11 December 2024
RUA Life Sciences
plc
("RUA Life Sciences", the
"Company" or the "Group")
Interim
Results
RUA Life Sciences, the holding
company of a group of medical device businesses focused on the
exploitation of the world's leading long-term implantable biostable
polymer (Elast-EonTM), today announces its unaudited interim results for the six
months ended 30 September 2024.
Highlights:
· Revenue increased 92% to £1,524k (H1 FY2024: £794k)
· Strong
Gross profit margin growing from 78% to 83%
· Strategic purchase of Abiss - £1.1m assets purchased for
£68k
· Profit
before taxation - £631k (H1 FY2024: Loss
£1,396k)
·
Cash burn over half year significantly
reduced
·
Cash balance £3,779k (30 September 2023: £493k, 31
March 2024: £3,931k)
Geoff Berg, Chairman of RUA
Life Sciences, commented:
"The focus
of management has been to maximise revenue from Contract
Manufacturing, reduce costs and secure deals for longer term
growth. Success has been demonstrated in each of these areas which
together with the Abiss purchase has resulted in a profit being
reported for the period, marking a significant
milestone."
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the UK version of the EU
Market Abuse Regulation (2014/596), which is part
of UK law by virtue of the European
Union (Withdrawal) Act 2018, as amended and supplemented from
time to time.
For
further information contact:
RUA
Life Sciences
Tel: +44 (0)1294 317073
Geoffrey Berg, Non-Executive
Chairman
Bill Brown, Chief
Executive
Lachlan Smith, Group Chief Financial
Officer
Cavendish Capital Markets Limited
(Nominated Adviser and Broker)
Tel:
+44 (0)20 7220 0500
Giles Balleny/Dan Hodkinson
(Corporate
Finance)
Charlie Combe (Broking)
Michael Johnson (Sales)
About RUA Life Sciences
RUA Life Sciences plc is the
ultimate parent company of the Group, whose principal activities
comprise exploiting the value of its IP
& know-how, medical device contract manufacturing and
development of medical devices.
CHAIRMAN'S STATEMENT
At this time last year, the company
outlined a strategy focused on achieving short-term profitability
by expanding contract manufacturing and leveraging the
commercialising of R&D efforts undertaken in recent years. I am
pleased to report good progress towards this goal during the six
months ended 30 September 2024 (the "period"), along with the
establishment of strong foundations for future growth.
On 6 September 2024, the Group
completed the strategic acquisition of the Abiss Group, a medical
device manufacturer based in France, with a subsidiary in Poland
specialising in the distribution of medical devices. The results
presented include the consolidation of the Abiss group from the
date of acquisition.
Taking into account the progress
made on delivering on strategy and the initial benefits of the
strategic acquisition of Abiss, it is pleasing to be able to report
a consolidated profit of £636,000 for the period.
Unaudited interim results for the six months to 30 September
2024
Consolidated revenues for the Group
increased 92% from £794k to £1,524k in the period. Of the revenues
achieved, £238k (H1 2023 £199k) was represented by the Group's
Biomaterials business, which enjoyed year-on-year growth of 20%.
Other revenues delivered from the sale of Medical Devices and
Components increased 116% from £595k to £1,286k in the
period.
It is recognised that revenues in
the comparative period were adversely affected by delays in
shipments which were recovered in the second half of the year. A
more appropriate comparator is the average revenues across each of
the two half years in FY24 of £840k. Against this more challenging
comparator, revenue growth from the Sale of Medical Devices and
Components was 53% including the benefit of the Abiss group or 47%
on a like-for-like basis.
Gross Profit margins continued to
improve from the 78% achieved in the first half of FY24 and 81%
over FY24, to 83% in the period. The gross profit margin achieved
from Medical Devices and Components was 80% in the period compared
to 76% in the comparative period.
Administrative expenses were reduced
by £326k (16%) from £2,020k (H1 24) to £1,694k in the first half of
the current year. The like-for-like reduction in costs (excluding
Abiss) was £375k.
Included in other income for the
period is the initial bargain purchase gain from the acquisition of
the Abiss group. The profit on acquisition is £1,062,000,
representing the excess of the book value of assets acquired over
the purchase price of £68,000. An exercise to calculate the fair
value of assets purchased, including any intangible assets
identifiable, is currently being undertaken, and the final
acquisition accounting adjustments will be included in the second
interim period to 31 March 2025. As plant, machinery and other
fixed assets utilised in the business have a current written down
value of only £23k compared to the original cost of £730k, it is
anticipated that a further bargain purchase gain will be recognised
at the second interim period to 31 March 2025.
Balance Sheet Strengthened
The Group's drive to profitability,
together with the Abiss acquisition has had a positive impact on
the balance sheet of the Group. Cash at 30 September amounted to
£3,779k, a net reduction of only £152k over the period compared to
reductions of £523k (excluding proceeds of the equity issue) in the
second half of FY24 and £976k in the comparative period. Total
Assets increased £1,637k over the period with the £833k increase in
liabilities (attributable to the acquisition of Abiss group)
resulting in a net increase in equity of £682k from £7,182k to
£7,864k over the period.
RUA
Vascular and Structural Heart
The objectives for RUA Vascular and
Structural Heart are to find alternative ways to fund the remaining
regulatory pathway for the polymer sealed graft products and to
introduce the Group's heart valve leaflet material
(AurTexTM) to the wider industry as a realistic
alternative to animal tissue in heart valves.
As noted in the trading update of 30
October 2024, while the AurTex materials tested under
the Company's Material Transfer Agreement ("MTA") with a
heart valve company successfully met all the expected results for
the tests undertaken, at this point, it is not expected to lead to
a commercial agreement due to current priorities of the Company's
MTA partner. Notwithstanding this, the results of the MTA
have confirmed the management's belief in the potential for
AurTex.
The team working on the vascular
project has continued to make good progress with significant
improvements made in the handling of the graft to address feedback
from potential partners.
Several opportunities are being
pursued for each of the Vascular and Structural Heart businesses,
and further updates will be made as appropriate.
