{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ext": "https://nanoporetech.com/esef/2024-12-31", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021" }, "taxonomy": [ "https://nanoporetech.com/esef/2024-12-31/213800IRWQ2Q6M2CDW55-2024-12-31.xsd" ] }, "facts": { "shtag_8989787": { "value": "
On an adjusted basis selling, general and administrative expenses in
2024 increased by \u00a332.6 million to \u00a3167.2 million (2023: \u00a3134.6 million).
The main changes were:
\u2022 \u00a0the total increase in the average headcount in selling, general and
administrative of 25.7%, which was primarily driven by the planned
increase in headcount in the commercial teams (34.4% increase
compared to 2023). Coupled with inflationary pressures of salaries,
this resulted in a \u00a321.3 million increase in payroll costs; and
\u2022 \u00a0an increase in depreciation of \u00a30.2 million to \u00a313.1 million in 2024
from \u00a312.9 million in 2023.
The total share-based payment charge included in selling, general and
administrative expenses decreased by \u00a329.8 million in 2024 to \u00a30.5
million. The reduction was primarily driven by a decrease in the Founder
LTIP charge (from \u00a320.9 million in 2023 to a credit of \u00a36.1 million in 2024).
Selling, general and administration expenses
2024
(\u00a3m)
2023
(\u00a3m)
%
change
Selling, general and
administration expenses
158.8\u00a0155.2\u00a0(2.3)%
Adjusting items:
Share-based payment expense on
Founder Long-Term Incentive Plan
(LTIP)
6.1\u00a0(20.9)
Employer\u2019s social security taxes on
Founder LTIP and pre-IPO share awards
2.3\u00a00.3
Adjusted selling, general and
administration expenses
167.2\u00a0134.6\u00a0(24.2)%
The Group\u2019s selling, general and administrative expenses increased
by \u00a33.6 million to \u00a3158.8 million in 2024 (2023: \u00a3155.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989786": { "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.
2024
(\u00a3m)
2023
(\u00a3m)
%
change
Research and development expenses\u00a098.9\u00a0103.8\u00a04.7%
Adjusting items:
Employer\u2019s social security taxes on
pre-IPO share awards
0.5\u00a00.6
Adjusted R&D expenses\u00a099.4\u00a0104.4\u00a04.9%
Amortisation of capitalised \u00a0
development costs
(23.7)\u00a0(18.4)
Capitalised development costs\u00a034.7\u00a019.5
Total R&D expenses and capitalised
development costs
110.4\u00a0105.5\u00a0(4.6)%
The Group\u2019s adjusted research and development expenses reduced
by \u00a35.0 million to \u00a399.4 million in 2024 (2023: \u00a3104.4 million). This was
principally due to:
\u2022 \u00a0a 77.7% increase in capitalised development costs to \u00a334.7 million.\u00a0
This included \u00a318.8 million of staff costs and \u00a315.9 million of
third-party costs. This was partly offset by \u00a35.3 million higher
amortisation costs of \u00a323.7 million for the year. The increase in
capitalised development costs reflects projects reaching an
advanced stage of development and reflecting improvements to
and an expansion in the suite of products offered;
\u2022 \u00a0a 10.3% increase in average headcount leading to a \u00a37.1 million
increase in payroll costs and a \u00a31.2 million increase in materials
and other costs, partly offset by a \u00a33.7 million increase in the
research & development tax credit; and
\u2022 \u00a0there was a further \u00a31.2 million benefit from lower share-based\u00a0
payments and associated costs.
Overall investment in research and development was \u00a3110.4 million
(2023: \u00a3105.5 million), an increase of \u00a34.9 million.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989713": { "value": "
Duncan Tatton-Brown\u00a0
Non-Executive Chair
Key to Committees
Audit and Risk Committee
Nomination Committee
Remuneration Committee
Chair
Board of Directors
Appointed:\u00a01 August 2022
Tenure: \u00a02 years
Independent: \u00a0N/A
Committee
Appointed:\u00a023 May 2005
Tenure: \u00a019 years
Independent: \u00a0No
Committee
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\u202ftimes and technology headcount growing 10-fold.
Duncan holds a master\u2019s degree in engineering from King\u2019s College, Cambridge.
Current significant external appointments:
Duncan serves on the board of Trainline plc and chairs Wednesday Topco Limited, the company
behind loveholidays.com.
Dr Gordon Sanghera, CBE\u00a0
Chief Executive Officer
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\u202flisting 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\u00a0years 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 significant external appointments:
None
Nick Keher\u00a0
Chief Financial Officer
Skills and experience:
Nick is an experienced life sciences CFO, having previously served as CFO of Clinigen Group
and Benevolent AI. Prior to\u202fhis CFO roles, he gained extensive experience in the life
sciences industry serving as Managing Director and Head of\u202fthe 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\u00a0has a deep understanding of capital markets. Nick was appointed CFO in January
2024\u00a0and has responsibility for the Group\u2019s finance function and investor relations function.
Nick has a master\u2019s degree in pharmacy from Aston University and is a qualified chartered
accountant.
Current significant external appointments:
None
Appointed:\u00a022 January 2024
Tenure: \u00a01 year
Independent: \u00a0No
Committee \u00a0None
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989788": { "value": "
4. \u00a0Conclusions relating to going concern
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
Parent 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
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 FY25 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\u2019s and Parent 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 report.
Going concern
As at 31 December 2024, the Group held \u00a3403.8 million in cash, cash equivalents and other liquid investments (note 34).
In order to satisfy the going concern assumption, the Directors review the budget periodically. It is revisited and revised as appropriate in
response to evolving market conditions. Specifically for these financial statements, the Directors have considered the budget and forecast
prepared through to the end of March 2026, the going concern assessment period, and the impact of a range of severe, but plausible,
scenarios on revenue, profit and cash flow. The principal issues and risks considered were:
\u2022 \u00a0supply chain issues driven by demand, logistics interruptions and heightened global geopolitical tension;
\u2022 \u00a0the impact on revenue 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": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989714": { "value": "
Additionally, management have recorded a provision as at 31 December 2024 of \u00a35.1 million (2023: \u00a39.9
million) 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, \u201cProvisions, Contingent Liabilities and
Contingent Assets\u201d (\u201cIAS 37\u201d) and requires estimates to be made about the likelihood of vesting and the
social security taxes payable at the point of exercise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989765": { "value": "Our application of materiality
6.1 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\u00a33.5 million (2023: \u00a33.3 million)\u00a0\u00a32.8 million (2023: \u00a32.64 million)
Basis for determining
materiality
2% of Revenue (2023: 2% of Revenue)
Using our professional judgement we have determined
for the year ended 31 December 2024 that revenue is
the key benchmark and determined Group materiality
to be \u00a33.5 million.
We determined materiality in a manner consistent
with the approach to the Group financial statements,
however capped this at 80% (2023: 80%) of Group
materiality. This was such that the performance
materiality for the Company audit aligns with the
component performance materiality of the Company
for the purposes of the Group audit.
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.
We also considered other secondary benchmarks as
part of determining materiality, which further
supported the materiality used.
Revenue
Group materiality
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989789": { "value": "Oxford Nanopore Technologies plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989812": { "value": "183191000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_8989813": { "value": "169668000.0", "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_8989814": { "value": "77796000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_8989815": { "value": "79187000.0", "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_8989816": { "value": "105395000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_8989817": { "value": "90481000.0", "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_8989818": { "value": "98921000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ResearchAndDevelopmentExpense", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_8989819": { "value": "103842000.0", "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_8989820": { "value": "158807000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "shtag_8989821": { "value": "155248000.0", "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_8989822": { "value": "-152333000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": 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Note
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Pence
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Pence
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The financial statements on pages 154 to 194 were approved and authorised for issue by the Board of Directors on 18 March 2025 and were
signed on its behalf by:\u00a0
G. Sanghera
Director
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information
Oxford Nanopore Technologies plc (\u201cthe Company\u201d) 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,\u00a0
Oxfordshire, OX4 4DQ. These consolidated financial statements comprise the Company and its subsidiaries (collectively \u201cthe Group\u201d and individually
\u201cGroup companies\u201d). The Group is primarily involved in researching, developing, manufacturing and commercialising a novel generation of
deoxyribonucleic acid (\u201cDNA\u201d) or ribonucleic acid (\u201cRNA\u201d) sequencing technology that provides rich data, is fast, accessible and easy to use, and which\u00a0
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\u00a0
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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989716": { "value": "Oxford Nanopore Technologies plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989773": { "value": "Oxford Nanopore Technologies plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989785": { "value": "United Kingdom under the Companies Act 2006and is registered in England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989715": { "value": "Gosling Building, Edmund Halley Road, Oxford Science Park,Oxfordshire, OX4 4DQ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989719": { "value": "Adoption of new and revised standards", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989718": { "value": "Adoption of new and revised standards
New and amended IFRS Accounting Standards that are effective for the current year
In 2024, the Group has applied a number of amendments to International Financial Reporting Standards (\u201cIFRS\u201d) and International Accounting
Standards (\u201cIAS\u201d) issued by the International Accounting Standards Board (\u201cIASB\u201d) that are mandatorily effective for an accounting period that
begins on or after 1 January 2024. Their adoption has not had any material impact on the disclosures or on the amounts reported in these
financial statements.
Amendments to IAS 7 and IFRS 7 \u00a0Supplier finance arrangements
Amendments to IAS 1\u00a0Classification of liabilities as current or non-current; non-current liabilities with
covenants
Amendments to IFRS 16\u00a0Lease liabilities in a sale and leaseback
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 IAS 21\u00a0Lack of Exchangeability
IFRS 18\u00a0Presentation and Disclosures in Financial Statements Amendments to IAS 1
The Directors do not expect that the adoption of the amendments to IAS 21 will have a material impact on the consolidated financial
statements of the Group in future periods.
IFRS 18, \u201cPresentation and Disclosure in Financial Statements\u201d, was issued by the IASB on 9 April 2024 and introduces new presentation and
disclosure requirements, particularly for the income statement. Furthermore, the new accounting standard provides enhanced principles on
aggregation and disaggregation of information and introduces new disclosures for Management Performance Measures. The requirements
are effective for periods beginning on or after 1 January 2027 and are not yet endorsed by the UK Endorsement Board. The Group is
assessing the impact of adopting the new requirements introduced by IFRS 18, and will adopt the standard for the reporting period ending
31 December 2027, subject to endorsement in the UK.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989720": { "value": "Significant accounting policies
3.1 \u00a0Basis of preparation
These consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the
requirements of the Companies Act 2006 and IFRSs as issued by the IASB and adopted by the UK.
