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"facts": {
"shtag_6646909": {
"value": "Underlying revenue by franchise
Underlying revenues grew fastest across the PromethION
franchise, representing all devices and flow cell sales from the
PromethION range, reaching \u00a348.8 million from \u00a326.6 million in
2022, representing underlying growth of 83% when stripping out
the impact of EGP.
Revenues of our MinION franchise, representing all sales of
MinION flow cells and devices that run MinION flow cells (including
GridION and MinION) grew 14% to \u00a358.8 million (2022: \u00a351.5
million) when stripping out the impact of COVID sequencing.
Other revenues, representing kits, services revenues and other
devices grew 44% underlying to \u00a342.2 million from \u00a329.4 million
when stripping out the impact of EGP and COVID sequencing2023
(\u00a3m)
2022
(\u00a3m)
% change\u00a0
actual
PromethION franchise\u00a059.2\u00a038.6\u00a053.2%
Less EGP\u00a0(10.4)\u00a0(12.1)
Underlying PromethION franchise\u00a048.8\u00a026.6\u00a083.4%
MinION franchise\u00a063.4\u00a068.2\u00a0(7.0)%
Less COVID sequencing\u00a0(4.6)\u00a0(16.7)
Underlying\u00a0MinION franchise\u00a058.8\u00a051.5\u00a014.1%
Other\u00a047.1\u00a040.0\u00a017.\u00a08%
Less EGP\u00a0(1.5)\u00a0(1.1)
Less COVID sequencing\u00a0(3.3)\u00a0(9.4)
Underlying other\u00a042.2\u00a029.4\u00a043.5%
Total LSRT revenue\u00a0169.7\u00a0146.8\u00a015.6%
Less EGP\u00a0(12.0)\u00a0(13.2)
Less COVID sequencing\u00a0(8.0)\u00a0(26.1)
Total underlying revenue\u00a0149.7\u00a0107.\u00a05\u00a039.3",
"dimensions": {
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"shtag_6652075": {
"value": "Research and development expenses
The Group\u2019s research and development expenditure is recognised
as an expense in the year as it is incurred, except for development
costs that meet the criteria for capitalisation as set out in IAS 38
(Intangible assets). Capitalised development costs principally
comprise qualifying costs incurred in developing the Group\u2019s core
technology platform.
As amortisation related to internally generated assets has
increased over time, management now consider that it is a more
appropriate presentation to present amortisation and the R&D tax
credit within research and development expenses, rather than as
previously presented within selling, general and administration
expenses. The comparative numbers have been re-presented to be
consistent with the current year presentation.
2023
(\u00a3m)
2022*
(\u00a3m)
Research and development expenses\u00a0103.8\u00a069.2
Adjusting items:
Employer\u2019s social security taxes on
pre-IPO share awards
0.6\u00a09.9
Adjusted\u00a0R&D expenses\u00a0104.4\u00a079.1
Amortisation of capitalised \u00a0
development costs
(18.4)\u00a0(11.4)
Capitalised development costs\u00a019.5\u00a019.2
Total R&D expenses and capitalised
development costs
105.5\u00a086.9
* see note 11 on page 168 for details of the re-presentation.
Adjusted research and development expenses increased by \u00a325.3
million to \u00a3104.4 million in 2023 (2022: \u00a379.1 million). This increase
was principally due to a 22% increase in headcount (2022: 31%
increase) leading to a \u00a37.0 million increase in payroll costs (2022:
\u00a37.1 million).
Amortisation of capitalised development costs increased by
\u00a37.0\ue61dmillion to \u00a318.4 million. There is now \u00a377.2 million of costs that
have been capitalised as at 31 December 2023 (31 December
2022: \u00a357.7 million), so driving the increase in amortisation.
Capitalised development costs increased by \u00a30.3 million to \u00a319.5
million in 2023 (2022: \u00a319.2 million). This included \u00a311.3 million of
staff costs (2022: \u00a310.4 million) and \u00a38.2 million of third-party
costs (2022: \u00a38.8 million), across a number of projects that
occurred during the year.
Overall investment in research and development was \u00a3105.5 million
(2022: \u00a386.8 million); an increase of \u00a318.7million (2022: \u00a39.4
million) over the prior yea",
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}
},
"shtag_6651755": {
"value": "Selling, general and administration expenses
The Group\u2019s selling, general and administrative expenses in 2023
increased by \u00a32.1 million to \u00a3155.2million (2022: decreased by
\u00a33.7 million to \u00a3153.1 million).
On an adjusted basis selling, general and administrative expenses
in 2023 increased by \u00a322.9 million to \u00a3134.6 million (2022:
increased by \u00a313.8 million to \u00a3111.7 million).
2023
(\u00a3m)
2022
(\u00a3m)
Selling, general and administration
expenses\u00a0155.2\u00a0153.1
Adjusting items:
Share-based payment expense on
Founder Long Term Incentive Plan (LTIP) \u00a0(20.9)\u00a0(53.2)
Employer\u2019s social security taxes on
Founder LTIP and pre-IPO share awards\u00a00.3\u00a011.7
Adjusted selling, general and
administration expenses\u00a0134.6\u00a0111.7
The main changes were:
\u2022 \u00a0a 49% increase in average headcount of staff within the
Group\u2019s\ue61dsales, marketing and distribution functions (2022: 48%
increase), leading to a \u00a314.4 million increase in payroll costs
(2022: \u00a311.7 million increase). This is in line with our plan to
expand our global sales team;
\u2022 \u00a0a 4% increase in average headcount of corporate staff within the\u00a0
Group\u2019s Human Resources (HR), finance, central administration,
legal, applied functions and certain corporate executives to
support business growth (2022: 30% increase), contributing to
a \u00a31.7 million increase in payroll costs (2022: \u00a37.9 million);
\u2022 \u00a0an increase in depreciation of \u00a31.6 million (2022: increase
of\ue61d\u00a34.8 million), partially offset by a decrease in sharebase
payments (non-Founder LTIP) of \u00a31.5 million (2022: decrease
of\ue61d\u00a36.9 million)",
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},
"shtag_6634833": {
"value": "Board of Directors
Appointed: \u00a0\u00a023 May 2005
Tenure: \u00a0\u00a018 years
Independent: No
Skills and experience:
Gordon is a co-founder of Oxford Nanopore
along with Spike Willcocks and Hagan
Bayley. He was appointed CEO in May
2005 and has led the Company through
multiple financing rounds, and in 2021, a
listing on the London Stock Exchange.
Gordon has significant experience in the
design, development and global launch of
disruptive platform sensor technologies.
Prior to working at the Company, Gordon
spent 16 years at MediSense, Inc. Following
its acquisition by Abbott Laboratories,
Gordon held both UK and US vice president
and director positions, including as Vice
President for Worldwide Marketing,
Research Director, and Manufacturing
Process Development Director. During this
time, he was instrumental in the launch of
several generations of blood glucose
bio-electronic systems for the consumer
and hospital medical markets.
Gordon has a doctorate in bio-electronic
technology and a degree in chemistry from
Cardiff University.
Current external appointments:
None
Committee memberships: \u00a0
Appointed:\u00a0\u00a0\u00a022 January 2024*
Tenure:\u00a0\u00a0\u00a0Less than 1 year
Independent:\u00a0\u00a0\u00a0No
Skills and experience:
Nick is an experienced life sciences CFO,
having previously served as CFO of
Clinigen Group and Benevolent AI. Prior to
his CFO roles, he gained extensive
experience in the life sciences industry
serving as Managing Director and Head of
the European healthcare equity research
team at Royal Bank of Canada, and before
that held roles at Investec and GSK after
switching from practising pharmacy.
Nick has significant experience of financial
leadership of complex, scientific
businesses, and has a deep understanding
of capital markets. Nick was appointed CFO
in January 2024 and has responsibility for
the Group\u2019s finance function and investor
relations function.
Nick has a masters degree in pharmacy
from Aston University and is a qualified
chartered accountant.
Current external appointments:
None
Committee memberships:
None
Appointed: \u00a0\u00a01 August 2022
Tenure: \u00a0\u00a01 year
Independent: N/A
Skills and experience:
Duncan brings extensive, relevant
experience as an executive and
Non-Executive Director of FTSE
companies, growth and founder-led
technology businesses, and, in particular,
where UK-born businesses have grown to
have a strong international commercial
presence. He has had a distinguished
career across a wide range of innovative
businesses in the technology, retail and
media sectors, including serving as Chief
Financial Officer of Ocado Group plc from
2012 to 2020, during which time the
business expanded from being a pure-play
online grocer to a leading UK technology
business serving clients around the world,
with revenue growing 3.5\ue61etimes and
technology headcount growing 10-fold.
Duncan holds a master\u2019s degree in
engineering from King\u2019s College, Cambridge.
Current external appointments:
Duncan serves on the board of Trainline plc
and chairs Wednesday Topco Limited, the
company behind loveholidays.com.
Committee memberships:
Duncan Tatton-Brown\u00a0
Non-Executive Chair
Chair\u00a0Executive Directors
Dr Gordon Sanghera\u00a0
Chief Executive Officer
Nick Keher\u00a0
Chief Financial Officer
Key to Committees
Audit and Risk Committee
Nomination Committee
Remuneration Committee
Chair
* Shareholders will be required to approve \u00a0
Nick\u2019s appointment at the 2024 AGM
Appointed: \u00a0\u00a024 May 2006
Tenure: \u00a0\u00a017 years
Independent: No
Skills and experience:
Spike is one of the co-founders of the
Company and has served on the Board
since May 2006. He was appointed Chief
Business Development Officer of the Group
in November 2016 and now serves as Chief
Strategy Officer.
Spike was one of the initial members of IP
Group plc (\u201cIP Group\u201d) following its landmark
partnership with the University of Oxford\u2019s
Department of Chemistry. Ultimately leading
its life science team, Spike\u2019s role
encompassed all aspects of technology
commercialisation, including spin-out
company formation and business and
corporate development, as well as private
and public equity financings. During this
time, Spike was responsible for the
formation of Oxford Nanopore. Gordon
persuaded Spike to join the Company full
time at the start of 2006.
Spike has a doctorate in biological sciences
and a degree in chemistry from the
University of Oxford.
As previously disclosed, Spike will not stand
for re-election at the 2024 AGM.
Current external appointments:
Veiovia Limited
Committee memberships:
None
Appointed: \u00a0\u00a019 September 2019*
Tenure: \u00a0\u00a04 years
Independent: No
Skills and experience:
Clive is the Group\u2019s Chief Technology,
Innovation and Product Officer, having
joined as Director of Bioinformatics and IT
in\ue61e2008. He joined the Board in September
2019 and stepped down from the Board in
February 2024. Clive joined the Group from
the Wellcome Trust Sanger Institute
in\ue61eCambridge, UK, where he played a key
role in the adoption and exploitation of
\u2018next\ue61egeneration\u2019 DNA sequencing platforms.
In 2003, he was appointed Director of
Computational Biology and IT at\ue61eSolexa
Limited (acquired by Illumina, Inc. in 2007),
where he was central to the development
and commercialisation of the Genome
Analyzer. Clive has also held various
management and consulting positions at
Glaxo Wellcome (now GlaxoSmithKline plc),
Oxford Glycosciences plc and other EU and
US-based organisations.
Clive holds degrees in genetics and
computational biology from the University
of York.
Current external appointments:
None
Committee memberships:
None
*Clive stepped down from the Board on 29 February
2024
Appointed: \u00a0\u00a013 December 2018
Tenure: \u00a0\u00a05 years
Independent: No
Skills and experience:
Tim moved into a new role as Chief
Operating Officer in January 2024, after
performing both the role of Chief Financial
Officer and fulfilling most of the
responsibilities typically assigned to a Chief
Operating Officer for the past five years.
Prior to his role as Chief Financial Officer,
Tim previously served as Vice President,
Finance. He joined the Group as Financial
Controller in 2012 and became Commercial
Operations Director in 2013. Tim took the
role of Finance Director in 2017 and joined
the Board in 2018. Having qualified as an
accountant at Ernst & Young, Tim became
Financial Controller of Celltech, serving as
a key member of their IPO team and
managing several of their transactions as
a\ue61elisted company. He went on to serve as
Financial Controller at Sterilox Medical.
Tim\ue61ehas also been Finance Director at
British Biotech plc (Vernalis plc) and has
previously worked in management roles at
other biotech and technology companies,
including the AIM-listed Bioventix plc.
Tim has an economics degree from the
University of Sussex and is a qualified
chartered accountant.
As previously disclosed, Tim will not stand for
re-election at the 2024 AGM.
Current external appointments:
None
Committee memberships:
None
Dr Spike Willcocks\u00a0
Chief Strategy Officer
Clive Brown\u00a0
Chief Technology, Innovation \u00a0
and Product Officer
Tim Cowper\u00a0
Chief Operating Officer\u00a0\u00a0
(with effect from 22 January 2024",
"dimensions": {
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"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
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}
},
"shtag_6634834": {
"value": "In auditing the financial statements, we have concluded that the
Directors\u2019 use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
Our evaluation of the Directors\u2019 assessment of the Group\u2019s and
Company\u2019s ability to continue to adopt the going concern basis of
accounting included:
\u2022 \u00a0Evaluation of management\u2019s assessment of the Group\u2019s ability to
continue as a going concern, including challenging the
underlying data and key forecasting assumptions used to make
the assessment, and evaluation of the Directors\u2019 plans for future
actions in relation to going concern;
\u2022 \u00a0Performance of testing over the integrity and mechanical\u00a0
accuracy of the going concern model by recalculating the cash
headroom available in each of the scenarios prepared by
management and approved by the Directors;
\u2022 \u00a0Performance of our own sensitivity analysis based upon
evidence, including consideration of market data, and latest
third-party economic forecasts, along with the FY24 results to
date; and
\u2022 \u00a0Assessment of the appropriateness of the going concern
disclosures made in the financial statements.
Based on the work we have performed, we have not identified any
material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the
Group's and Company\u2019s ability to continue as a going concern for a
period of at least twelve months from when the financial
statements are authorised for issue.
In relation to the reporting on how the Group has applied the UK
Corporate Governance Code, we have nothing material to add or
draw attention to in relation to the Directors\u2019 statement in the
financial statements about whether the directors considered it
appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with
respect to going concern are described in the relevant sections of
this reporGoing concernAs at 31 December 2023, the Group held \u00a3472.1 million in cash, cash equivalents and other liquid investments (note 35).
The going concern assessment period is the twelve months to the end of March 2025. In order to satisfy the going concern assumption,
the Directors of the Group review its budget periodically, which is revisited and revised as appropriate in response to evolving market
conditions.
The Directors have considered the budget and forecast prepared through to the end of March 2025, the going concern assessment
period, and the\ue61eimpact of a range of severe, but plausible, scenarios, including supply chain issues driven by demand, logistics
interruptions, the pandemic, heightened geopolitical tension; particularly between the United States of America and the People\u2019s Republic
of China and the\ue61ewar in Ukraine. In particular, the impact of key business risks on revenue, profit and cash flow are as follows:
\u2022 \u00a0Reduced revenues due to customer, regulatory and research and development (R&D) delays; and
\u2022 \u00a0Increased costs due to supply chain restrictions, rising utilities costs, rising wages & salary costs, additional R&D requirements and
rising costs of component parts.
Under all scenarios, the Group had sufficient funds to maintain trading before taking into account any mitigating actions that the Directors
could take. Accordingly, the Directors have a reasonable expectation that the Group has adequate resources to continue in operation for
the foreseeable future and at least one year from the date of approval of the financial statements. On the basis of these reviews, the
Directors consider it remains appropriate for the going concern basis to be adopted in preparing these financial statements",
"dimensions": {
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"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634835": {
"value": "Additionally, management have recorded a provision as at 31 December 2023 of \u00a39.9m (2022: \u00a310.8m) for
employer social security taxes which will be due at the point of exercise of the share options. This provision
is recorded in line with the requirements of IAS 37 Provisions, Contingent Liabilities and Contingent Assets
and requires estimates to be made about the likelihood of vesting and the social security taxes payable at
the point of exercise.
