REG - RUA Life Sciences - Final Results
24/07/2024 07:00
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RNS Number : 5542X RUA Life Sciences PLC 24 July 2024
RUA Life Sciences plc
("RUA Life Sciences", the "Company" or the "Group")
Final results for the year ended 31 March 2024
RUA Life Sciences, the holding company of a group of medical device businesses
focused on the exploitation of the world's leading long-term implantable
biostable polymer (Elast-Eon(TM)), announces its audited final results for
the year ended 31 March 2024.
Highlights:
· Revenue growth of 1% to £2,191,000 (2022: £2,179,000)
· Strong second half to year with 64% of Revenues and Gross Profit
· Loss before tax reduced 13% to £2,019,000 (2023: £2,322,000)
o RUA Biomaterials was impacted by a strong Sterling against the Dollar with
10% revenue reduction to £496,000 (2023: £554,000). RUA Biomaterials
maintains a high operating profit margin (85%) (2023: 89%);
o RUA Contract Manufacture enjoyed strong operating profit growth of 19% to
£944,000 (2023: £794,000) on modest revenue growth of 1%. It maintained good
operating profit margins of 55% (2023: 49%);
o RUA Vascular and RUA Structural Heart now pivoted strategy to
commercialise IP created and reduce R&D spend;
· Reduced R&D spend £873,000 (2023: £1,072,000)
· Strategy to commercialise IP created in RUA Vascular and RUA
Structural Heart being pursued
· Year-end cash £3,931,000 (2023: £1,484,000)
· John McKenna to retire from executive duties and become
non-executive director.
Current trading and outlook
Current trading is in line with Board expectations and significant
opportunities are being pursued to grow revenues.
Geoff Berg, Chairman of RUA Life Sciences, commented: "The past year has seen
a switch for RUA from being a business with future funding requirements to
finance R&D projects to a fully funded business with a focus on cash
generation and return to profitability. The balance sheet was strong at the
year end with some £4 million in cash and prospects for growth remain
exciting."
For further information contact:
RUA Life
Sciences
Tel: +44 (0)1294 317073
G Berg, Non-Executive
Chairman
W Brown, Chief Executive
L Smith, Group Chief Financial Officer
Cavendish Capital Markets ltd
(Nominated Advisor and Stockbroker)
Tel:
+44 (0)20 7397 8900
Giles Balleny/Dan Hodkinson (Corporate
Finance)
Charlie Combe (Broking)
Michael Johnson (Sales)
About RUA Life Sciences
RUA Life Sciences plc is the ultimate parent company of the Group, whose
principal activities comprise exploiting the value of its IP & know-how,
medical device contract manufacturing and development of cardiovascular
devices.
Our vision is to improve the lives of millions of patients by enabling medical
devices with Elast-Eon(TM), the world's leading long-term implantable
polyurethane.
Whether it is licensing Elast-Eon(TM), manufacturing a device or component, or
developing next generation medical devices, a RUA Life Sciences business unit
is pursuing our vision.
Elast-Eon™'s biostability is comparable to silicone while exhibiting
excellent mechanical, blood contacting and flex-fatigue properties. These
polymers can be processed using conventional thermoplastic extrusion and
moulding techniques. With over 8 million implants and 15 years of successful
clinical use, RUA's polymers are proven in long-term life enabling
applications.
The Group's four business units are:
RUA Contract Manufacture: End-to-end contract developer and manufacturer of medical devices and
implantable fabric specialist.
RUA Biomaterials: Licensor of Elast-Eon(TM) polymers to the medical device industry.
RUA Vascular: Development of Elast-Eon(TM) sealed vascular grafts
RUA Structural Heart: Development of Elast-Eon(TM) polymeric heart valves and leaflet
technology.
A copy of this announcement will be available shortly
at www.rualifesciences.com/investor-relations/regulatory-news-alerts
(http://www.rualifesciences.com/investor-relations/regulatory-news-alerts) .