Abiss Acquisition
RUA was introduced to the Abiss
Group ("Abiss") by our major customer around a year ago. The former
parent company of Abiss had been placed into liquidation by the
French Courts, and our customer was motivated to ensure a seamless
continuity in the supply of products and devices supplied to it by
Abiss. The Abiss Group comprises two European businesses: Abiss
France and Abiss Poland. Abiss France is a CE mark holder of a
number of medical devices and is a licensor and subcontract
manufacturer of devices. Abiss Poland is a 60% subsidiary of Abiss
France and is a distributor of gynaecological and urology devices
into hospitals. In Poland, Abiss holds a market-leading position in
Stress Urinary Incontinence (SUI) and pelvic floor repair. Around
70% of the revenues generated by Abiss France were dependent upon
sales to the major customer.
Having reviewed the future product
demand from the major customer and satisfied ourselves on any
product liability issues, RUA agreed to participate in a formal
auction process to acquire the entire issued share capital of Abiss
France. The Abiss group was sold as a going concern. Although
financial information was made available by Abiss, detailed
financial due diligence was not possible nor were any warranties on
the purchase available from the French courts. However, the strong
relationship that RUA has with its customer provided it with
significant comfort on matters which might be perceived as risks by
other bidding parties. As a result, RUA's offer of €80,000 for the
share capital of Abiss France was the highest bid and was accepted
by the French courts with the purchase completing on 6 September
2024.
Strategic Integration
There are many similarities between
Abiss and RUA's Contract Manufacturing business unit, not least the
customer relationship. Going forward, it is anticipated that Abiss
will be reported as part of the expanded Medical Devices and
Components business unit. The acquisition has enabled us to achieve
our stated objective of doubling the scale of this business unit,
with many other opportunities for further growth. The acquisition
of Abiss came with a €900k order backlog due to a shortage of
packaging materials, and the short-term priority has been to catch
up with those orders, which are expected to be completed in the
second interim period. The objective for the enlarged business unit
and Abiss specifically is to grow revenues through broadening the
product range offered to the division's largest customer. RUA has
held unexploited IP related to integrating Elast-EonTM
into SUI devices to address the complications occasionally suffered
by patients.
Change of accounting reference date
The Group announced on 30 October
2024, that it will be changing its accounting reference date and
financial year end from 31 March to 30 September. Going forward,
interim and annual accounts will be prepared and published for the
six months ending 31 March and the twelve months ending 30
September, respectively.
The Company has changed its
financial year end to better guide business planning and
international business unit assimilation.
As a result of this change, the
Company's future reporting calendar is expected to be as
follows:
· Publication of unaudited accounts for the 12-month period
ending 31 March 2025 in mid-June 2025.
·
Publication of audited accounts
for the 18-month period ending 30 September 2025 by end of January
2026.
·
Publication of unaudited
interim accounts for the six-month period ending 31 March 2026 in
mid-June 2026; and
· Publication of audited accounts for the 12-month period ending
30 September 2026 by the end of January 2027.
Conclusion and Outlook
The focus of management has been to
maximise revenue from Contract Manufacture, reduce costs and secure
deals for longer term growth. Success has been demonstrated in each
of these areas which together with the Abiss purchase has resulted
in a profit being reported for the period, marking a significant
milestone.
The Group's development is centred
on two key platforms: leveraging its intellectual property (IP) and
advancing subcontract development and manufacturing of medical
devices. Recent priorities have focused on strengthening the solid
financial foundation established through last year's equity
fundraise by elevating Contract Manufacturing to the next
level.
The targets for the Group's graft IP
and AurTex are to commercialise the investment made to date to
license the Group's IP and to generate revenues through the
manufacture of devices and components based on the Group's graft
and AurTex technology.
Geoff Berg, Chairman
10 December 2024
CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR
LOSS
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
Note
|
Six months to 30 Sep
2024
GB£000
|
|
Six months to 30 Sep
2023
GB£000
|
|
Twelve months to 31 Mar
2024
GB£000
|
Revenue
|
3
|
1,524
|
|
794
|
|
2,191
|
Cost of sales
|
|
(255)
|
|
(178)
|
|
(415)
|
Gross profit
|
|
1,269
|
|
616
|
|
1,776
|
Other income
|
4
|
1,090
|
|
44
|
|
79
|
Administrative expenses
|
|
(1,694)
|
|
(2,020)
|
|
(3,792)
|
Operating Profit / (loss)
|
|
665
|
|
(1,360)
|
|
(1,937)
|
Net finance expense
|
|
(34)
|
|
(36)
|
|
(83)
|
Profit / (Loss) before taxation
|
|
631
|
|
(1,396)
|
|
(2,020)
|
Taxation (received) /
charge
|
|
(5)
|
|
386
|
|
580
|
Profit / (Loss) for the period
|
|
636
|
|
(1,010)
|
|
(1,440)
|
|
|
|
|
|
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
Currency translation
differences
|
|
(2)
|
|
-
|
|
-
|
Total comprehensive income for the
period
|
|
634
|
|
(1,010)
|
|
(1,440)
|
|
|
|
|
|
|
|
Total comprehensive income for the
period is attributable to:
|
|
|
|
|
|
|
Equity holders of the
parent
|
|
632
|
|
(1,010)
|
|
(1,440)
|
Non-controlling interests
|
|
2
|
|
-
|
|
-
|
|
|
634
|
|
