Half-year Report

Surgical Innovations Group PLC

30 September 2026

 

Surgical Innovations Group plc

(“Surgical Innovations”, the “Group” or the “Company”)

Half-year Report

Interim results for the six months ended 30 June 2026

Surgical Innovations Group plc (AIM: SUN), the designer, manufacturer and distributor of innovative medical technology for minimally invasive surgery, reports its unaudited financial results for the six-month period ended 30 June 2026 (“H1 2026”).

Financial Highlights

	Revenues broadly flat versus prior year to £6.02m (H1 2025: £6.15m)
	Gross profit margin of 29.0% (FY 2025: 26.3%; H1 2025: 31.2%).
	Adjusted EBITDA1 profit of £0.03m (H1 2025: profit £0.37m)
	Net debt2 at end of period of £0.3m with headroom of £0.2m under the invoice financing facility (as at 31 Dec 2025: £0.3m and £0.1m headroom under the invoice financing facility) Remaining CBILS debt repaid in full

1. Adjusted EBITDA, adjusted operating profit/loss) before tax and Adjusted EPS are stated before deducting non-recurring/ exceptional items

 2.     Net debt equals cash less bank debt only

Commercial and Operational Highlights

Distribution revenue increased to £1.94m, driven by the Aspen portfolio, new third-party products and investment in the rebuilt UK sales team.

APAC revenue increased by 29% to £0.62m, driven by continued strength in Japan, with positive momentum expected to continue into H2.

Original Equipment Manufacturer (“OEM”) revenue increased by 5% to £1.00m despite supply challenges, underpinned by the Group’s growing relationship with STERIS.

Gross margin improved to 29% compared with FY 2025, supported by cost-down initiatives and operational efficiencies, although sales mix and manufacturing absorption remained a challenge in the period.

MDR certification, UKCA and MDSAP audits were completed, enabling greater management focus on product development, operational improvement and international growth opportunities.

Current Trading and Outlook

• Trading headwinds experienced in H1 2026 are expected to persist in certain markets, most notably the United States, where tariff impacts are unlikely to ease significantly in the near term.
• Investment in the sales team is beginning to generate encouraging opportunities in the UK market.
• The introduction of new third-party products in 2025 will support a return to growth in H2 2026.
• The Company’s sustainability proposition continues to resonate across key markets as customers place greater emphasis on environmental impact and sustainable procurement.
• Progress across the Distribution, OEM and international businesses supports the Board’s confidence in the Company’s prospects for the remainder of 2026.
• The Company has adequate cash resources and invoice financing facility to continue to operate for the foreseeable future.

Roy Davis, Chairman of Surgical Innovations Group Plc, said:

“I am pleased to report a resilient performance for the first half of 2026, with revenue of £6.02 million despite a challenging trading environment. The continued growth in our Distribution and OEM businesses, together with particularly strong performance in APAC and the ongoing development of our international markets, demonstrates the increasing diversity and underlying strength of the Group.

“A major achievement during the period was the successful completion of our transition to the Medical Device Regulation. This has been a significant programme requiring considerable investment, management focus and resource over recent years, and its completion marks an important milestone for the Company. It allows our Compliance, R&D and Production Engineering teams to redirect their capacity towards innovation, operational efficiency and commercial growth. The successful completion of our UKCA and MDSAP audits further strengthens our regulatory position and international growth platform.

“We are also seeing encouraging progress from our investment in the sales team and the introduction of new products, while our sustainability proposition continues to resonate strongly with customers and creates new opportunities. Although we expect some of the external headwinds, particularly US tariffs, to persist during the second half, we remain confident in the outlook for the business. With an increasingly diversified revenue base, a growing OEM and Distribution platform, continued international expansion and a new product pipeline, we believe the Company is well positioned to deliver sustainable growth and create long-term value for shareholders.”

“Post year end, we were delighted to welcome Alex Warnock on board as our new CEO, and we look forward to him leading the Surgical Innovations team. He has been instrumental in developing industry-leading products in his past roles and has a track record of delivery. Alex brings significant commercial and operational expertise to the business including successful new product launches. We believe Alex has the right skillset to execute on our future plans and deliver long term value to shareholders.”

Investor briefing

David Marsh, Chief Executive Officer, and David Anderson, Chief Financial Officer, will provide a live presentation relating to the interim results via the Investor Meet Company platform on Wednesday 30th September 2026 at 2.15p.m. BST.

