02:00 Tue 24 Nov 2020
ReNeuron Group plc - Interim Results
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AIM: RENE |
ReNeuron Group plc
("ReNeuron" or "the Company")
Interim Results for the six months ended 30 September 2020
ReNeuron Group plc (AIM: RENE), a
Operational highlights
hRPC stem cell therapy candidate for retinal disease:
· Further positive and sustained top-line efficacy data at all time-points from Phase 2a patients in ongoing US Phase 1/2a clinical trial in retinitis pigmentosa ("RP")
· Ongoing Phase 2a segment of the study expanded in US and
· Further readouts from expanded Phase 1/2a clinical trial expected over next 12 months, leading to planned commencement of pivotal clinical study in H2 2022
Exosome and iPSC platforms:
· Three collaboration agreements signed with major pharmaceutical/biotechnology companies to explore the potential of the Company's exosomes to deliver therapeutic agents to the brain
· New immortalised, licensable cell lines generated from the Company's iPSC (induced pluripotent stem cell) platform as potential therapeutic agents for cancer immunotherapy and type 1 diabetes
Other activities:
· Strategic decision in
o Fosun Pharma to develop and commercialise CTX and hRPC programmes in
o CTX cell therapy candidate available for licensing in stroke disability outside
o Publication of new positive non-clinical data demonstrating ability of CTX cells to rescue deficits associated with Huntington's disease
· Non-executive Board membership reconfigured to reflect the Company's new emphasis on retinal diseases and commercial partnerships
Financial highlights
· Loss for the period of
· Reduced costs incurred in the period of
· Reduced net cash used in operating activities of
· Cash, cash equivalents and bank deposits at
· Conditional Placing and Subscription announced on
· The Fundraise, which is subject to completion of the Placing and Subscription, shareholder approval at a General Meeting on
Commenting on the results,
"During the period under review, and subsequent to it, we have continued to generate encouraging positive efficacy data from the ongoing US Phase 2a clinical trial of our hRPC cell therapy candidate in retinitis pigmentosa. Having received regulatory approvals in both the US and the
"Our decision earlier this year to focus the Company's resources on our retinal disease programme and our exosome and iPSC platforms has resulted in significantly lower operating costs, as reflected in the interim results for the period under review. This renewed clarity of focus, together with the Fundraise announced separately yesterday, will enable us to reach important, data-driven value inflection points across our programmes over the next 12 months and beyond."
Enquiries:
ReNeuron |
+44 (0) 20 3819 8400 |
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Buchanan (Media/Investor relations) |
+44 (0) 20 7466 5000 |
Mark Court, |
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Stifel Nicolaus Europe Limited (NOMAD and Joint Broker) |
+44 (0) 20 7710 7600 |
N+1 Singer (Joint Broker) |
+44 (0) 20 7496 3000 |
This announcement contains inside information. The person responsible for arranging for the release of this announcement on behalf of the Company is
About ReNeuron
ReNeuron is a global leader in cell-based therapeutics, harnessing its unique stem cell technologies to develop 'off the shelf' stem cell treatments, without the need for immunosuppressive drugs. The Company's lead cell therapy candidate is in clinical development for the blindness-causing disease, retinitis pigmentosa.
ReNeuron is also advancing its proprietary exosome technology platform as a potential delivery system for drugs that treat diseases of the brain. The Company also has the ability through its conditionally immortalised induced pluripotent stem cell (iPSC) platform to make any tissue cells of choice; in-house programmes are focused on treatments for blood cancers and diabetes.
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 also 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.
Review of operations
hRPC (human retinal progenitor cells) for retinal disease
During the period under review, we have continued to make good progress with our lead clinical programme targeting RP. RP is a group of hereditary diseases of the eye that lead to progressive loss of sight due to cells in the retina becoming damaged and eventually dying.
In
The ongoing Phase 1/2a clinical trial is an open-label study to evaluate the safety, tolerability and preliminary efficacy of our hRPC stem cell therapy candidate in patients with advanced RP. The Phase 2a segment of the study, which uses a cryopreserved hRPC formulation, enrols subjects with some remaining retinal function and, thus far, has been conducted at two clinical sites in the US.