The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that are
measured at fair value 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 36.
The principal accounting policies adopted are set out below.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
3. \u00a0Significant accounting policies continued
3.2 \u00a0Going concern
As at 31 December 2024, the Group held \u00a3403.8 million in cash, cash equivalents and other liquid investments (note 34).
In order to satisfy the going concern assumption, the Directors review the budget periodically. It is revisited and revised as appropriate in
response to evolving market conditions. Specifically for these financial statements, the Directors have considered the budget and forecast
prepared through to the end of March 2026, the going concern assessment period, and the impact of a range of severe, but plausible,
scenarios on revenue, profit and cash flow. The principal issues and risks considered were:
\u2022 \u00a0supply chain issues driven by demand, logistics interruptions and heightened global geopolitical tension;
\u2022 \u00a0the impact on revenue 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\u00a0
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 includes multiple performance obligations which are separately recognised when
distinct. 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 estimates
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.
3.4 \u00a0Revenue recognition continued
In the case of bundled goods and services contracts, customers generally 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\u00a0
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 terms of these 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, and 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 2024, the Group\u2019s revenue from
distributor sales amounted to \u00a346.7 million (2023: \u00a338.3 million), representing 25.5% (2023: 22.6%) of the total Group\u2019s total revenue for the
year.
Revenue includes royalty income from collaboration agreements, where the Group has 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 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 2024, the Group earned \u00a30.6 million (2023: \u00a30.6 million) of its revenue from collaboration and royalty agreements, representing
0.3% (2023: 0.4%) 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 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 provides additional
information to assist stakeholders\u2019 understanding of the 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 34.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989764": { "value": "Basis of preparation
These consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the
requirements of the Companies Act 2006 and IFRSs as issued by the IASB and adopted by the UK.
The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that are
measured at fair value 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 36
The principal accounting policies adopted are set out below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_9141004": { "value": "
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 36.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989721": { "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 up to 30 years and may include extension
and termination options. These are used to maximise operational flexibility in terms of managing the assets used in the 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) and low-value leases. 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 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 case 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); and/or
\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,
\u201cProvisions, Contingent Liabilities and Contingent Assets\u201d. 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 (\u201cUEL\u201d) of the underlying asset. If a lease
transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase
option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement
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,
\u201cImpairment of Assets\u201d, to determine 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 of 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.
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 ,\u201dRevenue from contracts with customers\u201d, to
allocate the consideration under the contract to each component.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989776": { "value": "Leased assets
The Group as a lessee
The Group leases various offices and buildings. Rental contracts are typically made for fixed periods of up to 30 years and may include extension
and termination options. These are used to maximise operational flexibility in terms of managing the assets used in the 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) and low-value leases. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_9141009": { "value": "
When a contract includes both lease and non-lease components, the Group applies IFRS 15 ,\u201dRevenue from contracts with customers\u201d, to
allocate the consideration under the contract to each component.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989754": { "value": "Foreign currencies
In 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 transactions entered into in order to hedge certain foreign currency risks (see note 28); 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
For the purposes of presenting these consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are
translated into Pounds Sterling 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 currency were held during the year. In the year ended 31 December 2024 approximately 26% (2023: 25%) of the
Group\u2019s annual expenditures was denominated in US Dollars and approximately 11% (2023: 11%) of the Group\u2019s expenditure was denominated in
Euros. A significant portion of the Group\u2019s revenue is denominated in US Dollars.
For the first half of 2024, the Group\u2019s Euro requirements were not covered by its currency receipts and, as a result, spot Euro purchases were
required on an ad hoc 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
2024
\u00a3000
2023
\u00a3000
2024
\u00a3000
2023
\u00a3000
Financial assets and liabilities\u00a083,024\u00a057,841\u00a0(36,538)\u00a0(32,367)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989780": { "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 transactions entered into in order to hedge certain foreign currency risks (see note 28); 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989722": { "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\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989723": { "value": "Current tax
Current tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 Company 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 primarily 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 consolidated
income statement above the line of profit before tax. A notional tax charge on the credit is recognised within the taxation line in the
consolidated income statement, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989724": { "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.
Deferred tax assets are reviewed at each reporting date and recognised to the extent that it is 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 basis.
Current 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989762": { "value": "Property, plant and equipment
Items 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989726": { "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 improvements \u00a0\u00a0\u00a0over the shorter of the UEL and the term of the lease
Plant and machinery \u00a0\u00a0\u00a0\u00a0\u00a03\u201310 years straight line
Office equipment \u00a0\u00a0\u00a0\u00a0\u00a03 years straight line
Assets subject to operating leases \u00a02\u20135 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989727": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989725": { "value": "
3.11 \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 a
prospective basis.
i) \u00a0\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\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 all
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 set
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\u00a0\u00a0\u00a02 years
iii) \u00a0\u00a0\u00a0Impairment 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).
3.11 \u00a0Intangible assets continued
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
(including E-commerce sales, based on the related device sales) 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.
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", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989763": { "value": "
3.12 \u00a0Inventory
Inventory is stated at the lower of cost, calculated as standard cost based on average cost, and net realisable value. Consideration is made of
the technical properties of the inventory and its effect on 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. Management judgement is primarily used to assess future revenues of product lines and where there is a doubt over its future
net realisable value a provision is made.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989728": { "value": "
3.13 \u00a0Financial instruments
Financial assets, other than those at fair value through profit or loss (\u201cFVTPL\u201d) or fair value through other comprehensive income (\u201cFVOCI\u201d),
are generally valued at amortised cost using the effective interest method, less any impairment, based on expected credit losses. They are
assessed for indicators of impairment at each balance sheet date. In accordance with IFRS 9 , \u201cFinancial Instruments\u201d, impairment of financial
assets is based on the expected credit loss (\u201cECL\u201d) 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 objective 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 due. 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 macroeconomic factors affecting the ability of customers to settle the receivables where applicable. Similarly, other financial assets are
assessed to determine whether an ECL provision is required.
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. Financial assets that are held at
FVOCI are debt investments; the accounting policy is based on the business model of both collecting contractual cash flows, and selling the
financial assets. Financial assets that are held at FVTPL are generally foreign exchange derivatives; they are valued based on the rate applying
at the balance sheet date.
Assets that are held at fair value through other comprehensive income are those that are held to collect contractual cash flows on
the repayment 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. Financial liabilities mainly comprise trade and other payables and are stated at amortised cost which
equates to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989766": { "value": "Investment in associate
An 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. In accordance with this policy, the carrying amount
of this investment was fully impaired and provided for in the statement of comprehensive income in 2024.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989767": { "value": "Trade and other receivables
Trade receivables are recognised at amortised cost, in line with IFRS 9, less allowances for expected credit losses. They arise principally
through the provision of goods and services to customers", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989729": { "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 investment bonds (other financial assets). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989768": { "value": "Trade and other payables
Trade payables are non-interest bearing and are held at amortised cost, in line with IFRS 9; their carrying value approximates to fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989769": { "value": "Other financial assets
Other financial assets comprise unlisted investments, short-term deposits, and investment bonds held with banks that do not meet the IAS 7,
\u201cStatement of Cash Flows\u201d, definition of a cash equivalent.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989770": { "value": "Provisions
Provisions 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989771": { "value": "Share-based payments
Where 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989790": { "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) \u00a0Internally generated intangible assets research and development expenditure (\u201cR&D\u201d)
Critical judgements are required in determining whether development expenditure 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 set out in 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. All
other expenditure on R&D projects has been recognised within R&D expenses in the income statement during the year.
Estimates
Key sources of estimation uncertainty
i) 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 2024 was \u00a399.5 million
(2023: \u00a3101.5 million). In line with the requirements of IAS 2, \u201cInventories\u201d, 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. Consideration is made of the technical properties of the inventory
and its effect on 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 provisioning estimate had decreased by 6%, then the net realisable value of inventory would have increased by \u00a33.0 million and the
revised inventory value would have been \u00a3102.4 million (31 December 2023: \u00a32.7 million and \u00a3104.3 million respectively). If the
provisioning against inventory had increased by a further 3%, then the net realisable value of inventory would have decreased by \u00a33.2
million and the revised inventory value would have been \u00a396.3 million (31 December 2023: \u00a33.4 million and \u00a398.1 million respectively).
ii) \u00a0Share-based payments
Details of the share\u2011based payment schemes operated by the Group are disclosed in note 26. In June 2021, awards were granted to the
Executive Directors of the Company under the Oxford Nanopore Technologies Limited Long\u2011Term Incentive Plan 2021 (\u201cFounder LTIP\u201d).
Half of the awards are subject to a non\u2011market 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 revenue 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 actual sales were 10% less than forecast by the end of the vesting period, the Group recognised total expenses of \u00a36.0 million relating to
equity settled share\u2011based payment transactions would decrease by \u00a36.4 million and become a credit of \u00a30.4 million. If actual sales were
10% more than forecast by the end of the vesting period, the Group recognised total expenses of \u00a36.0 million relating to equity settled
share\u2011based payment transactions would increase by \u00a32.6 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\u2011based performance condition incorporated into
the fair value calculation and to which no subsequent adjustments can be made from a share\u2011based payment 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 2024, the proportion expected to
vest was estimated at 48.1% (2023: 50.8%).
Other sources of estimation uncertainty
iii) \u00a0Internally generated intangible assets research and development expenditure
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\u2011employee related development costs to ensure that costs are consistently and appropriately capitalised.
The net book value of internally generated capitalised assets at 31 December 2024 was \u00a341.8 million (2023: \u00a330.8 million).
Development costs capitalised in 2024 amounted to \u00a334.7 million (2023: \u00a319.5 million). If\u00a0the\u00a0estimated\u00a0time\u00a0spent\u00a0on\u00a0these\u00a0projects\u00a0had\u00a0varied
by up to 5% then the development costs capitalised in 2024 would have been in the range of \u00a333.0 million to \u00a336.4 million (2023: \u00a318.5
million to \u00a320.5 million).
iv) \u00a0Non-standard customer contracts
As stated in the revenue recognition accounting policy in note 3, 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\u2011alone 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989781": { "value": "Revenue
The Group derives revenue from the transfer of goods and services over time and at a point in time in the following geographical regions
and categories:
2024
\u00a3000
2023
\u00a3000
Geographical region
AMR\u00a063,143\u00a061,542
EMEAI\u00a079,608\u00a074,037
APAC\u00a040,440\u00a034,089
Total revenue\u00a0183,191\u00a0169,668
2024
\u00a3000
2023
\u00a3000
Category
Sale of goods\u00a0154,095\u00a0141,907
Rendering of services\u00a018,981\u00a017,445
Lease income\u00a010,115\u00a010,316
Total revenue\u00a0183,191\u00a0169,668
2024
\u00a3000
2023
\u00a3000
Timing of revenue recognition
At a point in time\u00a0155,687\u00a0141,907
Over time\u00a027,504\u00a027,761
Total revenue\u00a0183,191\u00a0169,668
Notes 19 and 22 disclose assets and liabilities the Group has recognised in relation to contracts with customers.
