REG - MyHealthChecked PLC - Final Results & Notice of AGM
04/06/2024 07:00
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RNS Number : 9393Q MyHealthChecked PLC 04 June 2024
MyHealthChecked PLC
("MyHealthChecked" or the "Company")
Final Results for the Year Ended 31 December 2023
Notice of AGM
MyHealthChecked PLC (AIM: MHC), the consumer home-testing healthcare company,
announces its final results for the year ended 31 December 2023, a pivotal
year in which the Company launched its range of at home Wellness tests in
Boots, the UK's largest pharmacy retailer.
Financial Highlights
● Revenue of £11.0m (2022: £22.3m)
● Adjusted EBITDA of £0.015m (2022: £2.26m)
● Cash balance at year end of £7.75m (2022: £7.61m)
● Strong cash position to ensure next growth phase remains self-funded
Commercial and operational highlights
● Retail launch of 21 tests in Boots, the UK's largest pharmacy retailer
● Ongoing strong relationship with Boots
● Sustained unit sales growth of Wellness portfolio since launch
● Achievement of Healthcare Inspectorate Wales Certification
● Migration to Digital Quality Management System ("QMS")
● Self-funded ongoing digital enhancements and investment in compliance and
governance
The full Group Annual Report and Audited Financial Statements will be posted
to shareholders today and will also be available shortly
at www.investors.myhealthcheckedplc.com
(http://www.investors.myhealthcheckedplc.com/) .
Penny McCormick, Chief Executive Officer of MyHealthChecked PLC, said: "2023
was a pivotal year for MyHealthChecked as the Company's focus moved to our
Wellness test portfolio. We launched 23 tests, of which 21 are now available
in Boots stores and online and we have seen over 45% increase in unit sales
since Q4 2023. All of this would not have been possible without the revenue
generated from COVID testing in prior years which has allowed us to implement
a clear strategy, creating future growth opportunities and longevity for
MyHealthChecked.
"The Company is now in a strong position with sufficient working capital
available to fund the next growth phase as we continue to prioritise quality
and customer service to become a leading supplier in the wellness testing
sector. I would like to thank the MyHealthChecked team for their continued
hard work over the last year and our shareholders for their ongoing support."
Investor presentation
Penny McCormick, Chief Executive Officer, Lesley Innes, Chief Financial
Officer, and Adam Reynolds, Non-executive Chairman will provide a live
presentation relating to the final results via the Investor Meet Company
platform today (Tuesday 4 June 2024) at 16:00 BST. The presentation is open
to all existing and potential shareholders.
Investors can sign up to Investor Meet Company for free and register for the
presentation via the link below:
https://www.investormeetcompany.com/myhealthchecked-plc/register-investor
(https://urldefense.proofpoint.com/v2/url?u=https-3A__www.investormeetcompany.com_myhealthchecked-2Dplc_register-2Dinvestor&d=DwMF-g&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=RXEgD2sy17iU21u6z4qOYU9uK8WGQ51N8K4QC3EH2Vk&m=DCSKgk93brPCPByveWXCbtSpix8rPXHizTENaAlj1N4&s=oRdbQWH1sa_h0HLjZZujH45KVSwoXKDWzZfdGEHM4V0&e=)
Notice of Annual General Meeting
The Annual General Meeting (AGM) will be held at 10.30 a.m. on 28 June 2024 in
the Castle Room at The Maltings, East Tyndall Street, Cardiff, CF24 5EA. The
full notice will be available shortly on the Company website here:
www.investors.myhealthcheckedplc.com
(http://www.investors.myhealthcheckedplc.com/) .
Only registered shareholders are entitled to attend the AGM. Any shareholders
who wish to attend the meeting should email MyHealthChecked@walbrookpr.com
(mailto:MyHealthChecked@walbrookpr.com) with their proof of shareholding to
register for the meeting.
