RE: Projects Delayed and £1.4M Loss4 Dec 2023 07:32
Nov 9th RNS SP took the hit then came the big agreement
Outlook
Despite the slower than anticipated recovery in revenue recognition, prospects for growth remain positive and the new novel technologies available to the Company will play an important role in differentiating the business and creating fresh value for our shareholders. At the time of the fundraise earlier this year, announced on 19 May 2023 (the "Fundraise"), the Company announced that it anticipated that the net proceeds of the Fundraise would provide the Company with a cash runway for 18 months, which would be until November 2024. This cash runway was predicated on the Company achieving FY2024 results in line with current market expectations. The Company still anticipates that revenues for FY2024 will be significantly weighted towards the second half of the financial year. The moderately lower-than-expected performance in H1 FY2024 has been offset by stringent cost controls and, combined with the developing pipeline for H2 FY2024, the Board's estimation of the Group's cash runway has been maintained. It remains a key strategic focus for the Company to achieve cash neutrality in this timeframe and, whilst there can be no guarantee that this will be possible, it will be kept under close review by the Board.