Disclaimer - This announcement contains inside information.
HealthBeacon plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2023
Dublin, 05 October 2023, HealthBeacon plc ("HealthBeacon" or the "Company") and together with its subsidiary undertakings (together the "Group"), a leading Irish digital therapeutics company, announces its interim results for the six months ended 30 June 2023.
FINANCIAL HIGHLIGHTS
H1 2023 financial highlights (comparison to H1 2021):
· Revenue flat at €0.9 million (June 2022: €0.9 million), however, marked by significant change in product mix which drives improved gross margin versus 2022.
o Patient Support Programmes €0.51M -10% (June 2022: €0.57 million)
o Patient Safety Hub (PSH) €0.35M +100% (June 2022: €0.0M launched) reflecting launch in September 2022.
o DTC Revenues €0.0M -100 % (June 2022: €0.3 million)
· Gross profit margin 67% (June 2022: 38% DTC Adjusted)
· Net cash position at 30 June 2022 of €1.9 million (December 2022: €12.2 million)
| Six months ended 30 June |
H1 2022 |
H1 2021 |
Change |
|
|
€'000 |
€'000 |
% |
| Revenue |
861 |
867 |
0% |
| Gross Profit |
578 |
87 |
564% |
| Gross Profit Margin (Group) |
67% |
10% |
|
| Adjusted EBITDA* |
(5,398) |
(4,573) |
|
| Net cash |
1,927 |
20,028 |
|
| Exit Annual Recurring Revenue (ARR) |
2,071 |
1,092 |
89% |
*Adjusted EBITDA is a non-accounting term which the Company has defined as: Excluding Share Based Compensation, Expected Credit Losses, Fx Gains/Losses and Warranty Expenses
STRATEGIC AND OPERATIONAL HIGHLIGHTS
· HealthBeacon launched its Injection Care Management System (ICMS) with US Specialty Pharmacy partner Accredo for a major global blockbuster injectable medication in July 2023. The Company is now receiving over 1,700 patient referrals each month and has shipped over 1,240 units to date
· The Company is in final launch planning with its next large Specialty Pharmacy Organisation and in contracting and negotiations with three others. HealthBeacon anticipates partnering and launching its ICMS with four of the top five Specialty Pharmacy organisations by the end of 2024. These launches will provide HealthBeacon access to over 60% of the US Specialty Injectable Market
· The Patient Safety Hub (Risk Management Platform) continues to grow very strongly with expansion into new geographies in Australia and New Zealand generating H1 Revenues of €0.35M.
· HealthBeacon has successfully introduced its ICMS directly to US clinicians through its Medico CX partner and individual clinicians following Medicare and Medicaid establishing Remote Therapeutic Monitoring insurance reimbursement
· Expansion of Hamilton Beach partnership announced to include the management of HealthBeacon's supply chain allowing to the Company to leverage Hamilton Beach's procurement, distribution and fulfilment capabilities across the US. The partnership provides Healthbeacon with access to significant scale whilst also enabling efficiencies and positive working capital movement.
Management change
On 26 September 2023, the Company announced that CEO and Co-Founder Jim Joyce was to step down from his role with immediate effect. Jim remains as an adviser to the board, and a non-executive director.
Rebecca Shanahan, an independent non-executive director of the Company, will assume the role of CEO on an interim basis. Rebecca is an accomplished Healthcare CEO, board chair & board member, with a proven track record of starting, building and growing businesses to sustain stakeholder value across publicly-traded, private-equity sponsored, founder-owned, and tax exempt healthcare services companies.
Outlook
As announced on 26 September 2023, HealthBeacon is making progress with the roll-out of its technology across key channels. However, the scale and complexity of implementations, and the contracting and planning phases of these new launches, are running up to 9 months longer than previously estimated. As a result, HealthBeacon's exit Annual Recurring Revenue guidance for December of 2023 is approximately €3.2m versus previous estimates of mid-teens by the end of 2023. The Company is therefore revising its ARR guidance to approximately €17m[1] by the end of Q4 2024.
To achieve cash breakeven and scale at the pace now expected, the Company has a gross funding requirement of approximately €11m over the next 18-24 months. Cash breakeven is expected to be achieved by Q2 2025.