CHAIRMAN'S STATEMENT
I am pleased to present my first Chairman's Statement since being appointed
Non-Executive Chairman in June. The financial results for the year to 31 March
2024 are presented below together with the strategic and organisational
progress achieved by the Company.
Trading for Year
The headline trading results are very encouraging with the loss for the year
reducing by 28.1% to £1,440k from £2,003k. Revenues at £2,191k were
marginally higher than last year (£2,179k) demonstrating a strong recovery
during the second half of the year. At the interim stage, trading was below
the corresponding period of the prior year but the second half benefited from
a 75% increase in revenues and a 55% reduction in pretax losses.
Cash burn during the year (before new funds raised) was £1,499k, similar to
the £1,491k seen during 2023. The cash consumption of the business reduced
from £976k in the first half to £526k demonstrating the focus of management
on driving towards cash neutrality in a shorter time frame
Cash balances at the year end of £3,931k (2023:£1,484k) resulted from the
successful equity issue during December 2023.
Strategy Review
On 20 November 2023, prior to the equity issue, the Company updated
shareholders on the new strategy of the Company. The Strategy Update
highlighted that the key objective of RUA was to reduce the timeframe and the
funding necessary for the business to become cash generative.
One of the priorities of the business is to expand the Contract Manufacturing
business through conversion of customer enquiries and projects into long term
manufacturing contracts. Good progress is being made in this objective as
described within the Business Review below.
Within the Heart Valve business, the new heart valve leaflet material -
AurTex, has demonstrated the ideal mechanical properties to compete as a
replacement for the animal tissue used to manufacture the current generation
of heart valves. The business model is not to seek to develop a new heart
valve to compete with the large heart valve companies but to become a supplier
of material and technology to those same businesses. This strategy allows the
commercialisation of our new leaflet material earlier than planned with
potential future revenues generated from licence fees and material supply
contracts rather than the sale of devices after incurring large R&D and
regulatory costs. The AurTex leaflet material is currently undergoing initial
testing by a potential partner.
The Company no longer plans to take the Vascular Graft products through
regulatory approval in house, and third party finance or license agreements
being pursued to commercialise the IP created to date.
Management and Board Structure
Subsequent to the Strategy Update and the successful equity issue, the Company
announced the departure of the Group Managing Director. This change enabled
the Board to consider the most appropriate structure going forward. It was
clear that a smaller, more agile and fully aligned Executive team was allowing
the key objectives to be pursued and as such rather than recruit, the role of
Executive Chairman was split with Bill Brown taking on the new role of Chief
Executive and myself taking on the more traditional role of Non-Executive
Chairman. Lachlan Smith continues as Chief Financial Officer but has assumed a
wider role covering a number of operational matters out with the finance
department. John McKenna, Director of Clinical Marketing has notified the
Company that he will retire from executive duties at the time of the AGM in
August. John has a wealth of experience in medical devices and a substantial
network of key contacts. In order not to lose this expertise, John has agreed
to remain as a non-executive.
Conclusion
The past year has seen a switch for RUA from being a business with future
funding requirements to finance R&D projects to a fully funded business
with a focus on cash generation and return to profitability. The balance sheet
was strong at the year end with some £4 million in cash and prospects for
growth remain exciting.
BUSINESS REVIEW
Group Performance
Group trading has been encouraging during the year with the reduction in
reported losses and the strong performance in the second half of the year. A
detailed analysis of trading and finances is provided below in the Financial
Review.
The change in strategy announced in November 23 has brought a focus to the
business with a greater emphasis on short term commercial activities rather
than longer term ambitions to grow a larger infrastructure. A laser focus on
commercial activities has unified the executive team and allowed a number of
roles within the business to be eliminated with total annual payroll savings
of over £600,000.
A review of each business is set out below, together with the outlook and
plans for future growth and development.
