Latest Results

Final Results

ProBiotix Health plc (AQSE: PBX), the life sciences business developing probiotics to support cardiometabolic health, announces its audited results for the period ended 31 December 2024.

 

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Key Highlights

  • Sales +13% to £1.883m (2023: £1.673m)
  • Gross Profit +14% to £997k (2023: £872k)
  • Gross Profit margin robust at 53% (2023: 52%)
  • Solid financial position with cash balances totalling £1.65m (2023: £1.50m)
  • Onboarded a record number of new customers and distributors
  • Current trading very strong with a record order book
  • Outlook for 2025 and beyond remains positive

 

Post period-end

  • Major new supply agreement in the Far East signed with Kemin China Technology
  • Long-term business relationship secured in South Korea with TopHealth
  • Launches of YourBiotixMH & PMH – new menopause and post menopause formulations for women’s health

 

Investor Presentation

The Company is hosting a presentation for investors via the Investor Meet Company platform today at 10:00 am BST. The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard, up until 9:00 am BST today, or at any time during the live presentation.

To sign up to the presentation via Investor Meet Company please register using the following link: https://www.investormeetcompany.com/probiotix-health-plc/register-investor

 

 

Steen Andersen, CEO of ProBiotix Health, commented: “The current year has started strongly, with a record order book, significantly ahead of 2024. The robustness of the sales project pipeline has increased further with new product launches planned this year in North America and Europe. We feel confident about the continuing positive development of the Company in 2025, enabling a move to reach break-even.

We also continue to increase our commercial efforts within Europe, whilst keeping a strategic focus on key potential new markets. We look forward to building on the success of 2024 towards our strategic targets of £10m turnover in 2028 with £2m EBITDA and thank investors for their investment and continued belief in the management team.”

 

Chairman and Chief Executive's Statement

FY 2024 was a transformative year for ProBiotix as we solidified our position as a leading innovator in probiotic-based cardiometabolic health products. With record sales growth, strategic expansion, and a growing global footprint, we continue to build a strong foundation for long-term success. Our focus is as a provider of private label, turnkey probiotic dietary supplements within the category of preventative cardiometabolic health and healthy ageing, taking off-set in the company’s principal proprietary probiotic strain LPLDL®.

Our continued positive progress reflects a successful focus on execution and an exceptional value proposition, which is resonating well with the mega consumer trend in a growing market for cardiometabolic health and probiotic products. The Board and Management remain of the belief that the Company's strong fundamentals are not yet fully reflected in its current market capitalisation. Comparisons with peer probiotic companies suggest significant upside potential, particularly as market conditions improve.

Strategic focus and market opportunity

ProBiotix is a life sciences company with a strategic focus on probiotics and the human microbiome addressing various aspects of cardiometabolic health and other lifestyle conditions impacting the quality of life throughout the lifespan. The Company operates in the dietary supplement prevention segment, tapping into the mega consumer trend of healthy aging, cardiometabolic health and probiotics.

Our purpose is to provide consumers and industry worldwide with uncompromised supply and service of safe and scientifically validated probiotic-based microbiome product solutions for the improvement of human health. The Company aims to partner with scientifically driven dietary supplement, consumer health and Over The Counter (OTC) companies globally who have a defined strategic focus on the human microbiome and the use of probiotics.

Cardiovascular disease (CVD) is the leading cause of deaths globally in both men and women, accounting for more than 20 million deaths annually – 29% of all deaths (Source: World Heart Federation, Report 2023, IHME 2023 + Program in Cardiovascular Health Metrics ). According to the World Heart Federation, around.4.4 million people worldwide succumb to high cholesterol annually alone. Over the past 30 years, average life expectancy has increased by 6.2 years (Institute for Health Metrics and Evaluation 2023) making the need for preventive product solutions improving quality of life throughout life expectancy increasingly relevant. The World Health Organisation estimates that approximately 80% of deaths caused by CVD could be avoided by preventive treatment in combination with relevant life-style changes. Yet the category for dietary supplements in the CVD area remains limited.

The global probiotics supplement consumer market is, in its own right, forecasted to reach $12 billion by 2028 according to the International Probiotic Association’s latest analysis from 2024 (Global-Analysis-of-Probiotic-Data-2024.pdf) and at the same time is anticipated to continue with an impressive CAGR of 7% during the period. The market growth is increasingly driven by consumer demand for high quality “precision probiotics”, being probiotic containing products having a clinically documented effect in support of specific health related risk factors. The reduction of cardiometabolic disease related risk factors remains one of the top priorities for legislators and thus offers distinct growth opportunities for the category and for ProBiotix as a category leader.

In parallel, the global consumer market for preventive cardiometabolic health supplements is estimated to reach almost $26 billion towards 2034. This represents in itself an impressive CAGR of 7.9% (Cardiovascular Health Supplements Market Size to Hit USD 25.83 Bn by 2034)


Some of the key cardiovascular health supplements market growth factors can be outlined as follows (source: Precedence Research):

  • The global cardiovascular health supplements market benefits from increasing consumer awareness of preventive healthcare. The market's growth is driven by innovative products tailored to specific health needs and their easy accessibility.
  • More consumers are choosing high-quality foods that support health and provide consistent nutritional value. This shift towards healthier dietary habits and lifestyle changes has become prominent, especially with the increasing cases of cardiovascular diseases. As a result, prioritising heart health has become a top concern for many.
  • The world's population is ageing swiftly. Advances in medicine have prolonged life and increased overall life expectancy. Nonetheless, ageing is accompanied by declining health and a higher likelihood of cardiovascular issues.
  • Through virtual health programs, doctors and nutritionists are advising patients to use dietary supplements for heart-related concerns, contributing to increased demand.
  • The dietary supplement choices of older individuals are influenced by their family members. As children become more health-conscious, they encourage their parents and grandparents to focus on preventive healthcare through dietary changes and supplements.
  • Many manufacturers are adding new products to their lineup due to the growing demand for cardiovascular health supplements.

With a projected accumulated consumer market value of $28 billion by 2028, the cardiometabolic health and probiotic supplement markets continue to present a significant opportunity for ProBiotix in a space with a limited number of scientific backed product solutions. The ProBiotix precision probiotic, LPLDL®, is positioned to address an opportunity in the preventative cardiometabolic health supplement market, offering brand owners the opportunity to close a critical gap in the product portfolio and consumers to seek out an efficacious solution in the search for preventive options within cardiometabolic health.

