Interim Results

30 June 2025

Oxford BioDynamics Plc

("OBD" or the "Company" and, together with its subsidiaries, the "Group")

INTERIM RESULTS FOR THE SIX-MONTH PERIOD ENDED 31 MARCH 2025

Focus and realism

Oxford BioDynamics Plc (AIM: OBD), a precision clinical diagnostics company bringing specific and sensitive tests to the practice of medicine based on its EpiSwitch® 3D genomics platform, today announces its interim results for the six-month period to 31 March 2025.

CORPORATE AND OPERATIONAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS

POST-PERIOD END HIGHLIGHTS

Commenting on the results, Iain Ross, Executive Chairman of Oxford BioDynamics, said:

"The bedrock for the commercial success of this business and the source of vital non-dilutive funding will be through "doing deals" and I am confident it is not a case of "if" but "when". However, I can confirm that although we are in several commercial discussions with third parties, carrying out in-house evaluations and remain optimistic that product, technology and data access deals can be signed, nothing substantive has yet come to fruition and there is no guarantee they will within our current cash runway. Accordingly, we will now take steps, in liaison with our shareholders and advisers to 'right-size' and preserve the integrity of the business."

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310) ("UK MAR"). Upon the publication of this announcement, this inside information (as defined in UK MAR) is now considered to be in the public domain.

For further information please contact:

Notes for Editors

About Oxford BioDynamics Plc

Oxford BioDynamics Plc (AIM: OBD) is an international biotechnology company, advancing personalized healthcare by developing and commercializing precision clinical diagnostic tests for life-changing diseases.

Currently OBD has two commercially available products: the EpiSwitch® PSE (EpiSwitch Prostate Screening test) and EpiSwitch® CiRT (Checkpoint Inhibitor Response Test) blood tests. PSE boosts the predictive accuracy of a PSA test from 55% to 94% when testing the presence or absence of prostate cancer. CiRT is a highly accurate (85%) predictive response test to immuno-oncology checkpoint inhibitor treatments.

The tests are based on OBD's proprietary 3D genomic biomarker platform, EpiSwitch® which enables screening, evaluation, validation and monitoring of biomarkers to diagnose patients or determine how individuals might respond to a disease or treatment.

OBD's clinical smart tests have the potential to be used across a broader range of indications, and new tests are being developed in the areas of oncology, neurology, inflammation, hepatology and animal health.

The Group's headquarters and UK laboratories are in Oxford, UK. Its US operations and clinical laboratory are in Maryland, USA, along with a reference laboratory in Penang, Malaysia.

OBD is listed on the London Stock Exchange's AIM (LSE: OBD). For more information, please visit the Company's website, www.oxfordbiodynamics.com, X (@OxBioDynamics) or LinkedIn.

A copy of this announcement is available on the Company's website at www.oxfordbiodynamics.com.

This announcement includes "forward-looking statements" which include all statements other than statements of historical facts, including, without limitation, those regarding the Group's financial position, business strategy, plans and objectives of management for future operations, and any statements preceded by, followed by or that include forward-looking terminology such as the words "targets", "believes", "estimates", "expects", "aims", "intends", "will", "can", "may", "anticipates", "would", "should", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Group's control that could cause the actual results, performance or achievements of the Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Group's present and future business strategies and the environment in which the Group will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Group expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, readers are cautioned not to rely on any forward-looking statement.

EXECUTIVE CHAIRMAN'S REVIEW

BACKGROUND

In December 2024, I was asked to join the Company and lead an emergency fundraising.

On 15 January 2025, with the support of key shareholders, the Company successfully raised gross proceeds of £7 million pursuant to a placing and a further £350,000 pursuant to a WRAP Retail Offer (the "Fundraising"). At the time, we stated that we would use the net proceeds of the Fundraising as working capital to support the commercial development of the Company, by continuing to grow the sales of the marketed PSE & CiRT tests; immediately seeking third party validation through actively establishing partnerships, collaborations and licensing deals within the diagnostic/pharmaceutical sector; and as necessary restructuring the business to maintain a realistic cost base for a Company of OBD's size. During the fundraising roadshow I made it clear that within a short period of time, I wanted to provide the OBD shareholders optionality for their business going forward.

