Final Results for 12 months to 31 March 2022
OTAQ (LSE: OTAQ), the marine technology products and solutions group for the global aquaculture and offshore energy industries, announces results for the 12 months to 31 March 2022.
Net (debt) / cash**
*Adjusted EBITDA (earnings before income, tax, depreciation, exceptional costs, impairment, share option charges and amortisation)
Strategic and Operational Highlights
- Strong revenue and gross profit growth Offshore, Connectors and Technology Divisions
- Aquaculture Division impacted by ongoing regulatory reviews of acoustic deterrent device usage, specifically in Chile and Scotland
- Encouraging entry into the shrimp biomass measurement market with Minnowtech LLC
- Strategic investment of 10% in Blue Lion Labs Ltd and completion of licensing and cooperation agreements
- Continued focus on broadening reach through new product development including the live plankton analysis system for detecting harmful algal blooms
Commenting, Phil Newby, Chief Executive at OTAQ, said:
"Product innovation is at the core of OTAQ's ability to partner with clients to maximise welfare and production yields, continually broadening our portfolio of complementary products. The addition of technologies in shrimp sonar, live plankton analysis systems and water quality monitoring now give OTAQ and its customers a new level of analysis and responsiveness in managing stocks and improving performance.
"Many of these products have been well received in the Chilean and Scottish markets, with early indications of commercial success, which is central to the Group's growth strategy
"Development of new products and the flourishing performance from the Offshore and Connectors divisions gives the directors confidence that the Group can return to profitable growth."
CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
I'm pleased to present my Chairman's Statement for the year ending 31 March 2022.
The results for the last financial year reflect a mixed outcome for the Group, characterised by continued disruption to our core acoustic deterrent device (ADD) business, partially offset by a significant upswing in activity for our Offshore and Connectors business and an encouraging growth in activity and commercial gains within our Technology and R&D division. The continued delays from Marine Scotland on legitimising the use of ADDs in Scottish waters have severely impacted our revenues from this core division, but the growth in the price of oil during the year, exacerbated by the recent drive to secure oil and gas supplies away from Russian influence, has meant that the marine exploration industry has staged a significant recovery in activity and sales which we feel may be sustained into 2023. Accordingly, we ended this year with revenues slightly ahead of 2021 but yielding a small EBITDA loss as our high margin ADD rentals business was severely impacted by the continuing lack of clarity in the regulation of the marine environment.
The Group enters the new financial year with a degree of uncertainty around its revenue forecasts. The Group is working hard to commercialise its strong pipeline of new products but the timing of new revenues is inherently difficult to forecast. For this reason, there remains material uncertainty around the cash position of the Group and whether there will be sufficient resources to trade and meet all obligations for the next twelve months. However, the Group is committed to and confident that it will be successful in raising additional funding which will mitigate uncertainties in respect of the forecasts and secure the Group's funding needs beyond the forecast period. The Group is also expectant that the revenue forecasts will be surpassed to alleviate the uncertainty around cash resources. Indeed, following the completion of the Group's first quarter, the Group is ahead of these forecasts. For this reason, the financial statements have been prepared on the going concern basis and I am confident the Group will complete the new financial year with improved revenue and a more robust balance sheet.
The primary strategy of the Group is intended to create long-term shareholder value and remains the creation of a business of significance within the global aquaculture industry with a particular focus on reducing production risks for salmon farmers and more recently with shrimp farmers through our investment in Minnowtech LLC. Over time, the Group intends to deploy a range of sophisticated products designed to overcome many production and environmental challenges. These solutions will be based on a common data and communications infrastructure aiming to provide high quality real-time information to better manage production and welfare at aquaculture sites.
The Group strategy also embraces the development of new products for deployment in the oil, gas and renewables sectors through its Offshore, Connectors and Technology divisions. The development of new technologies in these divisions permits cross-deployment into the aquaculture arena which the Group is now beginning to exploit through cross-deployment of our camera systems and laser measurement devices.
