2022 | |||
2023 | £’000 | ||
Note | £’000 | Restated 1 | |
Revenue | 2 | ||
Cost of sales | ( | ( | |
Gross profit | |||
Other operating income | 4 | ||
Operating costs | 4 | ( | ( |
Operating loss | ( | ( | |
Finance income | 5 | ||
Finance expense | 5 | ( | ( |
Loss before taxation | 4 | ( | ( |
Taxation (charge)/credit | 8 | ( | |
Loss for the financial year and total comprehensive loss | ( | ( | |
Loss per £0.10 ordinary share expressed in pence per share: | |||
– basic and diluted | 9 | ( | ( |
As at | As at | |||
As at | 31 Dec 2022 | 31 Dec 2021 | ||
31 Dec 2023 | £’000 | £’000 | ||
Note | £’000 | Restated | Restated | |
Assets | ||||
Non-current assets | ||||
Property, plant and equipment | 10 | |||
Right-of-use assets | 11 | |||
Intangible assets | 12 | |||
Long-term investments | ||||
Investment in associates | 13 | |||
Other receivables | 15 | |||
Total non-current assets | ||||
Current assets | ||||
Inventories | 14 | |||
Contract assets 1 | 2 | |||
Other current assets | 16 | |||
Derivative financial instruments | 20 | |||
Current tax receivable | ||||
Trade and other receivables | 15 | |||
Short-term investments | 17 | |||
Cash and cash equivalents | 17 | |||
Total current assets | ||||
Liabilities | ||||
Current liabilities | ||||
Trade and other payables | 18 | ( | ( | ( |
Contract liabilities | 2 | ( | ( | ( |
Other current liabilities | 19 | ( | ( | ( |
Derivative financial instruments | 20 | ( | ||
Lease liabilities | 21 | ( | ( | ( |
Provisions | 22 | ( | ( | ( |
Total current liabilities | ( | ( | ( | |
Net current assets | ||||
Non-current liabilities | ||||
Lease liabilities | 21 | ( | ( | ( |
Other non-current liabilities | 19 | ( | ( | ( |
Provisions 1 | 22 | ( | ( | ( |
Total non-current liabilities | ( | ( | ( | |
Net assets | ||||
Equity attributable to the owners of the parent | ||||
Share capital | 23 | |||
Share premium | ||||
Capital redemption reserve | 24 | |||
Merger reserve | 24 | |||
Accumulated losses | ( | ( | ( | |
Total equity |
2022 | |||
2023 | £’000 | ||
Note | £’000 | Restated | |
Cash flows from operating activities | |||
Loss before taxation | ( | ( | |
Adjustments for: | |||
Finance income | 5 | ( | ( |
Finance expense | 5 | ||
Depreciation of property, plant and equipment | 4 | ||
Depreciation of right-of-use assets | 4 | ||
Amortisation of intangibles | 4 | ||
Net foreign exchange gains | 4 | ( | ( |
Net change in fair value of financial instruments at fair value through profit or loss | 4 | ||
Share-based payments | 25 | ||
Operating cash flows before movements in working capital and provisions | ( | ( | |
Decrease/(increase) in trade and other receivables and other current assets | ( | ||
Decrease/(increase) in inventories | ( | ||
Increase in trade and other payables and other liabilities | |||
(Increase)/decrease in contract assets | ( | ||
Increase/(decrease) in contract liabilities | |||
Decrease in provisions | ( | ( | |
Net cash used in operations | ( | ( | |
Taxation received/(paid) | ( | ||
Net cash used in operating activities | ( | ( | |
Investing activities | |||
Investment in associate | ( | ||
Proceeds from sale of property, plant and equipment | |||
Purchase of property, plant and equipment | ( | ( | |
Capitalised development expenditure | ( | ( | |
Repayment of long-term investments | |||
Decrease/(increase) in short-term investments | ( | ||
Finance income received | |||
Net cash generated from/(used in) investing activities | ( | ||
Financing activities | |||
Proceeds from issuance of ordinary shares | 23 | ||
Expenses from issuance of ordinary shares | |||
Cash paid on behalf of employees on the sale of share options | |||
