TIDMMHC
RNS Number : 8273M
MyHealthChecked PLC
19 September 2023
MyHealthChecked PLC
("MyHealthChecked", the "Group" or the "Company")
Half-Year Report
MyHealthChecked PLC, the consumer home-testing healthcare
company, announces its unaudited half-year report for the six
months ended 30 June 2023.
Financial highlights
-- Revenue of GBP2.5m (H1 2022: GBP9.8m)
-- Adjusted EBITDA loss GBP296,000 (H1 2022: GBP372,000 profit)
-- Cash balance of GBP5m available to self-fund next growth phase
Commercial and operational highlights
-- Launch of an extensive range of wellness tests into the UK's top pharmacy retailer
-- Investment in IT infrastructure to support customer journey
of extensive range of blood and urine tests
-- H1 investment in stockholding (GBP1.7m) to meet 2023 demand
-- Achievement of Healthcare Inspectorate Wales accreditation
-- Cyber Essentials Plus renewed for digital security
-- Operational streamlining to minimise cash burn
-- Appointment of Amber Vodegel as a Non-Executive Director post-period end
Penny McCormick, Chief Executive Officer of MyHealthChecked PLC,
said: "Despite the reduction in demand for COVID testing during the
period under review, we have been very pleased with the delivery
and retail launch of a broad range of blood and urine tests,
progress with the capabilities of our digital platform, regulatory
approval of our portfolio under CE marking, and achievement of
Healthcare Inspectorate Wales accreditation.
"Post-period end we have seen increased demand for COVID testing
as we move towards the winter season, and the Eris and Pirola
strains are in the news. We remain well-placed to provide a
reliable and effective supply chain at large volumes to retail.
"During the period we have further demonstrated the Company's
agile and ambitious capabilities and are poised to build awareness
of this vast new range of tests in a dynamic category, whilst
making progress in this new and exciting sector."
Investor presentation
Penny McCormick, Chief Executive Officer and Adam Reynolds,
Chairman will provide a live presentation relating to the Half-Year
Report via the Investor Meet Company platform on Tuesday 19
September 2023 at 4.30pm. The presentation is open to all existing
and potential shareholders.
Investors can sign up to Investor Meet Company for free and
register for the presentation via the link below:
https://www.investormeetcompany.com/myhealthchecked-plc/register-investor
MyHealthChecked PLC www.myhealthcheckedplc.com
Adam Reynolds, Chairman via Walbrook PR
Penny McCormick, Chief Executive
Officer
SPARK Advisory Partners Limited Tel: +44 (0)20 3368 3550
(NOMAD)
Neil Baldwin / Jade Bayat
Dowgate Capital Limited (Broker) Tel: +44 (0)20 3903 7715
David Poutney / Nicholas Chambers
Walbrook PR Ltd (Media Tel: +44 (0)20 7933 8780 or myhealthcheckedplc@walbrookpr.com
& IR)
Paul McManus / Alice Woodings Mob: +44(0)7980 541 893 / +44(0)7407 804
654
About MyHealthChecked PLC ( www.myhealthcheckedplc.com )
MyHealthChecked PLC, based in Cardiff, is an AIM-quoted
pioneering UK healthcare company focused on a range of at-home
healthcare and wellness tests.
MyHealthChecked is the umbrella brand of a range of at-home
rapid tests, as well as DNA, RNA and blood sample collection kits
which have been created to support customers on their journeys to
wellness. The tests are lateral-flow self-tests, whilst the sample
collection kits enable the collection of blood, urine, nasal or
mouth swab samples that are analysed in partner laboratories for a
range of biomarkers. The tests will also be made available online
and will be viable for over-the-counter purchase.
The MyHealthChecked portfolio has been identified as part of a
change in mindset as customers become more familiar with the
concept of accessible healthcare in the growing at home testing kit
market with a focus on accessibility at the right price, led by
UK-based experts.
CHAIRMAN AND CEO JOINT STATEMENT
Whilst the market has been challenging in 2023, and the
inevitable seasonal COVID reduction has had an impact, we have been
able to make significant inroads into the consumer healthcare space
and carve out an identity for ourselves as a consumer health and
wellness test provider. The successful launch of a strong portfolio
of multi-platform tests into the UK's biggest pharmacy retailer has
been a major milestone for MyHealthChecked.