The Group's historic core aquaculture product, Sealfence, significantly improves yields for the marine salmon farming industry by reducing the frequency of predator attacks using acoustic technology. Following ongoing regulatory challenges in the year, Sealfence rentals and sales now account for around a third of Group revenues with almost all long-term rental contracts now ended. During the last 12 months the number of Sealfence units deployed has declined to minimal numbers in Scotland and two-year historic lows in Chile. The primary reason for the Scottish decline is Marine Scotland's instigation of an overarching environmental review during 2020 into the use of ADDs in the marine environment which has created uncertainty around the necessity of a licensing system for ADD use. Marine Scotland is expected to publish revised guidance governing the use of ADDs in Scottish waters during 2022 although its lack of urgency in resolving this issue during 2021 has been a frustration. We have fully cooperated with Marine Scotland in helping to produce and analyse objective scientific data to deliver what we anticipate will be a sensible, evidence-based policy in this area.
Environmental studies are at a more advanced stage in Chile with the licensing body in that country, Subpesca, recently adopting a less intrusive view regarding ADD usage until local environmental impact trials are fully concluded. We fully expect local environmental impact studies in Chilean waters to support the view that ADDs can be safely used there. However, consumer demand for Aquaculture Stewardship Council certification in Chile (and to a lesser extent in Scotland) has also resulted in lower demand for ADD use whilst that certification is obtained.
Nonetheless, the Group has enjoyed new Sealfence wins in Ireland and Alaska over the past year to demonstrate the potential in new non-core territories and these remain active markets with potential for further growth.
In addition to our acoustic deterrence technology, the Group has again been busy over the past 12 months developing adjacent technologies that will broaden our reach into the global aquaculture sector. Specifically, we have now achieved our first commercial sales of shrimp biomass measurement technology through our strategic partnership with Minnowtech and fully expect these revenues to develop further in 2022. Likewise, through a collaboration with Blue Lion Labs Ltd in Canada, we have accelerated the development of our phytoplankton detection technology and have now commenced field trials with salmon farmers in both the Northern and Southern hemispheres with the expectation of commercialisation in late 2022. Phytoplankton, or "harmful algal bloom", is a major disease challenge for finfish farmers generally and it is estimated the global aquaculture industry suffers $3.4 billion in damage and losses annually due to events such as harmful algal blooms. Early detection of this problem should allow farmers to deploy their defence systems early enough to markedly reduce the losses and improve overall fish welfare.
Offshore, Connectors & Technology
Other products in the Group's portfolio include a range of sub-sea cameras, laser measuring devices, leak detection systems and high integrity electrical connectors for use in the offshore renewables and oil and gas markets, which form the Group's Offshore and Connectors divisions. The upturn in the oil and gas sector has helped these divisions deliver significantly improved results and we are hopeful that this upsurge in business will continue and bring benefits during the new financial year.
The Group will continue to consider the acquisition of small and medium-sized marine technologies. We are highly selective in acquiring businesses that either demonstrate sustainable profits or own a nascent technology that can be applied to our marine-based systems to create a profitable future revenue stream. It is with this approach in mind that we were able to acquire the trade and assets of ROS Technology in November 2020 for £0.3m which is a small electronics and design business focussed on tracking technology that has helped commercialise the Minnowtech shrimp biomass measurement technology and now forms the basis of the Technology division.
The year has again been challenging for the team both in the UK and in Chile with some continuing Covid-19 pandemic restrictions impacting, especially regarding staff availability, although these have begun to abate in the latter half of the year. However, the team have faced the challenge robustly and have continued to ensure our customers' requirements are met whilst driving forward the Group's strategies.
The executive team and all employees within the Group worked especially hard against the strictures imposed by the Covid-19 pandemic in 2021 and 2022 to produce these results. The Board and, I am sure, our shareholders remain grateful to all our colleagues for their efforts that have delivered this performance despite the difficulties that have been imposed on us in the aquaculture sector. We now look forward to continuing to develop and launch our new technologies in our varied and dispersed geographical markets
CHIEF EXECUTIVE'S REPORT FOR THE YEAR ENDED 31 MARCH 2022
Review of the period
The Group has suffered in the year from the challenges encountered in the Aquaculture sectors of the business with regulatory challenges in both Scotland and Chile impacting the Group's performance in both those territories. However, the Offshore, Connectors and Technology divisions have all performed well to help offset some of the Aquaculture downturns. New product launches, realising the benefit of the ROS Technology transaction from November 2020 and an improvement in the oil and gas sector have helped deliver the performance in these divisions.