Repayment of lease liabilities | 21 | ( | ( |
Finance interest paid | 5 | ( | ( |
Net cash used in financing activities | ( | ( | |
Net decrease in cash and cash equivalents | ( | ( | |
Exchange (loss)/gain on cash and cash equivalents | ( | ||
Cash and cash equivalents at beginning of year | |||
Cash and cash equivalents at end of year | 17 |
Capital | |||||||
Share | Share | redemption | Merger | Accumulated | |||
capital | premium | reserve | reserve | losses | Total | ||
Note | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
At 1 January 2022 – Previously stated | ( | ||||||
Restatement | ( | ( | |||||
At 1 January 2022 – Restated | ( | ||||||
Comprehensive income | |||||||
Loss and total comprehensive loss for the financial year – Restated | ( | ( | |||||
Total comprehensive loss - Restated | ( | ( | |||||
Transactions with owners | |||||||
Issue of shares, net of costs | 23 | ||||||
Share-based payments | 25 | ||||||
Total transactions with owners | |||||||
At 31 December 2022 – Restated 1 | ( | ||||||
Comprehensive income | |||||||
Loss and total comprehensive loss for the financial year | ( | ( | |||||
Total comprehensive loss | ( | ( | |||||
Transactions with owners | |||||||
Issue of shares, net of costs | 23 | ||||||
Share-based payments | 25 | ||||||
Total transactions with owners | |||||||
At 31 December 2023 | ( |
2022 | ||
2023 | £’000 | |
£’000 | Restated | |
Europe | 12,394 | 7,980 |
Asia | 9,589 | 11,391 |
North America | 341 | 394 |
Rest of World | — | 23 |
22,324 | 19,788 |
2022 | ||
2023 | £’000 | |
£’000 | Restated | |
Engineering services | 10,220 | 9,039 |
Provision of technology hardware | 5,726 | 5,380 |
Licences | 6,378 | 5,369 |
22,324 | 19,788 |
2022 | ||
2023 | £’000 | |
£’000 | Restated | |
Products and services transferred at a point in time | 6,544 | 4,760 |
Products and services transferred over time | 15,780 | 15,028 |
22,324 | 19,788 |
31 Dec 2022 | 31 Dec 2021 | |||
31 Dec 2023 | £’000 | £’000 | ||
Note | £’000 | Restated | Restated | |
Trade receivables | 15 | 3,422 | 11,825 | 2,612 |
Contract assets – accrued income | 1,575 | 400 | 5,343 | |
Total contract-related assets | 4,997 | 12,225 | 7,955 | |
Contract liabilities – deferred income | (7,469) | (7,363) | (3,917) |
Contract assets | Contract liabilities | |
2023 | 2023 | |
£’000 | £’000 | |
Revenue recognised that was included in the contract liability balance at the beginning of the year | 2,380 | |
Increases due to cash received, excluding amounts recognised as revenue during the year | (2,486) | |
Transfers from contract assets recognised at the beginning of the year to receivables | (400) | |
Increases as a result of changes in the measure of progress | 1,575 |
Contract assets | Contract liabilities | |
2022 | 2022 | |
£’000 | £’000 | |
Restated | Restated | |
Revenue recognised that was included in the contract liability balance at the beginning of the year | 771 | |
Increases due to cash received, excluding amounts recognised as revenue during the year | (4,217) | |
Transfers from contract assets recognised at the beginning of the year to receivables | (5,012) | |
Increases as a result of changes in the measure of progress | 69 |
2024 | 2025 | 2026 | |
£’000 | £’000 | £’000 | |
Evaluation, development, supply and licence agreements | 13,016 | 3,240 | 3,240 |
2023 | 2024 | 2025 | |
£’000 | £’000 | £’000 | |
Evaluation, development, supply and licence agreements | 15,060 | 1,458 | — |
31 December 2022 | ||||||
31 December 2023 | Restated | |||||
Power – | Hydrogen – | Power – | Hydrogen – | |||
