TIDMBIOM
RNS Number : 8195F
Biome Technologies PLC
24 March 2022
The information contained within this announcement is deemed by
the Company to constitute inside information for the purposes of
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations
2019/310.
24 March 2022
Biome Technologies plc
("Biome", "the Company" or "the Group")
Final Results 2021
Biome Technologies plc announces its audited Final Results for
the year ended 31 December 2021.
Highlights:
Final Results
-- Challenging year for the Bioplastics division with continuing
strength shown in the pipeline of commercial opportunities but saw
a revenue decline of 3.0% as the division contended with various
logistics and development issues.
-- RF Technologies division revenues increased by 23.4% to
GBP0.9m (2020: GBP0.8m) (after elimination of intra-group trade) as
its markets started to recover. As previously announced,
significant contracts from the fibre-optic, medical and food
packaging industries have been secured and help underpin the
Board's expectations for the division in 2022.
-- Reported Group loss before interest, depreciation, taxation
and amortisation (LBITDA) of GBP0.6m (2020: LBITDA of GBP1.0m
restated), in line with market expectations, with Group operating
loss of GBP1.1m (2020: loss of GBP1.6m).
-- Group cash position as at 31 December 2021 was GBP1.0m (31
December 2020: GBP1.7m) with no bank borrowings.
Paul Mines, Chief Executive Officer said : "The Group has good
opportunities for growth in 2022. In 2021, the Bioplastics division
continued to develop its strong product base but sales growth was
frustrated by third party delays. Towards the end of 2021, the RF
Technologies division saw a strong recovery in its order book which
bodes well for 2022".
- Ends -
For further information please contact: Biome
Technologies plc
Paul Mines, Chief Executive Officer
Rob Smith, Chief Financial Officer
www.biometechnologiesplc.com Tel: +44 (0) 2380 867
100
Allenby Capital
David Hart/Alex Brearley (Nominated Adviser)
Kelly Gardiner (Sales and Corporate Broking)
www.allenbycapital.com Tel: +44 (0) 20 3328
5656
About Biome
Biome Technologies plc is an AIM listed, growth-orientated,
commercially driven technology group. Our strategy is founded on
building market-leading positions based on patented technology and
serving international customers in valuable market sectors. We have
chosen to do this by developing products in application areas where
the value-added pricing can be justified and are not reliant on
government legislation. These products are driven by customer
requirements and are compatible with existing manufacturing
processes. They are market rather than technology-led.
The Group comprises two divisions, Biome Bioplastics Limited
("Bioplastic") and Stanelco RF Technologies Limited ("RF
Technologies").
Biome Bioplastics is a leading developer of highly-functional,
bio-based and biodegradable plastics. The company's mission is to
produce bioplastics that challenge the dominance of oil- based
polymers.
Stanelco RF Technologies designs, builds and services advanced
radio frequency (RF) systems. Dielectric and induction heating
products are at the core of a product offering that ranges from
portable sealing devices to large furnaces for the fibre optics
markets.
www.biometechnologiesplc.com www.biomebioplastics.com and www.thinkbioplastic.com www.stanelcorftechnologies.com
Chairman's Statement
Business performance
2021 was a challenging year for the Group with delays to
anticipated growth as the Group had to contend with a number of
third-party operating issues. Project implementation by customers
for our Bioplastics' products; shipping and other logistics issues;
and with little sign of a return to furnace sales growth in our RF
Technologies division, until the second half of the year. As a
result, we had to reduce our expectations during the year.
An increased focus on cost and working capital management in the
year ensured that the year-end cash position was better than
anticipated at GBP1.0m with more identified improvements underway
to provide for further anticipated growth.
Bioplastics division
A significant commitment was secured in March 2021 for the
deployment of the Bioplastics division's proprietary compostable
filtration material, expected to support a significant portion of
the Group's expected revenue growth during 2021 and beyond.
However, the ultimate potential of this commitment was not
delivered in the year as the customer delayed on more machines from
the two currently in use.
In our placing circular to shareholders in 2020, we laid out
four growth drivers which we believed would deliver significant
value for shareholders and maintain our KPI target of 40% revenue
growth in the Bioplastics division through 31 December 2023. I
would like to return to these growth drivers again specifically and
update you on progress in each of them:
1. Continued growth from existing customers with existing
products, especially flexible film in both industrial and
particularly home compostable formats, in the North American
market.
Growth from our existing customers and products stalled in 2021
as transatlantic shipments were delayed by up to five months and
our customers struggled with material and labour shortages. We
expect growth in flexible film in North America to be more
pronounced in the medium term.
2. Filtration mesh: The Company envisaged growth with a second
end-customer with a material that has been proven with an existing
customer over the last four years.
This project, with anticipated significant and recurring
revenues from H2 2021, turned into a commitment in March 2021.
However, first engineering delays and then logistics issues meant
that a more gradual ramp-up is now expected during 2022.
Substantive discussions have begun with two further customers to
deploy this material.
3. Coffee pod material: The Company launched a project for a
heat stable material for coffee pods within the US at the end of
2019. Commercial sales of this product are now well embedded with a
lead customer.
In addition to continued demand from the lead customer this
material is now at a late stage of testing with another large
end-user organisation. Following Covid related delays, commercial
volumes are now expected to ramp-up in H2 2022.
4. Packaging film: The Company is working on seven new customer
projects that focus on the conversion of flexible packaging to
compostable formats. Six of these projects are for the North
American Market.
Six of these original projects continue and whilst trials turned
to commercial usage in 2021, we now expect two or three of these to
become commercially meaningful during 2022.
Innovative materials
As a separate enterprise, Biome Bioplastics has coordinated
research and development funding in conjunction with leading
universities, in pursuit of bringing new novel bio-based and
biodegradable polyesters to market. Exciting new materials are now
being produced at pilot scale on a regular basis and their
technical and commercial properties assessed. We expect to
undertake initial small-scale manufacturing on semi-commercial
equipment in 2022.
Our tree-guard contracts, with Innovate UK, the UK's innovation
agency, and Suregreen Ltd, a leading manufacturer in the sector, to
bring a biodegradable tree-guard to market, has accelerated
production of the new product in 2022. There are now tens of
thousands of such products being tested at various UK locations and
commercial sales have begun. As both increased tree planting and
environmental pressures increase, we believe we have developed an
excellent material for a growing market and will seek to exploit
its potential in the coming years.
