TIDMRENE
RNS Number : 6900S
ReNeuron Group plc
08 November 2023
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 which is part of UK law
by virtue of the European Union (Withdrawal) Act 2018.
ReNeuron Group plc
("ReNeuron", the "Group" or the "Company")
Interim Results for the six months ended 30 September 2023
ReNeuron Group plc (AIM: RENE), a UK based leader in Stem Cell
derived Exosome Technologies, announces its unaudited interim
results for the six months ended 30 September 2023.
Iain Ross, Executive Chairman, said: "Since restructuring the
business in January of this year, the ReNeuron team has been
focused on generating the critical in vivo data that exemplifies
the cellular and tissue targeting capabilities of CustomEX(TM) ,
our exosome drug delivery platform. I am very excited about the
recent in vivo data that is being presented today at Cell 2023 in
London that highlights the significant advantages of CustomEX(TM)
and differentiates this drug delivery platform from that of our
competitors. In CustomEX(TM) we are developing a leading-edge
platform for the targeted delivery of modern-day therapies."
FINANCIAL HIGHLIGHTS
- Revenue for the period of GBP157,000 related to income from
partner funded development activities and royalty income (H1 2022:
GBP438,000)
- Loss for the period of GBP2.8 million (H1 2022: loss of GBP3.2
million); cost savings arising from the restructuring offset by
reduced revenue and the previous year's foreign exchange gains now
reversed to a small loss
- Reduced operating costs incurred in the period of GBP3.5
million (H1 2022: GBP4.7 million) primarily explained by a
reduction in clinical trial related costs and savings made in
general and administration spend
- Reduced net cash used in operating activities of GBP2.1
million (H1 2022: GBP4.3 million). This reduction being explained
by the reduced costs and the receipt of the R&D tax credit for
FY 2023 in the period (in the previous year the R&D tax credit
was received in the second half of the year)
- Cash, cash equivalents and bank deposits at 30 September 2023
of GBP5.1 million (31 March 2023: GBP7.2 million)
OPERATIONAL HIGHLIGHTS
- During the period, the Company has been focussing on
generating in vivo data to validate the CustomEX(TM) platform. In
September we announced that the Company had successfully generated
data demonstrating distinct organ and cellular targeting
capabilities of its exosomes
- Today, it was announced that the Group will be presenting the
data that formed the basis of that announcement, namely:
o confirmation in vitro and in vivo that exosome targeting is
dependent on cell source and selection of a specific exosome
population results in the improved delivery of therapeutic payloads
when compared to a conventional HEK293 exosome approach;
o a specific CustomEX(TM) exosome targets the lymph nodes
(immune system) proportionately more than other exosome types;
o a specific CustomEX(TM) exosome selectively targets the
tubules within the kidney;
o a specific CustomEX(TM) exosome targets the lung following
systemic administration;
o confirmation that therapeutic payloads can be successfully
delivered in vivo using the CustomEX(TM) platform following
systemic administration; and
o no evidence of immune response or toxicity with any of the
exosome candidates, opening up the possible use of CustomEX(TM) for
repeat administration unlike viral vectors.
- These data highlight the significant improvement in targeting
and delivery of payloads that can be achieved through the careful
selection of specific exosomes from different cell sources.
ReNeuron's CustomEX(TM) platform, is a compelling platform that
offers this ability to select the exosome cell type for a partner's
need and the payload / target cell of their choice, while offering
a scalable and repeatable manufacturing process due to its patented
conditional immortalisation technology. This technology was enabled
through the Group's earlier work in producing GMP stem cells
approved by the FDA and MHRA for the clinic from which the Group's
exosomes are now produced.
Enquiries:
ReNeuron www.reneuron.com/investors
Iain Ross, Executive Chairman Via Walbrook PR
John Hawkins, Chief Financial Officer
Allenby Capital Limited (Nominated Adviser
and Broker) +44 (0)20 3328 5656
James Reeve/George Payne/Dan Dearden-Williams
(Corporate Finance)
Stefano Aquilino/Kelly Gardiner (Sales
& Corporate Broking)
Walbrook PR (Media & Investor Relations) +44 (0)20 7933 8780 or reneuron@walbrookpr.com
+44 (0)7980 541 893 / +44 (0)7407
Paul McManus / Alice Woodings 804 654
About ReNeuron
ReNeuron has developed a proprietary stem cell-derived,
exosome-based, drug delivery platform with customisable cellular
targeting capabilities for the delivery of complex drug
modalities.
