ABDX Abingdon Health Plc

Abingdon Health plc

("Abingdon" or "the Company")

Final Results

York, U.K.  8 October 2024: Abingdon Health plc (AIM: ABDX), a leading international lateral flow contract research (CRO) and contract development and manufacturing organisation (CDMO), announces its final results for the year ended 30 June 2024.

Financial highlights

·    Revenue growth of 52% to £6.1m (2023: £4.0m) - 49% growth when excluding acquisitions.

·    H2 FY 2024 showed revenue growth of 55% compared to H1 FY 2024.

·    Adjusted^* EBITDA losses reduced significantly to £1.1m (2023: £2.9m loss).

·    Gross margin of 60% (2023: 51%).

·    Cash as at 30 June 2024: £1.4m (2023: £3.2m) - with additional net proceeds of £5.1m raised post-year end

*Earnings before interest, tax, depreciation, amortisation and one-off costs as outlined above, is a non-GAAP measure used by management and is not an IFRS disclosure.

Operational highlights (including post-period end)

·    51% year-on-year revenue growth in CRO/CDMO business due to an increase in customers utilising Abingdon's contract development, scale-up, technical transfer and manufacturing services; as well as an expansion in the Company's range of services such as regulatory support.

·    Three customer products transitioned into manufacturing in FY24:

o  Salignostics (saliva pregnancy test),

o  LoopDX (sepsis),

o  Up Front Diagnostics (stroke).

·    Product business revenues up 56% year-on-year - benefitting from the launch of three lateral flow tests with Boots.

·    Continued expansion of product range and sales and distribution platform expected in FY25 to generate further product sales growth.

·    Acquisition of IVDeology for a maximum consideration of £0.7m in shares completed in May 2024 strengthens existing regulatory service offering.

·    New US commercial office and R&D laboratory targeted for Q4 of calendar year 2024.

·    Acquisition of Compliance Solutions (Life Sciences) for a maximum consideration of £3.2m in cash and shares completed in August 2024 also increases breadth of international regulatory service offering.

·    £5.6m (gross) fundraise completed in August 2024 to be used to invest in product development, analytical laboratory service expansion and for working capital.

Chris Yates, Chief Executive Officer of Abingdon Health, said: "As a CRO/CDMO focused on lateral flow technology with a well-established track record of bringing products from 'idea to market' we believe we are well-placed to support a broad range of customers. The recent acquisitions of IVDeology and Compliance Solutions (Life Sciences), and the further investment in expanding our analytical laboratory service mean that we can now offer more a comprehensive service.

"Our key financial priorities are to grow our revenues and reduce our cashburn through continued close cost management, therefore moving the Company to a positive cashflow position, having achieved a cashflow positive quarter in Q4-FY2024. We are confident that our contract services customer base and our current growing pipeline means we are well positioned to grow our business and deliver shareholder value going forward."

Enquiries:

The person responsible for arranging the release of this announcement on behalf of the Company is Chris Yates, Chief Executive Officer of the Company.

About Abingdon Health plc

Abingdon Health Group is a leading med-tech contract service provider offering its services to an international customer base.

The Company's CDMO division offers lateral flow product development, regulatory support, technology transfer and manufacturing services for customers looking to develop new assays or transfer existing laboratory-based assays to a lateral flow format. Abingdon Health's CDMO division has the internal capabilities to take lateral flow projects, in areas such as infectious disease and clinical testing, including companion diagnostics, animal health and environmental testing, from initial concept through to routine and large-scale manufacturing; from "idea to commercial success".

Abingdon's regulatory services companies, Compliance Solutions (Life Sciences) and IVDeology, provide a broad range of regulatory services to the in vitro diagnostic and wider medical device industry, to support customers in bringing products to market across a range of territories including the USA, EU and the UK. Our consultancy services range from design, implementation and maintenance of quality management systems, preparation of technical files for regulatory approvals, part-time and interim management support, auditing both internal and external, management reviews and presentations, training and mentoring.