For further information contact:
MyHealthChecked PLC www.myhealthchecked.com (http://www.myhealthchecked.com)
Penny McCormick, Chief Executive Officer via Walbrook PR
SPARK Advisory Partners Limited (NOMAD) Tel: +44 (0)20 3368 3550
Neil Baldwin / Jade Bayat
Dowgate Capital Limited (Broker) Tel: +44 (0)20 3903 7715
David Poutney / Nicholas Chambers
Walbrook PR Ltd (Media & IR) Tel: +44 (0)20 7933 8780 or myhealthcheckedplc@walbrookpr.com
(mailto:myhealthcheckedplc@walbrookpr.com)
Paul McManus / Alice Woodings Mob: +44 (0)7980 541 893 / +44(0)7407 804 654
About MyHealthChecked PLC (www.myhealthcheckedplc.com
(http://www.myhealthcheckedplc.com) )
MyHealthChecked PLC, based in Cardiff, is an AIM-quoted pioneering UK
healthcare company focused on a range of at-home healthcare and wellness
tests.
MyHealthChecked (http://www.myhealthchecked.com) is the umbrella brand of a
range of at-home rapid tests, as well as DNA, RNA and blood sample collection
kits which have been created to support customers on their journeys to
wellness. The tests are lateral-flow self-tests, whilst the sample collection
kits enable the collection of blood, urine, nasal or mouth swab samples that
are analysed in partner laboratories for a range of biomarkers. The tests have
been made available online and for over-the-counter purchase.
The MyHealthChecked portfolio has been identified as part of a change in
mindset as customers become more familiar with the concept of accessible
healthcare in the growing at home testing kit market with a focus on
accessibility at the right price, led by UK-based experts.
JOINT CHAIRMAN AND CHIEF EXECUTIVE'S REPORT
The Board was pleased with the performance of MyHealthChecked ("MHC") during
2023 as the team has delivered well across all parts of the organization. Due
to the careful management of working capital MHC has entered 2024 with a
strong balance sheet which enables it to continue to use its existing cash
resources to fund the development of scalable, digital healthcare-centric
technology as well as identifying and developing new products for the pipeline
of at-home wellness tests. Our unwavering commitment through 2023 was focused
on the delivery of wellness solutions that not only address a variety of
customer needs, but will also enable us to contribute to the advancement of
the broader healthcare industry over time.
Following the launch of 5 DNA tests in 2022, the highlight of the year under
review was the launch to market of an additional 18 new Wellness tests
increasing the product portfolio to 23 tests, 21 of which are now stocked at
Boots. The majority of our tests are connected to our bespoke recommendation
engine in order to provide customers with results, and actionable guidance.
This was a significant launch for the Company, and a major win, particularly
as the DNA test portfolio is a unique proposition at retail; it provides
simple, cost-effective panels that enable customers to provide a cheek swab
sample in exchange for a set of clear and actionable nutrition-focused results
that are not overly onerous or unnecessarily complicated, for the customer.
Our Wellness product range has received very positive customer reviews and we
continue to focus our efforts on providing a high quality service to our
retail partner and direct customers. This is demonstrated by our Trust Pilot
score of 4.5 which we have grown from 4.4 since the launch of the Wellness
range.
Product development
With any new category, one of the most significant challenges is the lack of
established data or behavioural legacy that informs decision-making. As the
category was launched and has grown off the back of COVID, it has been
important to differentiate between the needs of COVID testing and that of
Wellness testing and appreciate that customers of the latter require and
expect greater support and guidance, and a simplicity of instructions to aid
understanding, particularly around health guidance and next steps. Our direct
interactions with our customers have shown us that our decision to focus on
the simplicity of our product and digital communications has been the right
approach, and we continue to learn from our customers and evolve our
communications to meet their needs.
We are evaluating the potential requirement for complementary tests within our
portfolio and, as always, these will be rigorously reviewed by our experienced
Scientific Advisory Board before being launched to market. However, the focus
in 2024 will remain on establishing the already extensive portfolio and
building out the testing journeys to inform our customers about ongoing
testing practices for continued, proactive Wellness management.
COVID-19 tests
Following the withdrawal of compulsory COVID testing demand for COVID Lateral
Flow Tests ("COVID LFTs") appears to have settled into a seasonal cyclical
pattern similar to that of flu and other upper respiratory diseases. This
has, as expected, resulted in a reduction in sales year on year although in
the short term we expect COVID LFTs will continue to deliver the majority of
revenue to MHC. Due to pricing pressure gross margins within our COVID
portfolio have also fallen during 2023 however, going forward, this will be
offset by the increased margin contribution from the Wellness portfolio as our
revenue stream from this product range grows.
