TIDMFAB
RNS Number : 5847U
Fusion Antibodies PLC
06 December 2021
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information for the purposes of Article 7 under the Market Abuse
Regulations (EU) No. 596/2014 ("MAR"). With the publication of this
announcement, this information is now considered to be in the
public domain.
6 December 2021
Fusion Antibodies plc
("Fusion" or the "Company")
Half year Report
Fusion Antibodies plc (AIM: FAB), a Contract Research
Organisation ("CRO") specialising in pre-clinical antibody
discovery, engineering and supply for both therapeutic drug and
diagnostic applications, announces its unaudited interim results
for the six months ended 30 September 2021 ("H1 FY2022").
Operational highlights
-- Major new RAMP(TM) platform contract win with minimum
contract value of US$1.83m over next two years
-- Collaboration with Eurofins Discovery for Fusion to supply antibody development services
-- R&D projects progressing well with continued investment of resources
Financial highlights
-- Revenues of GBP2.4 million, including one-off milestone of
GBP150k (H1 FY2021: GBP1.9 million)
-- 20% underlying growth in revenues over H1 FY2021
-- Loss of GBP0.6 million (H1 FY2021: GBP0.5 million loss)
-- Cash position at 30 September 2021 was GBP2.0 million (31 March 2021: GBP2.7 million)
Commenting on the interim results, Richard Jones, CEO of Fusion
Antibodies plc, said: " We are delighted to report a strong
all-round performance for the first half of the year with good
revenue growth, major new contracts, collaboration agreements and
increased investment into our research programmes. Throughout the
period there have been continued challenges associated with the
global pandemic and I would like to thank our staff for continuing
to meet and overcome these as they arise, in support of the Company
and colleagues."
Investor briefing
As a reminder, Fusion will host an online live presentation open
to all investors this Thursday, 9 December 2021 at 11.00am,
delivered by Dr Richard Jones, CEO and James Fair, CFO via the
Investor Meet Company platform. The Company is committed to
providing an opportunity for all existing and potential investors
to hear directly from management on its results whilst additionally
providing an update on the business and current trading.
I nvestors can sign up to Investor Meet Company for free and add
to meet Fusion Antibodies plc via the following link:
https://www.investormeetcompany.com/fusion-antibodies-plc/register-investor
Enquiries:
Fusion Antibodies plc www.fusionantibodies.com
Richard Jones PhD, Chief Executive Officer Via Walbrook PR
James Fair, Chief Financial Officer
Allenby Capital Limited Tel: +44 (0)20 3328 5656
James Reeve, Vivek Bhardwaj (Corporate
Finance)
Tony Quirke (Sales)
Walbrook PR Tel: +44 (0)20 7933 8780 or fusion@walbrookpr.com
Anna Dunphy Mob: +44 (0)7876 741 001
Paul McManus Mob: +44 (0)7980 541 893
About Fusion Antibodies plc
Fusion is a Belfast-based Collaborative Research Organisation
("CRO") company, listed on AIM, providing a range of antibody
engineering services for the development of antibodies for both
therapeutic drug and diagnostic applications.
Fusion provides a broad range of services in antibody
generation, development, characterisation, optimisation, and
small-scale production. These services include antigen expression,
purification and sequencing, antibody humanisation using Fusion's
proprietary CDRx(TM) platform and cell line development, producing
antibody generating stable cell lines optimised for use downstream
by the customer to produce material for clinical trials. Since
2012, the Company has successfully sequenced and expressed over 250
antibodies and successfully completed over 200 humanisation
projects for its international customer base, which has included
eight of the top 10 global pharmaceutical companies by revenue.
At every stage, our client's vision is central to how we work in
combining the latest technological advances with cutting edge
science. In this work our world-class humanization and antibody
optimization platforms harness the power of natural somatic
hypermutation (SHM) to ensure the best molecule goes to the clinic.
Fusion Antibodies' growth strategy is based on enabling Pharma and
Biotech companies get to the clinic more effectively, using
molecules with optimized therapeutic profile and enhanced potential
for successful development and approval and, ultimately, on
speeding up the drug discovery and development process. Fusion's
use of SHM to create a fully human antibody library to capture the
human antibody repertoire will address a continuing market need in
antibody discovery,
Fusion Antibodies' emphasis on antibody therapeutics is based on
the size and growth rate in the sector, with the market valued at
$135.4 billion in 2018 and forecast to surpass $300 billion by
2025, a CAGR of 14.26%. As of May 2021, there were 100 approved
antibody therapies on the market and more than 570 antibody
therapies in clinical development.