(1,010)
|
|
(1,440)
|
Profit / (Loss) per
share:
|
|
|
|
|
|
|
Basic & Diluted (GB Pence per
share)
|
|
1.03
|
|
(4.55)
|
|
(4.29)
|
CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
Note
|
30 Sep 2024
GB£000
|
|
30 Sep 2023
GB£000
|
|
31 Mar 2024
GB£000
|
Assets
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Goodwill
|
5
|
301
|
|
301
|
|
301
|
Other intangible assets
|
6
|
569
|
|
445
|
|
419
|
Property, plant and
equipment
|
7
|
3,028
|
|
2,621
|
|
2,456
|
Total non-currents assets
|
|
3,898
|
|
3,367
|
|
3,176
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Inventories
|
8
|
1,112
|
|
139
|
|
112
|
Trade and other
receivables
|
9
|
1,017
|
|
755
|
|
950
|
Cash and cash equivalents
|
10
|
3,779
|
|
493
|
|
3,931
|
Total current assets
|
|
5,908
|
|
1,387
|
|
4,993
|
|
|
|
|
|
|
|
Total assets
|
|
9,806
|
|
4,754
|
|
8,169
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Issued capital
|
|
3,103
|
|
1,109
|
|
3,103
|
Share premium
|
|
13,709
|
|
11,729
|
|
13,709
|
Capital redemption
reserve
|
|
11,840
|
|
11,840
|
|
11,840
|
Reserves
|
|
(1,438)
|
|
(1,389)
|
|
(1,485)
|
Profit and loss account
|
|
(19,351)
|
|
(19,555)
|
|
(19,985)
|
Total equity attributable to equity holders of the parent
company
|
|
7,864
|
|
3,734
|
|
7,182
|
Non-controlling interests
|
|
123
|
|
-
|
|
-
|
Total Equity
|
|
7,986
|
|
3,734
|
|
7,182
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
Borrowings
|
11
|
70
|
|
150
|
|
132
|
Lease liabilities
|
11
|
696
|
|
169
|
|
140
|
Deferred tax
|
|
69
|
|
80
|
|
74
|
Other Liabilities
|
|
72
|
|
101
|
|
87
|
Total non-current liabilities
|
|
907
|
|
500
|
|
433
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Borrowings
|
11
|
247
|
|
29
|
|
31
|
Lease liabilities
|
11
|
163
|
|
97
|
|
86
|
Trade and other payables
|
12
|
474
|
|
354
|
|
408
|
Other liabilities
|
|
29
|
|
40
|
|
29
|
Total current liabilities
|
|
913
|
|
520
|
|
554
|
|
|
|
|
|
|
|
Total liabilities
|
|
1,820
|
|
1,020
|
|
987
|
|
|
|
|
|
|
|
Total equity and liabilities
|
|
9,806
|
|
4,754
|
|
8,169
|
CONDENSED INTERIM CONSOLIDATED CASH FLOW
STATEMENT
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
Six months
to
|
|
Six months
to
|
|
Twelve months
to
|
|
30 Sep 2024
|
|
30 Sep 2023
|
|
31 March
2024
|
|
GB£000
|
|
GB£000
|
|
GB£000
|
Cash flows from operating activities:
|
|
|
|
|
|
Group Profit / (Loss) after
tax
|
636
|
|
(1,010)
|
|
(1,440)
|
Adjustments for:
|
|
|
|
|
|
Gain on bargain purchase
|
(1,062)
|
|
-
|
|
-
|
Amortisation of intangible
assets
|
36
|
|
25
|
|
51
|
Depreciation of property, plant and
equipment
|
142
|
|
160
|
|
313
|
Share-based payments
|
49
|
|
61
|
|
(35)
|
Net finance costs
|
34
|
|
36
|
|
83
|
Tax credit in year
|
-
|
|
(381)
|
|
(580)
|
(Increase)/decrease in trade and
other receivables
|
219
|
|
214
|
|
(362)
|
(Increase)/decrease in
inventories
|
(34)
|
|
(58)
|
|
(31)
|
Taxation received
|
(5)
|
|
(5)
|
|
569
|
(Increase)/decrease in trade and
other payables
|
(238)
|
|
75
|
|
104
|
Net
cash flow from operating activities
|
(223)
|
|
(883)
|
|
(1,328)
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
Purchase of property plant and
equipment
|
(35)
|
|
(42)
|
|
(55)
|
Proceeds from disposal of tangible
assets
|
-
|
|
-
|
|
25
|
Acquisition of subsidiary (net of
cash acquired)
|
208
|
|
-
|
|
-
|
Interest paid
|
(19)
|
|
(21)
|
|
(55)
|
Interest received
|
23
|
|
-
|
|
-
|
Net
cash flow from investing activities
|
177
|
|
(63)
|
|
(85)
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
Proceeds from borrowing
|
8
|
|
33
|
|
7
|
Repayment of borrowings and leasing
liabilities
|
(71)
|
|
(63)
|
|
(93)
|
Proceeds from share issue
|
|
|
|
|
3,974
|
Net
cash flow from financing activities
|
(63)
|
|
(30)
|
|
3,888
|
|
|
|
|
|
|
Net
increase / (decrease) in cash and cash
equivalents
|
(109)
|
|
(976)
|
|
2,475
|
Cash and cash equivalents at
beginning of year
|
3,931
|
|
1,484
|
|
1,484
|
Effect of foreign exchange rate
changes
|
(43)
|
|
(15)
|
|
(28)
|
Cash and cash equivalents at end of the
period
|
3,779
|
|
493
|
|
3,931
|
|
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
|
|
|
|
|
|
|
|
|
Issued Share
capital
|
Share
premium
|
Capital Redemption
Reserve
|
Other
reserve
|
Translation
Reserve
|
Non- Controlling
Interest
|
Profit and loss
account
|
Total
equity
|
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
Balance at 31 March 2023
|
1,109
|
11,729
|
11,840
|
(1,450)
|
-
|
-
|
(18,545)
|
4,683
|
Share based payments
|
-
|
-
|
-
|
61
|
-
|
-
|
-
|
61
|
Transactions with owners
|
-
|
-
|
-
|
61
|
-
|
-
|
-
|
61
|
Total comprehensive income for the
period
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,010)
|
(1,010)
|
Balance at 30 September 2023
|
1,109
|
11,729
|
11,840
|
(1,389)
|
-
|
-
|
(19,555)
|
3,734
|
Shares Issued (Net of
Expenses)
|
1,994
|
1,980
|
|
-
|
-
|
-
|
-
|
3,939
|
Share based payments
|
-
|
-
|
-
|
(96)
|
-
|
-
|
-
|
(35)
|
Transactions with owners
|
-
|
-
|
-
|
(96)
|
-
|
-
|
-
|
(35)
|
Total comprehensive income for the
period
|
-
|
-
|
-
|
-
|
-
|
-
|
(430)
|
(430)
|
Balance at 31 March 2024
|
3,103
|
13,709
|
11,840
|
(1,485)
|
-
|
-
|
(19,985)
|
7,182
|
Share based payments
|
-
|
-
|
-
|
49
|
|
|
-
|
49
|
Transactions with owners
|
-
|
-
|
-
|
49
|
-
|
-
|
-
|
49
|
Adjustment to NCI from foreign
entity acquisition
|
-
|
-
|
-
|
-
|
-
|
121
|
-
|
121
|
Total comprehensive income for the
period
|
-
|
-
|
-
|
-
|
(2)
|
2
|
634
|
634
|
Balance at 30 September 2024
|
3,103
|
13,709
|
11,840
|
(1,436)
|
(2)
|
123
|
(19,351)
|
7,986
|
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
1. Reporting
entity
The interim consolidated financial
statements cover the consolidated entity RUA Life Sciences plc and
the entities it controlled at the end of, or during, the interim
period to 30 September 2024 ("the Group").