Marketing and retail partnership
We have learned a great deal from our customers since the product launches and
have been able to observe shopper and user behaviour in practice, rather than
relying on 'what if' scenarios from customer research. As we have ended the
year, we have a much clearer view of how to further shape the customer
offering and communicate effectively around our portfolio to encourage trial
and repeat purchase. We are still learning how customers respond to
promotions, and together with the most significant retail partner in consumer
healthcare, we are working to understand the needs of the customer.
Following the announcement in May 2023 of the agreement with Boots to stock
our range of at-home self-testing products the relationship has strengthened,
and we continue to prioritise this co-operation. It is an interesting time for
the "testing" product category and working closely with partners like Boots,
as strategies develop, will be key to normalising regular, proactive
self-testing amongst our target audience.
Our marketing investments in 2023 were carefully managed, and in 2024 we will
continue to be part of retailer promotional space in-store, trialing price
promotions, whilst continuing to focus on digital marketing for product
awareness to drive trial and repeat purchase. A co-operative approach with
Boots will also ensure that the most effective marketing strategies deliver in
the medium to long term as customer behaviour evolves.
Whilst Wellness testing is still in its early stages by retail standards, we
have seen sustained sales growth since launch as awareness builds and achieved
a 45% increase in unit sales in Q1 2024 over the prior quarter, and we have
entered 2024 with partnership retail plans in place to continue to grow the
category year on year. Promotional activity is key at retail and is an
effective mechanism for encouraging trial, which is essential when you are
inviting customers to consider doing something new, and in many cases, for the
first time.
Digital platform development
Our unique digital platform includes proprietary algorithms that integrate our
in-house curated knowledge base and demographic information to deliver
tailored health recommendations based on individual test results. The platform
includes a customer dashboard, Laboratory Information Management System, a
healthcare professional portal, and a Shopify eCommerce site to deliver an
end-to-end service and information flow for the customer. It also ensures all
parties involved in sample management, customer support and fulfilment are
able to deliver customer needs. The building, maintenance, and continual
improvement of this proprietary asset continues to be our primary focus.
Following 2023's product launches we have continued to develop and improve the
platform to ensure that it is adaptable to ongoing and potential business
needs, whilst delivering accurate results and advice for our valued customers.
Our aim for 2024 is to deliver positively on the investments that have been
made so far, whilst we continue to develop and improve its functionality.
Compliance
We operate within a highly regulated marketplace, and the industry's shift
towards the requirements of the In Vitro Diagnostic Regulation means that the
standards for testing services are tightening, particularly around evidence,
post-market surveillance and traceability. Furthermore, the need to protect
the data of our customers has never been more important as customers can be
cautious about data sharing due to media-reported incidents which cause worry.
Consequently, GDPR is of critical importance to us, and we continue to develop
robust practices to manage the collection, retention and disposal of data,
some of which falls within Special Categories. Our commitment to information
security is demonstrated by the company working towards the achievement of ISO
27001 as well as the maintenance of our Cyber Essentials Plus certification.
With regards to diagnostic industry compliance, we are working towards the
achievement of ISO 13485 which will provide additional reassurance to our
customers and partners that we place significant value on the consistency and
robustness of our product and services and can demonstrate day-in and day-out
that we maintain the highest standards. In 2023 we also fully transitioned to
a digital Quality Management System ("QMS").
We also achieved our Healthcare Inspectorate Wales ("HIW") certification which
enables us to offer doctor-verified testing and will allow us to provide
remote phlebotomy services in the future, ensuring the safety of our customers
in accordance with our commitment to best practices.
Outlook
The revenue generated from COVID testing in prior years has enabled us to
implement our investment strategy for future growth and is enabling us to
execute our current business plans without requiring additional working
capital. We have invested in our digital platform, as an enabler to future
growth, and achieved our goal of establishing ourselves as an important
provider in the wellness industry. The investment phase that we spoke about in
2023 has been delivered, and the business is now more robust, more consistent,
and more secure than before with demonstrable certifications that reflect some
of the highest standards of governance and quality in our industry.
Although we anticipate a further reduction in the demand for COVID tests,
particularly during the first half of the current year, we believe that COVID
testing will continue to be an essential, albeit seasonal, revenue stream in
2024 and beyond. Our future focus is on growing to become a leading supplier
in the wellness testing sector, and evolving our digital platform to provide
our customers with valuable information and guidance with which they can use
to improve their health and wellbeing, as well as looking to identify
opportunities where we can support customers in accessing health results in a
timely fashion.
