User growth continuing at pace with key financial metrics increasing
on a constant currency basis
Implementation of strategy to solidify successes of recent,
transformational period in Kooth's history
Kooth (AIM: KOO), a global leader in youth digital mental wellbeing, announces unaudited half year results for the six months ended 30 June 2025 (H1 2025). All figures relate to this period unless otherwise stated.
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Financial highlights
1 For H1 2024, the constant currency rate was 1.2604 for US Dollar. The H1 2025 average rate is 1.3068
2 The H1 2024 constant currency rate for ARR is the 30 June 2024 rate of 1.2646 for US Dollar. The H1 2025 end rate is 1.3661
Strategic update - laying the foundations for sustainable growth
Outlook
Financial outlook
Kate Newhouse, Chief Executive Officer of Kooth, said:
“The first half of 2025 has been a period of significant investment, including ramping up engagement with our services in the US and the ongoing product development of Soluna to provide a robust platform for future success. We are already seeing the benefits from this front-weighted investment, which will decrease in H2 2025. Alongside our newly strengthened executive leadership team and evolved strategy, we are in a strong place to be able to deliver our vital services to more people in need.
Following our exceptional and transformative set of results in 2024, we have continued to deliver on key metrics including annual recurring revenue and user registrations. Alongside our strong cash position, we have solidified our position of market leadership, sustaining progress despite the impact of FX headwinds.
As a company we remain committed to providing our users and their communities with open access to proven mental health support, helping them develop the skills they need tackle life’s challenges. We are proud of the vital role we have played in so many lives.”
| Six months ended 30 June 2025 | Six months ended 30 June 2024 | Change | |
| £’000 | £’000 | ||
| Revenue | |||
| Total revenue | 32,088 | 32,494 | -1.2% |
| Annual Recurring Revenue | 61,712 | 64,240 | -3.9% |
| Gross profit | 20,154 | 26,767 | -24.7% |
| Gross margin | 62.8% | 82.4% | -19.6ppt |
| Adjusted EBITDA | 1,600 | 7,841 | -79.6% |
| (Loss)/profit after tax for the period | (1,255) | 3,920 | -132.0% |
| Cash generation | (6,580) | 3,936 | -267.2% |
| Cash position | 15,261 | 14,940 | +2.1% |
| Basic earnings per share (£) | (0.03) | 0.11 | -127.3% |
| Diluted earnings per share (£) | (0.03) | 0.10 | -130.0% |
It has been a privilege to work alongside our strengthened global leadership team, with a number of strategic appointments in marketing, product and operations demonstrating our growing reach and level of ambition.
Overview
I am pleased with the strength of our underlying performance during the period and our execution
against strategic priorities following the transformation our business underwent in 2024. This can be
seen within our financials on a constant currency basis where notwithstanding the significant
strengthening of the pound against the dollar during the period, we continued to deliver underlying
growth. We maintained a robust balance sheet to enable long-term investment, and notwithstanding FX
movements, expect to deliver revenue and adjusted EBITDA for the full year in line with expectations.
As we look to further solidify our position of market leadership, we took the decision to significantly invest in service user marketing to ensure acceleration of reach and ultimately sustainable usage in California in the period. This investment is now largely complete and the Company expects marketing costs in the second half to be significantly lower. The benefits of this investment will continue to be felt in H2 2025 and beyond and are best highlighted by the significant growth in user numbers in California during the period, well exceeding our user registration targets and now standing at over 130,000 youth in the State. We remain on track to exceed the California Department of Health and Care Services’ (DHCS) targets for 2025.
Evolution of our strategy
To sustain our market-leading position and leverage the successes we achieved in 2024, we have taken
our unparalleled experience of the sector and the learnings from our material US expansion to further
evolve our strategy for the years ahead.
Designed to address and capitalise on the changes we are seeing in the sector, this evolved approach will expand the services we provide within our platform, including access to more targeted tools to help users back into work or education and support users at different stages, opening up new funding opportunities and embedding us further with both our customers and users.
Funders are increasingly looking for solutions that not only increase access, but can also deliver measurable and comparable outcomes, aligned to standardised metrics of clinical, social or economic benefit. With our proven ability to reach populations at scale, and deliver high-quality care, Kooth is well placed to support this shift and we will continue to evolve Soluna with new tools, guided programmes and more structured touchpoints such as CBT therapy as we look to engage ever more stakeholders and funders as part of our “State alliance” model.