Nearer term, the Company had approximately €1.9m cash on the balance sheet at the end of June, from €12.2m at the end of December. Operating cash outflows in H1 were approximately €1m per month, with approximately €4m cash outflows on new units to fulfil the uptick in demand in H2 with the Accredo launch.
To accelerate its path to profitability and improve cash management the Company has initiated the activation of the Hamilton Beach supply chain project; a 30% reduction in operating expenses effective by year end; a focus of resources on our key US Specialty Pharmacy and clinical launches; and an improvement of commercial terms on new contracts. The combination of these activities will reduce monthly cash burn to approximately €0.7M per month by the end of 2023.
As at 30 September 2023, the Company has approximately €0.5m net cash on its balance sheet. Together with expected working capital movements over the period this represents sufficient cash to continue to trade until mid-late November 2023. The Board believes that subject to certain working capital initiatives and other cost saving measures, the Company will have sufficient cash resources to continue to trade to the end of the year. Furthermore, the Company is progressing a number of longer-term strategic funding options including the potential disposal of the its Patient Safety Hub business.
While the board remains very focused on the near term funding requirements of the business, it believes that an appropriately funded HealthBeacon has very significant growth prospects, having made substantial progress in the speciality pharmacy sector.
Rebecca Shanahan, HealthBeacon plc Interim Chief Executive Officer said:
"The HealthBeacon Board and Management team is committed to taking the necessary actions to secure the future of the business through short term cash management and longer-term strategic funding options. Notwithstanding near-term challenges, we are confident that an appropriately funded HealthBeacon has significant growth prospects, having made substantial progress in the specialty pharmacy sector."
ANALYST CALL
A conference call for investors and analysts will be held today 05 October at 09:30am.
Operator Assisted Dial-In:
United Kingdom (Local): +44 20 4587 0498
United Kingdom (Toll-Free): +44 800 358 1035
Access Code: 815338
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CONTACT DETAILS: |
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| HealthBeacon plc: Rebecca Shanahan Lar Malone
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| Goodbody (Euronext Listing Sponsor and Broker): Finbarr Griffin David Kearney |
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+353 (1) 667 0420 |
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| Drury (Public Relations): |
|
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| Cathal Barry |
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+353 (0) 87 227 9281 |
| Gavin McLoughlin |
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+353 (0) 87 327 2161 |
About HealthBeacon plc
Headquartered in Dublin, HealthBeacon is an Irish digital therapeutics company that develops smart tools for managing medications for patients in the home. The HealthBeacon Injection Care Management System tracks adherence and persistence with medication schedules through the provision of medication management reminders, safe and sustainable sharps disposal devices, educational tools, and artificial intelligence (AI) driven data analytics. Peer reviewed evidence supports a 19% improvement in therapy persistence by patients and up to 26% improvement in adherence to therapy, which improves clinical outcomes and significantly improves efficiency in health systems. The Company has expanded its offering to growth management with the launch of its integrated Smart Scale and oral adherence with the launch of HB Wave which integrates with its existing technology. The Company operates across Europe, North America and the United Kingdom and employs more than 70 people and has obtained more than 30 design and utility patents. The Company's mission is to become the world's leading digital therapeutics platform for patients managing medications in the home.
Cautionary statement
This announcement contains certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of HealthBeacon plc. These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these projections and forward-looking statements. Any of the assumptions underlying these projections and forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in the projections and forward-looking statements may not actually be achieved. Recipients are cautioned not to place undue reliance on any projections and forward-looking statements contained herein. Except as required by law or by any appropriate regulatory authority, HealthBeacon plc undertakes no obligation to update or revise (publicly or otherwise) any projection or forward-looking statement, whether as a result of new information, future events or other circumstances.
Financial Review
Revenues of €0.9 million were flat on June 2022. Revenue is comprised of revenue from Patient Support Programmes ("PSP") of €0.51 million and Patient Safety Hub of €0.35 million.
Gross Margin was €0.6M +€0.5M versus June 2022 as a result of the launch of the Patient Safety Hub and the cessation of Direct to Consumer (DTC) Sales.