Financial performance
Sales for the six months ended 30 June 2023 fell to GBP2.5m (six
months ended 30 June 2022: GBP9.8m; year ended 31 December 2022:
GBP22.3m) due to the anticipated fall in demand for COVID Lateral
Flow Tests ("LFTs"). The new product range was launched in May 2023
into 801 Boots stores and www.boots.com , alongside direct sales
via www.myhealthchecked.com. This has been a new category launch
and awareness levels will build over time, driven by marketing
activity and store initiatives. 2023 will be a period of bedding-in
whilst awareness is driven through, and customer behaviour is
understood in this new space.
Gross margin increased to 41.3% (six months ended 30 June 2022:
15.4%; year ended 31 December 2022: 20.8%) due to the release of a
surplus accrual for the processing of COVID PCR nasal swab kits
sold in earlier years which were not returned by customers and have
now expired. Excluding this adjustment, the gross margin achieved
on sales in the period was 13.5% reflecting the dominance of
competitively priced LFTs in the product mix.
Overheads were broadly in line with prior years. As previously
announced, we continue to focus on the commercialisation and
development of our digital platform. Total spend on the development
and maintenance IT infrastructure during the period under review
amounted to GBP686,000 (six months ended 30 June 2022: GBP295,000;
year ended 31 December 2022: GBP856,000) of which GBP374,000 (six
months ended 30 June 2022: GBP145,000; year ended 31 December 2022:
GBP310,000) has been capitalised. This investment has been in the
expansion of the recommendation engine and development of the
codebase for new blood and urine tests, as well as enhancements to
our Laboratory Information Management System ("LIMS") to enable
medical oversight and compliance with Healthcare Inspectorate
Wales, and the customer dashboard that allows all customers to
securely activate their test kits and enter their personal data,
regardless of their point of purchase. The development of the
platform also ensures that users of our tests have access to a high
standard of clear guidance and information provided by doctors,
within a secure digital environment, that is accessible to
healthcare professionals.
Adjusted EBITDA is calculated as follows:
Unaudited Unaudited Audited
30 June 2023 30 June 2022 31 December 2022
GBP'000 GBP'000 GBP'000
--------------------------------- -------------- -------------- ------------------
Operating (loss)/profit (404) 12 1,506
Depreciation and amortisation 89 169 222
Impairment of intangible assets - - 378
Closure of laboratory costs * - 87 171
Share based payments 19 104 (20)
--------------------------------- -------------- -------------- ------------------
Adjusted EBITDA (296) 372 2,257
--------------------------------- -------------- -------------- ------------------
* Excluding loss on disposal of equipment
At 30 June 2023 our cash amounted to GBP5,015,000 (six months
ended 30 June 2022: GBP6,995,000; year ended 31 December 2022:
GBP7,608,000). At 31 December 2022 the Group had open purchase
orders to the value of GBP2.8m for the delivery of COVID LFTs
(which are manufactured with a 24 month shelf life) during 2023; by
30 June 2023 this stock had all been received and paid for in full.
Stock at 30 June 2023 amounted to GBP3.0m, an increase of GBP1.7m
during the period under review. There are no additional contractual
commitments to purchase COVID LFT stocks during 2023.
Business Review
The consumer healthcare space is dynamic and exciting, and
consumers are in a period of considerable behavioural change
post-COVID which will have a major impact on the future of consumer
healthcare in the UK. As a high calibre provider in the sector we
are well-placed, and funded, to build upon our strong portfolio and
explore broader opportunities for business growth as the market
evolves at pace. This is a new phase for MyHealthChecked as our
reliance on COVID reduces, and we are eager to take the next steps
through H2 2023 and beyond.
The retail category launch on 18 May 2023 of such a vast
multi-platform, multi-sample range of tests has been unprecedented.
MyHealthChecked's range is unique insofar as it covers saliva,
blood, urine and stool collection, across lateral flow and
laboratory assays to deliver a varied portfolio of wellness and
health self-checks and laboratory biomarker and DNA tests. The
creation and launch of a comprehensive range of 20 tests was
extremely ambitious, and the successful delivery of this to a major
retailer will remain one of our biggest product launches - and
successes - in perpetuity. The ambitious launch positions us well
in the market and demonstrates, as we did with COVID, our ability
to move with pace to deliver quality and compliant physical and
digital products and services to a tight timescale.
The priority, as agreed with our primary retail partner, has
been to achieve product 'go-live', followed by a period of
awareness-building to achieve product rotation and recommendation.