During the period, we announced that the Company had received regulatory approval from both the FDA and MHRA to expand the ongoing clinical study to treat patients with RP at a higher dose level, at clinical sites in both the US and the
Data from the expanded Phase 2a clinical trial is expected to be presented during the next twelve months. We expect this expanded Phase 2a study to generate sufficient data to enable the Company to commence a single pivotal clinical study in the second half of 2022 with our hRPC cell therapy candidate in RP. The pivotal study will be designed to demonstrate further the efficacy of this treatment and, assuming a successful outcome, to enable ReNeuron to seek marketing approvals for its hRPC cell therapy candidate in RP in selected major markets.
ReNeuron's RP programme has been granted Orphan Drug Designation in both
During the period, we were pleased to announce that the US Patent and Trademark Office (USPTO) had completed its examination of the Company's patent application (14/379,239), entitled "Phenotype profile of human retinal progenitor cells", and issued a notification of allowance for the issuance of a patent. The allowed patent protects the composition of our hRPC cell therapy candidate for retinal diseases and adds further intellectual property protection to the hRPC technology, which already has patent protection in a number of other major territories including
Exosome and iPSC platforms
Our exosome technology is being exploited as a novel vector for delivering third party biological drugs and this partnering strategy reflects increasing industry interest in exosomes. Our exosomes are derived from our CTX human neural stem cell line. They have a natural ability to cross the blood brain barrier and can thus be used to deliver therapeutics for diseases of the brain. These exosomes can be produced through a fully qualified, xeno-free, scalable process and the clinical-grade source cell-line ensures consistent exosome product. The exosomes can be loaded with a diverse range of potential therapeutics, such as siRNA/mRNA/miRNA, CRISPR/Cas9, antibodies, peptides and small molecules.
During the period under review, we signed three separate commercial collaboration agreements with pharmaceutical and biotechnology companies to explore the potential of our exosomes to deliver novel therapeutic agents to the brain and other regions of the body. We expect the first pre-clinical proof-of-concept data from these collaborations to be available during the first half of 2021, enabling subsequent potential out-licensing deals with this platform.
During the period, we have also progressed our CTX cell-based iPSC technology in a number of potential applications. We are deploying this technology to develop new, immortalised allogeneic cell lines of varying types as potential therapeutic agents in diseases of unmet medical need for subsequent licensing to third parties.
Our CTX-iPSCs can be differentiated into hematopoietic stem cells, lymphoid progenitors and, of great interest for cancer immunotherapy, NK and killer T-cells. We are currently collaborating with a commercial third party to explore the possibility of large-scale in vitro expansion of CTX-iPSC-derived hematopoietic stem cells and discussions are ongoing with other interested parties in the immunotherapy field.
We have also produced pancreatic progenitor cells from our CTX-iPSCs and from these, insulin-producing β-islet cells. We are currently scaling up this process prior to phenotype analysis and confirmation of the glucose responsiveness of these derived, mature β-islets. We are collaborating with a further commercial third party to test our CTX-iPSC-derived β-islets in a cell encapsulation device as a potential novel, allogeneic cell therapy candidate for type 1 diabetes.