On 10th May 2021, the Group completed the 10% investment in Blue Lion Labs Ltd, a company registered in Canada that specialises in plankton detection and identification. As part of this investment the Group signed cooperation agreements and licensing agreements with Blue Lion Labs Ltd to develop their technology for use in our planned harmful algal bloom detection technology, which the Group now aims to launch in the later stages of 2022.
Despite the challenges encountered in the year, the Group achieved 5.9% organic growth with this delivered through £1.17m in the Connectors division (2021: £0.86m), £0.92m in the Offshore division (2021: £0.51m) and £0.76m (2021: £0.13m) in the Technology division. This helped overcome the decline in Aquaculture which achieved revenues of £1.45m (2021: £2.55m) in the year.
Sales to non-UK territories have increased from 30% of total revenue in 2021 to 46% in 2022 and this diversification into new territories has helped to start to reduce the Group's reliance on the Scottish aquaculture market in particular. The December 2020 introduction by Marine Scotland of reviewed guidance concerning the licensing process for fish farms in Scotland wishing to use Acoustic Deterrent Devices (ADDs) has led to the poor performance in the Scottish aquaculture market. The Group continues to work with relevant authorities to overcome the reluctance for applications to be made but it is not possible to forecast an improvement in this market until salmon farmers are willing to make licensing applications. The Chilean market for ADDs is also experiencing some challenges with Chilean farmers in particular keen to adopt Aquaculture Stewardship Council certification and this has led to a reduction in Sealfence numbers whilst this certification is obtained. However, progress has been made with Subpesca, the Chilean authority regulating ADD use, during the year with the Group increasingly confident that no restrictive regulations or guidance will be put in place, as has largely been the case to date in Chile.
Group revenue for the year ended 31 March 2022 increased from £4.05 million to £4.29 million, an increase of 5.9%. This revenue growth is all organic. The investment in Minnowtech LLC has contributed to this growth with significant quantities of the Minnowtech shrimp measurement device, BRS-1, supplied to Minnowtech in the year. The investment in research and development has also contributed with new products such as tracking devices, the next iteration of the OceanSense device and Lander survey vessel all launched in the year.
The Group continues to grow globally with UK revenue now representing only 54% of total revenue (2021: 70%). Chile represents 8% (2021: 7%) of total revenue with other European countries accounting for 13% (2021: 11%) of total revenue and the rest of the world for 25% (2021: 12%) of total revenue.
The statutory loss for the year of £1.90m (2021: £0.53m) was impacted by the increase in administrative expenses to £4.14m (2021: £3.09m) as well as the reduced gross margin of 47.2% (2021: 56.8%) resulting from the change in the sales mix. The £4.14m of administrative expenses was impacted by certain one-offs including a £0.31m (2021: £nil) impairment charge for the write-down of Sealfence units returned from customers. There was a £0.57m (2021: £0.17m) intangibles amortisation charge which included additional one-off £0.30m impairment charges relating to development costs not commercially viable.
The Group incurred a number of exceptional charges in the year totalling £0.26m (2021: £0.16m). These included costs that were principally associated with legal fees for the 6,272,729 new shares issued in January 2022, legal costs associated with investments and a charge for the additional amount required for the deferred acquisition costs relating to the 2018 MarineSense Limited acquisition. These costs are either one-off or relate to funding or investment activities.
The Board is not recommending a final dividend (2021: £nil).
The North Sea and wider oil market in which the Offshore division operates, and which impacts on demand for the Connectors division, has experienced a period of renewed activity in line with the increase in oil prices. This is expected to continue to drive demand in these divisions for the next year. The market for ADDs in Scotland in particular is likely to remain subdued for the immediate future whilst the licensing situation is clarified. It is difficult to predict what the market size will be once this clarification has taken place. The Chilean market has been volatile in the year but progress is being made with the Chilean authorities around the formal approval to use ADDs and, in conjunction with ASC certification, it is hoped this will enable the Chilean market to resume growth.