Abingdon Health's Abingdon Simply Test range of self-tests is an e-commerce platform that offers a range of self-tests to empowers consumers to manage their own health and wellbeing. The Abingdon Simply Test e-commerce site offers consumers a range of information to support them in making informed decisions on the tests available. In addition, the site provides Abingdon's contract services customers with a potential route to market for self-tests. The Abingdon Simply Test range is also sold through international distributors and through other channels in the UK and Ireland, such as pharmacy chains.

Founded in 2008, Abingdon Health is headquartered in York, England.

For more information visit: www.abingdonhealth.com

Chairman & CEO Joint Statement

We are pleased to report continued revenue growth in the year ended 30 June 2024 and an improving cashflow and EBITDA performance, particularly in the second half of the financial year. Revenue increased by 52% to £6.1m (2023: £4.0m) and Adjusted EBITDA losses reduced to £1.1m from £2.9m in FY23.

As well as increasing our revenue in the year, we also completed two acquisitions (one post year-end) that will enhance our regulatory service capability. We successfully raised £5.6m post year-end to support expansion of the analytical laboratory services at our Doncaster site, enhance product development, and provide additional working capital.

Our service proposition is resonating well with our international customer base, and we believe we are well placed for continued revenue growth. The lateral flow market continues to grow, and we are seeing expanding use of the technology across a range of applications. As a knowledge leader in the application of lateral flow technology Abingdon is proud to support its customers in bringing innovative rapid testing products through development and onto the market.

Abingdon's mission is improving life through making rapid tests accessible to all; and we seek to fulfil this by supporting our customers in bringing their innovative lateral flow products to market. We are seeing growth in the market and Abingdon is active across a broad range of applications including clinical (point of care and self-test), animal health, plant pathogen, food and environmental testing. 

Our customer service proposition is to provide all the "pieces of the jigsaw" to allow a customer to take a project from idea through to commercial success. Abingdon's service offering includes contract research and development, scale-up, technical transfer, manufacturing, packaging design and kitting, regulatory support, and analytical laboratory services. Abingdon's integrated Contract Research Organisation ("CRO") and Contract Development and Manufacturing Organisation ("CDMO") model continues to resonate well with a diverse customer base and we have broadened and deepened our service offering in the year and post-year-end through the acquisition of regulatory service providers IVDeology, in May 2024, and Compliance Solutions (Life Sciences), in August 2024. Furthermore, we will invest to expand our analytical laboratory service offering following the fundraising completed in August 2024 which raised gross proceeds of £5.6m.

The rapid diagnostic market is forecast to be worth over $280 billion by 2033 growing at a cumulative annual growth rate (CAGR) of 20.8% between 2023 and 2033. The lateral flow segment is estimated to be the largest segment of the rapid testing market, accounting for 36% of the market in 2023 (Source: Precedence Research: 2024 Rapid Diagnostics Market report). This growth is being driven in part by reduced barriers to adoption for lateral flow technology ("LFT") due to the widespread adoption of LFT during the COVID-19 pandemic. According to Statista (Tests for COVID-19 most impacted countries worldwide 2022 | Statista), there were 1.15 billion and 0.5 billion COVID-19 lateral flow tests performed in the US and the UK respectively by December 2022. Most people in the USA, the UK and other western countries have performed a lateral flow test and understand the technology. The second growth driver is innovation. We believe the COVID-19 pandemic has driven a second wave of innovation in the lateral flow market and this is driving greater use of the technology as the usability and performance of lateral flow technology improves.

Further growth drivers include the expansion in infectious disease testing, growing use within chronic disease management, rising consumer interest and growth in home testing kits, integration of digital technologies, and regulatory and reimbursement developments.

We remain confident that Abingdon Health's knowledge leadership position in the lateral flow industry and our integrated service offering will continue to lead to sustainable revenue growth. Our key objective remains to move the company to sustained positive cashflow and we are making solid progress towards this objective. 

Our strategy

Our mission at Abingdon Health is to improve life by making rapid results accessible to all. We achieve this by supporting our customers, as an integrated lateral flow CRO & CDMO, in developing and manufacturing lateral flow tests across a range of sectors including clinical (human health), animal health, plant pathogen and environmental testing.