Operational Review
The Board is pleased to report that the six-month period ending
30 September 2021 has seen good operational progress with two major
new commercial collaborations and increased investment in our
R&D programmes. The global pandemic has continued to present
operational challenges, not least of which has been to ensure the
safety of our staff on and off the premises while we continued to
operate throughout the period.
The absence of international travel during H1 FY2022 has
continued to change the way we and our clients do business as
conferences are attended virtually and client visits to the Fusion
laboratories have not been possible. In light of these
circumstances, the Directors are pleased with the strong revenue
growth in H1 FY2022 compared with H1 FY2021 and are delighted with
the exciting new collaborations recently entered into with Eurofins
Discovery, an established global CRO provider of testing and
laboratory services, for the supply of our services to its
customers, and with a US based biotechnology company for a research
and development project using RAMP(TM) . We believe that both of
these collaborations demonstrate that Fusion is seen as having
sector-leading technology and skills and we hope to build on these
successes. As international travel restrictions ease, our
representatives plan to attend conferences and hold meetings in
person from now onwards.
As well as underlying revenues of GBP2.3 million, the Company
also secured the receipt of a GBP150,000 success milestone arising
from a humanised antibody project carried out in 2018 for a client
which subsequently developed and commercialised the drug by way of
transfer of rights for value to a third party. This is the first
such receipt by the Company and, although the Directors do not
expect further milestone receipts in the near term, there are a
further five contracts in place with potential milestones of up to
GBP1.4 million in aggregate.
In order to maintain our sector-leading expertise and expand our
range of services, the Company continues to invest resources into
research and development ("R&D") programmes and pipeline to
enable the development of new services and technology platforms
which will become key future growth drivers for the business. The
next service in the Company's R&D pipeline is the Mammalian
Antibody Library Discovery Platform ("the Library"), branded
OptiMAL(TM) . The Library will provide an important new offering to
the antibody discovery service; the Directors believe it will
represent a technologically advanced solution when compared to
traditional discovery methods and to other library offerings
already available in the market. We are also investing in further
optimisation of the RAMP(TM) platform and our B-cell cloning
capabilities.
Development of the Library programme continued throughout the
period with two project areas: a SARS-CoV-2 strand which has been
evolving as new variants of concern have arisen; and, secondly,
several known oncology targets. These projects form the ongoing
development work to demonstrate the full process required to create
a final library and the ability to select human antibodies specific
to a therapeutic target. We are pleased to report that several
preliminary libraries have been created with work ongoing to
optimise the Library's genetic content. The development of
screening protocols is progressing with the current challenge being
the structure, modification and quality of the target antigen at
the required sensitivity. To meet this challenge, the Company's
in-house antibody engineering expertise has been harnessed to
design fluorescent antigens that will increase the efficiency of
selection and these are currently being tested. This antigen
approach will be used to test the Library against the new Omicron
variant. It is intended that, once introduced, the Library will
complement and be offered alongside the Company's existing
discovery services and provide our clients with a method of
speeding up their drug discovery programme.
Financial Review
Revenues for the six-month period ending 30 September 2021 were
GBP2.44 million (H1 FY2021: GBP1.90 million). Included in the H1
FY2022 revenues was the one-off GBP150,000 milestone, as mentioned
above. The underlying revenues of GBP2.3 million represent a 20%
increase over H1 FY2021.
The 46% gross profit percentage on underlying revenues was
similar to that in the prior period (H1 FY2021: 46%).
R&D expenditure in H1 FY2022 was GBP424,000, an increase of
more than 50% over the comparable period in FY2021, reflecting the
investment, in particular, in the Library project.
SG&A expenditure of GBP1.5 million was GBP0.3 million higher
than in H1 FY2021 due in part to professional fees incurred in
relation to the two major collaboration agreements and increased
depreciation costs.
Operating loss for the period resulting from the above was
GBP0.65 million (H1 FY2021: GBP0.56 million loss), or GBP0.8
million excluding the one-off milestone.
Cash used in operations was GBP0.5 million compared with GBP0.7
million used in H1 FY2021. The H1 FY2022 operational outflow
includes the GBP0.4 million investment in research &
development as well as GBP0.2 million increased working capital to
support the growth in H1 FY2021. The Company has increased holding
levels of consumable stocks to mitigate against current supply
chain risks caused by both the pandemic and Brexit. After investing
GBP0.2 million in plant and equipment, the total outflow was GBP0.7
million and the closing cash balance at 30 September 2021 was
GBP2.0 million.