Despite 46% (FY21: 23%) of the Group's revenue now being generated overseas, exchange rates have only a minor influence on the Group's business: OTAQ's supply costs are largely denominated in Sterling and most of its revenue is invoiced in Sterling with less than 10% of revenue invoiced in different currencies. Currency movements in the year have not had a material impact.
As a buy-and-build group, the acquisition of new businesses is a key feature of Group strategy. Executing this effectively is key to ensuring that long-term value is generated for shareholders; we are highly selective in relation to both the acquisition price paid and the long-term quality of any potential addition to our Group.
The industries in which we operate contain a multitude of start-ups and small niches that are potentially complementary to the strategy of the Group. The Group has demonstrated expertise at executing a number of acquisitions and integrating them into the Group successfully and this has continued with the investments in Minnowtech LLC and Blue Lion Labs Ltd.
In May 2021, the Group announced a 10% investment into Blue Lion Labs Ltd, a Canadian plankton technology company that will provide detection and analysis of plankton in water. As part of this investment, the Group has signed a cooperation agreement with the aim of commercialising Blue Lion's technology in combination with OTAQ's hardware for use in the salmon farming industry. This investment has helped accelerate the delivery of this long-term project with field trials now commenced with prospective customers and launch anticipated to be in the latter half of 2022.
The Group has continued to invest in the development of new products and improvement to existing products. Investment in research and development, capitalised as development costs, amounted to £0.59 million in the year to 31 March 2022 (2021: £0.68 million), equivalent to 14% of Group revenue (2021: 17%). The aim of the Group's research and development team is to deliver key projects; this has been demonstrated in the year with the successful launch of the Minnowtech shrimp measurement sonar, tracking technology for use in sports racing, OceanSense IV and the Lander seabed survey device. These new products have contributed significant six-figure revenue in the year.
Current trading and prospects
Following relaxation of Covid-19 restrictions in the UK and the rest of the world during the year, the Group has operated with increasing normality with business development activities taking place including exhibiting at several trade shows.
There remains uncertainty in the coming financial year due to the material uncertainties around working capital requirements and funding outcomes with more detail to be found in the going concern note 2 (c) below. The long-term Sealfence rental contract model no longer offers OTAQ the security of the past but the Group has worked hard to develop new product lines and territories. The strategic investments in Blue Lion Labs Ltd, Minnowtech LLC and the ROS Technology purchase are expected to continue to benefit the group in the coming year.
Despite the ongoing difficulties being encountered in the Group's historically core salmon farm ADD markets, the development of new products and flourishing performance from the Offshore and Connectors divisions gives the directors confidence that the Group can return to profitable growth.
CHIEF FINANCIAL OFFICER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022
The strategy of the Group is to build a business of significance within the aquaculture and offshore industries with the key financing requirements being to ensure there is sufficient resource to fund new product development.
The Group's Key Performance Indicators are aligned to revenue, profits and ensuring sufficient cash flow to deliver future growth. These three measures were below targets in the year to 31 March 2022 due to the near complete withdrawal of Sealfence units from the Scottish market. However, cash flow has been supplemented by the issue of shares in January 2022 which aided cash balances by an amount net of all relevant costs of £1.23m. In addition, the Group carefully monitors loss time incidents and employee absenteeism and turnover. Loss time incidents were zero (2021: zero) for the year and employee absenteeism and employee turnover were in line with historic trends.
Group revenue increased by 5.9% to £4.29 million compared with £4.05 million in the prior year with organic growth accounting for all of the growth and despite the loss of the Group's two main Sealfence customers during 2020 and 2021.
Across our four business units, Aquaculture revenues decreased by £1.10m to £1.45 million with OTAQ Offshore contributing £0.91m (2021: £0.51m) to revenue, OTAQ Connectors contributing £1.17m (2021: £0.86m) and the Group's technology division, including revenue from sales to Minnowtech LLC and contracts acquired as part of the ROS Technology acquisition in November 2020, contributing £0.76m (2021: £0.13m).