Following the trend seen in 2023, COVID revenue in the first quarter of 2024
was less than the comparable period of the prior year but we have demonstrated
volume sales growth of Wellness tests and we continue to work with retail
customers to drive volume growth throughout the year.
FINANCIAL REVIEW
Income statement
Revenue for the year amounted to approximately £11.0m (2022: £22.3m)
primarily due to a continuing demand, albeit at a lower level than the prior
year, for COVID Lateral Flow Tests ("LFTs"). Although the legal requirement
to test has been removed, a significant proportion of consumers are still
seeking a confirmed diagnosis when displaying COVID symptoms given the
potential severity of the disease in clinically vulnerable and elderly groups
of the population. Although difficult to predict with any degree of
certainty, future demand is expected to be cyclical in nature reflecting the
seasonality of upper respiratory diseases like flu. The new wellness product
range had a soft launch in May 2023 with sales for the period amounting to
approximately £344,000 (2022: £9,000). The wellness tests are a new
category launch and sales are forecast to build over time, driven by a number
of marketing initiatives in collaboration with our major retail customer to
raise consumer awareness.
Gross margins reduced from 21.4% to 18.7% after the release of a surplus
accrual of £1.16m for the processing of COVID PCR nasal swab kits sold in
earlier years which were not returned by customers and have now expired.
Excluding this provision release, and the expensed platform amortisation,
development and IT maintenance costs of £669,000 (2022: amortisation and
impairment of £459,000) the gross margin achieved on sales during the year
amounted to 14.1% (2022: 23.5%) reflecting the reduced COVID PCR revenue and
the narrow margins available, particularly on the sale of singles (as opposed
to 5 packs) in a mature and competitive COVID LFT market.
Total spend on the development and maintenance of IT infrastructure during the
year amounted to £982,000 (2022: £856,000) of which £521,000 (2022:
£310,000) has been capitalised. This investment has been in the expansion of
the recommendation engine and development of the codebase for new blood and
urine tests, as well as enhancements to our Laboratory Information Management
System ("LIMS") to enable medical oversight and compliance with Healthcare
Inspectorate Wales, and the customer dashboard that allows all customers to
securely activate their test kits and enter their personal data, regardless of
their point of purchase. The development of the platform also ensures that
users of our tests have access to a high standard of clear guidance and
information provided by doctors, within a secure digital environment, that is
accessible to healthcare professionals.
Sales and marketing costs reduced from £936,000 to £621,000 during the year
under review due to reduced commission payable on COVID Fit to Fly consignment
sales as well as tight budgetary control and the focus of our cash spend on
the development of the platform to meet our principal customer's requirements
around the new product launch. Marketing costs are likely to increase in 2024
due to an increase in marketing activities to raise awareness of the value
proposition and to drive growth in sales of wellness products.
Total administrative expenses fell to £1,788,000 (2022: £2,343,000) largely
due to the reallocation of platform development and maintenance costs to cost
of sales following the launch of the new wellness portfolio of tests in the
current year.
As part of our ongoing focus on tight cost control a detailed review of
overheads was also undertaken and, as a consequence, several roles in the
business were made redundant in August 2023; the associated cost amounted to
£114,000. In FY22 the decision was also taken to close the Manchester
laboratory at a total cost of approximately £226,000 (including the loss on
disposal of laboratory equipment) as the facility was no longer operating cost
effectively following the drop in demand for COVID PCR "Fit to Fly" tests.
The impairment charge of £50,000 in administration expenses in FY22 relates
to patents and other costs associated with the MYLO/myLotus products no longer
sold which were previously capitalised.
The Group's operating loss amounted to £361,000 (2022: £1,506,000 profit)
and, after net interest income of £166,000 (2022: £2,000 expense) the
release of the provision for contingent consideration of £1m and the
impairment of the associated goodwill of £987,000 in the prior year, the
Group's loss before taxation was £195,000 (2022: £1,517,000 profit). After
a research and development tax credit of £36,000 the Group's loss after tax
amounted to £159,000 (2022: £1,517,000 profit) giving a basic
(loss)/earnings per share of (0.31)p loss (2022: 2.94p earnings).