Our technology focus continues to be on the lateral flow market which is large and growing. Our acquisitions of IVDeology and Compliance Solutions (Life Sciences) give us access to other regulatory, clinical testing, and quality assurance elements of the lateral flow market and also provide access to adjacent markets. Key drivers of the  growth in the lateral flow sector include reduced barriers to adoption of lateral flow technology following widespread lateral flow testing during the COVID-19 pandemic, innovation in the lateral flow market, as well as other factors such as a drive towards the decentralisation of testing to improve patient and economic outcomes, the increase in rates of infectious disease and the emergence of new pathogens; and the increased demand from consumers for diagnostic tools to enable them to manage their own health. 

Abingdon Health's focus within the lateral flow market is two-fold:

1) Lateral flow CRO/CDMO - providing 89% of 2023/4 revenues

Our core service proposition is to provide our customers with a fully integrated, contract research and contract development and manufacturing service enabling Abingdon to manage the lateral flow development projects in full, from 'idea through to commercial success', and to provide large-scale automated manufacturing. The CRO and CDMO business model, well-established in the pharmaceutical industry, has direct application to the medical diagnostics market, and our contract services include R&D, optimisation and scale-up, technical transfer and manufacturing as well as added-value services such as reagent development, regulatory and clinical trial support and packaging design and kitting service provision. The ability to offer this range of services, providing outsourcing options to our customer base, continues to resonate well. It has been pleasing to see a number of customers benefit from this integrated service in the year utilising Abingdon not only for development, scale-up and technical transfer but also, for example, regulatory and analytical laboratory support.  We continue to drive greater awareness of the capabilities of, and innovation in, lateral flow technology through a regular cadence of blogs and articles and we also attend third party workshops and conferences to promote the use of lateral flow technology and share knowledge. To that end we were delighted to sponsor the 2024 Next Generation Diagnostics Conference in Washington DC in August 2024.

2) Lateral flow product sales & distribution - providing 11% of 2023/4 revenues

We continue to build a route to market initially within Europe for lateral flow self-tests. Our route to market will be a combination of both direct sales, on Amazon or through our website www.abingdonsimplytest.com and through retail and distribution agreements. We have established our own self-test lateral flow brand, Abingdon Simply Test™, which currently includes 16 self-test products.

Going forward, the core element of our strategy is to be a preferred supplier of lateral flow tests to major retailers, in essence a trusted partner in the sourcing of tests both through our own CDMO customer base and externally through third parties. We were therefore delighted to announce the launch of self-tests for Vitamin D and Ferritin (Iron) in March 2024 and saliva pregnancy test (May 2024) with Boots under the Boots own-label brand. We continue to pursue opportunities to expand the number of products we supply to Boots and other major European retailers with a focus on the provision of own-label solutions.

We regard our lateral flow sales & distribution platform as complementary to our CRO/CDMO business. It is intended to provide support to a number of our CDMO customers who are developing self-tests, with a ready-made route to market to drive early commercial adoption. The first such example was the launch of Salistick^TM, the first ever saliva pregnancy test, in the UK. The product is currently distributed in a number of major retailers including Superdrug and Boots.

Performance in the year

We were pleased with the financial performance in FY24 with revenue growth of 52% compared to FY23. The Group's revenues were £6.1m (2023: £4.0m) and excluding the impact of the acquisition of IVDeology in May 2024, FY24 revenues were £6.0m which was 49% higher than FY23.

Our CRO/CDMO business grew 51% year-on-year. This strong revenue growth arose from an increase in the number of customers utilising our contract development, scale-up, technical transfer and manufacturing services; and an expansion in our range of services such as regulatory support. Our model is based on bringing customers through the development process and into manufacturing and then supporting these customers in the long-term as manufacturing and regulatory customers. We saw three customer products transition into manufacturing in FY24: Salignostics (saliva pregnancy test), LoopDX (sepsis) and Up Front Diagnostics (stroke). We expect further technical transfers to transition into manufacturing in FY25 to continue to build upon our manufacturing customer base. 

We were also pleased to see our Product business revenues grow strongly during FY24 with 56% year-on-year growth. We benefited in H2 FY24 from the launch of three lateral flow tests with Boots and in FY25 we will build on this progress with continued expansion of our product range and sales and distribution platform to generate further Product sales growth.