Other activities
During the period, we announced that, following a review of programme priorities and resource requirements, we intended to focus the Company's resources on our retinal disease programme and our exosome and iPSC platforms. As a result, we are winding down the PISCES III clinical trial of our CTX cell therapy candidate for stroke disability in the US and our stroke disability programme will now continue through regional partnerships. Fosun Pharma, our exclusive licensing partner in
Our CTX cell therapy candidate is available for licensing in stroke disability outside
During the period, we reduced the non-executive membership of the Board of the Company. As part of this reconfiguration, Dr
Financial review
In the six months to
Total operating costs reduced in the period to
Finance income represents 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
The total tax credit for the period was
As a result of the above, the total comprehensive loss for the period increased to
Net cash used in operating activities in the period reduced to
The Company separately announced on
Summary and outlook
During the period under review, and subsequent to it, we have continued to generate encouraging positive efficacy data from the ongoing US Phase 2a clinical trial of our hRPC cell therapy candidate in retinitis pigmentosa. Having received regulatory approvals in both the US and the
Our decision earlier this year to focus the Company's resources on our retinal disease programme and our exosome and iPSC platforms has resulted in significantly lower operating costs, as reflected in the interim results for the period under review. This renewed clarity of focus, together with the conditional Fundraise announced separately on
Olav Hellebø
Chief Executive Officer
Interim Financial Statements
Unaudited Consolidated Statement
of Comprehensive Income
for the six months ended
|
|
Six months ended |
Six months ended |
Year ended |
|
|
30 September |
30 September |
31 March |
|
|
2020 |
2019 |
2020 |
|
Note |
£'000 |
£'000 |
£'000 |
Revenue |
4 |
41 |
6,030 |
6,065 |
Other operating income |
6 |
78 |
64 |
100 |
Research and development costs |
|
(5,941) |
(9,227) |
(16,335) |
General and administrative costs |
|
(1,918) |
(2,575) |
(4,239) |
Operating loss |
|
(7,740) |
(5,708) |
(14,409) |
Finance income |
7 |
16 |
588 |
593 |
Finance expense |
8 |
(243) |
(22) |
(42) |
Loss before income taxes |
|
(7,967) |
(5,142) |
(13,858) |
Taxation |
9 |
875 |
1,245 |
2,446 |
Loss and total comprehensive loss for the period |
|
(7,092) |
(3,897) |
(11,412) |
Loss and total comprehensive loss attributable to equity owners of the company |
|
(7,092) |
(3,897) |
(11,412) |
|
|
|
|
|
Basic and diluted loss per ordinary share |
10 |
(22.3p) |
(12.3p) |
(35.9p) |
Unaudited Consolidated Statement of Financial Position
as at
|
|
30 September |
30 September |
31 March |
|
|
2020 |
2019 |
2020 |
|
Note |
£'000 |
£'000 |
£'000 |
Assets |
|
|
|
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
|
314 |
557 |
452 |
Right-of-use asset |
11 |
529 |
654 |
591 |
Intangible assets |
|
186 |
186 |
186 |
|
|
1,029 |
1,397 |
1,229 |
Current assets |
|
|
|
|
Trade and other receivables |
|
835 |
924 |
696 |
Corporation tax receivable |
|
3,778 |
4,618 |
5,826 |
Investments - bank deposits |
|
- |
2,500 |
- |
Cash and cash equivalents |
|
9,768 |
18,771 |
12,625 |
|
|
14,381 |
26,813 |
19,147 |
Total assets |
|
15,410 |
28,210 |
20,376 |
|
|
|
|
|
Equity |
|
|
|
|
Equity attributable to owners of the company |
|
|
|
|
Share capital |
12 |
319 |
318 |
318 |
Share premium account |
12 |
97,904 |
97,888 |
97,890 |
Capital redemption reserve |
|
40,294 |
40,294 |
40,294 |
Merger reserve |
|
2,223 |
2,223 |
2,223 |
Accumulated losses |
|
(134,111) |
(120,499) |
(127,502) |
Total equity |
|
6,629 |
20,224 |
13,223 |
Liabilities |
|
|
|
|
Current Liabilities |
|
|
|
|
Trade and other payables |
|
7,987 |
7,038 |
6,280 |
Lease liabilities |
|
159 |
154 |
166 |
|
|
8,146 |
7,192 |
6,446 |
Non-current liabilities |
|
|
|
|
Lease liabilities |
|
635 |
794 |
707 |
|
|
635 |
794 |
707 |
Total liabilities |
|
8,781 |
7,986 |
7,153 |
Total equity and liabilities |
|
15,410 |
28,210 |
20,376 |
Unaudited Consolidated Statement of Changes in Equity
for the six months ended
|