Key Performance Indicators
The key performance indicators (KPIs) regularly reviewed by the
board are:
KPI H1 2022 H1 2021
--------------------------- ------------ ------------
Underlying revenue growth 20% 9%
EBITDA* (GBP0.275m) (GBP0.218m)
Cash used in operations (GBP0.505m) (GBP0.727m)
--------------------------- ------------ ------------
* Earnings before interest, tax, depreciation and
amortisation
The investment in R&D and the impact on EBITDA is set out in
Note 13 to these statements. EBITDA for the period was a loss of
GBP275,000 (H1 FY2021: GBP218,000 loss) and adjusting for research
and development expenditure shows a positive EBITDA from the
revenue generating client services of the Company: EBITDA excluding
R&D was GBP149,000 for the period (H1 FY2021: GBP53,000).
Outlook
The Directors have been encouraged by the positive first half of
FY2022 and in particular the two major contracts which were secured
which, taken together with the remaining pipeline of projects with
other customers, give the Board confidence that revenues for the
full year will be in line with current expectations. However, the
pandemic and the status of the Brexit negotiations, particularly as
they relate to Northern Ireland, continue to provide significant
uncertainties.
Statement of Directors' Responsibilities
The Directors confirm, to the best of their knowledge:
-- The condensed set of financial statements has been prepared
in accordance with IAS34 'Interim Financial Reporting';
-- The interim management report includes a fair review of the
information required by DTR 4.2.7R of the Disclosure and
Transparency Rules of the of the United Kingdom's Financial Conduct
Authority, being an indication of important events that have
occurred during the first six months of the financial year and
their impact on the condensed set of financial statements, and a
description of the principal risks and uncertainties for the
remaining six months of the year, and gives a true and fair view of
the assets, liabilities, financial positions and profit for the
period of the Company; and
-- The interim management report includes a fair review of the
information required by DTR 4.2.8R of the Disclosure and
Transparency Rules of the United Kingdom's Financial Conduct
Authority, being a disclosure of related party transactions and
changes therein since the previous annual report.
By order of the Board
Dr Simon Douglas
Non-executive Chairman
6 December 2021
Condensed Statement of Comprehensive Income
For the six months ended 30 September 2021
6 months 6 months Year to
to 30.09.21 to 30.09.20 31.03.21
Notes Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 2,441 1,905 4,165
Cost of sales (1,240) (1,032) (2,141)
------------------------------- -------- ------------- ------------- ----------
Gross profit 1,201 873 2,024
Other operating income 10 46 43 194
Administrative expenses 3 (1,896) (1,479) (3,467)
------------------------------- -------- ------------- ------------- ----------
Operating loss (649) (563) (1,249)
------------------------------- -------- ------------- ------------- ----------
Finance income 4 1 1 3
Finance costs 4 (3) (10) (18)
------------------------------- -------- ------------- ------------- ----------
Loss before tax (651) (572) (1,264)
Income tax credit/(charge) 5 67 101 (1,635)
------------------------------- -------- ------------- ------------- ----------
Loss for the period (584) (471) (2,899)
Total comprehensive expense
for the period (584) (471) (2,899)
------------------------------- -------- ------------- ------------- ----------
Pence Pence Pence
Basic loss per share 6 (2.3) (1.9) (11.4)
Condensed Statement of Financial Position
As at 30 September 2021
As at As at 30.09.20 As at
30.09.21 Unaudited 31.03.21
Notes Unaudited GBP'000 Audited
GBP'000 GBP'000
---------------------------------- -------- ----------- --------------- ----------
Assets
Non-current assets
Intangible assets 1 3 2
Property, plant and equipment 7 941 1,401 1,123
Deferred tax assets - 2,045 -
---------------------------------- -------- ----------- --------------- ----------
942 3,449 1,125
---------------------------------- -------- ----------- --------------- ----------
Current assets
Inventories 562 373 480
Trade and other receivables 1,715 1,171 1,440
Current tax receivable 166 69 99
Cash and cash equivalents 1,987 3,243 2,686
---------------------------------- -------- ----------- --------------- ----------
4,430 4,856 4,705
---------------------------------- -------- ----------- --------------- ----------
Total assets 5,372 8,305 5,830
---------------------------------- -------- ----------- --------------- ----------
Liabilities
Current liabilities
Trade and other payables 954 607 833
Borrowings 8 128 161 163
---------------------------------- -------- ----------- --------------- ----------
1,082 768 996
---------------------------------- -------- ----------- --------------- ----------
Net current assets 3,348 4,088 3,709
Non-current liabilities
Borrowings 8 24 148 67
Provisions for other liabilities
and charges 20 20 20
---------------------------------- -------- ----------- --------------- ----------