",
"dimensions": {
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"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"shtag_6641584": {
"value": "Our application of materiality6.1. Materiality
We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions of
a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of our audit work and
in evaluating the results of our work.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Group financial statements\u00a0Company financial statements
Materiality\u00a0\u00a33,300,000 (2022: \u00a33,300,000)\u00a0\u00a32,640,000 (2022: \u00a32,700,000)
Basis for determining
materiality
2% of Revenue.
For the year ended 31 December 2022, our materiality
was determined through consideration of\ue61drevenue,
operating expenses (with certain adjustments for
share based payment charges and\ue61demployer social
security taxes provision release) and net assets. Using
our professional judgement we\ue61dhave determined that
for the year ended 31\ue61dDecember 2023 that revenue is
the key benchmark and determined Group materiality
to remain \u00a33.3 million.
We determined materiality in a manner consistent
with the approach to the Group financial statements,
however capped this at 80% (2022: 82%) of Group
materiality in order to address the risk of aggregation
when combined with other components of the
Group.
Rationale for the benchmark
applied
Revenue reflects the manner in which business performance is reported and assessed by external users of
the financial statements, particularly for a loss-making company. Recurring revenues of the Group continue
to grow and are a key metric for users. As outlined, the benchmark to determine materiality has shifted from
consideration of a number of benchmarks to be based primarily on revenue. We also considered other
secondary benchmarks as part of determining materiality. We have used our professional judgement in
determining that revenue is the key metric for users.
Revenue
Group materialit",
"dimensions": {
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"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6641719": {
"value": " Oxford Nanopore Technologies plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634717": {
"value": "169668000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"shtag_6634718": {
"value": "198603000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"shtag_6634904": {
"value": "79187000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CostOfSales",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"shtag_6634836": {
"value": "74793000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CostOfSales",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"shtag_6634905": {
"value": "90481000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GrossProfit",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"shtag_6634906": {
"value": "123810000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GrossProfit",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"shtag_6634907": {
"value": "103842000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ResearchAndDevelopmentExpense",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"shtag_6634908": {
"value": "69186000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ResearchAndDevelopmentExpense",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"shtag_6634909": {
"value": "155248000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"shtag_6634910": {
"value": "153103000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"shtag_6634911": {
"value": "-168609000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
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"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:GBP"
}
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"shtag_6634977": {
"value": "-4291000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:GBP"
}
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"value": "-4111000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
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"value": "-0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:GBP"
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"decimals": -3,
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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"value": "1000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:GBP"
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"value": "221000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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"decimals": -3,
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"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:GBP"
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"decimals": -3,
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"shtag_6634990": {
"value": "356778000",
"decimals": -3,
"dimensions": {
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"unit": "iso4217:GBP"
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},
"shtag_6634840": {
"value": "General informationOxford Nanopore Technologies plc (the Company) is a public limited company incorporated in the United Kingdom under the Companies Act
2006 and is registered in England and Wales. The Company\u2019s registered office is at Gosling Building, Edmund Halley Road, Oxford Science Park,
Oxford, Oxfordshire, OX4 4DQ. These consolidated financial statements comprise the Company and its subsidiaries (collectively the \u201cGroup\u201d and
individually \u201cGroup companies\u201d). The Group is primarily involved in researching, developing, manufacturing and commercialising a novel
generation of deoxyribonucleic acid (DNA) or ribonucleic acid (RNA) sequencing technology that provides rich data, is fast, accessible and easy
to use, and which allows the real-time analysis of DNA or RNA. This enables our customers to perform scientific/biomedical research in a range
of areas, including human genetics, cancer research, outbreak surveillance, environmental analysis, pathogens/antimicrobial resistance,
microbiome analysis and crop science. These emerging uses may include applications in healthcare, agriculture, biopharma production, food/
water supply chain surveillance, and education or consumer markets; anywhere where DNA information can tell a user about a sample: for
example its identity, whether it is changing, healthy or diseased.
The Company is the parent entity and the ultimate parent company of the Group.
The financial statements are presented in Pounds Sterling because that is the currency of the primary economic environment in which the
Group operates, and are rounded to the nearest thousand pounds. Foreign operations are included in accordance with the policies set
out in the accounting policies.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634839": {
"value": "Oxford Nanopore Technologies plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6641714": {
"value": "Oxford Nanopore Technologies plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6720998": {
"value": "United Kingdom under the Companies Act 2006 and is registered in England and Wale",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634838": {
"value": "Gosling Building, Edmund Halley Road, Oxford Science Park,Oxford, Oxfordshire, OX4 4DQ",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634844": {
"value": "Adoption of new and revised standards",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634841": {
"value": "Adoption of new and revised standardsNew and amended IFRS Accounting Standards that are effective for the current year
In the current year, the Group has applied a number of amendments to IFRS Accounting Standards issued by the International Accounting
Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2023. Their adoption
has not had any material impact on the disclosures or on the amounts reported in these financial statements.
Amendments to IFRS 17 (including the June 2020
Amendments to IFRS 17)
Insurance Contracts
Amendments to IAS 1 and IFRS Practice Statement 2\u00a0Disclosure of Accounting Policies
Amendments to IAS 12\u00a0Deferred Tax related to Assets and Liabilities arising from a Single Transaction
Amendments to IAS 12\u00a0International Tax Reform \u2014 Pillar Two Model Rules
Amendments to IAS 8\u00a0Definition of Accounting Estimates
New and revised IFRS standards in issue but not yet effective
At the date of authorisation of the consolidated financial statements, the Group has not applied the following new and revised IFRS
standards that have been issued but are not yet effective:
Amendments to IFRS 10 and IAS 28\u00a0Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
Amendments to IAS 1\u00a0Classification of Liabilities as Current or Non current
Amendments to IAS 1\u00a0Non-current Liabilities with Covenants
Amendments to IAS 7 and IFRS 7\u00a0Supplier Finance Arrangements
Amendments to IFRS 16\u00a0Lease Liability in a Sale and Leaseback
The Directors do not expect that the adoption of the Standards listed above will have a material impact on the consolidated financial
statements of the Group in future periods",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6637861": {
"value": "Basis of preparationThese consolidated financial statements have been prepared in accordance with international accounting standards in conformity with
the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRSs) as issued by the International
Accounting Standards Board (IASB).
The consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial
instruments that are measured at revalued amounts or fair values at the end of each reporting period, as explained in the accounting
policies below. Historical cost is generally based on the consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation
technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if
market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value
for measurement and/or disclosure purposes in the financial statements is determined on such a basis, except for share-based payment
transactions that are within the scope of IFRS 2, leasing transactions that are within the scope of IFRS 16, and measurements that have
some similarities to fair value but are not fair value, such as net realisable value in IAS 2 or value in use in IAS 36The share-based compensation expenses of the other LTIPs and share award schemes are not treated as adjusting itemsIn the case of bundled goods and services contracts, customers either pay for the whole contract in advance of delivery of all the goods
and services on the contract or are invoiced as the goods and services are delivered. If the transaction price allocated to the goods
delivered or services rendered by the Group exceeds the payment received from a customer, a contract asset is recognised. If the
payment exceeds the transaction price allocated to the goods delivered or services rendered by the Group, a contract liability is
recognised. In the case of non-bundled goods and services contracts, payment of the transaction price is typically due when the
customer receives the goods or services.
For bill-and-hold arrangements in respect of the supply and delivery of goods, revenue is recognised when the customer has obtained
control of the goods. Control is deemed to have transferred when the goods have been delivered to the specified delivery location. Under
bill-and-hold arrangements it is deemed appropriate to recognise revenue provided the customer has requested the bill-and-hold
arrangement for substantive purposes, for example, because it lacks the physical space/facilities to store the goods. In addition, the
goods must be able to be identified as belonging to the customer and cannot be used to satisfy orders for other customers, meaning that
the customer can redirect or determine how the goods are used or where the goods are delivered to.
Consistent with the terms of agreement with distributors, revenue from distributors is recognised upon transfer of control over the goods
to a third party. Typically this occurs when title passes to the customer, either on shipment or on receipt of goods by the customer,
depending on local trading terms. The nature of the agreements are such that the Group\u2019s customer is deemed to be the distributor, and
therefore the Group recognises revenue as principal in the transaction with the distributor. The distributor subsequently controls the
products before making sales to end users, however bears inventory risk and has discretion for specific commercial arrangements with
the end users of the products. On this basis revenue is recorded by the Group at the point control of the products is passed to the
distributors. The agreements do not contain a clause for the Group to repurchase the goods from the distributors. For the year ended 31
December 2023, the Group\u2019s revenue from distributor sales amounted to \u00a322.6 million (2022: \u00a318.1 million), representing 13.3% (2022:
9.1%) of the total Group\u2019s total revenue for the year.
Revenue includes royalty income from collaboration agreements, where the Group has out-licensed certain rights associated with
products. These agreements cover the development, manufacturing and/or commercialisation of products with third parties. The income
generated from these agreements is defined as revenue, as out-licensing and collaboration agreements are considered to form part of the
Group\u2019s ordinary activities. Income from the agreements may take the form of upfront fees, milestone payments and/or royalties. For the
year ended December 2023, the Group earned \u00a30.6 million (2022: \u00a30.2 million) revenue from collaboration and royalty agreements,
representing 0.4% (2022: 0.1%) of the Group\u2019s total revenue for the year.
3.5 \u00a0Alternative performance measures
Alternative performance measures are used by the Directors and management to monitor business performance internally and exclude
certain cash and non cash items which they believe are not reflective of the normal day-to-day operating activities of the Group. The
Directors believe that disclosing such non-IFRS measures enables a reader to isolate and evaluate the impact of such items on results
and allows for a fuller understanding of performance from year to year. Alternative performance measures may not be directly
comparable with other similarly titled measures used by other companies. A detailed reconciliation between reported and adjusted
measures is presented in note 35.
Share-based compensation is an important aspect of the compensation of our employees and executives, but management believes it is
useful to specifically exclude the Founder LTIP and employer\u2019s social security taxes on pre-IPO share awards from adjusted profit
measures to better understand the long term performance of the core business",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634846": {
"value": "The principal accounting policies adopted are set out below.
3.2 \u00a0Going concern
As at 31 December 2023, the Group held \u00a3472.1 million in cash, cash equivalents and other liquid investments (note 35).
The going concern assessment period is the twelve months to the end of March 2025. In order to satisfy the going concern assumption,
the Directors of the Group review its budget periodically, which is revisited and revised as appropriate in response to evolving market
conditions.
The Directors have considered the budget and forecast prepared through to the end of March 2025, the going concern assessment
period, and the\ue61eimpact of a range of severe, but plausible, scenarios, including supply chain issues driven by demand, logistics
interruptions, the pandemic, heightened geopolitical tension; particularly between the United States of America and the People\u2019s Republic
of China and the\ue61ewar in Ukraine. In particular, the impact of key business risks on revenue, profit and cash flow are as follows:
\u2022 \u00a0Reduced revenues due to customer, regulatory and research and development (R&D) delays; and
\u2022 \u00a0Increased costs due to supply chain restrictions, rising utilities costs, rising wages & salary costs, additional R&D requirements and
rising costs of component parts.
Under all scenarios, the Group had sufficient funds to maintain trading before taking into account any mitigating actions that the Directors
could take. Accordingly, the Directors have a reasonable expectation that the Group has adequate resources to continue in operation for
the foreseeable future and at least one year from the date of approval of the financial statements. On the basis of these reviews, the
Directors consider it remains appropriate for the going concern basis to be adopted in preparing these financial statements.
3.3 \u00a0Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and
its subsidiaries. Control is achieved when the Company:
\u2022 \u00a0has power over the investee;
\u2022 \u00a0is exposed, or has rights, to variable returns from its involvement with the investee; and
\u2022 \u00a0has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more
of the three elements of control listed above.
When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are
sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts
and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including:
\u2022 \u00a0the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
\u2022 \u00a0potential voting rights held by the Company, other vote holders or other parties;
\u2022 \u00a0rights arising from other contractual arrangements; and
\u2022 \u00a0any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant
activities at this time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control
of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the
consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when
the Company ceases to control the subsidiary.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the
Group\u2019s accounting policies.
3.4 \u00a0Revenue recognition
The Group manufactures and sells a range of DNA and RNA sequencing products and also provides a range of technical training and
consultancy services to customers. Products are either sold on a stand-alone basis or as part of a larger bundle of goods and services.
Revenue is recognised when control of the products has transferred, typically being when the products are delivered to the customer at
the location specified during the sales ordering process. Revenue from providing services is recognised in the period in which the
services are rendered because the customer receives and uses the benefits simultaneously.
Revenue from the sale of bundled goods and services include multiple performance obligations which are separately recognised. For
example, a bundled contract might include the lease of a sequencing device, software licences required to operate the device,
sequencing consumables and technical training services. Each deliverable is accounted for as a separate performance obligation and the
transaction price for the bundle is allocated to each performance obligation based on the stand-alone selling prices of each deliverable
observed on the Group\u2019s online store. In instances where there is no directly observable stand-alone selling price, management estimate
this based on an expected cost plus margin approach or by using the closest market comparable as a basis. As each performance
obligation in the bundle is satisfied, revenue is recognised either at the point in time when the consumables are delivered or, in the case of
the lease of the sequencing device or provision of software licence, recognised over the period to which they relate.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634847": {
"value": "3.6 \u00a0Leased assets
The Group as a lessee
The Group leases various offices and buildings. Rental contracts are typically made for fixed periods of 12 months to 21 years and may include
extension and termination options. These are used to maximise operational flexibility in terms of managing the assets used in\ue61ethe Group\u2019s
operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset
and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as
leases with a lease term of 12 months or less). For these leases, the Group recognises the lease payments as an operating expense on a
straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic
benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted
by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
\u2022 \u00a0fixed lease payments (including in substance fixed payments), less any lease incentives receivable;
\u2022 \u00a0variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;
\u2022 \u00a0the amount expected to be payable by the lessee under residual value guarantees;
\u2022 \u00a0the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
\u2022 \u00a0payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
The lease liability is presented as a separate line in the consolidated statement of financial position. The lease liability is subsequently
measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing
the carrying amount to reflect the lease payments made.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever:
\u2022 \u00a0the lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise\u00a0
of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate;
\u2022 \u00a0the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in\u00a0
which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the
lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used);
\u2022 \u00a0a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is
remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at
the effective date of the modification.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the
commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less
accumulated depreciation and impairment losses.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or
restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured
under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless
those costs are incurred to produce inventory.
Right-of-use assets are depreciated over the shorter period of lease term and Useful Economic Life (UEL) of the underlying asset.
If\ue61ea\ue61elease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise
a\ue61epurchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at
the\ue61ecommencement date of the lease.
The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The Group applies IAS 36
to\ue61edetermine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u201cProperty, plant
and equipment\u201d policy.
Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and the right-of-use asset.
The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and
are included within \u201coperating expenses\u201d in the statement of comprehensive income.
A sale and leaseback transaction is where the Group sells an asset and immediately reacquires the use of the asset by entering into a
lease with the buyer. A sale occurs when control of the underlying asset passes to the buyer. A lease liability is recognised, the associated
property, plant and equipment asset is derecognised, and a right-of-use asset is recognised at the proportion of the carrying value
relating to the right retained. Any gain or loss arising relates to the rights transferred to the buyer.
The Group as a lessor
The Group leases some of its devices to customers. Leases for which the Group is a lessor are classified as finance or operating leases.
Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a
finance lease. All other leases are classified as operating leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred
in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line
basis over the lease term. See note 5 for income from leases.