|
Share |
Capital |
|
|
|
|
Share |
premium |
redemption |
Merger |
Accumulated |
Total |
|
capital |
account |
reserve |
reserve |
losses |
Equity |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
As at |
316 |
97,704 |
40,294 |
2,223 |
(117,293) |
23,244 |
Exercise of employee share options |
2 |
184 |
- |
- |
- |
186 |
Credit on share-based payment |
- |
- |
- |
- |
691 |
691 |
Loss and total comprehensive loss for the period |
- |
- |
- |
- |
(3,897) |
(3,897) |
As at |
318 |
97,888 |
40,294 |
2,223 |
(120,499) |
20,224 |
Credit on share-based payment |
- |
2 |
- |
- |
512 |
514 |
Loss and total comprehensive loss for the period |
- |
- |
- |
- |
(7,515) |
(7,515) |
As at |
318 |
97,890 |
40,294 |
2,223 |
(127,502) |
13,223 |
Exercise of employee share options |
1 |
14 |
- |
- |
- |
15 |
Credit on share-based payment |
- |
- |
- |
- |
483 |
483 |
Loss and total comprehensive loss for the period |
- |
- |
- |
- |
(7,092) |
(7,092) |
As at |
319 |
97,904 |
40,294 |
2,223 |
(134,111) |
6,629 |
Unaudited Consolidated Statement of Cash Flows
for the six months ended
|
|
Six months ended |
Six months ended |
Year ended |
|
|
30 September |
30 September |
31 March |
|
|
2020 |
2019 |
2020 |
|
Note |
£'000 |
£'000 |
£'000 |
Cash flows from operating activities |
|
|
|
|
Cash used in operations |
13 |
(5,493) |
(5,145) |
(13,651) |
Overseas taxes paid |
|
(3) |
(605) |
(611) |
Income tax credit received |
|
2,926 |
- |
- |
Interest paid |
|
(18) |
(22) |
(42) |
Net cash used in operating activities |
|
(2,588) |
(5,772) |
(14,304) |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Capital expenditure |
|
(3) |
(81) |
(119) |
Interest received |
|
23 |
185 |
300 |
Net cash generated by investing activities |
|
20 |
104 |
181 |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Proceeds from the issue of ordinary shares |
|
15 |
186 |
188 |
Bank deposits matured |
|
- |
3,718 |
6,093 |
Lease payments |
|
(79) |
(69) |
(144) |
Lease finance |
|
- |
12 |
12 |
Net cash (used in)/generated by financing activities |
|
(64) |
3,847 |
6,149 |
|
|
|
|
|
Net decrease in cash and cash equivalents |
14 |
(2,632) |
(1,821) |
(7,974) |
Effect of foreign exchange rates |
|
(225) |
160 |
167 |
Cash and cash equivalents at the start of period |
|
12,625 |
20,432 |
20,432 |
Cash and cash equivalents at the end of period |
15 |
9,768 |
18,771 |
12,625 |
Notes to the Interim Financial Statements
for the six months ended
1. General information and basis of preparation
ReNeuron Group plc is an AIM listed company incorporated and domiciled in the
These Interim Financial Statements were prepared by the Directors and approved for issue on
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
As permitted these Interim Financial Statements have been prepared in accordance with
2. Accounting policies
The accounting policies applied are consistent with those of the Annual Financial Statements for the year ended
Revenue
Revenue is accounted for in line with the principles of IFRS 15 'Revenue from Contracts with Customers'. It is measured at the fair value of the consideration received or receivable, net of discounts and sales-related taxes.
Licensing agreements may contain a number of elements and provide for varying consideration terms, such as initial fees, sales, development and regulatory milestones together with sales-based royalties and similar payments. Such arrangements are within the scope of IFRS 15 and are assessed under its five step model to determine revenue recognition. The distinct performance obligations within the contract and the arrangement transaction price are identified. The fair value of the arrangement transaction price is allocated to the different performance obligations based upon the relative stand-alone selling price of those obligations together with the performance obligation activities to which the terms of the payments specifically relate. The allocated transaction price is recognised over the respective performance period of each performance obligation.
Initial fees relating to the immediate transfer of intellectual property are recognised as revenue upon signature of the contract.
Development and regulatory approval milestone payments are recognised as revenue when the respective milestones are achieved.
