the marketing claims being
made by Croda in a presentation to shareholders.
As part of the commercial terms, all details about formulation, functionality
and Croda's financial expectations remain confidential due to the
competitiveness of the cosmetics market.
Sales and distribution rights are for the cosmetic sector alone, leaving
SkinBioTherapeutics to focus on further applications of its technology in
other sectors.
AxisBiotix Pillar (gut-skin axis)
AxisBiotix-Ps, the psoriasis food supplement is being sold in the UK and
Europe, through our online website as well as through Amazon where we are
beginning to see increasing activity and sales. Our primary focus for the
interim period has been continuing to grow sales and subscribers in the UK and
Europe, directly and via the Amazon platform, whilst maintaining high customer
retention. The retention rate is measured as the number of subscribers who
remain a subscriber at the end of each monthly period, compared to the same
cohort that were in existence at the start of a month period.
The Group is in active dialogue with the National Psoriasis Foundation in the
USA with regards to official endorsement, which would provide significant
marketing opportunities for the product.
Following the successful consumer study for an acne product in early 2024, we
continue to establish the best formulation for commercial launch e.g. in gel
or gum form. The aim is to commercialise once the optimal version has been
created, either through our online website or, our preferred route, with a
partner.
The Group remains in discussions with two high street chains who are exploring
the psoriasis and acne formulations for launch into their stores during 2025.
Research & Development
MediBiotix is developing SkinBiotix for accelerated wound closure. Project
Epiderm, the programme with the University of Manchester (Professors
Cruickshank and McBain) continues to progress and we will update the market on
the outcome of the programme as we near its endpoint. This programme is being
joint funded by SBTX and grant funding. Due to the complexity, size and level
of regulation, an experienced multinational partner will be sought for this
technology.
We also have two other programmes ongoing with the University of Manchester in
oral health and inflammation.
The first extended phase of developing a new lysate for the oral programme is
complete and the Group remains in discussions with the University to establish
next steps, since it will require further funding.
The inflammation study is looking at how the microbiome can influence and
balance the body's response to inflammation specifically related to harmful
UVR (sunlight) light. The programme will run until June 2025.
As announced in the full year results 2024, in light of the recent
acquisitions, the Board is continuing to review its whole R&D portfolio to
determine which programmes have the greatest potential for future
commercialisation.
Dermatonics
For the six months ended 31 December 2024, Dermatonics reported revenues of
£1.03m (HY24: £0.90m) assisted by the increased sale of products into the
NHS and podiatry clinics, at higher price points negotiated in February 2023,
as well as growth in key distributor relationships outside of the UK,
including Amazon expansion in the UK and USA and the Umesh Modi partnership.
This division is performing in line with expectations.
In March 2024, Dermatonics launched its Once Heel Balm with its manufacturing
and distribution partner, the Umesh Modi Group. The product is being sold by
Umesh Modi's 1,200 sales people across six countries in Asia, the Middle East
and Africa. The total addressable market in these regions for dermatology and
diabetes management is in excess of £5bn. The focus of the launch has been on
Umesh Modi's home market, India, where the group is targeting 8,000
dermatologists and 9,000 retailers. Initial feedback has identified no issues
with the product and an acceptance of the brand is increasing daily with
dermatologists.
Talks with the Umesh Modi Group are ongoing with regards to the launch of
further products in the Dermatonics range. We will report on the progress in
our full year results.
Bio-Tech Solutions
On 11 October 2024, the Group made its second acquisition in Bio-Tech
Solutions Limited. The company specialises in manufacturing and packaging of a
range of health, hygiene and personal care products, based out of Driffield in
East Yorkshire. We are pleased to report that the integration of BTS into the
Group is now complete, and the business is performing in line with
expectations.
For the post acquisition period through to 31 December 2024, BTS reported
revenues of £0.42m (HY24: £0.39m) following growth in the existing customer
base and new client wins. This performance is in line with expectations and
management is confident in an uplift in growth in the future, as synergies
across the Group are realised.