RUA Life Sciences plc ("the
Company") is a public limited company and is domiciled and
incorporated in Scotland with number SC170071. The Company is listed on the AIM market of the London Stock
Exchange (ticker: RUA, ISIN: GB0033360586)
The registered office is
c/o Davidson Chalmers Stewart
LLP
163 Bath Street
Glasgow
G2 4SQ.
RUA Life Sciences plc is the
ultimate parent company of the Group, whose principal activities are contract design and manufacture of
medical devices and exploiting the value of its IP and
know-how.
2. Basis of
preparation
These condensed consolidated interim
financial statements are for the six months ended 30 September 2024
and have been prepared with regard to the requirements of IAS 34 on
"Interim Financial Reporting". They do not include all of the
information required for full financial statements and should be
read in conjunction with the audited consolidated financial
statements of the Group for the year ended 31 March
2024.
The financial information for the
six months ended 30 September 2024 and the comparative figures for
the six months ended 30 September 2023 are unaudited. They
have been prepared on the basis of the accounting policies set out
in the consolidated financial statements of the Group for the year
ended 31 March 2024 and, on the recognition, and measurement
principles of IFRS in issue as effective at
30 September 2024. The accounting policies have been
applied consistently throughout the Group for the purposes of
preparation of these condensed consolidated interim financial
statements.
The figures for the year ended 31
March 2024 have been extracted from the audited statutory accounts
which were approved by the Board of Directors on 23 July 2024,
prepared under IFRS. The Independent Auditor's Report on the Report
and Financial Statements for the year ended 31 March 2023 was
unqualified but did draw attention to Note 1 of those financial
statements which explains that the Group and Parent Company's
ability to continue as a going concern is dependent on the
execution of its business plan together with its ability to raise
sufficient capital to meet capital and liquidity requirements.
The auditors report did not contain any statements under
sections 498(2) or 498(3) of the Companies Act 2006.
The financial information is
presented in pounds Sterling which is the functional and
presentational currency of the Company. Balances are rounded to the
nearest thousand (£'000) except where otherwise
indicated.
The Interim Financial Statements were approved by
the Board of Directors on 10 December 2024.
Going concern
The Directors have considered the applicability of
the going concern basis in the preparation of the financial
statements. This included the review of financial results, internal
budgets and cash flow forecasts for the period of at least
12-months following the date of approval of these interim financial
statements (the "Going Concern Period").
In assessing whether the going concern assumption is
appropriate, the directors have considered the Group's existing
working capital and are of the opinion that the Group has adequate
resources to undertake its planned program of activities for the 12
months from the date of approval of these financial statements.
Principal Risks and Uncertainties
The principal risks and
uncertainties affecting the business activities of the Group remain
those detailed on pages 22-24 of the Annual Report 2024, a
copy of which is available on the Company's website
www.rualifesciences.com
Profit/(Loss) per share
Profit/(Loss) per share has been
calculated on the basis of the result for the period after tax,
divided by the weighted average number of ordinary shares in issue
in the period of 62,060,272. (30 September 2023: 22,184,798
and 31 March 2024: 33,546,577).
3. BUSINESS SEGMENTS AND REVENUE
ANALYSIS
The principal activity of the RUA
Life Sciences Group comprises exploiting the value of its IP &
know-how, medical device manufacturing and development of
cardiovascular devices.
Following the acquisition of the
ABISS Group on 6th September 2024 and an internal
organisation and reporting review, the Board has decided to rename
the business segment Contract Manufacturing to Medical Devices and
Components to more accurately describe it. This change incorporates
revenues generated from contract manufacturing of medical devices,
manufacturing and sale & distribution of medical devices into a
single reporting segment. This change is consistent with both how
the business will be managed and be reported internally in the
future. The following analysis by segment
is presented in accordance with IFRS 8 on the basis of those
segments whose operating results are regularly reviewed by the
Chief Operating Decision Maker (considered to be the Chief
Executive Officer) to assess performance and make strategic
decisions about the allocation of resources. Segmental results are
calculated on an IFRS basis.
A brief description of the segments
of the business is as follows:
· Biomaterials - Licensor of Elast-EonTM polymers to
the medical device industry.
· Medical Devices and
Components - End-to-end contract developer, manufacturer, and
seller of medical devices and implantable fabric
specialist.
· Vascular -
Development and commercialisation of the Group's Elast-Eon sealed
Vascular Graft products.
· Structural Heart - Development of the Group's Elast-Eon
composite heart valve material AurTexTM.
Operating results which cannot be
allocated to an individual segment are recorded as central and
unallocated.
Segment revenue represents revenue
from external customers arising from sale of goods and services.
Segment results, assets and liabilities include items directly
attributable to a segment as well as those that can be allocated on
a reasonable basis.
The Group's revenue from continuing
operations to destinations outside the UK amounted to 100% (6
months to 30 September 2023: 100%; year to 31 March 2024: 100%).