Through the generation of several unique and scalable exosome
producer cell lines, our CustomEX(TM) platform can be optimised for
specific tissues targets and payloads leading to improvements in
therapeutic outcome and a reduction in off-target effects. ReNeuron
offers a delivery mechanism for a variety of payloads such as
siRNA, mRNA, proteins, small molecules and genes. Through its
conditionally immortalised induced pluripotent stem cell (iPSC)
platform, the Group can make allogeneic tissue cells of choice and
has the potential to produce exosomes with tissue specific
targeting ability.
ReNeuron's shares are traded on the London AIM market under the
symbol RENE.L. For further information visit www.reneuron.com
This announcement contains forward-looking statements with
respect to the financial condition, results of operations and
business achievements/performance of ReNeuron and certain of the
plans and objectives of management of ReNeuron with respect
thereto. These statements may generally, but not always, be
identified by the use of words such as "should", "expects",
"estimates", "believes" or similar expressions. This announcement
also contains forward-looking statements attributed to certain
third parties relating to their estimates regarding the growth of
markets and demand for products. By their nature, forward-looking
statements involve risk and uncertainty because they reflect
ReNeuron's current expectations and assumptions as to future events
and circumstances that may not prove accurate. A number of factors
could cause ReNeuron's actual financial condition, results of
operations and business achievements/performance to differ
materially from the estimates made or implied in such
forward-looking statements and, accordingly, reliance should not be
placed on such statements.
INTERIM RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2023
EXECUTIVE CHAIRMAN'S STATEMENT
In a very uncertain world, the financial markets remain
extremely volatile. Specifically, in the biotech sector many
companies have found themselves coming under increasing financial
pressure and as a result we have seen a number of biotech company
liquidations. ReNeuron faces similar challenges in the current
financial climate but the Board remains positive regarding the
future viability of the business.
The Group ended the period to 30 September 2023 with cash, cash
equivalents and bank deposits of GBP5.1 million with the cash
runway being extended into the start of calendar Q2 2024. The Board
is working diligently to ensure the continued integrity of this
business and is exploring options to allow us to remain financially
viable and to achieve our goal of further developing the
CustomEX(TM) exosome delivery platform and to become a "partner to
the industry".
Nine months ago, we set out to generate critical in vivo data to
support our CustomEX(TM) exosome delivery platform and from an
R&D perspective it has been a very successful period as
evidenced by the data being presented today at the Cell 2023
conference in London. We have delivered on what we set out to
achieve and produced some interesting and unexpected results. On
reviewing the data, one potential large pharma collaborator stated
" Your research is indeed ground-breaking, and it's clear that a
lot of thought and effort has gone into it. We hold your work in
high regard and believe in its potential".
I believe that in CustomEX(TM) we are on our way to developing a
leading-edge platform for the targeted delivery of modern-day
therapies and, provided we continue to have our shareholders
support, we can deliver on the promise of creating a highly
valuable delivery platform and, consequently, a highly valued
business entity.
I would like to thank our team in Pencoed supported by our
third-party collaborators and advisers as we remain committed to
progressing the development of this platform, establishing
meaningful partnerships and funding the business appropriately.
Outlook
The outlook for ReNeuron remains positive provided we can retain
our highly dedicated team of scientists and further develop and
verify the CustomEX(TM) exosome delivery platform and conclude
validating industry partnerships. We aim to do this by a variety of
means including potentially raising more equity financing and/or
securing a financing facility and/or entering into M&A
discussions; none of which have been ruled out at the time of
writing.
Iain Ross
Executive Chairman
FINANCIAL REVIEW
Following the restructure in January 2023, costs continued to be
closely controlled with spend primarily directed towards
progressing the Group's proprietary exosome platform. Total
operating expenses of GBP3.5 million for the six months (H1 2022:
GBP4.7 million) are nearly 30% lower than the same period last
year. As a result, the total comprehensive loss for the period
reduced to GBP2.8 million (H1 2022: GBP3.2 million).
At 30 September 2023, the Group had cash, cash equivalents and
bank deposits of GBP5.1 million with the Group's latest internal
projections (assuming no new revenues or funding) showing a cash
runway to April 2024, ahead of which point further revenues and/or
a capital injection will be required.
Details on the Directors' assessment on going concern is
provided in note 3 to the interim financial statements.
