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Full Year Results

2024 revenues up 100% to £66.7 million
Soluna has reached 75,000 youth and young adults in California by the end of February 2025 across all 58 counties, with Q1 2025 daily run rate quadruple that of 2024

Kooth (AIM: KOO), a global leader in youth digital mental health, announces unaudited results for the twelve months ended 31 December 2024. All figures relate to this period unless otherwise stated.

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Strategic and post-period end highlights

  • Soluna has demonstrated impact in California, reaching 75,000 youth and young adults by the end of February 2025 across all 58 counties, with Q1 2025 daily run rate quadruple that of 2024
  • Further expansion of US services with a new pilot contract in New Jersey and launch of Medicaid pilot with Aetna Better Health in Illinois
  • Continued investment in the US with further business development opportunities in the pipeline
  • Resilient performance in the UK, demonstrated by maintaining our position as NHS England’s largest single access provider for mental health support for under 18s, including the renewal of contracts in Cornwall and the Isle of Man, despite the persisting challenge of ongoing macro-economic conditions
  • Kate Newhouse will succeed Tim Barker as Chief Executive Officer following the conclusion of the 2025 Annual General Meeting; Tim and Kate serving as Co-CEOs until that point

Financial Highlights

  • Exceptional revenue growth with 2024 revenues of £66.7 million, a 100% increase from 2023 (£33.3 million), primarily driven by contracts with the State of California and supplemented by Aetna Illinois
  • £66.4 million Annual Recurring Revenue, 100% of total revenues in 2024
  • Group net revenue retention increased to 100% (2023: 85%)
  • 598% increase in adjusted EBITDA[1] to £15.8 million, driven by the ramp up of Soluna usage and lower practitioner costs. Significant investment and projected growth throughout 2025 will see EBITDA margins return to more typical mid teen levels going forward
  • £21.8 million net cash at year end, compared to £11.0 million in 2023, attributable to increased adjusted EBITDA and strong cash management
  • Completion of the £1.5 million share buyback programme post year end

Outlook

  • Continued growth within the US, notably in California with increasing reach amongst the young population; ongoing business development activities to secure further contract wins with State governments and Medicaid payers
  • The UK environment remains complex given ongoing policy changes. Kooth continues to showcase the evidence of its impact, and remains focused on delivering high quality services
  • Increased investment into Kooth’s proprietary technologies, with ongoing work to bring Soluna to the UK
  • The strength of Kooth’s strategy and service delivery model means that the Company is well placed to meet the increasing international demand for digital mental health services in 2025, building upon the foundations of Kooth’s successful entry into the US, strong recurring revenue and cash position

1 Earnings before interest, tax, depreciation and amortisation, adjusted for share-based payments and exceptional costs

Kate Newhouse, Co-Chief Executive of Kooth, commented:  

As we reflect on 2024, we can be clear that Kooth has had an exceptional year. This has been achieved with a particular focus on delivering, building, launching and growing services for people across the UK and US, founded on our key purpose of building mentally healthier populations, leaving no one behind. Following the launch of Soluna in California we have made great strides, reaching 75,000 young people across all 58 counties by the end of February 2025. In the UK, despite the persistent macro-economic headwinds, we have successfully retained the majority of our contracts, grown several services and demonstrated our credibility as a leader in clinical efficacy and safety.

Kooth delivered a set of clearly strong financials in 2024, with a 100% increase in revenues year on year to £66.7 million, group net Annual Recurring Revenues at 100% of the company’s revenues, and a 598% increase in adjusted EBITDA, attributable to the onboarding and ramp up of services in California. As 2025 progresses, we expect that EBITDA margins will return to more typical levels as we invest in and expand our practitioner network.

The strength of Kooth’s strategy and service delivery model have created the strong foundations which stand us in good stead to meet the increasing international demand for digital mental health services. On a personal note, I am honoured to have joined Tim Barker as Co-Chief Executive Officer, who I have worked alongside as Chief Operating Officer for the past five years, and I am excited to continue working with the team to deliver vital digital mental health services to those who need it most throughout 2025.  