When a contract includes both lease and non-lease components, the Group applies IFRS 15 to allocate the consideration under the
contract to each component.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6641720": {
"value": "Leased assetsThe Group as a lessee
The Group leases various offices and buildings. Rental contracts are typically made for fixed periods of 12 months to 21 years and may include
extension and termination options. These are used to maximise operational flexibility in terms of managing the assets used in\ue61ethe Group\u2019s
operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset
and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as
leases with a lease term of 12 months or less). For these leases, the Group recognises the lease payments as an operating expense on a
straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic
benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted
by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
\u2022 \u00a0fixed lease payments (including in substance fixed payments), less any lease incentives receivable;
\u2022 \u00a0variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;
\u2022 \u00a0the amount expected to be payable by the lessee under residual value guarantees;
\u2022 \u00a0the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
\u2022 \u00a0payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634893": {
"value": "Foreign currenciesIn preparing the financial statements of each individual Group entity, transactions in currencies other than the entity\u2019s functional currency
(foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting
period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried
at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was
determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for:
\u2022 \u00a0exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are
included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;
\u2022 \u00a0exchange differences on transactions entered into in order to hedge certain foreign currency risks (see note 29); and
\u2022 \u00a0exchange differences on monetary items receivable from or payable to foreign operation for which settlement is neither planned nor
likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in other
comprehensive income and reclassified from equity to profit or loss on repayment of the monetary itemsFor the purposes of presenting these consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are
translated into pounds using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at
the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange
rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and
accumulated in equity (and attributed to non-controlling interests as appropriate)Foreign currency risk
Foreign exchange risk arises because the Group from time to time enters into transactions denominated in a currency other than Pounds
Sterling. Where it is considered that the risk to the Group is significant, it will enter into a matching forward contract with a reputable bank
or hold deposits of the currency in cash.
Derivatives are only used for economic hedging purposes and not as speculative investments.
In addition, significant amounts of dollars were held during the year. In the year ended 31 December 2023 approximately 25% (2022:
17%) of the Group\u2019s annual expenditures was denominated in US Dollars and approximately 11% (2022: 13%) of the Group\u2019s expenditure
was denominated in Euro. A significant portion of the Group\u2019s revenue is denominated in US Dollars.
In 2023 the ONT Group\u2019s Euro requirements were no longer covered by its currency receipts, as a result, spot Euro purchases were
required on an adhoc basis. These occasional Euro shortfalls were identified as part of the weekly cash forecasting. Appropriate currency
cover was obtained from a variety of FX brokers driven by pricing, selling Pounds Sterling.
Exchange rate exposures are managed within approved policy parameters. The carrying amounts of the Group\u2019s foreign currency
denominated monetary assets and monetary liabilities at the reporting date are as follows:
Assets\u00a0Liabilities
2023
\u00a3000
2022
\u00a3000
2023
\u00a3000
2022
\u00a3000
Financial assets and liabilities\u00a057,8\u00a041\u00a054,778\u00a0(32,367)\u00a0(25,886",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6646912": {
"value": "Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for:
\u2022 \u00a0exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are
included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;
\u2022 \u00a0exchange differences on transactions entered into in order to hedge certain foreign currency risks (see note 29); and
\u2022 \u00a0exchange differences on monetary items receivable from or payable to foreign operation for which settlement is neither planned nor
likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in other
comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634848": {
"value": "3.8 \u00a0Employee benefits
(i)\u00a0\u00a0\u00a0Retirement costs
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling
them to the contributions.
(ii) \u00a0\u00a0Short-term and other long-term employee benefits
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the
related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service.
Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to
be paid in exchange for the related service. Liabilities recognised in respect of other long-term employee benefits are measured at the
present value of the estimated future cash outflows expected to be made by the Group in respect of services provided by employees up
to the reporting date",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634849": {
"value": "Current tax
Current tax is based on taxable profit for the year. Taxable profit differs from profit or loss before tax as reported in the statement of
comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or
substantively enacted by the reporting period date.
A current tax provision is recognised when the Group has a present obligation as a result of a past event and it is probable that the Group
will be required to settle that obligation. Tax liabilities are recognised when it is considered probable that there will be a future outflow of
funds to a taxing authority. Provisions are measured at the best estimate of the amount expected to become payable. The assessment is
based on the judgement of tax professionals within the Group supported by previous experience in respect of such activities and in
certain cases based on specialist independent tax advice.
The Group is entitled to claim tax credits in the United Kingdom for certain research and development expenditure. The credit is paid in
arrears once tax returns have been filed. An estimate of the tax credit expected to be received is recognised in the statement of
comprehensive income above the line of profit or loss before tax. A notional tax charge on the credit is recognised within the taxation line
in the statement of comprehensive income, and the corresponding net asset is included within current assets in the consolidated
statement of financial position until such time as it is received",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634850": {
"value": "Deferred tax
Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying
amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of
taxable profit. It is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against
which deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business
combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, a
deferred tax liability is not recognised if the temporary difference arises from the initial recognition of goodwill.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the asset to be recovered. In considering the recoverability of deferred tax
assets, the Group assesses the likelihood of their being recovered within a reasonably foreseeable timeframe, being typically a period of
between three to five years, taking into account the future expected profit profile and business model of each relevant company or
country, and any potential legislative restrictions on use.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised
based on tax laws and rates that have been enacted, or substantively enacted, at the reporting date.
Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off current tax assets against
current tax liabilities and the deferred taxes relate to income taxes levied by the same taxation authority and the Group intends to settle
its current tax assets and liabilities on a net basisCurrent and deferred tax
Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive
income or directly in equity, in which case the current and deferred tax are also recognised in other comprehensive income or directly in
equity respectively.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6637859": {
"value": "Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. If
significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items
(major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is
recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with
the expenditure will flow to the Group",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634852": {
"value": "Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected UEL.
It is provided at the following rates:
Leasehold land \u00a0\u00a0\u00a0over lease period straight line
Buildings \u00a0\u00a0\u00a0over 40 years straight line
Leasehold improvements \u00a0\u00a0over the shorter of the UEL and the term of the lease
Plant and machinery \u00a0\u00a0\u00a03-10 years straight line
Office equipment \u00a0\u00a0\u00a03 years straight line
Assets subject to operating leases \u00a02-3 years straight line
Assets under construction are not depreciated.
The UELs, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in
estimate accounted for on a prospective basis.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634853": {
"value": "An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from
the continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between
the sales proceeds and the carrying amount of the asset and is recognised in profit or loss",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634851": {
"value": "3.11\u00a0\u00a0Intangible assets
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated
impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful life and
amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for
on\ue61ea prospective basis.
(i) \u00a0\u00a0Patents and licences
Patents and licences are measured initially at purchase cost and are amortised on a straight-line basis over the expected duration of the
patent or licence.
(ii) \u00a0\u00a0Capitalised development costs
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognised
if\ue61eall of the following have been demonstrated:
\u2022 \u00a0the technical feasibility of completing the intangible asset so that it will be available for use or sale;
\u2022 \u00a0the intention to complete the intangible asset and use or sell it;
\u2022 \u00a0the ability to use or sell the intangible asset;
\u2022 \u00a0how the intangible asset will generate probable future economic benefits;
\u2022 \u00a0the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and
\u2022 \u00a0the ability to measure reliably the expenditure attributable to the intangible asset during its development.
The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the
intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognised,
development expenditure is recognised in profit or loss in the period in which it is incurred.
Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation and
accumulated impairment losses, on the same basis as intangible assets that are acquired separately.
The Group regularly assesses the development expenditures against the criteria for development costs to be recognised as an asset,
as\ue61eset out in IAS 38 \u201cIntangible Assets\u201d. The amortisation periods for internally generated assets incurred by the Group are:
Development of Core Technology Platform \u00a03 years
Development of Sequencing Kits \u00a0\u00a02 years
Impairment of intangible assets excluding goodwill
At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any
indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is
estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from
other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable
and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise
they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of
money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the
asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless
the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease and to the extent
that the impairment loss is greater than the related revaluation surplus, the excess impairment loss is recognised in profit or loss.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been
determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment
loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the
impairment loss is treated as a revaluation increase.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6637860": {
"value": "InventoryInventory is stated at the lower of cost, calculated as standard cost based on average cost, and net realisable value.
Cost comprises direct materials and, when applicable, direct labour cost and those overheads that have been incurred in bringing the
inventory to its present location and condition. Net realisable value represents the estimated selling price less all estimated costs of
completion. The net realisable value of inventory expected to be used as part of Research and development is \u00a3nil",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634854": {
"value": "3.13\u00a0\u00a0Financial instruments
Financial assets, other than those at fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVOCI) ,
are assessed for indicators of impairment at each balance sheet date. In accordance with IFRS 9 impairment of financial assets is based
on an expected credit loss (ECL) model. The ECL model requires the Group to account for the ECLs and changes in those ECLs at each
reporting date to reflect changes in credit risk since initial recognition of the financial assets. Financial assets are impaired where there
is\ue61eobjective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated
future cash flows of the investment have been affected; IFRS 9 also requires current and future events to be considered when making an
impairment assessment.
The Group applies the IFRS 9 simplified approach to the measurement of the ECLs which uses a lifetime ECL for all trade receivables.
The ECL on these trade receivables is estimated using a provision matrix for collective assessment based on the Group\u2019s historical credit
loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current
as well as the forecast direction of conditions at the reporting date, to the extent that these are expected to have an effect on recovery of
trade receivables.
To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics where relevant, and the days
past\ue61edue. The ECL percentage rates of default applied to trade receivables grouped by days past due are based on the payment profiles
of sales over a selected period and the corresponding historical default (non-payment which resulted in the debt being written off)
experienced in relation to these sales. The percentage rates of default are adjusted to reflect current and forward looking information
on\ue61emacroeconomic factors affecting the ability of customers to settle the receivables where applicable.
For financial assets carried at amortised cost, the amount of the impairment is the difference between the asset\u2019s carrying amount and
the present value of estimated future cash flows, discounted at the financial asset\u2019s original effective interest rate.
Assets that are held at fair value through other comprehensive income are those that are held to collect contractual cash flows on
the\ue61erepayment of principal and interest and which are held to recognise a capital gain through the sale of the asset. Movements in the
carrying amount are recognised in other comprehensive income except for the recognition of impairment, interest income and foreign
exchange gains or losses which are recognised in profit or loss. On derecognition, the cumulative gain or loss recognised in other
comprehensive income is reclassified from equity to profit or loss. Interest income is included in finance income using the effective
interest rate method.
The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade
receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered
uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against
the allowance account. Changes in the carrying amount of the allowance account are recognised in the income statement.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition
or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are
added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction
costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised
immediately in the statement of comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6641585": {
"value": "Investments in associatesAn associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture.
Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint
control over those policies.
Under the equity method, an investment in an associate is recognised initially in the consolidated statement of financial position at cost
and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint
venture. When the Group\u2019s share of losses of an associate or a joint venture exceeds the Group\u2019s interest in that associate, the Group
discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal
or constructive obligations or made payments on behalf of the associate.
An investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate. On
acquisition of the investment in an associate, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the
identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment.
Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after
reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6641587": {
"value": "Trade and other receivablesTrade receivables are recognised at cost less allowances for expected credit losses with specific adjustments. They arise principally
through the provision of goods and services to customers. The provision is based on the Group\u2019s expected credit loss",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634855": {
"value": "3.16 \u00a0Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and deposits held at call with banks and other short-term highly liquid investments with
a maturity of three months or less at the date of acquisition.
Cash is not held for the purpose of investment in its own right and the primary goal of investment strategies is capital preservation. Cash
not required for short-term working capital requirements is invested in either investment bonds or short-term treasury deposits (\u201cother
financial assets\u201d). To the extent that it is reasonable, deposits are spread between banks that have been approved by the Directors. Cash
required to meet short-term working capital requirements as they arise is maintained in instant access accounts at one or more approved
banks.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6641590": {
"value": "Trade and other payablesTrade payables are non-interest bearing and are stated at cost which equates to their fair value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6641591": {
"value": "Other financial assetsOther financial assets comprise unlisted investments, short-term deposits, and investment bonds held with banks that do not meet the
IAS 7 definition of a cash equivalent",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6641592": {
"value": "ProvisionsProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that
the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the
reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash
flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time
value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is
recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6641594": {
"value": "Share-based paymentsWhere share options and other equity instruments are awarded to employees, the fair value of the instrument at the date of grant is
charged to the income statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number
of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting
period is based on the number of instruments that eventually vest.
Market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a
charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to
achieve a market vesting condition. Where the terms and conditions of options are modified before they vest, the increase in the fair value
of the options, measured immediately before and after the modification, is also charged to the income statement over the remaining
vesting period.
Where equity instruments are granted to persons other than employees, the income statement is charged with the fair value of goods and
services received",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634856": {
"value": "4. \u00a0Critical accounting judgements and sources of estimation uncertainty
In applying the Group\u2019s accounting policies, which are described in note 3, the Directors are required to make judgements, estimates and
assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and
associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ
from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the
revision affects both current and future periods.
Critical judgements in applying the Group\u2019s accounting policies
The following are the critical judgements and estimates that the Directors have made in the process of applying the Group\u2019s accounting
policies and that have the most significant effect on the amounts recognised in the financial statements.
Judgements
i. \u00a0\u00a0Internally generated intangible assets research and development expenditure (R&D)
Critical judgements are required in determining whether development spend meets the criteria for capitalisation of such costs as laid out
in IAS 38 \u201cIntangible Assets,\u201d in particular whether any future economic benefit will be derived from the costs and flow to the Group. The
Directors believe that the criteria for capitalisation as per IAS 38 paragraph 57 for specific projects were met during the year and
accordingly all amounts in relation to the development phase of those projects have been capitalised as an intangible asset during the
year. All other spend on R&D projects has been recognised within R&D expenses in the income statement during the year.
Management does not have a formal timesheet process for monitoring time spent by employees on projects in their development stage.
Instead, management consults with the relevant project leaders on a regular basis to understand and estimate the time spent on projects
in their development stage. When a percentage allocation has been agreed, in line with the estimation process described below, this is
then applied to other, non-employee related development costs to ensure that costs are consistently and appropriately capitalised. The
net book value of internally generated capitalised assets at 31 December 2023 was \u00a330.8 million (2022: \u00a329.7 million).
Estimates
Key sources of estimation uncertainty
i. \u00a0 Inventory
The Group holds inventory across a number of locations for the purposes of fulfilling sales orders and contractual obligations. Additionally,
certain components of inventory are held for use within research and development. Net inventory at 31 December 2023 was \u00a3101.5 million
(2022: \u00a387.7 million). In line with the requirements of IAS 2 Inventories, inventory is stated at the lower of cost and net realisable value.
Management is required to make a number of estimates around the net realisable value of inventory, which represents the estimated
selling price less all estimated costs of completion. In cases where the net realisable value is below cost, management records a provision
such that inventory is held at the lower of cost and net realisable value.
To estimate the inventory provision, management uses inputs based on the location and status of inventory held by the Group. This
includes the intended use of the inventory, including whether it is expected to be sold or used for research and development purposes.
Management makes assumptions around the net realisable value of each category of inventory. These estimates are then applied to the
inventory balance, based on its cost, location and intended use, to record a provision in cases where the net realisable value is below cost.
If the net realisable value had increased by 5%, then the value of inventory would have increased by \u00a31.5 million and the revised stock
value would have been \u00a3103.0 million (2022: \u00a31.2 million and \u00a388.9 million respectively). If the net realisable value had decreased by 5%,
then the value of inventory would have decreased by \u00a31.5 million and the revised stock value would have been \u00a3100.0 million (2022: \u00a31.2
million and \u00a386.5 million respectively).
ii. \u00a0\u00a0Share-based payments
Details of the share-based payment schemes operated by the Group are disclosed in note 27. In June 2021, awards were granted to the
Executive Directors of the Company under the Oxford Nanopore Technologies Limited Long Term Incentive Plan 2021 (Founder LTIP).
Half of the awards are subject to a non-market revenue performance condition which drives number of awards expected to vest
depending on when certain revenue targets are met. At each reporting date, management makes an estimate as to the extent to which
the\ue61drevenue condition is expected to be achieved by the end of each future reporting period. This is driven by revenue forecasts. Whilst
management may make an appropriate estimate of the annual revenue target on grant date, this estimate might change in future periods.
If the annual revenue forecast to 31 December 2024 decreased by 10%, the Group recognised total expenses of \u00a335.0 million relating to
equity settled share-based payment transactions would decrease by \u00a32.7 million.