Revenue recognised in relation to contract liabilities:
2024
\u00a3000
2023
\u00a3000
Revenue recognised that was included in the contract liability balance at the beginning of the year\u00a012,849\u00a015,848
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989730": { "value": "Revenue
The Group derives revenue from the transfer of goods and services over time and at a point in time in the following geographical regions
and categories:
2024
\u00a3000
2023
\u00a3000
Geographical region
AMR\u00a063,143\u00a061,542
EMEAI\u00a079,608\u00a074,037
APAC\u00a040,440\u00a034,089
Total revenue\u00a0183,191\u00a0169,668
2024
\u00a3000
2023
\u00a3000
Category
Sale of goods\u00a0154,095\u00a0141,907
Rendering of services\u00a018,981\u00a017,445
Lease income\u00a010,115\u00a010,316
Total revenue\u00a0183,191\u00a0169,668
2024
\u00a3000
2023
\u00a3000
Timing of revenue recognition
At a point in time\u00a0155,687\u00a0141,907
Over time\u00a027,504\u00a027,761
Total revenue\u00a0183,191\u00a0169,668
Notes 19 and 22 disclose assets and liabilities the Group has recognised in relation to contracts with customers.
Revenue recognised in relation to contract liabilities:
2024
\u00a3000
2023
\u00a3000
Revenue recognised that was included in the contract liability balance at the beginning of the year\u00a012,849\u00a015,848
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989791": { "value": "Segment information
The Group\u2019s senior management team is considered to be the chief operating decision maker (\u201cCODM\u201d) for the purposes of resource
allocation and assessment of segment performance, as defined under IFRS 8, \u201cOperating Segments\u201d. The CODM considers that the only
Group reportable segment is revenue generation from providing products and services for research use, including research and
development expenditure and corporate expenditure. The previously-reported \u201cCOVID Testing\u201d segment was insignificant in both the
current and prior year.
There were no individual customers representing more than 10% of the Group\u2019s total revenue in either the current or prior year.
Geographical regions
Revenue by geographical region is shown in note 5. The Group\u2019s non-current assets by geographical location, excluding other financial
assets and deferred tax assets, are detailed below:
2024
\u00a3000
2023
\u00a3000
AMR\u00a015,733\u00a013,130
EMEAI\u00a0126,963\u00a0101,883
APAC\u00a02,309\u00a01,055
145,005\u00a0116,068
Some countries are individually significant to the Group. These are detailed below. Revenue and non-current assets in all other countries
were below 5% of the total in both of the two years.
Revenue\u00a0Non-current assets
2024
\u00a3000
2023
\u00a3000
2024
\u00a3000
2023
\u00a3000
UK\u00a021,126\u00a018,340\u00a0125,771\u00a0101,411
USA\u00a056,162\u00a054,009\u00a015,733\u00a013,130
China\u00a016,042\u00a015,334
Germany\u00a011,010\u00a08,424
UAE\u00a03,152\u00a013,256
Rest of World\u00a075,699\u00a060,305\u00a03,501\u00a01,527
183,191\u00a0169,668\u00a0145,005\u00a0116,0\u00a068
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989732": { "value": "Loss before tax
2024
\u00a3000
2023
\u00a3000
This is after charging/(crediting):
Amortisation of intangible assets\u00a023,955\u00a018,491
Depreciation of property, plant and equipment\u00a013,449\u00a018,105
Depreciation of right\u2011of\u2011use assets\u00a05,880\u00a05,031
Loss on disposal of property, plant and equipment\u00a07,513\u00a03,663
Cost of inventory\u00a061,286\u00a049,162
Write\u2011down of inventory\u00a0805\u00a09,839
Short\u2011term lease costs\u00a0971\u00a0928
Impairment/(write\u2011back) of investment in associate\u00a0724\u00a0(144)
Net foreign exchange gain\u00a0(504)\u00a0(1,385)
All amounts relate to continuing operations", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989792": { "value": "Loss per share2024Pence2023PenceBasic and diluted loss per shareTotal basic and diluted loss per share attributable to the ordinary equity holders of the Group from continuing operations(16)\u00a0(19)2024\u00a30002023\u00a3000Reconciliation 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(146,188)\u00a0(154,507)2024Number2023NumberWeighted average number of shares used as the denominatorWeighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating basic and diluted earnings per share897,796,423\u00a0833,960,358", "dimensions": { "concept": "ifrs-full:ExplanationOfAdjustmentsBetweenDenominatorsUsedToCalculateBasicAndDilutedEarningsPerShare", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989731": { "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 determinationof the basic and diluted loss per share as shown above, because they are anti\u2011dilutive for the years ended 31 December 2024 and 31 December2023. These options could potentially dilute basic earnings per share in the future. Details relating to share options are set out in note 26", "dimensions": { "concept": "ifrs-full:DisclosureOfInstrumentsWithPotentialFutureDilutiveEffectNotIncludedInCalculationOfDilutedEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989793": { "value": "Auditor\u2019s remuneration
During the year, the Group obtained the following services from its auditors:
2024
\u00a3000
2023
\u00a3000
Audit of parent company and consolidated financial statements\u00a0485\u00a0500
Audit of the Company\u2019s subsidiaries\u00a079\u00a070
Assurance\u2011related non\u2011audit services\u00a083\u00a090
647\u00a0660
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989794": { "value": "Staff costs
Employee benefit expenses (including directors) comprise:
2024
\u00a3000
2023
\u00a3000
Wages and salaries\u00a0124,388\u00a099,111
Social security costs\u00a012,981\u00a010,361
Pension costs\u00a04,911\u00a04,113
Share\u2011based payment expenses\u00a05,893\u00a035,076
Social security credits (share awards)\u00a0(1,972)\u00a0(168)
Other staff costs\u00a04,643\u00a03,032
150,844\u00a0151,525
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 was as follows:
2024
\u00a3000
2023
\u00a3000
Salaries, bonuses and benefits in kind\u00a08,416\u00a06,367
Amounts paid as directors\u2019 fees\u00a0792\u00a0735
Share\u2011based payment expenses\u00a0555\u00a0\u2013
9,763\u00a07,102
The share\u2011based payment charge generally comprises the value of awards that have vested relating to the Share Price Performance
Condition and the Revenue Condition awards. The value for 2024 actually relates to awards due to vest in 2025, included because the
performance conditions were already met by the end of 2024.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989795": { "value": "
Employee numbers
The monthly average number of employees was as follows:
2024
Number
2023
Number
Research and development\u00a0512\u00a0464
Production\u00a0158\u00a0156
Sales, general and administration\u00a0645\u00a0513
1,315\u00a01,133
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989774": { "value": "Finance income and expense
2024
\u00a3000
2023
\u00a3000
Finance income
Bank interest\u00a09,360\u00a011,533
Interest on treasury deposits\u00a0\u2013\u00a02,047
Interest on investment bonds\u00a05,481\u00a05,273
Total finance income\u00a014,841\u00a018,853
Finance expense
Bank interest\u00a0(3)\u00a0(1)
Interest on leases\u00a0(3,562)\u00a0(2,205)
Total finance expense\u00a0(3,565)\u00a0(2,206)
Net finance income recognised in profit or loss\u00a011,276\u00a016,647
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989733": { "value": "Finance income and expense
2024
\u00a3000
2023
\u00a3000
Finance income
Bank interest\u00a09,360\u00a011,533
Interest on treasury deposits\u00a0\u2013\u00a02,047
Interest on investment bonds\u00a05,481\u00a05,273
Total finance income\u00a014,841\u00a018,853
Finance expense
Bank interest\u00a0(3)\u00a0(1)
Interest on leases\u00a0(3,562)\u00a0(2,205)
Total finance expense\u00a0(3,565)\u00a0(2,206)
Net finance income recognised in profit or loss\u00a011,276\u00a016,647
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989712": { "value": "Other gains and losses2024\u00a30002023\u00a3000Gain on investment bonds\u00a01,989\u00a0153(Loss)/gain on derivative financial instruments\u00a0(151)\u00a02,1251,838\u00a02,2782024\u00a30002023\u00a3000Unrealised fair\u2011value gains on investment bonds\u00a04,577\u00a04,177Reclassification to profit or loss on disposal of investment bonds\u00a0(1,989)\u00a0(153)Fair value movements on investment bonds (included in other comprehensive income)\u00a02,588\u00a04,024Further information on derivative financial instruments is disclosed in note 21", "dimensions": { "concept": "ifrs-full:DescriptionOfLineItemsInOtherComprehensiveIncomeWhereGainsLossesAreRecognisedFairValueMeasurementEntitysOwnEquityInstruments", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989734": { "value": "Taxation
i) \u00a0\u00a0\u00a0Income tax recognised in statement of comprehensive income
Income tax recognised in profit and loss
2024
\u00a3000
2023
\u00a3000
Current tax
Notional tax on R&D expenditure credit\u00a03,343\u00a02,446
Prior year adjustment in respect of notional tax on R&D expenditure credit\u00a0117\u00a0(48)
Prior year adjustment in respect of current tax\u00a0196\u00a0(822)
Tax payable on foreign subsidiaries\u00a0331\u00a02,949
Total current tax\u00a03,987\u00a04,525
Deferred tax
Origination and reversal of temporary differences\u00a02,240\u00a0214
Total deferred tax\u00a02,240\u00a0214
Total tax\u00a06,227\u00a04,739
Income tax recognised in other comprehensive income (\u201cOCI\u201d)
2024
\u00a3000
2023
\u00a3000
Deferred tax on investment bonds\u00a0648\u00a01,240
Total tax\u00a0648\u00a01,240
Current tax balances have been calculated at the rates enacted for the period. The effective rate of Corporation Tax is -4.45% (2023: -3.16%)
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:
2024
\u00a3000
2023
\u00a3000
Loss for the year\u00a0(146,188)\u00a0(154,507)
Income tax expense\u00a06,227\u00a04,739
Loss before income taxes\u00a0(139,961)\u00a0(149,768)
Tax rate in the UK for period as a percentage of losses at 25.0% (2023: 23.5%)\u00a0(34,990)\u00a0(35,196)
R&D incentives\u00a03,147\u00a02,067
Adjustment in respect of overseas tax rates\u00a0124\u00a0410
Adjustments to tax charge in respect of prior years\u00a0295\u00a0133
Impact of share options\u00a0(2,789)\u00a06,634
Movement on unrecognised deferred tax\u00a039,380\u00a029,775
Other timing differences\u00a0(366)\u00a0(1,160)
Expenses not deductible for tax purposes\u00a01,426\u00a02,076
Total tax expense\u00a06,227\u00a04,739
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989736": { "value": "Current tax asset
2024
\u00a3000
2023
\u00a3000
Corporation tax asset\u00a01,199\u00a01,030
1,199\u00a01,030
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989735": { "value": "Deferred tax balances
Deferred 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.