Key milestone achievements in FY 2024

FY 2024 represented a continued focus on the execution of the key goals and objectives as outlined in the Company’s long term strategic focus.

Execution drive is concentrated on five key focus areas:

  1. Geographic commercial expansion through our own sales structure in North America and Europe, combined with a partnership approach in the Asia Pacific region.
  2. Diversification of the customer portfolio to secure less dependency on any one customer.
  3. Expansion of sales project pipeline to fuel future growth.
  4. Progress activities to offer our customers finished consumer dosage formats as a mean for further value creation and barrier building.
  5. Strengthening and maturing the organisation with a key focus on commercialisation and R&D.
  6. Broaden contract manufacturing network as a key driver for increased profitability and risk mitigation.

Progress in FY 2024

FY 2024 was another year of successful double-digit growth driven by:

  • The continued success of our existing customer base’s growth of their established brands, alongside expansion into new distribution channels by partners in the USA and Italy.

  • Zero customer churn, signaling a high degree of consumer loyalty and a strong repurchase pattern, delivered by a proven and perceived efficacious product offering.

  • Onboarding of a record number of new customers and distribution partners and several new product launches in key focus markets:
    • YourBiotix-capsuleLaunch of two YourBiotix capsule products targeting cholesterol lowering (Cholicard) and general heart health support (Sofabiol) in Ukraine and Uzbekistan in partnership with DeutchPharm. The launch is part of DeutchPharm’s long term strategy to expand their platform to include a number of own brand supplements within the cardiometabolic health space.
    • BeifolacLaunch of line extension of a LPLDL® containing YourBiotix stick product (Beifolac) by Eifron in Greece aimed at cholesterol lowering and complementing their already well-established brand (Bifolac) within probiotic supplements. Eifron holds a leading position within supplements and preventive care in Greece. The launch is part of an Eifron’s instrumental strategy of building a strong position in the cardiometabolic supplement segment. 
    • DancareLaunch of YourBiotix LPLDL® containing sticks in Denmark and China by Danish/Chinese brand Dancare. The launch is a line extension of the already strongly positioned Dancare brand in China. The new stick product is complementing their established portfolio of probiotic sticks directed towards the wellbeing/gut health segment. 
    • seed healthThe commercial partnership with Seed Health led to expanded distribution across 4,000 Target stores in the USA and brand differentiation into irritable bowel syndrome and diarrhea, which significantly increased brand visibility and market penetration.
    • Signing of an exclusive distribution agreement on sales of our bulk LPLDL® strain was concluded with Mexican distributor RAFF. RAFF already holds a strong position within food and dairy ingredients including probiotics. The objective is to explore the potential market with local dietary supplement brands and export contract manufacturing.

The number of active sales projects in Europe and the USA enjoyed a step change, with a significant increase in active sales projects reaching a total of more than 30, including progressing several strategic projects with leading brands planning a late 2025 or early 2026 launch.

Marketing

A revised corporate identity was launched early in the year with the purpose of supporting the vision to create a strong image with business to business customers, as the leading partner for innovation and scientifically documented probiotic supplements in the cardiometabolic health and healthy ageing category.

The Company also took a significant step in implementing an online media strategy, to fuel increased lead generation and capture a larger portion of brands seeking their product innovation ideas online.

For the first time, the Company was represented as a stand-alone entity at Supply Side West in Las Vegas, North America’s largest exhibition for dietary supplements and health products, and at VITA-foods in Geneva, the leading European showcase for health ingredients. Both events contributed significantly to the Company’s lead generation in FY 2024.

Operations 

To cater for the continued growth and the increasing demand for both bulk strain and finished formats, the Company successfully identified and negotiated pricing and manufacturing agreements with existing and new contract manufacturers (CMOs). A partnership with OurVita (Italy) for manufacturing of finished dosage formats was established, the existing relationship with BioPharma (Italy/USA) was extended further, as was the relationship with Sacco Systems for manufacturing of LPLDL®. A new CMO for both strain manufacturing and finished formats was identified in Canada to strengthen the supply situation on the North American continent. The expansion of the CMO network is a significant milestone and will function as a strong supporting factor for increased profitability, alongside mitigating any potential supply bottlenecks as a result of the projected volume growth.  

Research & Development

Resources have been concentrated on reinforcing the R&D structure and our activities towards the execution of a broader healthy ageing strategy, alongside completing the ongoing studies in support of cardiometabolic health.

  • Reinforcement of R&D reach and capacity by hiring of Associate professors Hiva Alipour and Fereshteh Dardmeh.
  • Initiating strategic cooperation with Aalborg University in Denmark to complement the Company’s already established research network in the United Kingdom and Italy, defining clinical strategy in support of extending ProBiotix's presence into new areas of Healthy Ageing

Results

Sales for the year showed an increase of 12.6% to £1.9m (2023: £1.67m) with a gross profit of £997k (2023: £872k). Administration costs rose during the year to £1.7m (2023: £1.5m) which include £116k of non-recurring professional fees. Once the non-recurring fees are taken into account the net increase in administration costs is a modest 6% reflecting the costs associated with growing the company and inflationary increases in costs. The net loss for the year which includes share based payment charges and amortisation was £852k (2023: £762k)

The Group ended the year in a very strong financial position with cash balances totalling £1.65m (2023: £1.50m).

Board and Management

To further fuel growth and strengthen the support to the business platform, FY 2024 brought about changes to both management and board

  • Mr. Kasper Rønnenkamp Hoffensetz was hired as Sales Manager EMEA to expand commercial reach in Europe, Middle East, and Africa. Kasper brings a strong industry network and many years of experience in the pharmaceutical and food supplement industry. Kasper will play an instrumental role in expanding the Company’s sales reach and execute the regional commercial strategy. Kasper holds a bachelor’s degree in international Sales and Marketing from Kolding Academy in Denmark and has several years of account management experience from leading European dietary supplement company PharmaNord.