Chair's statement

After a period of exponential growth and headline announcements, 2024 has been a year in which delivery took centre stage at Kooth. In the US, the launch of Soluna in California – with youth involvement at every step of the journey -- has marked the next evolution of our growth, and enabled us to reach 75,000 young people across all 58 counties in the State by the end of February 2025. In the UK, our services reached over 200,000 people in 2024, with each and every person able to access support when they needed it, in a way that suited them.

This has been a huge endeavour, with everyone in the over 500 strong team playing their part. The breadth of the work our team conducts is vast, from delivering services to those who need it most, to ensuring those who use our services are safe, as well as the behind-the-scenes work to ensure our staff and partners can thrive in their roles - to every one of them, thank you.

This ramp-up of activity has been matched by an equivalent scale-up of Kooth’s clinical and quality governance processes, ensuring that our services remain evidence-based, high-quality, safe, effective and aligned to relevant regulatory frameworks

As we enter the second year of our four-year contract in California, our revenues grew in 2024 to £66.7 million, a 100% increase over 2023 revenues of £33.3 million, and an increase in adjusted EBITDA from £2.3 million to £15.8 million. 2024 was a unique year for us with the onboarding of the California contract, and as we progress through 2025 we expect EBITDA to return to more typical levels. In the US, our investment in the team has enabled us to secure pilot contracts with the State of New Jersey, announced in December 2024, and with Aetna Better Health, Kooth’s first US private-sector partnership. Looking ahead, we can see other opportunities in the pipeline, both State-funded and via Medicaid and health plans.

In the UK, the new Government has stated it intends to address mental health needs, though we have experienced an inevitable lag in the translation of these intentions into concrete initiatives and funding. This, combined with sustained pressure on public finances in general, has led to a further challenging year in the UK. As a result, churn in the UK has been £2.0 million (2023: £2.3 million) though we have successfully retained existing contracts for the longer-term with some services now contracted for five years or more, and secured new opportunities by partnering with new types of funders.

That said, the stability afforded by a new Government, alongside clear recognition of the growing impact that poor mental health has not just on individuals and their families, but on economic growth, is likely to drive increased appetite for innovation. Our focus on sustaining our solid foundations in 2024 ensures that we can be front-footed in working with our partners across the sector to accelerate our reach and identify new opportunities.

We were very fortunate to have Sherry B. Husa join the Board in 2024. Sherry brings over 35 years’ experience of the US healthcare sector, providing us with crucial insights as we accelerate our growth in the US.

Having generated an operating profit of £9.2 million in 2024, we enter 2025 with a proven business model, £21.8 million in cash, no debt and an undrawn $9.5 million working capital credit facility. Despite a complex environment, we see significant potential ahead as we strengthen our foothold and build on our experience in the UK and US.

We know that stakeholders in a company like Kooth also care about more than just our financial projections. To that end, our 2024 annual report provides a deeper insight into the impact our services have, the behind-the-scenes work that keeps our users safe, and lays out our strong social purpose.

 

Peter Whiting
Non-Executive Chair

15 April 2025

 

Co-Chief Executive’s Review

In 2020, I joined Kooth as Chief Operating Officer, working closely alongside Tim Barker and at every step of our journey together he has been an exemplary Chief Executive Officer. Five years down the line, I am honoured to join Tim as Co-CEO until he moves on to his next challenge in June 2025 leaving behind an incredible legacy of growth and a mentally healthier future across the populations we serve.

This time spent working together has provided an opportunity to take stock of what we’ve achieved and what the future might hold.

Over the past five years, we’ve grown a phenomenal team to achieve incredible things

Kooth remains the largest digital mental health provider in the UK, with over 65% of the youth population having free access via the NHS and local authorities.