Home composting, rather than industrial composting, is a trend
that is coming closer to market acceptance. There has been a shift
in technical requirements in the bioplastic market with more
consumers and brands seeking products that can be certified for
home composting as well as through industrial scale facilities. The
division's scientists have been working to deliver products that
deliver this technical performance at a competitive price point and
a patent for a new family of materials has been filed recently.
Work to exploit this technology commercially will step-up in this
financial year.
We believe that the progress described above highlights the
growing reputation of our Bioplastics business for innovative
materials and how it will lead to market success and penetration,
particularly in the USA.
RF Technologies division
The downturn in demand for capital goods in the fibre optic
cable manufacturing sector that the division first saw during 2019
continued through the first half of 2021. However, as the year
progressed, we saw improvement in spares and service orders and
then interest in quotations for increased capacity. Ultimately this
resulted in the first substantive new order for additional capacity
for the fibre optic sector since 2018.
The division's efforts to diversify its revenue stream also
gained traction in 2021. The bounce back in demand as Covid-19
restrictions were eased in some territories, saw an uplift in
enquiries for new capacity. This was manifested in a substantive
order for the medical sector in December 2021 and another for the
food packaging sector in Continental Europe in January 2022. These
are important steps for the division as it refines and demonstrates
its capability on a wider stage.
The division is experiencing the disruptions to supply lines
other manufacturers are having to contend with. Innovative and more
costly solutions are occasionally having to be applied to this
challenge to enable our contracts to be delivered in a timely
fashion. We expect this situation to continue for the time
being.
Covid-19
The Group continues to monitor the ongoing impact of the
Covid-19 epidemic and places high importance on caring for its
staff and customers. Some adjustments made in 2020 to commercial
and manufacturing activities remain but are now being progressively
eased in line with government guidance on these matters.
We have experienced substantive supply chain issues in the
Bioplastics division and whilst this turbulence is expected to
continue through 2022, we are improving our capability to foresee
and manage such issues. We have seen and continue to see an
increase in input costs, including raw material, shipping, fuel and
labour. We have, in the main, been able to pass these costs on to
customers and we are continually working to mitigate the effects of
inflation on our business. Business development in the North
American market that has been successfully managed remotely for two
years is now taking place in person again.
The RF Technologies division's ongoing activity to widen the
markets that it sells to was frustrated in 2020 and early 2021 by a
slowdown in capital expenditure and restrictions placed on
travelling to and meeting with potential customers. However, as the
pandemic has eased, more normal business development has resumed
not least with three face-to-face exhibitions planned for 2022.
Whilst we expect to see a continuing limited impact from
Covid-19, the business has adapted to the challenges that the
pandemic has presented, and we look forward to a more normal
environment in the future.
We have not experienced any further operational issues since the
beginning of the Russian invasion of Ukraine.
Results
The Group's results were broadly in line with the revised market
expectations for the year ended 31 December 2021.
Consolidated Group revenue for the year was GBP5.7m (2020:
GBP5.7m) reflecting the slight decrease in Bioplastics sales offset
by the modest uptick in those from the RF Technologies division.
Group gross margins for the year were 33.8% (2020: 29.4%)
reflecting an improved mix of sales during the year.
The Group loss before taxation reduced to GBP1.2m (2020:
GBP1.7m) whilst the non-GAAP measure of loss before interest,
taxation, depreciation and amortisation (LBITDA) was slightly
better than market expectations at GBP0.6m (2020: GBP1.0m LBITDA
restated). A Group operating loss of GBP1.1m for the year was
incurred (2020: GBP1.6m loss).
The Bioplastics division saw a slight decrease in sales to
GBP4.8m (2020: GBP4.9m) representing a 3.0% decline and flat loss
before taxation of GBP0.6m (2020: GBP0.5m loss restated). The
division recorded a slightly higher LBITDA of GBP0.2m (2020:
GBP0.1m LBITDA) as sales marginally decreased.
The RF Technologies division's revenues were up 23.4% to GBP0.9m
(2020: GBP0.8m) reflecting the start of a recovery in demand for
the division's products. Loss before taxation was significantly
reduced at GBP0.1m (2020: GBP0.5m). The division reported a LBITDA
of GBPnil / breakeven for the year (2020: GBP0.4m LBITDA) and an
operating loss of GBP0.1m (2020: GBP0.5m Loss). These results
reflect the improved sales in the year and the full-year benefit of
cost reductions made in 2020.
The Group's cash balances as at 31 December 2021 were GBP1.0m
(31 December 2020: GBP1.7m) reflecting trading losses for the year
offset by lower working capital. The Group had no debt, other than
leases in respect of right of use assets, as at 31 December 2021
(2020: GBPnil). Capitalised product investment in the Bioplastics
division was GBP0.3m (2020: GBP0.3m).
Strategy
The Group continues to execute on its strategy to be a leading
player in its chosen markets. In both markets addressed by the
Group our products are developed to meet our customers' demanding
requirements and incorporate a high level of technological knowhow
that differentiates our offerings from the competition.
In my statement, made as part of the interim results for 2020, I
updated and restated our high-level Key Performance Indicators
(KPIs) to 31 December 2023 to reflect the continued growth in the
Bioplastics division as well as the market headwinds facing the RF
Technologies division. The revised KPIs and the progress made as at
31 December 2021 is set out below: -
40% annual revenue growth in the Bioplastics division.
During the year ended 31 December 2021, the division missed this
target with a revenue decline of 3.0% as shipments in H2 were
held-up and delays in the implementation of new projects occurred
as customers managed their own supply chain problems. We expect
growth of KPI magnitude to return in 2022.
Bioplastics division's profitable revenue growth to achieve a
10%-12.5% EBITDA margin by the end of the KPI period.
Progress towards this KPI was reversed with the revenue decline
described above.
Continued diversification of the Group's turnover by product and
market to ensure that no single product or end customer contributes
more than 15% of revenues by 2023.
The Group had two customers (2020: two customers) who each
accounted for more than 15% of Group revenues. In 2021, both of
these customers were in the Bioplastics division. The two customers
referred to are converters of material for a further number of end
customers. Good progress is being made to diversify the number of
end customers and the variety of products being sold.