I was appointed to the Board at the end of January and on 28 February 2025 we announced the results for the year ended 30 September 2024, in which I stated that my ultimate objective was to structure and operate the business to optimise shareholder value. In my view, it was essential to make the business more commercially focused, market-orientated and driven by a greater sense of urgency. However, following my initial review, it quickly became clear that achieving this would require us to retain a robust infrastructure and critical mass. This was necessary not only to preserve the integrity of the business but also to increase revenues from our marketed product tests and to rapidly secure non-dilutive funding from newly-formed partnerships and collaborations.

PROGRESS

· Since February 2025 we have identified, initiated and successfully engaged with several third parties either directly or through the Company's advisers and where appropriate we have already commenced in-house evaluations in support of potential collaborations. At the time of writing, several commercial discussions are ongoing.

· PSE test orders and sales have continued to grow month on month - at the time of writing, with some orders still to be received, June 2025 is already our best month for PSE sales - and we anticipate an acceleration in sales growth with the imminent inclusion of the PSE test in two US EMR (electronic medical record) systems, a salesforce re-alignment, and an increasing sales penetration and market acceptance in specific US States.

· Whilst overall sales of CiRT tests have grown in the period under review, it remains clear that wider adoption of CiRT will be dependent on the test's inclusion in clinical guidelines and as a result the Company expects to apply for guideline inclusion, using data from the PROWES prospective clinical study, later this year.

· In February 2025 we announced results of a multi-institutional clinical study published in the peer reviewed journal 'Cancers' confirming the efficacy of OBD's EpiSwitch® blood-based Colorectal No-Stool Test (NST). High accuracy of detection was reported at 81% for early cancer stages and 82% for non-cancerous polyps. This data has been used to stimulate interest with third parties with a view to executing co-development and/or out-licensing deals on the NST test. Active discussions are ongoing.

· In addition to private healthcare providers and insurers, during the period we have engaged with NHS groups, relevant charities and political initiatives to raise the profile and awareness of the Company and our tests, especially PSE. Former UK Prime Minister, Rt Hon Rishi Sunak was appointed as an ambassador for Prostate Cancer Research supporting their campaign to introduce a UK national screening programme for men at high risk of the disease. Subsequently, Mr Sunak visited the Company and in the accompanying press coverage emphasised that our EpiSwitch PSE test can detect prostate cancer with 94% accuracy, which the charity called a "significant improvement" on the most used prostate-specific antigen test.

· In March 2025 we announced that Bupa UK insurance will cover PSE for Bupa UK insurance customers with a raised PSA level and no additional high-risk factors or symptoms. We have ongoing discussions with other health care insurance providers.

· Post-period we announced that OBD's Oxford clinical laboratory has been accredited by UKAS as a clinical lab under ISO 15189 standard to run EpiSwitch® clinical tests. All orders for both CiRT and PSE in the UK are processed within the UK lab.

· Also post-period, three peer-reviewed OBD papers have been accepted for imminent publication in a high impact journal. We are pleased to note that the first paper1, which presents compelling real-world evidence from a US urology clinic showcasing EpiSwitch PSE's transformative impact eliminating unnecessary prostate biopsies in four out of five cases-was covered in the The Daily Mail on 28 June 2025. The study indicates this approach could potentially avoid up to 593,000 biopsies annually in the US alone and generate economic benefits nearing $2B per year. The second, co-authored with Pfizer2, highlights successful use of the EpiSwitch platform in developing and validating tailored blood-based biomarkers for the pharmaceutic company in their large immuno-oncology trial. The third, a perspective piece co-authored with the University of Oxford3 and with the backing of the journal's editors, emphasizes the fundamental paradigm-shift enabled by 3D genomic biomarkers-the technology underpinning OBD's proprietary EpiSwitch platform and the company's gatekeeper intellectual property-for reliable disease diagnosis, prognosis, and therapy response prediction from a liquid biopsy.

OUTLOOK

The bedrock for the success of this business and the source of vital non-dilutive funding will be through "doing deals" and I am confident it is not a case of "if" but "when". However, at the time of writing, I can confirm that although we are in several commercial discussions with third parties, carrying out in-house evaluations and remain optimistic that product, technology and data access deals can be signed, nothing substantive has yet come to fruition and there is no guarantee they will within our current cash runway. I believe we have injected a sense of urgency, focus and realism into the organisation; raised our profile; created a lot of third-party commercial interest and initiated several commercial discussions but we must recognise that, to date, we have failed to secure meaningful validating partnerships and collaborations.