In addition, the Founder LTIP awards in issue give rise to an associated employer\u2019s social security liability. Management updates the
estimate for this liability at each reporting period with reference to both the expected number of awards vesting and their expected value,
using the share price at the period end date. Half of the Founder LTIP awards are linked to a share price condition, which is a
market-based performance condition incorporated into the fair value calculation and to which no subsequent adjustments can be made
from an IFRS 2 charge perspective. However, management has estimated the proportion likely to vest for the purposes of assessing the
employer\u2019s social security contributions to accrue at each period end using a Monte Carlo simulation model which calculates the average
expected vesting based on a large number of randomly generated projections of the Company\u2019s future share price. At 31 December
2023, the expected vesting of the share price linked awards was estimated at 50.8% (2022: 56.3%)iii. \u00a0\u00a0Internally generated intangible assets research and development expenditure (R&D)
Estimates are made in determining the capitalisation of costs in relation to the development phase of R&D projects. Management capitalises
development costs in respect of R&D projects based on an estimate of the percentage of time spent on the project by employees while the
project is in its development phase. Development costs capitalised in 2023 amounted to \u00a319.5 million (2022: \u00a319.2 million). If the estimated
time spent on these projects had varied by up to 5% then the development costs capitalised in 2023 would have been in the range \u00a318.5
million to \u00a320.5 million (2022: \u00a318.2 million to \u00a320.2 million).
iv. \u00a0\u00a0Non-standard customer contracts
As noted in the revenue recognition accounting policy, revenue contracts for the sale of bundled goods and services require the allocation
of the total contract price to individual performance obligations based on their stand-alone selling prices. The Group occasionally enters
into larger bespoke contracts which might include a clause linked to the performance of the products and options on the total units of
certain consumables to be purchased under the contract. This requires management to estimate the number of items likely to be delivered
under the contract",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6652102": {
"value": "RevenueThe Group derives revenue from the transfer of goods and services over time and at a point in time in the following categories and
geographical regions:
2023
\u00a3000
2022
\u00a3000
Geographical region
Americas\u00a061,542\u00a048,300
EMEAI\u00a074,037\u00a0115,498
APAC\u00a034,089\u00a034,805
Total revenue\u00a0169,668\u00a0198,603
2023
\u00a3000
2022
\u00a3000
Category
Sale of goods\u00a0141,907\u00a017\u00a07,\u00a0672
Rendering of services\u00a017,445\u00a09,902
Lease income\u00a010,316\u00a011,029
Total revenue\u00a0169,668\u00a0198,603
2023
\u00a3000
2022
\u00a3000
Timing of revenue recognition
At a point in time\u00a0141,907\u00a017\u00a07,\u00a0672
Over time\u00a027,761\u00a020,931
Total revenue\u00a0169,668\u00a0198,603
Notes 20 and 23 disclose assets and liabilities the Group has recognised in relation to contracts with customers.
Revenue recognised in relation to contract liabilities:
2023
\u00a3000
2022
\u00a3000
Revenue recognised that was included in the contract liability balance at the beginning of the year\u00a015,848\u00a01\u00a07,670
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634857": {
"value": "RevenueThe Group derives revenue from the transfer of goods and services over time and at a point in time in the following categories and
geographical regions:
2023
\u00a3000
2022
\u00a3000
Geographical region
Americas\u00a061,542\u00a048,300
EMEAI\u00a074,037\u00a0115,498
APAC\u00a034,089\u00a034,805
Total revenue\u00a0169,668\u00a0198,603
2023
\u00a3000
2022
\u00a3000
Category
Sale of goods\u00a0141,907\u00a017\u00a07,\u00a0672
Rendering of services\u00a017,445\u00a09,902
Lease income\u00a010,316\u00a011,029
Total revenue\u00a0169,668\u00a0198,603
2023
\u00a3000
2022
\u00a3000
Timing of revenue recognition
At a point in time\u00a0141,907\u00a017\u00a07,\u00a0672
Over time\u00a027,761\u00a020,931
Total revenue\u00a0169,668\u00a0198,603
Notes 20 and 23 disclose assets and liabilities the Group has recognised in relation to contracts with customers.
Revenue recognised in relation to contract liabilities:
2023
\u00a3000
2022
\u00a3000
Revenue recognised that was included in the contract liability balance at the beginning of the year\u00a015,848\u00a01\u00a07,670
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6641596": {
"value": "Segment informationProducts and services from which reportable segments derive their revenues are set out below.
The information reported to the Group\u2019s senior management team, which is considered the chief operating decision maker (CODM), for
the purposes of resource allocation and assessment of segment performance is defined by market rather than product type. The segment
measure of profit evaluated by the CODM is Adjusted EBITDA, as this is considered to give the most appropriate information in respect of
profitability of the individual segments.
The Directors consider that the Group reportable segments in accordance with IFRS 8 Operating Segments are as set out below:
Reportable segments\u00a0Description
Life Science Research Tools
(LSRT)
Oxford Nanopore\u2019s core business, generating revenue from providing products and services for
research use, including research and development expenditure and corporate expenditure.
COVID Testing\u00a0\u00a0Revenue from providing products for SAR-Cov-2 testing. No revenues were expected in this segment
after 2022, and none were reported in the current year. We do not expect this segment to continue
after this year\u2019s resultsSupplementary informationLSRT
\u00a3000
COVID Testing
\u00a3000
2023
\u00a3000
LSRT
\u00a3000
COVID Testing
\u00a3000
2022
\u00a3000
Depreciation of property, plant and equipment\u00a018,105\u00a0-\u00a018,105\u00a015,968\u00a0\u2013\u00a015,968
Depreciation of right-of-use assets\u00a05,031\u00a0-\u00a05,031\u00a04,403\u00a072\u00a04,475
Amortisation of internally generated intangible assets\u00a018,419\u00a0-\u00a018,419\u00a011,378\u00a0\u2013\u00a011,378
Amortisation of acquired intangible assets\u00a072\u00a0-\u00a072\u00a050\u00a0\u2013\u00a050
Additions to non-current assets
*
\u00a068,259\u00a0-\u00a068,259\u00a05\u00a07,7\u00a075\u00a0\u2013\u00a057,7\u00a075
Segment assets
Investment in associate\u00a0742\u00a0-\u00a0742\u00a0826\u00a0\u2013\u00a0826
Acquired intangible assets\u00a02,136\u00a0-\u00a02,136\u00a0346\u00a0\u2013\u00a0346
Other segment assets
**
276,213\u00a0-\u00a0276,213\u00a0243,496\u00a0\u2013\u00a0243,496
Total segment assets\u00a0279,091\u00a0-\u00a0279,091\u00a0244,668\u00a0\u2013\u00a0244,668
Deferred tax assets\u00a05,486\u00a0 7,681\u00a0
R&D tax credit recoverable\u00a012,819\u00a09,148
Current tax asset\u00a01,030\u00a0\u2013
Derivative financial assets\u00a0261\u00a02,060
Other financial assets\u00a0257,839\u00a0203,555
Cash and cash equivalents\u00a0220,536\u00a0356,778
Total assets \u00a0777,062\u00a0 823,890
Segment liabilities
Total segment liabilities\u00a0(133,211)\u00a0-\u00a0(133,211)\u00a0(127,733) \u00a0\u2013\u00a0(127,733)
Derivative financial liabilities\u00a0-\u00a0(962)\u00a0
Current tax liabilities\u00a0-\u00a0(1,639)
Total liabilities\u00a0(133,211)\u00a0(130,334)
Net assets\u00a0643,851\u00a0 693,556
* Additions to non-current assets include all non-current assets except for investments, and deferred tax assets.
** Other segment assets include inventory, trade and other receivables and non-current assets except for investments, acquired intangible assets, other financial assets and
deferred tax assets.
The Group\u2019s non-current assets, excluding deferred tax assets, by geographical location are detailed below:
LSRT
\u00a3000
COVID Testing
\u00a3000
2023
\u00a3000
LSRT
\u00a3000
COVID Testing
\u00a3000
2022
\u00a3000
Americas\u00a013,130\u00a0-\u00a013,130\u00a011,255\u00a0\u2013\u00a011,255
EMEAI\u00a0310,208\u00a0-\u00a0310,208\u00a0166,572\u00a0\u2013\u00a0166,572
APAC\u00a01,055\u00a0-\u00a01,055\u00a0382\u00a0\u2013\u00a0382
324,393\u00a0-\u00a0324,393\u00a0178,209\u00a0\u2013\u00a0178,209
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634859": {
"value": "The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies described in note 3.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6641595": {
"value": "Information about major customersIn the year there were no individual customers representing more than 10% of the Group\u2019s total revenue. In 2022, the Group had one major customer, the Department of Health and Social Care (DHSC). Revenue from this customer was \u00a351.8 million, which represented 26.0% of Group revenue and was reported within the COVID testing segment.The following is an analysis of the Group\u2019s revenue, results, assets and liabilities by reportable segment.LSRT\u00a3000COVID Testing\u00a30002023\u00a3000LSRT\u00a3000COVID Testing\u00a30002022\u00a3000RevenueAmericas\u00a061,542\u00a0-\u00a061,542\u00a0 48,300 \u00a0\u2013\u00a0 48,300 EMEAI\u00a074,037\u00a0-\u00a074,037\u00a063,710\u00a0 51,788 \u00a0115,498APAC\u00a034,089\u00a0-\u00a034,089\u00a034,805\u00a0\u2013\u00a034,805Total revenue\u00a0169,668\u00a0-\u00a0169,668\u00a0146,815\u00a051,788\u00a0198,603(b) \u00a0Adjusted EBITDALSRT\u00a3000COVID Testing\u00a30002023\u00a3000LSRT\u00a3000COVID Testing\u00a30002022\u00a3000(Loss)/profit after tax \u00a0(154,507)\u00a0-\u00a0(154,507)\u00a0 (128,824)\u00a0 37,799\u00a0\u00a0 (91,025)Tax expense\u00a04,739\u00a0-\u00a04,739\u00a0 7,6\u00a014\u00a0\u00a0\u2013\u00a0 7,614\u00a0Finance income\u00a0(18,853)\u00a0-\u00a0(18,853)\u00a0 (5,941)\u00a0\u2013\u00a0 (5,941)Finance expense\u00a01\u00a0-\u00a01\u00a0 221 \u00a0\u2013\u00a0 221 Interest on lease\u00a02,205\u00a0-\u00a02,205\u00a0 1,382\u00a0\u00a0 25 \u00a0 1,407 Depreciation and amortisation\u00a041,627\u00a0-\u00a041,627\u00a0 31,799 \u00a0 72 \u00a0 31,871 Share-based payments (Founder LTIP)\u00a020,886\u00a0-\u00a020,886\u00a0 53,182\u00a0\u00a0\u2013\u00a0 53,182\u00a0Employer\u2019s social security taxes on Founder LTIP and pre-IPO share awards\u00a0(888)\u00a0-\u00a0(888)\u00a0(21,634)\u00a0\u00a0\u2013\u00a0(21,634)\u00a0Gain on sale of property\u00a0-\u00a0-\u00a0-\u00a0(18,620) \u00a0\u2013\u00a0(18,620) Settlement of COVID-19 testing contract\u00a0-\u00a0-\u00a0-\u00a0\u2013\u00a0(37,\u00a08\u00a09\u00a06)\u00a0\u00a0(37,\u00a08\u00a09\u00a06)\u00a0(Write-back)/impairment of investment in associate\u00a0(144)\u00a0-\u00a0(144)\u00a02,193\u00a0\u2013\u00a02,193Adjusted EBITDA\u00a0(104,934)\u00a0-\u00a0(104,934)\u00a0(78,628)\u00a0\u2013\u00a0(78,628)Adjusted EBITDA is defined as loss for the year before income tax expense, finance income, loan interest, interest on lease, depreciation and amortisation, adjusted for: i) share-based payment expense on Founder LTIP awards; ii) employer\u2019s social security taxes on Founder LTIP and pre-IPO share awards; iii) impairment of investment in associate; iv) gain on sale of property; and v) settlement of the COVID-19 testing contract.Adjusted EBITDA is used as a key profit measure because it shows the results of core operations exclusive of income or charges that are not considered to represent the underlying operational performance",
"dimensions": {
"concept": "ifrs-full:InformationAboutMajorCustomers",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634862": {
"value": "Loss before tax2023
\u00a3000
2022
\u00a3000
This is after charging/(crediting):
Non-staff research and development costs\u00a035,671\u00a032,651
Amortisation of intangible assets\u00a018,491\u00a011,428
Depreciation of property, plant and equipment\u00a018,105\u00a015,968
Depreciation of right-of-use assets\u00a05,031\u00a04,475
Loss/(gain) on disposal of property, plant and equipment\u00a03,663\u00a0(16,740)
Cost of inventory\u00a049,162\u00a042,559
Write-down of inventory\u00a09,839\u00a06,045
Short-term lease costs\u00a0928\u00a0 602
Impairment of intangible assets\u00a0\u2013\u00a0736
(Write-back)/impairment of investment in associate\u00a0(144)\u00a02,193
Net foreign exchange gain\u00a0(1,385)\u00a0(2,490)
All amounts relate to continuing operation",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634861": {
"value": "Loss per share2023Pence2022Pence(a) \u00a0\u00a0Basic and diluted loss per shareTotal basic and diluted loss per share attributable to the ordinary equity holders of the Group from continuing operations\u00a019\u00a0112023\u00a30002022\u00a3000(b) \u00a0\u00a0Reconciliation of earnings used in calculating earnings per shareLoss attributable to the ordinary equity holders of the Group used in calculating basic and diluted loss per share from continuing operations\u00a0(154,507)\u00a0(91,025) 2023Number2022Number(c)\u00a0\u00a0\u00a0 Weighted average number of shares used as the denominatorWeighted average number of ordinary shares and potential ordinary shares used as the denominator incalculating basic and diluted earnings per share\u00a0833,960,358\u00a0823,742,709",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAdjustmentsBetweenDenominatorsUsedToCalculateBasicAndDilutedEarningsPerShare",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634860": {
"value": "OptionsOptions granted to employees under the Oxford Nanopore Technologies Share Option Scheme and the Oxford Nanopore Technologies Limited Share Option Plan 2018 are considered to be potential ordinary shares. These options have not been included in the determination of the basic and diluted loss per share as shown above, because they are anti-dilutive for the years ended 31 December 2023 and 31 December 2022. These options could potentially dilute basic earnings per share in the future. Details relating to shareoptions are set out in note 27",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInstrumentsWithPotentialFutureDilutiveEffectNotIncludedInCalculationOfDilutedEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634863": {
"value": "Auditor\u2019s remunerationDuring the year, the Group obtained the following services from the Group\u2019s auditors:
2023
\u00a3000
2022
\u00a3000
Audit of the Group\u2019s financial statements\u00a0500\u00a0465
Audit of the Group\u2019s subsidiary financial statements\u00a070\u00a0129
Assurance-related non-audit services\u00a090\u00a089
660\u00a0683
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634864": {
"value": "Staff costsEmployee benefit expenses (including directors) comprise:
2023
\u00a3000
2022
\u00a3000
Wages and salaries\u00a099,111\u00a081,613
Social security costs\u00a010,361\u00a08,671
Pension costs\u00a04,113\u00a03,183
Share-based payment expenses\u00a035,076\u00a070,009
Social security credits (share awards)\u00a0(168)\u00a0(21,222)
Other staff costs\u00a03,032\u00a01,834
151,525\u00a0144,088
Directors and key management personnel
Directors and key management personnel are those persons having authority and responsibility for planning, directing and controlling the
activities of the Group, including the Directors of the Company listed in the section of the annual report labelled Board of Directors.
Director and key management personnel compensation consisted of:
2023
\u00a3000
2022
\u00a3000
Salaries, bonuses and benefits in kind\u00a06,367\u00a07,\u00a0260
Amounts paid as directors\u2019 fees\u00a0735\u00a0655
Share-based payment expenses\u00a0\u2013\u00a086,097
7,102\u00a094,012
The share-based payment charge comprises the value of awards that have vested relating to the Share Price Performance Condition and
the Revenue Condition awards. The value for 2023 is \u00a3nil as the small number of awards that were approved as vested by the Committee
in 2023 related to a performance condition met in 2022, and therefore were included in the 2022 figures.
The value shown in 2022 is based on the closing price on the vesting dates of 28 January 2022 and 12 October 2022. In addition, a
further performance condition was met in respect of the shares allocated to the Revenue Condition based on the full year revenue
outcome for 2022. The value of these shares was included using the average share price for the 3 months to 31 December 2022.