In respect of share\u2011based payments, to the extent that the tax deduction (or future estimated tax deduction) exceeds the amount of
the related 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 there is no impact on the charge to the consolidated statement of
comprehensive (2023: increased of \u00a30.2 million). For deferred tax this increases the credit to the consolidated statement of comprehensive
income by less than \u00a30.1 million (2023: increased expense of \u00a30.3 million).
A deferred tax asset (\u201cDTA\u201d) of \u00a35.5 million (2023: \u00a37.7 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 \u00a312.1 million (2023: \u00a38.1 million), being the amount equal to the
deferred tax liability in the same entity.
Total recognised deferred tax balances for the Group are made up as follows:
Recognised deferred tax assets and liabilities
2024
\u00a3000
2023
\u00a3000
Deferred tax assets
Provisions \u00a01,677\u00a01,498
Losses\u00a012,834\u00a08,127
Share awards (P&L)\u00a02,413\u00a06,052
Share awards (equity)\u00a0203\u00a0180
Other\u00a0377\u00a0\u2013
Total recognised deferred tax assets\u00a017,504\u00a015,857
Deferred tax liabilities
Accelerated capital allowances \u00a0(2,816)\u00a0(2,276)
Share awards (P&L)\u00a0(258)\u00a0\u2013
Investment bonds \u2011 unrealised gain\u00a0(1,888)\u00a0(1,240)
Intangibles\u00a0(9,906)\u00a0(6,855)
Total recognised deferred tax liabilities\u00a0(14,868)\u00a0(10,371)
Net recognised deferred tax asset\u00a02,636\u00a05,486
\u00a32.4 million (2023: \u00a35.2 million) of the net recognised deferred tax asset relates to Oxford Nanopore Technologies, Inc., the US subsidiary
Reconciliation of deferred tax
2024
\u00a3000
2023
\u00a3000
Balance at 1 January\u00a05,486\u00a07,681
Prior year adjustments\u00a018\u00a0(1,002)
Charge to the statement of comprehensive income\u00a0(2,905)\u00a0(449)
(Charge)/credit to equity\u00a020\u00a0(341)
Foreign exchange movements\u00a017\u00a0(403)
At 31 December\u00a02,636\u00a05,486
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.
Provisions
\u00a3000
Losses
\u00a3000
Share
awards
(P&L)
\u00a3000
Share
awards
(equity)
\u00a3000
Accelerated
capital
allowances
\u00a3000
Investment
bonds
- unrealised
gain
\u00a3000
Intangibles
\u00a3000
Other
\u00a3000
Total
\u00a3000
Balance at 1 January 2023\u00a0 2,487 \u00a0 5,912\u00a0\u00a0 6,360 \u00a0 543 \u00a0(1,741)\u00a0\u00a0\u00a0\u00a0\u2013 \u00a0\u00a0(5,880) \u00a0\u00a0\u00a0\u2013 \u00a0 7,681\u00a0
Credit/(charge) to income statement\u00a0(916)\u00a0\u00a0 2,\u00a0211\u00a0\u00a0 5 \u00a0\u00a0\u00a0\u2013 \u00a0(640) \u00a0\u00a0\u00a0\u2013 \u00a0(975) \u00a0\u00a0\u00a0\u2013 \u00a0(315)\u00a0
Credit/(charge) to statement of
comprehensive income
\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u2013 \u00a0\u00a0(1,240)\u00a0\u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u00a0\u2013 \u00a0(1,240)\u00a0
Credit/(charge) to statement of equity\u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u2013 \u00a0\u00a0(344) \u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u2013 \u00a0(344)
Change in tax rate\u00a0 17\u00a0\u00a0 6 \u00a0 91 \u00a0 3 \u00a0(10)\u00a0\u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u2013 \u00a0 107\u00a0
Foreign exchange adjustments\u00a0(90) \u00a0(2)\u00a0\u00a0(404) \u00a0(22) \u00a0 115\u00a0\u00a0\u00a0\u00a0\u2013 \u00a0\u2013\u00a0\u00a0\u00a0\u2013 \u00a0(403)\u00a0
Balance at 31 December 2023\u00a0 1,498 \u00a0 8,127 \u00a0 6,052 \u00a0 180 \u00a0(2,276) \u00a0(1,240) \u00a0(6,855)\u00a0\u00a0\u00a0\u00a0\u2013 \u00a0 5,486
Credit/(charge) to income statement\u00a0 189 \u00a0 4,691 \u00a0(3,779) \u00a0\u00a0\u00a0\u2013 \u00a0(542) \u00a0\u00a0\u00a0\u2013 \u00a0(3,051)\u00a0\u00a0 371 \u00a0(2\u00a0,121)\u00a0
Credit/(charge) to statement of
comprehensive income
\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u2013 \u00a0\u00a0(648) \u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u2013 \u00a0(648)
Credit/(charge) to statement of equity\u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u2013 \u00a0\u00a0 24 \u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u2013 \u00a0 24
Change in tax rate\u00a0(33)\u00a0\u00a0\u00a0\u00a0\u2013 \u00a0(139)\u00a0\u00a0(4)\u00a0 55\u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u2013 \u00a0(2) \u00a0(123)\u00a0
Foreign exchange adjustments\u00a0 23 \u00a0 16 \u00a0 21 \u00a0 3 \u00a0(53) \u00a0\u00a0\u00a0\u2013 \u00a0\u00a0\u00a0\u2013 \u00a0 8\u00a0 18\u00a0
Balance at 31 December 2024\u00a0 1,677 \u00a0 12,834\u00a0\u00a0 2,155\u00a0\u00a0 203 \u00a0(2,816) \u00a0(1,888)\u00a0\u00a0(9,906) \u00a0 377 \u00a0 2,636\u00a0
A DTA of \u00a3220.0 million (2023: \u00a3189.7 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 in both years, and includes a deferred tax asset of
\u00a3191.0 million (2023: \u00a3155.0 million) in relation to UK tax losses. The losses and deductible temporary differences are expected to be
available indefinitely.
Unrecognised deferred tax assets
2024\u00a02024\u00a02023\u00a02023
Gross amount
\u00a3000
Tax effected
\u00a3000
Gross amount
\u00a3000
Tax effected
\u00a3000
Losses\u00a0765,151\u00a0191,288\u00a0619,990\u00a0154,998
Provisions\u00a012,500\u00a03,125\u00a017,451\u00a04,363
Share awards\u00a022,490\u00a05,622\u00a071,338\u00a017,83\u00a04
Share awards (equity)\u00a02,252\u00a0563\u00a04,327\u00a01,082
Accelerated capital allowances\u00a045,367\u00a011,342\u00a027,476\u00a06,869
RDEC\u00a032,019\u00a08,005\u00a018,177\u00a04,544
Total unrecognised deferred tax assets\u00a0879,779\u00a0219,945\u00a0758,759\u00a0189,690
iv) \u00a0\u00a0R&D tax credit recoverable
In the statement of comprehensive income the R&D expenditure credit (\u201cRDEC\u201d) 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:
2024
\u00a3000
2023
\u00a3000
At 1 January\u00a012,819\u00a09,14\u00a08
Adjustment to R&D tax credit in respect of previous years\u00a0\u00a0372\u00a0(203)
Cash receipt \u00a0(4,857)\u00a0(4,088)
R&D tax credit for the year \u00a013,374\u00a010,408
Notional tax charge on R&D tax credit for the year \u00a0(3,343)\u00a0(2,446)
At 31 December\u00a018,365\u00a012,819
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989796": { "value": "Intangible assets
Capitalised
development
costs
\u00a3000
Patents and
licences
\u00a3000
Total
\u00a3000
Cost
At 1 January 2023\u00a057,663\u00a0446\u00a058,109
Additions\u00a019,522\u00a01,862\u00a021,384
Foreign exchange movements\u00a0(22)\u00a0\u2013\u00a0(22)
At 31 December 2023\u00a077,163\u00a02,308\u00a079,471
Additions\u00a034,693\u00a0239\u00a034,932
Foreign exchange movements\u00a0\u2013\u00a0(77)\u00a0(77)
At 31 December 2024\u00a0111,856\u00a02,470\u00a0114,326
Accumulated amortisation and impairment
At 1 January 2023\u00a027,970\u00a0100\u00a028,070
Charge for the year\u00a018,419\u00a072\u00a018,491
At 31 December 2023\u00a046,389\u00a0172\u00a046,561
Charge for the year\u00a023,699\u00a0256\u00a023,955
Foreign exchange movements\u00a0\u2013\u00a0(5)\u00a0(5)
At 31 December 2024\u00a070,088\u00a0423\u00a070,511
Net book value
At 31 December 2023\u00a030,774\u00a02,136\u00a032,910
At 31 December 2024\u00a041,768\u00a02,047\u00a043,815
Development costs have been capitalised in accordance with IAS 38, \u201cIntangible Assets\u201d and are therefore not treated as a realised loss
until recognised as an amortisation or impairment charge in the statement of comprehensive income.