The presentation is open to all existing and potential shareholders. Investors can sign up to Investor Meet Company for free and add to meet Surgical Innovations Group plc via: https://www.investormeetcompany.com/surgical-innovations-group-plc/register-investor

Investors who already follow Surgical Innovations Group plc on the Investor Meet Company platform will automatically be invited.

For further information please contact:

Surgical Innovations Group Plc	www.sigroupplc.com
David Marsh, CEO	Tel: [phone]
David Anderson, CFO
Singer Capital Markets (Nominated Adviser & Broker)
Alex Bond / Anastassiya Eley	[phone]
Walbrook PR (Financial PR & Investor Relations)	Tel: [phone] or [e-mail]
Paul McManus / Alice Woodings	Mob: [phone]

About Surgical Innovations Group plc

Strategy

The Group specialises in the design, manufacture, sale and distribution of innovative, high-quality medical products, primarily for use in minimally invasive surgery. Our product and business development is guided and supported by a key group of nationally and internationally renowned surgeons across the spectrum of minimally invasive surgical activity.

We design, manufacture and source our branded port access systems, surgical instruments and retraction devices which are sold directly in the UK home market through our subsidiary, Elemental Healthcare (“Elemental”), and exported widely through a global network of trusted distribution partners. Many of our products in this field are based on a "resposable" concept, in which the products are part reusable, part disposable, offering a high quality and environmentally responsible solution at a cost that is competitive against fully disposable alternatives.

Elemental also has exclusive UK distribution for a select group of specialist products employed in laparoscopy, bariatric and metabolic surgery, hernia repair and breast reconstruction.

In addition, we design and develop medical devices for carefully selected OEM partners. We have a number of long-term relationships with key partners including the design, development and manufacture of the FIX8 device for Advanced Medical Solutions plc (“AMS”) and more recently for a new collaboration with robotic surgery company, CMR Surgical Limited (“CMR”), to design and develop an access device for their unique instrumentation.

We aim for our brands to be recognised and respected by healthcare professionals in all major geographical markets in which we operate and provide, by development, partnership or acquisition, a broad portfolio of cost effective, procedure specific surgical instruments and implantable devices that offer reliable solutions to genuine clinical needs in the operating theatre environment.

Operations

The Group currently employs 93 people across one site in Leeds in the UK. Elemental was acquired by the Group on 1 August 2017 and provides direct sales representation in the UK home market and a range of third-party products for UK distribution.

Further information

Further details of the Group’s businesses are available on the following websites:

www.sigroupplc.com

www.surginno.com

www.elementalhealthcare.co.uk

Investors and others can register to receive regular updates by emailing [e-mail]

Surgical Innovations Group plc

Chairman’s Statement

For the six-month period ended 30 June 2026

Market and Financial Overview

Trading in the first half of the year was broadly flat at £6.02m (H1 2025: £6.15m). Underlying sales in Europe declined in H1 2026, with revenue of £1.00m (H1 2025: £1.26m) primarily due to the transition between distribution partners in two key markets. Prior to the transition, the outgoing distributors had built up significant inventory levels, which have taken longer than anticipated to be absorbed. As a result, orders from the Company’s new distribution partners have been temporarily constrained while existing inventory is worked through. Encouragingly, the new distribution partners are now making rapid progress, with inventory levels normalising and market development activities gaining momentum. The Company expects the benefits of these new partnerships to become increasingly evident during the second half of the year, with the European region expected to return to growth in H2 2026. This temporary disruption is therefore viewed as a transitional effect rather than a reflection of underlying demand for the Company's products.

In the United States, sales in H1 2026 were £0.38m (H1 2025: £0.41m). The modest decline reflects the continuing impact of US tariffs, together with the temporary disruption associated with the relocation of a key distributor’s warehouse. Sales have now normalised following the warehouse transition, although the shortfall incurred during the first half is not expected to be recovered during 2026. Tariff-related costs and their impact on market opportunities are expected to remain a headwind during H2 2026 and may continue to constrain growth in the near term. The Company is actively exploring additional routes to market and alternative distribution opportunities in the US. While these initiatives are not expected to make a material contribution to 2026 revenues, they provide potential avenues for future growth and greater market penetration.

The APAC region delivered strong growth in H1 2026, with revenues increasing by 29% to £0.62m (H1 2025: £0.48m). The performance was driven primarily by the continued strength of the Company’s business in Japan, where demand remains robust and the market continues to represent an important growth opportunity. The Company expects this positive momentum to continue into H2 2026, supporting further growth across the region.