Further information on the remuneration of the Directors is given in the sections of the annual report on remuneration labelled as audited
in the Directors\u2019 Remuneration Report",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634865": {
"value": "Employee numbers
The monthly average number of employees was as follows:
2023
Number
2022
Number
Research and development\u00a0464\u00a0380
Production\u00a0156\u00a0149
Sales, general and administration\u00a0513\u00a0393
1,133\u00a0922
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634866": {
"value": "Re-presentation and restatements(a) \u00a0\u00a0Re-presentation of development-related costs
As amortisation related to internally generated assets has increased over time, management now considers that it is more appropriate to
present amortisation and the R&D tax credit within research and development expenses, rather than as previously presented within
selling, general and administration expenses. The comparative income statement has been re-presented to be consistent with the current
year presentation. The net effect on the statement of comprehensive income is nil as shown below:
2023
\u00a3000
2022
\u00a3000
Research and development expenses
Before re-presentation\u00a095,509\u00a064,842
Re-presentation of amortisation and R&D tax credit\u00a08,333\u00a04,344
After re-presentation\u00a0103,842\u00a069,186
Selling, general and administrative expenses
Before re-presentation\u00a0163,581\u00a0157,447
Re-presentation of amortisation and R&D tax credit\u00a0(8,333)\u00a0(4,344)
After re-presentation\u00a0155,248\u00a0153,103
Total operating expenses
Before re-presentation\u00a0259,090\u00a0222,289
After re-presentation\u00a0259,090\u00a0222,289
(b) \u00a0\u00a0Restatement of current and non-current lease liabilities
In 2023, the Group identified a misclassification of \u00a311.0 million of non-current lease liabilities incorrectly presented as current lease
liabilities in the financial statements for the year ended 31 December 2022. The misclassification has been corrected by restating the
2022 current and non-current lease liabilities line items within the 2023 financial statements as shown below. There is no effect on the
total liabilities of the Group.
2022
\u00a3000
Increase/
(decrease)
\u00a3000
2022
Restated
\u00a3000
Non-current liabilities
Lease liabilities\u00a019,049\u00a010,993\u00a030,042
Current liabilities
Lease liabilities\u00a015,049\u00a0(10,993)\u00a04,056
Total liabilities\u00a0130,334\u00a0-\u00a0130,334
(c) \u00a0\u00a0Restatement of assets subject to operating leases in operating cash flows
In 2023, the Group identified that the cash outflows associated with additions to assets subject to operating leases of \u00a314.4 million had
been incorrectly classified in the cashflow statement within the 2022 financial statements as cash used within investing activities.
Following a review of relevant accounting requirements, the Group has restated these 2022 cash outflows to be presented as cash used
in operations to correct the presentation in the 2023 financial statements. The presentation of the cash flow in 2023 is consistent with the
restated presentation. See below for details regarding this restatement of comparatives. There is no effect on the net cash position or
total cash outflow of the Group.
2022
\u00a3000
Increase/
(decrease)
\u00a3000
2022
Restated
\u00a3000
Cash used in operations
Increase in inventory\u00a0(24,717)\u00a0(14,439)\u00a0(39,156)
Total cash used in operations\u00a0(50,621)\u00a0(14,439)\u00a0(65,060)
Net cash outflow from investing activities
Purchase of property, plant and equipment\u00a0(23,071)\u00a014,439\u00a0(8,632)
Total cash outflow from investing activities\u00a0(65,794)\u00a014,439\u00a0(51,355)
Total cash outflow \u00a0(128,896)\u00a0-\u00a0(128,896)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6641716": {
"value": "Finance income and expense2023
\u00a3000
2022
\u00a3000
Finance income
Bank interest\u00a011,533\u00a04,477
Interest on treasury deposits\u00a02,047\u00a01,464
Interest on investment bonds\u00a05,273\u00a0-
Total finance income\u00a018,853\u00a05,941
Finance expense
Bank interest\u00a0(1)\u00a0(221)
Interest on lease\u00a0(2,205)\u00a0(1,407)
Total finance expense\u00a0(2,206)\u00a0(1,628)
Net finance income recognised in profit or loss\u00a016,647\u00a04,313
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634867": {
"value": "Finance income and expense2023
\u00a3000
2022
\u00a3000
Finance income
Bank interest\u00a011,533\u00a04,477
Interest on treasury deposits\u00a02,047\u00a01,464
Interest on investment bonds\u00a05,273\u00a0-
Total finance income\u00a018,853\u00a05,941
Finance expense
Bank interest\u00a0(1)\u00a0(221)
Interest on lease\u00a0(2,205)\u00a0(1,407)
Total finance expense\u00a0(2,206)\u00a0(1,628)
Net finance income recognised in profit or loss\u00a016,647\u00a04,313
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634716": {
"value": "Other gains and losses2023\u00a30002022\u00a3000Gain/(loss) on derivative financial instruments\u00a02,125\u00a0(5,434)Gain on investment bonds\u00a0153\u00a0-Gain on sale of property\u00a0-\u00a018,6202,278\u00a013,1862023\u00a30002022\u00a3000Fair value movements on investment bonds (included in other comprehensive income)\u00a04,024\u00a0936Further information on derivative financial instruments is disclosed in note 22",
"dimensions": {
"concept": "ifrs-full:DescriptionOfLineItemsInOtherComprehensiveIncomeWhereGainsLossesAreRecognisedFairValueMeasurementEntitysOwnEquityInstruments",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634868": {
"value": "Taxation(a)\u00a0\u00a0\u00a0\u00a0Income tax recognised in statement of comprehensive income
Income tax recognised in profit and loss
2023
\u00a3000
2022
\u00a3000
Current tax
Notional tax on R&D expenditure credit\u00a02,446\u00a0 1,187
Prior year adjustment in respect of notional tax on R&D expenditure credit\u00a0(48)\u00a0 159\u00a0
Prior year adjustment in respect of current tax\u00a0(822)\u00a0 519\u00a0
Tax payable on foreign subsidiary\u00a02,949\u00a0 6,059\u00a0
Total current tax\u00a04,525\u00a0 7,924\u00a0\u00a0
Deferred tax
Origination and reversal of temporary differences\u00a0214\u00a0(310)
Total deferred tax\u00a0214\u00a0(310)\u00a0
Total tax\u00a04,739\u00a0 7,6\u00a014\u00a0
Income tax recognised in OCI
2023
\u00a3000
2022
\u00a3000
Deferred tax on investment bonds\u00a01,240\u00a0\u2013
Total tax\u00a01,240\u00a0\u2013
Current tax balances have been calculated at the rates enacted for the period. The effective rate of Corporation Tax is -3.16% (2022:
-9.13%) of the loss before tax for the Group.
The reasons for the difference between the actual tax charge for the year and the standard rate of Corporation Tax in the United
Kingdom applied to losses for the year are as follows:
2023
\u00a3000
2022
\u00a3000
Loss for the year\u00a0(154,507)\u00a0(91,025)
Income tax expense\u00a04,739\u00a0 7,6\u00a014\u00a0
Loss before income taxes\u00a0(149,768)\u00a0(83,411)\u00a0
Tax rate in the UK for period as a percentage of losses at 23.5% (2022: 19.0%)\u00a0(35,196)\u00a0(15,848)
R&D incentives\u00a02,067\u00a0 813
Adjustment in respect of overseas tax rates\u00a0410\u00a0 1,104\u00a0
Adjustments to tax charge in respect of prior years\u00a0133\u00a0 62
Impact of share options\u00a06,634\u00a0 12,337\u00a0
Movement on unrecognised deferred tax\u00a029,775\u00a0 7,\u00a0845\u00a0
Other timing differences\u00a0(1,160)\u00a0287
Expenses not deductible for tax purposes\u00a02,076\u00a01,014
Total tax expense\u00a04,739\u00a0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634870": {
"value": "Current tax asset/(liability)2023
\u00a3000
2022
\u00a3000
Corporation Tax asset/(liability)\u00a01,030\u00a0(1,639)\u00a0
1,030\u00a0(1,639)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634869": {
"value": "Deferred tax assetsDeferred tax balances have been recognised at the rate expected to apply when the deferred tax attribute is forecast to be utilised based
on substantively enacted rates at the balance sheet date. The rate of UK Corporation Tax increased to 25% from 1 April 2023. Taxation
for other jurisdictions is calculated at the rates prevailing in the respective territories. \u00a35.2 million (2022: \u00a37.4 million) of the net deferred
tax asset relates to the US subsidiary, which is profitable.
In respect of share-based payments, to the extent that the tax deduction (or future estimated tax deduction) exceeds the amount of
the\ue61drelated cumulative IFRS 2 expense, the excess of the associated current or deferred tax has been recognised in equity and not in the
consolidated statement of comprehensive income. For current tax this increases the charge to the consolidated statement of comprehensive
income by \u00a30.2 million (2022: \u00a30.1 million). For deferred tax this increases the credit to the consolidated statement of comprehensive income
by \u00a30.3 million (2022: reduction of \u00a30.5 million).
A deferred tax asset (DTA) of \u00a37.7 million (2022: \u00a39.4 million) has been recognised in relation to future share option exercises and other
timing differences in Oxford Nanopore Technologies, Inc. and other overseas subsidiaries, because it is probable that the asset will be
utilised in the foreseeable future as a result of taxable profits forecast in future years.
A deferred tax asset has been recognised in relation to the Company of \u00a38.1 million (2022: \u00a35.9 million), being the amount equal to the
deferred tax liability in the same entity.
Recognised deferred tax balances are made up as follows:
Recognised deferred tax assets and liabilities
2023
\u00a3000
2022
\u00a3000
Deferred tax assets
Provisions \u00a01,498\u00a0 2,487
Losses\u00a08,127\u00a0 5,912\u00a0
Share awards \u00a06,052\u00a0 6,360
Share awards (equity)\u00a0180\u00a0543
Total recognised deferred tax assets\u00a015,857\u00a0 15,302\u00a0
Deferred tax liabilities
Accelerated capital allowances \u00a0(2,276)\u00a0(1,741)\u00a0
Investment bond unrealised gain\u00a0(1,240)\u00a0\u2013
Intangibles\u00a0(6,855)\u00a0(5,880)\u00a0
Total recognised deferred tax liabilities\u00a0(10,371)\u00a0(\u00a07,\u00a0621)\u00a0
Net recognised deferred tax asset\u00a05,486\u00a07,681
(c) \u00a0\u00a0Deferred tax assets continued
Reconciliation of deferred tax
2023
\u00a3000
2022
\u00a3000
Balance at 1 January\u00a07,681\u00a0 6,077
Prior year adjustments\u00a0(1,002)\u00a0 616
Charge to the statement of comprehensive income\u00a0(449)\u00a0(306)\u00a0
(Charge)/credit to equity\u00a0(341)\u00a0 523\u00a0
Foreign exchange movements\u00a0(403)\u00a0 771
At 31 December\u00a05,486\u00a0 7,681
Deferred tax assets and liabilities have been offset where the group has a legally enforceable right to set off current tax assets against
current tax liabilities and where the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same tax
authority on the same taxable entity.
A DTA of \u00a3189.7 million (2022: \u00a3156.2 million) has not been recognised due to uncertainty that the asset will be utilised in the foreseeable
future due to the absence of sufficient taxable profits. This DTA relates to the UK (2022: UK). This includes a deferred tax asset of \u00a3155.0
million (2022: \u00a3128.3 million) in relation to UK tax losses. The losses and deductible temporary differences are expected to be available
indefinitely.
Unrecognised deferred tax assets
2023\u00a02023\u00a02022\u00a02022
Gross amount
\u00a3000
Tax effected
\u00a3000
Gross amount
\u00a3000
Tax effected
\u00a3000
Losses\u00a0619,990\u00a0154,998\u00a0 513,111 \u00a0 128,278\u00a0
Provisions\u00a017,\u00a0451\u00a04,363\u00a0 11,050 \u00a0 2,762\u00a0
Share awards\u00a071,338\u00a017,834\u00a0 71,454 \u00a0 17,8\u00a06\u00a03\u00a0
Share awards (equity)\u00a04,327\u00a01,082\u00a0 14,503 \u00a0 3,626
Accelerated capital allowances\u00a027,476\u00a06,869\u00a0 5,924\u00a0\u00a0 1,481
RDEC\u00a018,177\u00a04,544\u00a0 8,584 \u00a0 2,146\u00a0
Total unrecognised deferred tax assets\u00a0758,759\u00a0189,690\u00a0 624,626\u00a0\u00a0 156,156
(d) \u00a0\u00a0R&D tax credit recoverable
In the statement of comprehensive income the R&D expenditure credit (RDEC) is recognised in the loss before tax and a notional tax
charge is recognised in the tax expense. The net asset is recognised within current assets in the statement of financial position. The
current asset is made up as follows:
2023
\u00a3000
2022
\u00a3000
At 1 January\u00a09,148\u00a014\u00a0,\u00a0274
Adjustment to R&D tax credit in respect of previous years \u00a0(203)\u00a0 678\u00a0
Cash receipt\u00a0\u00a0(4,088)\u00a0(10,864)\u00a0
R&D tax credit for the year\u00a0\u00a010,408\u00a0 6,247\u00a0
Notional tax charge on R&D tax credit for the year \u00a0(2,446)\u00a0(1,187)
At 31 December\u00a012,819\u00a09,148
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634871": {
"value": "Intangible assetsCapitalised
development
costs
\u00a3000
Patents and
licences
\u00a3000
Total
\u00a3000
Cost
At 1 January 2022\u00a038,464\u00a0446\u00a038,910
Additions\u00a019,163\u00a0\u2013\u00a019,163
Foreign exchange movements\u00a036\u00a0\u2013\u00a036
At 31 December 2022\u00a057,663\u00a0446\u00a058,109
Additions\u00a019,522\u00a01,862\u00a021,384
Foreign exchange movements\u00a0(22)\u00a0-\u00a0(22)
At 31 December 2023\u00a077,163\u00a02,308\u00a079,471
Accumulated amortisation and impairment
At 1 January 2022\u00a015,856\u00a050\u00a015,906
Charge for the year\u00a011,378\u00a050\u00a011,428
Impairment\u00a0736\u00a0\u2013\u00a0736
At 31 December 2022\u00a027,\u00a0970\u00a0100\u00a028,070
Charge for the year\u00a018,419\u00a072\u00a018,491
At 31 December 2023\u00a046,389\u00a0172\u00a046,561
Net book value
At 31 December 2022\u00a029,693\u00a0346\u00a030,039
At 31 December 2023\u00a030,774\u00a02,136\u00a032,910
Development costs have been capitalised in accordance with IAS 38 Intangible Assets and are therefore not treated as a realised loss
until recognised as an amortisation or impairment charge in the statement of comprehensive income",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634872": {
"value": "16. \u00a0Property, plant and equipment
Land &
buildings
\u00a3000
Leasehold
improvements
\u00a3000
Plant and
machinery
\u00a3000
Assets under
construction
\u00a3000
Assets subject
to operating
leases
\u00a3000
Equipment
\u00a3000
Total
\u00a3000
Cost or valuation
At 1 January 2022\u00a015,057\u00a08,908\u00a019,557\u00a01,982\u00a030,075\u00a013,762\u00a089,341
Additions\u00a0\u2013\u00a0350\u00a01,249\u00a06,897\u00a012,627\u00a01,985\u00a023,108
Disposals\u00a0(15,057)\u00a0(1,607)\u00a0(317)\u00a0(691)\u00a0(3,921)\u00a0(87)\u00a0(21,680)
Transfers between classes\u00a0\u2013\u00a02,822\u00a02,059\u00a0(5,356)\u00a0\u2013\u00a0475\u00a0\u2013
Foreign exchange movements\u00a0\u2013\u00a020\u00a049\u00a0\u2013\u00a01,064\u00a0130\u00a01,263
At 31 December 2022\u00a0\u2013\u00a010,493\u00a022,597\u00a02,832\u00a039,845\u00a016,265\u00a092,032
Additions\u00a0-\u00a0161\u00a0679\u00a04,828\u00a025,600\u00a03,583\u00a034,851
Disposals\u00a0-\u00a0-\u00a0(63)\u00a0-\u00a0(9,785)\u00a0(4)\u00a0(9,852)
Transfers between classes\u00a0-\u00a01,106\u00a04,982\u00a0(6,162)\u00a0-\u00a074\u00a0-
Foreign exchange movements\u00a0-\u00a0(27)\u00a0(26)\u00a0-\u00a0(902)\u00a0(88)\u00a0(1,043)
At 31 December 2023\u00a0-\u00a011,733\u00a028,169\u00a01,498\u00a054,758\u00a019,830\u00a0115,988
Accumulated depreciation and impairment
At 1 January 2022\u00a01,231\u00a03,939\u00a011,158\u00a0\u2013\u00a015,866\u00a09,915\u00a042,109
Charge for the year\u00a0149\u00a01,276\u00a03,112\u00a0\u2013\u00a09,086\u00a02,345\u00a015,968
Disposals\u00a0(1,380)\u00a0(640)\u00a0(114)\u00a0\u2013\u00a0(2,036)\u00a0(46)\u00a0(4,216)
Impairments\u00a0\u2013\u00a028\u00a0117\u00a0\u2013\u00a0\u2013\u00a0\u2013\u00a0145
Foreign exchange movements\u00a0\u2013\u00a05\u00a041\u00a0\u2013\u00a0588\u00a098\u00a0732
At 31 December 2022\u00a0\u2013\u00a04,608\u00a014,314\u00a0\u2013\u00a023,504\u00a012,312\u00a054,738
Charge for the year\u00a0-\u00a01,609\u00a03,477\u00a0-\u00a010,213\u00a02,806\u00a018,105
Disposals\u00a0-\u00a0-\u00a0(63)\u00a0-\u00a0(6,122)\u00a0(4)\u00a0(6,189)
Foreign exchange movements\u00a0-\u00a0(8)\u00a0(22)\u00a0-\u00a0(462)\u00a0(64)\u00a0(556)
At 31 December 2023\u00a0-\u00a06,209\u00a017,706\u00a0-\u00a027,133\u00a015,050\u00a066,098
Net book value
At 31 December 2022\u00a0\u2013\u00a05,885\u00a08,283\u00a02,832\u00a016,341\u00a03,953\u00a03\u00a07,\u00a02\u00a09\u00a04
At 31 December 2023\u00a0-\u00a05,524\u00a010,463\u00a01,498\u00a027,625\u00a04,780\u00a049,890
The Group leases some of its devices to customers. Lease payments in relation to these devices are received in full either in advance or
on shipping of the device, meaning that there are no undiscounted future lease payments expected to be received on these devices.