New categories required an investment in on-shelf fixtures, and we
are now firmly focused on educating end-users and store-staff. We
have commenced a journey to achieving this primarily via social
media advertising and PR, along with partnership activity with
retail. This is allowing us to utilise traditional routes such as
leafleting within ecommerce orders in Q3 and trialling social media
influencer activity as we did around Father's Day. We are seeing an
improvement in key KPIs including unit sales, pieces of media
coverage and web engagement times and, as we continue to
communicate with our extensive database of existing customers
alongside outreach to new customers, performance tracking will be
key to us.
With a focus on ongoing performance, we appointed Amber Vodegel
to our Board on 3 July 2023. Amber's expertise, which includes
mobile app development, digital transformation, and platform
development within the health space, with a focus on driving
consumer obsession and maximising user engagement, will support our
focus on launch activation. With her input we can also ensure a
high calibre of marketing expertise in driving the performance of
our portfolio. This will accompany efforts to grow our customer
footprint and strengthen our presence in the market through new
retail channels.
Looking ahead, our focus is on growing awareness of this new
category and helping to educate customers on the benefits of
self-testing. The category is very new, and digital service and
information enhancements will take precedence over new assays in
the short term. However, we will continue to work closely with our
Scientific Advisory Board to continually assess all new market
requirements, and progress should the market demand such
developments.
We are also working with a talented team of technical developers
to build out our digital infrastructure and user journey. Our
requirements here are twofold: that overall, we provide a positive
user experience by ensuring our results are accurate and correct,
that our customers can receive and interpret their test results and
actionable guidance correctly, and that we are compliant with the
requirements of Healthcare Inspectorate Wales; and that we ensure
robustness in cyber security, which we have demonstrated
successfully with the renewal of our Cyber Essentials Plus
certification.
We have met the technology challenges we set ourselves, for
example our sexual health blood and urine tests require an enhanced
level of medical oversight and customer interaction, as the British
Association for Sexual Health and HIV guidelines require a
different pathway for ongoing guidance. Some of the complexities
around our tests have required an intense technical, product and
customer care delivery to meet our ambitious timelines, and we are
satisfied that these brand-new builds provide a solid foundation
for ongoing customer journey enhancements.
The period saw us meet the high standards of governance and
patient safeguarding required to achieve Healthcare Inspectorate
Wales Certification ("HIW"). HIW is the equivalent of England's
Care Quality Commission ("CQC") and is the required standard of
healthcare-providing organisations that are headquartered in Wales.
As governance and compliance continuously remain a high focus for
us, we are well-placed in 2023 to achieve ISO 13485 and have made
significant progress towards achievement of this in the second half
of the year.
Supply chain management through COVID has challenged all players
in the space, and MyHealthChecked has been responsive throughout
the pandemic and has delivered in an exemplary fashion to
high-demand retailers. As demand in Q1 2023 grew we honoured our
stock commitments and invested accordingly during the period.
Subsequently, as demand has tapered off, we have no further
commitments to stock and are well-placed to meet post-period
uplifts that are arising due to immunity waning, new strains
appearing, and winter/flu season impacting.
Our cost base and cash resources are also being closely
monitored and kept under review, and we have actively reduced our
staff costs post-period, alongside a detailed review and
renegotiation where appropriate of recurring costs. In Q4 we will
also reduce our office space. This will ensure we move forward in a
position to invest in awareness building and improvements that will
directly benefit the customer, with a focus on financially valuable
capital allocations that will strengthen our position and drive
growth and longevity.
Outlook
We will continue to work closely with our retail partners to
build awareness and expect that traction for the new product
portfolio will build momentum in 2024 as we activate key
initiatives and look to build on the Q1 2024 new year period when
customers are motivated and ready for a new wellness outlook.
Whilst we expect that H2 trading on the wellness tests will remain
broadly in line with run rate, we are working with our partners to
drive awareness and evolve the positioning of the range so that it
maximises the opportunity that home-testing brings. We continue to
explore new initiatives around sample collection including
phlebotomy services that will further meet the needs of the
customer, alongside the continuing evolution of our digital user
platform to ensure we continue to excel in our user experience.
Post-period we have seen an uplift in the demand for COVID
lateral flow tests, and as outlined our stock investment means that
we are well placed to service the market. Signs indicate that COVID
may become seasonal like flu, and there may be a cyclical market
emerging based on infection rates, for which MyHealthChecked is
well placed to serve.