The preferred measure of assessing profits for the Group is explained below:
Share option charge
Amortisation of intangible assets
Impairment of rental units
Depreciation on property, plant and equipment
* Earnings before income, tax, depreciation, share option charges, impairment, exceptional costs and amortisation.
Adjusted EBITDA declined to a loss of £0.05 million from £0.52m profit in 2021 with the corresponding EBITDA operating margin declining from 13% in the prior year to a 1% EBITDA operating loss. This decline was driven by the increase in Administrative expenses to £4.14m (2021: £3.09m), with £0.75m of this increase illustrated in the above table. The remaining additional spend related to costs associated with acoustic deterrent device impact surveys as well as additional travel and marketing costs as relevant restrictions were lifted following the end of the Covid-19 restrictions in the UK and around the world. The EBITDA decline also resulted from a decline in the gross profit percentage from 56.8% to 47.2% due to the changing revenue mix away from Sealfence rentals.
Operating losses increased to £2.11m from £0.73m with the total comprehensive expense for the year increasing to £1.90 million (2021: £0.53 million). The statutory loss before tax increased to £2.16 million compared to £0.73 million in 2021.
Adjusting items relate to expenditure which does not relate directly to the core activities of the Group and is considered to be one-off in nature or in relation to investing, restructuring or financing activities. The total pre-tax adjusting items recorded in the year to 31 March 2022 were £0.26m. These relate to £0.08m being fees relating to the January 2022 issue of equity, £0.04m relating to legal fees in association with investments made, £0.04m relating to the revaluation of deferred acquisition costs and £0.10m of sundry costs considered to be one-off.
In addition to this were depreciation charges of £0.74 million (2021: £0.69m), intangible amortisation charges of £0.57m (2021: £0.17m) and right-of-use depreciation charges of £0.16m (2021: £0.12m). There was also an impairment charge of £0.31m relating to Sealfence units returned from customers following the end of rental agreements.
Other operating income
The grant income received of £0.13m (2021: £0.12m) related to the HMRC CBILs scheme. In 2020 the grant related to the HMRC furlough scheme in the UK of £0.02m and a £0.10m grant from the Scottish government relating to the reduced market activity impacting the Offshore division.
Net finance costs totalled £0.17m (2021: £0.06m) and related to the interest charge relating to deferred acquisition payments made in the year associated with the terms of the acquisition of Marine Sense Limited in 2018, right-of-use interest charges and predominantly interest costs relating to the CBILs loan.
As the Group remains in a statutory loss-making position, there is no overall Group tax charge. The Group continues to benefit from research and development tax credits which, along with a reduction in deferred tax of £0.1m, accounts for the £0.25m (2021: £0.19m) tax credit in the year.
Earnings and losses per share
Statutory basic losses per share were 5.9p (2021: loss 1.7p) and statutory diluted losses per share totalled 5.9p (2021: loss 1.7p). These are calculated using the weighted average number of shares in existence during the year.
Return on Capital
The Group intends to report on capital returns once sustained profitability has been achieved. Whilst capital returns are monitored currently, it is not a key performance or key results measure given the Group's high revenue growth and current statutory loss-making position.
No dividends have been paid in the year (2021: £nil) and no dividend is recommended. It is expected that all cash resources will be retained by the Group.
The Group's number of employees for 2022 stood at 45 (2021: 42). The change in staff numbers during the year was due to the growth of the business.
Share capital and share options
The Group's issued share capital at 31 March totalled 37,716,250 Ordinary shares (2021: 30,763,251). During the year, share options for 584,416 were exercised with a further 95,854 (2021: 37,240) shares issued as part of the employee Share Incentive Plan which came into effect in October 2020. 6,272,729 new shares were issued at a price of 22p as part of a funding round held in January 2022.