  • Associate professor Mr. Hiva Alipour was hired part time as Head of Scientific Affairs, alongside his associate professor position at Aalborg University in Denmark. Hiva’s role with the Company is to define, support and drive the long-term clinical strategy within healthy ageing through expanding the international existing scientific network allowing for larger funding opportunities.
  • Associate professor Mrs. Fereshteh Dardmeh was hired part time as Head of Research & Development whilst remaining in her associate professor role at Aalborg University in Denmark. Fereshteh’s role is to facilitate new product development and identify and oversee clinical activities, as well as acting as the science link in the customer dialogue.
  • Mr. Frederik Bruhn-Petersen was appointed non-executive director of the Company bringing complementary resources to the existing board competencies. Frederik is an entrepreneur and is the co-founder of RobinHus A/S, a disruptive real estate brokerage in Denmark, driving the business from its start-up phase to a national franchise-based operator, before ultimately selling to Denmark’s largest real estate player, EDC A/S. Frederik has a Master of Law Degree from Copenhagen University. Frederik is currently working in a managing role for Holdingselskabet af 29. Juni 2010 Aps, an investment vehicle of the Bruhn-Petersen family, which holds shares representing 20.97% of the Company’s current issued share capital.

The Company anticipates implementing further changes to the Board, Management, and organisation as needed to continue the successful progression and execution of the Company’s long-term strategy, and to capitalise on the opportunities created by the Company’s promising sales pipeline and customer portfolio.

Outlook

The current year has started strongly, with a record order book, significantly ahead of 2024. A significant commercial contract has been signed in the first quarter of the year with Kemin (China) and a business relationship with TopHealth (South Korea) agreed. The robustness of the sales project pipeline has increased further with new product launches planned this year in North America and Europe. We feel confident about the continuing positive development of the Company in 2025, enabling a move to reach break-even.

Establishing a strong commercial presence in the US, is progressing in accordance with the milestones set out for the year. With the significant hire of Murphy Young as sales executive for North America we have, through his extensive experience and significant network, managed to take a huge leap forward. The continued strong growth of the probiotic supplement market with continued focus on precision biotics and healthy ageing has helped favour our LPLDL® driven value proposition and product offering in this market. It has granted access to a number of new customer brands seeking to establish a diversification platform in the cardiometabolic prevention area. Our YourBiotix portfolio and the ability to provide customised product solutions through our strong contract manufacturing network, demonstrably caters for the North American brand owner needs and thus generated several new sales projects early in the year.

We also continue to increase our commercial efforts within Europe, whilst keeping a strategic focus on key potential new markets. We look forward to building on the success of 2024 towards our strategic targets of £10m turnover in 2028 with £2m EBITDA and thank investors for their investment and continued belief in the management team.

A Reynolds
Chairman
S Andersen
Chief Executive Officer

28 May 2025

 

Strategic Report

REVIEW OF BUSINESS

A review of the business of the Group, together with comments on future developments is given in the Chairman’s and Chief Executive’s Statements.

PRINCIPAL RISKS AND UNCERTAINTIES FACING THE GROUP

Technology and products

The Group is involved in the discovery and development of microbiome modulation products. The development and commercialisation of its intellectual property and future products will require human nutritional studies and there is a risk that products may not perform as expected. This risk is common to all new products developed for human consumption.

Technologies used within the food, beverage and healthcare marketplace are constantly evolving and
improving. There is a risk that the Group’s products may become outdated or their commercial
value decrease as improvements in technology are made and competitors launch competing products. To mitigate this risk the Group is working with industry key opinion leaders, attends international conferences and has developed a research and development department which will keep up with the latest developments in the industry.

Intellectual Property

The Group is focused on protecting its IP and seeking to avoid infringing on third parties’ IP. To protect its products, the Group is building and securing patents to protect its key products. However, there remains the risk that the Group may face opposition from third parties to patents that it seeks to have granted and that the outstanding patent applications are not granted. The Group engages legal advisers to mitigate the risk of patent infringement and to assist with the protection of the Group’s IP.

FINANCIAL AND CAPITAL RISK MANAGEMENT

The directors constantly monitor the financial risks and uncertainties facing the Group with particular reference to the exposure of credit risk and liquidity risk. They are confident that suitable policies are in place and that all material financial risks have been considered. The financial risk management objectives and policies can be found within note 21 of the financial statements.

The Board’s objective is to maintain a balance sheet that is both efficient and delivers long term shareholder value.  The Group had cash balances of £1.65m at 31 December 2024 (2023: £1.50m) and had no short-term borrowings. The Board continues to monitor the balance sheet to ensure it has an adequate capital structure.

PRINCIPAL RISKS AND UNCERTAINTIES

 

Market Risks Impact Mitigation
 
 
Economic
uncertainty caused by changes in US policy
 
 
Ongoing uncertainty in trade relations following the change in the US administration
 
 
The Group has plans in place to mitigate the imposition of tariffs on imports of product. This will include plans to  switch manufacturing of goods  as and when required. 
Economic uncertainty caused by war in Ukraine Ongoing economic uncertainty, recession or an escalation of the war in Ukraine may impact market confidence, demand and prices. The group is not directly affected by the war in Ukraine but the Board monitor the general economic environment and consider economic forecasts when taking key decisions.
Technology The Group’s platform is currently unique. Rapid technological advances could see competitor products being launched. The Group has product development plans in place for improved technology as well as for a wider product portfolio that includes additional innovative solutions for the targeted consumer groups.

 

 

Financial Risks Impact Mitigation
Future funding requirements   Potential as yet unidentified opportunities may not be pursued with the existing funding. Management will analyse major opportunities and present them in additional business cases when warranted. The Company is able to sell its listed investments and raise further equity and debt finance.
 
 

 

 

 

Legal Risks Impact Mitigation
Intellectual Property litigation Any claim brought against us would detract the Company from its business and incur potentially significant costs in defending its IP. The Group engages with IP specialists to ensure we have a strong position. To our knowledge we do not infringe on any patents.

