Interim results released on 30 September showed revenue up 58%. The loss before tax widened to £7.6m from £5.6m 1H23. Operationally, the volume ramp-up is continuing but at a rate below target, with yields improving (but also below target), and ongoing downstream process problems. The company stated at the interims that 4Q24 revenues were likely to be £3.5m, which is obviously illustrating the growth over 1H24, but would be 40% down on plan. This means operational cash outflow continues. The company has stated it is “reviewing all funding options to improve our cash flow.” It remains one of only two players in an important global market.
