FY 2023 results were in line with the company’s 27 April trading update, with revenues of £4.6m and a non-GAAP adjusted EBITDA of -£0.7m. Improved product gross margin, driven by SKU rationalisation, together with control over operational expenses, resulted in a £0.9m EBITDA loss, in line with expectations, despite a c.£0.8m reduction in IP income/royalties. We expect further gross margin improvements in product sales to turn the product business EBITDA-positive in FY 2025, with royalty/IP incom ....