 

PRINCIPAL RISKS AND UNCERTAINTIES (Continued)

 

Operational Risks Impact Mitigation
Loss of key personnel Material adverse impact on the Group’s
financial condition and prospects.
Competitive remuneration and option packages to reduce market volatility. The remuneration committee oversees the level of remuneration to ensure it remains competitive.
Technology The Group is commercialising its technology to launch new products  in the consumer market. The Group has identified a need and responded to consumer demand.
Commercialisation The Group is making the transition from a research-based organisation to a full commercial organisation. Manufacturing set-up and learning curve could delay sales or could impact our rate of growth. The Group recruited experienced management and consultants to manage the process and negotiate contracts. The manufacturing is outsourced.
   
Cyber attacks Cyber-attacks could delay or impair operations as which would have financial implications. Training, anti-virus software, all users have multifactor authorisation for accounts, weekly review of attempts

 

 

KEY PERFORMANCE INDICATORS

 

Financial

   
 
 
Year to 31 December   2024
 
Year to 31 December   2023
£’000 £’000
 
Revenue  1,883 1,673
Operating Loss  (852) (762)
Loss for the period  (847) (747)
Cash as at 31 December 2024  1,646 1,502

 

During the year to 31 December 2024 the company has achieved a number of key objectives to build shareholder value, these are laid out in the Chairman and Chief Executive’s statement.

 

Non-financial

The Board recognises the importance of KPI’s in driving appropriate behaviour and enabling of Group performance. For the year to 31 December 2024 the primary KPI’s were to develop customer relationships established in 2023 to successful contract relationships and onboarding in FY 2024. The Group intends to review the following non-financial KPI’s going forward:

  1. Number of Customer relationships
  2. Number of IP and trademark registrations
  3. Rate of staff turnover

 

DIVIDENDS

No dividends are distributed for the year to 31 December 2024. (2023: NIL)

 

FUTURE DEVELOPMENTS

The Chairman’s and Chief Executive statement gives information on the outlook of the Group.

 

Corporate Governance

Executive Management:

The Group’s current executive team comprises:

A Reynolds           Non-Executive Chairman

S Andersen          Executive Director and CEO

S O’Hara               Non-Executive Director

M Caspani            Non-Executive Director

F Bruhn-Petersen Non-Executive Director (appointed 8th October 2024)                 

 

Corporate Responsibility

The Board takes regular account of the significance of social, environmental and ethical matters affecting the Group wherever it operates.  It has developed a specific set of policies on corporate social responsibility, which seek to protect the interests of all of its stakeholders through ethical and transparent actions and include an anti-corruption policy and code of conduct. 

 

Corporate Governance:

The Group is committed to high standards of corporate governance and seeks to continually evaluate its policies, procedures and structures to ensure that they are fit for purpose.

In order to protect the interests of its shareholders and other stakeholders the Board has chosen to adopt the Quoted Companies Alliance (QCA) Corporate Governance Code for Small and mid-size Quoted Companies (the “QCA Code”), and the Directors are always prepared, where practicable, to enter into dialogue with all such parties to promote a mutual understanding of objectives.

Full details of the Company's policy on Corporate Governance can be found on the website under:

https://probiotixhealth-ir.com/corporate/corporate-governance

 

Composition of the Board of Directors

The Board of Directors is currently comprised of the Chairman, Chief Executive Officer, Commercial  Director, Executive Director and the three Non-Executive Directors. 

 

Role of the Board:

 

The role of the Board is to agree the Group’s long-term strategy and direction and to monitor achievement of its business objectives. The Board meets several times per annum, either virtually  or in person. Furthermore, it holds additional meetings as are necessary to transact ongoing business.

 

Board Committees:

 

Remuneration Committee

The Remuneration Committee is made up of Adam Reynolds , as Chairman with Marco Caspani  and has access to external expertise should that be required.  This committee is responsible for the scale and structure of the remuneration of the Chief Executive, the Executive Directors and reports to the Chief Executive. The recommendations of the committee must be approved by the Board of Directors.  No director or manager shall be involved in decisions relating to his/her own remuneration.

 

AQSE Rules Compliance Committee

The AQSE Rules Compliance Committee is chaired by Adam Reynolds . This committee is charged with ensuring that the Group has sufficient procedures, resources and controls in place to ensure compliance with the AQSE rules for companies. Among other things, the committee shall ensure that an Executive Director is at all times able to respond to requests for information from the  Corporate  Adviser and that all Directors and employees are aware of their obligations with regards to the disclosure of any trading in the Group’s shares.

 

Audit Committee

The Audit Committee, is chaired by Marco Caspani with Adam Reynolds. This committee is required to monitor the integrity of the financial statements of the Group, including the interim and annual reports.  The committee also reviews financial returns to regulators and any financial information contained in announcements of a price sensitive nature.  The committee shall also consider and make recommendations to the Board regarding resolutions to be put to shareholders for approval at the Annual General Meeting, with respect to the appointment or re-appointment of the Group’s external auditors. The Audit Committee, together with the external auditors, are responsible for determining the scope of the annual audit.

 

Nomination Committee

The Company does not currently have a nomination committee as the Board does not consider it appropriate to establish such a committee at this stage of the Company's development. Decisions which would usually be taken by the nomination committee will be taken by the Board as a whole.

 

Employees

The Group engages its employees in all aspects of the business and seeks to remunerate them fairly.  The Group gives full and fair consideration to applications for employment regardless of age, gender, colour, ethnicity, disability, nationality, religious beliefs or sexual orientation.  The Board takes employees’ interest into account when making decisions. Any suggestions from employees aimed at improving the Group’s performance are welcomed.

 

Suppliers and Contractors

The Group recognises that the goodwill of its contractors, consultants and suppliers is crucial to the success of its business and seeks to build and maintain this goodwill through fair and transparent business practices. The Group aims to settle genuine liabilities in accordance with contractual obligations.

 

Health and Safety

The Board recognises that it has a responsibility to provide strategic leadership and direction in the development and maintenance of the Group’s health and safety strategy, in order to protect all of its stakeholders

 

Section 172 Statement

In accordance with  s172 of the Companies Act 2006 the Directors recognise their duty to promote the success of the company for the benefit of its stakeholders. Our commitment to delivering scientifically validated, safe, and effective probiotic-based microbiome solutions is underpinned by robust governance and a stakeholder-focused approach.