We took Kooth public on the AIM segment of the London Stock Exchange in 2020, raising capital to invest in the long-term growth of our people and technology platform, as well as giving every employee at Kooth the opportunity to be a shareholder in the business.

We expanded into the US, which now represents over 70% of our business, and worked with young people to develop Soluna, Kooth’s enhanced platform and service. We’ve launched and grown a unique, world-first programme in California, enabling universal access to support for all 13-25 year olds across the state, working within and alongside healthcare, education systems and communities to provide a joined up approach.

This rapid scaling has driven a five-fold growth in the business since our IPO enabling us to build our team of healthcare professionals and practitioners, moderators, developers and data scientists, content creators, safeguarding specialists, and the hundreds of other staff members across the UK and US that keep our services running safely and smoothly. 

Underpinning these headlines are over 20 years of know-how, which have shaped the building blocks of our services: our people and processes that keep our users safe and staff well-supported; the technology that enables us to widen access to care at scale and continuously monitor and improve the quality of our services; and our commitment to research, evidence and clinical best practice. Our experience goes beyond building effective digital mental health support, extending to our users, communities, and system partners to have a positive impact.

A backdrop of political uncertainty through 2024 offers a timely reminder of the importance of showcasing the strong foundations that have enabled our success. As we move into 2025, these foundations will come to the fore as we shift from transformation to consolidation.

We are an international company, powered by technology, but with real-world outcomes at the core of our mission.

At Kooth we’re driven by our purpose, to build mentally healthier populations to enable a more sustainable, resilient and productive future, leaving no one behind. In 2024, and as we move into 2025, it is clear that this is becoming ever more important. Too many people cannot access support for their mental health when they need it, in a way that suits them, before things get worse and hold them back from living more fulfilling and productive lives.

At Kooth, we provide high-quality, effective support that meets people where they are; that can support them in the moment and connect them to further help, if needed.

Mental health needs look different for everyone, and we are there all day, every day, supporting people to develop the skills they need to feel better and achieve their goals whether that’s managing exam stress, handling difficult relationships, getting up for the day or maintaining the balance required to be their best at work. Importantly, we’re there to support whether an individual has a diagnosed mental health condition or not, because the tools and strategies that support improved outcomes should be available to everyone.

The evidence tells us that this approach works, equipping people to manage psychological distress, in all its forms, reduces the need for further and more costly interventions later down the line. In 2024, this understanding began to permeate beyond the mental health sector, with increased recognition of the inextricable link between poor mental health and risks to fiscal growth and resilience. Psychological distress is now recognised as a key barrier to cognitive skills development, educational attainment, workplace satisfaction and engagement, and economic productivity.

At Kooth, we have been advocating for greater understanding of the ‘ripple effect’ of poor mental health since inception. Our focus on this topic and sharing our learning has dovetailed with an uptick in global acknowledgement of the importance of population mental health.

With this in mind, as we reflect on 2024 and look to the future, it is our solid foundations and legacy of innovation that will form the bedrock of extending our reach going forward.

This means a continuous and relentless focus on the safety, effectiveness, and accessibility of our services. It means reaching into communities otherwise underserved by traditional models of care and ensuring that our users are protected from harm, on and offline. We need to harness technology to drive engagement, improve user experience, and more effectively connect users to the high-quality support they need; and be robust in our approach to measuring service outcomes, both in real-time and longitudinally.

We will continue to invest time and care into local partnerships and system integration to ensure that we support and enhance the help offered across local ecosystems, whether in schools, workplaces, healthcare or community-based organisations. 

We will also take seriously our responsibility to advocate on behalf of the populations we serve, using our experience, data and insights to secure mentally healthier populations, leaving no-one behind.

Last but not least, we will retain our pioneering spirit, being agile and entrepreneurial in harnessing our know-how to reach into new populations that need our support.