Total liabilities 1,126 936 1,083
---------------------------------- -------- ----------- --------------- ----------
Net assets 4,246 7,369 4,747
---------------------------------- -------- ----------- --------------- ----------
Equity
Called up share capital 12 1,037 1,017 1,024
Share premium reserve 7,611 7,535 7,547
(Accumulated losses)/retained
earnings (4402) (1,183) (3,824)
---------------------------------- -------- ----------- --------------- ----------
Equity 4,246 7,369 4,747
---------------------------------- -------- ----------- --------------- ----------
Condensed Statement of Changes in Equity
For the six months ended 30 September 2021
6 months ended 30 September Called Share premium
2021 up share reserve Accumulated
Unaudited capital GBP'000 losses Equity
GBP'000 GBP'000 GBP'000
------------------------------- ----------- ---------------- -------------- ----------
At 1 April 2021 1,024 7,547 (3,824) 4,747
Loss for the period - - (584) (584)
------------------------------- ----------- ---------------- -------------- ----------
Issue of share capital 13 64 - 77
Share options - value of
employee services - - 6 6
------------------------------- ----------- ---------------- -------------- ----------
Total transactions with
owners, recognised directly
in equity 13 64 6 83
------------------------------- ----------- ---------------- -------------- ----------
At 30 September 2021 1,037 7,611 (4,402) 4,246
------------------------------- ----------- ---------------- -------------- ----------
6 months ended 30 September Called Share premium
2020 up share reserve Retained
Unaudited capital GBP'000 earnings Equity
GBP'000 GBP'000 GBP'000
------------------------------- ----------- ---------------- -------------- ----------
At 1 April 2020 884 4,872 (944) 4,812
Loss for the period - - (471) (471)
------------------------------- ----------- ---------------- -------------- ----------
Issue of share capital 133 2,867 - 3,000
Cost of issuing share capital - (204) - (204)
Share options - value of
employee services - - 21 21
Tax credit relating to
share option scheme - - 211 211
------------------------------- ----------- ---------------- -------------- ----------
Total transactions with
owners, recognised directly
in equity 133 2,663 232 3,028
------------------------------- ----------- ---------------- -------------- ----------
At 30 September 2020 1,017 7,535 (1,183) 7,369
------------------------------- ----------- ---------------- -------------- ----------
Year ended 30 March 2021 (Accumulated
Audited Called Share premium losses)/
up share reserve Retained
capital GBP'000 earnings Equity
GBP'000 GBP'000 GBP'000
------------------------------- ----------- ---------------- -------------- ----------
At 1 April 2020 884 4,872 (944) 4,812
Loss for the year - - (2,899) (2,899)
------------------------------- ----------- ---------------- -------------- ----------
Issue of share capital 140 2,879 - 3,019
Cost of issuing share capital - (204) - (204)
Share options - value of
employee services - - 19 19
Total transactions with
owners, recognised directly
in equity 140 2,675 19 2,834
------------------------------- ----------- ---------------- -------------- ----------
At 31 March 2021 1,024 7,547 (3,824) 4,747
------------------------------- ----------- ---------------- -------------- ----------
Statement of Cash Flows
For the six months ended 30 September 2021
6 months 6 months Year to
to to 30.09.20 31.03.21
30.09.21 Unaudited Audited
Unaudited GBP'000 GBP'000
GBP'000
---------------------------------------- ----------- ------------- ----------
Cash flows from operating activities
Loss for the period (584) (471) (2,899)
Adjustments for:
Share based payment expense 7 21 19
Depreciation 373 344 712
Amortisation of intangible assets 1 1 2
Finance income (1) (1) (3)
Finance costs 3 10 18
Income tax (credit)/charge (67) (101) 1,635
(Increase) in inventories (82) (33) (140)
(Increase)/decrease in trade and
other receivables (275) (276) (553)
(Decrease)/increase in trade and
other payables 120 (221) 5
---------------------------------------- ----------- ------------- ----------
Cash used in operations (505) (727) (1,204)
Income tax received - - 68
---------------------------------------- ----------- ------------- ----------
Net cash used in operating activities (505) (727) (1,136)
Cash flows from investing activities
Purchase of property, plant and
equipment (191) (275) (365)
Finance income - interest received 1 1 3
---------------------------------------- ----------- ------------- ----------
Net cash used in investing activities (190) (274) (362)
Cash flows from financing activities
Proceeds from issue of share capital 77 2,796 2,815
Proceeds from new borrowings - - 14
Repayments of borrowings (78) (85) (164)
Finance costs - interest paid (3) (4) (18)
---------------------------------------- ----------- ------------- ----------
Net cash generated (used in)/generated
from financing activities (4) 2,707 2,647
Net (decrease)/increase in cash
and cash equivalents (699) 1,706 1,149
Cash and cash equivalents at the
beginning of the period 2,686 1,537 1,537