Stakeholder Engagement

Our stakeholders include customers, employees, suppliers, investors, regulators, and the wider community. During the year, the Board actively engaged with each group through various initiatives:

  • Customers – We continue to invest in scientific research and product innovation to uphold our promise of uncompromised safety and efficacy in microbiome health solutions. Market trends, customer feedback mechanisms and collaborations with leading institutions guide our development.
  • Employees – The wellbeing and development of our employees remain central to our strategy. Initiatives such as involvement in strategic development, a flat management structure, freedom to plan securing a healthy work/life balance,  training programs and employee engagement forums foster a positive workplace culture.
  • Suppliers – Ethical sourcing and sustainability remain priorities. We work closely with supplier partnerships to ensure high-quality ingredients and sustainable supply chains, fostering long-term partnerships.
  • Investors – Transparent communication and long-term value creation define our investor relations approach. Regular reporting and investor engagements demonstrate our strategic vision.
  • Regulators – We adhere to the highest regulatory and compliance standards, ensuring product safety and scientific integrity. Strategic membership of industry leading organisations like the International Probiotic Association (IPA) ensures we remain aligned with current and future product regulation and legislation. Active engagement with regulatory bodies including AQUIS enables alignment with evolving industry standards and listing rules.

Long-Term Value and Sustainability

Recognising the importance of sustainability, we continue to integrate environmental and social responsibility into our business. Initiatives such as, responsible packaging, and ethical research practices support our long-term commitment to the health of people and the planet.

Board Decision-Making and Governance

The Board considers the interests of stakeholders in its decision-making processes. This includes evaluating risks, strategic opportunities, and industry developments to ensure resilient growth while maintaining ethical leadership.

We remain committed to upholding the principles of Section 172, ensuring that our actions contribute positively to society, safeguard stakeholder interests, and support sustainable long-term business success.

 

ON BEHALF OF THE BOARD

 

S Andersen

28  May 2025

 

 

Directors' Report

The Directors present their report and the audited financial statements of the group for the year to 31 December 2024.

 

PRINCIPAL ACTIVITY

The principal activity is that of developing probiotics to tackle cardiovascular metabolic health disease and other lifestyle conditions which are affecting growing numbers of people across the world.

 

DIRECTORS

The directors who served the company during the year and up to the date of this report were as follows:

 

Executive Directors

S Andersen

 

Non-executive Directors

M Caspani

A Reynolds

F Bruhn-Petersen (appointed 8th October 2024)

S P O’Hara

M Havid-Hansen (resigned 28 February 2024)

 

Directors’ Remuneration

 

Details of emoluments received by Directors of the Group for the year ended 31 December 2024 are as follows:

 Remuneration Share based Pension Costs Total
 and fees Bonuses payments
 £’000 £’000 £’000 £’000 £’000
A Reynolds* 54 - - - 54
S Andersen* 241 - - 12 253
S P O’Hara* 30 - - - 30
M Caspani* 20 - - - 20
M Hvid-Hansen 26 - - - 26
F Bruhn-Petersen* 5 - - - 5
Total 376 - - 12 388


Directors and their interests

The directors of the group held the following beneficial interests in the shares and share options of Probiotix at the date of this report:

 

 Issued Share Capital Share Options
 Ordinary  Ordinary Option
 shares of Percentage shares of exercise
 £0.0005 each Held £0.0005 each Price (£)
     
S P O’Hara 6,131,450 3.88% 3,000,000 0.210
M Caspani - - 500,000 0.210
A Reynolds 142,857 0.09% 1,000,000 0.210
S Andersen - - 5,000,000 0.095
F Bruhn-Petersen 3,000,000 1.90% - -

 

The share options held by S P O’Hara,  and  A Reynolds  were granted on 31 March 2022 and are exercisable at £0.21 at any time up 30 March 2032,  50% of which vest on a doubling of the share price to £0.42 and 50% on an annual turnover of £2.5m

The share options held by M Caspani were granted on 31 March 2022 and are exercisable at £0.21 at any time up 30 March 2032, 1/3 of which vest on each of the 2-4 anniversaries of the date of grant.

The share options held by S Andersen were granted on 10 February 2025 and are exercisable at £0.095 at any time up 18 February 2035 50% vest when annual turnover reaches £2.5m, 50% vest on annual turnover of £5m.

 

Directors and Officers Insurance

The Group have a directors and Officers Insurance policy for £1m managed by CFC Underwriting Limited

 

SUBSTANTIAL SHAREHOLDINGS

Substantial shareholdings include directors as at 28 May 2025 were as follows:   

 

                                                                                                                        % of shares issued                      

Optibiotix Health plc                                                                                                    33.85

Holdingselskabet of 29. Juni 2010 Aps.                                                                      20.97

Seneca Partners                                                                                                           5.07

Stephen O’Hara                                                                                                            3.88

 

 

The share price per share at 31/12/2024 was £0.0625 (31/12/2023: £0.07).

 

FINANCIAL INSTRUMENTS

The Group’s exposure to financial risk is set out in note 21 to the financial statements.

 

RESEARCH AND DEVELOPMENT

The Chairman and Chief Executive’s Statement pages 3 – 8 gives information on the Group’s research and development activities.

 

EVENTS AFTER THE REPORTING PERIOD

On 19 February 2025 the company granted 9,050,000 options over the ordinary shares of 0.05p each in the company to Steen Andersen and certain other key employees of the company. The options were granted with an exercise price of 9.5p per share. The options may be exercised within 10 years from the date of grant subject to satisfaction of commercially orientated performance criteria which involves significant revenue targets.

 

PUBLICATION OF ACCOUNTS ON GROUP WEBSITE

Financial statements are published on the Group’s website. The maintenance and integrity of the website is the responsibility of the Directors. The Directors’ responsibilities also extend to the financial statements contained therein.

 

GOING CONCERN

The financial statements have been prepared on the assumption that the Group is a going concern. When assessing the foreseeable future, the Directors have looked at the Cash forecast for the next 12 months from the date of this report, the cash at bank available as at the date of approval of this report and are satisfied that the Group should be able to cover its committed  cost, and  other administrative expenses, as well as its ongoing research and development expenditure.  Results for the first quarter 2025 indicate that revenue will come through as anticipated for the year. In the unlikely event that there was a decline on revenue during the remainder of the year there are a number of mitigating actions that could be taken by the board to ensure the Group continues as a going concern.   To clarify, that these mitigation actions are considered as part of worst-case downside scenario assessments by the board noting no issues with regards to going concern assessment hence the Directors believe that the Group and the Company is a going concern.