Having been in this business for six months now, I can safely say it is a good business with excellent technology assets and with real and lasting sales potential, but it is carrying a potentially crippling overhead. As a result, based on the Directors' assessment, with the organisation and premises it has today, the current cash is only forecast to extend until Q4 2025.

Therefore, the immediate plan is to 'right-size' the business, reduce the fixed overhead and pivot our emphasis more towards growing the PSE test sales in the USA, whilst maintaining our core technology competency in the UK. With a re-alignment of costs and an influx of funds either through non-dilutive deals and/or a timely capital injection, the Directors believe the business can thrive and create sustainable and increasing shareholder value.

Based on the internal forecasts prepared and various options being explored and considered by the Board, the Directors consider it appropriate to continue to adopt the going concern basis in the preparation of these interim results. However, there is no guarantee that our attempts to reduce costs or secure adequate cash inflows from the Company's current operations, new collaborations or through equity fundraising within the timescales stated above, will be successful. These conditions indicate the existence of a material uncertainty, which may cast significant doubt about the Company's ability to continue as a going concern. These unaudited interim financial statements do not include the adjustments that would result if the Company and Group were unable to continue as a going concern.

Consequently, I look forward to working closely with our advisers and stakeholders to secure the long-term future of the business. I would like to sincerely thank everyone connected with the Company for their dedication over the past six months and for their continued support as we move forward. We remain focused on delivering progress and will keep the market updated in due course.

Iain Ross

Executive Chairman

1. Berghausen J, Abdo J, Mathis R, Hunter E, Akoulitchev A, Pohlman GD. EpiSwitch PSE Blood Test Reduces Unnecessary Prostate Biopsies: A Real-World Clinical Utility Study. Cancers (2025) https://www.mdpi.com/2072-6694/17/13/2193

2. Powles T, Sridhar SS, Bellmunt J, et al. Blood-epigenetic biomarker associations with tumor immunophenotype in patients with urothelial carcinoma from JAVELIN Bladder 100. Cancers (2025) [accepted, pending publication]

3. Mellor J, Hunter E, Akoulitchev A. Paradigm Lost. Cancers (2025) https://www.mdpi.com/2072-6694/17/13/2187

Financial review

Introduction

The six months to 31 March 2025 saw increased revenues from sales of clinical tests, but the Group remained lossmaking and cashflow negative. Costs included significant professional fees associated with the review of strategic options and associated activity in the final quarter of calendar 2024. Notwithstanding this, overall operating expenses were reduced relative to the equivalent period in the prior year. The shareholder loan facility provided by Vulpes Testudo Fund (December 2024) and the subsequent successful fundraising announced in January 2025 provided necessary additional short-term capital. Led by Iain Ross, in the second half of the period, the business has operated with a focus on seeking partnership and collaboration. The Executive Chairman's statement above outlines progress since January, the current position and the Board's plans for the immediate term.

Financial Performance

Revenue was increased compared to each of the preceding six-month periods, at £587k (H1 2024: £327k, H2 2024: £309k). All revenue for the period arose from sales of proprietary clinical tests. Test revenue was increased by over 300% on H1 2024, this increase being offset by a reduction in revenue arising from projects for pharma customers.

PSE orders in the six-month period were just under 800, more than the total for the whole of FY24. Gradual growth in the daily run rate of test orders has continued post-period end, with over 1,000 tests having been ordered in the current financial year to date by mid-May.

CiRT orders in the period were 445, reflecting an increase on each of the preceding six-month periods (H1 2024: 298, H2 2024: 373). Much of this volume came from sites participating in the PROWES prospective clinical study. Data from the study are now being reviewed pending submission of an application for guideline inclusion later this year, which has allowed further enrolment to the study to be paused. This will lead to lower study costs in the second half of the year.

About 20% of PSE test sales are on a 'cash-pay' basis, either to patients paying for the test themselves, or to insurers or institutions with whom the Group has direct agreements in place (such as Bupa UK, announced during the period). Other PSE tests and almost all CiRT tests were for patients covered under US health insurance policies: the unique CPT Codes for the tests allow the Group to claim reimbursement from insurers. Amounts actually reimbursed vary significantly between insurers and policies.

Approximately £60k of variable consideration from US insurance sales has been recognised in the period, ahead of receipt of cash for the tests concerned post-period, based on the Group's assessment of the consistent rates of US insurance reimbursement for both the CiRT and PSE tests. More information on this estimate is provided in note 2 to the interim consolidated financial statements.

