v3.26.1
Condensed Consolidated Interim Statements of Cash Flows - GBP (£)
£ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net profit for the period £ 18,685 £ 250,962
Adjustments to cash flows from non-cash items    
Depreciation and amortization 465 573
Depreciation on right of use assets 524 360
Net finance costs/(income) 9,838 (28,371)
Related party finance income (106,033) (252,937)
Share based payment transactions 3,343 3,207
Income tax charge/(credit) 1,746 (19,592)
Working capital adjustments (71,432) (45,798)
(Increase)/decrease in trade and other receivables (16,168) 5,776
Increase in trade and other payables 4,572 18
Income taxes received   13,700
Net cash flows used in operating activities (83,028) (26,304)
Cash flows from investing activities    
Acquisitions of property, plant and equipment (1,330) (203)
Interest received 1,009 1,241
Net cash flows (used in)/generated from investing activities (321) 1,038
Cash flows from financing activities    
Proceeds from issuance of Convertible Senior Secured Notes to related party 7,719  
Proceeds from issuance of Convertible Preferred Shares 17,746  
Proceeds from issuance of Ordinary Shares 41,083 34,235
Proceeds from issues of warrants   18,032
Proceeds from issues of Ordinary Shares to related party   12,986
Proceeds from issues of warrants to related party   6,840
Transaction costs on issuance of equity instruments (1,148) (4,796)
Payments to lease creditors (648) (521)
Net cash flows generated from financing activities 64,752 66,776
Net (decrease)/increase in cash and cash equivalents (18,597) 41,510
Cash and cash equivalents, beginning of the period 69,082 22,556
Effect of foreign exchange rate changes (800) (2,082)
Cash and cash equivalents, end of the period £ 49,685 £ 61,984