The Company had a net cash position of €1.9 million at 30 June 2023 (December 2022: €12.2 million). The decrease in cash reflected €6M of ICMS unit purchases, €1M on new product development (HB Wave and Patient Safety Hub) and supporting Operating Cash Burn of €4M offset by increased Trade Receivable receipts of €1M.
The Company recorded a loss from operating activities of €7.1 million (June 2021: loss €6.2 million). The increased loss of €0.9M was as a result of increased costs of €1.4M versus June 2022 representing additional infrastructure deployed to support the Specialty Pharmacy launch.
Principal Risks and Uncertainties
The Company has a risk management structure in place, which is designed to identify, manage and mitigate business risk. Risk assessment and evaluation is an essential part of the Company's internal control system. It is designed to enable the Company to meet its business objectives by appropriately managing, rather than eliminating, these risks.
Strategic, Operational and Financial Risks
Global Macro-Environment: The Company's business is influenced by economic conditions in Ireland, North America, Europe and by global economic conditions. Levels of healthcare spending and spending on pharmaceutical products and medical devices have been and could be adversely affected by decreases in people holding health insurance policies, disposable income decreases, tax increases, unemployment increases, or the spending patterns of customers changing to reflecting increased uncertainty or apprehension regarding economic conditions or cessation of reimbursement schemes. Any of these factors could have an adverse effect on the Company's ability to deliver results.
Partnerships: The success of our business depends on achieving our strategic objectives, including through entering into strategic partnerships with pharmaceutical, specialty pharmacy and retail partners where we may have a lesser degree of control over the business operations, which may expose us to additional operational, financial, legal or compliance risks.
Product Adoption: There is early-stage uncertainty around the rate or level of patient and medical professional adoption of the Company's Injection Care Management System and the reliance on reimbursement schemes remains a primary risk in achieving the Company's strategy. The Company's strategy depends on the continued growth of the remote healthcare market in the United States, Europe, and elsewhere. These trends which are unrelated to the performance of the Company may have a material adverse effect on the performance of the Company itself.
Intellectual Property: Our intellectual property portfolio may not prevent competitors from independently developing products and services similar to or duplicative to ours, and the value of our intellectual property may be negatively impacted by external dependencies. If we are not able to protect our intellectual property, the value of our brand and other intangible assets may be diminished, and our business may be adversely affected. The Company invests in R&D in order to protect and expand its current IP suite and offer new solutions to patients for managing their medications, there is no guarantee that R&D investment may result in new product development or protect the Company against technological changes.
Supply Chain: Significant material shortages, supplier capacity constraints, supplier production disruptions, supplier quality and sourcing issues or price increases could increase our operating costs and adversely impact the competitive positions of our products. Our reliance on third-party suppliers, contract manufacturers and service providers, and third parties to secure materials, parts and components used in our products exposes us to volatility in the prices and availability of these materials, parts, components and services. A disruption to these providers could have an adverse effect on our ability to meet our commitments to customers or increase our operating costs. Quality, capability and sourcing issues experienced by third-party providers can also adversely affect our costs, margin rates and the quality and effectiveness of our products and services and result in liability and reputational harm.
Environment and Sustainability: The increasing global focus on environmental and sustainability governance is recognised by the Group, and by its stakeholders. Failure to appropriately assess, monitor and manage the Group's impact on the environment and the communities in which it operates may result in reputational damage, impacting the Group's ability to deliver results.
Growth Management: With continuous execution on growth initiatives, strategies and operating plans, the Company anticipates expansion of its service offerings to new therapeutic areas as well as future expansion into select international markets. Any failures to effectively execute on growth initiatives, business strategies, or operating plans will adversely affect the Company's operations. If the Company is unable to attract new clients or expand members with existing clients, revenue growth may take longer than expected. Any inability to offer high-quality member support to patients could also adversely affect the Company's relationships with future and prospective payers, members, and subsequently adversely impact the Company's future operations and financial condition.