On 8 July 2022, the Company sold its interest in the Gosling Building (the Property) to The Oxford Science Park (Properties) Limited
(TOSP) for \u00a342.5 million. TOSP immediately granted to the Company an occupational lease of the Property for ten years at a rent of \u00a31.8
million per annum (for which a right-of-use asset and related lease liability were recognised). Overall, in 2022 the transaction resulted in a
reduction in net property, plant and equipment of \u00a315.6 million, and a gain on disposal of \u00a318.6 million",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634873": {
"value": "17. \u00a0Right-of-use assetsTotal\u00a3000CostAt 1 January 2022\u00a020,302Additions\u00a015,504Disposals\u00a0(973)Foreign exchange movements\u00a0586At 31 December 2022\u00a035,419Additions\u00a012,024Disposals\u00a0(1,336)Foreign exchange movements\u00a0(332)At 31 December 2023\u00a045,775Accumulated depreciationAt 1 January 2022\u00a05,615Charge for the year\u00a04,475Disposals\u00a0(782)Foreign exchange movements\u00a0205At 31 December 2022\u00a09,513Charge for the year\u00a05,031Disposals\u00a0(1,142)Foreign exchange movements\u00a0(153)At 31 December 2023\u00a013,249Net book valueAt 31 December 2022\u00a025,906At 31 December 2023\u00a032,526",
"dimensions": {
"concept": "ifrs-full:DescriptionOfLineItemsInStatementOfFinancialPositionWhichIncludeRightofuseAssets",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634875": {
"value": "18. \u00a0Investment in associate
The following entity has been included in the consolidated financial statements using the equity method:
Name of associate\u00a0Principal activities
Country of
incorporation
Proportion of ownership held
as at 31 December - %
2023\u00a02022
Veiovia Limited\u00a0Technology Development\u00a0UK\u00a026.1\u00a026.1
The carrying value is calculated as follows:
2023
\u00a3000
2022
\u00a3000
Investment cost\u00a04,548\u00a04,548
Share of loss\u00a0(530)\u00a0(302)
Impairment\u00a0(3,276)\u00a0(3,420)
Carrying value of the interest in the associate\u00a0742\u00a0826
Reconciliation of investment in associate
2023
\u00a3000
2022
\u00a3000
At 1 January\u00a0826\u00a0257
Further investment\u00a0-\u00a0 3,000
826\u00a03,257
Share of loss\u00a0(228)\u00a0(238)\u00a0
Decrease/(increase) in impairment of investment\u00a0144\u00a0(2,193)\u00a0
At 31 December\u00a0742\u00a0 826
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634874": {
"value": "The associate is accounted for using the equity method in these consolidated financial statements as set out in the Group\u2019s accounting
policies in note 3. It is held directly by the Company.
(i) \u00a0\u00a0Pursuant to a shareholder agreement, the Company has the right to cast 24.9% of the votes of Veiovia Limited (2022: 24.9%).
(ii) \u00a0\u00a0The Company holds more than 20% of the equity shares of Veiovia Limited, and exercises significant influence by virtue of its\u00a0
contractual right to appoint one director to the board of directors of that entity.
(iii) \u00a0\u00a0For the purposes of applying the equity method of accounting, the financial statements of Veiovia Limited for the year ended 31
December 2023 have been used. The Company\u2019s share of the net asset value of the investment is significantly below the investment
amount. Management has recorded an impairment loss of the investment to reflect the recoverable amount.
(iv) \u00a0Veiovia Limited\u2019s registered office is The University of York, Biology B/A/039, Wentworth Way, York, UK, YO10 5DD",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634876": {
"value": "19. Inventory
2023
\u00a3000
2022
\u00a3000
Raw materials\u00a050,888\u00a041,852
Work in progress\u00a039,154\u00a034,960
Finished goods\u00a011,506\u00a010,886
101,548\u00a087,6\u00a09\u00a08
The carrying amount of inventory was not materially different from its replacement cost.
The cost of inventory recognised as an expense includes \u00a39.8 million (2022: \u00a36.0 million) in respect of write-downs of inventory to net
realisable value. There were no reversals of write-downs in either year.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634877": {
"value": "20. \u00a0Trade and other receivables
2023
\u00a3000
2022
\u00a3000
Trade receivables\u00a033,626\u00a038,097
Contract assets\u00a0204\u00a03,084
Accrued income and other debtors\u00a07,750\u00a04,724
Accrued interest income\u00a0746\u00a01,065
Other taxes\u00a06,351\u00a05,262
Prepayments\u00a012,798\u00a010,673
61,475\u00a062,905
Contract assets relate to the Group\u2019s rights to consideration for goods and services provided but not billed at the reporting date for goods
and services provided. They are transferred to receivables when the rights become unconditional. This usually occurs when an invoice is
issued to the customer.
The ageing of trade receivables and the loss allowance calculated using the Group\u2019s provision matrix was as follows:
Not past due
\u00a3000
30-60 days
\u00a3000
61-90 days
\u00a3000
91+ days
\u00a3000
Total
\u00a3000
At 31 December 2023\u00a028,495\u00a02,238\u00a01,036\u00a02,804\u00a034,573
Loss allowance\u00a0(227)\u00a0(87)\u00a0(55)\u00a0(578)\u00a0(947)
28,268\u00a02,151\u00a0981\u00a02,226\u00a033,626
At 31 December 2022\u00a028,654\u00a03,390\u00a02,696\u00a05,971\u00a040,711
Loss allowance\u00a0(930)\u00a0(262)\u00a0(315)\u00a0(1,107)\u00a0(2,614)
27,724\u00a03,128\u00a02,381\u00a04,864\u00a038,097
Trade and other receivables continuedThe following table shows the movement in lifetime Expected Credit Loss that has been recognised for trade receivables in accordance
with the simplified approach set out in IFRS 9:
\u00a3000
At 1 January 2022\u00a02,955
Net charges and releases to statement of comprehensive income\u00a0(464)
Foreign exchange movement\u00a0123
At 31 December 2022\u00a02,614
Net charges and releases to statement of comprehensive income\u00a0(1,425)
Foreign exchange movement\u00a0(242)
At 31 December 2023\u00a0947
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634879": {
"value": "Other financial assets2023
\u00a3000
2022
\u00a3000
Treasury deposits\u00a0\u2013\u00a01\u00a00\u00a01,\u00a0274
Investment bonds\u00a0256,534\u00a0100,898
Other financial assets\u00a01,305\u00a01,383
257,839\u00a0203,555
These items were analysed as follows:
2023
\u00a3000
2022
\u00a3000
Current\u00a049,514\u00a0119,411
Non-current\u00a0208,325\u00a084,144
257,839\u00a0203,555
Investment bonds are classified as financial assets at fair value through other comprehensive income (FVOCI).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634878": {
"value": "22. \u00a0Derivative financial assets and liabilities
2023
\u00a3000
2022
\u00a3000
Derivative financial assets
Foreign currency forward contracts\u00a0261\u00a02,060
261\u00a02,060
Derivative financial liabilities
Foreign currency forward contracts\u00a0\u2013\u00a0962
\u2013\u00a0962
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634880": {
"value": "23. \u00a0Trade and other payables
2023
\u00a3000
2022
\u00a3000
Trade payables\u00a025,184\u00a023,103
Share-based payments\u00a0504\u00a0460
Payroll taxation and social security\u00a04,507\u00a02,585
Accruals\u00a033,096\u00a033,801
Contract liabilities\u00a015,156\u00a020,300
78,447\u00a080,249
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period
taken for trade purchases by the Group is 50 days (2022: 59 days).
The Group has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.
The Directors consider that the carrying amount of trade payables approximates their fair value.
Contract liabilities primarily relate to performance obligations on customer contracts which were not satisfied at 31 December. In 2023
they decreased by \u00a35.1 million (2022: decrease of \u00a31.3 million). Management expects that most of the transaction price allocated to
unsatisfied performance obligations as at 31 December 2023 will be recognised as revenue during the following year",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634881": {
"value": "24.\u00a0\u00a0Loans and provisions
Loans
There were no extant loans on 31 December of the current or prior year.
On 8 July 2022, the Company completed the sale of its interest in the Gosling Building to The Oxford Science Park (Properties) Limited
for \u00a342.5 million. On completion of the sale, the term loan facility of \u00a39.5 million with Barclays Bank plc was fully repaid. The average
interest rate charged in 2022 was 3.51%.
Provisions
Dilapidation
provisions
\u00a3000
Employer \u00a0
taxes
\u00a3000
Other
\u00a3000
Total
provisions
\u00a3000
At 31 December 2022\u00a02,346\u00a010,772\u00a0160\u00a013,278
Movement in provision for the year\u00a052\u00a0(168)\u00a0590\u00a0474
Payments\u00a0\u2013\u00a0(736)\u00a0(69)\u00a0(805)
Foreign exchange movements\u00a0(14)\u00a045\u00a0(10)\u00a021
At 31 December 2023\u00a02,384\u00a09,913\u00a0671\u00a012,968
\u00a0\u00a0\u00a0
Current\u00a0\u2013\u00a05,759\u00a0671\u00a06,430
Non-current\u00a02,384\u00a04,154\u00a0\u2013\u00a06,538
At 31 December 2023\u00a02,384\u00a09,913\u00a0671\u00a012,968
Current\u00a0 \u2013\u00a0 4,473\u00a0160\u00a04,633
Non-current\u00a0 2,346\u00a0 6,299\u00a0\u2013\u00a08,645
At 31 December 2022\u00a0 2,346\u00a010,772\u00a0160\u00a013,278
The dilapidation provision relates to the leased properties, representing an obligation to restore the premises to their original condition at
the time the Group vacates the related properties. The provision is non-current and expected to be utilised in between two and 21 years.
Employer social security taxes relates to the expected employer taxes on share-based payments. This is expected to\ue61dbe\ue61dutilised between
one and ten years. The provision is based on the best estimate of the liability, which is reviewed and updated at each reporting period.
The provision is accrued over the vesting period to build up to the required liability at the point it is ultimately due.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634882": {
"value": "25. \u00a0Lease liabilities2023\u00a30002022Restated *\u00a3000Current *\u00a04,322\u00a04,056Non\u2011current *\u00a037,333\u00a030,042Lease liabilities included in the statement of financial position\u00a041,655\u00a034,0982023\u00a30002022\u00a3000Maturity analysis \u2011 contractual undiscounted cash flowsUp to one year\u00a06,865\u00a06,459Two to five years\u00a028,057\u00a022,996Greater than five years\u00a021,358\u00a017,705Total undiscounted lease liabilities at 31 December\u00a056,280\u00a047,160* See note 11 for details regarding the restatement of comparatives.Information on the associated right\u2011of\u2011use assets is included in note 17.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfLineItemsInStatementOfFinancialPositionWhichIncludeLeaseLiabilities",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634883": {
"value": "26. \u00a0Share capital and share premium
Share capital comprised the following:
Nominal value
Number of \u00a0
shares issued
Aggregate
nominal value
At 31 December 2023
Share class
Ordinary Shares (fully paid)\u00a0\u00a30.0001\u00a0859,224,047\u00a085,922
Issued Class A Limited Anti\u2011takeover share of \u00a31\u00a0\u00a31\u00a01\u00a01
Issued Class B Limited Anti\u2011takeover share of \u00a31\u00a0\u00a31\u00a01\u00a01
Issued Class C Limited Anti\u2011takeover share of \u00a31\u00a0\u00a31\u00a01\u00a01
85,925
Nominal value
Number of \u00a0
shares issued
Aggregate
nominal value
At 31 December 2022
Share class
Ordinary Shares (fully paid)\u00a0\u00a30.0001\u00a0825,570,509\u00a082,557
Issued Class A Limited Anti\u2011takeover share of \u00a31\u00a0\u00a31\u00a01\u00a01
Issued Class B Limited Anti\u2011takeover share of \u00a31\u00a0\u00a31\u00a01\u00a01
Issued Class C Limited Anti\u2011takeover share of \u00a31\u00a0\u00a31\u00a01\u00a01
82,560
In the course of 2023, 4,628,212 ordinary shares (2022: 4,012,862) were issued in respect of employee share schemes. This resulted in
an increase in the share premium reserve of \u00a32.5 million (2022: 3.8 million).
Also during the year, the Company issued 29,025,326 ordinary shares to bioM\u00e9rieux SA. This resulted in a net increase in the share
premium reserve of \u00a368.5 million.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634884": {
"value": "Share\u2011based payment reserve2023
\u00a3000
2022
\u00a3000
At 1 January\u00a0168,200\u00a096,350
Equity settled share\u2011based payment transactions\u00a034,995\u00a071,165
Tax in relation to share\u2011based payment transactions\u00a0(96)\u00a0685
At 31 December\u00a0203,099\u00a0168,200
Share\u2011based payment transactions
2023
\u00a3000
2022
\u00a3000
Expense arising from share\u2011based payment transactions:
Included in research & development expenses\u00a05,897\u00a06,883
Included in selling, general & administrative expenses\u00a029,179\u00a063,126
35,076\u00a070,009
Equity settled share\u2011based payment transactions\u00a034,995\u00a071,165
Cash settled share\u2011based payment transactions\u00a081\u00a0(1,156)
35,076\u00a070,009
The Group operates a number of share schemes. Awards are normally granted to employees to acquire shares but in some circumstances
may be settled in cash. The schemes are as follows:
\u2022 \u00a0Oxford Nanopore Technologies Limited Share Option Plan
\u2022 \u00a0Oxford Nanopore Technologies Limited Share Option Plan 2018
\u2022 \u00a0Oxford Nanopore Technologies Limited Long\u2011Term Incentive Plan 2021 (Founder LTIP)
\u2022 \u00a0Oxford Nanopore Technologies plc Long\u2011Term Incentive Plan 2021 (plc LTIP)
\u2022 \u00a0Oxford Nanopore Technologies Deferred Bonus Plan 2021
\u2022 \u00a0Oxford Nanopore Technologies Share Incentive Plan 2021
\u2022 \u00a0Oxford Nanopore Technologies 2021 Employee Stock Purchase Plan
Share options
Options under each scheme have been aggregated. Share options have been awarded under two equity\u2011settled share\u2011based
remuneration schemes: the Oxford Nanopore Technologies Share Option Scheme and the Oxford Nanopore Technologies Limited Share
Option Plan 2018. The contractual life of all options is ten years.
