Half-year Report

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RNS Number : 0485N TSP Advanced Technologies PLC 30 December 2025  

  TSP Advanced Technologies plc ("TSP", the "Company" or "Group")   Interim Results - for the six months ended 30 September 2025   CHAIRMAN'S REPORT The Company continues to be in a pre-revenue development phase and remains loss-making.  The loss before taxation for the six months to 30 September 2025 was £335k (2024: £410k) after administrative expenses of £335k (2024: £410k). Consolidated net assets as at 30 September 2025 amounted to £1.83 million (2024: £2.33 million) including a bank balance of £33k as at 30 September 2025 (2024: £51k). As highlighted in recent shareholder communications, until discussions regarding the long-term funding of the business are completed, the Company's working capital position remains constrained due to the absence of revenue-generating operations. The Company continues to manage its limited working capital prudently. The Directors are reviewing a range of equity and debt funding options and continue to seek an appropriate funding solution. Once funding has been secured, the Board expects that 2026 may deliver further updates on progress with the regulatory approval pathway, and subject to regulatory approval, on the subsequent commercialisation of the Company's intellectual property, where a number of options are being actively considered.   This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.   Enquiries:  

TSP Investor Hub            

https://truspinetech.com/aqse-rule-4-14

TSP Advanced Technologies plc

Tel: +44 (0)20 7118 0852

Geoff Miller, Non-executive Chairman



 



Cairn Financial Advisers LLP (AQSE Corporate Adviser)

Tel: +44 (0)20 7213 0880

Liam Murray / Ludovico Lazzaretti



Novus Communications (PR and IR)

Tel: +44 (0)1273 704 473

Alan Green / Jacqueline Briscoe

J.Briscoe@novuscomms.com

    Caution regarding forward looking statements   Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.               GROUP UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 GROUP STATEMENT OF COMPREHENSIVE INCOME  





6 month period ended 30 September 2025 (Unaudited)

6 month period ended 30 September 2024 (Unaudited)

Year ended 29 March 2025 (Audited)











Note









£

£

£











Administrative expenses



(334,166)

(409,530)

(758,717)





 





Operating loss



(334,166)

(409,530)

(758,717)

Finance expense



(634)

   (538)

   (1,231)

Finance income



-

442

-





 





Loss before tax



(334,800)

(409,626)

(759,948)





 





Tax credit

3

-

           -

31,759





 





(Loss)/Profit



(334,800)

(409,626)

(728,189)





 





Loss attributable to:



 







 





Owners of the parent



(334,800)

(409,626)

   (728,189)

   



 





Other comprehensive income:



 





Items that will or may be reclassified to profit or loss:



 





Exchange translation differences on foreign operations



(5,356)

   (6,854)

3,133

Total comprehensive loss



(340,156)

(416,480)

   (731,322)





 







 





Total comprehensive loss attributable to equity shareholders



(340,156)

(416,480)

   (731,322)





 







 





Earnings per share basic and diluted (pence)

4

(0.21)p

(0.28)p

(0.48)p

    All results in the current and preceding financial period derive from continuing operations.           GROUP STATEMENT OF FINANCIAL POSITION  





30 September 2025 (Unaudited)

30 September 2024 (Unaudited)

29 March 2025 (Audited)



Note

£

£

£











Non-current assets







Tangible fixed assets



637

1,388

870

Intangible assets



3,539,643

3,566,469

3,544,995





3,540,281

3,567,857

3,545,865        











Current assets







Trade and other receivables



42,565

28,217

47,936

Cash and cash equivalents



32,713

50,823

650





75,278

79,040

48,586











Total assets



3,615,559

3,646,897

3,594,451



















Current liabilities







Trade and other payables



1,504,544

1,083,621

1,243,380

Borrowings



90,132

43,450

89,532





1,594,676

1,127,071

1,332,912

Non-current liabilities







Lease liabilities



-

-

-

Borrowings



186,573

186,573

136,573





186,573

186,573

136,573











Total liabilities



1,781,249

1,313,644

1,469,485











Net Assets



1,834,310

2,333,253

2,124,966











Equity attributable to owners of the parent







Share capital

5

16,307

15,267

15,977

Share premium



5,298,782

5,031,520

5,123,759

Share based payment reserve



-

112,247

125,853

Other reserves

5

(205,000)