As noted above, the Group's operating costs for the period were slightly decreased compared to the equivalent period in the prior year. Research and development expenses (H1 2025: £0.41m, H1 2024: £0.33m, H2 2024: £0.48m) again reflect lab consumables and equipment maintenance costs. Expenditure varies with the type and amount of R&D work undertaken in the Group's laboratories.

Staff costs were lower than the equivalent period in the prior year (H1 2025: £2.59m, H1 2024: £2.98m, H2 2024: £2.52m). The overall decrease vs the equivalent period in the prior year resulted from there being no accrual for bonuses for the six months to 31 March 2025 (H1 2024: accrual of £0.3m). Average staff numbers were reduced relative to the prior year, reflecting redundancies and unreplaced leavers during the period in the US and UK. These cost reductions were partially offset by redundancy/notice payments and the appointment of Iain Ross to the new role of Executive Chairman.

General and other administrative costs were at a similar level to the two preceding six-month periods (H1 2025: £2.42m H1 2024: £2.20m, H2 2024: £2.28m), with this net movement arising from several increases and decreases. Marketing costs, staff expenses and general expenses were reduced, offset by increases in professional, legal and advisory costs (these increases came mainly from 'one-off' costs) and property costs.

Non-cash share option charges (H1 2025: £0.16m, H1 2024: £0.30m, H2 2024: £0.21m) were reduced compared to prior periods because charges previously recognised in respect of unvested options held by leavers were reversed in the period. The fair value of options issued to employees is spread over vesting periods of typically between one and three years from the date of the grant (except for 96m options issued to Iain Ross during the period which vest in equal monthly instalments to January 2027).

Depreciation and amortisation charges were reduced at £0.63m (H1 2024: £0.73m, H2 2024: £0.74m). Some lab equipment still in use became fully depreciated during the period and the Group did not renew its office lease in Gaithersburg, MD when it expired (leading to lower right-of-use asset depreciation).

Other operating income arose from the Company's involvement in the EU-funded HIPPOCRATES (Health initiatives in psoriasis and psoriatic arthritis consortium European states) consortium, and the disposal of a small amount of office and laboratory equipment.

The fair value gain on financial liabilities designated as FVTPL (£0.01m, H1 2024: £1.20m, H2 2024: £0.15m) relates to the warrants issued by the Company in 2021, which are classified as liabilities. Gains equate to the reduction in the fair value of the warrant liability in each period, driven by the reduction in the Company's share price.

Financial position

Cash and fixed term deposits at 31 March 2025 were £4.26m (30 September 2024: £2.83m), following the successful fundraising in February 2025 offset by operating cash outflows.

Non-current assets were £6.65m (30 September 2024: £7.06m) reflecting modest capital expenditure, and depreciation and amortisation of the existing asset base in the period.

Current assets excluding cash and fixed term deposits were similar to the year-end at £2.40m (30 September 2024: £2.22m). The balance at both dates included the UK R&D Tax Credit in respect of the previous financial year (received after the period) and a receivable balance in respect of foreign tax paid on account during the prior period. Inventory and prepayment balances were broadly similar at each reporting date.

Current liabilities were similar to the year end, at £2.57m (30 September 2024: £2.56m).

Non-current liabilities were £4.80m (30 September 2024: £5.19m), comprising lease liabilities and dilapidations provisions in respect of the Group's facilities.

Cash flow

Net cash used in operating activities in the period was higher than in the equivalent period in the prior year, at £4.87m (H1 2024: £3.47m), but reduced relative to the preceding period (H2 2024: £6.7m). The movement relative to H1 2024 was driven by a lower operating loss, which was offset by a timing difference in the receipt of UK R&D Tax Credits and the effect of adjustments for non-cash items and working capital movements, especially current liabilities.

Net cash flows from investing activities were £0.85m arising from the maturity of £1m of term deposits during the period and interest income, offset by expenditure on intangible assets.

Financing cash inflow for the period was £6.45m (H1 2024: net outflow of £0.33m), reflecting the cash impact of the £1m shareholder loan facility provided by Vulpes Testudo Fund announced in December 2024 (of which £0.9m was drawn down and repaid in the period), the Fundraising announced in January 2025 and rent payments for the Group's leased properties. The increase in rent payments in H1 2024 and H1 2025 was primarily because of the timing of payments made on or around the reporting dates concerned.