Licences and Regulatory: The Company is dependent to a significant degree on certain licences and regulatory approvals to conduct its business. The Company is also subject to domestic, European and foreign laws and regulations including but not limited to with respect to healthcare, consumer protection, privacy and data protection, employment, accounting, customs, tax, antitrust and competition matters. A failure to obtain, maintain, or comply with the terms of such licences, applicable laws and regulations could have an adverse impact on the Company.
Treasury and Foreign Currency: The Company is exposed to liquidity, interest rate and credit risks. The Company's reporting currency is Euro. Exposure to foreign currency is present in the normal course of business, together with the Company operating in jurisdictions outside of the Eurozone.
Statement of Directors' responsibilities
The Directors confirm to the best of their knowledge that the condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted by the EU, and to the best of their knowledge and belief:
a) the condensed consolidated interim financial statements comprising the Condensed Consolidated Group Income Statement, the Condensed Consolidated Group Statement of Comprehensive Income, the Condensed Consolidated Group Balance Sheet, the Condensed Consolidated Group Cash Flow Statement, the Condensed Consolidated Group Statement of Changes in Equity and related notes have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU, and are prepared in order to comply with the Euronext Growth Market Rule Book;
b) the interim results include a fair review of the important events that have occurred during the first six months of the financial year and their impact on the condensed consolidated interim financial statements for the half year ended 30 June 2023.
Signed on behalf of the Board
R Shanahan L Toole
05 October 2023 05 October 2023
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the six months ended 30 June 2023
| |
|
(unaudited) |
|
(unaudited) |
|
|
|
6 months to |
|
6 months to |
|
|
|
30-Jun |
|
30-Jun |
|
|
|
2023 |
|
2022 |
|
|
|
€'000 |
|
€'000 |
| Income |
|
|
|
|
| Lease Revenue |
|
209 |
|
208 |
| Revenue from Contracts with Customers |
|
652 |
|
659 |
| Total Revenues |
|
861 |
|
867 |
| Cost of Sales |
|
(283) |
|
(780) |
| Gross Profit |
|
578 |
|
87 |
| |
|
|
|
|
| |
|
|
|
|
| Operating Income / (Expenses) |
|
|
|
|
| Impairment losses on Financial Assets |
|
18 |
|
(9) |
| Other Operating Expenses |
|
(7,689) |
|
(6,295) |
| Other Operating Income |
|
82 |
|
66 |
| Loss from Operating Activities |
|
(7,010) |
|
(6,151) |
| |
|
|
|
|
| Finance Costs |
|
|
|
|
| Finance Income |
|
(33) |
|
67 |
| Finance Expense |
|
(24) |
|
(115) |
| Net Finance Costs |
|
(57) |
|
(48) |
| |
|
|
|
|
| Loss before Taxation |
|
(7,067) |
|
(6,199) |
| Tax Expense |
|
- |
|
- |
| Loss from Continuing Operations |
|
(7,067) |
|
(6,199) |
| |
|
|
|
|
| Other Comprehensive Income / (Expense) |
|
|
|
|
| |
|
|
|
|
| Measured through Other Comprehensive Income |
|
- |
|
- |
| Tax on Other Comprehensive Income |
|
- |
|
- |
| Other Comprehensive Income / (Expense) |
|
- |
|
- |
| Total Comprehensive Loss for the year |
|
(7,067) |
|
(6,199) |
| |
|
|
|
|
| All amounts are attributable to the owners of the parent. |
|
|
||
| |
|
|
|
|
| Basic Earnings per Ordinary Share |
|
(0.42) |
|
(0.37) |
| Diluted Earnings per Ordinary Share |
|
(0.42) |
|
(0.37) |
All income relates to continuing operations. All profits and total comprehensive income for the current and preceding financial year are attributable to the equity holders of the company. The accompanying notes form an integral part of these financial statements.
