RNS Number : 7941A
Time To ACT PLC
25 September 2025
25 September 2025
Time To ACT plc
("Time To ACT", "the Company" or "the Group")
Audited results for the year ended 31 March 2025
Time To ACT plc (AQSE: TTA), an engineering-led group focused on technology for the energy transition supply chain, announces its audited results for the year ended 31 March 2025.
Financial highlights
· Turnover of £2,281,394 (prior year £1,891,065). Growth of 21%.
· Compound annual growth rate for underlying turnover, 2022 to 2025, of 39%.
· Gross profit margin of 47% (43%).
· Cash at year end £964,555 (£1,887,904).
· IPO in May 2024 on Aquis Stock Exchange. Converted £553,858 of existing convertible loans into 1,384,645 new Ordinary Shares at 40p per share. Issued an additional 80,000 new Ordinary Shares at 50p per share.
· In May 2025, raised £274,000 through the issue of 685,000 new Ordinary Shares at 40p per share. Including £200,000 from Puma AIM VCT plc. In addition, converted £60,619 of existing convertible loans at 40p per share into 151,546 new Ordinary Shares.
· Unqualified (clean) audit opinion.
Chris Heminway, Executive Chairman of Time To ACT plc said:
"With these results, the Time To ACT group has continued to prove its resilience against a challenging world backdrop. Large project activity has been delayed globally and yet we have grown sales as promised at the time of the IPO in May 2024. At that time, we targeted revenue growth of 50% on an expected base-year sales of £1.6m - or sales of £4.0m in total over the two years. With some sales pulled forward into the first of the two years, we nevertheless exceeded the aggregate target with total sales of £4.2m. I am very pleased with this performance. For the currently ongoing financial year, we have found replacement revenues to offset certain Large Parts project delays and therefore currently see no reason to revise our target of £3.5m of sales."
Time To ACT plc Chris Heminway, Executive Chairman Gary Wallace, Chief Financial Officer Investor questions on this announcement:
VSA Capital Limited, AQSE Corporate Advisor Andrew Raca, Brian Wong (Corporate Finance) Andrew Monk (Corporate Broking)
Tel: +44 20 3005 5000
Business review
Turnover for the year ended 31 March 2025 was £2,281,394. This represents growth of 21% compared to underlying turnover for 2024 of £1,891,066. In the first half of the year Diffusion Alloys executed a Large Parts contract for the Hydrogen sector which significantly contributed to the growth and overall turnover within the group. Hydrogen sector revenues form a material and growing percentage of the turnover base. From 2022 to 2025 the Compound Annual Growth Rate ('CAGR') in underlying turnover was 39%.
Gross profit in 2025 was £1,073,590 with a margin of 47% compared to 2024 where gross profit was £820,039 with a margin of 43%. Margin increase can be contributed to improved coverage of the fixed element of direct labour and the increase in the overall percentage of turnover related to the Large Parts business of Diffusion Alloys.
The Group EBITDA, adjusted for IPO related exceptional costs, was a loss of £618,741 in 2025 and loss of £888,374 in 2024. The improvement is due to the increased gross margin. The Board of Directors are pleased with progress but are keen to move into a sustainable breakeven, and indeed positive, EBITDA position.
Closing cash in the Group was £964,555. A reduction of £923,349 from the opening balance of £1,887,904. In addition to cash used in operations, the Group continued to invest in capital equipment such as £132,359 in preparation for an expected material increase in Hydrogen sector revenues. This preparation and capital investment is largely complete. The Group also continued to invest with £55,993 (2024: £73,128) in the progress of patents related to the GreenSpur Axial Flux Generator Technology. The ongoing cost of patent expenditure is expected to decrease given the breadth and progress of the current patent position.
In May 2024, Time To ACT plc listed on the Aquis Stock Exchange. On Admission, 1,384,645 new Ordinary shares were issued at 40p per share due to the conversion of existing convertible loans and 80,000 new Ordinary shares were issued at 50p per share. The loan conversion benefitted the Group by removing £553,858, plus future interest, of loan repayments from the consolidated statement of financial position.
Time To ACT plc sees Aquis as its entry point to the public markets and an important milestone in creating a permanent capital vehicle and value for its new and existing shareholders.