Summary

The six-month period ended 31 March 2025 was significant for the Group. Although revenue from test sales increased, cash became severely depleted in the run-up to the fundraising announced in January 2025. The funds raised provided replenished but limited cash resources, allowing the Group to focus on pursuing opportunities for partnerships, collaborations and outlicences. Doing so whilst continuing to support the Group's on-market tests has meant that, to date, the cost base has not been materially reduced.

The Board is currently keeping several potential commercial opportunities under review. However, none of these is guaranteed to generate additional cash resources. As noted in the Executive Chairman's review, the Group will require additional funds in Q4 of 2025 and there is no guarantee that attempts to reduce costs and secure adequate cash inflows from the Company's current operations, new collaborations or through equity fundraising within the necessary timescale will be successful.

Accordingly, as explained in more detail in Note 2 to the interim financial statements, the Board has concluded (as it did in the annual reports for the years ended 30 September 2023 and 30 September 2024) that there continues to be a material uncertainty which may cast significant doubt on the Group's ability to continue as a going concern.

Paul Stockdale

Chief Financial Officer

Consolidated income statement

Consolidated statement of comprehensive income

Consolidated statement of financial position

Consolidated statement of changes in equity

Consolidated statement of cash flows

Notes

1. General information

The interim financial information was authorised for issue by the Board of Directors on 27 June 2025. For the year ended 30 September 2024, the Group prepared consolidated financial statements under UK adopted international accounting standards. These condensed consolidated interim financial statements (the interim consolidated financial statements) have been prepared under the historical cost convention. They are based on the recognition and measurement principles of UK adopted international accounting standards which are effective from 1 October 2024. This interim information does not comply with IAS 34 Interim Financial Reporting, as is permissible under the rules of AIM.

2. Basis of accounting

Basis of preparation

These interim consolidated financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of financial liabilities at fair value through profit or loss, and in accordance with the recognition and measurement principles of UK-adopted international accounting standards.

Reporting currency

The interim consolidated financial statements are presented in pounds sterling (GBP), which is also the Company's functional currency.

Going concern

In assessing the appropriateness of adopting the going concern assumption, the Group has prepared a detailed forecast for the twelve-month period from the date of this statement ("the forecast"). The forecast includes:

· estimates of likely revenue arising from EpiSwitch PSE and EpiSwitch CiRT (based on the Group's own assessments of market opportunities);

· potential revenues from agreements to outlicence one or more products and contracts with pharmaceutical partners;

· operating costs reflecting a reduced cost base following 'right-sizing' announced in this statement; and

· limited capital expenditure, primarily to maintain the Group's patent estate.

The Group will require additional cash resources in Q4 of 2025, either from non-dilutive funding or equity investment. At the time of writing, the Group is engaged in ongoing discussions with several parties, and whilst it is possible that funding may arise from one or more of these interactions, it is considered most likely that these additional resources will have to come from equity investment.

The forecast includes estimates of revenues from test sales, work for pharma partners and agreements to outlicence one or more of the Group's products. Revenue during the period ended 31 March 2025 was increased compared to each of the preceding two half-year periods, but the Group remained lossmaking with income significantly exceeded by operating costs. The Board is pursuing or considering several actions to reduce costs, and the timing and financial impact of some of these actions is not certain. It is also difficult to predict the level and timing of revenues that are likely to be received from any outlicencing agreements and work for pharma partners.

The Group has further considered a scenario in which growth in revenues from test sales is significantly slower than in the forecast and no revenues are received from contracts with pharma partners or agreements to outlicence products. In this scenario, the additional cash resources required in Q4 would necessarily come from equity investment. The Group was able to maintain its cash reserves during the period, through a shareholder loan facility (announced in December 2024) and the raising of £7.35m (before costs) through a placing, subscription and WRAP retail offer (announced in January 2025). However, as at the date of publication of this report, there is no guarantee that the Group will be able to access further cash resources from investors and there is uncertainty regarding the amount of funding that it will be possible to raise.

Stakeholders should be aware that there is uncertainty around the Group's ability to generate sufficient revenues and/or to raise sufficient finance to meet its expected costs. These conditions present a material uncertainty which may cast significant doubt on the Group's ability to continue as a going concern and, therefore, it may be unable to realise its assets and discharge its liabilities in the normal course of business.

Accounting policies

The interim financial statements have been prepared in accordance with the accounting policies set out in the Annual Report and Accounts for the year ended 30 September 2024, which is available on the Company's website.

Accounting judgements and estimates

The critical judgements that the Directors have made in the process of applying the Group's accounting policies and that have the most significant effect on the amounts recognised in these consolidated interim financial statements are set out below.