In line with IAS 36, \u201dImpairment of Assets\u201d, the Directors have considered whether there are indicators, either internal or external, of
impairment. No such indicators were identified in the current or prior year; whilst the Group is loss-making overall, the contribution of
these assets is positive.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989737": { "value": "
15. \u00a0Property, plant and equipment
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 2023\u00a010,493\u00a022,597\u00a02,832\u00a039,845\u00a016,265\u00a092,032
Additions\u00a0161\u00a0679\u00a04,828\u00a025,600\u00a03,583\u00a034,851
Disposals\u00a0\u2013\u00a0(63)\u00a0\u2013\u00a0(9,785)\u00a0(4)\u00a0(9,852)
Transfers between classes\u00a01,106\u00a04,982\u00a0(6,162)\u00a0\u2013\u00a074\u00a0\u2013
Foreign exchange movements\u00a0(27)\u00a0(26)\u00a0\u2013\u00a0(902)\u00a0(88)\u00a0(1,043)
At 31 December 2023\u00a011,733\u00a028,169\u00a01,498\u00a054,758\u00a019,830\u00a0115,988
Additions\u00a0\u2013\u00a0104\u00a013,738\u00a020,566\u00a02,801\u00a037,209
Disposals\u00a0\u2013\u00a0\u2013\u00a0\u2013\u00a0(13,615)\u00a0\u2013\u00a0(13,615)
Transfers between classes\u00a0430\u00a03,641\u00a0(4,715)\u00a0\u2013\u00a0644\u00a0\u2013
Foreign exchange movements\u00a04\u00a01\u00a02\u00a0353\u00a031\u00a0391
At 31 December 2024\u00a012,167\u00a031,915\u00a010,523\u00a062,062\u00a023,306\u00a0139,973
Accumulated depreciation and
impairment
At 1 January 2023\u00a04,608\u00a014,314\u00a0\u2013\u00a023,504\u00a012,312\u00a054,738
Charge for the year\u00a01,609\u00a03,477\u00a0\u2013\u00a010,213\u00a02,806\u00a018,105
Disposals\u00a0\u2013\u00a0(63)\u00a0\u2013\u00a0(6,122)\u00a0(4)\u00a0(6,189)
Foreign exchange movements\u00a0(8)\u00a0(22)\u00a0\u2013\u00a0(462)\u00a0(64)\u00a0(556)
At 31 December 2023\u00a06,209\u00a017,706\u00a0\u2013\u00a027,133\u00a015,050\u00a066,098
Charge for the year\u00a01,381\u00a03,002\u00a0\u2013\u00a06,210\u00a02,856\u00a013,449
Disposals\u00a0\u2013\u00a0\u2013\u00a0\u2013\u00a0(6,103)\u00a0\u2013\u00a0(6,103)
Foreign exchange movements\u00a05\u00a04\u00a0\u2013\u00a0165\u00a024\u00a0198
At 31 December 2024\u00a07,595\u00a020,712\u00a0\u2013\u00a027,405\u00a017,930\u00a073,642
Net book value
At 31 December 2023\u00a05,524\u00a010,463\u00a01,498\u00a027,625\u00a04,780\u00a049,890
At 31 December 2024\u00a04,572\u00a011,203\u00a010,523\u00a034,657\u00a05,376\u00a066,331
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
return of these items, in certain cases management makes the decision to dispose of these items for nil consideration. This represents a
non-cash transaction", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989738": { "value": "16. \u00a0Right-of-use assetsTotal\u00a3000CostAt 1 January 2023\u00a035,419Additions\u00a012,024Disposals\u00a0(1,336)Foreign exchange movements\u00a0(332)At 31 December 2023\u00a045,775Additions\u00a08,596Disposals\u00a0(2,456)Foreign exchange movements\u00a084At 31 December 2024\u00a051,999Accumulated depreciationAt 1 January 2023\u00a09,513Charge for the year\u00a05,031Disposals\u00a0(1,142)Foreign exchange movements\u00a0(153)At 31 December 2023\u00a013,249Charge for the year\u00a05,880Disposals\u00a0(2,060)Foreign exchange movements\u00a071At 31 December 2024\u00a017,140Net book valueAt 31 December 2023\u00a032,526At 31 December 2024\u00a034,859", "dimensions": { "concept": "ifrs-full:DescriptionOfLineItemsInStatementOfFinancialPositionWhichIncludeRightofuseAssets", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989740": { "value": "
17. \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
on 31 December
2024\u00a02023
Veiovia Limited\u00a0Technology development\u00a0UK\u00a026%\u00a026%
The carrying value is calculated as follows:
2024
\u00a3000
2023
\u00a3000
Investment cost\u00a04,548\u00a04,548
Share of loss\u00a0(548)\u00a0(530)
Impairment\u00a0(4,000)\u00a0(3,276)
Carrying value of the interest in the associate\u00a0\u2013\u00a0742
Reconciliation of investment in associate
2024
\u00a3000
2023
\u00a3000
At 1 January\u00a0742\u00a0826
Share of loss\u00a0(18)\u00a0(228)
(Increase)/decrease in impairment of investment\u00a0(724)\u00a0144
At 31 December\u00a0\u2013\u00a0742
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989739": { "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.
ii) \u00a0\u00a0\u00a0The Company holds more than 20% of the equity shares of Veiovia Limited, and exercises significant influence by virtue of its voting
\u00a0\u00a0rights and contractual right to appoint one director to the board of directors of that entity.
For the purposes of applying the equity method of accounting, the financial statements of Veiovia Limited for September 2024 have been used.
The Company\u2019s share of the net asset value of the investment is significantly below the investment amount. Management has therefore
recorded a full impairment of the investment in the year.
Veiovia Limited\u2019s registered office is The University of York, Biology B/A/039, Wentworth Way, York, YO10 5DD, UK", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989741": { "value": "
18. Inventory
2024
\u00a3000
2023
\u00a3000
Raw materials\u00a037,631\u00a050,888
Work in progress\u00a045,637\u00a039,154
Finished goods\u00a016,185\u00a011,506
99,453\u00a0101,548
The carrying amount of inventory was not materially different from its replacement cost.
The cost of inventory recognised as an expense includes \u00a30.8 million (2023: \u00a39.8 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989797": { "value": "
19. \u00a0Trade and other receivables
2024
\u00a3000
2023
\u00a3000
Trade receivables\u00a037,255\u00a033,626
Contract assets\u00a0282\u00a0204
Accrued income and other debtors\u00a06,429\u00a07,750
Accrued interest\u00a0597\u00a0746
Other taxes\u00a05,223\u00a06,351
Prepayments\u00a012,922\u00a012,798
62,708\u00a061,475
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. Certain items within accrued income could also be considered as contract assets.
The ageing of trade receivables and the loss allowance calculated using the Group\u2019s provision matrix was as follows:
Not past due
\u00a3000
30\u201360 days
\u00a3000
61\u201390 days
\u00a3000
91+ days
\u00a3000
Total
\u00a3000
Gross receivable\u00a030,237\u00a02,772\u00a01,848\u00a04,478\u00a039,335
Loss allowance\u00a0(397)\u00a0(141)\u00a0(125)\u00a0(1,417)\u00a0(2,080)
Trade receivables at 31 December 2024\u00a029,840\u00a02,631\u00a01,723\u00a03,061\u00a037,255
Gross receivable\u00a028,495\u00a02,238\u00a01,036\u00a02,804\u00a034,573
Loss allowance\u00a0(227)\u00a0(87)\u00a0(55)\u00a0(578)\u00a0(947)
Trade receivables at 31 December 2023\u00a028,268\u00a02,151\u00a0981\u00a02,226\u00a033,626
Trade and other receivables continued
The 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 2023\u00a02,614
Net charges and releases to statement of comprehensive income\u00a0(1,425)
Foreign exchange movement\u00a0(242)
At 31 December 2023\u00a0947
Net charges and releases to statement of comprehensive income\u00a01,132
Foreign exchange movement\u00a01
At 31 December 2024\u00a02,080
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989742": { "value": "Other financial assets
2024
\u00a3000
2023
\u00a3000
Investment bonds\u00a0211,838\u00a0256,534
Other financial assets\u00a01,329\u00a01,305
213,167\u00a0257,\u00a0839
These items were analysed as follows:
2024
\u00a3000
2023
\u00a3000
Current\u00a0138,853\u00a049,514
Non-current\u00a074,314\u00a0208,325
213,167\u00a0257,\u00a0839
Investment bonds are classified as financial assets at fair value through other comprehensive income (\u201cFVOCI\u201d).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989798": { "value": "
21. \u00a0Derivative financial assets and liabilities
2024
\u00a3000
2023
\u00a3000
Derivative financial assets
Foreign currency forward contracts\u00a0\u2013\u00a0261
Derivative financial liabilities
Foreign currency forward contracts\u00a0(10)\u00a0\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989799": { "value": "
22. \u00a0Trade and other payables
2024
\u00a3000
2023
\u00a3000
Trade payables\u00a031,300\u00a025,184
Share-based payments\u00a0169\u00a0504
Payroll taxation and social security\u00a04,474\u00a04,507
Accruals\u00a045,707\u00a033,096
Contract liabilities\u00a020,666\u00a015,156
102,316\u00a078,447
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken\u00a0for
trade purchases by the Group is 54 days (2023: 50 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 2024 they
increased by \u00a35.5 million (2023: decrease of \u00a35.1 million). Management expects that most of the transaction price allocated to unsatisfied
performance obligations as at 31 December 2024 will be recognised as revenue during the following year", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989743": { "value": "
23. Provisions
Dilapidation
provisions
\u00a3000
Employer
taxes
\u00a3000
Other
\u00a3000
Total
provisions
\u00a3000
At 31 December 2023\u00a02,384\u00a09,913\u00a0671\u00a012,968
Movement in provision\u00a056\u00a0(1,973)\u00a0854\u00a0(1,063)
Payments\u00a0\u2013\u00a0(3,275)\u00a0(1,381)\u00a0(4,656)
Foreign exchange movements\u00a04\u00a01\u00a0(9)\u00a0(4)
At 31 December 2024\u00a02,444\u00a04,666\u00a0135\u00a07,245
Current\u00a0\u00a0\u2013\u00a0\u00a0\u00a03,671\u00a0\u00a0\u00a0135\u00a0\u00a0\u00a03,806
Non-current\u00a02,444\u00a0995\u00a0\u2013\u00a03,439
At 31 December 2024\u00a02,444\u00a04,666\u00a0135\u00a07,245
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
The dilapidation provisions relate to leased properties, representing an obligation to restore the premises to their original condition at the
time the Group vacates them. The provision is non-current and expected to be utilised in less than 30 years.