Despite challenging market conditions for Elemental Healthcare, including ongoing NHS industrial action, H1 2026 sales were broadly flat at £2.75m, (H1 2025: £2.80m). . Distribution product sales remained particularly strong, increasing to £1.94m from £1.70m in H1 2025. Encouragingly, the rebuilt UK sales team is beginning to generate an increasing number of opportunities, which are expected to contribute to growth in H2 2026 and beyond. Further support is expected from the implementation of the new NHS Supply Chain MIS 3 framework agreement and associated pricing changes, which became effective in August 2026.

Rest of World (“ROW”) revenues increased 15% to £0.27m in H1 2026 (H1 2025: £0.23m). While this represents a positive year-on-year performance, the stronger growth anticipated at the start of the period has been impacted by the ongoing conflict in the Middle East, which has delayed both tender activity and trading with established customers in Israel. Elsewhere in the region, performance remains encouraging, with Canada continuing to deliver strong growth and providing a positive contribution to the overall development of the ROW business.

OEM revenues increased 5% to £1.00m in H1 2026, (H1 2025: £0.95m) in H1 2025. This performance was achieved despite ongoing supply challenges affecting a key component supplied by one of the Company’s OEM partners. The continued growth in OEM revenues demonstrates the resilience of the business and, in particular, the strength of the growing relationship with STERIS, which continues to provide an important platform for future OEM growth.

Commercial or underlying margins of 34.3% is similar to the prior period at 34.1% and slightly higher than FY 2025 at 33.7%. The reported gross margin of 29.0%, which includes the net cost of manufacturing, is below that of 2025 H1 but has improved by 2.7% on the FY 2025 margins. Sales mix within the International business is creating some margin headwinds, albeit is mostly offset by ongoing operational efficiencies.

The business has seen limited prices increases year over year but several increases will come into effect in H2 2026.

Other operating expenses increased to £1.98m (H1 2025: £1.86m), as the business has invested in its sales and marketing team, which now comprises a team of 15 (31 December 2025: 15).

The Group generated an adjusted EBITDA profit for the period of £0.03m (H1 2025: profit £0.37m).

For the first half of 2026, cash generated from operations was £0.22m (FY 2025: £0.59m, H1 2025: used in (£0.20m)). In the period the company repaid the final balance of the CBILS debt of £0.15m.

The Directors have considered the available cash resources and existing invoice financing facilities of the Group and the current internal anticipated forecasts and have a reasonable expectation that the Group have adequate resources to operate for the foreseeable future.

Market Outlook

In the United States, performance is expected to remain constrained in the near term as the impact of tariffs persists and the development of new routes to market continues to present challenges. In contrast, the UK and European business is well positioned to capitalise on emerging opportunities, with increased investment in rebuilding the sales team. Strong like for like growth in the UK for Distribution products achieved in H1 2026 is expected to continue, with further benefits anticipated from increased pricing following the implementation of the new NHS Supply Chain MIS 3 framework agreement in August. In Japan, the strong partnership remains on track to deliver a record year, further demonstrating the resilience and growing strength of the business across its key international markets.

The Company continues to make good progress in its programme of operational efficiency and product development. The first cost-reduction initiatives on key YelloPort devices were implemented in Q1 2026, with the resulting margin benefits expected to build progressively throughout the year. Further cost-down initiatives are planned during H2 2026, supporting the Company's objective of delivering sustained margin improvement alongside revenue growth.

Building on the successful international rollout of Logitube, the Company is preparing for the launch of the illuminated Logitube Lux in mid-Q4 2026, which is expected to create new market opportunities and further broaden the product portfolio. Additional products are also scheduled for launch in Q4 2026, including Logi Dissect and Logi Grasp, completing the core Logi range of instruments. In addition, the planned launch of the YelloPort Balloon Port, incorporating advanced port fixation technology, will further strengthen and broaden the Company's YelloPort product range. Together, these initiatives represent a significant programme of product innovation and operational improvement, providing the Company with an increasingly competitive product portfolio and a strong platform for future growth and margin expansion.

The successful transition to the Medical Device Regulation (“MDR”) has been a key priority for the Company and has required significant investment, management focus and resource over recent years. We are pleased to confirm that the Company has now successfully achieved MDR certification, marking a major milestone in the development of the business. The Company’s Quality Management System, technical documentation and supporting microbiology data have been brought into full MDR compliance and the final technical file covering the Logi range, which had remained outstanding, has now been recommended certified, completing the final element of the Company’s MDR transition.