FINANCIAL HIGHLIGHTS Six months Six months Year ended
(GBP'000) ended 30 September ended 30 September 31 March
2023 2022 2023
Cash, cash equivalents & bank
deposits 5,075 10,464 7,153
-------------------- -------------------- -----------
Net cash used in operating
activities 2,101 4,323 7,484
-------------------- -------------------- -----------
Revenue 157 438 530
-------------------- -------------------- -----------
Operating expenses 3,457 4,712 7,645
-------------------- -------------------- -----------
Finance income 91 466 478
-------------------- -------------------- -----------
Total comprehensive loss 2,841 3,176 5,408
-------------------- -------------------- -----------
Revenue and Other Operating Income
In the six months to 30 September 2023, recognised revenues,
which related to partner funded development activities were
GBP106,000 (H1 2022: GBP393,000). Income related to royalty income,
was GBP51,000 (H1 2022: GBP45,000).
Operating expenses
Total operating expenses reduced in the period to GBP3.5 million
(H1 2022: GBP4.7 million).
This reduction in costs followed the restructuring in January
2023. Research and development (R&D) expenditure reduced to
GBP2.2 million (H1 2022: GBP3.0 million) with general and
administrative expenses declining in the period to GBP1.3 million
(H1 2022: GBP1.7 million).
Finance income/expense
Finance income represented income received from the Group's cash
and investments and gains from foreign exchange, with losses from
foreign exchange shown in finance expense.
Finance income was GBP91,000 in the period (H1 2022:
GBP466,000). The prior period included foreign exchange gains of
GBP429,000, whereas in the current period there was a foreign
exchange loss of GBP11,000, included in finance expense, which also
includes lease interest of GBP8,000 (H1 2022: GBP10,000).
The Group holds cash and investments in foreign currencies to
hedge against operational spend in those currencies. The
strengthening of sterling during the period resulted in a decrease
in valuation of the Group's foreign currency balances.
Taxation
The taxation credit for the period of GBP0.4 million primarily
comprised an R&D tax credit (H1 2022: GBP0.6 million). The
amount of the R&D tax credit reduced in line with the reduction
in research and development spend.
Cash flow
Net cash used in operating activities in the period reduced to
GBP2.1 million (H1 2022: GBP4.3 million). This reduction in cash
used reflected the reduction in costs and the receipt of the GBP1.2
million R&D tax credit during the first half of the year (in
the prior year the R&D tax credit of GBP1.5 million was
received in the second half of the year).
The Group had cash, cash equivalents and bank deposits totalling
GBP5.1 million as of 30 September 2023 (31 March 2023: GBP7.2
million).
Statement of financial position
The Company invested in property, plant and equipment in the
prior year and no capital investment was required in the six months
to 30 September 2023. As such the non-current assets reduced in the
period reflecting the depreciation of the existing assets.
Current assets include a corporation tax receivable of GBP0.4
million comprising the amount due from R&D tax credits for the
current period (30 September 2022: GBP2.0 million). This debtor was
lower than 2022 due to the earlier receipt of the tax credit for
the year ended 31 March 2023 and the reduction in research and
development expenditure impacting the current period tax
credit.
Current liabilities primarily comprise trade and other payables
at GBP3.7 million which were GBP2.5 million lower than the same
period last year (30 September 2022: GBP6.2 million) and GBP0.5
million lower than at the year-end (31 March 2023: GBP4.2
million).
Non-current liabilities represented the lease liability relating
to the Company's premises. The lease liability reduced by GBP0.1
million during the period.