Continued investment in the Group's next generation of products
by spending significantly more per annum on average than the
GBP0.3m per annum average spend over the previous strategic
objective cycle.
The Group met this target with GBP1.0m R&D investment in the
year representing an increase of GBP0.3m on 2020.
Board and personnel changes
With the retirement of Michael Kayser, Simon Herrick joined the
Board as non-executive director on 25 March 2021 and assumed the
responsibilities as Chair of Audit and Remuneration Committees,
member of the Nominations Committee and has recently assumed the
role of senior non-executive director. Simon qualified as a
Chartered Accountant with Price Waterhouse and has held several
executive director roles with listed companies including Northern
Foods plc, Debenhams plc and Blanco Technology Group plc.
Race to Zero
Biome Technologies signed up to the United Nations Race to Zero
Climate Campaign and is committed to reducing its carbon emissions
in line with publicly disclosed targets. Our reporting of actual
greenhouse gas emissions and medium-term targets commences in these
Statements and demonstrate good initial reductions of Scope 1 and 2
emissions (direct energy use) against the recent baseline. Plans
have been developed to drive progress towards both 2030 and 2050
targets.
Our Bioplastics division's products are already subject to
individual Life Cycle Analysis (LCA) that encompass the full supply
chain where appropriate, and we will look to extend our broader
Group reporting to include Scope 3 emissions (those from toll
manufacture, growing, extraction, manufacture, and processing of
the raw materials used) as robust data becomes available.
Outlook
Despite the challenging frustrations of 2021 we believe the
Group has good opportunities for growth in the current year.
The Bioplastics division will continue to benefit from the move
to more sustainable materials and, as it continues to broaden its
product and customer portfolio and the logistics issues ease, we
expect growth to return in the second half of 2022. It is also
anticipated that several of the technical developments, set out in
the Strategic Report, will start to be commercialised in 2022.
The RF Technologies division has been successful in winning some
good contracts to underpin expectations for 2022 and we are
encouraged by the improvement in its outlook. It is particularly
pleasing to see the division executing on its strategy of
diversification in markets served that should put the business on a
more secure long-term footing, particularly in the first half of
the current year.
Trading in the first quarter of 2022 has been in line with our
expectations and the outlook for the year remains unchanged. We
continue to manage our cash resources to ensure that we can support
further growth and achieve sustainability for the Group.
John Standen
Chairman
Strategic Report
Biome Technologies plc is a growth orientated, commercially
driven technology group. Its strategy is founded on building
market-leading positions based on its technology, intellectual
property and serving international customers in the bioplastics and
radio frequency heating sectors. We have chosen to do this by
developing products in application areas where value-added pricing
can be justified and that are not reliant on government
legislation. The growing portfolio of products is driven by
customer requirements and compatible with existing manufacturing
processes. They are market rather than technology led.
The directors consider its shareholders, employees, customers
and suppliers as its key stakeholders and the divisional analysis
below outlines the strategies that have been adopted to promote the
success of the Group and to meet its objectives.
Biome Bioplastics division
The Bioplastics division achieved sales revenue of GBP4.8m
(2020: GBP4.9m), a decrease of 3.0%. The slight decrease in
reported revenues, compared to the record performance in 2020, was
attributable to the industry-wide logistics challenges encountered
as the global economy restarted after the first wave of lockdowns
of the coronavirus pandemic. Throughout 2021 we experienced
lengthening lead-times and disruptions to sea-freight and road
logistics. The implementation plans of our customers were impacted
by shortages of staffing and materials affecting their production
and purchasing patterns. New product introductions were delayed as
customers focused resource on securing existing supply to the
detriment of new product introductions. The division's operating
loss for the year was GBP0.6m (2020: GBP0.5m loss).
Markets
Plastic s and their use or misuse by humanity remains a key
environmental topic in global markets. There is sustained pressure
from consumers, media and governments to reduce the environmental
impact of plastics. In recent years the focus of this pressure has
been on the "end-of-life" of such materials, how they are disposed
of and the consequence of fugitive release to the environment. In
addition, with rising concerns regarding climate change and the
pursuit of "Net Zero" strategies by governments, there is greater
interest in how such materials might also be manufactured with
lower carbon footprints.
The compelling case for compostable (biodegradable) bioplastics
lies in their ability to ensure that organic food waste reaches
appropriate treatment (e.g. industrial scale anaerobic digestion
and composting facilities) and that the resulting digestate and
compost does not contain persistent plastic contamination when
spread to soils. This is driving the growth of the compostable
packaging market in sectors such as food waste bags, coffee pods,
tea bags and other food contaminated packaging formats.
The growth of the compostable plastics market is facilitated
when there is a clear route for food waste and food contaminated
packaging to reach appropriate sorting and treatment facilities.
This requires appropriate labelling, user education, collection,
sorting and treatment capacity. The quality of such "Industrial
Compostable" disposal supply chains varies considerably by
geographic territory and often within countries although there is,
in general, a move to improve and scale-up such activity.
Arguably, the consumer desire to change the plastic model is
pulling through increased demand for compostable plastics at a rate
that is faster than (often government controlled) collection and
disposal supply chains are able to adapt to. As a result, there is
increased demand from the market for bioplastics that can be
composted at home - known as "Home Compostable" products. Whilst it
is a minority of the population that has the access and/or desire
to treat organic waste and packaging at home, those that can, are
highly motivated to treat such waste appropriately. This is driving
the compostable plastics market to producing and certifying
products that are suitable for this end-of-life solution. Such
products are required to compost at lower temperatures and in less
well managed conditions than can be expected at industrial
facilities.
The case for bio-based bioplastics is driven by the growing
scientific evidence that the use of biogenic inputs reduces the
carbon footprint of such materials and will in time lead to a more
sustainable plastics industry. There are a limited number of
territories that legislatively require bio-based inputs in some
plastics, but it might be expected that this trend is likely to
accelerate. There is some evidence that some consumers will choose
bio-based materials when offered a choice, but this appears, at
present, to rank behind the desire for compostable
functionality.