Sales based royalty income and related milestone payments are recognised in the period when the related sales occur or when the relevant milestone is achieved.
Income which is related to on-going development activity or technology transfer is recognised as the activity is undertaken, in accordance with the contract.
IFRS 16 'Leases'
IFRS 16 'Leases replaces IAS 17 'Leases' and IFRIC 4 'Determining whether an arrangement contains a lease', SIC-15 'Operating Leases-Incentives' and SIC 27 'Evaluating the Substance of Transactions Involving the Legal Form of a Lease'. The standard applies a single recognition and measurement approach for all applicable leases under which the Group is the lessee.
The Group has lease contracts for property and equipment. Prior to the adoption of IFRS 16, these were classified as operating leases under IAS 17.and the lease payments were recognised as rental costs in the Consolidated Income Statement. Any pre-payed rent and accrued rent were recognised under prepayments and accruals respectively.
The Group applied IFRS 16 for the first time for the 6 months ended
At transition, the Group used the practical expedient allowing IFRS 16 to be applied only to contracts that were previously classified as leases under IAS 17 and IFRIC 4.
For leases where the Group is a lessee, IFRS 16 requires the recognition of a right of use asset and a corresponding lease liability at the lease commencement date.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed lease payments, less any incentives received. The lease payments are discounted at the rate implicit in the lease.
Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the Income Statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right of use assets are initially measured at cost which comprises the following:
· the amount of the initial measurement of the lease liability;
· any lease payments made at or before the commencement date, less any lease incentives received;
· any initial direct costs; and
· restoration costs.
Right of use assets are depreciated on a straight line basis over the shorter of the lease period or the useful economic life of the asset.
Certain statements within this report are forward looking. The expectations reflected in these statements are considered reasonable. However, no assurance can be given that they are correct. As these statements involve risks and uncertainties the actual results may differ materially from those expressed or implied by these statements.
3. Going concern
The Group is expected to incur significant further costs as it continues to develop its therapies and technologies through clinical development. The operation of the Group is currently being financed from funds that have been raised from share placings, commercial partnerships and grants.
After making enquiries, and assuming completion of the above-mentioned Placing and Subscription, together with any funds raised from the Open Offer announced yesterday, the directors expect that the Group's current financial resources will be sufficient to support operations for at least the next 12 months from the date of this announcement. The Group therefore continues to adopt the going concern basis in the preparation of these financial statements.
4. Revenue
|
Six months |
Six months |
|
|
Ended |
ended |
Year ended |
|
30 September |
30 September |
31 March |
|
2020 |
2019 |
2020 |
|
£'000 |
£'000 |
£'000 |
Royalty income |
41 |
30 |
65 |
Initial licence fee |
- |
6,000 |
6,000 |
|
41 |
6,030 |
6,065 |
On
Under the terms of the Agreement, Fosun Pharma will fully fund the development of ReNeuron's CTX and hRPC cell therapy programmes in
In
Under the terms of the Agreement, ReNeuron is entitled to further payments based upon the achievement of development, regulatory and sales milestones. The Agreement also entitles ReNeuron to royalty payments based upon future net sales of the Licensed Products in
5. Segment information