The revenue analysis below is based on the country of registration
of the customer:
Analysis of revenue by
geographical location
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
Six months to 30 Sep
2024
GB£000
|
|
Six months to 30 Sep
2023
GB£000
|
|
Twelve months to 31 Mar
2024
GB£000
|
Israel
|
28
|
|
26
|
|
50
|
Italy
|
-
|
|
19
|
|
38
|
Switzerland
|
-
|
|
-
|
|
158
|
France
|
6
|
|
-
|
|
-
|
Poland
|
33
|
|
-
|
|
-
|
USA
|
1,457
|
|
749
|
|
1,945
|
Total
|
1,524
|
|
794
|
|
2,191
|
The
Group's revenue for six months to 30 September 2024 is segmented as
follows:
Analysis of revenue by income stream
|
|
|
|
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|
Biomaterials
|
Medical Devices &
Components
|
Vascular
|
Structural
Heart
|
Central and
unallocated
|
Total
|
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
Manufacture and sale of
Medical Devices
|
-
|
1,286
|
-
|
-
|
-
|
1,286
|
Royalty revenue
|
238
|
-
|
-
|
-
|
-
|
238
|
Total
|
238
|
1,286
|
-
|
-
|
-
|
1,524
|
Analysis of revenue by geographical location
|
|
|
|
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|
Biomaterials
|
Medical Devices &
Components
|
Vascular
|
Structural
Heart
|
Central and
unallocated
|
Total
|
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
Israel
|
28
|
-
|
-
|
-
|
-
|
28
|
Italy
|
-
|
-
|
-
|
-
|
-
|
-
|
USA
|
210
|
1,247
|
-
|
-
|
-
|
1,457
|
France
|
-
|
6
|
-
|
-
|
-
|
6
|
Poland
|
-
|
33
|
-
|
-
|
-
|
33
|
Total
|
238
|
1,286
|
-
|
-
|
-
|
1,524
|
The
Group's revenue for six months to 30 September 2023 is segmented as
follows:
Analysis of revenue by income stream
|
|
|
|
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|
Biomaterials
|
Medical Devices &
Components
|
Vascular
|
Structural
Heart
|
Central and
unallocated
|
Total
|
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
Manufacture and sale of
Medical Devices
|
-
|
579
|
16
|
-
|
-
|
595
|
Royalty revenue
|
199
|
-
|
-
|
-
|
-
|
199
|
Total
|
199
|
579
|
16
|
-
|
-
|
794
|
Analysis of revenue by geographical location
|
|
|
|
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|
Biomaterials
|
Medical Devices &
Components
|
Vascular
|
Structural
Heart
|
Central and
unallocated
|
Total
|
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
Israel
|
26
|
-
|
-
|
-
|
-
|
26
|
Italy
|
-
|
19
|
-
|
-
|
-
|
19
|
USA
|
173
|
560
|
16
|
-
|
-
|
749
|
Total
|
199
|
579
|
16
|
-
|
-
|
794
|
The
Group's revenue for 12 months to 31 March 2024 is segmented as
follows:
Analysis of revenue by income stream
|
|
|
|
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|
Biomaterials
|
Medical Devices &
Components
|
Vascular
|
Structural
Heart
|
Central and
unallocated
|
Total
|
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
Manufacture and sale of
Medical Devices
|
-
|
1,679
|
16
|
-
|
-
|
1,695
|
Royalty revenue
|
496
|
-
|
-
|
-
|
-
|
496
|
Total
|
496
|
1,679
|
16
|
-
|
-
|
2,191
|
Analysis of revenue by geographical location
|
|
|
|
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|
Biomaterials
|
Medical Devices &
Components
|
Vascular
|
Structural
Heart
|
Central and
unallocated
|
Total
|
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
Switzerland
|
158
|
-
|
-
|
-
|
-
|
158
|
Israel
|
50
|
-
|
-
|
-
|
-
|
50
|
Italy
|
-
|
38
|
-
|
-
|
-
|
38
|
USA
|
288
|
1,641
|
16
|
-
|
-
|
1,945
|
Total
|
496
|
1,679
|
16
|
-
|
-
|
2,191
|
The
Group's Segmental analysis for six months to 30 September 2024 is
segmented as follows:
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|
Biomaterials
|
Medical Devices &
Components
|
Vascular
|
Structural
Heart
|
Central and
unallocated
|
Total
|
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
Consolidated group revenues from
external customers
|
238
|
1,286
|
-
|
-
|
-
|
1,524
|
Contributions to group operating
loss
|
215
|
703
|
(336)
|
(205)
|
288
|
665
|
Depreciation
|
-
|
57
|
59
|
7
|
19
|
142
|
Amortisation of intangible
assets
|
-
|
32
|
-
|
-
|
4
|
36
|
Segment assets
|
140
|
3,570
|
1,096
|
209
|
4,791
|
9,806
|
Segment liabilities
|
-
|
1,270
|
280
|
9
|
261
|
1,820
|
Intangible assets -
goodwill
|
-
|
301
|
-
|
-
|
-
|
301
|
Other intangible assets
|
-
|
369
|
139
|
-
|
61
|
569
|
Additions to non-current
assets
|
-
|
29
|
2
|
2
|
2
|
35
|
|
|
|
|
|
The
Group's Segmental analysis for six months to 30 September 2023 is
segmented as follows:
|
|
|
|
|
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|
Biomaterials
|
Medical Devices &
Components
|
Vascular
|
Structural
Heart
|
Central and
unallocated
|
Total
|
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
Consolidated group revenues from
external customers
|
199
|
579
|
16
|
-
|
-
|
794
|
Contributions to group operating
loss
|
166
|
305
|
(602)
|
(215)
|
(1,014)
|
(1,360)
|
Depreciation
|
-
|
27
|
99
|
9
|
25
|
160
|