The UK market has been somewhat slower to embrace compostable
and bio-based materials than some other territories. Whilst there
is considerable focus on plastic waste, there is still a continuing
debate of how best to manage the problem. The local council control
of the disposal supply chain and its wide variability is seen by
some as part of the problem and a move in England towards universal
food waste collection by 2025 presents an opportunity for
compostable plastics. At present, the UK market remains a smaller
part of the Bioplastics division's short-term focus with the more
immediate sales opportunities and growth being in the US
market.
Cost and functionality will remain key hurdles over the
widespread adoption of bioplastics over petro-chemical plastics.
Current adoption is therefore driven by consumer pull, and their
willingness to pay a premium for biodegradability/compostability,
or government legislation. To overcome these hurdles the Group's
Bioplastics division focuses on areas of the market where there is
a high technical performance requirement, the cost of the
biomaterial is a small fraction of the end product price, and where
there is a consumer willingness to convert to a biodegradable
material.
Research and development within the Bioplastics division is
therefore focussed on these three areas and in particular targeted
towards customer requirements for a biodegradable solution. The
commercial lifecycle of our product developments can be categorised
in the following stages of the product lifecycle:
-- Research phase - technology and product development occurring
within Biome's own laboratories or at external support
facilities
-- Development phase - the product is being developed and tested with small scale supplies to customers for end use testing
-- Initial manufacturing phase - the product is signed off by the customer as suitable for its requirements and is now undergoing significant long-term testing to ensure the end product can be run in commercial quantities across the supply chain
-- Commercial phase - the product has been through the above
phases with the customer and is now achieving regular and
significant sales with the end product being purchased and used by
the final consumer
Technical Development
Biome Bioplastic's development work remains focussed on
innovative developments where there is a customer requirement for
the product and a willingness to pay a premium for the
environmental attributes. During 2021, the development team worked
on a variety of technical challenges that included the development
of a range of home compostable materials for different
applications, the improvement of oxygen and vapour barrier
performance, the soil degradability of materials to be used in tree
guards and the improvement of temperature performance for a variety
of end-uses. The home compostable work made particular progress in
the year, an important patent filing has been made in this area and
commercial deployment of this technology is expected to begin in
2022.
The Bioplastics division also continued its work in medium term
Industrial Biotechnology research into the transformation of
lignocellulose (often sourced from agricultural waste) into
low-cost bioplastics using microbial and enzymatic routes. If
successful, it is anticipated that this work will result in
bioplastics with improved functionality at a cost comparable to
current petroleum-based plastics. This development work continues
to be supported by research grants and much of the work is
undertaken in collaboration with leading UK universities. The scale
at which the polymerisation activities have been carried out has
been increased over the last twelve months and the differentiated
performance of materials better understood. Plans have been
developed to migrate this activity to a contract partner at pilot
scale in 2022 with the capability and capacity to manufacture at
commercial scale in due course.
Stanelco RF Technologies division
The RF Technologies division, through the use of radio frequency
technology, creates innovative solutions for thermal process
applications. The division's products are renowned for their
quality and durability. The division's systems are designed and
manufactured to provide exceptional sealing, welding and heating
process solutions to a wide variety of commercial sectors.
The division's core offering is the supply of fibre optic
furnaces, although the business is also engaged with other markets
where its expertise in induction heating can be utilised such as
medical, food packaging and aerospace. Total revenues in 2021,
after the elimination of intercompany sales, were GBP0.9m (2020:
GBP0.8m) representing a 23.4% improvement. This improvement
reflected an improving demand picture as industry recovers from the
economic effects of the coronavirus pandemic. Order intake in the
final quarter of 2021 and first quarter of 2022 has been
particularly encouraging. As a consequence of the improved sales
and cost reductions made in 2020, the division's operating loss for
the period reduced to GBP0.1m (2020: GBP0.5m loss).
The business currently focuses on four key revenue streams:
Optical Fibre Furnace Systems
The RF Technologies division is a world leader in the design and
manufacture of induction furnace systems used in the manufacture
and processing of silica glass "preforms" to produce optical fibre.
Each system is bespoke to customers' exact requirements. After a
sustained period of overcapacity in the fibre-optic manufacturing
industry there are signs that producers are starting to invest in
maintenance and upgrades of existing equipment and to add new
capacity. Whilst no new furnaces were shipped in 2021 orders were
received for two systems to be delivered in the first half of 2022.
It is expected that as demand for fibre optic cable grows further
furnace systems will be ordered. Whilst it is not possible to
predict the timing and scale of further orders, we are encouraged
by the level of enquiries and quoting activity.
Plastic Welding Equipment
These units are used in a multitude of end-user applications
including the nuclear, medical and industrial sectors. The
equipment is provided in either hand-held, mobile or fully
automated static solutions, dependent on customers'
requirements.
Induction Heating Equipment
The division sells bespoke induction heating equipment mainly
into the UK and Continental European industrial sector. Whilst this
has been a small part of the division's sales it is a strategic aim
to increase the equipment offering and expand sales of this type of
equipment. During 2021 we were pleased to win contracts and make
some shipments to noteworthy clients in the UK and we were pleased
to announce a significant contract win from a food packaging
equipment manufacturer in early 2022.
Service and Spares
The business continues to support its large installed equipment
base through the provision of maintenance support, system upgrades
and specialist spares across the globe. This provides an underlying
base load of revenues for the division.
Principal Risks and Uncertainties
Biome is subject to a number of risks. The Directors have set
out below the principal risks facing the business. The Directors
continually review the risks identified below and, where possible,
processes are in place to monitor or mitigate all of these
risks.
Risk Nature Mitigation Change in
strategies year
Suppliers The Group's products To mitigate this 🟥
and Raw and manufacturing risk Supply chains
Materials processes utilise the division is became
a number of raw materials seeking increasingly
and other commodities. to validate new stretched
In particular the materials during 2022
Bioplastics division coming onto the resulting
requires a few, key market in longer-lead
raw materials to manufacture which may be times and
its biodegradable used additional
polymer resins. There in substitution. shipping
are very few suppliers To mitigate costs.
of these key raw materials increased
and with the current shipping
increased demand for lead-times
biodegradable products the Bioplastics
there is a risk that division
the division may not is working
be able to purchase closely
the required volumes with customers
of materials to meet to
customer demand or improve
that prices may be visibility
increased at short and forecast
notice. accuracy
The Bioplastics division to ensure
sources raw materials materials
internationally, some are ordered
of which are bulk sufficiently
shipped via sea freight far in advance
mainly to the US. to
ensure that they
are
available to
meet
demand.