These foundations underpin our strategic priorities for 2025

In the US, our landmark service in California will continue to be a major priority, reflecting the significant investment and ambition of the State in addressing the youth mental health crisis. We have made great strides, reaching 75,000 young people across all 58 counties by the end of February 2025 alongside the youth-informed evolution of our product. The outbreak of wildfires across California in January 2025 brought a stark reminder of the importance of the support we provide, as demand for coaching and care navigation surged. Growing advocacy, awareness, usage, and impact are critical, recognising the importance of demonstrable and sustainable success in California to inform and secure further growth of Soluna across our services in New Jersey, Illinois, the US, and beyond.

In the UK, whilst the environment remained complex as the general election and funding pressure continued to put pressure on local decision-making, we were able to draw on our evidence of impact to successfully retain the majority of our contracts.

We have commenced work on migrating Soluna to the UK and secured new services through collaborating with other partners, which will form a key strand of focus in 2025 as we do more to extend our reach beyond our core services for children and young people and NHS funding. Government plans to transform the healthcare system and address broader social challenges offer a key opportunity to build on our existing relationships and evidence base to address these priorities across sectors, offering opportunities for growth to mitigate risks associated with plans to reorganise the NHS. The UK’s increasingly robust regulatory environment for digital mental health technologies and online services also provides us with an opportunity for external assurance and scrutiny of our safety and efficacy. To this end, we are grateful that Dame Sue Bailey OBE DBE sits on our Board. Her extensive clinical, research, education and policy background helps ensure that the Board can provide effective scrutiny and challenge in areas related to safeguarding and clinical efficacy.

Outlook

Our successful entry into the US market, strong recurring revenue and cash position give us a great platform as we enter 2025. We are confident that our strong foundations, grounded in our strategy and service delivery model, as well as the increasing demand for accessible, digital mental health services, will enable us to continue our progress in the year ahead.

Kate Newhouse
Co-Chief Executive

15 April 2025

 

Chief Financial Officer’s review

A record year

Kooth delivered a strong performance in the year supported by record increases across revenue and adjusted EBITDA, a continuing strong gross margin as well as significant investment in our platform and the business essential for ensuring the continued safety and effectiveness of our services and the wellbeing of our team.

Revenue

I am pleased to report that Group revenue has grown significantly over the past year, doubling to £66.7 million (2023: £33.3 million), compared to a 66% increase from 2022. As previously reported, this exceptional growth has primarily been driven by our contract with the State of California and has been supplemented by our contract win with Aetna Illinois.

US revenue increased to £48.7 million (2023: £14.2 million) all of which was recurring revenue (comprising income invoiced for services that are repeatable, consumed and delivered on a monthly basis over the term of a customer contract).

UK revenue decreased by 6% to £18.0 million (2023: £19.1 million). While contract expansion upon renewal rose to 45% (2023: 41%) these gains were offset by £2.0 million of churn primarily due to:

  • Lack of funding to continue pilot contracts, mainly in Adult early intervention
  • Contract reductions following consolidations
  • One competitive contract loss

Annual Recurring Revenue (ARR) of £66.4 million is the annualised revenue of customers engaged or closed at that date (31 December) and is an indication of the upcoming annual value of the recurring revenue. This key metric is used by management to monitor the long-term revenue growth of the business, and in 2024 increased to 100% of total revenues (2023: 98%).

Group net revenue retention, which is a measure of the depth and longevity of our client relationships, increased to 100% (2023: 85%), within the UK, there was a decrease to 92% (2023: 98%) reflecting churn in both our adult and CYP contracts. This is measured by the total value of ongoing ARR at the year end from customers in place at the start of the year as a percentage of the opening ARR from those clients. 

Gross profit

Gross profit increased by 101% to £52.0 million (2023: £25.9 million) with the gross margin rising to 77.9% (2023: 77.6%). This reflects the transformational nature of 2024, in which usage of Soluna has gradually ramped up, giving lower practitioner costs offset by direct marketing to drive engagement with service users. As usage continues to grow we have invested significantly in marketing and engagement, whilst practitioner costs are expected to increase accordingly.