Adjusted EBITDA is calculated as follows:
2023 2022
£'000 £'000
Operating (loss)/profit (361) 1,506
Depreciation, amortisation and loss on disposal of equipment 224 222
Impairment of intangible assets - 378
Share based payments 38 (20)
Redundancy costs 114 -
Laboratory closure costs * - 171
Adjusted EBITDA 15 2,257
*excluding the loss on disposal of laboratory equipment
Financial position
The Group's net assets as at 31 December 2023 amounted to £8,704,000 (2022:
£8,850,000). This comprised total assets of £13,342,000 (2022: £11,428,000)
and total liabilities of £4,638,000 (2022: £2,578,000). The total assets
included plant and equipment and right-of-use assets of £129,000 (2022:
£150,000) and intangible assets, being development costs in respect of the
digital platform and patent costs, of £1,462,000 (2022: £1,098,000). Working
capital was closely managed during the year and had reduced significantly by
the year-end.
Cashflow
The Group's cash balance at the year-end was £7,749,000 (2022:
£7,608,000). Tight control of working capital resulted in a net cash
generated from operations of £564,000 (2022: £1,608,000) before net interest
receivable of £160,000 (2022: £2,000 expense). Cash outflows from
investing activities (primarily on the development of the digital platform)
amounted to £567,000 (2022: £338,000) whilst £52,000 (2022: £47,000) was
spent on financing activities. A tax repayment of £36,000 in respect of an
R&D claim from a prior period was also received.
Capital management
The Board's objective is to maintain a balance sheet that is both efficient
and delivers long term shareholder value. The Board continues to monitor the
balance sheet to ensure it has an adequate capital structure.
Key Performance Indicators ("KPIs")
The Board recognises the importance of both financial and non-financial KPIs
in driving appropriate behaviours and enabling the monitoring of Group
performance.
The key financial KPIs monitored by the Board are revenue, gross margin and
EBITDA which are discussed under the review of the Income Statement above.
In addition, the Board also reviews cash and working capital balances on a
monthly basis.
Internal reporting and the review of non-financial KPIs has been enhanced
during the year and are being considered as measurements and targets for
operational performance. These KPIs include the monitoring of Trustpilot
scores, which have increased from 4.4 to 4.5, as a key measure of customer
satisfaction.
FINANCIAL STATEMENTS
The notes to the Financial Statement are an integral part of these financial
statements and will be available in full in the Group Annual Report and
Financial Statements which will be available on the Company website later
today.
www.investors.myhealthcheckedplc.com
(http://www.investors.myhealthcheckedplc.com)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For The Year Ended 31 December 2023
2023 2022*
£'000 £'000
Revenue 10,977 22,314
Cost of sales (8,929) (17,529)
Gross profit 2,048 4,785
Sales and marketing costs (621) (936)
Other administrative expenses (1,636) (2,087)
Redundancy costs (114) -
Closure of laboratory costs - (226)
Impairment of patents - (50)
Share based payments (38) 20
Administration expenses (1,788) (2,343)
Operating (loss)/profit (361) 1,506
Finance income 168 3
Finance expense (2) (5)
Contingent consideration no longer payable on the acquisition of Nell Health - 1,000
Limited
Impairment of goodwill arising on acquisition of Nell Health Limited - (987)
(Loss)/profit before income tax (195) 1,517
Tax credit 36 -
(Loss)/profit for the year (159) 1,517
Attributable to owners of the parent: (159) 1,517
(Loss)/earnings per ordinary share - basic (0.31)p 2.94p
Fully diluted (loss)/earnings per ordinary share (0.31)p 2.92p
All activities relate to continuing operations.