Management updates
Dr. Surinder 'Dass' Chahal, formerly a senior Croda VP, was appointed as
Cosmetic Science / Customer Alliances Advisor to the Board in July 2024. Dass
is recognised as one of Croda's senior researchers in cosmetic ingredients and
he has been closely involved with SkinBioTherapeutics since the signing of the
commercial and manufacturing agreement in November 2019.
Conclusion
The focus for HY25 has been to keep driving momentum forward on all fronts -
both on the platform and M&A strategies.
The Croda clinical studies completion was a significant milestone in the
commercial launch of the lysate. The results of these studies are not
currently being disclosed but we understand they provided Croda with
validation of additional efficacy and marketing claims for Croda's
commercialisation team to use with potential customers. We now work towards
the highly anticipated global launch at in-cosmetics Global 2025 in Amsterdam.
AxisBiotix-Ps continues to grow in the UK and Europe, with the potential of
new markets if we receive endorsement from the National Psoriasis Foundation
in the USA. Discussions continue with high street partners in the UK for a
launch of both the psoriasis and acne food supplements.
From an M&A perspective, we completed the acquisition of BTS and it has
performed in line with expectations, with further growth forecasted as
synergies across the Group are realised. Both Dermatonics and BTS are now
fully integrated into the Group.
In this period, the Group has solidified its operational and financial
foundations, and is ready for further expansion for the rest of the calendar
year and beyond. The Board believes that its dual strategy will result in
Group profitability in the medium term, and increased shareholder value in the
medium to long term.
Martin Hunt (Non-executive Chairman)
Stuart J. Ashman (Chief Executive Officer)
26 March 2025
Consolidated Statement of Comprehensive Income
For the 6 months ended 31 December 2024
Notes 6 months to 6 months to 12 months to
31 Dec 2024
31 Dec 2023
30 Jun 2024
Unaudited Unaudited Audited
£ £ £
Continuing operations
Revenue 3 1,576,531 106,576 1,208,669
Cost of sales (698,967) (38,353) (525,631)
Gross profit 877,564 68,223 683,038
Selling and distribution (130,693) (50,862) (170,597)
Research and development (12,168) (247,969) (562,911)
Operating expenses (1,770,252) (1,155,610) (2,854,662)
Loss from operations (1,035,549) (1,386,218) (2,905,132)
Finance costs (5,752) (3,836) (43,760)
Loss before taxation (1,041,301) (1,390,054) (2,948,892)
Taxation 4 7,201 55,243 72,902
Loss for the period (1,034,100) (1,334,811) (2,875,990)
Total comprehensive loss for the period (1,034,100) (1,334,811) (2,875,990)
Basic and diluted loss per share (pence) 5 (0.46) (0.75) (1.54)
Consolidated Statement of Financial Position
As at 31 December 2024
As at As at As at
31 Dec 2024
31 Dec 2023
30 Jun 2024
Note
Unaudited Unaudited Audited
£ £ £
ASSETS
Non-current assets
Property, plant and equipment 421,325 70,545 44,357
Right-of-use assets 56,797 89,864 72,012
Goodwill 2,319,094 - 2,038,325
Intangible assets 1,932,453 761,173 1,388,959
Total non-current assets 4,729,669 921,582 3,543,653
Current assets
Inventories 828,033 46,947 472,419
Trade and other receivables 501,821 164,557 398,088
Corporation tax receivable - 237,789 -
Cash and cash equivalents 1,236,977 2,840,522 800,904
Total current assets 2,566,831 3,289,815 1,671,411
Total assets 7,296,500 4,211,397 5,215,064
EQUITY AND LIABILITIES
Equity
Capital and reserves
Called up share capital 6 2,284,359 1,903,629 2,022,552
Share premium 16,797,820 13,766,596 14,507,673
Other reserves 438,589 438,589 438,589
Accumulated deficit (15,033,033) (12,457,754) (13,998,933)
Total equity 4,487,735 3,651,060 2,969,881
Liabilities
Non-current liabilities
Lease liabilities 19,812 59,689 39,861
Long term loans 956,543 - -