SOFC | SOEC | Tota l | SOFC | SOEC | Tota l | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Revenue (external) | 21,567 | 757 | 22,324 | 19,608 | 180 | 19,788 |
Cost of sales | (8,346) | (424) | (8,770) | (9,070) | (9) | (9,079) |
Gross profit | 13,221 | 333 | 13,554 | 10,538 | 171 | 10,709 |
2022 | ||
2023 | £’000 | |
£’000 | Restated | |
Operating costs are split as follows: | ||
Research and development costs | 54,034 | 48,546 |
Administrative expenses | 17,681 | 15,116 |
Commercial expenses | 4,905 | 2,392 |
76,620 | 66,054 | |
Loss before taxation is stated after (crediting)/charging: | ||
Other operating income – grant income | (270) | (251) |
Other operating income – RDEC tax credit | (3,395) | (1,081) |
Other operating income – total | (3,665) | (1,332) |
Staff costs, including share-based payments (Note 6) | 41,906 | 34,801 |
Cost of inventories recognised as expense (Note 14) | 4,568 | 5,023 |
Depreciation of property, plant and equipment (Note 10) | 7,461 | 5,592 |
Depreciation of right-of-use assets (Note 11) | 641 | 620 |
Amortisation of intangible assets (Note 12) | 1,024 | 1,032 |
Repairs expenditure on property, plant and equipment | 1,030 | 1,039 |
Net change in fair value of financial instruments at fair value through profit or loss | 143 | 1,020 |
Net foreign exchange gain recognised in operating costs | (232) | (761) |
Net foreign exchange loss/(gain) recognised in finance expense/(income) | 805 | (173) |
2023 | 2022 | |
£’000 | £’000 | |
Fees payable to the Company’s auditor for the audit of parent Company and consolidated financial statements | 68 | 54 |
Fees payable to the Company’s auditor for other services: | ||
– the audit of the Company’s subsidiaries | 177 | 141 |
– audit-related assurance services – review of interim financial results, including audit assurance | 30 | 150 |
– audit-related assurance services – grants and awards | — | 7 |
– reporting services in relation to the Group’s move to the Main Market | 85 | 217 |
360 | 569 |
2023 | 2022 | |
£’000 | £’000 | |
Interest received | 7,079 | 2,657 |
Foreign exchange gain on cash, cash equivalents and short-term deposits | — | 173 |
Total interest income | 7,079 | 2,830 |
Interest paid | (99) | — |
Interest on lease liabilities | (248) | (212) |
Unwinding of discount on provisions | (89) | (87) |
Other finance costs | (46) | (5) |
Foreign exchange loss on cash, cash equivalents and short-term deposits | (805) | — |
Total interest expense | (1,287) | (304) |
2023 | 2022 | |
£’000 | £’000 | |
By activity: | ||
Research and development | 369 | 249 |
Prototype production | 128 | 177 |
Administration | 77 | 96 |
Commercial | 16 | 14 |
590 | 536 |
2023 | 2022 | |
£’000 | £’000 | |
Staff costs (for the above persons) comprised: | ||
Wages and salaries, including compensation for loss of office | 35,500 | 28,584 |
Social security costs | 3,928 | 3,290 |
Other pension costs (Note 7) | 2,411 | 1,930 |
Share-based payments (Note 25) | 67 | 997 |
41,906 | 34,801 |
2023 | 2022 | |
£’000 | £’000 | |
Directors’ emoluments: | ||
Aggregate emoluments | 1,027 | 947 |
Company contributions to defined contribution pension schemes | 51 | 51 |
Gain on exercise of share options and other share schemes | 707 | 38 |
1,785 | 1,036 |
2023 | 2022 | |
£’000 | £’000 | |
Highest-paid Director: | ||
Aggregate emoluments | 565 | 534 |
Company contributions to defined contribution pension schemes | 28 | 28 |
Gain on exercise of share options and other share schemes | 707 | 38 |
1,300 | 600 |
2023 | 2022 | |
£’000 | £’000 | |
Salaries and other short-term employment benefits | 3,880 | 3,386 |
Post-employment benefits | 206 | 148 |