Share options issued in the year totalled 800,000 (2021: 750,000) with 2,130,900 (2021: 2,144,908) share options in issue at 31 March 2022. 229,592 (2021: 229,592) share options lapsed in the year due to performance criteria not being met. Warrants totalling 320,000, included in the above figures, were outstanding on 31 March 2022 (2021: 320,000)
Cashflow and net debt
This year's cash generated from operations totalled an outflow of £1.85 million (2021: inflow £0.17 million). Total capital expenditure amounted to £0.42 million (2021: £0.80 million).
Year-end cash balances totalled £1.01 million compared to £3.12 million in 2021. The Group finished 2022 with net debt of £1.27 million compared to £0.67 million of net cash at the end of 2021 as reconciled below:
Cash and cash equivalents
Non-current lease liabilities
Current lease liabilities
Non-current financial liabilities
Current financial liabilities
Current deferred payment for acquisition
Income tax asset
Net (debt) / cash
The directors consider the income tax credit to be part of net debt as the asset will be converted into cash.
As well as the £0.42m spend on fixed assets, with £0.37m being for systems for rental, mainly Sealfence units, £0.59m was spent on research and development activities and £0.21m was invested in Blue Lion Labs Ltd.
Following the completion of a £2.00m CBILs facility in February 2020, £0.19m was repaid during the year with a further £0.02m of interest paid not funded by the government grant.
Assets and liabilities
Total current assets at 31 March 2022 were £4.11m compared to total current assets of £5.17m at 31 March 2021. The key change during the year relates to the decrease in cash balances to £1.01m from £3.12m and the increase in trade and other receivables to £1.77m (2021: £0.86m) due to the timing of revenue for the year being weighted towards the last quarter. Inventories have increased to £1.18m from £0.90m with trade and other payables decreasing to £1.24m from £1.81m.
Total liabilities have decreased from £4.76m at 31 March 2021 to £3.77m at 31 March 2022 with this decrease driven by the repayments due under the £2m CBILs loan, reducing right-of-use liabilities and a reduction in deferred income and trade payables. Right-of-use lease liabilities recognised in the year amount to a total liability of £0.42m (2021: £0.52m).
With the difficulties of the year, the Group's financial position is weaker than in previous years and so tight cost control and cash management is being adhered to through tighter purchasing authority limits and greater focus on debtor collection and inventory management.
The Group will begin the new financial year in a financial position requiring careful management. The Group's divisions, with the exception of Aquaculture, are trading better than in previous years and there is optimism that these divisions can return the Group to an EBITDA-positive position and improve the Group's cash performance.
Chief Financial Officer
Consolidated Statement of Comprehensive Income
|Note||Year ended 31 March 2022||Year ended 31 March 2021|
|Cost of sales||(2,265)||(1,750)|
|Other operating income||5||131||123|
|Loss before taxation||(2,155)||(726)|
|Loss for the year||(1,904)||(534)|
|Equity shareholders of the Group||(1,904)||(534)|
|Other comprehensive income|
|Items that will be reclassified subsequently to profit and loss:|
|Exchange differences on translation of foreign operations||(7)||21|
|Total comprehensive expense for the year||(1,911)||(513)|
|Equity shareholders of the Group||(1,911)||(513)|
As per note 9, the loss for the year arises from the Group's continuing operations. Losses Per Share were 5.9p (2021: loss 1.7p) and Diluted Losses Per Share were 5.9p (2021: loss 1.7p).
The accompanying notes form an integral part of these consolidated financial statements.