Achieving MDR is an important regulatory achievement and a significant enabler for the next phase of the Company's growth strategy. It represents the culmination of a substantial programme of work and removes a major regulatory and operational constraint that has required considerable capacity from the Compliance, R&D and Production Engineering teams.

With this programme now completed, these resources can increasingly be redirected towards new product development, operational efficiency, manufacturing improvements and commercial growth.

In parallel, the Company has successfully completed the key audits required for UKCA and the Medical Device Single Audit Program (“MDSAP”), further strengthening its regulatory position and supporting access to international markets.

Current Trading and Outlook

The trading headwinds experienced in H1 2026 are expected to persist in certain markets, most notably the United States, where the impact of tariffs is unlikely to ease significantly in the near term. Despite these challenges, the Company is seeing encouraging signs from its investment in the sales team and the introduction of new third-party products, which are beginning to generate the anticipated opportunities in the UK market.

The Company continues to benefit from the increasing resonance of its sustainability proposition across key markets. As customers place greater emphasis on environmental impact and sustainable procurement, this is creating additional opportunities to differentiate the Company’s offering and drive future growth. Combined with the progress being made across the Distribution, OEM and international businesses, the Board remains confident in the underlying potential of the business and its prospects for the remainder of 2026.

Roy Davis

Chairman

30 September 2026

Unaudited consolidated statement of comprehensive income for the six months ended 30 June 2026

		Unaudited six months ended 30 June 2026	Unaudited six months ended 30 June 2025	Audited year ended 31 December 2025
	Notes	£’000	£’000	£’000
Revenue	3	6,019	6,145	11,602
Cost of sales		(4,271)	(4,224)	(8,549)
Gross profit	2	1,748	1,921	3,053
Other operating expenses		(1,978)	(1,860)	(3,781)
Other income		-	-	-
Adjusted EBITDA (loss) / profit *		33	373	(230)
Amortisation of intangible assets		(32)	(107)	(16)
Depreciation of tangible and right of use assets		(231)	(205)	(492)
Exceptional items		-	-	-
Share based payments		-	-	-
Operating (loss) / profit		(230)	61	(728)
Finance costs	4	(18)	(40)	(66)
Impairment costs		-	-	(150)
(Loss) / profit before taxation		(248)	21	(944)
Taxation credit / (charge)	5	-	-	49
(Loss) / profit and total comprehensive income		(248)	21	(895)
(Loss) / earnings per share
Basic	6	(0.03p)	0.002p	(0.10p)
Diluted	6	(0.03p)	0.002p	(0.10p)

* Adjusted EBITDA is earnings before interest, depreciation, amortisation, impairment and exceptional items.

Unaudited consolidated statement of changes in equity for the six months ended 30 June 2026

Notes	Share capital	Share premium	Capital reserve	Merger reserve	Retained earnings	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Balance as at 1 January 2026	9,328	6,587	329	1,250	(9,848)	7,646
Employee share-based payment charge	-	-	-	-	-	-
Total - Transaction with owners	9,328	6,587	329	1,250	(9,848)	7,646
Loss and total comprehensive income for the period	-	-	-	-	(248)	(248)
Unaudited balance as at 30 June 2026	9,328	6,587	329	1,250	(10,096)	7,398

Unaudited consolidated balance sheet as at 30 June 2026

		Unaudited	Unaudited	Audited
		30 June	30 June	31 December
		2026	2025	2025
	Notes	£’000	£’000	£’000
Assets
Non-current assets
Property, plant and equipment		527	613	632
Right of Use Assets		576	674	490
Intangible assets		5,486	5,472	5,423
		6,589	6,759	6,545
Current assets
Inventories		1,676	2,600	2,193
Trade and other receivables	9	2,242	2,602	2,090
Cash at bank and in hand		361	143	813
		4,279	5,345	5,096
Total assets		10,868	12,104	11,641
Equity and liabilities
Equity attributable to equity holders of the parent company
Share capital		9,328	9,328	9,328
Share premium account		6,587	6,587	6,587
Capital reserve		329	329	329
Merger reserve		1,250	1,250	1,250
Accumulated losses		(10,096)	(8,932)	(9,848)
Total equity		7,398	8,562	7,646
Non-current liabilities
Dilapidation provision		321	225	270
Lease liability		301	465	291
Borrowings	8	-	-	-
		622	690	561
Current liabilities
Trade and other payables	10	2,419	2,024	2,804
Accruals		143	355	256
Lease liability		286	147	224
Borrowings	8	-	326	150
		2,848	2,852	3,434
Total liabilities		3,470	3,542	3,995
Total equity and liabilities		10,868	12,104	11,641