(205,000)

(205,000)

Translation reserve



(32,516)

(30,881)

(27,160)

Retained earnings



(3,243,263)

(2,589,900)

(2,908,463)











Total equity attributable to owners of the parent



1,834,310

2,333,253

2,124,966











Total Equity



1,834,310

2,333,253

2,124,966

            GROUP STATEMENT OF CHANGES IN EQUITY    



Share capital

Share premium

Share based payment reserve

Other reserves

Translation reserve

Retained earnings

Total



£

£

£

£

£

£

£















Balance as at 29 March 2024

13,933

4,846,460

98,641

(205,000)

(24,027)

(2,180,274)

2,549,733

Loss for the six months

-

-

-

-

-

(409,626)

(409,626)

Other comprehensive gain

-

-



-

(6,854)

-

(6,854)

Total comprehensive loss for the period

-

-

-

-

(6,854)

(409,626)

(416,480)

Issue of shares, net of issue costs

1,334

198,666

-

-

-

-

200,000

Share based payment charge

-

(13,606)

13,606

-

-

-

-

Transactions with owners, recognised directly in equity

1,334

185,060

13,606

-

-

-

200,000

Balance as at 30 September 2024

15,267

5,031,520

112,247

(205,000)

(30,881)

(2,589,900)

2,333,253

 



 

 

 

 

 

 

 



 

 

 

 

 

 

Balance as at 29 March 2025

15,977

5,123,759

125,853

(205,000)

(27,160)

(2,908,463)

2,124,966

Loss for the six months

-

-

-

-

-

(334,800)

(334,800)

Other comprehensive gain

-

-

 

-

(5,356)

-

(5,356)

Total comprehensive loss for the period

-

-

-

-

(5,356)

(334,800)

(340,156)

Issue of shares, net of issue costs

330

49,170

-

-

-

-

49,500

Share based payment charge

-

125,853

(125,853)

-

-

-

-

Transactions with owners, recognised directly in equity

330

175,023

-

-

-

-

175,353

Balance as at 30 September 2025

16,307

5,298,782

-

(205,000)

(32,516)

(3,243,263)

1,834,310















          CONSOLIDATED STATEMENT OF CASH FLOWS  





6 month period ended 30 September 2025 (Unaudited)

6 month period ended 30 September 2024 (Unaudited)

Year ended 29 March 2025 (Audited)













£

£

£











Cash flow from operating activities

















Loss before tax



(334,800)

(409,626)

(759,948)

Depreciation and amortisation



233

518

1,036

Decrease in other receivables



5,371

165,725

146,006

Increase in other payables



261,164

178,822

338,581

Cash used in operations



(68,032)

(64,561)

(274,325)

Income tax credit



-

-

31,759

Net cash flows from operating activities



(68,032)

(64,561)

(242,566)



















Investing activities

















Purchase of intangible assets



-

(5,223)

(15,965)

Disposal of intangible assets



-

-

35,965

Net cash used in investing activities



-

(5,223)

(20,000)



















Financing activities







Proceeds from Issue of shares, net of issue costs



49,500

200,000

106,555

Proceeds from loan finance



 



-

Repayments of loans



-

(200,000)

(8,073)

Increase/(Decrease) in borrowings



50,600

(4,155)

-

Net cash flow from financing



100,100

(4,155)

98,482











(Decrease)/Increase in cash and cash equivalents in the period



32,068

 (73,939)

(124,084)











