Share-based payments (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Share-based payments |
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| Schedule of share-based payment transactions |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | £ 000 | | £ 000 | | £ 000 | 2021 Incentive Plan | | 9,599 | | 7,142 | | 8,084 | Enterprise Management Incentive | | 68 | | 344 | | 732 | | | 9,667 | | 7,486 | | 8,816 |
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| 2021 Incentive Plan |
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| Share-based payments |
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| Schedule of movements in outstanding share options and weighted average exercise prices |
| | | | | | | 2025 | | 2024 | | | Number | | Number | Outstanding, start of year | | 1,171,210 | | 998,598 | Granted during the year | | 7,254,116 | | 397,803 | Forfeited during the year | | (546,886) | | (96,822) | Exercised during the year | | (141,621) | | (128,369) | Outstanding, end of year | | 7,736,819 | | 1,171,210 |
| | | | | | | 2025 | | 2024 | | | Number | | Number | Nil cost options | | 3,818,319 | | 1,062,415 | Cost options | | 3,432,330 | | — | Performance options | | 377,500 | | — | Company Share Option Plan (CSOP) options | | 108,670 | | 108,795 | | | 7,736,819 | | 1,171,210 |
| | | | | | | 2025 | | 2024 | | | £ | | £ | Outstanding, start of year | | 0.91 | | 1.20 | Granted during the year | | 1.41 | | 0.40 | Forfeited during the year | | 0.62 | | 2.97 | Exercised during the year | | — | | — | Outstanding, end of year | | 1.42 | | 0.91 |
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| Schedule of share options outstanding |
| | | | | | | December 31, | | December 31, | | | 2025 | | 2024 | Weighted average exercise price (£) | | 1.42 | | 0.91 | Number of share options outstanding | | 7,736,819 | | 1,171,210 | Expected weighted average remaining vesting period (years) | | 2.98 | | 2.14 |
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| Schedule of fair value of options granted |
| | | | | | | | December 31, | | December 31, | | | | 2025 | | 2024 | | Average share price at date of grant (£) | | 4.00 | | 7.13 | | Expected volatility (%) | | 85.00 | % | 90.00 | % | Dividend yield (%) | | — | | — | | Option life (years) | | 3.60 | | 2.97 | | Risk-free interest rate (%) | | 3.94 | % | 4.43 | % |
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| EMI Scheme |
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| Share-based payments |
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| Schedule of movements in outstanding share options and weighted average exercise prices |
| | | | | | | 2025 | | 2024 | | | Number | | Number | Outstanding, start of year | | 945,429 | | 1,170,231 | Granted during the year | | — | | — | Forfeited during the year | | (57,181) | | (224,802) | Exercised during the year | | (27,076) | | — | Outstanding, end of year | | 861,172 | | 945,429 |
| | | | | | | 2025 | | 2024 | | | £ | | £ | Outstanding, start of year | | 2.20 | | 2.50 | Granted during the year | | — | | — | Forfeited during the year | | 8.70 | | 3.80 | Exercised during the year | | 1.80 | | — | Outstanding, end of year | | 1.80 | | 2.20 |
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| Schedule of share options outstanding |
| | | | | | | December 31, | | December 31, | | | 2025 | | 2024 | Weighted average exercise price (£) | | 1.80 | | 2.20 | Number of share options outstanding | | 861,172 | | 945,429 | Expected weighted average remaining vesting period (years) | | 0.50 | | 0.92 |
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