|
Consolidated Statement of Financial Position |
|
|
|
|
| As at 30 June 2023 |
|
|
|
|
| |
|
|
|
|
| |
|
(unaudited) |
|
(audited) |
| |
|
30-Jun |
|
31-Dec |
|
|
|
2023 |
|
2022 |
|
|
|
€'000 |
|
€'000 |
| Non-Current Assets |
|
|
|
|
| Intangible Assets |
|
3,947 |
|
2,803 |
| Property & Equipment |
|
10,094 |
|
1,116 |
| |
|
14,041 |
|
3,919 |
| |
|
|
|
|
| Current Assets |
|
|
|
|
| Inventories |
|
306 |
|
244 |
| Trade and Other Receivables |
|
1,810 |
|
2,181 |
| Cash and Cash Equivalents |
|
1,927 |
|
20,028 |
| |
|
4,044 |
|
22,453 |
| Total Assets |
|
18,084 |
|
26,372 |
| |
|
|
|
|
| Equity |
|
|
|
|
| Share Capital |
|
42 |
|
42 |
| Other Reserves |
|
2,152 |
|
1,232 |
| Share Premium |
|
29,926 |
|
29,926 |
| Accumulated Deficit |
|
(21,245) |
|
(7,133) |
| Total Equity |
|
10,875 |
|
24,067 |
| |
|
|
|
|
| Non-Current Liabilities |
|
|
|
|
| Trade and Other Payables |
|
771 |
|
127 |
| |
|
771 |
|
127 |
| |
|
|
|
|
| Current Liabilities |
|
|
|
|
| Trade and Other Payables |
|
6,439 |
|
2,178 |
| |
|
6,439 |
|
2,178 |
| Total Liabilities |
|
7,210 |
|
2,305 |
| Total Equity and Liabilities |
|
18,084 |
|
26,372 |
| |
|
|
|
|
|
Consolidated Statement of Cash Flows |
|
|
|
|
| For the six months ended 30 June 2023 |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
(unaudited) |
|
(unaudited) |
|
|
|
30-Jun |
|
30-Jun |
|
|
|
2023 |
|
2022 |
|
|
|
€ |
|
€ |
| Loss Before Tax |
|
(7,067) |
|
(6,199) |
| Adjustments for: |
|
|
|
|
| Depreciation of Property & Equipment |
|
879 |
|
266 |
| Amortisation of Intangible Assets |
|
370 |
|
295 |
| Credit Impairment Charge |
|
(18) |
|
9 |
| Interest Expense on Leases |
|
20 |
|
4 |
| Share Based Payments |
|
364 |
|
- |
| Warranty Expense |
|
- |
|
- |
| Foreign exchange loss/(gain) |
|
33 |
|
(67) |
| |
|
(5,420 |
|
(4,684) |
| |
|
|
|
|
| |
|
|
|
|
| (Increase)/Decrease in Receivables |
|
1,513 |
|
244 |
| (Increase)/Decrease in Inventory |
|
1,663 |
|
(117) |
| Increase/(Decrease) in Payables |
|
(35) |
|
(1,300) |
| Net Cash outflow from Operating Activities |
|
(2,287) |
|
(5,877) |
| |
|
|
|
|
| Investing Activities |
|
|
|
|
| Additions to Property, Plant & Equipment |
|
(6,797) |
|
(180) |
| Additions to Intangible Assets |
|
(1,022) |
|
(446) |
| Net Cash outflow from Investing Activities |
|
(7,818) |
|
(626) |
| |
|
|
|
|
| Financing Activities |
|
|
|
|
| Proceeds from the issuance of share capital |
|
- |
|
- |
| Lease liability payments |
|
(144) |
|
(82) |
| Net Cash inflow/(outflow) from Financing Activities |
|
(144) |
|
(82) |
| |
|
|
|
|
| |
|
|
|
|
| Net increase/(decrease) in cash and cash equivalents |
|
(10,248) |
|
(6,585) |
| Cash and cash equivalents at the beginning of the period |
12,168 |
|
26,613 |
|
| Cash and cash equivalents at the end of the period |
|
1,927 |
|
20,028 |
| |
|
|
|
|
| Consolidated Statement of Changes in Equity For the six months ended 30 June 2023 |
|
|
|
|
|
|
|
|
|||
| |
|
|
|
|
|
|
|
||||
| |
|
|
Share |
|
Other |
|
Share |
|
Accumulated |
|
Total |
|
|
|
|
Capital |
|
Reserves |
|
Premium |
|
Deficit |
|
Equity |
|
|
|
|
€'000 |
|
€'000 |
|
€'000 |
|
€'000 |
|
€'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| As at 1 January 2022 |
|
42 |
|
231 |
|
29,926 |
|
(934) |
|
29,265 |
|
| Loss for the financial year |
|
- |
|
- |
|
- |
|
(6,199) |
|
(6,199) |
|
| Shares issuance |
|
- |
|
1,001 |
|
- |
|
- |
|
1,001 |
|
| As at 30 June 2022 (unaudited) |
|
42 |
|
1,231 |
|
29,926 |
|
(13,520) |
|
24,067 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
As at 1 January 2023 |
|
42 |
|
1,788 |
|
29,926 |
|
(14,176) |
|
17,580 |
|
| Loss for the financial year |
|
- |
|
- |
|
- |
|
(7,070) |
|
(7,070) |
|
| Long term incentive plan |
|
- |
|
364 |
|
- |
|
- |
|
364 |
|
| As at 30 June 2023 (unaudited) |
|
42 |
|
2,152 |
|
29,926 |
|
(21,246) |
|
10,874 |
|
Notes to the Consolidated Financial Statements
1. General information
Basis of preparation
