THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
12 November 2024
Microsaic Systems plc
("Microsaic", "Microsaic Systems" or the "Company")
Interim Results for the six months ended 30 June 2024
Change of Registered Office
Proposed change of name
Microsaic Systems plc (AIM: MSYS), an international developer and provider of testing solutions for unique and underserved public health and environmental markets, is pleased to announce its unaudited interim results for the six months ended 30 June 2024 ("H1 24").
Bob Moore, Acting Executive Chairman of Microsaic Systems plc, commented:
"2023 was an extremely challenging year for the Company resulting in a complete restructure of the organisation in 2024.The first six months of 2024 has seen a transformational re-focus of the Microsaic Group following the equity fund raise and acquisition of the assets of Modern Water. A total reset of the business has been achieved as a result. After initial restructuring, new setup costs and investment to integrate the acquisition of the assets of Modern Water with Microsaic Systems, the Company is now well positioned to move forward with its comprehensive portfolio of testing and analytical technologies particularly in the water quality, safety, public health and environment protection sectors. As a purpose driven newly integrated business, we plan to be a market leader in these critically important fields for human wellbeing and our natural world."
H1 24 Financial Highlights
· Unaudited Group revenues of £255k: an increase of 83% on (H1 23:
• Modern Water subsidiary revenues of
• Microsaic subsidiary revenues of
· Group gross profit was
· Group Adj.* EBITDA loss of
· Group total comprehensive loss of
· Cash at 30 June 2024 was
*Loss of earnings before interest, tax, depreciation, amortisation and other items such as share-based payments and exceptional one-off expenditure.
Operational highlights
· Completion of a net
· Completion and integration of the business assets of Modern Water, purchased for
· The Company received
· Fit-out and validation of new 1,800 sq ft facility in
· Secured
· Passed ISO9001 audit and implemented comprehensive Quality Management System (QMS) including electronic document management systems to integrate Modern Water processes
· Re-established distribution and sales network for Modern Water with revenues commencing in May 2024
· An agreement was signed to provide water monitoring analysis systems for
· The Company's technologies were showcased at the Singapore International Water week in June 2024 sponsored by the
Post Period Events
· Appointment of Graham Mullis as Strategic Advisor to the Board of Directors
· Completion of installation of 27 Continuous Toxic Monitoring (CTM) devices in
· The Company's technologies were showcased at WEFTEC in October, the largest water quality event in the US
· Change of name of Microsaic Systems plc to Metir plc with retention of product names in trading subsidiaries (subject to shareholder approval)
· Production at our
· Redesign of laboratory based MicroTox® LX devices completed with manufacturing starting and shipping in December 2024 to meet overseas customer confirmed sales and enquiries
· Starting trial partnership with Siemens and CAD-IT to incorporate machine learning data analysis software (AI) on our CTM's and other devices
· Multi Pathogen Detector for in-line real time data (including viruses) detection based on Company's exisiting prototype developed to detect Covid-19 in water to be introduced in 2025
Current Trading & Outlook
The first six months of 2024 saw management direct its time with investment in infrastructure and re-establishing customer relationships with a focus on the Modern Water subsidiary. The Board is pleased with the response from customers and suppliers and the early revenues generated from this operating subsidiary. This revenue progress and financial performance improvement is expected to continue during the second half of this year with a growing order book from existing and new customers. The Company is also focused on supply-chain management and as revenues, the Board is also targeting an improvement in gross margins through product mix and economies of scale. The Company has many developments currently underway, as listed under 'Post Period Events' above and plans to provide a more detailed operational update shortly.
A copy of these interim results is being made available on the Company's website at https://www.microsaic.com/investors/, and hard copies will be sent to shareholders who have requested communications in that format. Furthermore, the Company confirms that the annual report and audited financial results for the year ended 31 December 2023 was posted to shareholders who have requested communications in that format following publication on 11 October 2024.