Gross margin saw a benefit from California revenues that included a contribution to platform development. These platform costs are capitalised in the Statement of financial position and amortised within the Statement of profit and loss and other comprehensive income.

Direct costs are both the costs of the practitioners directly involved in the delivery of our services, a total of 268 at the year-end (2023: 304 heads) with reductions reflecting UK churn and the commencement of promotion and marketing costs in California in support of raising user awareness and engagement, including hard to reach communities which were £3.9m.

The UK gross margin saw a slight increase, driven by a shift toward greater usage of self-help tools in place of direct practitioner support.

Foreign currency impact

The US Dollar/GBP exchange rate was relatively stable during the year under review during which the Group had approximately 73% of revenues and 47% of expenses denominated in US Dollars. The Group’s focus on management of foreign currency risk resulted in a small foreign currency gain of £0.2 million (2023: loss £0.2 million).

Operating profit

The Group’s operating profit for the year was £9.2 million (2023: loss of £2.3 million). This was driven by growth in the US business, predominantly the full launch of our California service from 1 January 2024.

Administrative expenses

Excluding depreciation, amortisation and share based payments administrative expenses grew by £12.6 million in the year, a 53.5% increase year on year, which is below the growth in revenue across the same period. Whilst costs of the UK business increased broadly in line with inflation, Group costs grew closer in line with revenue and the majority of the increase related to the first full year of costs following the build out of the US teams supporting our California contract. Finally, we saw increased costs as we strengthened our business development efforts in the US, as indicated at the time of our equity fundraise in July 2023.

Adjusted EBITDA

Adjusted EBITDA grew by 598% to £15.8 million (2023: £2.3 million) in the year, with increases in revenue and gross profit offset by our investment in the US and higher administrative expenses as outlined above. 2024 was a unique year for Kooth, with the onboarding of the California contract, and as we progress through 2025 we expect that EBITDA growth will return to more typical levels

Adjusted results are prepared to provide a more comparable indication of the Group’s core business performance by removing the impact of non-trading items that are reported separately.

Adjusted results exclude items as set out in the consolidated statement of profit and loss and below. In addition, the Group also measures and presents performance in relation to various other non-GAAP measures, such as annual recurring revenue and revenue growth.

Adjusted results are not intended to replace statutory results. These have been presented to provide users with additional information and analysis of the Group’s performance, consistent with how the Board monitors results.

 

£'m  2024 2023
    
Operating Profit/(Loss)  9.2 (2.3)
    
Add Back:    
Depreciation and Amortisation  5.4 3.8
Share based payment expense  1.2 0.7
    
Adjusted EBITDA  15.8 2.3

 

Share-based payments are adjusted to reflect the underlying performance of the group as the fair value is impacted by market volatility that does not correlate directly to trading performance. The total charge for share-based payments in the year was £1.2 million (2023: £0.7 million). The additional cost reflects the increase in staff awards across the business in 2023 and 2024 and a credit in 2023 following a reassessment of those grants subject to performance criteria.

Taxation

There has been a corporation tax charge of £1.8 million (2023: £1.8 million credit) recognised in the year mainly arising from taxable profits generated in the US. For the first time this year there is a small corporation tax charge in the UK due to a cap on accumulated losses available to be utilised against taxable profits.

The tax credit for the year ended 31 December 2023 related to Research and Development expenditure credits which had been further enhanced due to the carrying forward of prior Research and Development claims at a higher effective tax rate rather than taking this as a cash credit resulting in a prior year adjustment. The Research and Development expenditure credits in 2024 were more than offset by the taxable profits generated within the year.

Cash

The Group has had good cash management in the year with net cash generated from operating activities of £17.1 million (2023: £1.9 million). Free cash flow, after taking account of capital expenditure was a net inflow of £10.2 million in 2024 (2023: £6.8 million outflow).