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Intellectual Although the Group The Group takes 🟩
Property attempts to protect professional The Group
its intellectual property, advice from continues
there is a risk that experienced to develop
patents will not be patent attorneys its intellectual
issued with respect and property
to applications now works hard to and has made
pending. Furthermore, win good progress
there is a risk that patents applied with "home
patents granted or for compostable"
licensed to Group and to ensure innovation
companies may not that that has
be sufficiently broad the scope is led to a
in their scope to sufficiently new patent
provide protection broad. application
against other third-party The Group keeps in 2022.
technologies. up
Other companies are to date with its
actively engaged in competitors'
the development of product
bioplastics. There developments
is a risk that these and patent
companies may have portfolios
applied for (or been and aims to
granted) patents which ensure
impinge on the areas that no
of activity of the infringements
Group. This could occur.
prevent the Group Professional
from carrying out advice is sought
certain activities from
or, if the Group manufactures experienced
products which breach patent
(or may appear to attorneys if
breach) such patents there
there is a risk that are any
the Group could become concerns.
involved in litigation
which could be costly
and protracted and
ultimately be liable
for damages if the
breach is proven.
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Commercialisation There is a risk that The Directors 🟨
of New Products the Group will not ensure The Group
be successful in the that regular undertakes
commercialisation reviews several
of its products from of product developments
early-stage research development and made
and development to are undertaken notable progress
full-scale commercial so with its
sales. The Group develops that Tree Guards
a number of products, unsuccessful project during
and some may not prove developments can the year.
to be successful. be However,
Specifically, the terminated early other new
risks associated with in product
the product life cycle their life introductions
are as follows: cycle. were delayed
* Research and Development phase - the development of Impairment due to the
the products may prove not to be technically feasible testing disruption
or do not exactly match the perceived customer need of the to supplies
capitalised and issues
costs is with customers
* Initial manufacturing phase - whilst the product performed caused by
matches the customer needs it may not be able to be twice a year Covid-19.
produced at the required commercial speeds and/or at with
the required efficiency and quality any impaired
capitalised
costs written
* Commercialisation phase - the product may be off.
superseded either through price or a competitor
product being more advanced
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Customers The Group's ability The Group works 🟨
and customer to generate revenues closely Customer
concentration for a number of its with its concentration
products is reliant customers levels remain
on a small number with the aim of a concern
of customers. If one ensuring for the Group
of these customers that its with two
was to significantly products customers
reduce its orders, evolve in line each accounting
then this could have with for more
a significant impact their than 15%
on the Group's results. requirements. of sales
In addition, the during 2021.
Group
is continually
seeking
to add to its
customer
base and, as its
revenues
grow, seeks to
become
less dependent
on
any single
customer.
============================================================ ================= =================
In addition to the principal risks the Group is subject to a
range of other risks and uncertainties. The Board maintains a risk
register and reviews this biannually to ensure that the Group's
operations management identifies actual and potential risks and
develops appropriate mitigating activities to ensure that these
risks are managed.
These risks, which also apply to many other industries and
businesses, include: -
-- Financial
-- Political, Economic and Regulatory Environment
-- Exchange rate fluctuations
-- Competition
-- Brexit
-- Health and Safety (including Covid-19)
-- Cyber Security
-- Ongoing geo-political insecurity (including the Russian invasion of Ukraine)
Financial review
The KPIs which the Board uses to assess the performance of the
Group are detailed in the Chairman's Statement. The Chairman's
statement forms part of the Strategic Report.
The summary results for the Group are shown below:
Like-for-like comparisons 2021 2020 Growth
restated
GBP'm GBP'm
Revenues
Bioplastics 4.8 4.9 (3.0%)
RF Technologies 0.9 0.8 23.4%
Reported Group revenues 5.7 5.7 0.5%
------------------------------------ ---------------------- ---------------------- -------
(L)/EBITDA
Bioplastics (0.2) (0.1)
RF Technologies - (0.4)
Central Costs (0.4) (0.5)
Reported (L)/EBITDA (0.6) (1.0)
------------------------------------ ---------------------- ---------------------- -------
less depreciation, amortisation
and equity share option charges:
Bioplastics (0.4) (0.4)
RF Technologies (0.1) (0.1)
Central Costs - (0.1)
(0.5) (0.6)
(Loss)/Profit from Operations
Bioplastics (0.6) (0.5)
RF Technologies (0.1) (0.5)
Central Costs (0.4) (0.6)
Operating Loss (1.1) (1.6)
------------------------------------ ---------------------- ---------------------- -------
Net Assets
Non-current assets 1.2 1.4
Inventories 0.9 0.8
Trade and other receivables 1.4 1.4
Tax receivable 0.1 0.2
Cash 1.0 1.7
Trade and other payables (1.3) (1.1)
Long term lease commitments (0.4) (0.4)
Net assets 2.9 4.0
------------------------------------ ---------------------- ---------------------- -------
Revenues
Reported Group revenues were unchanged in the year at GBP5.7m
due to lower sales of Bioplastics products offset by increased
revenues from the RF Technology division. Good order intake in the
final quarter of 2021 and first quarter of 2022 for the RF
Technology division suggests a return to more normal levels of
trading, whilst new product introductions and on-boarding of new
customers for the Bioplastics division was delayed in 2021, we
remain confident over the longer-term prospects for the
business.
(L)/EBITDA
Reported (Loss) / Earnings Before Interest, Taxation,
Depreciation and Amortisation ((L)/EBITDA) for the year was a loss
of GBP0.6m (2020: GBP1.0m loss restated). The decrease in LBITDA is
a direct result of the higher revenues in the RF Technologies
division.
Operating Profits/(Losses)
The Group recorded an operating loss for the year of GBP1.1m
compared to an operating loss of GBP1.6m in the prior year.
Administrative costs across the Group in 2020 were GBP3.4m
(2020: GBP3.6m). When the non-cash effects of depreciation,
amortisation and equity settled share option charges are removed,
the cash administrative expenses in 2021 were at a similar level as
2020 at GBP2.9m.