Enquiries:
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Microsaic Systems plc Bob Moore, Acting Executive Chairman |
+44 (0) 20 3657 0050 via TPI |
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Singer Capital Markets Alex Bond / Oliver Platts |
+44 (0)20 7496 3000 |
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Turner Pope Investments (TPI) Limited Andy Thacker / James Pope |
+44 (0) 20 3657 0050 |
About Microsaic Systems
Microsaic is highly experienced in the development, manufacture and supply of microelectronics instrumentation for markets requiring analytical testing in public and environmental health markets. The Company has recently acquired and integrated the assets of Modern Water with Microsaic Systems' technologies resulting in comprehensive water testing and other toxic testing capabilities.
Microsaic's products and solutions are commercially available through global markets via a network of regional and country specific distributors and partners.
Chairman's Statement
First, I would like to apologise for the late filing of the 2023 accounts and consequent late filing of our 2024 interim accounts. 2023 was an extremely challenging year for the Company caused primarily by the collapse of DeepVerge plc, the main debtor to the Company resulting in major directorate and management changes and the suspension of trading of the Company's shares on AIM.
The decision in Q4 2023 to raise new equity on AIM for the Company to remain as a going concern and to acquire the Modern Water business, which completed in January 2024, has enabled the Company to totally reset and reinvent its business model. The Company has become a leading water security, monitoring and analysis business combining the early warning technologies supplied by Modern Water technologies with the gold standard mass spectrometer detailed analysis capabilities of Microsaic.
The Company has deployed the necessary financing to upgrade the acquired Modern Water assets and provide capital to invest in and develop the enlarged business. The acquired assets are complementary to the existing Microsaic business model. Following acquisition of the Modern Water business the Company set out to engage with previous customers to re-establish relationships and to instigate a new sales pipeline. Using the acquired assets, we restarted the manufacture of the MicroTox® bio-reagents (the consumables for our Modern Water testing devices) late in Q2 2024 at our new laboratory near
Microsaic's overall cost base has been substantially reduced and we now operate a leaner, more efficient business model for our acquired water testing technologies and manufacturing of our mini-mass spectrometer devices. We have reset and redesigned the Company around a new and much more efficient model based on the integration of the enlarged business to optimise growth of sales, solutions and services income to be generated by the combined entities.
Business Strategy
Following the total business reset and acquisition of the Modern Water business in January 2024, the Company's objective is to become a leading international business offering testing solutions for unique and under-served markets. The Company has an initial strategic focus to provide and develop proprietary technologies for testing and monitoring toxins in water and industrial effluents. By owning the assets of Modern Water, the Company has gained the right to manufacture and supply a wide range of proprietary technology devices for detecting toxins in water and liquids using MicroTox® bio-reagent consumables. The Company will operate in a water testing market which is worth
The unique and proprietary mini mass spectrometers developed and supplied by the Microsaic Systems subsidiary complements the Modern Water devices. The Company is becoming a leading water security, monitoring and analysis business combining the early warning technologies supplied by Modern Water technologies with its gold standard mass spectrometer detailed analysis capabilities.
By integrating the businesses and combining the detailed analysis only available through mass spectrometry techniques, the company now offers a unique and comprehensive suite of devices and capabilities for detecting and identifying toxins in water and effluents. We have collectively named this the 'Tethys Purity® solution'.
As the financial performance of the Company grows and subject to resources, the Company will evaluate new markets that its current technologies can provide unique testing solutions for and either pursue this organically, inorganically or through other means such as partnerships and licensing.
Proposed change of name
Microsaic plans to rebrand to reflect the broader number of market opportunities its suite of technologies can now serve by changing its name to Metir plc (subject to shareholder approval) as part of the reset strategy. The branding in its operating subsidiary companies of Modern Water and Microsaic Systems are, however, well established and recognised trading brand names and will be maintained. It is expected that shareholder approval will be sought at the Company's upcoming AGM.