Overall, the Group had net cash inflow of £10.8 million driven by increased EBITDA and efficient cash management. The net cash at year end was £21.8 million (2023: £11.0 million). Post period end approximately £1.5 million of this was utilised for a share buyback.

In early 2024 we entered into a working capital credit facility with Citibank of $9.5 million that remains undrawn at this time. The Group remains debt free.

Capitalised development costs

The Group continued its investment in product and platform development in 2024 to support the full launch of our service in California, further expansion in the US as well as development of the platform in the UK. Costs are a combination of internal and external spend. Where such work is expected to result in future revenue, costs incurred that meet the definition of software development in accordance with IAS 38, Intangible Assets, are capitalised in the statement of financial position and amortised over three years. During the year the Group capitalised £6.9 million in respect of software development (2023: £8.7 million) with an amortisation charge of £5.2 million (2023: £3.6 million), in addition there was an impairment charge of £0.3 million in relation to the previous US Klassic platform, generated upon the end of the Pennsylvania contract.

Investment in product and development continues to be significant to the Group and we anticipate capitalising software costs at a slightly lower rate over the next year as we continue to invest in the Soluna platform in both the US and UK but see an increase in ongoing maintenance.

Capital expenditure

Software and product development costs aside, the Group’s ongoing capital expenditure requirements remain modest at £0.1 million (2023: £0.3 million).

Capital and reserves

The strength of the Group's balance sheet with net assets of £29.8 million (2023: £20.8 million), high levels of recurring revenue and strong cash generation from operating activities provide the Group with financial strength with which to execute on its investment strategy which continues to focus on US expansion and platform investment essential for ensuring the continued safety and effectiveness of our services, and the wellbeing of our teams.

Dividend policy

As outlined in previous reports, the Group’s intention in the short to medium term is to invest in order to deliver capital growth for shareholders. The Board has not recommended a dividend in respect of the year ended 31 December 2024 (2023: Nil) but may do so in future years.

 

Sanjay Jawa
Chief Financial Officer
15 April 2025

 

Consolidated statement of profit and loss and other comprehensive income

For the year ended 31 December 2024

 Note 2024  2023
  £'000  £'000
     
Revenue 4 66,744  33,337
Cost of sales 5 (14,757)  (7,480)
     
Gross profit  51,987  25,857
     
Administrative expenses 5 (42,831)  (28,119)
     
Operating profit/(loss)  9,156  (2,262)
     
Analysed as:     
Adjusted EBITDA  15,754  2,257
Depreciation & amortisation 11, 12, 13 (5,376)  (3,775)
Share based payment expense 6 (1,222)  (744)
     
Operating profit/(loss)  9,156  (2,262)
     
Interest income 7 702  298
     
Profit/(loss) before tax  9,858  (1,964)
     
Tax 8 (1,824)  1,795
     
Profit/(loss) after tax  8,034  (169)
     
Other comprehensive income/(expense)     
Items that are or may be reclassified subsequently to profit or loss:     
Foreign currency translation differences  244  (161)
     
Total comprehensive income/(loss) for the year  8,278  (330)
     
Profit per share - basic (£) 9 0.22  (0.00)
Profit per share - diluted (£) 9 0.21  (0.00)

 

Consolidated statement of financial position

As at 31 December 2024

 Note 31 December 2024  31 December 2023
  £'000  £'000
Assets     
Non-current assets     
Goodwill 10 511  511
Development costs 11 10,124  8,750
Right of use asset 12 20  42
Property, plant and equipment 13 266  304
Deferred tax 14 1,244  2,649
     
Total non-current assets  12,165  12,256
     
Current assets     
Trade and other receivables 15 8,733  7,174
Contract assets 16 292  251
Cash and cash equivalents 17 21,841  11,004
     