---------------------------------------- ----------- ------------- ----------
Cash and cash equivalents at the
end of the period 1,987 3,243 2,686
---------------------------------------- ----------- ------------- ----------
Notes to the Interim Results
For the six months ended 30 September 2021
1 Basis of Preparation
The condensed financial statements comprise the unaudited
results for the six months to 30 September 2021 and 30 September
2020 and the audited results for the year ended 31 March 2021. The
financial information for the year ended 31 March 2021 does not
constitute the full statutory accounts for that period. The Annual
Report and Financial Statements for the year ended 31 March 2021
have been filed with the Registrar of Companies. The Independent
Auditor's Report on the Annual Report and Financial Statements for
2021 was unmodified and did not contain a statement under s498(2)
or s498(3) of the Companies Act 2006.
The condensed financial statements for the period ended 30
September 2021 have been prepared in accordance with the Disclosure
and Transparency Rules of the Financial Conduct Authority and with
IAS 34 'Interim Financial Reporting' in conformity with the
Companies Act 2006. The information in these condensed financial
statements does not include all the information and disclosures
made in the annual financial statements.
Going concern
At 30 September 2021 the Company had a cash balance of GBP1.99
million. The Directors have reviewed detailed projections for the
Company. These projections are based on estimates of future
performance and have been adjusted to reflect various scenarios and
outcomes that could potentially impact the forecast outturn. Based
on these estimates, the Directors have a reasonable expectation
that the Company has adequate resources to continue in operational
existence for 12 months from the reporting date. Accordingly, they
have prepared these condensed financial statements on the going
concern basis.
Accounting policies
The condensed financial statements have been prepared in a
manner consistent with the accounting policies set out in the
financial statements for the year ended 31 March 2021 and on the
basis of the International Financial Reporting Standards (IFRS) in
conformity with the Companies Act 2006 that the Company expects to
be applicable at 31 March 2021. IFRS are subject to amendment and
interpretation by the International Accounting Standards Board
(IASB).
2 Segmental information
For all the financial periods included in these condensed
financial statements, all the revenues and costs relate to the
single operating segment of research, development and manufacture
of recombinant proteins and antibodies.
3 Administrative expenses
6 months 6 months Year to
to 30.09.21 to 30.09.20 31.03.21
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------------- ------------- ------------- ----------
Research & development 424 271 613
Selling, general and administration 1,472 1,208 2,854
------------------------------------- ------------- ------------- ----------
1,896 1,479 3,467
------------------------------------- ------------- ------------- ----------
4 Finance income and costs
6 months to 6 months Year to
30.09.21 to 30.09.20 31.03.21
Unaudited Unaudited Audited
Income GBP'000 GBP'000 GBP'000
--------------------------- ------------ ------------- ----------
Bank interest receivable 1 1 3
--------------------------- ------------ ------------- ----------
6 months to 6 months Year to
30.09.21 to 30.09.20 31.03.21
Unaudited Unaudited Audited
Cost GBP'000 GBP'000 GBP'000
--------------------------- ------------ ------------- ----------
Interest expense on other
borrowings 3 10 18
--------------------------- ------------ ------------- ----------
5 Income tax (credit)/charge
6 months 6 months Year to
to 30.09.21 to 30.09.20 31.03.21
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
--------------------------- ------------- ------------- ----------
Current tax (67) (31) (129)
Deferred tax - (70) 1,764
--------------------------- ------------- ------------- ----------
Total tax (credit)/charge (67) (101) 1,635
--------------------------- ------------- ------------- ----------
6 Earnings per share
The calculation of earnings per share is based on loss after tax
from continuing operations for six months to 30 September 2021 of
GBP584,000 (6 months to 30 September 2020: GBP471,000 loss, year to
31 March 2021: GBP2,899,000 loss).
The weighted average number of shares used in the calculation of
the basic earnings per share are as follows:
6 months 6 months Year to
to 30.09.21 to 30.09.20 31.03.21
Unaudited Unaudited Audited
Number Number Number
---------------------------- ------------- ------------- -------------
Issued ordinary shares at
the end of the period 25,918,280 25,437,025 25,610,359
Weighted average number
of shares in issue during
the period 25,821,959 24,875,220 25,458,761
---------------------------- ------------- ------------- -------------
Basic earnings per share is calculated by dividing the basic
earnings for the period by the weighted average number of shares in
issue during the period.