Investment in product research and development was GBP1.0m in
the year (2020: GBP0.7m), which includes the research work in grant
backed Industrial Biotechnology, of which GBP0.3m (2020: GBP0.3m)
was capitalised in the year. Tax R&D claims resulted in a
credit being recognised in the year of GBP29,000 (2020: credit of
GBP61,000 restated) and other income from the Research and
Development Expenditure Credit scheme of GBP50,000 (2020: GBP24,000
restated).
The Group recorded a loss after tax for the year of GBP1.1m
(2020: restated loss after tax of GBP1.6m), giving a basic and
diluted loss per share of 30p (2020: restated loss per share of
53p). A prior year adjustment has been made in respect of the
timing of the recognition of current tax so that the tax payable or
receivable is accrued in the current year as opposed to being
recognised in the year that tax is settled. The adjustment in
respect of 2020 is to reduce the tax credit from GBP155,000 to
GBP61,000. The retained losses brought forward from 2019 were
reduced by GBP155,000 in respect of the 2019 tax credit.
Statement of Financial Position
The carrying value of intangible assets relates to capitalised
development costs predominantly within the Bioplastics division for
development of the Group's own intellectual property and product
range.
As at 31 December 2021, there was GBP0.7m of capitalised
development costs (2020: GBP0.8m) within the Group's statement of
financial position, of which GBP0.3m relates to Biome Mesh. An
assessment is made at least annually which assumes future potential
market take up of the products and the margins achievable.
Cashflow
2021 2020
restated
GBP'000 GBP'000
Loss from operations (1,135) (1,639)
Adjustment for non-cash items 489 658
Movement in working capital 69 (74)
Cash utilised by operations (577) (1,055)
Investment activities (266) (275)
R&D Tax credit 239 -
Interest paid (34) (38)
Financing activities (44) 920
Net decrease in cash (682) (448)
Opening cash balance 1,678 2,126
Closing cash balance 996 1,678
--------------------------------- -------------------- -----------------------
The cash utilised in operations, before working capital
movements, was GBP0.6m (2020: restated cash utilisation of
GBP1.0m). Working capital movements generated GBP0.1m cash in the
year (2020: GBP0.1m utilisation).
Investment in the year in capitalised product development and
capex was flat at GBP0.3m (2020: GBP0.3m). Financing activities in
the year represented exercises of share options, purchase and sale
of treasury shares and repayments of obligations under finance
leases and rounded to a net GBPnil, share issues of net GBP1.0m
were the principal financing activities in 2020. R&D tax
credits of GBP0.2m were received during 2021 (2020: GBPnil), the
receipts in 2021 were in respect of the 2019 and 2020 claims.
The resultant closing cash position was GBP1.0m (2020:
GBP1.7m).
Going Concern
The financial statements have been prepared on a going concern
basis as the directors believe that the Group has access to
sufficient resources to continue in business for the foreseeable
future. This is discussed more fully in the Directors' Report on
pages 14 to 17 of the 2021 report and accounts.
The key business risks and conditions that may impact the
Group's ability to continue as a going concern are the utilisation
of existing resources to finance growth, investment and
expenditure; the rates of growth and cash generated by group
revenues, the timing of breakeven and positive cashflow generation
and the ability to secure additional debt or equity financing in
future if this became necessary. The primary area of judgement that
the Board considered, in the going concern assessment, related to
revenue expectations and visibility.
The Board was mindful of the guidance surrounding a severe but
plausible assessment and, accordingly, considered a number of
scenarios in revenue reduction against the original plans. A
reverse stress test was constructed to identify at which point the
Group might run out of its available cash. The test was designed
specifically to understand how far revenue would need to fall short
of the base case forecast and does not represent the directors view
on current and projected trading. The test was modelled over a
24-month period commencing 1 January 2022 and was based on budgeted
trading that took into account contracted orderbook, existing
revenue streams from current customers / products and expected
revenue based on management's judgement of the likelihood of
converting current sales opportunities. The sales revenue in the
budgeted model was reduced evenly across the Group to the point
where the projected month-end cash was equal to zero at any point
during the 24-month cycle. In the model, zero month-end cash was
reached in November 2023 when projected sales revenue was reduced
to 86.7% of budget. Since the guidance for going concern is usually
based on a period of 12-months from the date of signing the
accounts a further reverse stress test was conducted over a period
to 31 March 2023. In this test reducing sales to 84.0% of budgeted
level resulted in a zero month-end cash position at 31 March 2023.
For the reverse stress test, the Board specifically excluded any
significant upsides to this scenario. This is despite strong
incremental demand potential at both existing and new customers
either in the Bioplastics or RF Technology divisions. This most
severe scenario also excludes any mitigating reduction in the cost
base that the Board would clearly undertake in this event. In all
scenarios modelled, including the reverse stress test, the Group
has sufficient resources to operate and meet its liabilities
throughout the going concern review period without the inclusion of
the impact of mitigating actions.
At 31 December 2021, the Group had a net cash balance of GBP1.0m
and as at 22 March 2022 a balance of GBP0.9m. On a revised base
case scenario adopted for their assessment, the Board is
comfortable that the Group can continue its operations for at least
a 12-month period following the approval of these financial
statements.
As a result of this review, which incorporated sensitivities and
risk analysis, the Directors believe that the Group has sufficient
resources and working capital to meet their present and foreseeable
obligations for a period of at least 12 months from the approval of
these financial statements.
By order of the Board.
Paul Mines
Chief Executive Officer
Consolidated statement of comprehensive income
For the year ended 31 December 2021
Note 2021 2020
restated*
GBP'000 GBP'000
REVENUE 5 5,734 5,705
Cost of goods sold (3,794) (4,029)
GROSS PROFIT 1,940 1,676
Other operating income 364 324
Administrative expenses (3,439) (3,639)
LOSS FROM OPERATIONS (1,135) (1,639)
Investment income - 2
Finance charges (34) (38)
LOSS BEFORE TAXATION (1,169) (1,675)
Taxation 7 29 61
LOSS AND TOTAL COMPREHENSIVE LOSS FOR
THE YEAR (1,140) (1,614)
------------------------------------------- ----- -------------------- --------------------
Basic loss per share - pence (30)p (53)p
Diluted loss per share - pence (30)p (53)p
------------------------------------------- ----- -------------------- --------------------
* A prior year adjustment has been made in respect of the timing
of recognition of tax, see note 7 for details as well as a
reclassification of GBP88,000 of foreign exchange loss to
administrative expenses, previously presented below the operating
loss.