Appointment of adviser
We are pleased to announce that Graham Mullis has agreed to become an adviser to the Board to assist the company with its business strategy, development and growth plans. Graham is a seasoned healthcare entrepreneur with a track record of leading and growing multiple companies, creating close to
Cash Position
Within its FY23 Final Results Announcement released on 11 October 2024, the Company provided a detailed update on its cash flow projections together with a sensitivity analysis exploring a severe but plausible downside scenario. The Directors confirm that this assessment remains as accurate as at today's date and remind readers that, under the reverse stress test performed, a minimum sales level of approximately
The Company had net cash as at 11 November 2024 of
STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2024
|
|
|
6 months |
6 months |
Year to 31 |
|
|
|
to 30 June |
to 30 June |
December |
|
|
|
2024 |
2023 |
2023 |
|
|
Notes |
Unaudited |
Unaudited |
Audited |
|
|
|
|
|
|
|
|
|
£000s |
£000s |
£000s |
|
Revenue |
4 |
255 |
139 |
492 |
|
Cost of sales |
5 |
(133) |
(145) |
(193) |
|
Gross profit |
|
122 |
(6) |
299 |
|
Other operating income |
|
- |
- |
- |
|
Research and development expenses |
|
- |
(312) |
|
|
Impairment of related party debt |
|
- |
- |
(6) |
|
Other operating expenses |
|
(674) |
(853) |
(2,876) |
|
Total operating expenses |
|
(674) |
(1,165) |
(2,882 |
|
Loss from operations before share-based payments |
|
(552) |
(1,171) |
(2,583) |
|
Share-based payments |
11 |
- |
- |
(21) |
|
Loss from operations after share-based payments |
|
(552) |
(1,171) |
(2,604) |
|
Financial cost |
|
|
(1) |
(5) |
|
Finance income |
|
16 |
13 |
13 |
|
Loss before tax |
|
(536) |
(1,159) |
(2,597) |
|
Tax on loss on ordinary activities |
|
|
81 |
- |
|
Total comprehensive loss for the period |
|
(536) |
(1,078) |
(2,597) |
|
|
|
|
|
|
|
Loss per share attributable to the equity holders of |
|
|
|
|
|
the Company |
|
|
|
|
|
Basic and diluted loss per ordinary shares |
6 |
(0.008)p |
(0.017)p |
(0.041)p |
|
|
|
|
|
|
Note that the above revenues in the 6 months to 20 June 2024 include
|
STATEMENT OF FINANCIAL POSITION (UNAUDITED)
|
|
STATEMENT OF CHANGES IN EQUITY (UNAUDITED) |
||||||
|
|
|
|
|
Share |
|
|
|
|
|
Share |
Share |
payment |
Retained |
Total |
|
|
|
capital |
premium |
reserve |
Losses |
equity |
|
|
|
£000s |
£000s |
£000s |
£000s |
£000s |
|
|
|
|
|
|
|
|
|
At 1 January 2023 |
|
1,731 |
28,262 |
2,401 |
(29,675) |
2,719 |
|
|
|
|
|
|
|
|
|
Total comprehensive loss for the period |
|
- |
- |
- |
(1,079) |
(1,079) |
|
Transactions with owners |
|
|
|
|
|
|
|
Shares issued |
|
|
|
- |
- |
|
|
Transfer in respect of lapsed share options |
|
- |
- |
(85) |
85 |
- |
|
Share based payments share options |
|
- |
- |
|
- |
|
|
At 30 June 2023 |
|
1,731 |
28,262 |
2,316 |
(30,669) |
1,640 |
|
|
|
|
|
|
|
|
|
At 1 July 2023 |
|
1,731 |
28,262 |
2,316 |
(30,669) |
1,640 |
|
Total comprehensive loss for the period |
|
- |
- |
- |
(1,518) |
(1,518) |
|
Transactions with owners |
|
|
|
|
|
|
|
Transfer in respect of directors' warrants exercised |
|
- |
- |
(1,503) |
1,503 |
- |
|
Transfer in respect of lapsed share options |
|
- |
- |
(834) |
834 |
- |
|
Share based payments-share options |
|
- |
- |
21 |
- |
21 |
|
At 31 December 2023 |
|
1,731 |
28,262 |
- |