Our market-leading position has been built on providing whole-population access to evidence-based support, connecting users with self-guided, peer and professional support when they need it. In California alone, we have reached over 130,000 youth, in all 58 counties, in just 18 months. By providing a universal, trusted ‘digital front door’, we can connect users to behaviour health services within Soluna and provide a trusted route into other support, whether through their health plan, school district or college.
By embedding Soluna across the state, within public and private sector services, we can deliver value beyond our immediate funders to ensure sustainability for the long-term.
This approach underpins the evolution of our strategy - our ‘State Alliance’ model - which will build on our proven ability to reach whole populations, expanding the scope of our services to more closely align to the requirements of a wider set of customers.
The achievement of this vision, in which Government funding unlocks population-wide access to our core Soluna provision and then other partners can fund more targeted support for the populations they serve, requires the development of a ‘networked continuum of care’, with personalised care journeys embedded into our platform. The development of this ‘care continuum’ will be at the forefront of our in-house work across clinical, product, tech and operational teams as we shift into H2 2025 and beyond.
California
Our services continue to reach and support young people in improving their emotional wellbeing and
achieving their goals. Our landmark Soluna service in California is making a significant impact in
reaching and supporting California youth, and is now well-valued by its users, their communities and
State leaders. The DHCS recent Impact Report
described the programme as ‘reimagining behavioural health care delivery for children and
youth’ and emphasised Soluna’s key role in providing timely and effective care.
To ensure sustainable growth, we have made significant investments into our State-wide advocacy, partnerships and integration programme in parallel with focused digital marketing. We have built relationships with nearly 300 key supporters across California’s state, healthcare, education and community-based organisations, activity based on our experience in the UK, where we have demonstrated that local advocates are essential to building trust and embedding services within the populations we serve. This activity supports our shift from digitally-driven growth to more organic reach and local brand recognition over the term of the contract, thereby driving down the cost of user acquisition.
New Jersey
Similarly, we have made strong inroads into advocacy building in New Jersey, resulting in steady
growth in user registrations and positive feedback from State leaders, with local advocacy targets
exceeded in the first half of 2025.
Examples of this essential work include our partnerships with the Social Emotional Learning Alliance for New Jersey's Youth Mental Health Advisory Collaborative and NJ Institute for Community Schools, which enables us to connect to approximately 150 school districts. Our team has also built strong relationships with the New Jersey Statewide Student Support Services network, a state-wide system that connects youth and their parents and caregivers with resources to support their mental health and Soluna is now recommended via the network.
Wider US
State leaders remain concerned about the real-world impact of poor youth mental health, and are
seeking solutions to address this nationwide issue. In the context of reduced federal funding for
Medicaid, a renewed focus on cost effectiveness has generated greater focus on earlier intervention
and digital interventions - evidenced by recent moves to standardise reimbursement codes for digital
mental health technologies.
Our evolved strategy, as outlined above and which also takes learnings from our recently concluded one-year partnership with Aetna in Illinois, unparalleled insights from our experience in the UK and US, and significant stakeholder engagement, is designed to ensure we are well-positioned for success in this growing market.
UK
In spite of sustained pressure on public sector spending, we remain the largest provider of digital
mental health services to under 18s. As in the US, increased policy focus on the relationship between
good mental health and improved social and economic outcomes, and support for digital interventions -
as evidenced by the Government’s 10-year plan (Fit for the Future) - further reinforces the need
for our services. With Soluna on track to launch in the UK in 2026, we are well-positioned to
translate these policy shifts into opportunities for growth.
Looking ahead
After a period of transformational growth, the first half of 2025 has seen significant investment as
we focused on solidifying our market position, consolidation of our strengths and embedding
ever-deeper connections with our customers. With this investment largely complete, Kooth is
well-placed to achieve our objectives for the remainder of 2025 and beyond.
We have a robust balance sheet, an undrawn working-capital facility and clear policy tailwinds in our core markets, and our ability to flex product, partnerships and our go-to-market approach while maintaining clinical quality and outcomes mean we are in a stronger position than ever before.