Cash and cash equivalents at the beginning of the period



650

124,646

124,646

Exchange rate differences on cash and cash equivalents



4

116

88











Cash and cash equivalents at the end of the period



32,714

50,823

650

          NOTES TO THE FINANCIAL INFORMATION   1.               GENERAL INFORMATION   This financial information is for TSP Advanced Technologies plc and its subsidiary undertakings. The principal activity of TSP Advanced Technologies plc and its subsidiaries (together the "Group") is the development of products for the spinal fusion market. The Company is a public limited company and was listed on the Aquis Stock Exchange on 20 August 2020. The Company is incorporated and domiciled in England and the address of its registered office is located at Spectrum House AF33, Beehive Ring Road, Gatwick Airport, Gatwick, RH6 0LG, United Kingdom.   2.               BASIS OF PREPARATION   The interim consolidated financial information has been prepared with regard to International Financial Reporting Standards (IFRS) and interpretations adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006. The interim financial information incorporates the results for the group for the six month period from 30 March 2025 to 30 September 2025. The results for the year ended 29 March 2025 have been extracted from the statutory financial statements for the Company for the year ended 29 March 2025. The financial information set out in these interim consolidated financial information does not constitute statutory accounts as defined in S434 of the Companies Act 2006. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 29 March 2025, which contained an unqualified audit report and have been filed with the Registrar of Companies. They did not contain statements under S498 of the Companies Act 2006.   The same accounting policies, presentation and methods of computation have been followed in these unaudited interim financial statements as those which were applied in the preparation of the Group's annual financial statements for the year ended 29 March 2025.   The interim consolidated financial information incorporates the financial statements of TSP Advanced Technologies plc and its subsidiaries.   The interim financial information for the six months ended 30 September 2025 was approved by the directors on 29 December 2025.   3.               TAXATION                      Tax recognised in profit or loss





6 month period ended 30 September 2025 (Unaudited)

6 month period ended 30 September 2024 (Unaudited)

Year ended 29 March 2025 (Audited)













£

£

£











Current tax credit



-

-

31,759

Deferred tax



-

-

-

Net tax credit



-

-

31,759











Loss before tax



(334,800)

(409,626)

(759,948)











Standard rate of UK corporation tax



19%

19%

19%

Loss on ordinary activities before tax multiplied by standard rate UK corporation tax



(63,612)

(77,829)

(144,390)

Tax adjustment



-

-

-

Unrelieved tax losses carried forward



63,612

77,829

144,390

UK research and development tax credit



-

-

31,759

Tax credit



-

-

31,759

  At 30 September 2025, the Group are carrying forward estimated tax losses of £2.7m in respect of various activities over the years. The Company did not recognise a deferred income tax credit due to uncertainty concerning the timescale of its recoverability.   4.               LOSS PER ORDINARY SHARE   Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held as treasury shares.





6 month period ended 30 September 2025 (Unaudited)

6 month period ended 30 September 2024 (Unaudited)

Year Ended 29 March 2025 (Audited)





£

£

£

(Loss) attributable to equity holders of the Company



(334,800)

(409,626)

(728,189)

Weighted average number of ordinary shares in issue



162,450,442  

147,694,567

150,344,166

Loss per share basic and diluted (pence)



(0.21)p

(0.28)p

(0.48)

  5.            SHARE CAPITAL  

 

 

 

Group and Company

 

Group

Number of shares

Share capital

Share premium

Share based payment reserve

Other reserve

Total

 

 

£

£

£

£

£

Issued and fully paid

 

 

 

 

 

 

As at 29 March 2024

139,694,567

13,933

4,846,460

98,641

(205,000)

4,754,034

Movement during the period

13,333,333

1,334

185,060

13,605

-

200,000

As at 30 September 2024

153,027,900

15,267

5,031,520

112,247

(205,000)

4,954,034

Movement during the period

7,103,623

710

92,239

13,606

-

106,555

As at 29 March 2025

160,131,523

15,977

5,123,759

125,853

(205,000)

5,060,589

Movement during the period

3,300,000

330

92,239

(125,853)

-

200,000

As at 30 September 2025

163,431,523

16,307

5,298,782

-

(205,000)

5,110,089







  Share Capital - Amount subscribed for share capital at nominal value.   Share Premium - Amount subscribed for share capital in excess of nominal value.   On 23 May 2025, the Company raised £49,500 through a subscription for 3,300,000 new ordinary shares of 0.01 pence each at a price of 1.5 pence per share.     6.            EVENTS AFTER THE REPORTING DATE   On 15 October 2025, the Company raised £119,344 through a subscription for 23,869,043 new ordinary shares of 0.01 pence each at a price of 0.5 pence per share.  

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