Employer taxes relate to the expected employer social security taxes on share-based payments. This is expected to be utilised in 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989744": { "value": "24. \u00a0Lease liabilities2024\u00a30002023\u00a3000Current\u00a05,358\u00a04,322Non\u2011current\u00a040,606\u00a037,333Lease liabilities included in the statement of financial position\u00a045,964\u00a041,6552024\u00a30002023\u00a3000Maturity analysis \u2011 contractual undiscounted cash flowsUp to one year\u00a08,314\u00a06,865Two to five years\u00a033,065\u00a028,057Greater than five years\u00a020,536\u00a021,358Total undiscounted lease liabilities at 31 December\u00a061,915\u00a056,280Information on the associated right-of-use assets is included in note 16.", "dimensions": { "concept": "ifrs-full:DescriptionOfLineItemsInStatementOfFinancialPositionWhichIncludeLeaseLiabilities", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989745": { "value": "
25. \u00a0Share capital and share premium
Share capital comprised the following:
Nominal
value
Number of \u00a0
shares issued
Aggregate
nominal value
\u00a3
At 31 December 2024
Share class
Ordinary Shares (issued and fully paid)\u00a0\u00a30.0001\u00a0955,039,240\u00a095,504
Nominal
value
Number of \u00a0
shares issued
Aggregate
nominal value
\u00a3
At 31 December 2023
Share class
Ordinary Shares (issued and fully paid)\u00a0\u00a30.0001\u00a0859,224,047\u00a085,922
Issued Class A Limited Anti-takeover share of \u00a31\u00a0\u00a31\u00a01\u00a01
Issued Class B Limited Anti-takeover share of \u00a31\u00a0\u00a31\u00a01\u00a01
Issued Class C Limited Anti-takeover share of \u00a31\u00a0\u00a31\u00a01\u00a01
85,925
In October 2024, the specific rights accruing to the three \u00a31 anti-takeover shares expired, and they were subsequently cancelled.
All issued shares are fully paid and there are no shares authorised but not in issue.
In the course of the year, 29,148,526 ordinary shares (2023: 4,628,212) were issued in respect of employee share schemes. This resulted
in an increase in the share premium reserve of \u00a33.2 million (2023: \u00a32.5 million).
In July 2024, the Company issued 66,666,667 ordinary shares in a share placing. 41,666,667 of these were subscribed to by Novo Holdings
A/S, while 25,000,000 were placed with a number of institutions. The transaction resulted in a net increase in the share premium reserve
of \u00a377.7 million.
During the year, other movements resulted in an increase in share premium of \u00a30.2 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989746": { "value": "Share\u2011based payment reserve
2024
\u00a3000
2023
\u00a3000
At 1 January\u00a0203,099\u00a0168,200
Equity settled share-based payment transactions\u00a06,029\u00a034,995
Tax in relation to share-based payment transactions\u00a021\u00a0(96)
At 31 December\u00a0209,149\u00a0203,099
Share\u2011based payment transactions
2024
\u00a3000
2023
\u00a3000
Expense arising from share\u2011based payment transactions:
Included in research & development expenses\u00a04,633\u00a05,897
Included in selling, general & administrative expenses\u00a01,259\u00a029,179
5,892\u00a035,076
Equity settled share-based payment transactions\u00a06,029\u00a034,995
Cash settled share-based payment transactions\u00a0(137)\u00a081
5,892\u00a035,076
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 listed here; the first four are the most significant and further details on those are given below.
\u2022 \u00a0Oxford Nanopore Technologies Limited Share Option Plan
\u2022 \u00a0Oxford Nanopore Technologies Limited Share Option Plan 2018
\u2022 \u00a0Oxford Nanopore Technologies Limited Long-Term Incentive Plan 2021 (\u201cFounder LTIP\u201d)
\u2022 \u00a0Oxford Nanopore Technologies plc Long-Term Incentive Plan 2021 (\u201cplc LTIP\u201d)
\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 option plans
Share options were awarded under two equity-settled share-based remuneration schemes, both of which were 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 continued
The movement in share options outstanding is summarised in the following table:
2024\u00a02023
Number of
share options
Weighted
average
exercise price
(pence)
Number of
share options
Weighted
average
exercise price
(pence)
At 1 January\u00a047,029,817\u00a0190\u00a050,839,486\u00a0181
Forfeited\u00a0(4,522,332)\u00a0241\u00a0(283,700)\u00a0176
Exercised\u00a0(3,361,043)\u00a085\u00a0(3,525,969)\u00a060
Outstanding at 31 December\u00a039,146,442\u00a0193\u00a047,029,817\u00a0190
Exercisable at 31 December\u00a039,146,4\u00a042\u00a0193\u00a043,794,843\u00a0182
Share options outstanding at the end of the year have the following expiry and exercise prices:
Grant year\u00a0Expiry year\u00a0Exercise price
(pence)
2024
Number
2023
Number
Oxford Nanopore Technologies Limited Share Option Plan\u00a02008\u20132018\u00a02024\u20132028\u00a073\u2013140\u00a010,224,650\u00a013,700,109
Oxford Nanopore Technologies Limited Share Option Plan
2018
2019\u20132021\u00a02029\u20132031\u00a0104\u2013350\u00a028,921,792\u00a033,329,708
39,146,4\u00a042\u00a047,029,817
The weighted average share price at the date of exercise for share options exercised during the year was \u00a31.21 (2023: \u00a32.28). The options outstanding\u00a0
at 31 December 2024 had a weighted average exercise price of \u00a31.93 (2023: \u00a31.90), and a weighted average remaining contractual life of
4.5 years (2023: 5.3 years)
Valuation models
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\u2013\u00a33.50
Range of exercise prices\u00a0\u00a32.12\u2013\u00a33.50
Expected volatility range\u00a047%\u201350%
Expected life\u00a06.5 years
Risk-free rate range\u00a00% - 0.4%
Expected dividend yields\u00a0Nil
The volatility assumption has been derived as the median volatility over a five-year period of a bespoke comparator group. For options
granted during 2021, the expected life 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-free interest rate used reflects the UK Government five-year Gilt rate as reported by the Bank of
England.
The weighted average fair value of options granted during the year determined using the Black Scholes model at the grant date was \u00a3nil
(2023: \u00a3nil) per option.
Share\u2011based payment reserve continued
Monte 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-free 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 (2023: \u00a3nil) per option.
The volatility assumption has been derived as the median volatility over a five-year period of a bespoke comparator group. For options
granted during 2021, the expected life represents the term until expected vesting and exercise. The risk-free interest rate used reflects the
UK Government five-year Gilt rate as reported by the Bank of England.
Long term incentive plans
Founder LTIP
This was a one-off 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 were 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 15.6 million awards remained outstanding as at 31 December 2024
with a weighted average remaining contractual life of two 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-free rate\u00a00.4%\u00a00.4%
Expected dividend yields\u00a0Nil \u00a0Nil
The volatility assumption has been derived as the median volatility over a five-year period of a bespoke comparator group. The risk-free interest
rate used reflects the UK Government five-year 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.
plc LTIP
The plc LTIP is a share scheme designed to reward and incentivise employees by granting equity awards subject to service and, in some
cases, performance conditions. The scheme is open to all permanent employees, with awards typically granted annually and vesting over a
three-year period, with one-third of each award vesting on the first, second, and third anniversaries of the grant date.
Certain plc LTIP awards are subject to performance conditions, determined by the Remuneration Committee at the time of grant. These
performance conditions are based on Relative Total Shareholder Return (\u201cTSR\u201d), which compares the Company\u2019s TSR against a
sector-specific peer group and the FTSE 350 (excluding investment trusts). The Monte Carlo simulation model has been used to
incorporate the likelihood of achieving TSR conditions. For Executive Directors, a two-year post-vesting holding period applies, which has
been incorporated into the fair value calculation using the Ghaidarov model. For plc LTIP awards subject to continued employment only,
the fair value of these awards is determined as the share price at the grant date.
Share\u2011based payment reserve continued
The following table presents the key assumptions used in the valuation for plc LTIP grants:
2024\u00a02023
Relative TSR
vs. FTSE 350
excluding
investment
trusts
Relative TSR
vs. sector
comparator
group
Relative TSR
vs. FTSE 350
excluding
investment
trusts
Relative TSR
vs. sector
comparator
group
Grant date\u00a011 April\u00a011 April
Expected life (years)\u00a03\u00a03
Share price at grant date\u00a0\u00a31.09\u00a0\u00a32.19
Exercise price\u00a0\u00a3nil\u00a0\u00a3nil
Dividend yield\u00a0\u00a3nil\u00a0\u00a3nil
Risk-free rate\u00a04.29%\u00a03.58%
Projection period\u00a02.72 years\u00a02.72 years
Volatility \u2013 Company\u00a055.7%\u00a073.0%
Volatility \u2013 median comparator\u00a031%\u00a0\u00a078%\u00a033%\u00a073%
Average correlation between Company and comparators TSR\u00a027% \u00a038%\u00a026%\u00a042%
Ranking of Company\u2019s TSR during averaging period within comparator group\u00a0265th of 265
companies
15th of 17
companies
247th of 268
companies
11th of 18
companies
Fair value per award\u00a0\u00a30.35\u00a0\u00a30.63\u00a0\u00a31.36\u00a0\u00a31.65
For Executive Director awards subject to an additional two-year holding period post-vesting, the Ghaidarov model has been used to
determine the discount applied to these awards with the following assumptions:
2024\u00a02023
Share price volatility\u00a055.7%\u00a073.0%
Holding period term\u00a02 years\u00a02 years
Dividend yield\u00a00%\u00a00%
Discount applied to fair value\u00a018.4%\u00a024.6%
The movement in share awards outstanding is summarised in the following table:
\u00a0
Disclosure
20242023
Number of
share awards
Weighted
Average
Exercise Price
Number of
share awards
Weighted
Average
Exercise Price
Outstanding, beginning of year\u00a011,245,325\u00a0\u00a30.00\u00a0 4,934,159\u00a0\u00a0\u00a30.00
Granted\u00a017,626,601\u00a0\u00a30.00\u00a0 6,871,659 \u00a0\u00a30.00
Forfeited\u00a0(1,983,840)\u00a0\u00a30.00\u00a0 (105,047)\u00a0\u00a30.00
Vested\u00a0(1,293,403)\u00a0\u00a30.00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(455,446) \u00a0\u00a30.00
Outstanding, end of year\u00a025,594,683\u00a0\u00a30.00\u00a0 11,245,325\u00a0\u00a0\u00a30.00
The weighted average share price at the date of vest for awards vesting during the year was \u00a31.12 (2023: \u00a32.22)
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989775": { "value": "Notes to the cash flow statements
2024
\u00a3000
2023
\u00a3000
Cash and cash equivalents\u00a0199,517\u00a0220,536
Cash and cash equivalents comprised cash held at banks. The carrying amount of this asset was approximately equal to its fair value.