Driving awareness and educating customers around the benefits of
home-testing, whilst enhancing our services, and growing our retail
footprint are our primary aims ahead. As the dynamic healthcare and
investment market evolves, we will also be open to strategic
exploration and welcome conversations that could bring earnings
enhancing strategic opportunities for MyHealthChecked. As well as
delivering ISO 13485 as a strategic goal, we will continue to
evaluate the very best routes to support our customers, our retail
partners, and the NHS as we all navigate a changing healthcare
system, and new behaviours.
As always, we thank our committed staff team and our valued
shareholders for their ongoing investment in the future of
MyHealthChecked.
Adam Reynolds Penny McCormick
Chairman Chief Executive Officer
18 September 2023
Consolidated statement of comprehensive income
For the 6 months ended 30 June 2023
Unaudited
Unaudited 6 months Audited
6 months ended ended Year ended
30 June 30 June 31 December
2023 2022 2022
Notes GBP'000 GBP'000 GBP'000
----------------------------- ------ ---------------- ------------ -------------
Revenue 3 2,464 9,832 22,314
Cost of sales (1,446) (8,321) (17,667)
----------------------------- ------ ---------------- ------------ -------------
Gross profit 1,018 1,511 4,647
----------------------------- ------ ---------------- ------------ -------------
Sales and marketing
costs (245) (282) (798)
Other administrative
expenses (1,158) (960) (2,087)
Closure of laboratory - (153) (226)
Impairment of intangible
assets - - (50)
Share-based payments (19) (104) 20
----------------------------- ------ ---------------- ------------ -------------
Administrative expenses (1,177) (1,217) (2,343)
----------------------------- ------ ---------------- ------------ -------------
Operating (loss)/profit (404) 12 1,506
Finance payable (1) (3) (5)
Interest receivable 50 - 3
Impairment of goodwill
arising on the acquisition
of Nell Health - - (987)
Contingent consideration
no longer payable on
the acquisition of
Nell Health Limited - 1,000 1,000
----------------------------- ------ ---------------- ------------ -------------
(Loss)/profit before
income tax 3 (355) 1,009 1,517
Tax credit 36 - -
(Loss)/profit for
the period (319) 1,009 1,517
----------------------------- ------ ---------------- ------------ -------------
Attributable to owners
of the parent: (319) 1,009 1,517
(Loss)/earnings per
Ordinary Share - basic 4 (0.61)p 1.95p 2.94p
Fully diluted earnings
per Ordinary Share 4 (0.61)p 1.94p 2.92p
Consolidated statement of financial position
As at 30 June 2023
Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
Notes GBP'000 GBP'000 GBP'000
----------------------------- ------ ---------- ---------- -------------
Non-current assets
Property, plant and
equipment 118 88 75
Right-of-use assets 63 88 75
Intangible assets 1,397 2,520 1,098
Total non-current
assets 1,578 2,696 1,248
----------------------------- ------ ---------- ---------- -------------
Current assets
Inventories 3,004 711 1,284
Trade and other receivables 537 3,224 1,288
Cash and cash equivalents 5,015 6,995 7,608
----------------------------- ------ ---------- ---------- -------------
Total current assets 8,556 10,930 10,180
----------------------------- ------ ---------- ---------- -------------
Total assets 10,134 13,626 11,428
----------------------------- ------ ---------- ---------- -------------
Current liabilities
Trade and other payables 1,544 5,094 2,525
Lease liabilities 28 26 29
Total current liabilities 1,572 5,120 2,554
----------------------------- ------ ---------- ---------- -------------
Non-Current liabilities
Lease liabilities 12 40 24
Total non-current
liabilities 12 40 24
----------------------------- ------ ---------- ---------- -------------
Total liabilities 1,584 5,160 2,578
----------------------------- ------ ---------- ---------- -------------
Net assets 8,550 8,466 8,850
----------------------------- ------ ---------- ---------- -------------
Share capital 5 780 780 780
Deferred shares - 6,359 6,359
Share premium account - 16,887 16,887
Capital redemption
reserve - 1,815 1,815
Reverse acquisition
reserve (6,044) (6,044) (6,044)
Retained earnings 13,814 (11,331) (10,947)
-------------
Total equity 8,550 8,466 8,850
----------------------------- ------ ---------- ---------- -------------
Consolidated statement of changes in equity
For the 6 months ended 30 June 2023
Capital Reverse
Share Deferred Share redemption acquisition Retained
capital shares Premium reserve reserve earnings Total
GBP
'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- --------- ----------- ---------- ------------- ------------- ----------- --------