Share-based payments | (111) | 342 |
3,975 | 3,876 |
2023 | 2022 | |
£’000 | £’000 | |
UK corporation tax | — | (4,470) |
Foreign tax suffered | 334 | 828 |
Adjustment in respect of prior periods | 65 | (230) |
Taxation credit | 399 | (3,872) |
2022 | ||
2023 | £’000 | |
£’000 | Restated 1 | |
Loss before taxation | (53,609) | (51,487) |
Loss before taxation multiplied by the UK tax rate of 23.52% (2022: 19.00%) | (12,609) | (9,783) |
Effects of: | ||
Losses carried forward | 12,307 | 9,417 |
Enhanced tax deductions for R&D expenditure | — | (3,310) |
Expenses not deductible | 240 | 160 |
Fixed asset differences | 62 | (215) |
Employee share scheme | 1,452 | — |
Effect of overseas tax rates | 252 | 742 |
Adjustment in respect of prior periods – R&D tax credit | 65 | (230) |
Difference between R&D tax credit and small company tax rate | — | 1,387 |
Tax on RDEC credit | 434 | 159 |
Deferred tax rate change | (649) | — |
Other short term timing difference | 773 | (1,141) |
Share option timing differences | (1,928) | (1,058) |
Total taxation credit | 399 | (3,872) |
2022 | ||
2023 | £’000 | |
£’000 | Restated | |
Temporary differences: | ||
Difference between capital allowances and depreciation | (2,967) | 60 |
Deductions relating to share options | (7,158) | (15,356) |
Other timing differences | (563) | (319) |
Losses carried forward | (224,544) | (173,434) |
(235,232) | (189,049) |
2022 | ||
2023 | £’000 | |
£’000 | Restated 1 | |
Loss for the financial year attributable to shareholders | (54,008) | (47,615) |
Weighted average number of shares in issue | 192,651,782 | 191,385,618 |
Loss per £0.10 ordinary share (basic and diluted) | (28.03)p | (24.88)p |
Leasehold improvements | Ten years or the lease term if shorter |
Plant and machinery | Three to ten years |
Computer equipment | Three years |
Fixtures and fittings | Three to ten years |
Leasehold | Plant and | Computer | Fixtures | Assets under | ||
improvements | machinery | equipment | and fittings | construction | Tota l | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Cost | ||||||
At 1 January 2022 - Previously stated | 7,412 | 25,514 | 2,563 | 348 | 1,975 | 37,812 |
Brought forward restatement | 151 | 518 | — | — | — | 669 |
At 1 January 2022 - Restated | 7,563 | 26,020 | 2,563 | 348 | 1,975 | 38,481 |
Additions | 1,121 | 5,194 | 203 | — | 6,848 | 13,366 |
Transfers | 71 | 1,672 | — | — | (1,743) | — |
Disposals | (1,621) | (6,669) | (831) | (72) | — | (9,193) |
At 31 December 2022 | 7,134 | 26,229 | 1,935 | 276 | 7,080 | 42,654 |
Additions | 1,318 | 3,647 | 164 | 115 | 1,937 | 7,181 |
Transfers | 511 | 2,009 | — | — | (2,520) | — |
Disposals | (150) | (568) | (57) | — | (68) | (843) |
At 31 December 2023 | 8,813 | 31,317 | 2,042 | 391 | 6,429 | 48,992 |
Accumulated depreciation | ||||||
At 1 January 2022 - Previously stated | 3,358 | 14,291 | 1,790 | 232 | — | 19,671 |
Brought forward restatement | 37 | 160 | — | — | — | 197 |
At 1 January 2022 - Restated | 3,395 | 14,451 | 1,790 | 232 | — | 19,868 |
Charge for the year | 956 | 4,119 | 444 | 73 | — | 5,592 |
Depreciation on disposals | (1,621) | (6,669) | (831) | (72) | — | (9,193) |
At 31 December 2022 | 2,730 | 11,901 | 1,403 | 233 | — | 16,267 |
Charge for the year | 1,264 | 5,783 | 379 | 35 | — | 7,461 |
Depreciation on disposals | (150) | (411) | (57) | — | — | (618) |
At 31 December 2023 | 3,844 | 17,273 | 1,725 | 268 | — | 23,110 |
Net book value | ||||||
At 31 December 2023 | 4,969 | 14,044 | 317 | 123 | 6,429 | 25,882 |
At 31 December 2022 - Restated | 4,404 | 14,328 | 532 | 43 | 7,080 | 26,387 |
At 31 December 2021 - Restated | 4,168 | 11,581 | 773 | 116 | 1,975 | 18,613 |