Outlook
The Group continues to work on growing its cleantech customer base and moving towards breakeven. Strategic partnerships and deals continue to be a focus as a way to create value.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2025
2024
£
£
Turnover
2,281,394
1,891,066
Cost of sales
(1,207,804)
(1,071,029)
Gross profit
1,073,590
820,037
Administrative expenses
(1,955,129)
(1,908,631)
Exceptional administrative expenses
(121,117)
(149,523)
Other operating income
45,641
73,353
Operating loss
(957,015)
(1,164,764)
Interest receivable and similar income
25,259
53,942
Interest payable and similar expenses
(113,743)
(153,032)
Loss before taxation
(1,045,499)
(1,263,854)
Tax on loss
81,047
85,788
Loss for the financial year
(964,452)
(1,178,066)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2025
2024
£
£
Fixed assets
Intangible assets
571,098
639,577
Tangible assets
1,002,943
963,271
1,574,041
1,602,848
Current assets
Stocks
93,191
172,411
Debtors
408,123
609,865
Cash at bank and in hand
964,555
1,887,904
1,465,869
2,670,180
Creditors: amounts falling due within one year
(682,448)
(950,113)
Net current assets
783,421
1,720,067
Total assets less current liabilities
2,357,462
3,322,915
Creditors: amounts falling due after more than one year
(1,354,760)
(1,954,676)
Provisions for liabilities
Other provisions
(26,324)
(41,003)
(26,234)
(41,003)
Net assets
976,378
1,327,236
Capital and reserves
Called up share capital
139,685
125,038
Share premium account
579,212
-
Merger reserve
(275,400)
(275,400)
Profit and loss account
532,881
1,477,598
976,378
1,327,236
COMPANY STATEMENT OF FINANCIAL POSITION
2025
2024
£
£
Fixed assets
Intangible assets
571,098
639,577
Tangible assets
3,726
3,850
Investments
1,618,565
1,618,565
2,193,389
2,261,992
Current assets
Debtors: amounts falling due after more than one year
973,905
819,754
Debtors: amounts falling due within one year
13,260
26,541
Cash at bank and in hand
658,638
140,848
1,645,803
987,143
Creditors: amounts falling due within one year
(61,026)
(122,144)
Net current assets
1,584,777
864,999
Total assets less current liabilities
3,778,166
3,126,991
Creditors: amounts falling due after more than one year
(248,730)
(792,751)
Net assets
3,529,436
2,334,240
Capital and reserves
Called up share capital
139,685
125,038
Share premium account
579,212
-
Profit and loss account
2,810,539
2,209,202
3,529,436
2,334,240
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Called up share capital
Share premium account
Merger reserve
Profit and loss account
Total equity
At 1 April 2023
115,038
-
(275,400)
2,551,257
2,390,895
Comprehensive income for the year
Loss for the year
-
-
-
(1,178,066)
(1,178,066)
Profit and loss movement in relation to issues of employees share options
-
-
-
104,407
104,407
Contributions by and distributions to owners
Shares issued during the year
10,000
-
-
-
10,000
At 1 April 2024
125,038
-
(275,400)
1,477,598
1,327,236
Comprehensive income for the year
Loss for the year
-
-
-
(964,452)
(964,452)
Profit and loss movement in relation to issues of employees share options
-
-
-
19,735
19,735
Contributions by and distributions to owners
Shares issued during the year
14,647
579,212
-
-
593,859
At 31 March 2025
139,685
579,212
(275,400)
532,881
976,378
COMPANY STATEMENT OF CHANGES IN EQUITY
Called up share capital
Share premium account
Merger reserve
Profit and loss account
Total equity
At 1 April 2023
115,038
-
-
2,753,074
2,868,112
Comprehensive income for the year
Loss for the year
-
-
-
(599,641)
(599,641)
Profit and loss movement in relation to issues of employees share options
-
-
-
55,769
55,769
Contributions by and distributions to owners
Shares issued during the year
10,000
-
-
-
10,000
At 1 April 2024
125,038
-
-
2,209,202
2,334,240
Comprehensive income for the year
Profit for the year
-
-
-
589,823
589,823
Profit and loss movement in relation to issues of employees share options
-
-
-
11,514
11,514
Contributions by and distributions to owners
Shares issued during the year
14,647
579,212
-
-
593,859
At 31 March 2025
139,685
579,212
-
2,810,539
3,529,436
CONSOLIDATED STATEMENT OF CASH FLOWS
2025
2024
£
£
Cash flows from operating activities
Loss for the financial year
(964,452)
(1,178,066)
Adjustments for:
Amortisation of intangible assets
124,470
53,971
Depreciation of tangible assets
87,022
72,896
Government grants
(224,536)
(270,376)
Loss on disposal of tangible assets
5,665
-
Interest payable
113,743
153,032
Interest receivable
(25,259)
(53,942)
Taxation charge
(81,047)
(63,313)
Decrease/(increase) in stocks
79,220
(57,186)
Decrease/(increase) in debtors
157,687
(173,109)
(Decrease)/increase in creditors
(267,661)
111,508
Remedial reserve movements
(14,679)
12,417
Corporation tax received
85,350
104,407
Share option charge