John Hawkins
Chief Financial Officer
INTERIM FINANCIAL STATEMENTS
Unaudited Consolidated Statement of Comprehensive Income
for the six months ended 30 September 2023
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2023 2022 2023
Note GBP'000 GBP'000 GBP'000
------------- -------------
Revenue 4 157 438 530
Research and development costs (2,177) (2,986) (4,463)
General and administrative
costs (1,280) (1,726) (3,182)
Operating loss (3,300) (4,274) (7,115)
Finance income 6 91 466 478
Finance expense 7 (19) (10) (20)
-------------------------------- ----- -----------
Loss before income taxes (3,228) (3,818) (6,657)
Taxation 8 387 642 1,249
-------------------------------- ----- -----------
Loss and total comprehensive
loss for the period (2,841) (3,176) (5,408)
-------------------------------- ----- ------------- ------------- -----------
Loss and total comprehensive
loss attributable to equity
owners of the company (2,841) (3,176) (5,408)
-------------------------------- ----- ------------- ------------- -----------
Basic and diluted loss per
ordinary share 9 (5.0p) (5.6p) (9.5p)
-------------------------------- ----- ------------- ------------- -----------
Unaudited Consolidated Statement of Financial Position
as at 30 September 2023
30 September 30 September 31 March
2023 2022 2023
Note GBP'000 GBP'000 GBP'000
------------------------------- ----- ------------- ------------- ----------
Assets
Non-current assets
Property, plant and equipment 258 354 338
Right-of-use asset 10 234 331 283
Intangible assets 186 186 186
----------
678 871 807
------------------------------- ----- ------------- ------------- ----------
Current assets
Trade and other receivables 317 456 500
Corporation tax receivable 353 2,036 1,185
Investments - bank deposits - 1,000 1,000
Cash and cash equivalents 5,075 9,464 6,153
----------
5,745 12,956 8,838
------------- ------------- ----------
Total assets 6,423 13.827 9,645
------------------------------- ----- ------------- ------------- ----------
Equity
Equity attributable to owners
of the company
Share capital 11 572 571 572
Share premium account 11 113,925 113,925 113,925
Capital redemption reserve 40,294 40,294 40,294
Merger reserve 2,223 2,223 2,223
Accumulated losses (154,593) (149,931) (151,957)
Total equity 2,421 7,082 5,057
------------------------------- ----- ------------- ------------- ----------
Liabilities
Current Liabilities
Trade and other payables 3,657 6,249 4,167
Lease liabilities 156 151 153
3,813 6,400 4,320
------------------------------- ----- ------------- ------------- ----------
Non-current liabilities
Lease liabilities 189 345 268
189 345 268
------------------------------- ----- ------------- ------------- ----------
Total liabilities 4,002 6,745 4,588
Total equity and liabilities 6,423 13,827 9,645
------------------------------- ----- ------------- ------------- ----------
Unaudited Consolidated Statement of Changes in Equity
for the six months ended 30 September 2023
Share Capital
Share premium redemption Merger Accumulated Total
capital account reserve reserve losses Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- ----------- -------- ------------ --------
As at 1 April 2022 571 113,925 40,294 2,223 (147,125) 9,888
Credit on share-based
payment - - - - 370 370
Loss and total comprehensive
loss for the period - - - - (3,176) (3,176)
As at 30 September
2022 571 113,925 40,294 2,223 (149,931) 7,082
Exercise of employee
share options 1 - - - - 1
Credit on share-based
payment - - - - 206 206
Loss and total comprehensive
loss for the period - - - - (2,232) (2,232)
As at 31 March 2023 572 113,925 40,294 2,223 (151,957) 5,057
Credit on share-based
payment - - - - 205 205
Loss and total comprehensive
loss for the period - - - - (2,841) (2,841)
As at 30 September
2023 572 113,925 40,294 2,223 (154,593) 2,421
------------------------------ -------- -------- ----------- -------- ------------ --------
Unaudited Consolidated Statement of Cash Flows
for the six months ended 30 September 2023
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2023 2022 2023
Note GBP'000 GBP'000 GBP'000
--------------------------------- ----- ------------- ------------- -----------
Cash flows from operating
activities
Cash used in operations 12 (3,312) (4,310) (8,920)
Overseas taxes paid (16) (3) (5)
Income tax credit received 1,235 - 1,461
Interest paid (8) (10) (20)
-----------
Net cash used in operating
activities (2,101) (4,323) (7,484)
Cash flows from investing
activities
Capital expenditure - (156) (220)
Bank deposit matured 1,000 4,000 4,000
Interest received 110 32 131
------------- ------------- -----------
Net cash generated by investing
activities 1,110 3,876 3,911
Cash flows from financing
activities
Proceeds from the issue of
ordinary shares - - 1
Principal element of lease
payments (76) (66) (148)
Net cash used in financing
activities (76) (66) (147)
--------------------------------- ----- ------------- ------------- -----------
Net decrease in cash and
cash equivalents 13 (1,067) (513) (3,720)
Effect of foreign exchange
rates (11) 429 325
Cash and cash equivalents
at the start of period 6,153 9,548 9,548
Cash and cash equivalents
at the end of period 14 5,075 9,464 6,153
--------------------------------- ----- ------------- ------------- -----------
Notes to the Interim Financial Statements
for the six months ended 30 September 2023
1. General information and basis of preparation
ReNeuron Group plc is an AIM listed company incorporated and
domiciled in the United Kingdom under the Companies Act 2006. The
Company's registered office and its principal place of business is
Pencoed Business Park, Pencoed, Bridgend CF35 5HY. Its shares are
listed on the Alternative Investment Market ("AIM") of the London
Stock Exchange.