The need is greater than ever
As ever, I return frequently to the voices of our users, who remind everyone at Kooth of the
importance of our mission every day. Research undertaken by our team this year has underlined the
essential role that Kooth services have played in supporting our service users to connect with their
friends and family, get back to school, re-enter the workforce, and build the skills we all need to
live more fulfilling, healthier lives, whether in Newcastle or Newark, San Diego or Sunderland, London
or Los Angeles.
Kate Newhouse
Chief Executive Officer
Kooth delivered a set of results in line with expectations for the half year, with revenue growth from our new contract in New Jersey offset by an FX impact of £0.8m reflecting the appreciation of GBP against USD compared to the prior period in 2024. In line with our plans we made significant investment during the half year in direct user marketing expenditure in California, impacting both gross profit and adjusted EBITDA.
Key Performance Indicators
Revenue
| H1 2021 | H1 2022 | H1 2023 | H1 2024 | H1 2025 |
| £8.0m | £9.0m | £11.7m | £32.5m | £32.1m |
Revenue is a KPI which reflects the work we are doing and the fees received over a period of time for that work. The £0.4m decrease from 2024 is a £0.8m negative FX impact and the full period impact of 2024 UK contract churn (£0.6m), partially offset by US contract wins (£0.6m) and an uplift in revenue recognised in California (£0.4m).
Annual Recurring Revenue
| H1 2021 | H1 2022 | H1 2023 | H1 2024 | H1 2025 |
| £16.6m | £18.5m | £21.4m | £64.2m | £61.7m |
Annual recurring revenue (ARR) is the annualised revenue of customers engaged or with an agreed contract as at the period end and is an indication of the upcoming annual value of the recurring revenue. This is used by management to monitor the long-term revenue growth of the business. ARR was impacted by a negative FX impact of £3.2m. On a constant currency basis, ARR has grown £0.7m which was driven by expansion in New Jersey (£1.1m), offset by UK churn. The H1 2024 ARR balance has been restated to include an additional £4.2m of product development revenue recognised over the full life of the contract which aligns with revenue recognition.
Gross Margin
| H1 2021 | H1 2022 | H1 2023 | H1 2024 | H1 2025 |
| 69.4% | 68.4% | 66.8% | 82.4% | 62.8% |
Gross profit as a percentage of revenue. Direct costs are the costs of our practitioners directly involved in the delivery of our services and direct service user marketing expenditure. The decrease in margin from the prior period is owing to the first half weighted significant investment in direct service user marketing expenditure for the California contract during the period which reduced the gross margin by 19.6ppt.
Adjusted EBITDA
| H1 2021 | H1 2022 | H1 2023 | H1 2024 | H1 2025 |
| £1.1m | £0.5m | £0.0m | £7.8m | £1.6m |
Earnings before interest, tax, depreciation and amortisation in the period, adjusted for share based payments. This metric provides a more comparable indication of the Group’s core business performance by removing the impact of non-trading items that are reported separately. The decrease from the prior period is owing to a £7.2m investment in direct marketing to drive engagement with California service users.
Cash
| H1 2021 | H1 2022 | H1 2023 | H1 2024 | H1 2025 |
| £8.8m | £8.3m | £5.9m | £14.9m | £15.3m |
Cash is a key metric as it provides assurance on our ability to invest to grow the business, as well as provide comfort to customers from a vendor risk perspective. The increase from H1 2024 derives from working capital management and cash generated from operations of £8.7m over the last twelve months, offset by investment in our platforms (£4.7m), tax payments on prior year profits (£1.5m), adverse FX movements (£0.6m) on the translation of USD balances and the share buyback programme which completed during the current period (£1.5m).
Population coverage
| H1 2021 | H1 2022 | H1 2023 | H1 2024 | H1 2025 |
| 9.5m | 15.1m | 16.7m | 19.9m | 18.5m |
The total number of people who have access to the Kooth service is a good indicator of our accessibility. This is determined as the population within the contracted age range of each of our contracts that are live at the period end. The drop in the current period is driven by reductions in a small number of UK adult contracts.
Number of users
| H1 2021 | H1 2022 | H1 2023 | H1 2024 | H1 2025 |
| 202k | 228k | 196k | 242k | 309k |
The number of users to our Kooth and Soluna platforms, demonstrating the increasing uptake of our
service.