Land and | Computer | ||
buildings | equipment | Total | |
£’000 | £’000 | £’000 | |
Cost | |||
At 1 January 2022 | 3,694 | 43 | 3,737 |
Adjustment of lease term | 829 | — | 829 |
At 31 December 2022 | 4,523 | 43 | 4,566 |
Additions | 168 | — | 168 |
Adjustment of lease term | (33) | — | (33) |
At 31 December 2023 | 4,658 | 43 | 4,701 |
Accumulated depreciation | |||
At 1 January 2022 | 1,289 | 10 | 1,299 |
Charge for the year | 606 | 14 | 620 |
At 31 December 2022 | 1,895 | 24 | 1,919 |
Charge for the year | 627 | 14 | 641 |
At 31 December 2023 | 2,522 | 38 | 2,560 |
Net book value | |||
At 31 December 2023 | 2,136 | 5 | 2,141 |
At 31 December 2022 | 2,628 | 19 | 2,647 |
At 31 December 2021 | 2,405 | 33 | 2,438 |
Capitalised development | Two to seven years |
Patent costs | Three to ten years |
Perpetual software licences | Three years |
Internal | |||||
developments | Customer and | ||||
in relation to | internal | Perpetual | |||
manufacturing | development | software | |||
site | programmes | licences | Patent costs | Tota l | |
£’000 | £’000 | £’000 | £’000 | £’000 | |
Cost | |||||
At 1 January 2022 | 411 | 8,407 | 252 | 633 | 9,703 |
Additions | — | 5,340 | 273 | 219 | 5,832 |
At 31 December 2022 | 411 | 13,747 | 525 | 852 | 15,535 |
Additions | — | 6,443 | — | 357 | 6,800 |
At 31 December 2023 | 411 | 20,190 | 525 | 1,209 | 22,335 |
Accumulated amortisation | |||||
At 1 January 2022 | 164 | 1,038 | 23 | — | 1,225 |
Charge for the year | 82 | 748 | 125 | 77 | 1,032 |
At 31 December 2022 | 246 | 1,786 | 148 | 77 | 2,257 |
Charge for the year | 82 | 728 | 137 | 77 | 1,024 |
At 31 December 2023 | 328 | 2,514 | 285 | 154 | 3,281 |
Net book value | |||||
At 31 December 2023 | 83 | 17,676 | 240 | 1,055 | 19,054 |
At 31 December 2022 | 165 | 11,961 | 377 | 775 | 13,278 |
At 31 December 2021 | 247 | 7,369 | 229 | 633 | 8,478 |
Proportion of | ||||
nominal value | ||||
of shares held | ||||
Country of | Description of | by the | ||
Name of undertaking | incorporation | shares held | Company | Type of entity |
Ceres Power Ltd | England and Wales | £0.001 ordinary shares | 100% 1 | Subsidiary |
Ceres Intellectual Property Company Ltd | England and Wales | £1.00 ordinary shares | 100% 1 | Subsidiary |
Ceres Power Intermediate Holdings Ltd | England and Wales | £0.01 ordinary shares | 100% | Subsidiary |
Ceres Power Licence Company Ltd | England and Wales | £1.00 ordinary shares | 100% 1 | Subsidiary |
Ceres Holdings International Ltd | England and Wales | £1.00 ordinary shares | 100% 1 | Subsidiary |
Ceres Engineering Consulting (Shanghai) Co Ltd | Shanghai, China | £1.00 ordinary shares | 100% 2 | Subsidiary |
RFC Power Ltd | England and Wales | £0.001 ordinary shares | 24.2% 3 | Associate |
31 Dec 2023 | 31 Dec 2022 | |
£’000 | £’000 | |
Current: | ||
Raw materials | 1,648 | 1,566 |
Work in progress | 787 | 1,477 |
Finished goods | 390 | 2,671 |
2,825 | 5,714 |
31 Dec 2023 | 31 Dec 2022 | |
£’000 | £’000 | |
Current: | ||
Trade receivables | 3,422 | 11,825 |
VAT receivable | 2,273 | 1,853 |
RDEC receivable | 4,008 | 3,032 |
Other receivables | 172 | 443 |
9,876 | 17,153 | |
Non-current: | ||
Other receivables | 741 | 741 |
31 Dec 2023 | 31 Dec 2022 | |
£’000 | £’000 | |
Current: | ||
Prepayments | 1,193 | 869 |
Accrued other income | — | 88 |
1,193 | 957 |
31 Dec 2022 | ||
31 Dec 2023 | £’000 | |
£’000 | Restated 1 | |
Cash at bank and in hand | 7,063 | 16,312 |
Money market funds | 42,644 | 55,472 |
Cash and cash equivalents | 49,707 | 71,784 |
Short-term bank deposits greater than one month and less than 12 months | 90,249 | 110,536 |