The Group has identified the Chief Executive Officer as the Chief Operating Decision Maker (CODM). The CODM manages the business as one segment, the development of cell-based therapies. 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. The Group's revenue derives wholly from assets located in the
6. Other operating income
|
Six months |
Six months |
|
|
Ended |
ended |
Year ended |
|
30 September |
30 September |
31 March |
|
2020 |
2019 |
2020 |
|
£'000 |
£'000 |
£'000 |
Government grants |
78 |
64 |
100 |
In 2020,
7. Finance income
|
Six months |
Six months |
|
|
Ended |
ended |
Year ended |
|
30 September |
30 September |
31 March |
|
2020 |
2019 |
2020 |
|
£'000 |
£'000 |
£'000 |
Interest received |
16 |
164 |
287 |
Foreign exchange gains |
- |
424 |
306 |
|
16 |
588 |
593 |
8. Finance expense
|
Six months |
Six months |
|
|
Ended |
ended |
Year ended |
|
30 September |
30 September |
31 March |
|
2020 |
2019 |
2020 |
|
£'000 |
£'000 |
£'000 |
Lease interest |
18 |
22 |
42 |
Foreign exchange losses |
225 |
- |
- |
|
243 |
22 |
42 |
9. Taxation
|
Six months |
Six months |
|
|
Ended |
ended |
Year ended |
|
30 September |
30 September |
31 March |
|
2020 |
2019 |
2020 |
|
£'000 |
£'000 |
£'000 |
R & D tax credit |
878 |
1,850 |
3,057 |
Foreign taxation |
(3) |
(605) |
(611) |
|
875 |
1,245 |
2,446 |
10. Basic and diluted loss per share
The basic and diluted loss per share is calculated by dividing the loss for the financial period of
11. Right-of-use-asset
|
30 September |
30 September |
31 March |
|
2020 |
2019 |
2020 |
|
£'000 |
£'000 |
£'000 |
At beginning of the period |
591 |
704 |
704 |
Additions |
- |
12 |
12 |
Depreciation charge |
(62) |
(62) |
(125) |
At end of the period |
529 |
654 |
591 |
The net book value of the underlying assets is as follows:
|
30 September |
30 September |
31 March |
|
2020 |
2019 |
2020 |
|
£'000 |
£'000 |
£'000 |
Land and buildings |
516 |
612 |
564 |
Computer and office equipment |
13 |
42 |
27 |
At end of the period |
529 |
654 |
591 |
12. Share capital and share premium
|
Number of shares |
Share capital |
Share premium |
Total |
|
|
£'000 |
£'000 |
£'000 |
As at |
31,832,270 |
318 |
97,888 |
98,206 |
Issue of new shares - share options exercised |
1,500 |
- |
2 |
2 |
As at |
31,833,770 |
318 |
97,890 |
98,208 |
Issue of new shares - share options exercised |
40,554 |
1 |
14 |
15 |
As at |
31,874,324 |
319 |
97,904 |
98,223 |
13. Cash used in operations
|
Six months |
Six months |
|
|
Ended |
ended |
Year ended |
|
30 September |
30 September |
31 March |
|
2020 |
2019 |
2020 |
|
£'000 |
£'000 |
£'000 |
Loss before income tax |
(7,967) |
(5,142) |
(13,858) |
Adjustment for: |
|
|
|
Finance income |
(16) |
(588) |
(593) |
Finance expense |
243 |
22 |
42 |
Depreciation of property, plant and equipment |
141 |
144 |
287 |
Depreciation of right-of-use asset |
62 |
62 |
125 |
Share-based payment charges |
483 |
691 |
1,203 |
Changes in working capital: |
|
|
|
Receivables |
(146) |
(110) |
126 |
Payables |
1,707 |
(224) |
(983) |
Cash used in operations |
(5,493) |
(5,145) |
(13,651) |
14. Reconciliation of net cash flow to movement in net debt
|
Six months |
Six months |
|
|
Ended |
ended |
Year ended |
|
30 September |
30 September |
31 March |
|
2020 |
2019 |
2020 |
|
£'000 |
£'000 |
£'000 |
Decrease in cash and cash equivalents |
(2,632) |
(1,821) |
(7,974) |
Effect of foreign exchange rates |
(225) |
160 |
167 |
Non-cash inflow from increase in lease liabilities |
- |
(12) |
(12) |
Lease repayments |
97 |
91 |
186 |
Lease interest |
(18) |
(22) |
(42) |
Net funds at start of period |
11,752 |
19,427 |
19,427 |
Net funds at end of period |
8,974 |
17,823 |
11,752 |
15. Analysis of net funds
|
Six months |
Six months |
|
|
Ended |
ended |
Year ended |
|
30 September |
30 September |
31 March |
|
2020 |
2019 |
2020 |
|
£'000 |
£'000 |
£'000 |
Cash and cash equivalents |
9,768 |
18,771 |
12,625 |
Lease liabilities |
(794) |
(948) |
(873) |
Net funds |
8,974 |
17,823 |
11,752 |
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