Amortisation of intangible
assets
|
-
|
22
|
-
|
-
|
3
|
25
|
Segment assets
|
103
|
1,329
|
1,225
|
165
|
1,930
|
4,752
|
Segment liabilities
|
-
|
220
|
407
|
19
|
374
|
1,020
|
Intangible assets -
goodwill
|
-
|
301
|
-
|
-
|
-
|
301
|
Other intangible assets
|
-
|
237
|
139
|
-
|
69
|
445
|
Additions to non-current
assets
|
1
|
-
|
3
|
-
|
38
|
42
|
The
Group's Segmental analysis for 12 months to 31 March 2024 is
segmented as follows:
|
|
|
|
|
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|
Biomaterials
|
Medical Devices &
Components
|
Vascular
|
Structural
Heart
|
Central and
unallocated
|
Total
|
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
Consolidated group revenues from
external customers
|
496
|
1,679
|
16
|
-
|
-
|
2,191
|
Contributions to group operating
loss
|
421
|
931
|
(1,009)
|
(465)
|
(1,816)
|
(1,938)
|
Depreciation
|
-
|
135
|
116
|
17
|
45
|
313
|
Amortisation of intangible
assets
|
-
|
43
|
-
|
-
|
8
|
51
|
Segment assets
|
225
|
1,527
|
1,013
|
149
|
5,065
|
7,979
|
Segment liabilities
|
5
|
218
|
383
|
22
|
358
|
986
|
Intangible assets -
goodwill
|
-
|
301
|
-
|
-
|
-
|
301
|
Other intangible assets
|
-
|
216
|
139
|
-
|
64
|
419
|
Additions to non-current
assets
|
-
|
14
|
3
|
-
|
38
|
55
|
4. BUSINESS
COMBINATIONS
On 6 September 2024, RUA Life
Sciences acquired the assets of Analytic Biosurgical Solutions SAS,
("Abiss") for a cash consideration of £68,000 (€80,000) through a
transaction facilitated by the French courts. Abiss was part of a wider medical devices group which went
into insolvent liquidation in June 2021 because of the
impacts of Covid. Although the parent company was in liquidation,
Abiss itself was not placed in receivership/liquidation. Abiss has
continued to trade solvently and has traded within its own
financial resources. There is no future,
deferred or contingent consideration due on this transaction.
Further details of the acquisition are detailed in the Chairmans
statement.
As part of the acquisition, the net
identifiable assets' carrying value was determined to be
£1,130,000, which exceeds the total consideration transferred of
£68,000. Consequently, a gain on a bargain purchase of £1,062,000
has been recognised in profit or loss as of the acquisition
date.
This gain reflects the favourable
terms of the transaction, arising primarily from the purchase
through court proceedings at a value significantly below the fair
value of the assets acquired. Due to the timing and nature of the
transaction, no fair value adjustments have been made to the assets
acquired, and the amounts presented represent the carrying values
at the date of acquisition. Thus, the
accounting is currently provisional. The
Group intends to complete a thorough review of the fair value of
the acquired assets and liabilities during the annual reporting process for the 18-month period ending 30
September 2025, as permitted under IFRS
3-Business Combinations.
The ABISS Group had an operating loss
from the date of acquisition to 30 September 2024 of £40,000. Abiss
was impacted by supply chain challenges, resulting in back orders
expected to be completed in the second interim period. Cash
consumed in operating activities since the acquisition date
amounted to £55,000.
Details of the Acquisition:
· Date
of Acquisition: 6 September 2024
· Consideration Transferred: £68,000
· Carrying Value of Identifiable Net Assets Acquired:
£1,130,000
· Gain
on Bargain Purchase: £1,062,000
· Recognition of Gain: Included under "Other Income" in the
Statement of Comprehensive Income for the period ended
30 September 2024
The fair value assessment of the net
assets acquired is provisional and subject to adjustments as the
Group finalises the purchase price allocation. Any changes to this
assessment will be reported in the annual reporting process for the
year ending 30 September 2025 in accordance with IFRS 3 - Business
Combinations.
Details of the consideration paid
and the fair value of net assets acquired are as
follows:
|
ABISS Group
|
|
Provisionally recognised
carrying value on acquisition
|
|
GB£000
|
Consideration paid
|
68
|
|
|
Less:
|
|
Intangible Assets
|
186
|
Property, Plant and
Equipment
|
660
|
Trade receivables
|
286
|
Inventory
|
115
|
WIP
|
851
|
Cash
|
275
|
Trade payables
|
(290)
|
Other interest-bearing loans and
borrowings
|
(832)
|
|
|
Non-Controlling Interest
|
(121)
|
Carrying value of net assets acquired
|
1,130
|
|
|
Gain on bargain purchase
|
1,062
|
5. GOODWILL
The final valuation following the
acquisition of RUA Medical Devices Limited gave rise to adjustments
being required to the value of intangibles recognised in the
Interim Report for the six months ended 30 September 2020, and lead
to the following goodwill being recognised:
No impairment review has been
carried out in the six-month period.