(29,850) |
143 |
|
|
|
|
|
|
|
|
|
At 1 January 2024 |
|
1,731 |
28,262 |
- |
(29,850) |
143 |
|
Total comprehensive loss for the period |
|
- |
- |
- |
(536) |
(536) |
|
Transactions with owners |
|
|
|
|
|
|
|
Transfer in respect of lapsed share options |
|
|
|
|
|
- |
|
Shares issued |
|
17 |
1,833 |
|
|
1,850 |
|
Share based payments share options |
|
|
- |
- |
- |
- |
|
At 30 June 2024 |
|
1,748 |
30,095 |
- |
(30,386) |
1,457 |
|
STATEMENT OF CASH FLOWS (UNAUDITED)
|
|
|
||
|
|
|
6 months |
6 months |
Year to 31 |
|
|
|
to 30 June |
to 30 June |
December |
|
|
|
2024 |
2023 |
2023 |
|
|
Notes |
Unaudited |
Unaudited |
Audited |
|
|
|
£ |
£ |
£000s |
|
Cash flows from operating activities |
|
|
|
|
|
Cash absorbed by operations |
12 |
(1,191) |
(871) |
(1,311)
|
|
Corporation tax received |
|
262 |
253 |
253 |
|
Net cash used in operating activities |
|
(929) |
(618) |
(1,058) |
|
Cash flows from investing activities |
|
|
|
|
|
Purchases of intangible assets |
|
(38) |
(5) |
(11) |
|
Purchases of property, plant and equipment |
|
(90) |
(23) |
(2) |
|
Proceeds from sale of Non-current assets Interest received |
|
- 16 |
13 |
48 13 |
|
Net cash used in investing activities |
|
(112) |
(15) |
48 |
|
Cash flows from financing activities |
|
|
|
|
|
Proceeds from share issues |
|
1,850 |
- |
- |
|
Share issue costs |
|
|
- |
- |
|
Repayment of lease liabilities |
|
|
(20) |
(59) |
|
Net cash from/(used in) financing activities |
|
1,850 |
(20) |
(59) |
|
Net increase/(decrease) in cash and cash equivalents |
|
809 |
(653) |
(1,069) |
|
Cash and cash equivalents at beginning of the year |
|
173 |
1,241 |
1,241 |
|
Cash and cash equivalents at the end of the period |
|
982 |
588 |
173 |
NOTES TO THE INTERIM FINANCIAL INFORMATION (UNAUDITED)
1. Nature of Operations
Microsaic Systems plc (the "Company") is registered in England and Wales. The Company's registered office is at York Eco Business Centre, Amy Johnson Way, York, England YO30 4AG, with effect from 22 March 2024. The Company has two wholly (100%) owned subsidiaries, Modern Water (U.K.) Ltd and Microsaic Systems Trading Ltd, so the financial information relates to these consolidated accounts together with the parent company. Microsaic is a high technology company supplying Modern Water analytical instruments utilising the MicroTox® bio-reagent brand manufactured at our new dedicated laboratory near York, England. The Company also manufactures miniaturised mass spectrometers that are designed to be utilised at point-of-need testing which can be used complimentary to Modern Water technologies including PFAS detection.
2. Basis of preparation
The interim financial statements of the Company for the six months ended 30 June 2024, which are unaudited, have been prepared in accordance with the accounting policies set out in the annual report and accounts for the year ended 31 December 2023, which were prepared under International Financial Reporting Standards ("IFRS").
This report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006 and has not been audited. The financial information for the full preceding year is based on the statutory accounts for the year ended 31 December 2023. Those statutory accounts have been published and will shortly be filed with the Registrar of Companies. The auditor's report on those statutory accounts was unqualified.