These Interim Financial Statements were prepared by the
Directors and approved for issue on 8 November 2023. They have not
been audited.
These Interim Financial Statements do not comprise statutory
accounts within the meaning of section 434 of the Companies Act
2006. Statutory accounts for the year ended 31 March 2023 were
approved by the Board of Directors on 15 June 2023 and delivered to
the Registrar of Companies. The report of the auditors on those
accounts was unqualified and did not contain statements under 498
(2) or (3) of the Companies Act 2006. The auditor's report did
however contain an emphasis of matter regarding a material
uncertainty related to going concern.
As permitted, these Interim Financial Statements have been
prepared in accordance with UK AIM rules and with International
Accounting Standard 34 "Interim financial reporting". They should
be read in conjunction with the Annual Financial Statements for the
year ended 31 March 2023, which have been prepared in accordance
with UK adopted International Accounting Standards (IFRS) and the
applicable legal requirements of the Companies Act 2006.
2. Accounting policies
The accounting policies applied are consistent with those of the
Annual Financial Statements for the year ended 31 March 2023, as
described in those Annual Financial Statements. Where new standards
or amendments to existing standards have become effective during
the year, there has been no material impact on the net assets or
results of the Group.
3. Going concern
The operations of the Group are currently being financed from
funds that have been raised from share placings, commercial
partnerships and grants.
The goal of the Group is to achieve the commercial validation of
the CustomEx(TM) platform by generating in vivo data aimed at
differentiating the platform from that of its competitors. As
previously reported, the Group has been successful in generating
such data and the group is now further broadening its capabilities
with a focus on the functional delivery of specific payloads.
The Directors continue to seek opportunities to secure further
revenues/funding sufficient for the short to medium term future
needs of the business and the current favourable in vivo data
should enhance those opportunities. Considerable emphasis is placed
on communication with shareholders, potential investors and other
commercial organisations in order to maximise the chances of
success in exploiting these opportunities.
In January 2023, the Group undertook a restructuring of the
business with the underlying cost base reduced and resources
re-aligned to meet the immediate needs of the business. Based on
the Directors' assessment, the current cash runway is forecast to
extend until April 2024, ahead of which point further revenues
and/or a capital injection will be required.
Based on the internal forecasts prepared and various options
being explored and considered by the Board, the Directors consider
it appropriate to continue to adopt the going concern basis in the
preparation of these interim results. However, there is no
guarantee that attempts to secure adequate cash inflows from the
Group's exosome platform and IP or through equity fund raising
within the timescales stated above will be successful. These
conditions indicate the existence of a material uncertainty, which
may cast significant doubt about the Group's ability to continue as
a going concern. These unaudited interim financial statements do
not include the adjustments that would result if the Group and
Company were unable to continue as a going concern.
4. Revenue
Six months Six months
Ended Ended Year ended
30 September 30 September 31 March
2023 2022 2023
GBP'000 GBP'000 GBP'000
Royalty income 51 45 136
Income associated with development
activities 106 393 394
----------------------------------- ------------ ------------- -----------
157 438 530
----------------------------------- ------------ ------------- -----------
Royalty income is derived from the licensed sale of the Group's
products to customers in the USA.
Income associated with development activities relates to fees
received under research agreements and is generated in the United
Kingdom, the USA, the People's Republic of China and South East
Asia.
5. Segment information
The Group has identified the Executive Chairman as the Chief
Operating Decision Maker (CODM). The CODM manages the business as
one segment, the development of stem cell derived exosome
technologies. Since this is the only reporting segment, no further
information is included. The information used internally by the
CODM is the same as that disclosed in the Interim Financial
Statements. Revenue is analysed in note 4 above.