Oxford Nanopore Technologies Limited Share Option Plan 2018
This plan replaced the Oxford Nanopore Technologies Share Option Scheme and closed to new members following the Company\u2019s
admission to the London Stock Exchange in 2021. All unexercised awards will have expired by 2031.
All employees were eligible to be awarded approved share options, with the exception of employees in some foreign subsidiaries. These
employees were instead eligible to be remunerated under a local phantom bonus scheme. Awards granted to participants were subject to
either service conditions or both service and market performance conditions. Options were not normally able to be exercised before the
third anniversary of the date of grant.
Share\u2011based payment reserve continuedThe movement in share options outstanding is summarised in the following table:
2023\u00a02022
Number of
share options
Weighted
average
exercise price
(pence)
Number of
share options
Weighted
average
exercise price
(pence)
At 1 January\u00a050,839,486\u00a0181\u00a055,450,832\u00a0176
Forfeited\u00a0(283,700)\u00a0176\u00a0(821,783)\u00a0240
Exercised\u00a0(3,525,969)\u00a060\u00a0(3,789,563)\u00a099
Outstanding at 31 December\u00a047,029,817\u00a0190\u00a050,839,486\u00a0181
Exercisable at 31 December\u00a043,794,843\u00a0182\u00a040,403,625\u00a0155
Share options outstanding at the end of the year have the following expiry and exercise prices:
Grant year\u00a0Expiry year\u00a0Exercise price
(pence)
2023
Number
2022
Number
Oxford Nanopore Technologies Limited Share
Option\ue61eScheme\u00a02008 \u2011 2018\u00a02024 \u2011 2028\u00a073 \u2011 140\u00a013,700,109\u00a016,\u00a0517,490
Oxford Nanopore Technologies Limited Share
Option\ue61ePlan 2018\u00a02019 \u20112021\u00a02029 \u20112031\u00a0104 \u2011 350\u00a033,329,708\u00a034,321,996
47,029,817\u00a050,839,486
The weighted average share price at the date of exercise for share options exercised during the year was \u00a32.28 (31 December 2022:
\u00a33.65). The options outstanding at 31 December 2023 had a weighted average exercise price of \u00a31.90 (31 December 2022 \u00a31.81), and
a\ue61eweighted average remaining contractual life of 5.3 years (2022: 6.0 years)Valuation models
Oxford Nanopore Technologies Limited Share Option Plan 2018
There were no options granted during the current or prior years. The fair value of share options granted during the prior year was
determined using the Monte Carlo Simulation model and Black Scholes model dependent on the performance vesting conditions.
Black Scholes: The following assumptions were used in the Black Scholes model in calculating the fair values of the options granted:
Range of share prices\u00a0\u00a32.65 \u2011 \u00a33.50
Range of exercise prices\u00a0\u00a32.12 \u2011 \u00a33.50
Expected volatility range\u00a047% \u2011 50%
Expected life\u00a06.5 years
Risk\u2011free rate range\u00a00% \u2011 0.4%
Expected dividend yields\u00a0Nil
The volatility assumption has been derived as the median volatility over a five\u2011year period of a bespoke comparator group. For options
granted during 2021, the expected life assumption of six and a half years assumes exercise will occur halfway through the total
exercisable period, being the midpoint of years three and ten. The risk\u2011free interest rate used reflects the UK Government five\u2011year Gilt
rate as reported by the Bank of England.
The weighted average fair value of options granted during the period determined using the Black Scholes model at the grant date was \u00a3nil
(2022: \u00a3nil) per optionMonte Carlo Simulations The inputs into the Monte Carlo Simulation model for options issued were as follows:
Weighted average share price\u00a0\u00a32.65
Weighted average exercise price\u00a0\u00a32.12
Expected volatility\u00a048%
Expected life\u00a02.5 years
Risk\u2011free rate\u00a00%
Expected dividend yields\u00a0Nil
The Monte Carlo Simulation model has been used to value the portion of the awards which have a market performance vesting condition
(achievement of a target company valuation). The model incorporates a discount factor reflecting this performance condition into the fair
value of this portion of the award. The weighted average fair value of options granted during the year determined using the Monte Carlo
Simulation model at the grant date was \u00a3nil (2022: \u00a3nil) per option.
The volatility assumption has been derived as the median volatility over a five\u2011year period of a bespoke comparator group. For options
granted during 2021, the expected life represents the term until expected vesting and exercise. The risk\u2011free interest rate used reflects
the UK Government five\u2011year Gilt rate as reported by the Bank of England.
Long term incentive plans
Oxford Nanopore Technologies Limited Long Term Incentive Plan 2021 (Founder LTIP):
This was a one\u2011off discretionary share plan, under which the Company granted awards over 6.5% of the Company\u2019s Ordinary Share
capital (at the date of grant) to the Executive Directors. The Founder LTIP awards are free to the recipient. The plan was approved by the
board on 22 June 2021. Awards were granted as conditional awards of Ordinary Shares (Conditional Awards) subject to achievement of
performance obligations tied to revenue and share price and is subject to holding periods.
There were no awards granted during the current or prior years and all remained outstanding as at 31 December 2023 with a weighted
average remaining contractual life of four years.
Valuation models
The inputs into the valuation models for Founder LTIP awards were as follows:
Monte Carlo\u00a0Black Scholes
Share price at grant\u00a0\u00a33.50\u00a0\u00a33.50
Share price\u00a0\u00a34.50\u00a0n/a
Expected volatility\u00a050.14%\u00a050.14%
Expected term\u00a02.16 years\u00a0\u00a05 years
Risk\u2011free rate\u00a00.4%\u00a00.4%
Expected dividend yields\u00a0Nil \u00a0Nil
The volatility assumption has been derived as the median volatility over a five\u2011year period of a bespoke comparator group. The risk\u2011free
interest rate used reflects the UK Government five\u2011year Gilt rate as reported by the Bank of England.
The weighted average fair value of Founder LTIP awards granted, determined using the Black Scholes model at the grant date, was \u00a33.22
per award.
The weighted average fair value of Founder LTIP awards granted, determined using the Monte Carlo simulation model at the grant date,
was \u00a32.18 per award",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6641718": {
"value": "\u00a0Notes to the cash flow statements2023
\u00a3000
2022
\u00a3000
Cash and cash equivalents\u00a0220,536\u00a0356,778
Cash and cash equivalents comprise cash and short\u2011term bank deposits with an original maturity of three months or less. The carrying
amount of these assets is approximately equal to their fair value.
2023
\u00a3000
2022
\u00a3000
Loss before tax\u00a0(149,768)\u00a0(83,411)
Depreciation on property, plant and equipment \u00a018,105\u00a015,968
Depreciation on right\u2011of\u2011use assets \u00a05,031\u00a04,475
Amortisation on intangible assets \u00a018,491\u00a011,428
Loss on disposal of property, plant and equipment and right\u2011of\u2011use assets\u00a03,854\u00a01,880
Research and development expense tax credit\u00a0\u00a0(10,157)\u00a0(\u00a07,\u00a00\u00a08\u00a04)
Foreign exchange movements \u00a0(519)\u00a05,556
Interest on leases \u00a02,205\u00a01,407
Bank interest income\u00a0(18,853)\u00a0(5,941)
Bank interest expense\u00a01\u00a0221
Movements on investment bonds\u00a0337\u00a0\u2013
Movements on derivatives \u00a0836\u00a0(1,203)
(Write\u2011back)/impairment of investment \u00a0(144)\u00a02,193
Impairment of operating assets\u00a0\u2011\u00a01,173
Share of losses in associate\u00a0\u00a0228\u00a0238
Gain on sale of property\u00a0\u2011\u00a0(18,620)
Employee share benefit costs including employer\u2019s social security taxes \u00a034,908\u00a048,784
Operating cash flows before movements in working capital\u00a0(95,445)\u00a0(22,936)
Increase in receivables\u00a0118\u00a0(\u00a07,4\u00a002)
Increase in inventory and assets subject to operating leases * \u00a0(43,060)\u00a0(39,156)
Increase in payables\u00a01,502\u00a04,434
Cash used in operations\u00a0(136,885)\u00a0(65,060)
R&D tax credit received\u00a04,088\u00a010,864
Foreign tax paid\u00a0(4,505)\u00a0(9,630)
Net cash outflow from operating activities\u00a0(137,302)\u00a0(63,826",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634885": {
"value": "Notes to the cash flow statements2023
\u00a3000
2022
\u00a3000
Cash and cash equivalents\u00a0220,536\u00a0356,778
Cash and cash equivalents comprise cash and short\u2011term bank deposits with an original maturity of three months or less. The carrying
amount of these assets is approximately equal to their fair value.
2023
\u00a3000
2022
\u00a3000
Loss before tax\u00a0(149,768)\u00a0(83,411)
Depreciation on property, plant and equipment \u00a018,105\u00a015,968
Depreciation on right\u2011of\u2011use assets \u00a05,031\u00a04,475
Amortisation on intangible assets \u00a018,491\u00a011,428
Loss on disposal of property, plant and equipment and right\u2011of\u2011use assets\u00a03,854\u00a01,880
Research and development expense tax credit\u00a0\u00a0(10,157)\u00a0(\u00a07,\u00a00\u00a08\u00a04)
Foreign exchange movements \u00a0(519)\u00a05,556
Interest on leases \u00a02,205\u00a01,407
Bank interest income\u00a0(18,853)\u00a0(5,941)
Bank interest expense\u00a01\u00a0221
Movements on investment bonds\u00a0337\u00a0\u2013
Movements on derivatives \u00a0836\u00a0(1,203)
(Write\u2011back)/impairment of investment \u00a0(144)\u00a02,193
Impairment of operating assets\u00a0\u2011\u00a01,173
Share of losses in associate\u00a0\u00a0228\u00a0238
Gain on sale of property\u00a0\u2011\u00a0(18,620)
Employee share benefit costs including employer\u2019s social security taxes \u00a034,908\u00a048,784
Operating cash flows before movements in working capital\u00a0(95,445)\u00a0(22,936)
Increase in receivables\u00a0118\u00a0(\u00a07,4\u00a002)
Increase in inventory and assets subject to operating leases * \u00a0(43,060)\u00a0(39,156)
Increase in payables\u00a01,502\u00a04,434
Cash used in operations\u00a0(136,885)\u00a0(65,060)
R&D tax credit received\u00a04,088\u00a010,864
Foreign tax paid\u00a0(4,505)\u00a0(9,630)
Net cash outflow from operating activities\u00a0(137,302)\u00a0(63,826",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634886": {
"value": "Non cash transactionsAdditions to right\u2011of\u2011use assets during the year of \u00a312.0 million (2022: \u00a315.5 million) were financed by new lease",
"dimensions": {
"concept": "ifrs-full:ExplanationOfInvestingAndFinancingTransactionsNotRequireUseOfCashOrCashEquivalents",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634887": {
"value": "Changes in liabilities arising from financing activitiesThe table below details change in the Group\u2019s liabilities arising from financing activities, including both cash and non\u2011cash changes.
Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group\u2019s
consolidated cash flow statement as cash flows from financing activities.
Bank loan
\u00a3000
Lease liabilities
\u00a3000
Total
\u00a3000
At 1 January 2022\u00a09,500\u00a015,304\u00a024,804
Non\u2011cash changes
New leases\u00a0\u2013\u00a022,523\u00a022,523
Lease surrendered\u00a0\u2013\u00a0(191)\u00a0(191)
Interest\u00a0\u2013\u00a01,407\u00a01,407
Foreign exchange movements \u00a0\u2013\u00a0422\u00a0422
Cash changes
Bank loan repaid\u00a0(9,500)\u00a0\u2013\u00a0(9,500)
Principal repaid\u00a0\u2013\u00a0(4,111)\u00a0(4,111)
Interest paid\u00a0\u2013\u00a0(1,256)\u00a0(1,256)
At 31 December 2022\u00a0\u2013\u00a034,098\u00a034,098
Non\u2011cash changes
New leases\u00a0\u2011\u00a012,024\u00a012,024
Interest\u00a0\u2011\u00a02,205\u00a02,205
Foreign exchange movements \u00a0\u2011\u00a0(176)\u00a0(176)
Cash changes
Principal repaid\u00a0\u2011\u00a0(4,291)\u00a0(4,291)
Interest paid\u00a0\u2011\u00a0(2,205)\u00a0(2,205)
At 31 December 2023\u00a0\u2011\u00a041,655\u00a041,65",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationThatEnablesUsersOfFinancialStatementsToEvaluateChangesInLiabilitiesArisingFromFinancingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634888": {
"value": "Financial instruments \u2013 risk management(i) \u00a0\u00a0Classes and categories of financial instruments and their fair values
The following table combines information about:
\u2022 \u00a0classes of financial instruments based on their nature and characteristics
\u2022 \u00a0the carrying amount of financial instruments
\u2022 \u00a0the fair value of financial instruments (except financial instruments when carrying amount approximates their fair value)
Amortised \u00a0
cost\u00a0\u00a0
\u00a3000
FVTPL\u00a0\u00a0
\u00a3000
FVTOCI\u00a0\u00a0
\u00a3000
Total\u00a0\u00a0
carrying \u00a0
value
\u00a3000
Fair value
\u00a3000
31 December 2023
Financial assets
Cash and cash equivalents\u00a0220,536\u00a0\u2013\u00a0\u2013\u00a0220,536\u00a0220,536
Trade and other receivables\u00a042,326\u00a0\u2013\u00a0\u2013\u00a042,326\u00a042,326
Investment bonds\u00a0\u2013\u00a0\u2013\u00a0256,534\u00a0256,534\u00a0256,534
Other financial assets\u00a0\u2013\u00a01,305\u00a0\u2013\u00a01,305\u00a01,305
Derivative financial assets\u00a0\u2013\u00a0261\u00a0\u2013\u00a0261\u00a0261
Financial liabilities
Trade and other payables\u00a0(73,436)\u00a0\u2013\u00a0\u2013\u00a0(73,436)\u00a0(73,436)
Amortised \u00a0
cost\u00a0\u00a0
\u00a3000
FVTPL\u00a0\u00a0
\u00a3000
FVTOCI\u00a0\u00a0
\u00a3000
Total\u00a0\u00a0
carrying \u00a0
value
\u00a3000
Fair value
\u00a3000
31 December 2022
Financial assets
Cash and cash equivalents\u00a0356,778\u00a0\u2013\u00a0\u2013\u00a0356,778\u00a0356,778
Trade and other receivables\u00a046,970\u00a0\u2013\u00a0\u2013\u00a046,970\u00a046,970
Treasury deposits\u00a0101,\u00a0274\u00a0\u2013\u00a0\u2013\u00a0101,\u00a0274\u00a0101,\u00a0274
Investment bonds\u00a0\u2013\u00a0\u2013\u00a0100,898\u00a0100,898\u00a0100,898
Other financial assets\u00a0\u2013\u00a01,383\u00a0\u2013\u00a01,383\u00a01,383
Derivative financial assets\u00a0\u2013\u00a02,060\u00a0\u2013\u00a02,060\u00a02,060
Financial liabilities
Trade and other payables\u00a0(\u00a07\u00a07,20\u00a04)\u00a0\u2013\u00a0\u2013\u00a0(\u00a07\u00a07,204)\u00a0(\u00a077,\u00a0204)
Derivative financial liabilities\u00a0\u2013\u00a0(962)\u00a0\u2013\u00a0(962)\u00a0(962)
The following summarises the method and assumptions used in estimating the fair value of financial instruments reflected in the table.
Trade payables and receivables generally have a remaining life of less than one year so their value recorded in the balance sheet is
considered to be a reasonable approximation of fair value.
Treasury deposits are short\u2011term deposits held with banks that do not meet the IAS 7 definition of a cash equivalent, as well as
investment grade quoted bonds classified as fair value through other comprehensive income. See note 13.