139,956 | 182,320 |
31 Dec 2022 | |||
Interest | 31 Dec 2023 | £’000 | |
rate type | £’000 | Restated 1 | |
Interest rate risk profile of the Group’s financial assets: | |||
Cash at bank and in hand | Floating | 7,063 | 16,312 |
Money market funds | Floating | 42,644 | 55,472 |
Short-term bank deposits greater than one month and less than or equal to 12 months | Floating | 20,000 | 20,000 |
Short-term bank deposits greater than one month and less than or equal to 12 months | Fixed | 70,249 | 90,536 |
139,956 | 182,320 |
31 Dec 2023 | 31 Dec 2022 | |
£’000 | £’000 | |
Current: | ||
Trade payables | 3,624 | 4,795 |
Other payables | 1,359 | 138 |
4,983 | 4,933 |
31 Dec 2022 | 31 Dec 2021 | ||
31 Dec 2023 | £’000 | £’000 | |
£’000 | Restated 1 | Restated 1 | |
Current: | |||
Accruals | 5,933 | 6,032 | 4,803 |
Deferred income | 368 | 243 | 244 |
6,301 | 6,275 | 5,047 | |
Non-current: | |||
Deferred income | 1,360 | 1,011 | 771 |
Carrying | |||||
Carrying | amount | Fair value | |||
amount | Fair value | 31 Dec 2022 | 31 Dec 2022 | ||
Fair value | 31 Dec 2023 | 31 Dec 2023 | £’000 | £’000 | |
hierarchy | £’000 | £’000 | Restated 1 | Restated 1 | |
Financial assets at amortised cost | |||||
Trade and other receivables 1 | 3,594 | 3,594 | 12,268 | 12,268 | |
Cash, cash equivalents and investments | 139,956 | 139,956 | 182,320 | 182,320 | |
143,550 | 143,550 | 194,588 | 194,588 | ||
Financial assets measured at fair value through profit or loss | |||||
Forward exchange contracts | Level 2 | 1 | 1 | 26 | 26 |
Currency swap contract | Level 2 | 7 | 7 | — | — |
Non-deliverable forward | Level 2 | — | — | 28 | 28 |
8 | 8 | 54 | 54 | ||
Financial liabilities measured at amortised cost | |||||
Trade and other payables and accruals | (10,563) | (10,563) | (10,957) | (10,957) | |
Financial liabilities measured at fair value through profit or loss | |||||
Forward exchange contracts | Level 2 | (99) | (99) | — | — |
31 Dec 2023 | 31 Dec 2022 | |||||||||||
Carrying | Contractual | 1 year | 1 to 2 | 2 to 5 | Carrying | Contractual | 1 year | 1 to 2 | 2 to 5 | |||
amount | cash flows | or less | years | years | >5 years | amount | cash flows | or less | years | years | >5 years | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Non-derivative | ||||||||||||
financial liabilities | ||||||||||||
Trade and other payables | ||||||||||||
and accruals | (10,563) | (10,563) | (10,563) | — | — | — | (10,957) | (10,957) | (10,957) | — | — | — |
Lease liabilities | (2,596) | (3,038) | (887) | (883) | (1,268) | — | (3,124) | (3,793) | (840) | (853) | (1,851) | (249) |
Derivative | ||||||||||||
financial liabilities | ||||||||||||
Forward | ||||||||||||
exchange | ||||||||||||
contracts: | ||||||||||||
(Outflow) | (2,337) | (2,239) | (2,239) | — | — | — | — | (93) | (93) | — | — | — |
Inflow | — | — | — | — | — | — | 1,907 | 2,000 | 2,000 | — | — | — |
Currency | ||||||||||||
swap contracts: | ||||||||||||
(Outflow) | — | — | — | — | — | — | — | — | — | — | — | — |
Inflow | 1,767 | 1,760 | 1,760 | — | — | — | — | — | — | — | — | — |
Canadian | Japanese | Chinese | ||||
Euro | US dollar | dollar | yen | renminbi | Other | |
31 December 2023 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
Exposures to foreign currency risk: | ||||||
Cash and cash equivalents | 1,383 | 1,332 | 164 | 127 | 136 | 22 |
Fixed term bank deposits | — | — | — | — | 7,750 | — |
Trade and other receivables | — | 1 | — | — | 2 | — |
Other current assets | — | — | — | — | 24 | — |
Trade payables and payments on account | (276) | (450) | (2) | — | — | (7) |
Other current liabilities | — | — | — | — | (56) | — |