The condensed consolidated interim financial statements of HealthBeacon plc and its subsidiaries (the 'Group') have been prepared in accordance with IAS 34, Interim Financial Reporting, as endorsed by the European Union.
The financial information in the condensed interim consolidated financial statements has been prepared on a basis consistent with that adopted for the year ended 31 December 2022. The accounting policies applied in the interim financial statements are the same as those applied in the 2022 Annual Report.
The Half-Yearly Financial Report is unaudited and has not been reviewed by the Group's auditor pursuant to the Financial Reporting Council guidance on Review of Interim Financial Information. These interim financial statements are prepared in order to comply with the Euronext Growth Market Rule Book and are not statutory financial statements as they do not include all of the information required for full annual financial statements and should be read in conjunction with the HealthBeacon Group Annual Report (statutory financial statements) for the year ended 31 December 2022. The audit report on those statutory financial statements was unqualified and did not contain any matters to which attention was drawn by way of emphasis.
The preparation of interim financial statements in compliance with IAS 34 requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The areas involving a high degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in the Group's Annual Report for the year ended 31 December 2022 in note 1 and 2 on pages 43 to 52. The Group's interim financial statements are prepared for the six-month period ended 30 June 2023. The interim financial statements incorporate the Company and all of its subsidiary undertakings. A subsidiary undertaking is consolidated by reference to whether the Group has control over the subsidiary undertaking. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.
HealthBeacon plc is incorporated in the Republic of Ireland under registration number 530689 with a registered office at Unit 20 Naas Road Business Park, Muirfield Drive, Naas Road, Dublin 12, D12 WD85, Ireland.
Going Concern
The financial statements have been prepared under the assumption that the Group operates on a going concern basis and on an accruals basis and under the historical cost convention as modified to include the fair valuation of certain financial instruments.
As at 30 September 2023, the Group has approximately €0.5m net cash on its balance sheet. Together with expected working capital movements over the period this represents sufficient cash to continue to trade until mid-late November 2023. The Board believes that subject to certain working capital initiatives and other cost saving measures, the Company will have sufficient cash resources to continue to trade to the end of the year. Furthermore, the Company is progressing a number of longer-term strategic funding options including the potential disposal of the its Patient Safety Hub business.
While the board remains very focused on the near term funding requirements of the business, it believes that an appropriately funded HealthBeacon has very significant growth prospects, having made substantial progress in the speciality pharmacy sector.
The Group is projecting to significantly increase revenues in 2024 and is projecting profits in the near term onwards due to its broadening partnership base. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements.
2. New Standards
New Standards, Amendments, and Interpretations
There have been no accounting standards, amendments and interpretations that are effective for the first time in respect of the Group condensed interim financial statements for the six months ended 30 June 2023.
New Standards and Interpretations not yet adopted
Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2023 reporting periods and have not been adopted by the Group. These standards are not expected to have a material impact in the current or future reporting periods and on foreseeable future transactions
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