As permitted, this interim report has been prepared in accordance with the AIM Rules for Companies and not in accordance with IAS 34 "Interim Financial Reporting" and therefore it is not fully compliant with IFRS.
The interim financial statements are presented in pounds sterling.
3. Critical accounting estimates and judgements
Accounting estimates and judgements are continually evaluated and are based on past experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates could, by definition, differ from the actual outcome.
Estimates and adjustments that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities are set out in the annual report and accounts for the year ended 31 December 2023, and no additional items have been identified.
4. Revenues
IFRS 15 provides a single, principles based, five-step model to be applied to all contracts with customers. The five-step framework includes:
· Identify the contract(s) with a customer;
· Identify the performance obligations in the contract;
· Determine the transaction price;
· Allocate the transaction price to the performance obligations in the contract; and
· Recognise revenue when the entity satisfies a performance obligation.
The Company recognises revenue from the following four sources:
· Sale of products;
· Sale of consumables and spare parts;
· Product service and product support; and
· Consultancy services.
All revenues and trade receivables arise from contracts with customers. Revenue is measured based on the consideration which the Company expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The sale of products, consumables and spare
parts are recognised when the sole performance obligation is met which is usually on delivery to the customer. For product service, product support and consultancy services revenue, the performance obligation is satisfied over the duration of the service period and revenue is recognised in line with the satisfaction of the performance obligation.
Sale of products
The Company sells a wide range of Modern Water analytical and toxic water and effluent testing equipment utilising our MicroTox® consumable bio-reagents. The Company also sells mini mass spectrometers (Microsaic 4500 MiD®) mainly through OEMs and distributors. A small proportion of its sales are direct to the customer. Discounts are offered and agreed as part of the contractual terms. Terms are generally Ex Works so control passes when the customer collects the goods. Payment terms are generally 30 days from the date of invoice.
Sales of consumables and spare parts
The Company sells consumables and spare parts mainly through OEMs and distributors. Terms are generally Ex Works so control passes when the customer collects the goods. Discounts are offered and agreed as part of the contractual terms. Payment terms are generally 30 days from the date of invoice.
Product service and product support revenue
Service and support to our OEMs, distributors and systems integrators includes training their sales and service teams and servicing the products from time to time. Discounts are offered and agreed as part of the contractual terms. Terms are Ex Works so control passes when the customer receives the service. Payment terms are generally 30 days from the date of invoice.
Usually, there is no obligation on the Company for returns, refunds or similar arrangements. Also, the Company does not manufacture specific items to a customer's specification and no financing component is included in the terms with customers.
The Company provides assurance warranties which are 15 months from the date of shipment for OEMs and distributors. These warranties confirm that the product complies with agreed-upon specifications. The Company is looking to provide service warranties in the future to direct customers in Europe, where the revenue from such warranties will be recognised over the period of the service agreement.
Consultancy services revenue
Consultancy services comprise science and engineering consultancy, laboratory services and monitoring services. These services are delivered over a period of time usually in accordance with a master services agreement and/or statement of works with an agreed outcome at the end of the project or project phase.
Consultancy services revenue is recognised by reference to the stage of completion of the project or project phase at the balance sheet date as follows:
· Where there are defined project or project phase milestones, the revenue is recognised in full on completion of the project or project phase and on a time basis for the stage of completion where the project or project phase is not completed at the balance sheet date. The stage of completion is recognised as the proportion of time spent on the project or project phase compared with the total time anticipated to complete the project or project phase; and/or
· Where the project is defined with the client in terms of time spent, the revenue is recognised on the basis of consulting time spent on the project by the Company at the time-based rates agreed with the client.