Unaudited consolidated cash flow statement for the six months ended 30 June 2026

		Unaudited		Unaudited	Audited
		six months		six months	year
		ended		ended	ended
		30 June		30 June	31 December
		2026		2025	2025
	Notes		£’000	£’000	£’000
Cash flows from operating activities
(Loss) / profit after taxation for the period			(248)	21	(895)
Adjustments for:
Taxation			-	-	(49)
Finance costs	4		18	40	66
Depreciation of property, plant and equipment			100	113	226
Amortisation and impairment of intangible assets			32	23	166
Depreciation of right of use assets			131	132	266
Share-based payment charge			-	-	-
Foreign exchange			-	(13)	(3)
Decrease / (increase) in inventories			517	370	(776)
(Increase)  / decrease in trade and other receivables			(152)	(462)	66
(Decrease) / increase in trade and other payables			(180)	(423)	(33)
Cash generated from  / (used by) operations			218	(199)	586
Taxation received	5		-	-	49
Interest paid			(18)	(40)	(66)
Net cash generated from / (used in) operating activities			200	(239)	569
Payments to acquire property, plant and equipment			(4)	(25)	(61)
Acquisition of intangible assets			(95)	(96)	(166)
Net cash used in investment activities			(99)	(120)	(227)
Repayment of CBILS	8		(150)	(176)	(352)
Drawdown on invoice financing facility			(267)	604	936
Repayment of lease liabilities	7		(136)	(134)	(313)
Net cash used in financing activities			(553)	294	(271)
Net (decrease) / increase in cash and cash equivalents			(452)	(65)	615
Cash and cash equivalents at beginning of period			813	195	195
Effective exchange rate fluctuations on cash held			-	13	3
Cash and cash equivalents at end of period			361	143	813

Notes to the Interim Financial Information

1.         Basis of preparation of interim financial information

The interim financial information was approved by the Board of Directors on 29 September 2026. The financial information set out in the interim report is unaudited.

The interim financial information has been prepared in accordance with the AIM Rules for Companies and on a basis consistent with the accounting policies and methods of computation as published by the Group in its annual report for the year ended 31 December 2025, which is available on the Group’s website.

The Group has chosen not to adopt IAS 34 Interim Financial Statements in preparing these interim financial state- ments and therefore the interim financial information is not in full compliance with International Financial Re- porting Standards as adopted for use in the European Union.

The financial information set out in this interim report does not constitute statutory financial statements as de- fined in section 434 of the Companies Act 2006. The figures for the year ended 31 December 2025 have been extracted from the statutory financial statements which have been filed with the Registrar of Companies. The auditor’s report on those financial statements was unqualified and did not contain a statement under sections 498(2) and 498(3) of the Companies Act 2006.

 

Going concern and funding

The Directors have considered the available cash resources and existing invoice financing facilities of the Group and the current internal anticipated forecasts and have a reasonable expectation that the Group have adequate resources to operate for the foreseeable

2.         Disaggregation of gross margin

 

The Group has disaggregated margins in the following table:	Unaudited six months ended 30 June 2026	Unaudited six months ended 30 June 2025	Audited year ended 31 Dec 2025
	£’000	£’000	£’000
Revenue	6,019	6,145	11,602
Cost of Sales	(3,957)	(4,047)	(7,688)
Underlying Gross Margin	2,062	2,098	3,914
Underlying Gross Margin %	34.26%	34.14%	33.73%
Net Cost of Manufacturing	(314)	(177)	(861)
Contribution Margin	1,748	1,921	3,053
Contribution Margin %	29.0%	31.26%	26.31%

Underlying gross margin (excluding net costs of manufacturing) is an adjusted KPI measure. Nets costs of manufacturing are overheads that have not been effectively absorbed due to reduced productivity.

Adjusted KPIs are used by the Board to understand underlying performance and exclude items which distort comparability. The method of adjustments is consistently applied but are not defined in International Financial Reporting Standards (IFRS) and, therefore, are considered to be non-GAAP (Generally Accepted Accounting Principles) measures. Accordingly, the relevant IFRS measures are also presented where appropriate.