The accompanying accounting policies and notes form an integral
part of the financial statements.
Consolidated statement of financial
position
as at 31 December
2021
Restated
balances
as at
Note 2021 2020 01-Jan-2020
Restated*
GBP'000 GBP'000 GBP'000
NON-CURRENT ASSETS
Other intangible
assets 726 821 883
Property, plant
and
equipment 502 574 653
1,228 1,395 1,536
CURRENT ASSETS
Inventories 920 746 555
Trade and other
receivables 1,377 1,440 1,885
Tax receivable 7 79 239 155
Cash and cash
equivalents 996 1,678 2,126
3,372 4,103 4,721
TOTAL ASSETS 4,600 5,498 6,257
------------------- ----- ----------------------------- -----------------------------
CURRENT
LIABILITIES
Trade and other
payables 1,298 1,076 1,381
Lease liabilities 40 38 76
1,338 1,114 1,457
NON-CURRENT
LIABILITIES
Lease liabilities 361 400 438
------------------- ----- ----------------------------- -----------------------------
361 400 438
TOTAL LIABILITIES 1,699 1,514 1,895
------------------- ----- ----------------------------- -----------------------------
NET ASSETS 2,901 3,984 4,362
------------------- ----- ----------------------------- -----------------------------
EQUITY
Share capital 189 186 140
Share premium
account 2,282 2,200 1,250
Capital
redemption
reserve 4 4 4
Share options
reserve 487 617 377
Translation
reserves (85) (85) (85)
Treasury shares (55) - -
reserve
Retained earnings 79 1,062 2,676
TOTAL EQUITY 2,901 3,984 4,362
------------------- ----- ----------------------------- -----------------------------
* A prior year adjustment has been made in respect of the timing
of recognition of tax and to disclose a tax receivable on the
Statement of Financial Position, previously included within trade
and other receivables, see note 7 for details.
The financial statements were approved by the Board and
authorised for issue on 23 March 2022.
Signed on behalf of the Board of Directors
Paul Mines (Chief Executive) Rob Smith (Chief Financial
Officer)
23 March 2022
The accompanying accounting policies and notes form an integral
part of the financial statements.
Consolidated statement of changes in
equity
AS AST 31
DECEMBER 2021
Share Capital Share Restated*
premium redemption options Translation Treasury retained TOTAL
Share capital account reserve reserve reserve Shares earnings EQUITY
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
January 2021 186 2,200 4 617 (85) - 1,062 3,984
--------------- --------------------- -------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
Share options
issued in
share
based
payments - - - 48 - - - 48
Issue of share
capital 3 82 - - - - - 85
Purchase of
own shares - - - - - (122) - (122)
Sale of
treasury
shares - - - - - 67 (21) 46
Exercise of
share options - - - (170) - - 170 -
Cancellation
of expired
options - - - (8) - - 8 -
Transactions
with owners 3 82 - (130) - (55) 157 57
--------------- --------------------- -------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
Loss for the
year - - - - - - (1,140) (1,140)
--------------- --------------------- -------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
Total
comprehensive
loss
for the year - - - - - - (1,140) (1,140)
--------------- --------------------- -------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
Balance at 31
December 2021 189 2,282 4 487 (85) (55) 79 2,901
--------------- --------------------- -------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
Balance at 1
January 2020 140 1,250 4 377 (85) - 2,521 4,207
--------------- --------------------- -------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
Prior year
adjustment - - - - - - 155 155
Restated
balance at 1
January
2020 140 1,250 4 377 (85) - 2,676 4,362
--------------- --------------------- -------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
Share options
issued in
share
based
payments - - - 240 - - - 240
Issue of share
capital 46 950 - - - - - 996
Transactions
with owners 46 950 - 240 - - - 1,236
--------------- --------------------- -------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
Loss for the
year - - - - - - (1,614) (1,614)
--------------- --------------------- -------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
Total
comprehensive
loss
for the year - - - - - - (1,614) (1,614)
--------------- --------------------- -------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
Balance at 31
December 2020 186 2,200 4 617 (85) - 1,062 3,984
--------------- --------------------- -------------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
* A prior year adjustment has been made in respect of the timing
of recognition of tax (see note 7).
Consolidated statement of cash flows
For the year ended 31 December 2021
2021 2020
restated*
GBP'000 GBP'000
Loss after taxation (1,140) (1,614)
Adjustments for: -
Taxation (29) (61)
Finance charges 34 38
Investment income - (2)
--------------------------------------------------- ---------------------- -----------------------
Loss from operations (1,135) (1,639)
Adjustments for: -
Amortisation and impairment of intangible
assets 353 320
Depreciation of property, plant and equipment 88 98
Share based payments - equity settled 48 240
--------------------------------------------------- ---------------------- -----------------------
Operating cash flows before movement in working
capital (646) (981)
Increase in inventories (174) (191)
Decrease in receivables 13 269
Increase/(decrease) in payables 230 (152)
Cash utilised in operations (577) (1,055)
Corporate tax received 239 -
Interest paid (34) (38)
Net cash outflow from operating activities (372) (1,093)
--------------------------------------------------- ---------------------- -----------------------
Investing activities
Interest received - 2
Investment in intangible assets (258) (258)
Purchase of property, plant and equipment (8) (19)
Net cash used in investing activities (266) (275)
--------------------------------------------------- ---------------------- -----------------------
Financing activities
Proceeds from issue of share capital 1 1,100
Costs of issue of ordinary share capital - (104)
Repayment of obligations under leasing activities (45) (76)
Net cash (used in)/ generated from financing
activities (44) 920
--------------------------------------------------- ---------------------- -----------------------
Net decrease in cash and cash equivalents (682) (448)
Cash and cash equivalents at the beginning
of the year 1,678 2,126
Cash and cash equivalents at the end of the
year 996 1,678
--------------------------------------------------- ---------------------- -----------------------
* A prior year adjustment has been made in respect of foreign
exchange losses included in administrative expenses that were
previously separately disclosed.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2021
1. NON-STATUTORY FINANCIAL STATEMENTS
The financial information set out in this preliminary results
announcement does not constitute the Group's statutory financial
statements for the year ended 31 December 2021 or 2020 but is
derived from those financial statements. Statutory financial
statements for 2020 have been delivered to the Registrar of
Companies. Those for 2021 will be delivered following the Company's
Annual General Meeting on 20 April 2022. The auditors have reported
on those accounts: their reports on those financial statements were
unqualified and did not contain statements under Section 498 of the
Companies Act 2006.