Revenue
On a constant currency basis, revenue increased 1.3% over the prior period and Annual Recurring
Revenue (ARR) increased 1.1%. Reported revenue decreased £0.4m to £32.1m (H1 2024: £32.5m) and ARR
decreased by 4% to £61.7m (H1 2024: £64.2m), predominantly driven by a £3.2m negative FX impact,
offset by an expansion in New Jersey (£1.1m).
US Revenue in H1 2025 was $30.6m/£23.4m (H1 2024: $29.3m/£23.3m), 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) with the increase coming from New Jersey and California.
UK revenue decreased by 6% to £8.7m (H1 2024: £9.2m) reflecting churn in our English contracts (predominantly adult contracts) under budgetary pressure. Overall, UK churn for the previous 12 months was 6% (£1.1m) giving net revenue retention, measured by the total value of on-going ARR at the period-end from clients in place 12 months earlier as a percentage of the opening ARR from those clients, for the period to 30 June 2025 of 97% (H1 2024: 92%). UK churn is reduced from 13% (£2.4m) for the 12 month period to 30 June 2024.
Gross Profit
Gross Profit reduced by 25% from £26.8m to £20.2m with gross margin decreasing to 62.8% (H1 2024:
82.4%) due to planned investments made in direct marketing to drive engagement with service users in
California. In the future we forecast a reduction in marketing spend with the cost per user
acquisition falling as we become more embedded in local systems and see organic growth in new and
returning users returning gross margin to more historic levels of 70%+.
Direct costs are both the costs of the practitioners directly involved in the delivery of our services, a total of 253 at the period-end (H1 2024: 303 heads) with reductions reflecting UK customer churn and rightsizing in the US, 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 £7.2m.
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 has had a significant effect on results for the period under review
during which the Group had approximately 73% of revenues and 55% of expenses denominated in US
Dollars. The Group’s exposure to foreign currency risk resulted in a booked foreign currency
loss of £1.0m (H1 2024: £0.1m gain). Post period end we have seen sterling remain strong against the
US dollar which is expected to continue to have an impact on revenue and adjusted EBITDA in the second
half of the year as previously quantified.
Adjusted EBITDA
Adjusted EBITDA in the period decreased from £7.8m to £1.6m, with the £6.6m decrease in gross profit
marginally offset by a £0.4m decrease in administrative expenses (excluding amortisation, depreciation
and share based payments). The decrease in gross profit is driven by planned investment made in
California direct marketing to raise user awareness and engagement including hard to reach
communities. This has been offset by cost reductions in practitioner costs and engagement related
employee costs.
The total charge for share based payments in the period was £0.6m (H1 2024: £0.5m) with the slight rise reflecting a higher number of participants as we increased our headcount in the US in 2024. Within administrative expenses, depreciation and amortisation increased to £3.1m (H1 2024: £2.6m) as capital expenditure investment in the US platform continued in H2 2024 and H1 2025.
Adjusted EBITDA for the full year is expected to be in line with expectations before accounting for the impact of FX. At current rates the anticipated impact would be to reduce for the full year expected adjusted EBITDA by c6%-8%.
Taxation
The overall tax credit for the period was £0.5m (H1 2024: £1.1m charge) due predominantly to taxable
losses and expected Research and Development expenditure credits in the UK.
Profit after tax
The Group loss after tax for the period was £1.3m (H1 2024: £3.9m profit). Basic earnings per share
were negative 3p (H1 2024: 11p positive). Diluted earnings per share were negative 3p (H1 2024: 10p
positive).
Balance Sheet
The strength of the Group's balance sheet with net assets of £27.4m (30 June 2024: £25.3m), and high
levels of recurring revenue provide the Group with financial strength to execute on its investment
strategy which is focused on US business development and driving user engagement.
Cash flow and financing
Cash outflow during the six months was £5.7m (H1 2024: £3.9m inflow). The reduced US product platform
investment gave rise to capital expenditure of £2.0m (H1 2024: £3.9m), adverse FX movements of £0.8m
and cash outflows from operating activities of £4.1m give a net cash position at 30 June 2025 of
£15.3m (H1 2024: £14.9m). The Group remains debt free and maintains an undrawn $9.5m working capital
credit facility.
Forward-looking statements
Certain statements in this half year report are forward-looking. Although the Group believes that the
expectations reflected in these forward-looking statements are reasonable, it can give no assurance
that these expectations will prove to have been correct. Because these statements involve risks and
uncertainties, actual results may differ materially from those expressed or implied by these
forward-looking statements.