3.    Disaggregation of revenue

The Group has disaggregated revenues in the following table:	SI Brand	Distribution	OEM	Total
Unaudited six months ended 30 June 2026	£’000	£’000	£’000	£’000
United Kingdom	809	1,938	925	3,672
Europe	1,000	-	-	1,000
US	382	-	76	458
APAC	622	-	-	622
Rest of World	267	-	-	267
	3,080	1,938	1,001	6,019

	SI Brand	Distribution	OEM	Total
Unaudited six months ended 30 June 2025	£’000	£’000	£’000	£’000
United Kingdom	1,058	1,745	772	3,575
Europe	1,264	-	-	1,264
US	411	-	181	592
APAC	481	-	-	481
Rest of World	233	-	-	233
	3,447	1,745	953	6,145

	SI Brand	Distribution	OEM	Total
Audited year ended 31 December 2025	£’000	£’000	£’000	£’000
United Kingdom	1,604	4,054	1,291	6,949
Europe	2,082	-	-	2,082
US	793	-	366	1,159
APAC	969	-	-	969
Rest of World	443	-	-	443
	5,891	4,054	1,657	11,602

Revenues are allocated geographically on the basis of where revenues were received from and not from the ultimate final destination of use.

4.         Finance Costs

	Unaudited six month ended 30 June 2026	Unaudited six month ended 30 June 2025	Audited year ended 31 December 2025
	£’000	£’000	£’000
On bank borrowings	1	15	28
On right-of-use assets lease liabilities	17	25	38
	18	40	66

5.         Taxation

Current taxation

There was no reported tax charge / (credit) in the period.

Deferred taxation

Overall, the Group continues to hold substantial tax losses on which it holds a cautious view and consequently the Group has chosen not to recognise those losses fully.

6.         Earnings per share

 

	Unaudited six month ended 30 June 2026	Unaudited six     month ended 30 June 2025	Audited year ended 31 December 2025
Basic	(0.03p)	0.002p	(0.10p)
Diluted	(0.03p)	0.002p	(0.10p)

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of shares in issue. Diluted earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the diluted weighted average number of shares in issue.

The anti-dilutive effect of unexercised shares options has not been taken into account and therefore the diluted earnings per share is equal to the basic earnings per share.

7.         Leases

Impact on the statement of financial position

	Unaudited 30 June 2026		Unaudited 30 June 2025		Audited 31 December 2025
	Assets	Liabilities	Assets	Liabilities	Assets	Liabilities
	£’000	£’000	£’000	£’000	£’000	£’000
Right of use assets and lease liabilities	576	587	674	611	490	515
Of which are:
Current lease liabilities		286		236		224
Non-Current lease liabilities		301		375		291
Impact on Equity		-		-		-
Total impact on statement of financial position	576	587	674	611	490	515

8.         Total borrowings

At amortised cost	Unaudited 30 June 2026	Unaudited 30 June 2025	Audited 31 December 2025
	£’000	£’000	£’000
Cash & cash equivalents	361	143	813
Invoice financing facility	(670)	(604)	(938)
Current bank borrowings	-	(326)	(150)
Adjusted Net Debt	(309)	(787)	(275)
Current lease liabilities	(286)	(236)	(224)
Non-current lease liabilities	(301)	(375)	(291)
Total Borrowings	(896)	(1,398)	(790)

	Current and non-current bank borrowings relate to CBILS which was repaid in May 2026. Interest was calculated at a rate of 2.94% repayable monthly over the Bank of England base rate.
	Invoice Financing Facility of £1.0m across the Group, with 2.5% margin with a maximum nominal administration fee of £0.018m if not utilised.

9.         Trade and other receivables

At amortised cost	Unaudited 30 June 2026	Unaudited 30 June 2025	Audited 31 December 2025
	£’000	£’000	£’000
Trade receivables	1,875	2,219	1,631
Prepayments	341	380	336
Other debtors	26	3	123
	2,242	2,602	2,090

10. Trade and other payables

	Unaudited 30 June 2026	Unaudited 30 June 2025	Audited 31 December 2025
	£’000	£’000	£’000
Trade payables	1,296	1,151	1,416
Other tax and social security	144	33	152
Invoice financing facility	670	604	938
Other payables	309	236	298
	2,419	2,024	2,804

 

END