Equity as
at
1 January
2022 756 6,359 16,671 1,815 (6,044) (12,444) 7,113
Profit for
the year - - - - - 1,517 1,517
------------------- --------- ----------- ---------- ------------- ------------- ----------- --------
Total
comprehensive
profit - - - - - 1,517 1,517
The Genome
Store deferred
consideration 24 - 216 - - - 240
Share-based
payments - - - - - (20) (20)
--------- ----------- ---------- ------------- ------------- ----------- --------
Equity as
at
31 December
2022 780 6,359 16,887 1,815 (6,044) (10,947) 8,850
Loss for the
period - - - - - (319) (319)
------------------- --------- ----------- ---------- ------------- ------------- ----------- --------
Total
comprehensive
profit - - - - - (319) (319)
Share-based
payments - - - - - 19 19
Capital reduction - (6,359) (16,887) (1,815) - 25,061 -
Equity as
at
30 June 2023 780 - - - (6,044) 13,814 8,550
------------------- --------- ----------- ---------- ------------- ------------- ----------- --------
Consolidated statement of cash flows
For the 6 months ended 30 June 2023
Unaudited Unaudited
6 months ended 6 months ended Audited
30 June 30 June Year ended
2023 2022 31 December 2022
GBP'000 GBP'000 GBP'000
---------------- ----------------- ------------------
Cash flows from operating activities
(Loss)/profit before taxation (355) 1,009 1,517
Adjustments for:
Non-cash movement in provisions and accruals (760) (1,000) (1,000)
Depreciation and amortization 89 169 222
Impairment of intangible assets - - 1,365
Loss on sale of laboratory assets - - 55
Finance income (50) - (3)
Finance expenses 1 3 5
Share-based payments 19 104 (20)
Adjusted operating (loss)/profit before changes in
working capital (1,056) 285 2,141
Changes in working capital
Increase in inventory (1,720) (214) (787)
Decrease/(increase) in trade and other receivables 751 (892) 1,044
(Decrease)/increase in trade and other payables (221) 1,779 (790)
Cash (used)/generated in operations (2,246) 958 1,608
Bank interest received 50 - 3
Interest paid (1) (3) (5)
------------------
Net cash (outflow)/inflow from operating activities (2,197) 955 1,606
---------------------------------------------------------- ---------------- ----------------- ------------------
Investing activities
Purchase of property, plant and equipment (45) (17) (22)
Purchase of intangible assets (374) (296) (316)
---------------------------------------------------------- ---------------- ----------------- ------------------
Net cash flows used in investing activities (419) (313) (338)
Taxation
Research and development tax credit 36 - -
---------------------------------------------------------- ---------------- ----------------- ------------------
Cash inflow from taxation 36 - -
---------------------------------------------------------- ---------------- ----------------- ------------------
Financing activities
Repayment of lease liability (13) (34) (47)
---------------------------------------------------------- ---------------- ----------------- ------------------
Cash outflows from financing activities (13) (34) (47)
---------------------------------------------------------- ---------------- ----------------- ------------------
Net change in cash and cash equivalents (2,593) 608 1,221
Cash and cash equivalents at the beginning of the period 7,608 6,387 6,387
---------------------------------------------------------- ---------------- ----------------- ------------------
Cash and cash equivalents at the end of the period 5,015 6,995 7,608
---------------------------------------------------------- ---------------- ----------------- ------------------
Notes to the unaudited interim financial information for the 6
months ended 30 June 2023
1. General information
MyHealthChecked PLC (the "Group") is a public limited company
incorporated and domiciled in England and Wales. The registered
office of the Company is The Maltings, East Tyndall Street,
Cardiff, CF24 5EA. The registered company number is 06573154.
The principal activity of the Group is in the development and
commercialisation of diagnostic healthcare products.
2. Significant accounting policies
Basis of preparation
The interim financial information for the six months ended 30
June 2023, which was approved by the Board of Directors on 18
September 2023, does not constitute statutory accounts as defined
by section 434 of the Companies Act 2006.
These interim consolidated financial statements have been
prepared in accordance with IAS 34 Interim Financial Reporting.
They do not include all disclosures that would otherwise be
required in a complete set of financial statements.