Dividends
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 an interim dividend payment in respect of the
six months ended 30 June 2025 (2024: £nil) but may do so in future years.
Sanjay Jawa
Chief Financial Officer
For the six months ended 30 June 2025
|
Six months ended 30 June 2025 Unaudited |
Six months ended 30 June 2024 Unaudited |
Year ended 31 December 2024 Audited |
||
| Note | £'000 | £'000 | £'000 | |
| Revenue | 8 | 32,088 | 32,494 | 66,744 |
| Cost of sales | 9 | (11,934) | (5,727) | (14,757) |
| Gross profit | 20,154 | 26,767 | 51,987 | |
| Administrative expenses | 9 | (22,223) | (22,078) | (42,831) |
| Operating (loss)/profit | (2,069) | 4,689 | 9,156 | |
| Analysed as: | ||||
| Adjusted EBITDA | 1,600 | 7,841 | 15,754 | |
| Depreciation and amortisation | (3,069) | (2,607) | (5,376) | |
| Share based payment expense | (600) | (545) | (1,222) | |
| Operating (loss)/profit | (2,069) | 4,689 | 9,156 | |
| Interest income | 344 | 301 | 702 | |
| (Loss)/profit before tax | (1,725) | 4,990 | 9,858 | |
| Tax | 10 | 470 | (1,070) | (1,824) |
| (Loss)/profit after tax | (1,255) | 3,920 | 8,034 | |
| Other comprehensive income | ||||
| Items that are or may be reclassified subsequently to profit or loss: | ||||
| Foreign currency translation differences | (129) | 72 | 244 | |
| Total comprehensive (loss)/profit for the period | (1,384) | 3,992 | 8,278 | |
| (Loss)/profit per share - basic (£) | 11 | (0.03) | 0.11 | 0.22 |
| (Loss)/profit per share - diluted (£) | 11 | (0.03) | 0.10 | 0.21 |
As at 30 June 2025
|
30 June 2025 Unaudited |
30 June 2024 Unaudited |
31 December 2024 Audited |
||
| Note | £'000 | £'000 | £'000 | |
| Assets | ||||
| Non-current assets | ||||
| Goodwill | 511 | 511 | 511 | |
| Development costs | 12 | 9,100 | 10,179 | 10,124 |
| Right of use asset | 0 | 31 | 20 | |
| Property, plant and equipment | 219 | 302 | 266 | |
| Deferred tax | 1,679 | 1,537 | 1,244 | |
| Total non-current assets | 11,509 | 12,560 | 12,165 | |
| Current assets | ||||
| Trade and other receivables | 13 | 7,654 | 6,234 | 8,733 |
| Contract assets | 783 | 2,157 | 292 | |
| Cash and cash equivalents | 15,261 | 14,940 | 21,841 | |
| Total current assets | 23,698 | 23,331 | 30,866 | |
| Total assets | 35,207 | 35,891 | 43,031 | |
| Liabilities | ||||
| Current liabilities | ||||
| Trade payables | (1,595) | (1,001) | (2,683) | |
| Contract liabilities | (1,255) | (5,738) | (3,781) | |
| Lease liability | 0 | (34) | (23) | |
| Accruals and other creditors | (3,838) | (3,551) | (5,264) | |
| Tax liabilities | (1,116) | (312) | (1,526) | |
| Total current liabilities | (7,804) | (10,636) | (13,277) | |
| Net current assets | 15,894 | 12,694 | 17,589 | |
| Net assets | 27,403 | 25,255 | 29,754 | |
| Equity | ||||
| Share capital | 1,835 | 1,831 | 1,834 | |
| Treasury shares | (1,500) | 0 | (17) | |
| Share premium account | 23,444 | 23,444 | 23,444 | |
| Retained earnings | 4,721 | 1,627 | 5,955 | |
| Share-based payment reserve | 2,938 | 2,431 | 2,444 | |
| Capital redemption reserve | 115 | 115 | 115 | |
| Merger reserve | (4,104) | (4,104) | (4,104) | |
| Translation reserve | (46) | (89) | 83 | |
| Total equity | 27,403 | 25,255 | 29,754 |
For the six months ended 30 June 2025
| Share capital | Treasury shares | Share premium |
Share Based Payment reserve |
Retained earnings |
Capital Redemption reserve |
Merger reserve | Translation reserve | Total equity | |