|
|
|
GB£000
|
Gross carrying amount
|
|
Balance at 30 September
2023
|
301
|
Balance at 31 March 2024
|
301
|
Balance at 30 September 2024
|
301
|
|
|
6. OTHER INTANGIBLE
ASSETS
|
Development
costs
|
Intellectual
property
|
Customer Related
(CM)
|
Technology Based
(CM)
|
Total
|
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
Gross carrying amount
|
|
|
|
|
|
At
31 March 2023
|
337
|
3,325
|
247
|
141
|
4,050
|
Additions
|
-
|
-
|
-
|
-
|
-
|
At
30 September 2023
|
337
|
3,325
|
247
|
141
|
4,050
|
Additions
|
-
|
-
|
-
|
-
|
-
|
At
31 March 2024
|
337
|
3,325
|
247
|
141
|
4,050
|
Additions
|
179
|
-
|
-
|
6
|
185
|
At
30 September 2024
|
516
|
3,325
|
247
|
147
|
4,235
|
|
|
|
|
|
|
Amortisation and impairment
|
|
|
|
|
|
At
31 March 2023
|
337
|
3,114
|
87
|
42
|
3,580
|
Charge
|
-
|
3
|
15
|
7
|
25
|
At
30 September 2023
|
337
|
3,117
|
102
|
49
|
3,605
|
Charge
|
-
|
5
|
14
|
7
|
26
|
At
31 March 2024
|
337
|
3,112
|
116
|
56
|
3,631
|
Charge
|
10
|
3
|
15
|
7
|
35
|
At
30 September 2024
|
347
|
3,125
|
131
|
63
|
3,666
|
|
|
|
|
|
|
Net
book value
|
|
|
|
|
|
At 31 March 2023
|
-
|
211
|
160
|
99
|
470
|
At 30 September 2023
|
-
|
208
|
145
|
92
|
445
|
At 31 March 2024
|
-
|
203
|
131
|
85
|
419
|
At
30 September 2024
|
169
|
200
|
116
|
84
|
569
|
7. PROPERTY, PLANT AND
EQUIPMENT
|
Land &
Buildings
|
Assets Under
Construction
|
Plant &
Machinery
|
Office
Equipment
|
Motor
Vehicles
|
Total
|
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
GB£000
|
Cost
|
|
|
|
|
|
|
At
31 March 2023
|
1,335
|
142
|
1,905
|
95
|
25
|
3,502
|
Additions
|
-
|
-
|
7
|
2
|
33
|
42
|
At
30 September 2023
|
1,335
|
142
|
1,912
|
97
|
58
|
3,544
|
Transfer of Assets
|
-
|
(142)
|
142
|
-
|
-
|
-
|
Additions
|
-
|
-
|
11
|
2
|
-
|
13
|
Disposals
|
-
|
-
|
-
|
-
|
(25)
|
(25)
|
At
31 March 2024
|
1,335
|
-
|
2,065
|
99
|
33
|
3,532
|
Transfer of Assets
|
-
|
-
|
-
|
-
|
-
|
-
|
Additions
|
654
|
-
|
55
|
3
|
1
|
713
|
At
30 September 2024
|
1,989
|
-
|
2,120
|
102
|
34
|
4,245
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
At
31 March 2023
|
180
|
-
|
509
|
50
|
24
|
763
|
Charge
|
20
|
-
|
127
|
7
|
6
|
160
|
At
30 September 2023
|
200
|
-
|
636
|
57
|
30
|
923
|
Charge
|
33
|
-
|
109
|
8
|
3
|
153
|
At
31 March 2024
|
233
|
-
|
745
|
65
|
33
|
1,076
|
Charge
|
28
|
-
|
107
|
6
|
-
|
142
|
At
30 September 2024
|
261
|
-
|
852
|
71
|
33
|
1,218
|
|
|
|
|
|
|
|
Net
book value
|
|
|
|
|
|
|
At 30 September 2023
|
1,135
|
142
|
1,276
|
40
|
28
|
2,621
|
At 31 March 2024
|
1,102
|
-
|
1,320
|
34
|
-
|
2,456
|
At
30 September 2024
|
1,728
|
-
|
1,268
|
31
|
1
|
3,028
|
Included in the net carrying amount
of property plant and equipment are right-of-use assets as
follows:
|
Buildings
(Leased)
|
|
Plant & Machinery
(Leased)
|
|
Motor
Vehicles
|
|
Total
|
|
GB£000
|
|
GB£000
|
|
GB£000
|
|
GB£000
|
Cost
|
|
|
|
|
|
|
|
At
31 March 2023
|
-
|
|
391
|
|
25
|
|
416
|
Additions
|
|
|
-
|
|
33
|
|
33
|
At
30 September 2023
|
-
|
|
391
|
|
58
|
|
449
|
Additions
|
-
|
|
-
|
|
(25)
|
|
(25)
|
At
31 March 2024
|
-
|
|
391
|
|
33
|
|
424
|
Additions
|
653
|
|
8
|
|
-
|
|
661
|
At
31 September 2024
|
653
|
|
399
|
|
33
|
|
1,085
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
At
31 March 2023
|
-
|
|
48
|
|
24
|
|
72
|
Charge
|
-
|
|
21
|
|
5
|
|
26
|
At
30 September 2023
|
-
|
|
69
|
|
29
|
|
98
|
Charge
|
-
|
|
9
|
|
4
|
|
13
|
At
31 March 2024
|
-
|
|
78
|
|
33
|
|
111
|
Charge
|
5
|
|
20
|
|
-
|
|
35
|
At
31 September 2024
|
5
|
|
98
|
|
33
|
|
136
|
|
|
|
|
|
|
|
|
Net
book value
|
|
|
|
|
|
|
|
At 30 September 2023
|
-
|
|
322
|
|
29
|
|
351
|
At 31 March 2024
|
-
|
|
313
|
|
-
|
|
313
|
At
30 September 2024
|
648
|
|
301
|
|
-
|
|
949
|
8. INVENTORIES
Inventories consist of the following:
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
Six months to 30 Sep
2024
|
|
Six months
to 30 Sep 2023
|
|
Twelve
months to 31 Mar 2024
|
|
GB£000
|
|
GB£000
|
|
GB£000
|
Raw Materials
|
194
|
|
58
|
|
59
|
Work in Progress
|
728
|
|
65
|
|
53
|
Finished Goods
|
190
|
|
16
|
|
-
|
|
1,112
|
|
139
|
|
112
|
The cost of inventories recognised as
an expense and included in cost of goods sold amounted £36K (2023:
£26K).
9.
TRADE AND OTHER RECEIVABLES
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
Six months to 30 Sep
2024
|
|
Six months
to 30 Sep 2023
|
|
Twelve
months to 31 Mar 2024
|
|
GB£000
|
|
GB£000
|
|
GB£000
|
Current:
|
|
|
|
|
|
Trade receivables - gross
|
407
|
|
98
|
|
301
|
Allowance for credit
losses
|
-
|
|
-
|
|
-
|
Trade receivables net
|
407
|
|
98
|
|
301
|
Tax credit due
|
189
|
|
381
|
|
189
|
Prepayments and accrued
income
|
421
|
|
276
|
|
460
|
|
1,017
|
|
755
|
|
950
|
10. CASH AND CASH
EQUIVALENTS
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
Six months to 30 Sep
2024
|
|
Six months
to 30 Sep 2023
|
|
Twelve
months to 31 Mar 2024
|
|
GB£000
|
|
GB£000
|
|
GB£000
|
Cash at bank and in hand
|
3,779
|
|
493
|
|
3,931
|
|
3,779
|
|
493
|
|
3,931
|
11.