The financial information presented is unaudited and has been
prepared using the same accounting policies as those adopted in the
financial statements for the year ended 31 December 2022 and
expected to be adopted in the financial year ending 31 December
2023.
The interim financial information includes unaudited comparative
figures for the unaudited 6 months to 30 June 2022 and comparatives
for the year ended 31 December 2022 that have been extracted from
the audited financial statements for that year. The financial
statements for the year ended 31 December 2022 were reported on by
the Company's auditors and delivered to the Registrar of Companies.
The report of the auditors was unqualified and did not contain an
adverse statement under section 498 (2) or (3) of the Companies Act
2006.
In the opinion of the Directors, the interim financial
information for the period presents fairly the financial position
and the results from operations and cash flows for the period.
Going concern
The interim financial statements have been prepared under the
going concern basis as the Directors have undertaken a review of
the future financing requirements of the ongoing operation of the
Group and considers the Group is able to meet its working capital
requirements.
3. Segment information
In the opinion of the directors, the Group has one class of
business, being that of the provision of diagnostic healthcare
products. All the segment assets associated with the provision of
diagnostic healthcare products are located in the UK.
Unaudited Unaudited Audited
30 June 2023 30 June 2022 31 December 2022
GBP'000 GBP'000 GBP'000
------------------------------------------------------------------ -------------- -------------- ------------------
Covid related products 2,342 9,832 22,305
Other 122 - 9
Revenue from the provision of diagnostic healthcare products 2,464 9,832 22,314
Loss/(profit) for the period from provision of diagnostic
healthcare products (88) 433 1,987
Corporate costs (316) (421) (481)
Net finance income/(expense) 49 (3) (2)
Deferred consideration adjustment - 1,000 13
------------------------------------------------------------------ -------------- --------------
Group (loss)/profit before tax (355) 1,009 1,517
------------------------------------------------------------------ -------------- -------------- ------------------
Cash 5,015 6,995 7,608
Segment assets 5,066 6,579 3,778
Corporate assets 53 52 42
------------------------------------------------------------------ -------------- -------------- ------------------
Total assets 10,134 13,626 11,428
------------------------------------------------------------------ -------------- -------------- ------------------
Segment liabilities 1,444 4,973 2,105
Corporate liabilities 140 187 473
------------------------------------------------------------------ -------------- -------------- ------------------
Total liabilities 1,584 5,160 2,578
------------------------------------------------------------------ -------------- -------------- ------------------
4. (Loss)/profit per Ordinary Share
Unaudited Unaudited Audited
30 June 2023 30 June 2022 31 December 2022
(restated) (restated)
Basic and diluted (loss)/profit per Ordinary Share (restated)
(Loss)/profit for the period GBP(319,000) GBP1,009,000 GBP1,517,000
Weighted average number of shares - basic 52,005,932 51,628,000 51,620,000
Weighted average number of shares - fully diluted 52,005,932 51,981,000 51,881,000
(Loss)/profit) per share - basic (0.61)p 1.95p 2.94p
Fully diluted (loss)/profit per share (0.61)p 1.94p 2.92p
--------------------------------------------------------------- -------------- -------------- ------------------
Basic (loss)/profit per share is calculated by dividing the
(loss)/profit attributable to equity holders of the Company by the
weighted average number of Ordinary Shares in issue during the
period. Due to the loss in the six month period ended 30 June 2023
the effect of the share options was considered anti-dilutive. The
comparative figures been restated to reflect the impact of the
share consolidation referred to in note 5 below.
5. Share capital
On 17 January 2023 the Court approved the reduction of the share
capital of the Company, involving the cancellation of all the
Deferred Shares, the Share Premium Account and the Capital
Redemption Reserve. The purpose of the Capital Reduction was to
create distributable reserves.
On 11 May 2023, 13 new Ordinary Shares were allotted to the
Company's registrars, Neville Registrars Limited, so that the total
number of existing Ordinary Shares would be exactly divisible by 15
for the share consolidation. On 12 May 2023 the 780,088,980
existing Ordinary Shares of 0.1 pence each were consolidated on a
15 for 1 basis, such that every 15 existing Ordinary Shares were
consolidated into 1 Ordinary Share of 1.5p pence in nominal value.
On completion of the share consolidation the Company had 52,005,932
new Ordinary Shares in issue.
This interim financial statement will be released in accordance
with the AIM Rules for Companies, available shortly on the
Company's website at https://investors.myhealthchecked.com/.
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IR DVLFFXKLBBBB
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