Consolidated Statement of Financial Position
|Note||31 March 2022||31 March 2021|
|Property, plant and equipment||10||919||1,548|
|Total non-current assets||4,834||5,326|
|Trade and other receivables||15||1,766||860|
|Income tax asset||16||155||286|
|Cash and cash equivalents||18||1,008||3,120|
|Total current assets||4,111||5,165|
|EQUITY AND LIABILITIES|
|Share option reserve||25||150||473|
|Merger relief reserve||20||9,154||9,154|
|Reverse acquisition reserve||20||(6,777)||(6,777)|
|Total non-current liabilities||1,727||2,299|
|Trade and other payables||22||1,243||1,808|
|Deferred payment for acquisition||21||213||215|
|Total current liabilities||2,038||2,459|
|Total equity and liabilities||8,945||10,491|
Consolidated Statement of Changes in Equity
|Share capital||Share premium||Share option reserve||Merger relief reserve||Reverse acquisition reserve||Other reserve||Revenue reserve||Equity attributable to owners of the parent company||Total equity|
|Balance at 1 April 2020||4,582||2,892||559||9,154||(6,777)||-||(4,230)||6,180||6,180|
|Loss for the year||-||-||-||-||-||-||(534)||(534)||(534)|
|Exchange differences on translating foreign operations||-||-||-||-||-||21||-||21||21|
|Total comprehensive expense for the year||-||-||-||-||-||21||(534)||(513)||(513)|
|Issues of shares||6||5||-||-||-||-||-||11||11|
|Transfer on exercised and cancelled options||26||-||(141)||-||-||115||-||-||-|
|Charge for share options||25||-||-||55||-||-||-||-||55||55|
|Balance at 31 March 2021||4,614||2,897||473||9,154||(6,777)||136||(4,764)||5,733||5,733|
|Balance at 1 April 2021||4,614||2,897||473||9,154||(6,777)||136||(4,764)||5,733||5,733|
|Loss for the year||-||-||-||-||-||-||(1,904)||(1,904)||(1,904)|
|Exchange differences on translating foreign operations||-||-||-||-||-||(7)||-||(7)||(7)|
|Total comprehensive expense for the year||-||-||-||-||-||(7)||(1,904)||(1,911)||(1,911)|
|Issues of shares||955||383||-||-||-||-||-||1,338||1,338|
|Transfer on exercised and cancelled options||88||-||(343)||-||-||255||-||-||-|
|Charge for share options||25||-||-||20||-||-||-||-||20||20|
|Balance at 31 March 2022||5,657||3,280||150||9,154||(6,777)||384||(6,668)||5,180||5,180|
Consolidated Statement of Cash Flows
|Cash flows from operating activities|
|Loss before taxation||(2,155)||(726)|
|Adjustments for non-cash/non-operating items:|
|Depreciation of property, plant and equipment||10||741||693|
|Impairment of property, plant and equipment||10||311||-|
|Loss on disposal of property, plant and equipment||10||-||5|
|Depreciation of right-of-use assets||11||164||118|
|Gain on write-off of lease liability||11||-||(37)|
|Loss on disposal of right-of-use assets||11||-||25|
|Amortisation of intangible assets||12||277||165|
|Impairment of intangible assets||12||295||-|
|Gain on remeasurement of deferred consideration payable||21||40||(13)|
|Share option charge||25||20||55|
|Changes in working capital:|
|(Increase) / decrease in inventories||(283)||73|
|(Increase) / decrease in trade and other receivables||(906)||47|
|Decrease in trade and other payables||(603)||(360)|
|Cash from operations||(2,140)||124|
|Net cash from operating activities||(1,851)||172|
|Cash flows from investing activities|
|Purchases of tangible fixed assets||10||(423)||(804)|
|Purchases of intangible assets||12||(587)||(966)|
|Acquisition of subsidiaries||21||-||(329)|
|Acquisition of unlisted equity securities||13||(214)||(297)|
|Re-translation of foreign subsidiaries||(7)||21|
|Net cash used in investing activities||(1,231)||(2,396)|
|Cash flows from financing activities|
|Proceeds on issue of shares||1,408||11|
|Expenses of share issues||(70)||-|
|Proceeds from loans||-||2,000|
|Repayment of loans||(187)||-|
|Principal element of lease payments||(181)||(111)|
|Repayment of development loan||-||(487)|
|Net cash from financing activities||24||970||1,257|
|Net decrease in cash and cash equivalents||(2,112)||(967)|
|Cash and cash equivalents at beginning of year||3,120||4,087|
|Cash and cash equivalents at end of year||1,008||3,120|
NOTES TO THE FINANCIAL STATEMENTS
The notes are available in the printable pdf of the results. To download it, please click here