The financial statements, and this preliminary statement, of the
Group for the year ended 31 December 2021 were authorised for issue
by the Board of Directors on 23 March 2022 and the statement of
financial position was signed on behalf of the Board by Paul Mines
and Rob Smith.
2. BASIS OF PREPARATION
The Group's financial statements have been prepared in
accordance with UK-adopted international accounting standards.
3. BASIS OF CONSOLIDATION
The Group financial statements consolidate the results of the
Company and all of its subsidiary undertakings drawn up to 31
December 2021. Subsidiaries are entities over which the Group has
control. Control comprises an investor having power over the
investee and is exposed, or has rights, to variable returns from
its involvement with the investee and has the ability to affect
those returns through its power. At 31 December 2021 the subsidiary
undertakings were Biome Bioplastics Limited, Biome Bioplastics Inc,
Stanelco RF Technologies Limited, Aquasol Limited, and InGel
Technologies Limited (dormant).
4. GOING CONCERN
The Directors have reviewed forecasts for the period to December
2023. These have been prepared with appropriate regard for the
current macroeconomic environment including the ongoing impact of
Covid-19 and the circumstances in which the Group operates. In
particular, the Directors have considered the continuing growth of
the Bioplastics Division, its need for continued investment in
development resource and working capital, the steps they can take
to improve the efficiency of the working capital deployed and the
availability of future funding.
The model has assumed growth in the period from the Stanelco RF
Division and the Directors have already taken steps to ensure
resources meet current demand.
The Directors are satisfied that the Group has sufficient
resources to continue in operational existence for at least one
year from the date of approval of these Interim Results.
5. SEGMENTAL INFORMATION FOR YEAR ENDED 31 DECEMBER 2021
2021 2020 restated
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Bioplastics RF Central Total Bioplastics RF Central Total
Revenue from
sales 4,797 1,140 - 5,937 4,946 804 - 5,750
Removal of inter-segment
sales - (203) - (203) - (45) - (45)
Total external
sales 4,797 937 - 5,734 4,946 759 - 5,705
--------------------------- ------------------- ------------------ ------------------ ----------------- ------------------ ------------------ ------------------ -----------------
(Loss)/profit
from operations (601) (59) (475) (1,135) (544) (461) (634) (1,639)
--------------------------- ------------------- ------------------ ------------------ ----------------- ------------------ ------------------ ------------------ -----------------
Interest received - - - - - - 2 2
Finance charges - - (34) (34) - - (38) (38)
Loss before taxation (601) (59) (509) (1,169) (544) (461) (670) (1,675)
--------------------------- ------------------- ------------------ ------------------ ----------------- ------------------ ------------------ ------------------ -----------------
Taxation 29 - - 29 61 - - 61
Loss for the
year (572) (59) (509) (1,140) (483) (461) (670) (1,614)
--------------------------- ------------------- ------------------ ------------------ ----------------- ------------------ ------------------ ------------------ -----------------
Reconciliation to Loss Before Interest
Tax Depreciation and Amortisation (LBITDA)
(Loss)/profit
from operations (601) (59) (475) (1,135) (544) (461) (634) (1,639)
Depreciation/amortisation (395) (41) (5) (441) (364) (50) (4) (418)
Share based payments (13) (7) (28) (48) (35) (16) (189) (240)
LBITDA (193) (11) (442) (646) (145) (395) (441) (981)
--------------------------- ------------------- ------------------ ------------------ ----------------- ------------------ ------------------ ------------------ -----------------
Other segmental
information
Capital Expenditure
Property, plant
and equipment 3 12 1 16 9 9 1 19
Intangible assets 258 - - 258 258 - - 258
Total Capital
Expenditure 261 12 1 274 267 9 1 277
--------------------------- ------------------- ------------------ ------------------ ----------------- ------------------ ------------------ ------------------ -----------------
Total Assets 3,408 1,156 36 4,600 3,971 1,414 113 5,498
--------------------------- ------------------- ------------------ ------------------ ----------------- ------------------ ------------------ ------------------ -----------------
The Bioplastics division comprises of Biome Bioplastics Limited,
Biome Bioplastics Inc and Aquasol Limited.
5. ALTERNATIVE PROFIT MEASURE
The Group, and divisions, define earnings before interest,
taxation, depreciation and amortisation ("EBITDA") as the operating
profit or loss adjusted for share option charges, depreciation, and
amortisation. The Group (L)/EBITDA is reconciled as follows:
2021 2020
restated*
GBP'000 GBP'000
Loss from operations per consolidated
statement of comprehensive income (1,135) (1,639)
Amortisation 353 320
Depreciation 88 98
Share option charges - equity
settled 48 240
(646) (981)
--------------------------------------- ------------------ --------------------
6. LOSS PER SHARE
The calculation of loss per share is based on the loss
attributable to the equity holders of the parent for the year of
GBP1,140,000 (2020: restated loss of GBP1,614,000) and a weighted
average of 3,742,655 (2020: 3,033,457) ordinary shares carrying
voting rights for basic earnings per share and a weighted average
of 3,742,655 (2020: 3,033,457) ordinary shares carrying voting
rights for diluted earnings per share.
7. TAXATION
A prior year adjustment has been made in respect of the timing
of the recognition of current tax so that the tax payable or
receivable is accrued in the current year as opposed to being
recognised in the year that tax is settled. The adjustment in
respect of 2020 is to reduce the tax credit from GBP155,000 to
GBP61,000. The retained losses brought forward from 2019 were
reduced by GBP155,000 in respect of the 2019 tax credit. The
Consolidated Statement of Financial Position has been adjusted to
include an additional GBP84,000 tax receivable in respect of
2020.
In the current year other income includes GBP50,000 (2020:
GBP24,000 restated) arising from Research and Development
Expenditure Credit scheme (RDEC) that is accounted for as a
government grant.
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END
FR BRGDXIDDDGDX
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March 24, 2022 03:00 ET (07:00 GMT)
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