BORROWINGS & LEASE LIABILITIES
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
Six months to 30 Sep
2024
|
|
Six months
to 30 Sep 2023
|
|
Twelve
months to 31 Mar 2024
|
|
GB£000
|
|
GB£000
|
|
GB£000
|
|
|
|
|
|
|
Current:
|
|
|
|
|
|
Bank loans
|
247
|
|
29
|
|
31
|
Lease Liabilities
|
163
|
|
97
|
|
86
|
|
410
|
|
126
|
|
117
|
Non-current:
|
|
|
|
|
|
Bank loans
|
70
|
|
150
|
|
132
|
Lease Liabilities
|
696
|
|
169
|
|
140
|
|
766
|
|
319
|
|
272
|
|
Bank loans
|
|
Lease
liabilities
|
|
Total
|
|
GB£000
|
|
GBP£000
|
|
GB£000
|
Repayable in less than 6
months
|
69
|
|
81
|
|
150
|
Repayable in 7 to 12
months
|
178
|
|
82
|
|
260
|
Repayable in 1 to 5
years
|
70
|
|
529
|
|
599
|
Repayable after 5 years
|
-
|
|
167
|
|
167
|
|
317
|
|
859
|
|
1,176
|
£128,230 of bank loans is secured on
the property at 2 Drummond Crescent, Irvine, Ayrshire and subject
to a bond and floating charge over the Group's assets. Secured bank
loans carry a variable rate of interest, which were between 6% and
7.8%.
£188,567 of bank loans is an unsecured government support loan.
Unsecured bank loans carry an effective rate of interest at
9%.
The lease liabilities are secured by
the related underlying assets. Lease borrowings carry fixed rates
of interest, ranging between 4.0% and 9.6%.
Reconciliation of change in lease
liabilities:
|
GB£000
|
As
at 1 April 2023
|
282
|
|
|
Payment of lease liability -
principal
|
(16)
|
Payment of lease liability -
interest
|
(12)
|
Interest expense
|
12
|
Additions
|
-
|
Disposals
|
-
|
As
at Sep 2023
|
266
|
|
|
Payment of lease liability -
principal
|
(42)
|
Payment of lease liability -
interest
|
(29)
|
Interest expense
|
29
|
Additions
|
2
|
Disposals
|
-
|
As
at 31 March 2024
|
226
|
|
|
Payment of lease liability -
principal
|
(47)
|
Payment of lease liability -
interest
|
(14)
|
Interest expense
|
14
|
Additions
|
680
|
Disposals
|
-
|
As
at 30 September 2024
|
859
|
12.
TRADE AND OTHER PAYABLES
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
Six months to 30 Sep
2024
|
|
Six months
to 30 Sep 2023
|
|
Twelve
months to 31 Mar 2024
|
|
GB£000
|
|
GB£000
|
|
GB£000
|
Current liabilities:
|
|
|
|
|
|
Trade payables
|
115
|
|
184
|
|
140
|
Other payables
|
151
|
|
24
|
|
46
|
Accruals and deferred
income
|
208
|
|
146
|
|
222
|
|
474
|
|
354
|
|
408
|
Other Liabilities (Grant
Income)
|
101
|
|
141
|
|
116
|
Total Trade and Other Payables
|
575
|
|
496
|
|
524
|
Deferred grant
income is included within other liabilities in the Consolidated
statement of financial position. £29,000 (2023: £40,000) is
included in current liabilities and £72,000 (2023: £101,000)
included in Non-current Liabilities.
13.
SUBSEQUENT EVENTS
None to report.
14. ISSUED SHARE
CAPITAL
The Company's issued share capital
as at 30 September 2024 comprises 62,060,272 Ordinary Shares of
which none are held in treasury.
15.
INTERIM ANNOUNCEMENT
The interim results announcement was
released on 11 December 2024. A copy of this Interim Report
is also available on the Company's website
www.rualifesciences.com.
BOARD OF DIRECTORS AND
ADVISORS
W
Brown - CEO
|
|
L
Smith - Group CFO
|
|
G
Berg - Non-Executive
Chairman
|
|
I Ardill -
Non-Executive Director
|
|
J
McKenna - Director of
Marketing
|
|
J
Ely - Non-Executive
Director
|
|
|
|
COMPANY SECRETARY
|
|
L
Smith
|
|
|
|
HEAD OFFICE
|
REGISTERED OFFICE
|
2 Drummond Crescent
|
c/o Davidson Chalmers Stewart
LLP
|
Irvine
|
163 Bath Street
|
Ayrshire
|
Glasgow
|
KA11 5AN
|
G2 4SQ
|
|
|
web:
www.rualifesciences.com
|
|
email:
info@rualifesciences.com
|
|
|
|
|
|
|
|
REGISTRARS
|
|
Equiniti Limited
|
|
Aspect House
|
|
Spencer Road
|
|
West Sussex
|
|
BN99 6DA
|
|
|
|
LAWYERS
|
|
Davidson Chalmers Stewart
|
|
163 Bath Street
|
|
Glasgow
|
|
G2 4SQ
|
|
|
|
Burness Paull LLP
|
|
50 Lothian Road
|
|
Festival Square
|
|
Edinburgh
|
|
EH3 9WJ
|
|
|
|
|
|
INDEPENDENT AUDITOR
|
|
RSM Audit UK LLP
|
|
Centenary House
|
|
69 Wellington Street
|
|
Glasgow
|
|
G2 6HG
|
|
|
|
Registered in Scotland, Company
No.SC170071
Financial statements will be available to Shareholders from
the Company Website, along with copies of the announcement.
Dealings permitted on Alternative Investment Market (AIM) of the
London Stock Exchange.
|