The geographical analysis of revenues (by location of shipment) was as follows:
|
|
6 months |
6 months |
Year to 31 |
|
|
to 30 June |
to 30 June |
December |
|
|
2024 |
2023 |
2023 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
£000s |
£000s |
£000s |
|
UK |
3 |
11 |
109 |
|
USA |
70 |
2 |
10 |
|
EU |
23 |
72 |
137 |
|
China |
|
54 |
215
|
|
ROW |
159 |
- |
21 |
|
|
255 |
139 |
492 |
|
|
|
|
|
|
The product group analysis of revenues was as follows:
|
|||
|
|
6 months |
6 months |
Year to 31 |
|
|
to 30 June |
to 30 June |
December |
|
|
2024 |
2023 |
2023 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
£000s |
£000s |
£000s |
|
Product/Unit |
197 |
47 |
286 |
|
Consumables and spares |
43 |
13 |
98 |
|
Service and support income |
15 |
79 |
108 |
|
Less: Sales to DeepVerge plc |
255
|
139 (65) |
492 (65) |
Total Sales to customers (excluding DeepVerge plc) 255 74 427
5. Cost of sales
Cost of sales of products
The cost of sales of Modern Water, mass spectrometers and related equipment is the bought in purchase cost of the product or the transfer value from stock value if an item has been previously written down. Usually, the sale is made on an Ex-Works basis but if it were not the cost of delivery to the customer is also included in cost of sales.
Cost of sales of consumables and spare parts
The cost of sales of consumable and spare parts is the bought in purchase cost of the consumable or spare part or the transfer value from stock value if an item has been previously written down. Usually, the sale is made on an Ex-Works basis but if it were not the cost of delivery to the customer is also included in cost of sales.
Cost of sales of product service and product support income
The cost of sales of service and support income is the time-based apportionment of the employment costs of the relevant staff spent on the delivery of the service and support income plus any related costs of fulfilment such as travel expenses and any externally incurred direct costs. For the purposes of cost of sales, the employment costs are considered to be salaries, pensions and employers national insurance but does not include share-based payments nor any apportionment of training or overheads.
Cost of sales of consultancy services revenue
The cost of sales of consultancy services (comprising science and engineering consultancy, laboratory services and monitoring services) is the time-based apportionment of the employment costs of the relevant staff spent on the delivery of this revenue plus any related costs of fulfilment such as travel expenses and any externally incurred direct costs. For the purposes of cost of sales, the employment costs are considered to be salaries, pensions and employers national insurance but does not include share-based payments nor any apportionment of training or overheads.
6. Loss per share
|
|
6 months |
6 months |
Year to 31 |
|
|
to 30 June |
to 30 June |
December |
|
|
2024 |
2023 |
2023 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
|
|
|
|
Comprehensive loss attributable to equity |
(536) |
(1,078) |
(2,597) |
|
shareholders (£000s) |
|
|
|
|
Weighted average number of ordinary |
|
|
|
|
shares for the purpose of basic |
164,321,042 |
6,324,666,516 |
6,361,365,146 |
|
and diluted loss per share |
|
|
|
|
Basic and diluted loss per ordinary share (p) |
(0.34)p |
(0.017)p |
(0.041)p |
7. EBITDA Adjusted Loss
A key indicator of performance for the Company is Adjusted EBITDA Loss (Loss of earnings before interest, tax, depreciation, amortisation and other items such as share-based payments and exceptional one-off expenditure). Detailed below is the Adjusted EBITDA Loss for the period:
|
|
6 months |
6 months |
Year to |
|
|
to 30 June |
to 30 June |
31-Dec |
|
|
2024 |
2023 |
2023 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