| Balance at 1 January 2024 | 1,825 | - | 23,444 | 2,142 | (2,503) | 115 | (4,104) | (161) | 20,758 |
| Comprehensive income for the period | - | - | - | - | 3,920 | - | - | - | 3,920 |
| Other comprehensive income | - | - | - | - | - | - | - | 72 | 72 |
| Total comprehensive income | 1,825 | - | 23,444 | 2,142 | 1,417 | 115 | (4,104) | (89) | 24,750 |
| Transactions with owners: | |||||||||
| Share options exercised | 6 | - | - | (210) | 210 | - | - | - | 6 |
| Share based payment charge | - | - | - | 499 | - | - | - | - | 499 |
| As at 30 June 2024 | 1,831 | - | 23,444 | 2,431 | 1,627 | 115 | (4,104) | (89) | 25,255 |
| Balance at 1 July 2024 | 1,831 | - | 23,444 | 2,431 | 1,627 | 115 | (4,104) | (89) | 25,255 |
| Comprehensive income for the period | - | - | - | - | 4,114 | - | - | - | 4,114 |
| Other comprehensive income | - | - | - | - | - | - | - | 172 | 172 |
| Total comprehensive income | 1,831 | - | 23,444 | 2,431 | 5,741 | 115 | (4,104) | 83 | 29,541 |
| Transactions with owners: | |||||||||
| Share options exercised | 3 | - | - | (214) | 214 | - | - | - | 3 |
| Share based payment charge | - | - | - | 643 | - | - | - | - | 643 |
| Treasure 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 |
| Balance at 1 January 2025 | 1,834 | (17) | 23,444 | 2,444 | 5,955 | 115 | (4,104) | 83 | 29,754 |
| Comprehensive income for the period | - | - | - | - | (1,255) | - | - | - | (1,255) |
| Other comprehensive income | - | - | - | - | - | - | - | (129) | (129) |
| Total comprehensive income | 1,834 | (17) | 23,444 | 2,444 | 4,700 | 115 | (4,104) | (46) | 28,370 |
| Transactions with owners: | |||||||||
| Share options exercised | 1 | - | - | (21) | 21 | - | - | 1 | |
| Share based payments charge | - | - | - | 515 | - | - | - | - | 515 |
| Treasury shares purchased | - | (1,483) | - | - | - | - | - | - | (1,483) |
| As at 30 June 2025 | 1,835 | (1,500) | 23,444 | 2,938 | 4,721 | 115 | (4,104) | (46) | 27,403 |
For the six months ended 30 June 2025
|
Six months ended 30 June 2025 Unaudited |
Six months ended 30 June 2024 Unaudited |
Year ended 31 December 2024 Audited |
||
| £'000 | £'000 | £'000 | ||
| Cash flows from operating activities | ||||
| (Loss)/profit for the period | (1,255) | 3,920 | 8,034 | |
| Adjusted for: | ||||
| Depreciation and amortisation | 3,069 | 2,607 | 5,692 | |
| Income tax paid | (981) | (456) | (624) | |
| Share based payment expense | 600 | 545 | 1,222 | |
| Income tax recognised | (470) | 1,070 | 1,824 | |
| Interest income | (344) | (301) | (702) | |
| 619 | 7,385 | 15,446 | ||
| Movements in working capital: | ||||
| Decrease/(increase) in trade and other receivables | 588 | (966) | (1,600) | |
| (Decrease)/increase in trade and other payables | (5,274) | 1,240 | 3,241 | |
| Net cashflow from operating activities | (4,067) | 7,659 | 17,087 | |
| Cash flows from investing activities | ||||
| Purchase of property, plant and equipment | (49) | (77) | (120) | |
| Additions to intangible assets | (1,960) | (3,947) | (6,887) | |
| Interest income | 344 | 301 | 702 | |
| Net cash used in investing activities | (1,665) | (3,723) | (6,305) | |
| Net (decrease)/increase in cash and cash equivalents | (5,732) | 3,936 | 10,782 | |
| Exchange adjustments | (848) | - | 55 | |
| Cash and cash equivalents at the beginning of the period | 21,841 | 11,004 | 11,004 | |
| Cash and cash equivalents at the end of the period | 15,261 | 14,940 | 21,841 |