The assets shown above have been classified based on three categories depending on the inputs used in the valuation technique. The
categories used are as follows:
\u2022 \u00a0Level 1: quoted prices for identical instruments;
\u2022 \u00a0Level 2: directly or indirectly observable market inputs, other than Level 1 inputs; and\u00a0
\u2022 \u00a0Level 3: inputs which are not based on observable market dataLevel 1\u00a0Level 2\u00a0 Level 3\u00a0Total
Investment bonds\u00a0256,534\u00a0\u2013\u00a0\u2013\u00a0256,534
Derivative financial instruments\u00a0261\u00a0\u2013\u00a0\u2013\u00a0261
Other financial assets\u00a0\u2013\u00a0\u2013\u00a01,305\u00a01,305
At 31 December 2023\u00a0256,795\u00a0\u2013\u00a01,305\u00a0258,100
Level 1\u00a0Level 2\u00a0 Level 3\u00a0Total
Investment bonds\u00a0100,898\u00a0\u2013\u00a0\u2013\u00a0100,898
Derivative financial instruments\u00a01,098\u00a0\u2013\u00a0\u2013\u00a01,098
Other financial assets\u00a0\u2013\u00a0\u2013\u00a01,383\u00a01,383
At 31 December 2022\u00a0101,996\u00a0\u2013\u00a01,383\u00a0103,379
Fixed forward contracts
Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting
period) and contract forward rates.
During the year, the portfolio of forward contracts matured, and were either fulfilled, cashed out or exchanged. One forward contract
remains unsettled, with a settlement date of 10 May 2024.
Fixed forward contracts are included in the balance sheet as follows:
2023
\u00a3000
2022
\u00a3000
Derivative financial assets
Foreign currency forward contracts\u00a0261\u00a02,060
261\u00a02,060
Derivative financial liabilities
Foreign currency forward contracts\u00a0\u2013\u00a0962
\u2013\u00a0962
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6644710": {
"value": "The following summarises the method and assumptions used in estimating the fair value of financial instruments reflected in the table.
Trade payables and receivables generally have a remaining life of less than one year so their value recorded in the balance sheet is
considered to be a reasonable approximation of fair value.
Treasury deposits are short\u2011term deposits held with banks that do not meet the IAS 7 definition of a cash equivalent, as well as
investment grade quoted bonds classified as fair value through other comprehensive income. See note 13.
The assets shown above have been classified based on three categories depending on the inputs used in the valuation technique. The
categories used are as follows:
\u2022 \u00a0Level 1: quoted prices for identical instruments;
\u2022 \u00a0Level 2: directly or indirectly observable market inputs, other than Level 1 inputs; and\u00a0
\u2022 \u00a0Level 3: inputs which are not based on observable market data",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634890": {
"value": "Financial risk management objectives and policies.Overview
The Group has exposure to liquidity, credit and market risks from its use of financial instruments. This note sets out the Group\u2019s key
policies and processes for managing these risks",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634889": {
"value": "Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing
liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities as they fall due, under both normal
and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group has sufficient cash
to fund its operations.
At 31 December 2023, the Group had the following financing arrangements:
2023
\u00a3000
2022
\u00a3000
Maturity analysis
\u2011 Expiring within one year\u00a06,865\u00a06,459
\u2011 Expiring beyond one year\u00a049,415\u00a040,701
56,280\u00a047,160
The amounts disclosed in this table are for lease liabilities, based on contractual undiscounted cash flows.
The Directors consider that except for lease liabilities, all of the Group\u2019s financial liabilities at the year end and prior year end have
maturity dates of less than 12 months from the balance sheet date.
Management monitors rolling forecasts of the Group\u2019s financing arrangements (comprising the lease liabilities above) and cash and cash
equivalents (note 28) on the basis of expected cash flows",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634891": {
"value": "Credit risk
Credit risk is the risk of financial loss to the Group if a deposit taker should fail. Maturities are staggered whenever possible to spread
exposure to interest rate movement. Although the Board accepts that this policy neither protects the Group from the risk of receiving
rates below the current market rates nor eliminates the cash flow risk associated with interest receipts, it considers that it achieves an
appropriate balance of exposure to these risks.
At year end, the Group placed \u00a3468 million (2022: \u00a3542 million) deposits with several reputable financial institutions to minimise its credit
risk. \u00a3441 million (2022: \u00a3310 million) of this is placed in institutions with an S&P grade of A (Moody\u2019s A1/A2), with the remainder all being
placed at S&P grade BBB (Moody\u2019s Baa2) or higher institutions in line with the Group\u2019s treasury policy.
Additional credit risk exists on trade receivables, which is managed by a centralised accounts receivable process including credit checks
on initial order acceptance.
Credit approvals and other monitoring procedures are also in place to ensure that follow\u2011up action is taken to recover overdue debts.
Furthermore, the Group reviews the recoverable amount of each trade debt and debt investment on an individual basis at the end of the
reporting period to ensure that adequate loss allowance is made for irrecoverable amounts. In this regard, the Directors consider that the
Group\u2019s credit risk is significantly reduced and will remain at the same level for the foreseeable future. Trade receivables consist of a large
number of customers, spread across diverse geographical areas.
Of the trade receivables balance at the end of the year, \u00a34.5 million (2022: \u00a34.9 million) was due from the Group\u2019s largest customer, G42.
At 31 December 2023, an amount of \u00a30.9 million (2022: \u00a32.6 million) measured at an amount equal to lifetime expected credit losses was
estimated as a loss allowance in accordance with IFRS 9 (see note 20).
The credit risk on liquid funds are measured at an amount equal to lifetime expected credit losses. The credit risk is considered as limited
because the counterparties are banks with high credit ratings assigned by international credit rating agencies",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634892": {
"value": "Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the
Group\u2019s costs or the value of its holdings in financial instruments.
Investment bonds offer fixed coupon interest rates and are subject to variations in market value arising due to movements in the prevailing
base interest rate. The Group mitigates this by holding a wide range of bonds in various jurisdictions.
Interest rate risk also arises on returns on short\u2011term fixed interest deposits which will vary with movements in underlying bank interest
rates.
The Group\u2019s principal market risk exposure is to movements in foreign exchange rates",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634894": {
"value": "Sensitivity analysis
A 5% strengthening/weakening of the US Dollar relative to Pounds Sterling at 31 December 2023 would have impacted profit or loss and
Group equity by\ue61e\u00a31.2 million (2022: \u00a31.1 million).
he interest yield on investments in Money Markets is variable between funds. During the year ended 31 December 2023, the investment, evenly split between eight different funds,\ue61e returned an average yield of 4.6% (2022: 1.48%). Treasury deposits were all matured in the
current year.
The Group has considered its sensitivity to interest rate fluctuations and does not believe that a change in interest rates would have
a\ue61ematerial risk impact on the Group financial statements",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634899": {
"value": "Capital management
The Group defines the capital that it manages as the Group\u2019s total equity. The Group\u2019s objectives when managing capital are:
\u2022 \u00a0to safeguard the Group\u2019s ability to continue as a going concern, so that it can continue to strive to provide returns to investors;
\u2022 \u00a0to provide an adequate return to investors based on the level of risk undertaken;
\u2022 \u00a0to have available the necessary financial resources to allow the Group to invest in areas that may deliver future benefits;
\u2022 \u00a0to maintain sufficient financial resources to mitigate against risks and unforeseen events.
The Debt to Equity ratio of the Group is 6.5% (2022: 4.9%).
Debt is defined as long and short\u2011term borrowings (excluding derivatives and financial guarantee contracts). Equity includes all capital
and reserves of the Group that are managed as capita",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634895": {
"value": "30. \u00a0Related party transactions
Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on
consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below.
As at 31 December 2023, the Company had invested a total of \u00a34.5 million in its associate, Veiovia Limited, which is related to the
Company by the shared directorship of J P Willcocks. During the year, a reversal of impairment of \u00a30.1 million has been recognised.
The Company paid academic research costs in 2023 of \u00a30.6 million (2022: \u00a30.5 million) to the University of Oxford, which is related to the
Company by the shared directorship of W Becker",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634896": {
"value": "31. \u00a0Retirement benefit planThe Group operates a defined contribution pension scheme for the benefit of its employees. Most of the employees who contribute to the Group\u2019s pension scheme do so via salary sacrifice. The total expense recognised in the consolidated income statement of \u00a33.8 million (2022: \u00a33.2 million) represents contributions payable to\ue61ethe scheme by the Group at rates specified in the rules of the scheme. As at 31 December 2023, contributions of \u00a30.7 million (2022: \u00a30.5 million) due in respect of the current reporting period had not been paid over to the plans",
"dimensions": {
"concept": "ifrs-full:DescriptionOfRetirementBenefitPlan",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634898": {
"value": "32. Commitments
2023
\u00a3000
2022
\u00a3000
Within one year\u00a04,530\u00a01,768
In the second to fifth years inclusive\u00a02,295\u00a0721
6,825\u00a02,489
Commitments relate to agreements with third paries, universities and research institutions. The amounts are not risk\u2011adjusted or
discounted.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634897": {
"value": "33. \u00a0Events after the reporting date
The Group performed a review of events subsequent to the balance sheet date through to the date the financial statements were issued
and determined that there were no such events requiring recognition or disclosure in the financial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634900": {
"value": "Controlling partyThere is no ultimate controlling party of the Group as ownership is split between the Company\u2019s shareholders. The most significant
shareholders at 31 December 2023 were as follows: IP Group (10%), Tencent Holdings (7%), Baillie Gifford (7%), bioM\u00e9rieux SA (7%),
G42 (5%) and GIC Asset Management (5%)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6634901": {
"value": "Alternative performance measuresThe Group\u2019s performance is assessed using a number of financial measures which are not defined under IFRS and are which therefore
comprise alternative (non\u2011GAAP) performance measures. These are as follows:
\u2022 \u00a0Underlying LSRT revenue growth: LSRT revenue growth excluding EGP and COVID sequencing revenue \u2011 in order to understand
ongoing performance of the core business, management considers it appropriate to exclude revenues from contracts that are not
expected to recur. We also report underlying LSRT revenue performance within each of our customer groups and franchises;
\u2022 \u00a0Underlying LSRT revenue growth on a constant currency basis: LSRT revenue growth excluding EGP and COVID sequencing revenue,\u00a0
on a constant currency basis;
\u2022 \u00a0Underlying LSRT gross margin: LSRT gross margin exclduing EGP, write off of COVID sequencing kits and legacy devices, and impact
of the compute upgrade on large PromethION devices;
\u2022 \u00a0Adjusted research and development expenses:\u00a0research and development expenses after adjusting for employer\u2019s social security taxes
on pre\u2011IPO share awards;
\u2022 \u00a0Adjusted R&D expenses and capitalised development costs: adjusted\u00a0research\u00a0and\u00a0development expenses, excluding amortisation and
adding capitalised of development costs;
\u2022 \u00a0Adjusted selling, general and administrative expenses: selling, general and administrative expenses after adjusting for share\u2011based
payments expense (Founder LTIP) and employer\u2019s social security taxes on Founder LTIP and pre\u2011IPO share awards;
\u2022 \u00a0EBITDA: loss for the year before income tax expense, finance income, loan interest, interest on leases, depreciation and amortisation;
\u2022 \u00a0Adjusted EBITDA: EBITDA adjusted for: i) share\u2011based payment expense on Founder LTIP awards; ii) employer\u2019s social security taxes\u00a0
on Founder LTIP and pre\u2011IPO share awards; iii) impairment of investment in associate; iv) gain on sale of property; and v) settlement of
the COVID\u201119 testing contract; and
\u2022 \u00a0Cash and cash equivalents and other liquid investments: cash and cash equivalents comprise cash in hand, deposits held at\ue61ecall and
other short\u2011term highly liquid investments with a maturity of three months or less at the date of acquisition; other liquid investments
comprise investment bonds in which a fixed sum is invested in an asset\u2011backed fund, and treasury deposits, which comprise deposits
held with banks that do not meet the IAS 7 definition of a cash equivalent.
The following table presents the adjusted underlying LSRT revenue growth:
2023
\u00a3000
2022
\u00a3000
LSRT Revenue\u00a0169,668\u00a0146,815
Adjusting Items:
EGP revenue\u00a0(11,956)\u00a0(13,172)
COVID sequencing revenue \u00a0(7,9\u00a066)\u00a0(26,112)
Underlying LSRT revenue\u00a0149,746\u00a01\u00a007,531
Growth\u00a0+39.3%\u00a0+36.4%
Impact of foreign exchange\u00a0(140)\u00a0(5,370)
Underlying LSRT revenue on a constant currency basis\u00a0149,606\u00a0102,161
Growth\u00a0+39.1%\u00a0+29.6%
The following table presents the adjusted underlying LSRT gross margin:
2023\u00a02022
LSRT gross margin\u00a053.3%\u00a056.3%
Adjusting Items:
EGP contract\u00a02.3%\u00a01.7%
Write off of COVID sequencing kits and legacy devices\u00a02.3%\u00a0\u2013
Impact of compute upgrade on large PromethION devices\u00a00.9%\u00a0\u2013
Underlying LSRT gross margin\u00a058.8%\u00a058.0%
The following table presents the adjusted research and development expenses:
2023
\u00a3000
2022
\u00a3000
Research and development expenses\u00a0103,842\u00a069,186
Adjusting Items:
Employer\u2019s social security taxes on pre\u2011IPO share awards\u00a0604\u00a09,890
Adjusted research and development expenses\u00a0104,446\u00a079,076
Amortisation of capitalised development costs\u00a0(18,419)\u00a0(11,400)
Capitalised development costs\u00a019,522\u00a019,163
Adjusted R&D expenses and capitalised development costs\u00a0105,549\u00a086,839
The following table presents the adjusted selling, general and administrative expenses
2023
\u00a3000
2022
\u00a3000
Selling, general and administrative expenses\u00a0155,248\u00a0153,103
Adjusting Items:
Share\u2011based payment expense on Founder Long Term Incentive Plan (LTIP)\u00a0(20,886)\u00a0(53,182)\u00a0
Employer\u2019s social security taxes on Founder LTIP and pre\u2011IPO share awards\u00a0285\u00a011,74\u00a03
Adjusted selling, general and administrative expenses\u00a0134,647\u00a0111,664
The following table presents the Group\u2019s EBITDA and Adjusted EBITDA, together with a reconciliation to loss for the year:
2023
\u00a3000
2022
\u00a3000
Loss for the year\u00a0(154,507)\u00a0(91,025)
Taxation\u00a04,739\u00a07,6\u00a014
Finance income\u00a0(18,853)\u00a0(5,941)
Interest expense\u00a01\u00a0221
Interest on lease\u00a02,205\u00a01,407
Depreciation and amortisation\u00a041,627\u00a031,871
EBITDA\u00a0(124,788)\u00a0(55,853)
Share\u2011based payments (Founder LTIP)\u00a020,886\u00a053,182
Employer\u2019s social security credit on Founder LTIP and pre\u2011IPO share\u2011based awards\u00a0(888)\u00a0(21,634)
Gain on sale of property\u00a0\u2013\u00a0(18,620)
Settlement of COVID\u201119 testing contract\u00a0\u2013\u00a0(37,\u00a089\u00a06)
(Write\u2011back)/impairment of investment in associate\u00a0(144)\u00a02,193
Adjusted EBITDA\u00a0(104,934)\u00a0(78,628)
The following table presents cash, cash equivalents and other liquid investments:
2023
\u00a3000
2022
\u00a3000
Cash and cash equivalents \u00a0220,536\u00a0 356,778
Treasury deposits \u00a0\u2013\u00a0 101,\u00a0274\u00a0
Investment bonds\u00a0256,534\u00a0 100,898
Less: fair value movements on investment bonds\u00a0(4,960)\u00a0(936)
Cash, cash equivalents and other liquid investments\u00a0472,110\u00a0558,014
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPerformanceObligationsExplanatory",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_6646792": {
"value": "Cash and cash equivalents and other liquid investments: cash and cash equivalents comprise cash in hand, deposits held at\ue61ecall and other short\u2011term highly liquid investments with a maturity of three months or less at the date of acquisition; other liquid investments
comprise investment bonds in which a fixed sum is invested in an asset\u2011backed fund, and treasury deposits, which comprise deposits
held with banks that do not meet the IAS 7 definition of a cash equivalent",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800IRWQ2Q6M2CDW55",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}