|
|
£000s |
£000s |
£000s |
|
Comprehensive loss for period |
(536) |
(1,078) |
(2,597) |
|
Adjust for: |
|
|
|
|
Tax on loss on ordinary activities |
- |
(81) |
- |
|
Depreciation of property, plant and equipment |
60 |
95 |
183 |
|
Depreciation of right of use assets |
|
38 |
76 |
|
Amortisation of Intangibles |
15 |
14 |
27 |
|
Net finance cost/(income) |
(16) |
(10) |
(8) |
|
Share-based payments (excluding fee shares) |
|
- |
(21) |
|
EBITDA Adjusted Loss |
(477) |
(1,022) |
(2,340) |
|
8. Employees and employment related costs
|
|
6 months |
6 months |
Year to 31 |
|
2024 Unaudited |
2023 Unaudited |
2023 Audited |
|
|
|
|
|
|
|
Staff Numbers |
|
|
|
|
Directors |
2 |
2 |
3 |
|
Other staff |
|
21 |
15 |
|
Average Headcount |
2 |
23 |
18 |
|
|
£000s |
£000s |
£000s |
|
Employment costs (including Directors) |
|
|
|
|
Wages and salaries |
110 |
526 |
986 |
|
Social security costs |
8 |
57 |
110 |
|
Termination payments |
|
5 |
69 |
|
Pension costs |
10 |
71 |
132 |
|
Employment related share-based payments |
|
21 |
21 |
|
|
128 |
680 |
1,318 |
9. Provisions
|
|
Dilapidations |
Warranties |
TOTAL |
|
|
£000s |
£000s |
£000s |
|
Balance at 1 January 2024 |
10 |
20 |
30 |
|
Provided for/(reduced) during the period |
- |
- |
- |
|
Balance at 30 June 2024 |
10 |
20 |
30 |
10. Commitments
As at 30 June 2024, purchase commitments relating to purchase orders placed on, and related contractual arrangements and obligations, with our third-party manufacturers amounted to
11. Share-based payments.
|
The share-based payments charge comprises |
6 months |
6 months |
Year to |
|
|
to 30 June |
to 30 June |
31 December |
|
|
2024 |
2023 |
2023 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
£ |
£ |
£000s |
|
Directors' fees settled in shares |
- |
- |
- |
|
Vesting of share options |
- |
- |
21 |
|
Employment related share-based payments |
- |
- |
21 |
|
Brokers' fees settled in shares |
- |
- |
- |
|
|
- |
- |
21 |
There were no Directors' fees settled in shares in the 6 month period to 30 June 2024.
12. Cash absorbed by operations.
|
|
6 months |
6 months |
Year to 31 |
|
|
to 30 June |
to 30 June |
December |
|
|
2024 |
2023 |
2023 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
£000s |
£000s |
£000s |
|
Total comprehensive loss for the year |
(536) |
(1078) |
(2,597) |
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
Amortisation of intangible assets |
15 |
14 |
27 |
|
Depreciation of right of use assets |
- |
38 |
76 |
|
Depreciation of property, plant and equipment |
60 |
95 |
183 |
|
Transfer of property, plant and equipment to |
- |
- |
- |
|
cost of goods |
|||
|
Loss/(Profit) on disposal of right of use assets |
- |
- |
38 |
|
Decrease/(Increase) in provision for dilapidation & warranty |
- |
33 |
(85) |
|
|
|
|
|
|
Increase/(Decrease) in provision for expected |
- |
- |
6 |
|
credit losses |
|||
|
Share-based payments (inclusive of fees settled in shares) |
- |
- |
21 |
|
Increase/(Decrease) in inventory provision |
|
16 |
|
|
Tax on loss on ordinary activities |
- |
(81) |
- |
|
Interest on lease liability |
- |
2 |
2 |
|
Interest received |
(16) |
(13) |
(13) |
|
|
|
|
|
|
|
|
|
|
|
Movements in working capital:
|
|
|
|
|
(Increase)/Decrease in inventories |
(162) |
(25) |
170 |
|
(Increase)/Decrease in trade and other receivables |
(416) |
146 |
577 |
|
Increase/(Decrease) in trade and other payables |
(136) |
(17) |
284 |
|
Cash absorbed by operations |
(1,191) |
(871) |
(1,311) |
13. Related party transactions
There were no related transactions in the six months ended 30 June 2024, other than the participation of Bob Moore in the Placing announced on 15 January 2024 in which he subscribed for 9,040,000 shares at 0.06p on the same terms as other investors.
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