Deferred consideration 250,000 - 250,000
Deferred tax 150,624 - 150,624
Total non-current liabilities 1,376,979 59,689 440,485
Current liabilities
Trade and other payables 723,340 463,287 498,560
Corporation tax payable 158,319 - 27,257
Lease liabilities 50,127 37,361 38,881
Convertible loan - - 740,000
Deferred consideration 500,000 - 500,000
Total current liabilities 1,431,786 500,648 1,804,698
Total liabilities 2,808,765 560,337 2,245,183
Total equity and liabilities 7,296,500 4,211,397 5,215,064
Consolidated Statement of Cash Flows
For the 6 months ended 31 December 2024
6 months to 6 months to 12 months to
31 Dec 2024
31 Dec 2023
30 Jun 2024
Unaudited Unaudited Audited
£ £ £
Cash flows from operating activities
Loss before tax for the period (1,041,301) (1,390,054) (2,948,892)
Net interest - - 36,816
Depreciation of property, plant and equipment 26,188 23,072 49,260
Right-of-use assets depreciation and interest 17,852 21,361 43,345
Amortisation of IP 110,316 683 83,368
(886,945) (1,344,938) (2,736,103)
Changes in working capital
Decrease/(Increase) in inventories (9,567) (13,450) 96,419
Decrease/(Increase) in trade and other receivables 166,178 28,314 166,842
Increase/(decrease) in trade and other payables (70,641) (35,395) (436,019)
Cash generated by/(used in) operations 85,970 (20,531) (172,758)
Taxation received - - 182,545
Net cash generated by/(used in) operating activities (800,975) (1,365,469) (2,726,316)
Cash flows from investing activities
Purchase of property, plant and equipment - (14,959) (14,959)
Purchase of IP (80,743) (61,525) (169,996)
Purchase of right-of-use assets (2,637) - (13,214)
Cash consideration (1,417,067) - (1,598,423)
Deferred consideration - - (500,000)
Net cash used in investing activities (1,500,447) (76,484) (2,296,592)
Cash flows from financing activities
Net proceeds from issue of shares 1,811,953 2,990,962 3,119,553
Net amounts raised from convertible loan - - 1,472,000
Net amounts raised from loans 950,000 - -
Interest paid (2,241) - (36,816)
Lease payments made (22,217) (20,321) (42,759)
Net cash gained by financing activities 2,737,495 2,970,641 4,511,978
Net increase/(decrease) in cash and cash equivalents 436,073 1,528,688 (510,930)
Cash and cash equivalents at the beginning of the period 800,904 1,311,834 1,311,834
Cash and cash equivalents at the end of the period 1,236,977 2,840,522 800,904
Consolidated Statement of Changes in Equity
For the 6 months ended 31 December 2024
Share capital Share premium Other reserves Retained earnings Total
£ £ £ £ £
As at 1 Jul 2023 1,731,390 10,947,874 438,589 (11,122,943) 1,994,910
Issue of shares 172,239 3,100,336 - - 3,272,575
Cost of share issue - (281,614) - - (281,614)
Loss for the period - - - (1,334,811) (1,334,811)
As at 31 Dec 2023 1,903,629 13,766,596 438,589 (12,457,754) 3,651,060
Loss for the period - - - (1,541,179) (1,541,179)
Issue of shares 118,923 741,077 - - 860,000
Cost of share issue - - - - -
As at 30 Jun 2024 2,022,552 14,507,673 438,589 (13,998,933) 2,969,881
Issue of shares 261,807 2,290,147 - - 2,551,954
Loss for the period - - - (1,034,100) (1,034,100)
As at 31 Dec 2024 2,284,359 16,797,820 438,589 (15,033,033) 4,487,735
Share capital is the amount subscribed for shares at nominal value.
Share premium is the amount subscribed for share capital in excess of nominal
value.
Other reserves arise from share options granted and exercised.
Retained earnings represents accumulated profit or losses to date.
Notes to the Consolidated Financial Statements
For the 6 months ended 31 December 2024
1. General information
SkinBioTherapeutics plc is a public limited company incorporated in England
under the Companies Act and quoted on the AIM market of the London Stock
Exchange (AIM: SBTX). The address of its registered office is The Core Bath
Lane, Newcastle Helix, Newcastle Upon Tyne, England, NE4 5TF.