After assessing the possible downside scenarios, the directors have a reasonable expectation that the Group and the Company  have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt a going concern basis in preparing the annual report and financial statements.

 

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable laws and regulations.

Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare financial statements in accordance with UK adopted international accounting standards   Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the parent company and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to:

 

  • select suitable accounting policies and then apply them consistently.
  • make judgements and estimates that are reasonable and prudent.
  • state whether the Group and parent company financial statements have been prepared in accordance with UK adopted international accounting standards subject to any material departures disclosed and explained in the financial statements; and
  • prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the Group and the Parent Company will continue in business.

 

The Directors confirm that the financial statements comply with the above requirements.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and Parent Company  transactions and disclose with reasonable accuracy at any time the financial position of the Group and Parent Company  and enable them to ensure that the financial statements comply with the Companies Act 2006.  They are also responsible for safeguarding the assets of the Group and Parent Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the Directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Group and Parent Company auditor is unaware, and each Director has taken all the steps that he ought to have taken as a Director in order to make himself aware of any relevant audit information and to establish that the Group and Parent Company auditor is aware of the information.

 

AUDITOR

Gerald Edelman LLP has indicated that it is willing to seek re-appointment as the Company’s auditor at the Annual General Meeting. A resolution to appoint Gerald Edelman LLP  as the Company’s auditor will be proposed at the Annual General Meeting.

 

STRATEGIC REPORT

In accordance with section 414C(11) of the Companies Act 2006 the Group chooses to report the future outlook and the risks and uncertainties faced by the Group in the Strategic Report on page 9.

 

ON BEHALF OF THE BOARD

 

S Andersen

28  May 2025

 

 

Report of the Independent Auditor's

Opinion

We have audited the financial statements of Probiotix Health PLC (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated and company statements of financial position, consolidated and company statements of changes in equity, consolidated and company statement of cash flow, and notes to the consolidated and company financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in the preparation of the group financial statements is applicable law and UK adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006. The financial reporting framework that has been applied in the preparation of the parent company financial statements is applicable law and United Kingdom Adopted International Accounting Standards.

In our opinion:

  • the financial statements give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's loss for the year then ended;
  • the group financial statements have been properly prepared in accordance with International Accounting Standards;
  • the parent company financial statements have been properly prepared in accordance with UK adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006; and
  • the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group and company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Group and the Company in accordance with the ethical requirements that are relevant to our audit of financial statements in the UK, including the FRC's Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Group and parent company’s ability to continue to adopt the going concern basis of accounting included reviews of cash reserves and critical review of forecasts for a period of 12 months from when the financial statements are authorised for issue.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Overview

Coverage 95% of Group loss before tax
97% of Group total assets
Key audit matters Impairment review of intangible assets (development cost and patents)
 
Going concern was a key audit matter in the last year, however, in the current year it was not assessed and concluded as a key audit matter.
 
 
Materiality Group financial statements as a whole £33,000 based on 1.5% of gross assets. Company financial statements as a whole £14,000 based on 1.5% of gross assets.

 

An overview of the scope of our audit

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we looked at where the directors made subjective judgments, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits we also addressed the risk of management override of internal controls, including evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

How we tailored the audit scope

We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial statements as a whole, taking into account the structure of the Group and the Company, the accounting processes and controls, and the industry in which they operate.

The Company and Probiotix Limited are significant components and were subject to full scope audit procedures by the Group audit team. Our audit scope for the non-significant components included performance of analytical review procedures. We also performed specified audit procedures over certain account balances and transaction classes that were regarded as material to the Group.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on, the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

 

Key audit matter How our audit addressed the key audit matter
Impairment of intangible assets (Development cost and patents)
The group is focused on product development in relation to its Intellectual Property portfolio of products. Consequent to this, one of the Group’s most significant asset on the consolidated statement of financial position is its intangible asset.
As explained in Note 2 to the consolidated financial statements, the impairment assessment in relation to the intangible assets require the exercise of significant judgement by management and the Directors. Management and the Directors are required to assess whether there are any potential impairment triggers which would indicate that the carrying value of the assets may not be recoverable for each cash generating unit. Management and the Directors did not identify any indicators of impairment. Given the significance of the assets to the Group’s consolidated statement of financial position and the significant management judgements and estimates involved in this regard, we considered this a key audit matter.
Refer to Accounting Policies, Note 2
We have performed the following audit procedures:
 
  • We evaluated the Directors’ and management’s impairment review for the intangible assets.    
  • We critically challenged the considerations made regarding indicators of impairment in accordance with the relevant accounting standards by assessing the Directors’ and management’s impairment indicator review to establish whether it was performed in accordance with the requirements of the relevant accounting standards.
  • We challenged management on their judgements of the recoverable value of the intangible asset balance as at 31 December 2024 by challenging key assumptions. In particular,  we verified the key underlying assumptions (mainly future cash inflows from sales, cash burn from operations and any cost mitigations) to appropriate supporting documentation.
  • We assessed the adequacy and reasonableness of disclosures in the financial statement in this regard.
 
Key observations:
Based on the audit work performed, we are satisfied with the carrying valuation of intangible assets and that these balances are not impaired as at year ended 31 December 2024.
 


Our application of materiality

Materiality is assessed as the magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to influence the economic decisions of the users of the financial statements. Misstatements below these levels will not necessarily be evaluated as immaterial as we also take account of the nature of identified misstatements, and the particular circumstances of their occurrence, when evaluating their effect on the financial statements as a whole. Materiality provides a basis for determining the nature and extent of our audit procedures.

Based on our professional judgment, we determined materiality for the financial statements as a whole as follows:

 

 Group financial statements          Company financial statements
Overall materiality £33,000 £14,000
How we determined it   1.5% of gross assets
 
                                                   
1.5 % of gross assets
Rationale for benchmark applied We believe that gross assets is a primary measure used by shareholders in assessing the performance of the group. We believe that gross assets is a primary measure used by shareholders in performance of the Company as the holding company within the Group.
Performance materiality £21,000 £9,000
Basis for determining performance materiality 65% of materiality. In reaching our conclusion on the level of performance materiality to be applied we considered a number of factors including the expected total value of known and likely misstatements (based on past experience), our knowledge of the Group’s control environment and management’s attitude towards proposed adjustments. 65% of materiality. In reaching our conclusion on the level of performance materiality to be applied we considered a number of factors including the expected total value of known and likely misstatements (based on past experience), our knowledge of the Group’s control environment and management’s attitude towards proposed adjustments.