Forward currency contracts | ||||||
– (outflow)/inflow | (2,000) | 2,500 | 300 | — | — | — |
Balance sheet exposure | (893) | 3,383 | 462 | 127 | 7,856 | 15 |
Canadian | Japanese | Chinese | ||||
Euro | US dollar | dollar | yen | renminbi | Other | |
31 December 2022 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
Exposures to foreign currency risk: | ||||||
Cash and cash equivalents | 2,126 | 2,531 | 85 | 456 | 89 | 30 |
Fixed term bank deposits | — | — | — | — | 8,475 | — |
Trade and other receivables | 27 | 2 | — | — | — | — |
Trade payables and payments on account | (516) | (178) | (4) | — | — | (6) |
Forward currency contracts | ||||||
– (outflow)/inflow | (2,000) | — | 61 | 33 | — | — |
Balance sheet exposure | (363) | 2,355 | 142 | 489 | 8,564 | 24 |
Profit or (loss) | ||
2023 | 2022 | |
£’000 | £’000 | |
Euro | 89 | 36 |
US dollar | (338) | (235) |
Canadian dollar | (46) | (14) |
Japanese yen | (13) | (49) |
Chinese Renminbi | (785) | (856) |
Other | (1) | (2) |
£’000 | |
Balance as at 1 January 2022 | 3,039 |
Lease payments | (956) |
Interest expense | 212 |
Adjustment of lease term (see Note 11) | 829 |
Balance as at 31 December 2022 | 3,124 |
New finance leases recognised | 66 |
Lease payments | (906) |
Interest expense | 248 |
Adjustment of lease term (see Note 11) | 64 |
Balance as at 31 December 2023 | 2,596 |
Current | 694 |
Non-current | 1,902 |
Balance as at 31 December 2023 | 2,596 |
Current | 610 |
Non-current | 2,514 |
Balance as at 31 December 2022 | 3,124 |
Property | ||||
dilapidations 1 | Warranties | Contract losses | Total | |
£’000 | £’000 | £’000 | £’000 | |
At 1 January 2022 | 1,828 | 1,253 | 326 | 3,407 |
Movements in the Consolidated Statement of Profit and Loss: | ||||
Amounts used | — | — | (137) | (137) |
Unwinding of discount | 87 | — | — | 87 |
Unused provision reversed | — | (707) | (135) | (842) |
Increase in provision | 190 | 329 | — | 519 |
At 31 December 2022 - Restated | 2,105 | 875 | 54 | 3,034 |
Movements in the Consolidated Statement of Profit and Loss: | ||||
Unwinding of discount | 89 | — | — | 89 |
Unused provision reversed | — | (553) | (10) | (563) |
Increase in provision | 88 | 281 | — | 369 |
At 31 December 2023 | 2,282 | 603 | 44 | 2,929 |
Current | — | 603 | 44 | 647 |
Non-current | 2,282 | — | — | 2,282 |
At 31 December 2023 | 2,282 | 603 | 44 | 2,929 |
Current | — | 875 | 54 | 929 |
Non-current - Restated | 2,105 | — | — | 2,105 |
At 31 December 2022 - Restated | 2,105 | 875 | 54 | 3,034 |
31 Dec 2023 | 31 Dec 2022 | |||
£’000 | £’000 | |||
Number | Number | |||
of £0.10 | of £0.10 | |||
ordinary shares | £’000 | ordinary shares | £’000 | |
Allotted and fully paid | ||||
At 1 January | 192,086,775 | 19,209 | 190,729,638 | 19,073 |
Allotted £0.10 ordinary shares on exercise of employee share options | 881,321 | 88 | 1,357,137 | 136 |
At 31 December | 192,968,096 | 19,297 | 192,086,775 | 19,209 |
2023 | 2022 | ||
£’000 | £’000 | ||
a) 2004 | Employees’ share option scheme | — | — |
b) Sharesave schemes | 148 | 241 | |
c) Long Term Incentive Plan (“LTIP”) | (81) | 756 | |
67 | 997 |
2023 | 2022 | |||
£’000 | £’000 | |||
Weighted | Weighted | |||
Number | average | Number | average | |
(‘000) | exercise price | (‘000) | exercise price | |
Outstanding at 1 January | 982 | £0.84 | 1,476 | £0.75 |
Exercised | (222) | £0.84 | (421) | £0.48 |
Lapsed | (127) | £0.85 | (73) | £0.99 |
Outstanding at 31 December | 633 | £0.84 | 982 | £0.84 |
Exercisable | 633 | £0.84 | 982 | £0.84 |
2023 | 2022 | |||
£’000 | £’000 | |||
Weighted | Weighted | |||
Number | average | Number | average | |