RUA Biomaterials
The Group's platform technology is based upon Elast-Eon, and RUA Biomaterials
owns all the Elast-Eon IP, and licenses use of Elast-Eon to medical device
companies. Elast-Eon has been proven to have all of the characteristics
necessary for a long-term implantable biomaterial, and has been the enabling
technology behind over 8 million life-sustaining devices over the last 15
years. Elast-Eon polymer licence and royalty income fell during the period
from £554,000 in 2023 to £496,000. All of the revenues in Biomaterials are
billed in US$ and the strengthening of Sterling had an adverse impact of
around £35,000. In addition, polymer shipments from our partner Biomerics to
one particular customer were lower due to the timing of the shipments.
Indications from licensees are positive regarding the prospects for steady
growth with new purchasers of polymer appearing in recent months and an
enquiry from one customer regarding a long term license for exclusivity in a
currently un-licensed field of use. RUA Biomaterials maintains a high
operating profit margin (85%) (2023: 89%), with its only outlay being patent
costs. The Group continues to use the Elast-Eon polymer within its vascular
and heart valve product pipelines.
RUA Contract Manufacture
Revenue for our contract manufacturing division increased by 3% in the period
to £1,679,000 (2023: £1,625,000) and generated an operating profit of
£931,000 (2023: £794,000). Our Contract manufacturing division enjoys long
term manufacturing contracts with its major customer. This partnership, which
has been in place since 2012, was extended during the year for a further three
years.
At the interim stage, this business unit was adversely impacted by a technical
problem resulting in delays in shipping products to the major customer. The
problems were quickly identified in conjunction with our customer, and record
shipments over the second half of the year allowed the annual forecast to be
achieved. Despite this technical issue, RUA remains a trusted supplier to the
customer and ranks amongst its best suppliers with a number of new business
opportunities being explored. Despite the hiatus in production and deliveries
good operating profit margins of 55% were enjoyed (2023: 49%). A recent
customer satisfaction survey scored 100%, which reflects the organisation's
commitment to quality and service.
Our stated ambition for Contract Manufacture is to double the scale of the
business over the medium term. Business development activities are focused on
long term high value strategic opportunities, and significant headway has been
made with plans to increase Original Equipment Manufacturer (OEM) customer
demand to meet our objectives. We are confident of achieving our ambitions
either through the c£2m in annualised revenue from current enquiries or from
a corporate opportunity presented through our strong client relationships.
RUA Vascular
Following a successful pre-submission process with the FDA, which allows the
Group's vascular graft to go through the less onerous 510k market clearance
route. The graft is now fully prepared to undergo the regulatory testing
regime agreed upon once funding is in place. Regulatory approval is
anticipated to be achievable within 30 to 36 months of starting recruitment
for the remaining clinical studies. The budget required would be
approximately £6 million
The Board believes that the Vascular project has very attractive risk-adjusted
returns on the additional investment required but will not seek to fund these
trials in house. The investment in RUA Vascular will be exploited by seeking
third party funding for the project whilst retaining an interest which could
involve an equity interest, a contract development and manufacture agreement
or a form of licensing of technology developed.
By not pursuing the Vascular regulatory pathway in house has dramatically
reduced the cash drag on the business.
RUA Structural Heart
The heart valve industry's reliance on animal tissue remains a significant
risk to the industry and the continuity of the supply of valves to patients.
An outbreak of BSE or similar in Australia or New Zealand would be almost
catastrophic. RUA developed a novel composite material , now referred to as
AurTex, from which a preliminary valve design was created and tested. The
results of this initial testing were so positive that we identified the
opportunity to license and supply AurTex to the heart valve industry rather
than seek to compete with it in valve design and delivery systems.
Building upon the biological properties of Elast-Eon in long term implants and
coupled with RUA's textile expertise and novel process of creating a unified
composite material, AurTex has continued to demonstrate very encouraging data.
Ongoing in-house trials continue to provide further encouraging data,
demonstrating that AurTex has the opportunity to replace current leaflet
material.
A heart valve leaflet needs to be durable and AurTex has undergone both flex
fatigue and accelerated wear testing as a valve. In both cases, our
expectations were exceeded. In hydrodynamic testing, the AurTex leaflet valve
has performed in line with current technology. The novel material itself
also has additional beneficial properties. At only 150 microns thick, it is
much thinner than animal tissue material, therefore potentially delivering
benefits to transcatheter valve delivery and performance.
AurTex material is currently undergoing testing with a potential partner and
the full data pack of internal testing results will shortly be available to
the wider industry.
The target for the heart valve business is now to pursue material supply and
license agreements with other heart valve businesses, thus bringing time to
commercialisation closer and future development budget requirements reduced
dramatically. This strategy of seeking to "own" the leaflet material of choice
may allow faster commercialisation with revenues generated during the customer
development phase.
Outlook
Expectations for the coming year are to engage with licencees to grow
Biomaterials licensing revenues and enter into development contracts with
customers in Contract Manufacture to lead to a doubling of its annual revenues
in the medium term. I am very encouraged by the pace of change within the
business and the focus of the team in engaging with current and prospective
customers and licensees. Substantial opportunities are being pursued within
Contract Manufacture and, with a following wind, could provide visibility to
the ambitious growth plans. These opportunities alone would transform the
Group without the potential for added value from the partnering to fund the
regulatory pathway for Vascular and licensing of AurTex for heart valve
leaflets.
FINANCIAL REVIEW
RUA has a portfolio of four businesses, all of which are designed to add value
to the Group. The established businesses of Biomaterials and Contract
Manufacture have strong contractual revenue streams generating attractive net
margins yet have the potential to grow profitability and add significant
value. A revised strategy for Vascular has significantly reduced future Group
cash burn. Contract manufacturing and polymer licensing business units have
performed in line with expectations.
Revenue
Reported Group revenues for the year ended 31 March 2024 rose slightly to
£2,191,000 from £2,179,000 in the previous year. This modest increase
reflects stable performance across our business segments, coupled with H2
recovery. Notably, our Contract Manufacturing business experienced a small
positive growth trend, with revenues rising 3% to £1,679,000, up from
1,625,000 in 2023. This growth underlines the effectiveness of our strategic
initiatives and our ability to meet customer demand.
Revenues for our Biomaterials division were impacted by a strengthened
Sterling against the Dollar coupled with a slight reduction in royalty income
for the year. However royalty income remained substantial at £496,000
compared to £554,000 in the prior year.
General and administrative expenses
Cost control continues to be a priority objective. This is supported by a
rigorous budgeting process coupled with the implementation of enhanced
controls. These measures have provided the group with clearer sight of and
ultimately better control of business running costs resulting in a reduction
in administrative expenses for the year to £3,792,000 (2023: £4,169,000);
these figures include amortisation & depreciation charges of £364,000
(2023: £358,000), the research and development costs noted above and the
share-based payment charges noted below.
Research and development costs
As announced in November 2023, the group is beginning the process of scaling
back its overall investment in Research and Development to focus on delivering
profitability. The effects of this shift in focus saw a reduction in R&D
spend of £200,000 for the year compared to the prior year. During the
year, the Group expensed through the income statement £873,000 (2023:
£1,072,000) of research costs relating to the Vascular Graft and Heart Valve
programmes.
Share-based payment charges
The business operates share option plans for key personnel, incurring an
annual charge for share-based payment expenses. During the year, there was a
non-cash credit of £35,000 (compared to a charge of £102,000 in 2023). The
non-cash credit is attributed to a writeback related to the withdrawal of
share option awards from two executives who left the Group.
Net finance costs
In the past two years, the business has opted for non-dilutive financing
solutions to preserve cash. Finance expenses for the year rose to £83,000
compared to £16,000 in 2023. This figure includes unrealised foreign exchange
losses amounting to £28,000 (2023: 12,000 gain).
Losses before taxation
The business continues to incur losses with losses before taxation from
business operations for the year amounting to £2,020,000 (2023: £2,322,000).
Loss per share
Basic and diluted loss per share for the year was 4.29 pence (2023: 9.03
pence).
Taxation
The Group claims research and development tax credits each year and, since it
is currently loss making, elects to surrender these tax credits for a cash
rebate. The amount is included within the taxation line of the consolidated
income statement in respect of amounts receivable for the surrender of
research and development expenditure amounting to £580,000 (2023: £319,000).
The Group has not recognised any tax assets in respect of trading losses
arising in the current financial year or accumulated losses in previous
financial years.
Cashflow
In December 2023, the business successfully raised £4 million via an equity
placing. By year-end, the business held cash and short-term deposit balances
totalling £3,931,000 (2023: £1,484,000).
Cash preservation remains a strategic objective. Throughout the year,
operating cash outflows from operations amounted to £1,328,000 (2023:
£1,146,000), reflecting the financial activities and commitments involved in
sustaining business operations and growth initiatives.
The business invested £55,000 in capital expenditure during the year, down
significantly from the £449,000 spent in 2023. This reduction in capital
expenditure indicates a strategic adjustment in spending priorities, aligning
with the focus on cash preservation and efficiency.
Financial position
Following our successful fundraise, our financial position has significantly
strengthened, providing a robust platform to capitalise on new opportunities
and initiate discussions with partners aimed at enhancing shareholder value.
Our net assets as at 31 March 2024 were £7,182,000 (2023: £4,683,000) of
which cash and cash equivalents amounted to £3,931,000 (2023: £1,484,000).
Intangible assets (not including Goodwill) reduced to £419,000 (2023:
£470,000) due to the amortisation charge of £51,000.
Dividends
No dividends have been proposed for the year ended 31 March 2024 (2023:
£nil).
STRATEGY
The mission of the Group is to enhance patients' lives through the development
of pioneering innovative cardiovascular medical devices using Elast-Eon, the
world leading long-term implantable biostable polyurethane This is being
undertaken through:
· International growth via licensing Elast-Eon to third parties
through RUA Biomaterials;
· International growth through RUA Contract Manufacture; becoming a
centre of excellence for designing, developing and manufacturing Elast-Eon
based medical devices, whilst continuing to serve and expand its current OEM
customer base;
· Partnering with third parties to exploit the development work
completed for a range of Elast-Eon sealed vascular grafts through RUA
Vascular; and
· Licensing and supply of our novel heart valve leaflet material
AurTex through RUA Structural Heart.
RUA Life Sciences will seek to maximise shareholder value by growing each
business to achieve attractive levels of profitability or disposing of
business areas if the valuations are attractive.
Summarised consolidated income
Year ended Year ended
31 March 2024 31 March 2023
Notes £'000 £'000
Revenue 2,191 2,179
Cost of sales (415) (388)
Gross Profit 1,776 1,791
Other income 79 72
Administrative expenses (3,792) (4,169)
Operating loss (1,937) (2,306)
Finance expense (83) (16)
Loss before taxation (2,020) (2,322)
Taxation 580 319
Loss from continuing operations attributable to owners of the parent company (1,440) (2,003)
Loss attributable to owners of the parent company (1,440) (2,003)
Loss per share 4 (4.29) (9.03)
Basic & Diluted (GB Pence per share)
There was no other comprehensive income for 2024 (2023: £Nil)
Summarised consolidated statement of financial position
Year ended Year ended
31 March 2024
31 March 2023
Notes £'000 £'000
Assets
Non current assets
Goodwill 301 301
Other intangible assets 419 470
Property, plant and equipment 2,456 2,739
3,176 3,510
Total non current assets
Current assets
Inventories 112 81
Trade and other receivables 950 588
Cash and cash equivalents 3,931 1,484
Total current assets 4,993 2,153
Total assets 8,169 5,663
Equity & Liabilities
Equity
Issued capital 3,103 1,109
Share premium 13,709 11,729
Other reserve (1,485) (1,450)
Capital redemption reserve 11,840 11,840
Profit and loss account (19,985) (18,545)
Total equity attributable to equity holders of the parent 7,182 4,683
Liabilities
Non-current liabilities
Borrowings 132 165
Lease liabilities 140 200
Deferred tax 74 85
Other liabilities 87 116
Total non-current liabilities 433 566
Current liabilities
Borrowings 31 29
Lease liabilities 86 81
Trade and other payables 408 255
Other liabilities 29 49
Total current liabilities 554 414
Total liabilities 987 980
Total equity and liabilities 8,169 5,663
Summarised consolidated cash flow statement
Year ended Year ended
31 March 2024 31 March 2023
£'000 £'000
Cash flows from operating activities
Group loss after tax (1,440) (2,003)
Adjustments for:
Amortisation of intangible assets 51 51
Depreciation of property, plant and equipment 313 307
Share-based payments (35) 102
Net finance costs 83 16
Tax credit in year (580) (319)
(Increase)/decrease in trade and other receivables (362) 327
(Increase)/decrease in inventories (31) 43
Taxation received 569 533
(Increase)/decrease in trade and other payables 104 (203)
Net cash flow from operating activities (1,328) (1,146)
Cash flows from investing activities
Purchase of property plant and equipment (55) (449)
25 -
Interest paid (55) (28)
Net cash flow from investing activities (85)
Cash flows from financing activities
Proceeds from borrowing 7 229
Repayment of borrowings and leasing liabilities (93) (97)
Proceeds from share issue 3,974 -
Net cash flow from financing activities 3,888
Net (decrease)/increase in cash and cash equivalents 2,475 (1,491)
Cash and cash equivalents at beginning of year 1,484 2,963
Effect of foreign exchange rate changes (28) 12
Cash and cash equivalents at end of year 3,931 1,484
Summarised consolidated statement of changes in equity
Issued share capital Share premium Other Capital redemption reserve Profit and loss account Total equity
£'000 £'000 reserve £'000 £'000 £'000
£'000
Balance at 31 March 2022 1,109 11,729 (1,552) 11,840 (16,542) 6,584
Share-based payments - - 102 - - 102
Transactions with owners 102 - 102
Total comprehensive loss for the year - - - - (2,003) (2,003)
Balance at 31 March 2023 1,109 11,729 (1,450) 11,840 (18,545) 4,683
Shares Issued (Net of Expenses) 1,994 1,980 - - - 3,974
Transfer of shares - - - - - -
Share-based payments - - (35) - - (35)
Transactions with owners 1,994 1,980 (35) - - 3,939
Total comprehensive loss for the year - - - - (1,440) (1,440)
Balance at 31 March 2024 3,103 13,709 (1,485) 11,840 (19,985) 7,182
NOTES TO THE EXTRACTS FROM THE CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of preparation
The extracts from the Consolidated financial statements are for the year
ended 31 March 2024. The Consolidated financial statements have been
prepared in compliance with UK-adopted International Accounting Standards.
The Consolidated financial statements have been prepared under the historical
cost convention, with the exception of fair value adjustments made in
connection with the acquisition of RUA Medical.
The accounting policies remain unchanged from the previous year.
2. Going concern
These financial statements have been prepared on the going concern basis,
notwithstanding a loss before tax of £2.0 million and operating cash outflows
of £1.3 million for the year ended 31 March 2024. The Directors consider this
to be appropriate for the following reasons.
RUA Life Sciences has two cash-generative units (RUA Biomaterials and RUA
Contract Manufacture). These cash-generating units provide a healthy Gross
Margin (90% & 76%), and contributions to Group operating loss were
(£421,000 & £931,000).The group has two cash-consuming units (RUA
Vascular and RUA Structural Heart), and both these units require further
investment before commercialisation and cash generation can be achieved. RUA
Life Sciences is seeking off-balance sheet financing for RUA Vascular while
costs relating to RUA Structural Heart will predominantly be to enhance the
profile of the asset and help bring it to commercialisation.
The Board has considered the current cash position, reviewed budgets and
profit and cash flow forecasts to October 2025 along with sensitivity analyses
and made appropriate enquiries. The Board has formed a judgement at the time
of approving the financial statements that the Group will have access to
adequate resources to continue in operational existence for the period of the
going concern assessment. For this reason, the Board considers that the
adoption of the going concern basis in preparing the consolidated financial
statements is appropriate.
Whilst there are inherent uncertainties regarding the cash flows associated
with the development of the vascular graft range, together with the timing and
commercialisation of our heart valve composite leaflet material, the Directors
are satisfied that there is sufficient discretion and control as to the timing
and quantum of cash outflows to ensure that the Company and Group are able to
meet their liabilities as they fall due for at least twelve months from the
date of approval of the financial statements.
The Directors continue to explore additional third-party sources of income and
finance available to the Group to continue the development of the vascular
graft range beyond 2024.
Based on these indications, the Directors are confident that the Company will
have sufficient funds to continue to meet its liabilities as they fall due for
at least twelve months from the date of approval of the financial statements
and, therefore, have prepared the financial statements on the going concern
basis.
3. Preliminary announcement
The summary accounts set out above do not constitute statutory accounts as
defined by section 434 of the UK Companies Act 2006. The summarised
consolidated statement of financial position at 31 March 2024, the summarised
consolidated income statement, the summarised consolidated cash flow statement
and the summarised consolidated statement of changes in equity for the year
then ended have been extracted from the Group's statutory financial statements
for the year ended 31 March 2024 upon which the auditor's opinion is
unqualified and did not contain a statement under either sections 498(2) or
498(3) of the Companies Act 2006. The audit report for the year ended 31
March 2024 did not contain statements under sections 498(2) or 498(3) of the
Companies Act 2006. The statutory financial statements for the year ended 31
March 2023 have been delivered to the Registrar of Companies. The 31 March
2024 accounts were approved by the Directors on 23 July 2024, but have not
yet been delivered to the Registrar of Companies.
4. Earnings per share
The basic loss per ordinary share of 4.29 pence (2023: loss of 9.03 pence)
is calculated on the loss of the Group of £1,440,000 (2023: loss
of £2,003,000) and on 62,060,272 (2023: 22,184,798) ordinary
shares, being the weighted average number of shares in issue during the
year. Diluted earnings per share have not been calculated as the Group is
loss making.
Posting and availability of accounts
The annual report and accounts for the year ended 31 March 2024 will be sent
by post or electronically to all registered shareholders on 26 July 2024.
Additional copies will be available for a month thereafter from the Company's
office 2 Drummond Crescent, Riverside Business Park, Irvine, Ayrshire KA11
5AN. Alternatively, the document may be viewed on, or downloaded from, the
Company's website: www.rualifesciences.com (http://www.rualifesciences.com/)
.
Notice of Annual General Meeting
Notice of the twenty-sixth Annual General Meeting of RUA Life Sciences
plc will be posted with the Annual Report and Accounts and will be held at
Gailes Hotel, Marine Drive, Irvine, Ayrshire KA11 5AE on Tuesday, 27 August
2024 at 11:00am.
FORMAT OF THE AGM
The AGM will be a physical meeting. The Board encourages all shareholders who
are unable to, or do not wish to, attend the AGM in person to vote by proxy.
If you wish to attend the AGM in person, it would assist the Company's
planning if you could please notify the Company in advance by email to
lachlan.smith@rualifesciences.com, including your name as shown on the
Company's Register of Members.
Any changes to these arrangements will be published on the Company's website
as soon as possible before the date of the meeting and will also be circulated
via a Regulatory Information Service.
Further details of the AGM will be included in the Annual Report and will
published on the Company's website at www.rualifesciences.com
(http://www.rualifesciences.com/) .
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. END FR RJMBTMTITTPIRecent news on Rua Life Sciences
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