6. Finance income
Six months Six months
Ended Ended Year ended
30 September 30 September 31 March
2023 2022 2023
GBP'000 GBP'000 GBP'000
----------------------- ------------ ------------- ----------
Interest received 91 37 153
Foreign exchange gains - 429 325
----------------------- ------------ ------------- ----------
91 466 478
----------------------- ------------ ------------- ----------
7. Finance expense
Six months Six months
Ended Ended Year ended
30 September 30 September 31 March
2023 2022 2023
GBP'000 GBP'000 GBP'000
----------------------------------- ------------ ------------- ----------
Lease interest 8 10 20
----------------------------------- ------------ ------------- ----------
Foreign exchange losses 11 - -
----------------------------------- ------------ ------------- ----------
19 10 20
----------------------------------- ------------ ------------- ----------
8. Taxation
Six months Six months
Ended Ended Year ended
30 September 30 September 31 March
2023 2022 2023
GBP'000 GBP'000 GBP'000
-------------------------------- ------------ ------------- ----------
R & D tax credit 353 644 1,185
Overseas taxation (16) (2) (5)
Adjustments in respect of prior
years 50 - 69
387 642 1,249
-------------------------------- ------------ ------------- ----------
9. Basic and diluted loss per share
The basic and diluted loss per share is calculated by dividing
the loss for the financial period of GBP2,841,000 (September 2022:
GBP3,176,000, March 2023: GBP5,408,000) by 57,173,760 shares
(September 2022: 57,090,147 and March 2023: 57,125,960 shares),
being the weighted average number of ordinary 1p shares in issue
during the period. Potential ordinary shares are not treated as
dilutive as the entity is loss-making.
10. Right-of-use-asset
30 September 30 September 31 March
2023 2022 2023
GBP'000 GBP'000 GBP'000
--------------------------- ------------ ------------- ---------
At beginning of the period 283 373 373
Additions - 7 7
Depreciation charge (49) (49) (97)
At end of the period 234 331 283
--------------------------- ------------ ------------- ---------
The net book value of the underlying assets is as follows:
30 September 30 September 31 March
2023 2022 2023
GBP'000 GBP'000 GBP'000
------------------------------ ------------ ------------- ---------
Land and buildings 230 325 278
Computer and office equipment 4 6 5
At end of the period 234 331 283
------------------------------ ------------ ------------- ---------
11. Share capital and share premium
Number Share Share premium Total
of shares capital
GBP'000 GBP'000 GBP'000
---------------------------- ---------- --------- ------------- -------
As at 30 September 2022 57,063,623 571 113,925 114,496
Issue of new shares - share
options exercised 82,270 1 - 1
---------------------------- --------- ------------- -------
As at 31 March 2023 57,145,893 572 113,925 114,497
Issue of new shares - share
options exercised 27,867 - - -
As at 30 September 2023 57,145,893 572 113,925 114,497
---------------------------- ---------- --------- ------------- -------
12. Cash used in operations
Six months Six months
Ended Ended Year ended
30 September 30 September 31 March
2023 2022 2023
GBP'000 GBP'000 GBP'000
-------------------------------------- ------------ ------------- -----------
Loss before income tax (3,228) (3,818) (6,657)
Adjustment for:
Finance income (91) (466) (478)
Finance expense 19 10 20
Depreciation of property, plant and
equipment 80 83 170
Depreciation of right-of-use asset 49 49 97
Share-based payment charges 205 370 576
Changes in working capital:
Receivables 163 87 58
Payables (509) (625) (2,706)
-------------------------------------- ------------ ------------- -----------
Cash used in operations (3,312) (4,310) (8,920)
-------------------------------------- ------------ ------------- -----------
13. Reconciliation of net cash flow to movement in net debt
Six months Six months
Ended Ended Year ended
30 September 30 September 31 March
2023 2022 2023
GBP'000 GBP'000 GBP'000
----------------------------------------------- ------------ ------------- -----------
Decrease in cash and cash equivalents (1,067) (513) (3,720)
Effect of foreign exchange rates (11) 429 325
Cash inflow from increase in lease liabilities - (7) (7)
Lease repayments 84 83 168
Lease interest (8) (10) (20)
Net funds at start of period 5,732 8,986 8,986
Net funds at end of period 4,730 8,968 5,732
----------------------------------------------- ------------ ------------- -----------
14. Analysis of net funds
Six months Six months
Ended Ended Year ended
30 September 30 September 31 March
2023 2022 2023
GBP'000 GBP'000 GBP'000
-------------------------- ------------ ------------- -----------
Cash and cash equivalents 5,075 9,464 6,153
Lease liabilities (345) (496) (421)
Net funds 4,730 8,968 5,732
-------------------------- ------------ ------------- -----------
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