 

Component materiality

For each component in the scope of our Group audit, we allocated a materiality that is equal to or less than our overall Group materiality. The range of materiality allocated across components ranged from £14,000 to £24,800. We set materiality for each significant component of the Group based on a percentage of between 40% and 75% of Group materiality dependent on the size and our assessment of the risk of material misstatement of that component. In the audit of each component, we further applied performance materiality levels of 65% of the component materiality to our testing to ensure that the risk of errors exceeding component materiality was appropriately mitigated.

Reporting threshold

We agreed with the Audit Committee that we would report to them misstatements identified during our audit above £1,600 for the both the Group and £1,000 Company audit as well as misstatements below those amounts that, in our view, warranted reporting for qualitative reasons.

Other information

The directors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

  • the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

  • adequate accounting records have not been kept by the Group and Company, or returns adequate for our audit have not been received from branches not visited by us; or
  • the Group and Company financial statements are not in agreement with the accounting records and returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.

     

  • Responsibilities of directors

    As explained more fully in the Statement of Directors' responsibilities statement set out on page 19, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

    In preparing the financial statements, the directors are responsible for assessing the Group's and Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Company or to cease operations, or have no realistic alternative but to do so.

    Auditor's responsibilities for the audit of the financial statements

    The objectives of our audit, in respect to fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatements due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

    Our audit procedures were primarily directed towards testing the accounting systems in operation upon which we have based our assessment of the financial statements for the year-ended 31 December 2024.

    Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

  • the senior statutory auditor ensured the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations in the United Kingdom;
  • we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience of the entity's activities.
  • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, employment and health and safety legislation.
  • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing legal expenditure; and
  • identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

     

    We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

  • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
  • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

     

    To address the risk of fraud through management bias and override of controls, we:

  • performed analytical procedures to identify any unusual or unexpected relationships;
  • tested journal entries to identify unusual transactions;
  • assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. Key judgements and assumptions are comprised in the impairment assessment of the carrying value of intangible as assessed within our Key Audit Matters above; and
  • investigated the rationale behind significant or unusual transactions.

     

    In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

  • reading the minutes of meetings of those charged with governance; and
  • enquiring of management as to actual and potential litigation and claims.
  •  

    There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

    Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

    Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

    A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities.

    This description forms part of our auditor's report.

    Use of this report

    This report, including the opinions, has been prepared for and only for the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

     

    Talha Farrukh

    For and on behalf of Gerald Edelman LLP,

    Charted Accountants

    Statutory Auditor

    73 Cornhill

    London United Kingdom

    EC3V 3QQ

    28 May 2025

     

    Consolidated Statement of Cash Flows

    For the period ended 31 December 2024

         
       £’000£’000
         
    Revenue from contracts with customers3 1,8831,673
         
    Cost of sales  (886)(801)
       ─────── ───────
    Gross Profit  997872
         
    Share based payment cost  (26)(31)
    Depreciation and amortisation  (68)(53)
    Other administrative costs   (1,755)(1,550)
         
     Total administrative expenses5 (1,849)(1,634)
       ─────── ───────
    Operating loss  (852)(762)
         
       ─────── ───────
    Loss before tax  (852)(762)
         
    Taxation6 515
       ─────── ───────
    Loss for the period  (847)(747)
         
    Other comprehensive income  --
       ─────── ───────
    Total comprehensive loss for the period  (847)(747)
       ═══════ ═══════
    Total comprehensive loss attributable to:    
        Owners of the company  (847)(747)
         
       ═══════ ═══════
    Earnings per share from continued operations    
    Basic profit/(loss) per share - pence7 (0.63)p(0.61)p
    Diluted profit/(loss) per share - pence  (0.63)p(0.61)p
       ═══════ ═══════

     All activities relate to continuing operations

    Consolidated Statement of Cash Flows

    For the period ended 31 December 2024

          
      Notes As at
    31 December 2024
    As at
    31 December 2023
    ASSETS   £’000£’000
    Non-current assets     
    Intangibles 8  236301
    Property, plant and equipment 9  7-
        ─────── ───────
        243301
        ─────── ───────
    CURRENT ASSETS     
    Inventories 11 31103
    Trade and other receivables 12 257266
    Cash and cash equivalents 13 1,6461,502
        ─────── ───────
        1,9341,871
        ─────── ───────
    TOTAL ASSETS   2,1772,172
        ═══════ ═══════
    EQUITY     
    Shareholders’ Equity     
    Called up share capital 14 7961
    Share premium 15 4,5343,338
    Share based payment reserve 15 4157
    Group reorganisation reserve 15 (945)(945)
    Retained earnings 15 (1,786)(980)
        ─────── ───────
    Total Equity   1,9231,531
        ─────── ───────
    LIABILITIES     
    Current liabilities     
    Trade and other payables 16 194566
        ──────────────
        194566
        ──────────────
    Non - current liabilities     
    Deferred tax liability 17 6075
        ──────────────
        6075
        ──────────────
    TOTAL LIABILITIES   254641
        ─────── ───────
    TOTAL EQUITY AND LIABILITIES   2,1772,172
        ═══════ ═══════

    These financial statements were approved and authorised for issue by the Board of Directors on 28 May  2025 and were signed on its behalf by:

    S Andersen
    Director
    Company Registration no. 13723211

     

    Consolidated Statement of Cash Flows

    For the period ended 31 December 2024

       Called up
    Share capital
      Share Premium  Share-based
    Payment Reserve
    Group Reorganisation
    Reserve
      Retained Earnings  Total
    equity
     £’000£’000£,000£’000£’000£’000
           

    As at 1 January 2023

    613,33826(945)(233)2,247
           

    Loss for the period

    ----(747)(747)
           

    Share based payments

    --31--31
     ────── ─────── ────── ────── ───── ───────

    Balance at 31 December 2023

    613,33857(945)(980)1,531
           

    Loss for the period

    --- (847)(847)
           