Expiry date – 31 December | (’000) | exercise price | (’000) | exercise price |
2023 | — | — | 250 | £0.86 |
2024 | 615 | £0.84 | 669 | £0.84 |
2025 | 4 | £0.90 | 36 | £0.90 |
2026 | 14 | £0.55 | 27 | £0.55 |
2023 | 2022 | |||
£’000 | £’000 | |||
Weighted | Weighted | |||
Number | average | Number | average | |
(’000) | exercise price | (’000) | exercise price | |
Outstanding at 1 January | 673 | £4.36 | 984 | £2.83 |
Granted | 893 | £3.13 | 394 | £5.96 |
Exercised | (300) | £1.95 | (496) | £1.27 |
Lapsed/cancelled | (416) | £5.82 | (209) | £7.53 |
Outstanding at 31 December | 850 | £3.52 | 673 | £4.36 |
Exercisable | — | — | 6 | £1.27 |
2023 | 2022 | |||
£’000 | £’000 | |||
Weighted | Weighted | |||
Number | average | Number | average | |
Expiry date – 31 December | (’000) | exercise price | (’000) | exercise price |
2023 | — | — | 308 | £1.95 |
2024 | 17 | £9.83 | 42 | £9.83 |
2025 | 83 | £5.96 | 323 | £5.96 |
2026 | 750 | £3.13 | — | — |
2023 | 2022 | |||
£’000 | £’000 | |||
Weighted | Weighted | |||
Number | average | Number | average | |
(’000) | exercise price | (’000) | exercise price | |
Outstanding at 1 January | 3,997 | £0.10 | 3,963 | £0.10 |
Granted | 1,522 | £0.10 | 892 | £0.10 |
Exercised | (267) | £0.10 | (382) | £0.10 |
Lapsed | (762) | £0.10 | (476) | £0.10 |
Outstanding at 31 December | 4,490 | £0.10 | 3,997 | £0.10 |
Exercisable | 2,155 | £0.10 | 2,421 | £0.10 |
2023 | 2022 | |||
£’000 | £’000 | |||
Weighted | Weighted | |||
Number | average | Number | average | |
Expiry date – 31 December | (’000) | exercise price | (’000) | exercise price |
2026 | 829 | £0.10 | 1,029 | £0.10 |
2027 | 279 | £0.10 | 289 | £0.10 |
2028 | 543 | £0.10 | 559 | £0.10 |
2029 | 504 | £0.10 | 544 | £0.10 |
2030 | — | — | 696 | £0.10 |
2031 | — | — | — | — |
2032 | 850 | £0.10 | 880 | £0.10 |
2033 | 1,485 | £0.10 | — | — |
Sharesave | Sharesave | Sharesave | Sharesave | |
scheme 2023 | scheme 2022 | scheme 2021 | scheme 2020 | |
Grant date | 28 April 2023 | 27 April 2022 | 30 April 2021 | 22 January 2020 |
Share price at date of grant (£) | 3.494 | 7.450 | 12.290 | 2.440 |
Exercise price (£) | 3.128 | 5.960 | 9.832 | 1.95 |
Expected volatility (%) | 69% | 53% | 53% | 53% |
Expected option life (years) | 3.25 years | 3.25 years | 3.25 years | 3.25 years |
Average risk-free interest rate (%) | 3.61% | 1.00% | 1.00% | 1.00% |
Expected dividend yield | Nil | Nil | Nil | Nil |
LTIP 2023 | LTIP 2022 | LTIP 2020 | (2) | LTIP 2020 | (1) | |
23 March | 23 March | 10–21 December | 10 October | |||
Grant date | 2023 | 2022 | 2022 | 2020 | ||
Share price at date of grant (£) | 3.91 | 7.40 | 10.52–11.56 | 2.16 | ||
Exercise price (£) | 0.1 | 0.1 | 0.1 | 0.1 | ||
Expected volatility (%) | 69% | 64% | 31% | 21% | ||
Expected option life (years) | Up to 7 years | Up to 7 years | up to 7 years | up to 7 years | ||
Average risk-free interest rate (%) | 3.61% | 1.46% | 1.00% | 1.00% | ||
Expected dividend yield | Nil | Nil | Nil | Nil |
Total number | Weighted | Number | ||||||
of options | average price | Total gain | of shares | |||||
Date of exercise | Director | Type of options | exercised | on exercise | on exercise | retained | ||
30 March 2023 | Phil Caldwell | LTIP | 200,000 | £3.463 | £672,600 | 200,000 | ||
04 May 2023 | Phil Caldwell | Sharesave | 4,610 | £1.952 | £6,602 | 4,610 | ||
07 July 2023 | Mark Selby | 2004 | ESS | 2,063 | £2.825 | £4,066 | 2,063 | |
12 July 2023 | Michelle Traynor | Sharesave | 1,844 | £1.952 | £2,003 | 1,844 | ||
10 August 2023 | Clarissa de Jager | Sharesave | 7,377 | £1.952 | £10,284 | 7,377 | ||
03 October 2023 | Phil Caldwell | 2004 | ESS | 11,859 | £3.204 | £27,869 | 11,859 |