Total current assets  30,866  18,429
     
Total assets  43,031  30,685
     
Liabilities     
Current liabilities     
Trade payables 18 (2,683)  (1,555)
Contract liabilities 19 (3,781)  (5,156)
Lease liability 12 (23)  (44)
Accruals and other creditors 18 (5,264)  (2,521)
Tax liabilities 18 (1,526)  (651)
     
Total current liabilities  (13,277)  (9,927)
     
Net current assets  17,589  8,502
     
     
Net assets  29,754  20,758
     
Equity     
Share capital 20 1,834  1,825
Treasury shares 20 (17)  -
Share premium account 20 23,444  23,444
P&L reserve 20 5,955  (2,503)
Share-based payment reserve 20 2,444  2,142
Capital redemption reserve 20 115  115
Merger reserve 20 (4,104)  (4,104)
Translation reserve 20 83  (161)
     
Total equity  29,754  20,758

 

Consolidated statement of changes in equity

For the year ended 31 December 2024

  
Share
capital
 
Treasury
shares
 
Share
premium
Share based
payment
reserve
 
P&L
reserve
Capital
redemption
reserve
 
Merger
reserve
 
Translation
reserve
 
Total
Equity
          
Balance at 1 January 2023 1,653 - 14,229 1,221 (2,595) 115 (4,104) - 10,519
Loss for the year - - - - (169) - - - (169)
Other comprehensive income - - - - - - - (161) (161)
Total comprehensive income 1,653 - 14,229 1,221 (2,764) 115 (4,104) (161) 10,189
Transactions with owners:          
Share options exercised 7 - - (261) 261 - - - 7
Share based payment charge - - - 766 - - - - 766
Shares issued 165 - 9,215 - - - - - 9,380
Deferred tax - - - 416 - - - - 416
As at 31 December 2023 1,825 - 23,444 2,142 (2,503) 115 (4,104) (161) 20,758
          
Balance at 1 January 2024 1,825 - 23,444 2,142 (2,503) 115 (4,104) (161) 20,758
Profit for the year - - - - 8,034 - - - 8,034
Other comprehensive income - - - - - - - 244 244
Total comprehensive income 1,825 - 23,444 2,142 5,531 115 (4,104) 83 29,036
Transactions with owners:          
Share options exercised 9 - - (424) 424 - - - 9
Share based payment charge - - - 1,142 - - - - 1,142
Treasury shares purchased - (17) - - - - - - (17)
Deferred tax - - - (416) - - - - (416)
As at 31 December 2024 1,834 (17) 23,444 2,444 5,955 115 (4,104) 83 29,754


The accompanying notes form part of the financial statements.

 

Consolidated cash flow statement

For the year ended 31 December 2024

 Note 2024  2023
  £'000  £'000
Cash flows from operating activities     
     
Profit/(loss) for the year  8,034  (169)
Adjustments:     
Depreciation, amortisation and impairment 11, 12, 13 5,692  3,775
Income tax (paid)/received  (624)  569
Share based payment expense 6 1,222  744
Income tax recognised 8 1,824  (1,795)
Interest income 7 (702)  (298)
  15,446  2,826
     
Movements in working capital     
Increase in trade and other receivables 15 (1,600)  (4,158)
Increase in trade and other payables 18, 19 3,241  3,199
Net cashflow from operating activity  17,087  1,867
     
Cash flows from investing activities     
Purchase of property, plant and equipment 13 (120)  (291)
Additions to intangible assets 11 (6,887)  (8,713)
Interest income 7 702  298
Net cash used in investing activities  (6,305)  (8,706)
     
Cash flows from financing activities     
Proceeds from issue of share capital 20 -  9,923
Costs incurred from the issue of share capital 20 -  (536)
Net cash from financing activities  -  9,387
     
Net increase in cash and cash equivalents  10,782  2,548
Exchange adjustments  55  (36)
Cash and cash equivalents at the beginning of the year 17 11,004  8,492
Cash and cash equivalents at the end of the year 17 21,841  11,004

 

Page last updated: 15 April 2025

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