M 
3.15p
+10.53%
Close of 9 Nov 2026, in pence
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in GBP, from our data supplier.
Revenue
£1.4m
FY2016FY2025
Net income
−£28.7m
FY2016FY2025
Free cash flow
£2.2m
FY2016FY2025
Shareholders' equity
£21.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £1.4m | £4.4m | £5.5m | £4.9m | £1.8m | £745,000 | £30,000 | — | — | — |
| Operating income | −£16.0m | −£11.4m | −£5.8m | −£6.5m | −£6.9m | −£4.1m | −£4.3m | −£3.3m | −£3.4m | −£2.4m |
| Net income | −£28.7m | −£18.6m | −£21.2m | −£9.6m | −£6.0m | −£6.6m | −£58,000 | −£3.3m | −£3.4m | −£1.6m |
| Diluted earnings per share | -0.08 | -0.05 | -0.06 | -0.23 | -0.14 | -0.34 | -0.00 | -0.64 | -0.66 | -0.38 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £77.1m | £111.2m | £127.0m | £144.3m | £154.6m | £154.0m | £166.7m | £170.5m | £144.7m | £149.9m |
| Cash and short-term investments | £629,000 | £911,000 | £3.1m | £389,000 | £4.6m | £3.9m | £14.8m | £13.1m | £5.4m | £35.7m |
| Total liabilities | £55.4m | £56.7m | £53.4m | £52.9m | £54.4m | £56.3m | £61.0m | £54.6m | £51.2m | £53.2m |
| Debt | £52.0m | £52.3m | £48.9m | £43.9m | £43.3m | £41.2m | £42.0m | £33.9m | £35.0m | £32.3m |
| Shareholders' equity | £21.9m | £54.6m | £73.7m | £91.4m | £100.2m | £97.7m | £105.7m | £115.9m | £93.5m | £96.7m |
| Shares outstanding | 356m | 356m | 356m | 42m | 42m | 19m | 19m | 5m | 5m | 4m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | £2.2m | £348,000 | −£498,000 | −£92,000 | −£5.5m | −£2.4m | −£2.0m | −£3.2m | −£4.2m | £5.5m |
| Capital spending | — | −£389,000 | −£1.7m | −£1.4m | −£2.1m | −£8.4m | −£4.2m | −£8.4m | −£31.8m | −£58.6m |
| Free cash flow | £2.2m | −£41,000 | −£2.1m | −£1.5m | −£7.6m | −£10.8m | −£6.2m | −£11.7m | −£35.9m | −£53.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | £421,000 | £976,000 | £2.3m | £2.1m | £2.8m | £2.7m | £3.0m |
| Operating income | −£3.3m | −£6.4m | −£14.6m | −£4.6m | −£6.8m | −£3.2m | −£2.6m | −£3.3m |
| Net income | −£3.3m | −£10.8m | −£17.9m | −£6.6m | −£12.0m | −£15.9m | −£5.4m | −£3.1m |
| Diluted earnings per share | -0.01 | -0.03 | -0.05 | -0.02 | -0.03 | -0.04 | -0.02 | -0.07 |
| Cash from operations | — | £2.0m | — | £1.0m | −£1.0m | — | — | −£2.0m |
| Capital spending | — | — | — | — | — | −£1.0m | — | — |
| Total assets | £71.7m | £77.1m | £92.0m | £111.2m | £124.7m | £127.0m | £144.5m | £144.3m |
| Cash and short-term investments | £721,000 | £629,000 | £651,000 | £911,000 | £1.1m | £3.1m | £6.4m | £389,000 |
| Debt | £53.4m | £52.0m | £48.9m | £51.1m | £51.9m | £47.4m | £41.6m | £42.3m |
| Shareholders' equity | £15.4m | £21.9m | £38.9m | £54.6m | £68.4m | £73.7m | £91.0m | £91.4m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -34.1% | 13.4% | — |
| Operating income | 35.1% | 31.0% | 21.9% |
| Net income | 44.0% | 34.4% | 45.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -476.2% | -246.7% | -272.1% | — |
| Net margin | -823.7% | -486.2% | -487.3% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.0 | -0.1 | -0.1 | -0.1 | -0.3 | -0.2 | -81.1 | -0.7 | -2.2 | -4.5 |
| Price to sales | 0.2 | 0.3 | 0.3 | 0.1 | 1.1 | 1.4 | 156.8 | — | — | — |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 100-to-1 reverse split · 13 Sept 2021
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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