The principal activity of the Group is that of research and development
focused on harnessing the microbiome for human health, and commercialisation
of these technologies, as well as the manufacture and sales of dermatological
products through acquired entities.
The financial information set out in this half yearly report does not
constitute statutory accounts as defined in Section 434 of the Companies Act
2006. The statutory financial statements for the year ended 30 June 2024,
prepared under UK-adopted International Accounting Standards ("IFRS"), have
been filed with the Registrar of Companies.
Copies of the annual statutory accounts and the Interim Report can be found on
the Company's website at www.skinbiotherapeutics.com.
2. Significant accounting policies and basis of
preparation
2.1 Statement of compliance
This Interim Report has been prepared using the historical cost convention, on
a going concern basis and in accordance with UK-adopted International
Accounting Standards ("IFRS"), IFRS Interpretations Committee (IFRIC) and the
Companies Act 2006 applicable to companies reporting under IFRS, using
accounting policies which are consistent with those set out in the financial
statements for the year ended 30 June 2024.
2.2 Application of new and revised International Financial
Reporting Standards (IFRSs)
There are no IFRSs or IFRIC interpretations that are effective for the first
time in this financial period that would be expected to have a material impact
on the Group.
3. Segmental reporting
In the opinion of the Directors, the Group consider there to be 4 operating
segments. Despite there being 4 operating segments, it is not currently
feasible to allocate assets and liabilities to the operating segments. As
these operating segments grow, we expect that allocation of assets and
liabilities will be possible. Administrative expenses are not segmented for
accounting purposes as the Board do not review these by segment currently.
6 months to 31 Dec 2024
UK US EU RoW Total
£ £ £ £ £
Sales of products 1,261,471 91,759 190,084 33,217 1,576,531
Cost of sales (575,190) (18,310) (90,117) (15,350) (698,967)
Gross profit 686,281 73,449 99,967 17,867 877,564
6 months to 31 Dec 2023
UK US EU RoW Total
£ £ £ £ £
Sales of products 99,719 4,180 2,677 - 106,576
Cost of sales (35,886) (1,504) (963) - (38,353)
Gross profit 63,833 2,676 1,714 - 68,223
Year ended 30 June 2024
UK US EU RoW Total
£ £ £ £ £
Sales of products 990,350 35,363 102,676 80,280 1,208,669
Cost of sales (444,616) (8,238) (39,862) (32,915) (525,631)
Gross profit 545,734 27,125 62,814 47,365 683,038
4. Taxation
Income taxes recognised in profit or loss 6 months to 6 months to 12 months to
31 Dec 2024
31 Dec 2023
30 Jun 2024
Current tax
Current period - UK corporation tax - - 4,476
R&D tax credit 7,201 55,243 68,426
Tax credit for the period 7,201 55,243 72,902
5. Loss per share
6 months to 6 months to 12 months to
31 Dec 2024
31 Dec 2023
30 Jun 2024
£ £ £
Basic and diluted loss per share
Loss after tax (£) (1,034,100) (1,334,810) (2,875,990)
Weighted average number of shares 223,011,781 176,883,221 186,287,360
Basic and diluted loss per share (pence) (0.46) (0.75) (1.54)
As the Group is reporting a loss from continuing operations for the period
then, in accordance with IAS 33, the share options are not considered dilutive
because the exercise of the share options would have an anti-dilutive
effect. The basic and diluted earnings per share as presented on the face of
the income statement are therefore identical.
6. Share capital
Issued share capital comprises 31 Dec 2024 31 Dec 2023 30 Jun 2024
£ £ £
228,435,909 ordinary shares of £0.01 each 2,284,359 1,903,629 2,022,552
7. Events after the reporting date
On 24 February 2025, David Brierwood exercised warrants for 3,289,474 new
ordinary shares. This exercise also reduced the outstanding loan owed to David
Brierwood from £950,000 to £600,000.
On 20 March 2025, Macquarie Bank exercised warrants for 250,000 new ordinary
shares.
No other events were reported after the announcement of the interim financial
statements.
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