2024
\u00a3000
2023
\u00a3000
Loss before tax\u00a0(139,961)\u00a0(149,768)
Depreciation on property, plant and equipment \u00a013,449\u00a018,105
Depreciation on right-of-use assets \u00a05,880\u00a05,031
Amortisation on intangible assets\u00a0\u00a023,955\u00a018,491
Loss on disposal of property, plant and equipment and right-of-use assets\u00a07,513\u00a03,854
Research and development expenditure credit \u00a0(13,863)\u00a0(10,157)
Foreign exchange movements \u00a0(1,405)\u00a0(519)
Interest on leases \u00a03,562\u00a02,205
Interest income\u00a0(14,838)\u00a0(18,852)
Movements on investment bonds\u00a0(1,491)\u00a0337
Movements on derivatives \u00a0271\u00a0836
Impairment/(write-back) of investment in associate\u00a0724\u00a0(144)
Share of losses in associate \u00a018\u00a0228
Employee share benefit costs including employer\u2019s social security taxes \u00a03,919\u00a034,908
Operating cash flows before movements in working capital\u00a0(112,267)\u00a0(95,445)
(Increase)/decrease in receivables\u00a0(1,825)\u00a0118
Increase in inventory and assets subject to operating leases \u00a0(21,176)\u00a0(43,060)
Increase in payables\u00a021,171\u00a01,502
Cash used in operations\u00a0(114,097)\u00a0(136,885)
Research and development expenditure credit received\u00a04,857\u00a04,088
Foreign tax paid\u00a0(645)\u00a0(4,505)
Net cash outflow from operating activities\u00a0(109,885)\u00a0(137,302)
The cash expense of purchases of property, plant and equipment is different from the additions figure disclosed in note 15. This is because
additions to assets subject to operating leases and assets used internally (within Equipment) arise out of transfers from inventory", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989747": { "value": "Notes to the cash flow statements
2024
\u00a3000
2023
\u00a3000
Cash and cash equivalents\u00a0199,517\u00a0220,536
Cash and cash equivalents comprised cash held at banks. The carrying amount of this asset was approximately equal to its fair value.
2024
\u00a3000
2023
\u00a3000
Loss before tax\u00a0(139,961)\u00a0(149,768)
Depreciation on property, plant and equipment \u00a013,449\u00a018,105
Depreciation on right-of-use assets \u00a05,880\u00a05,031
Amortisation on intangible assets\u00a0\u00a023,955\u00a018,491
Loss on disposal of property, plant and equipment and right-of-use assets\u00a07,513\u00a03,854
Research and development expenditure credit \u00a0(13,863)\u00a0(10,157)
Foreign exchange movements \u00a0(1,405)\u00a0(519)
Interest on leases \u00a03,562\u00a02,205
Interest income\u00a0(14,838)\u00a0(18,852)
Movements on investment bonds\u00a0(1,491)\u00a0337
Movements on derivatives \u00a0271\u00a0836
Impairment/(write-back) of investment in associate\u00a0724\u00a0(144)
Share of losses in associate \u00a018\u00a0228
Employee share benefit costs including employer\u2019s social security taxes \u00a03,919\u00a034,908
Operating cash flows before movements in working capital\u00a0(112,267)\u00a0(95,445)
(Increase)/decrease in receivables\u00a0(1,825)\u00a0118
Increase in inventory and assets subject to operating leases \u00a0(21,176)\u00a0(43,060)
Increase in payables\u00a021,171\u00a01,502
Cash used in operations\u00a0(114,097)\u00a0(136,885)
Research and development expenditure credit received\u00a04,857\u00a04,088
Foreign tax paid\u00a0(645)\u00a0(4,505)
Net cash outflow from operating activities\u00a0(109,885)\u00a0(137,302)
The cash expense of purchases of property, plant and equipment is different from the additions figure disclosed in note 15. This is because
additions to assets subject to operating leases and assets used internally (within Equipment) arise out of transfers from inventory", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989748": { "value": "Non cash transactionsAdditions to right-of-use assets during the year of \u00a38.6 million (2023: \u00a312.0 million) were financed by new leases", "dimensions": { "concept": "ifrs-full:ExplanationOfInvestingAndFinancingTransactionsNotRequireUseOfCashOrCashEquivalents", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989749": { "value": "
Changes in liabilities arising from financing activities
The table below details change in the Group\u2019s liabilities arising from financing activities, including both cash and non-cash 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.
Lease
liabilities
\u00a3000
At 1 January 2023\u00a034,098
Non\u2011cash changes
New leases\u00a012,024
Interest\u00a02,205
Foreign exchange movements \u00a0(176)
Cash changes
Principal repaid\u00a0(4,291)
Interest paid\u00a0(2,205)
At 31 December 2023\u00a041,655
Non\u2011cash changes
New leases\u00a08,596
Lease surrendered\u00a0(395)
Interest and rent accrued\u00a03,475
Foreign exchange movements \u00a0(40)
Cash changes
Principal repaid\u00a0(4,685)
Interest paid\u00a0(2,642)
At 31 December 2024\u00a045,964
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationThatEnablesUsersOfFinancialStatementsToEvaluateChangesInLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989750": { "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; and
\u2022 \u00a0the fair value of financial instruments (except financial instruments when carrying amount approximates their fair value).
Amortised \u00a0cost\u00a0\u00a0
\u00a3000
FVTPL\u00a0\u00a0
\u00a3000
FVTOCI\u00a0\u00a0
\u00a3000
Total\u00a0\u00a0carrying \u00a0
value
\u00a3000
Fair value
\u00a3000
31 December 2024
Financial assets
Investment bonds\u00a0\u2013\u00a0\u2013\u00a0211,838\u00a0211,838\u00a0211,838
Other financial assets\u00a0\u2013\u00a01,329\u00a0\u2013\u00a01,329\u00a01,329
Cash and cash equivalents\u00a0199,517\u00a0\u2013\u00a0\u2013\u00a0199,517\u00a0199,517
Trade and other receivables\u00a044,563\u00a0\u2013\u00a0\u2013\u00a044,563\u00a044,563
Financial liabilities
Trade and other payables\u00a0(97,673)\u00a0\u2013\u00a0\u2013\u00a0(97,673)\u00a0(97,673)
Derivative financial liabilities\u00a0\u2013\u00a0(10)\u00a0\u2013\u00a0(10)\u00a0(10)
Financial instruments \u2013 risk management continued
Amortised \u00a0cost\u00a0\u00a0
\u00a3000
FVTPL\u00a0\u00a0
\u00a3000
FVTOCI\u00a0\u00a0
\u00a3000
Total\u00a0\u00a0carrying \u00a0
value
\u00a3000
Fair value
\u00a3000
31 December 2023
Financial assets
Investment bonds\u00a0\u2013\u00a0\u2013\u00a0256,534\u00a0256,534\u00a0256,534
Derivative financial assets\u00a0\u2013\u00a0261\u00a0\u2013\u00a0261\u00a0261
Other financial assets\u00a0\u2013\u00a01,305\u00a0\u2013\u00a01,305\u00a01,305
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
Financial liabilities
Trade and other payables\u00a0(73,436)\u00a0\u2013\u00a0\u2013\u00a0(73,436)\u00a0(73,436)
The methods and assumptions used in estimating the fair value of financial instruments reflected in the above table were as follows:
\u2022 \u00a0investment bonds, derivative financial assets and other financial assets have been classified based on three categories depending on the
inputs used in the valuation technique \u2014 see below;
\u2022 \u00a0cash and cash equivalents have a fair value equal to their carrying value; and
\u2022 \u00a0trade and other receivables and payables generally have a remaining life of less than one year, so their value as recorded in the balance
sheet is considered to be a reasonable approximation of fair value.
The categories used in the valuation inputs were 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.
Hierarchy table
Level 1\u00a0Level 2\u00a0 Level 3\u00a0Total
Investment bonds\u00a0211,838\u00a0\u2013\u00a0\u2013\u00a0211,838
Other financial assets\u00a0\u2013\u00a0\u2013\u00a01,329\u00a01,329
At 31 December 2024\u00a0211,838\u00a0\u2013\u00a01,329\u00a0213,167
Level 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
Financial instruments \u2013 risk management continued
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.
One forward contract was entered into in 2024 and remained unsettled at 31 December 2024, with a settlement date of 31 March 2025.
Fixed forward contracts are included in the balance sheet as follows:
2024
\u00a3000
2023
\u00a3000
Derivative financial assets
Foreign currency forward contracts\u00a0\u2013\u00a0261
Derivative financial liabilities
Foreign currency forward contracts\u00a0(10)\u00a0\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989777": { "value": "
The methods and assumptions used in estimating the fair value of financial instruments reflected in the above table were as follows:
\u2022 \u00a0investment bonds, derivative financial assets and other financial assets have been classified based on three categories depending on the
inputs used in the valuation technique \u2014 see below;
\u2022 \u00a0cash and cash equivalents have a fair value equal to their carrying value; and
\u2022 \u00a0trade and other receivables and payables generally have a remaining life of less than one year, so their value as recorded in the balance
sheet is considered to be a reasonable approximation of fair value.
The categories used in the valuation inputs were 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989752": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989751": { "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\u00a0Group has sufficient cash
to fund its operations.\u00a0
At 31 December, the Group had the following maturity analysis:
2024
\u00a3000
2023
\u00a3000
Expiring within one year\u00a012,120\u00a013,295
Expiring after more than one year\u00a057,040\u00a055,953
69,160\u00a069,248
The amounts disclosed in this table are for lease liabilities and provisions, based on contractual undiscounted cash flows.
The Directors consider that except for these items, 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 liabilities above) and cash and
cash equivalents (note 27) on the basis of expected cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989800": { "value": "
Credit risk
Credit risk is the risk of financial loss to the Group if a counterparty 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. Total credit risk, as analysed below, was \u00a3441 million (2023: \u00a3506 million), which is
approximately equal to the carrying value of the financial assets.
As at year end, the Group had placed \u00a3404 million (2023: \u00a3468 million) with several reputable financial institutions to minimise its credit
risk. \u00a3391 million (2023: \u00a3441 million) of this was placed at institutions with a grade of AAA, with the remainder all being placed at Grade A
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-up 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.