*Sales and marketing costs and cost of sales have been restated on a
comparable basis to the year ended 31 December 2023. In addition, basic and
fully diluted earnings per share have been restated to reflect the share
consolidation that took place during the current year.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2023
2023 2022
£'000 £'000
Non-current assets
Plant and equipment 79 75
Right of use assets 50 75
Intangible assets 1,462 1,098
Total non-current assets 1,591 1,248
Current assets
Inventories 342 1,284
Trade and other receivables 3,660 1,288
Cash and cash equivalents 7,749 7,608
Total current assets 11,751 10,180
Total assets 13,342 11,428
Current liabilities
Trade and other payables 4,612 2,525
Lease liabilities 26 29
Total current liabilities 4,638 2,554
Non-current liabilities
Lease liabilities - 24
Total non-current liabilities - 24
Total liabilities 4,638 2,578
Net assets 8,704 8,850
Share capital 780 780
Employee Benefit Trust reserve (25) -
Deferred shares - 6,359
Share premium account - 16,887
Capital redemption reserve - 1,815
Reverse acquisition reserve (6,044) (6,044)
Retained earnings 13,993 (10,947)
Total equity 8,704 8,850
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share capital Deferred shares Share Premium Capital redemption reserve Reverse acquisition Retained earnings Total
reserve
Employee
Benefit Trust
Reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Equity as at 756 16,671 1,815 (6,044) (12,444) 7,113
1 January 2022 - 6,359
Profit for the year - - - - 1,517 1,517
- -
Total - - - - - 1,517 1,517
comprehensive profit -
Share-based payments - - - - (20) (20)
- -
The Genome Store Limited deferred consideration 24 216 - - - 240
- -
Equity as at 780 16,887 1,815 (6,044) (10,947) 8,850
31 December 2022 - 6,359
Loss for the year - - - - (159) (159)
- -
Total - - - - - (159) (159)
comprehensive loss -
Capital reduction - (16,887) (1,815) - 25,061 -
- (6,359)
Employee Benefit Trust shares - - - - (25)
(25) - -
Share-based payments - - - - 38 38
- -
Equity as at 780 - - (6,044) 13,993 8,704
31 December 2023 (25) -
CONSOLIDATED STATEMENT OF CASH FLOWS
For The Year Ended 31 December 2023
2023 2022
£'000 £'000
Cash flows from operating activities
(Loss)/profit before taxation (195) 1,517
Adjustments for:
Non-cash movement in provisions and accruals (1,165) (1,000)
Depreciation and amortization 223 222
Impairment of intangible assets - 1,365
Loss on sale of fixed assets 1 55
Finance expenses 2 5
Finance income (168) (3)
Share-based payments 38 (20)
Adjusted operating (loss)/profit before changes in working capital (1,264) 2,141
Changes in working capital
Decrease/(increase) in inventory 942 (787)
(Increase)/decrease in trade and other receivables (2,366) 1,044
Increase/(decrease) in trade and other payables 3,252 (790)
Cash generated in operations 564 1,608
Net interest received/(paid) 160 (2)
Net cash inflow from operating activities 724 1,606
Investing activities
Purchase of plant and equipment (46) (22)
Purchase of intangible assets (521) (316)
Net cash flows used in investing activities (567) (338)
Financing activities
Purchase of Employee Benefit Trust shares (25) -
Repayment of lease liability (27) (47)
Net cash flows from financing activities (52) (47)
Taxation
Tax credit received 36 -
Net cashflows from taxation 36 -
Net change in cash and cash equivalents 141 1,221
Cash and cash equivalents at the beginning of the year 7,608 6,387
Cash and cash equivalents at the end of the year 7,749 7,608
NOTES TO THE FINANCIAL STATEMENTS
The notes to the Financial Statement are available in full in the Group Annual
Report and Financial Statements which will be available shortly on the Company
website: www.myhealthcheckedplc.com (http://www.myhealthcheckedplc.com)
Basis of preparation
The financial statements have been prepared in accordance with UK adopted
international accounting standards (IFRS), and with those parts of the
Companies Act 2006 applicable to companies reporting under IFRS.
Earnings per share
2023 2022
Basic and diluted
(Loss)/profit after tax for the year £(159,000) £1,517,000
Weighted average number of shares - basic 52,005,932 51,620,200
Less shares held by the Employee Benefit Trust (weighted) (34,804) -
Weighted average number of shares 51,971,128 51,620,200
Weighted average number of shares - fully diluted* 51,971,128 51,881,533
Earnings per share (0.31)p 2.94p
Fully diluted earnings per share (0.31)p 2.92p
*Due to the loss for the year ended 31 December 2023 the effect of the
weighted average 772,358 ordinary shares arising from unexercised share
options was considered anti-dilutive and therefore they have not been included
in the calculation of the fully diluted weighted average number of shares for
that period.
Basic earnings per share is calculated by dividing the profit attributable to
equity holders of the Company by the weighted average number of ordinary
shares in issue during the year. The weighted average number of shares
excludes the shares held by the Employee Benefit Trust. The comparative
figures have also been restated to reflect the impact of the share
consolidation during the year.
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