    Forfeiture of share options

    --(41)-41-
           

    Share based payment

      25--25
           
           

    Share issue

    181,208---1,226
           

    Share issue costs

     (12)   (12)
     ────── ─────── ────── ────── ───── ───────

    Balance at 31 December 2024

    794,53441(945)(1,786)1,923
     ══════ ═══════ ══════ ══════ ═════ ═══════

     

    Consolidated Statement of Cash Flows

    For the period ended 31 December 2024

     Notes Year ended
    31 December 2024
    Year ended
    31 December 2023
       
       £ £
         

    Cash flows from operating activities

        
         

    Cash utilised by operations

    1 (1,060)(238)
         
       ────── ──────

    Net cash outflow from operating activities

      (1,060)(238)
         
         
         

    Cash flows from investing activities

        
         

    Acquisition of property, plant and equipment

      (10)-
         
         
       ────── ──────

    Net cash outflow from investing activities

      (10)-
       ────── ──────

    Cash flows from financing activities

        

    Share issues net of issue costs

      1,214-
         
       ────── ──────

    Net cash inflow from financing activities

      1,214-
       ────── ──────
         
         
         

    Increase/(decrease) in cash and equivalents

      144(238)
         

    Cash and cash equivalents at beginning of period

      1,5021,740
         
       ────── ──────

    Cash and cash equivalents at end of period

    2 1,6461,502
       ══════ ══════
         

    Notes to the Consolidated Statement of Cash Flows

    For the period ended 31 December 2024

     

    Reconciliation of loss before income tax to cash outflow from operations

     Year ended
    31 December
    2024
    Year ended
    31 December
    2023
     £’000£’000
       
    Operating loss(852)(762)
    Share based payments 2633
    Decrease/(Increase) in inventories72(53)
    Decrease/(Increase) in trade and other receivables8231
    Increase/ (Decrease) in trade and other payables(381)260
    Amortisation of patents and development costs5053
    Depreciation3-
    Write off intangible assets14 
     ────────────
    Net cash outflow from operations(1,060)(238)
     ══════ ══════

    Cash and Cash Equivalents

       Year ended
    31 December  2024
      Year ended
    31 December  2023
                                 £                                 £    
    Cash and cash equivalents 1,6461,502
     ════════ ════════
       
       

    The notes on pages 36 to 63 form part of these financial statements

    Company Statement of Financial Position

    As at 31 December 2024

     

    Notes

     

    As at
    31 December 2024
    As at
    31 December 2023
    ASSETS 

     

    £’000£’000

    Non-current assets

     

     

      

    Investments

    10

     

    5454

     

     

     

    ─────── ───────

     

     

     

    5454

     

     

     

    ─────── ───────

    CURRENT ASSETS

     

     

      

    Trade and other receivables

    12

     

    5678

    Cash and cash equivalents

    13

     

    793473

     

     

     

    ─────── ───────

     

     

     

    849551

     

     

     

    ─────── ───────

    TOTAL ASSETS

     

     

    903605

     

     

     

    ═══════ ═══════

    EQUITY

     

     

      

    Shareholders’ Equity

     

     

      

    Called up share capital

    14

     

    7961

    Share premium

    15

     

    4,5343,338

    Share based payment reserve

    15

     

    4157

    Retained earnings

    15

     

    (3,848)(2,933)

     

     

     

    ─────── ───────

    Total Equity

     

     

    806523

     

     

     

    ─────── ───────

    LIABILITIES

     

     

      

    CURRENT LIABILITIES

     

     

      

     

     

     

      

    Trade and other payables

    16

     

    9782

     

     

     

    ─────── ───────

    TOTAL LIABILITIES

     

     

    9782

     

     

     

    ─────── ───────

     

     

     

      

    TOTAL EQUITY AND LIABILITIES

     

     

    903605

     

     

     

    ═══════ ═══════

    The Company has elected to take the exemption under section 408 of the Companies Act 2006 not to present the parent Company income statement account.

    The loss for the parent Company for the year was £0.96m (2023: £1.04m).

    These financial statements were approved and authorised for issue by the Board of Directors on 28  May 2025 and were signed on its behalf by:

     

     

    S Andersen
    Director
    Company Registration no. 13723211
    The notes on pages 36 to 63 form part of these financial statements

    Company Statement of Cash Flows

    For the period ended 31 December 2024

     

       Called up
    Share capital
      Retained Earnings  Share
    Premium
    Share-based
    Payment reserve
      Total
    equity

     

    £’000£’000£’000£’000£’000

     

         
    As at 1 January 202361(1,889)3,338261,536
          
    Loss for the year-(1,044)--(1,044)
          
    Share based payments---3131
     ────── ─────── ────── ────── ─────
    Balance at 31 December  202361(2,933)3,33857523
          
    Loss for the year -(956)- (956)
          
    Forfeiture of shares -41-(41)-
          
    Share based payments---2525
          
    Share issue18-1,208-1,226
          
    Share issue costs--(12)-(12)
          
     ────── ─────── ─────── ────── ───────
    Balance at 31 December  2024 79(3,848)4,53441806

     

    ══════ ═══════ ═══════ ══════ ═══════

    Company Statement of Cash Flows

    For the period ended 31 December 2024

     

    Notes   Year ended
    31 December 2024
      Year ended
    31 December 2023

     

      

     

      £’000£’000

     

        
    Cash flows from operating activities     
         
    Cash utilised by operations 1 (1,122)(639)
       ─────── ───────
    Net cash outflow from operating activities  (1,122)(639)
         
    Cash flows from financing activities    
         
    Share issues net of issue costs   1,214-
       ─────── ───────
    Net cash inflow from financing activities  1,214-
       ─────── ───────
         
    Cash flows from investing activities    
         
    New subsidiary investment  -(5)
    Net amounts advanced to subsidiary     228(332)
       ─────── ───────
    Net cash inflow from investing activities  227(337)
       ─────── ───────
         
    Increase/(decrease) in cash and equivalents  320(976)
         
    Cash and cash equivalents at beginning of period  4731,449
       ─────── ───────
    Cash and cash equivalents at end of period2 793473
       ═══════ ═══════