19,736
-
Net cash generated from operating activities
(904,741)
(1,287,761)
Cash flows from investing activities
Purchase of intangible fixed assets
(55,993)
(73,128)
Purchase of tangible fixed assets
(132,359)
(235,028)
Interest received
25,259
53,942
Net cash from investing activities
(163,093)
(254,214)
Cash flows from financing activities
Share capital issue
593,859
10,000
Bank loans repaid
(115,000)
(115,000)
Receipt of loan finance
-
180,000
Interest paid
(36,787)
(34,437)
Grant received
258,521
293,617
Other loans repaid
(556,108)
(10,000)
Net cash used in financing activities
114,485
324,180
Net (decrease) in cash and cash equivalents
(923,349)
(1,217,795)
Cash and cash equivalents at beginning of year
1,887,904
3,105,699
Cash and cash equivalents at the end of the year
964,555
1,887,904
NOTES TO THE FINANCIAL STATEMENTS
1. Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within the accounting policies in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.
2. Audit opinion
These financial statements are audited and have been given an unqualified opinion with no emphasis of matter paragraphs and no going concerns issues noted.
3. Directors' responsibility
The directors of the company are responsible for the preparation of the accounts and that the financial statements give a true and fair view.
4. Post balance sheet events
Subsequent to the year end, in May 2025, the Group raised £274,000 through the issue of 685,000 new Ordinary Shares, at a price of 40p per share. This included £200,000 from Puma AIM VCT plc and the Board of Directors were delighted to welcome them on board as the first AIM VCT investor on the Time To ACT plc share register. In addition to the £274,000 funds raised, the group converted £60,619 of existing convertible loans at 40p per share into 151,546 new Ordinary Shares.
On 19th September 2025 Diffusion Alloys (UK) Limited agreed Heads of Terms on the disposal of £1m of surplus coating compound held as stock with a balance sheet value of zero. The transaction is expected to close in the coming weeks.
5. Availability of annual report and financial statements
The annual report and financial statements for the year ended 31 March 2025 will be available from the company's website www.timetoactplc.com. The statutory accounts will be delivered to Companies House in due course.
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About Time To ACT plc
Time To ACT plc is an engineering-led group focused on technology for the energy transition supply chain. It currently has two principal operating businesses: Diffusion Alloys and GreenSpur. As the parent company of the Group, Time To ACT provides strategic and operational support to the operating companies and capital to enable their growth.
About Diffusion Alloys
Diffusion Alloys supplies diffusion coatings. A diffusion coating is an intermetallic layer that protects metal components from degradation at high temperatures and in highly corrosive environments, such as those found in hydrogen and nuclear energy generation.
Diffusion Alloys has joined forces with Johnson Matthey plc, the market leaders in synthesis gas ("syngas") with a significant pipeline of Blue Hydrogen projects, to scale-up production and address the increasing demand for low carbon hydrogen used to reduce global carbon emissions.
In addition to working for numerous historic and existing customers, the Directors believe that Diffusion Alloys is the only credible diffusion coater in the world for blue hydrogen components, has already been coating in volume for a leading European vendor in the green hydrogen space and is also in pre-commercial discussions with new cleantech equipment manufacturers.
Diffusion Alloys has two distinct areas of focus:
· Coating Technology: Selling technical excellence in coating capability supported by the concept of "flexible capacity" - the ability to provide customers with capacity wherever they need it, whether for the coating of Large Parts or Small Parts.
· Coating Services: Plant-led coatings business centred on its Middlesbrough site.
About GreenSpur
GreenSpur is an intellectual property creator and generator designer that has developed a credible solution for renewable energy applications to the Rare Earth magnet problem.
Magnets constructed using Rare Earth Elements (REEs) are fundamental components in electrical generators and electric vehicle motors which are critical to delivering the clean energy transition. However, there are substantial supply chain constraints and risks in the sourcing of REEs that are needed for these magnets.
GreenSpur's generator design eliminates the need for Rare Earth magnets and copper coils without any loss in electrical performance.
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