At 31 December 2024, an amount of \u00a32.1 million (2023: \u00a30.9 million) measured at an amount equal to lifetime expected credit losses was
estimated as a loss allowance in accordance with IFRS 9 (see note 19).
The credit risk on liquid funds and investment bonds is measured at an amount equal to lifetime expected credit losses. The credit risk is
considered as limited because the counterparties have high credit ratings assigned by international credit rating agencies. The Group
monitors the fair value of the assets and credit rating of the counterparties in determining whether a significant increase in credit risk
since recognition has occurred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989753": { "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-term 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989755": { "value": "
Sensitivity analysis
A 5% strengthening/weakening of the US Dollar relative to Pounds Sterling at 31 December 2024 would have impacted profit or loss and
Group equity by \u00a31.9 million (2023: \u00a31.2 million).
The interest yield on investments in Money Markets is variable between funds. During the year ended 31 December 2024, investment was
split between ten different funds. GBP funds returned an average yield of 4.7% (2023: 4.6%). USD funds achieved 4.3%.
The Group has considered its sensitivity to interest rate fluctuations and does not believe that a change in interest rates would
have a material risk impact on the Group financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989759": { "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; and
\u2022 \u00a0to maintain sufficient financial resources to mitigate against risks and unforeseen events.
The Debt to Equity ratio of the Group was 7.8% (2023: 6.5%).
Debt is defined as long and short-term borrowings (excluding derivatives and financial guarantee contracts), and in this instance
comprised lease liabilities in both years. Equity includes all capital and reserves of the Group that are managed as capital", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989801": { "value": "
29. \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 here. See note 17 for details concerning the Company\u2019s associate. There were no transactions between
the Group and other related parties which require disclosure.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989756": { "value": "30. \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 of \u00a35.0 million recognised in the consolidated statement of comprehensive income (2023: \u00a33.8 million) represents contributions payable to the scheme by the Group at rates specified in the rules of the scheme. As at 31 December 2024, contributions of \u00a30.8 million (2023: \u00a30.7 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989758": { "value": "
31. Commitments
2024
\u00a3000
2023
\u00a3000
Within one year\u00a04,026\u00a04,530
In the second to fifth years inclusive\u00a01,395\u00a02,295
5,421\u00a06,825
Commitments relate to collaboration agreements and other arrangements with third parties, universities and research institutions. The amounts
are not risk-adjusted or discounted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989757": { "value": "
32. \u00a0Events after the reporting date
In Q1 2025, the Group announced and concluded a targeted restructuring programme aimed at resource optimisation and improving
operational effectiveness, leading to a reduction in the overall workforce of approximately 5%, alongside other cost control measures.
Management expects to take a total cash charge of approximately \u00a36 million in 2025 in relation to redundancy payments which will be
treated as an adjusting item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989760": { "value": "Controlling party
There is no ultimate controlling party of the Group. The most significant shareholders at 31 December 2024 were as follows: IP Group plc
(9%), Lawrence Investments Limited (7%), Baillie Gifford & Co. (7%), Tencent Holdings Limited (7%), bioM\u00e9rieux SA (6%) and Novo Holdings
A/S (5%)", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989761": { "value": "Alternative performance measures
The Group\u2019s performance is assessed using a number of financial measures which are not defined under IFRS and which therefore
comprise alternative (non-GAAP) performance measures. These are as follows:
\u2022 \u00a0Underlying revenue growth: revenue growth excluding EGP and COVID sequencing revenue \u2013 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 revenue performance within each of our customer groups and product range;
\u2022 \u00a0Underlying revenue growth on a constant currency basis: revenue growth excluding EGP and COVID sequencing revenue, on a
constant currency basis;
\u2022 \u00a0Underlying gross margin: gross margin excluding EGP, write-off of COVID sequencing kits and legacy devices, and impact of the compute\u00a0
upgrade on large PromethION devices;
\u2022 \u00a0Adjusted research and development expenses: research and development expenses after adjusting for employer\u2019s social security\u00a0
taxes on pre-IPO share awards;
\u2022 \u00a0Adjusted R&D expenses and capitalised development costs: adjusted\u00a0research\u00a0and\u00a0development expenses, excluding amortisation
and adding capitalised development costs;
\u2022 \u00a0Adjusted selling, general and administrative expenses: selling, general and administrative expenses after adjusting for share-based\u00a0
payments expense (Founder LTIP) and employer\u2019s social security taxes on Founder LTIP and pre-IPO share awards;
\u2022 \u00a0EBITDA: loss for the year before income tax, finance income, loan interest, interest on leases, depreciation and amortisation;
\u2022 \u00a0Adjusted EBITDA: EBITDA adjusted for events which are non-recurring or intermittent, which do not relate to the ongoing operational
performance that underpins long-term value generation;
\u2022 \u00a0Cash, cash equivalents and other liquid investments: cash and cash equivalents comprise cash in hand and deposits held at call, plus
other short-term 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-backed fund.
The following table presents the adjusted underlying revenue growth:
H1 2024
\u00a3000
H2 2024
\u00a3000
2024
\u00a3000
H1 2023
\u00a3000
H2 2023
\u00a3000
2023
\u00a3000
Revenue\u00a084,082\u00a099,109\u00a0183,191\u00a086,002\u00a083,666\u00a0169,668
Adjusting items:
EGP revenue\u00a0(304)\u00a0(1,474)\u00a0(1,778)\u00a0(4,911)\u00a0(7,0\u00a045)\u00a0(11,956)
COVID sequencing revenue \u00a0(1,163)\u00a0(1,016)\u00a0(2,179)\u00a0(5,454)\u00a0(2,512)\u00a0(7,966)
Underlying revenue\u00a082,615\u00a096,619\u00a0179,234\u00a075,637\u00a074,109\u00a0149,746
Underlying growth\u00a09.2%\u00a030.4%\u00a019.7%\u00a053.1%\u00a027.5%\u00a039.3%
Impact of foreign exchange\u00a02,416\u00a02,913\u00a05,329\u00a0(3,371)\u00a03,231\u00a0(140)
Underlying revenue on a constant currency basis\u00a085,031\u00a099,532\u00a0184,563\u00a072,265\u00a077,341\u00a0149,606
Underlying growth on a constant currency basis\u00a012.4%\u00a034.3%\u00a023.3%\u00a046.3%\u00a033.0%\u00a039.1%
The following table presents the adjusted underlying gross margin:
2024\u00a02023
Gross margin\u00a057.5%\u00a053.3%
Adjusting Items:
EGP contract\u00a0\u2013\u00a02.3%
Write-off of COVID sequencing kits and legacy devices\u00a0\u2013\u00a02.3%
Impact of compute upgrade on large PromethION devices\u00a0\u2013\u00a00.9%
Underlying gross margin\u00a057.\u00a05%\u00a058.8%
The following table presents the adjusted research and development expenses:
2024
\u00a3000
2023
\u00a3000
Research and development expenses\u00a098,921\u00a0103,842
Adjusting Items:
Employer\u2019s social security taxes on Founder LTIP and pre-IPO share awards\u00a0455\u00a0604
Adjusted research and development expenses\u00a099,376\u00a0104,446
Amortisation of capitalised development costs\u00a0(23,699)\u00a0(18,419)
Capitalised development costs\u00a034,693\u00a019,522
Adjusted R&D expenses and capitalised development costs\u00a0110,370\u00a0105,549
The following table presents the adjusted selling, general and administrative expenses:
2024
\u00a3000
2023
\u00a3000
Selling, general and administrative expenses\u00a0158,807\u00a0155,248
Adjusting Items:
Share-based payment expense on Founder LTIP\u00a06,146\u00a0(20,886)
Employer\u2019s social security taxes on Founder LTIP and pre-IPO share awards\u00a02,275\u00a0285
Adjusted selling, general and administrative expenses\u00a0167,228\u00a0134,647
The following table presents the Group\u2019s EBITDA and Adjusted EBITDA, together with a reconciliation to loss for the year:
H1 2024
\u00a3000
H2 2024
\u00a3000
2024
\u00a3000
H1 2023
\u00a3000
H2 2023
\u00a3000
2023
\u00a3000
Loss for the period\u00a0(74,652)\u00a0(71,536)\u00a0(146,188)\u00a0(70,099)\u00a0(84,408)\u00a0(154,507)
Taxation\u00a03,296\u00a02,931\u00a06,227\u00a03,540\u00a01,199\u00a04,739
Finance income\u00a0(7,666)\u00a0(\u00a07,175)\u00a0(14,841)\u00a0(7,239)\u00a0(11,614)\u00a0(18,853)
Interest expense\u00a0\u2013\u00a03\u00a03\u00a0\u2013\u00a01\u00a01
Interest on lease\u00a01,948\u00a01,614\u00a03,562\u00a01,069\u00a01,136\u00a02,205
Depreciation and amortisation\u00a019,782\u00a023,502\u00a043,284\u00a019,869\u00a021,758\u00a041,627
EBITDA\u00a0(57,292)\u00a0(50,661)\u00a0(107,953)\u00a0(52,860)\u00a0(71,928)\u00a0(124,788)
Share-based payments (Founder LTIP)\u00a01,037\u00a0(7,183)\u00a0(6,146)\u00a014,908\u00a05,978\u00a020,886
Employer\u2019s social security credit on Founder LTIP and
pre-IPO share-based awards
(5,507)\u00a02,777\u00a0(2,730)\u00a0(1,277)\u00a0389\u00a0(888)
Impairment in/(write-back of) investment in associate\u00a0145\u00a0579\u00a0724\u00a0(144)\u00a0\u2013\u00a0(144)
Adjusted EBITDA\u00a0(61,617)\u00a0(54,488)\u00a0(116,105)\u00a0(39,373)\u00a0(65,561)\u00a0(104,934)
The following table presents cash, cash equivalents and other liquid investments:
2024
\u00a3000
2023
\u00a3000
Cash and cash equivalents\u00a0\u00a0199,517\u00a0220,536
Investment bonds\u00a0211,838\u00a0256,534
Less: fair value movements on investment bonds\u00a0(7,\u00a0548)\u00a0(4,960)
Cash, cash equivalents and other liquid investments\u00a0403,807\u00a0472,110
Notes for the Consolidated Financial Statements continued
", "dimensions": { "concept": "ifrs-full:DisclosureOfPerformanceObligationsExplanatory", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "shtag_8989778": { "value": "Cash, cash equivalents and other liquid investments: cash and cash equivalents comprise cash in hand and deposits held at call, plus
other short-term 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-backed fund.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800IRWQ2Q6M2CDW55", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }