E 
43.00p
0.00%
Close of 9 Nov 2026, in pence
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At a glance
Figures in GBP, from our data supplier.
Revenue
£2.9m
FY2016FY2025
Net income
−£21,000
FY2016FY2025
Free cash flow
−£1.3m
FY2016FY2025
Shareholders' equity
£15.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £2.9m | £2.5m | £1.4m | £1.0m | £1.1m | £394,000 | £735,000 | £245,000 | £171,000 | £518,000 |
| Gross profit | £2.3m | £2.1m | £1.2m | £782,000 | £989,000 | £348,000 | £618,000 | £167,000 | £91,000 | £263,000 |
| Research and development | £1.2m | £1.2m | £1.5m | £1.4m | £1.3m | £1.2m | £2.0m | £524,000 | £997,000 | £7.4m |
| Operating income | −£1.9m | −£3.5m | −£2.8m | −£3.7m | −£3.0m | −£2.5m | −£3.6m | −£4.1m | −£4.4m | −£12.4m |
| Net income | −£21,000 | −£3.1m | −£2.6m | −£3.1m | −£2.4m | −£1.6m | −£4.5m | −£8.3m | −£8.3m | −£11.2m |
| Diluted earnings per share | -0.00 | -0.12 | -0.11 | -0.13 | -0.11 | -0.24 | -0.57 | -1.06 | -1.20 | -0.40 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £19.8m | £19.5m | £22.5m | £29.0m | £20.7m | £8.1m | £6.2m | £7.2m | £11.8m | £15.1m |
| Cash and short-term investments | £511,000 | £949,000 | £347,000 | £580,000 | £2.4m | £1.0m | £1.2m | £2.8m | £6.9m | £9.5m |
| Total liabilities | £6.1m | £5.4m | £5.3m | £3.7m | £2.2m | £1.2m | £1.1m | £1.0m | £975,000 | £2.3m |
| Debt | £2.6m | £1.5m | £2.5m | £1.3m | £654,000 | £509,000 | £437,000 | £200,000 | £198,000 | £208,000 |
| Shareholders' equity | £15.2m | £15.1m | £17.8m | £25.8m | £18.5m | £6.7m | £5.5m | £12.1m | £15.4m | £16.7m |
| Shares outstanding | 28m | 25m | 24m | 23m | 21m | 7m | 8m | 8m | 7m | 28m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −£1.2m | −£1.8m | −£3.1m | −£2.6m | −£3.5m | −£2.8m | −£4.1m | −£8.3m | −£10.6m | −£12.8m |
| Capital spending | −£32,000 | −£185,000 | −£366,000 | −£601,000 | −£62,000 | −£89,000 | −£6,000 | −£112,000 | −£399,000 | −£470,000 |
| Free cash flow | −£1.3m | −£2.0m | −£3.5m | −£3.2m | −£3.5m | −£2.9m | −£4.1m | −£8.4m | −£11.0m | −£13.3m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £1.3m | £1.8m | £1.0m | £1.3m | £1.1m | £675,000 | £770,000 | £613,000 |
| Gross profit | £904,000 | £1.5m | £775,000 | £974,000 | £705,000 | £278,000 | £486,000 | £215,000 |
| Operating income | −£1.5m | −£423,000 | −£1.5m | −£2.2m | −£1.7m | −£2.3m | −£2.0m | −£2.5m |
| Net income | £18.1m | £1.1m | −£1.1m | −£1.4m | −£1.7m | −£1.3m | −£1.4m | −£1.7m |
| Diluted earnings per share | 0.65 | 0.04 | -0.04 | -0.06 | -0.07 | -0.05 | -0.06 | -0.07 |
| Cash from operations | — | — | — | −£1.0m | — | −£1.0m | −£1.0m | −£1.0m |
| Total assets | £41.7m | £19.8m | £19.6m | £19.5m | £23.4m | £22.5m | £23.0m | £29.0m |
| Cash and short-term investments | £656,000 | £511,000 | £548,000 | £949,000 | £325,000 | £347,000 | £61,000 | £580,000 |
| Debt | £790,000 | £2.3m | £1.4m | £1.5m | £1.3m | £770,000 | £768,000 | £267,000 |
| Shareholders' equity | £33.3m | £15.2m | £14.8m | £15.1m | £18.9m | £17.8m | £18.5m | £25.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 41.9% | 48.7% | 63.5% |
| Operating income | -20.5% | -5.3% | -15.8% |
| Net income | -81.1% | -58.0% | -46.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 81.6% | 81.8% | 82.9% | 80.7% |
| Operating margin | -101.8% | -153.5% | -187.1% | -478.7% |
| Net margin | -57.9% | -113.5% | -138.3% | -511.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -759.3 | -3.9 | -5.3 | -6.1 | -8.8 | -1.9 | -1.2 | -0.1 | -0.2 | -0.5 |
| Price to sales | 5.6 | 4.9 | 9.8 | 18.8 | 18.9 | 8.0 | 7.2 | 1.8 | 8.6 | 10.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 10-to-1 reverse split · 25 Aug 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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