Treatment of revenue arising from test sales reimbursed by US insurance payors

The Group recognises revenue when or as the relevant performance obligations in its contracts with customers are completed. Sales of the Group's proprietary tests can be paid for by patients, payors with whom the Group has direct agreements in place, or by US insurers through the reimbursement process. In this final case, the Group may obtain an acknowledgement of financial responsibility from a patient before processing a test.

EpiSwitch® CiRT and PSE tests were regularly reimbursed by several US insurers throughout the period, for a range of amounts. The amount received is influenced by several factors, including the terms of individual patients' policies such as requirements for co-payment, the price listed for the test, if any, in the Centers for Medicare and Medicaid Services (CMS) Clinical Laboratory Fee Schedule (CLFS), insurers' own coverage policies in respect of the tests, and claim denials. Where reimbursement for a test is initially denied, or reimbursed at a lower-than-expected amount, the Group avails itself of the appeals process that exists in the reimbursement system. At the period end, a number of appeals were in process but not yet complete.

The above factors are relevant to Management's decision on whether a contract with a customer exists and therefore whether the five-step process of revenue recognition included in IFRS 15 Revenue from Contracts with Customers should be followed or whether instead revenue should be recognised on final receipt of funds from a payor.

Management exercised judgement in determining that for the Group's test orders in the period, the patient should be considered the customer, even if there is no explicit reimbursement agreement in place between the Group and the patient, the contract with the patient being judged to be established in accordance with customary business practices.

IFRS 15 "Revenue from Contracts with Customers" sets out a five-step model for revenue recognition. For the Group's clinical tests, since reimbursement ultimately received from insurers is variable, Management must exercise judgement in determining the amount and timing of revenue to be recognised.

Following the guidance in IFRS 15, Management exercised judgement to limit the amount of variable consideration recognised to the "unconstrained" portion of such consideration. This means that the Group recognises revenue up to the amount of variable consideration that is not subject to a potential significant reversal until additional information is obtained or the uncertainty associated with additional payments or refunds is subsequently resolved.

Since 30 September 2024, the quantity and stability of historical reimbursement data available to the Group, which it uses to predict receipts from insurers and therefore the amount of variable consideration to recognise on delivery of a test report to a patient's doctor, have both increased. For the six-month period ended 31 March 2025, variable consideration arising from US insurance-reimbursed clinical tests has been recognised, subject to a constraint. In previous periods, variable consideration was judged to be constrained to zero.

To the extent that this estimate were to be inappropriate, the Group's revenue for the period would be increased or decreased, but Management do not expect that this would result in any material change to the amounts recognised in these financial statements.

Management anticipate that in future periods, as the Group continues to record more information relating to historical collections experience, it is likely that judgement will continue to be required in determining the extent to which variable consideration relating to these tests is unconstrained and should therefore be recognised.

There have been no significant changes to critical accounting judgements or accounting estimates of amounts reported in prior financial periods.

3. Revenue

All revenue is derived from the Group's principal activities, namely sales of proprietary products and biomarker research and development. Analysis of the Group's revenue by principal activities, geography and pattern of revenue recognition is as follows:

Information about major customers

The Group's revenues for the periods covered by this report are derived from a large and growing number of customers. Revenue from individual customers representing a significant proportion of the total is generally either from projects for pharma and other customers or, for sales of clinical tests, sales to distributors who are classed as single customers. Customers representing more than 10% of the revenue for the period are summarised below:

4. Business segments

Products and services from which reportable segments derive their revenues

Information reported to the Group's Executive Chairman (who has been determined to be the Group's Chief Operating Decision Maker) for the purposes of resource allocation and assessment of segment performance is focused on costs incurred to support the Group's main activities. The Group is currently determined to have one reportable segment under IFRS 8, that of sales and proprietary products and biomarker research and development. This assessment will be kept under review as the Group's activity expands.

The Group's operating expenses and non-current assets, analysed by geographical location were as follows:

5. Staff costs

The average number of persons, including executive directors, employed by the Group during the period was as follows:

6. Earnings per share

From continuing operations

The calculation of the basic and diluted earnings per share is based on the following data:

 * Ordinary shares that may be issued on the exercise of options or warrants are not treated as dilutive as the Group is loss-making and the potential ordinary shares do not increase the loss per share from continuing operations.

7. Intangible fixed assets

8. Property, plant and equipment