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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Financial Highlights
Outlook
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.
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
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
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:
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
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) |
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 |
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.
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 |