7 Property, plant and equipment
Right Fixtures,
of use Leasehold Plant fittings
assets property & & equipment Total
GBP'000 GBP'000 machinery GBP'000 GBP'000
GBP'000
-------------------------- --------- ------------ ------------ ------------- ----------
Cost
At 1 April 2021 240 784 2,181 247 3,452
Additions - - 152 39 191
Disposals - - - - -
-------------------------- --------- ------------ ------------ ------------- ----------
At 30 September 2021 240 784 2,333 286 3,643
-------------------------- --------- ------------ ------------ ------------- ----------
Accumulated depreciation
At 1 April 2021 139 583 1,446 161 2,329
Disposals - - - - -
Depreciation charged
in the period 34 88 222 29 373
-------------------------- --------- ------------ ------------ ------------- ----------
At 30 September 2021 173 671 1,668 190 2,702
-------------------------- --------- ------------ ------------ ------------- ----------
Net book value
At 30 September 2021 67 113 665 96 941
-------------------------- --------- ------------ ------------ ------------- ----------
At 31 March 2021 101 201 735 86 1,123
-------------------------- --------- ------------ ------------ ------------- ----------
8 Borrowings
At 30 At 30 September At 31
September 2020 March
2021 GBP'000 2021
GBP'000 GBP'000
-------------------------- ----------- ---------------- ---------
At 1 April 230 380 380
Additions in period - 14 14
Interest 3 10 18
Repayments (81) (95) (182)
-------------------------- ----------- ---------------- ---------
At period end 152 309 230
-------------------------- ----------- ---------------- ---------
Amounts due in less than
1 year 128 161 163
Amounts due after more
than 1 year 24 148 67
-------------------------- ----------- ---------------- ---------
152 309 230
-------------------------- ----------- ---------------- ---------
Borrowings are secured by a fixed and floating charge over the
whole undertaking of the Company, its property, assets and rights
in favour of Northern Bank Ltd trading as Danske Bank.
9 Retirement benefits obligations
The Company operates a defined contribution scheme, the assets
of which are managed separately from the Company.
10 Transactions with related parties
The Company had the following transactions with related parties
during the period:
Invest Northern Ireland is a shareholder in the Company. The
Company leases its premises from Invest Northern Ireland and
received invoices for rent and estate services amounting to
GBP41,000 (6 months ended 30 September 2020: GBP40,000, year ended
31 March 2021: GBP78,000). A balance of GBPnil (30 September 2020:
GBPnil, 31 March 2021: GBPnil) was due and payable to Invest NI at
the reporting date. The Company received various grants during the
period from Invest NI amounting to GBP21,000 (6 months ended 30
September 2020: GBP43,000, year ended 31 March 2021
GBP194,000).
The total amount of other operating income for the period was
GBP46,000, comprising GBP21,000 of grants received from Invest
Northern Ireland and GBP25,000 of Covid-19 support from the
Department of Finance.
11 Events after the reporting date
There have been no events from the reporting date to the date of
approval which need to be reported.
12 Share capital
During the period the Company issued 307,921 Ordinary Shares of
4 pence each for proceeds of GBP77,000 before related expenses.
13 Reconciliation of loss to EBITDA and EBITDA excluding R&D expenditure
6 months 6 months Year to
to 30.09.21 to 30.09.20 31.03.21
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------- ------------- ------------- ----------
Loss before tax (651) (572) (1,264)
Finance income/ expense 2 9 1 5
------------------------------- ------------- ------------- ----------
O perating loss ( 649) ( 563) ( 1,249)
Depreciation and amortisation 374 345 714
------------------------------- ------------- ------------- ----------
EBITDA (275) (218) (535)
------------------------------- ------------- ------------- ----------
Expenditure on research and
development 424 271 613
------------------------------- ------------- ------------- ----------
EBITDA excluding research
and development 149 53 78
------------------------------- ------------- ------------- ----------
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