Acquisition of IVDeology

In May 2024 Abingdon acquired IVDeology, a UK-based leading provider of regulatory consultancy support to an international customer base in the in vitro diagnostics sector for total consideration of up to £700,000.

IVDeology provides a range of regulatory services including those in support of IVDR (the In Vitro Medical Devices Regulation (EU) 2017/746) for the EU market, UKCA (UK Conformity Assessed) marking for the UK market, and FDA support for the US market to an international customer base. The acquisition strengthened Abingdon's existing regulatory service, knowledge leadership and expertise in the regulatory area. The regulatory environment for in vitro diagnostics, including lateral flow tests, is going through a period of significant change with the implementation of IVDR in Europe and the creation of UKCA marking in the UK. In addition, there have been recent changes to the classification of various categories of lateral flow products in the USA. These changes create opportunities for Abingdon to support existing and new customers in navigating this landscape.

The acquisition was satisfied by the issue of 5 million ordinary shares of 0.0025 pence each in Abingdon Health plc ("Ordinary Shares") to the owners of IVDeology at an issue price of 10 pence per Ordinary Share, equating to £0.5m. In addition, subject to achieving certain revenue targets in the two financial years following acquisition, an earn-out of £0.2m will be payable at the time.  In its financial year ending 31 January 2024, the IVDeology group generated combined turnover of £392k; resulting in a combined loss before tax of £30k.

Concert Party

On 30 August 2023, we announced the break-up of a concert party established at IPO which effectively prevented those shareholders who together were holding approximately 35% of the issued share capital in Abingdon being able to buy additional shares. Now that this 'IPO concert party' has been split into three smaller concert parties, those shareholders in the original concert party may now buy additional shares.

Team

During the financial year our average staff numbers were 85 (2023: 82). As at 31 August 2024 there were 120 employees within Abingdon Health following the completion of the acquisition of Compliance Solutions (Life Sciences) which had 36 employees as at 31 August 2024. 

We would like to thank all of the Abingdon Health team for their efforts in the last year, which resulted in significant revenue growth for the Business. We would also like to welcome the IVDeology and Compliance Solutions (Life Sciences) teams to the Group.

Governance and People

Mary Tavener is the Company's Senior Independent Non-Executive Director, having been appointed in November 2020 prior to listing on AIM. Abingdon Health's other Non-Executive Director is Dr Chris Hand who is a co-founder of Abingdon Health, Non-Executive Chairman, and retains a significant shareholding in the Company as noted in the Directors Report.

Melanie Ross, Chief Financial Officer, left the business in October 2023 and we would like to thank Melanie for her service.

Our Audit Committee and Remuneration Committee currently comprises Mary Tavener (Chair) with Chris Hand. The Executive Director Chris Yates is invited to attend as required from time-to-time.

The Board has concluded that at this time the Group does not currently require a Nominations Committee but will review this assessment on a regular basis including discussing the matter with its Nominated Advisor.

The Board remains focused on ensuring its own effectiveness and that of the governance processes throughout the Group, and that these governance structures remain fit for purpose as the Group develops and grows over time.  Mary Tavener is Abingdon Health's only Independent Non-Executive Director and, as such, the Board's current composition does not comply with the requirements for a minimum of two Independent Non-Executive Directors under the QCA Corporate Governance Code, being the corporate governance code that the Company has chosen to apply. Although this is not in compliance with the Code, given the size of the Group, the Board believed that this met the needs of the business at that time. As the business continues to grow and expand, there is now a need to improve the strength and depth of the Board and a process has begun to recruit a new Chief Financial Officer and an additional new non-executive director. Both recruitment processes are underway, and the Board will update shareholders in due course.

USA and Board Management

To accelerate the Group's commercial progress, and to gain additional access to the US market, Abingdon is planning to open a commercial office and R&D laboratory in the United States during Q4 of calendar year 2024. Chris Yates, CEO, has been asked to focus on global commercial growth, establishment of an Abingdon Health USA-based subsidiary and management of US operations. To facilitate this expansion, Chris Hand will be appointed Executive Chairman. These changes will be effective from 15 October 2024. Chris Hand will manage day to day R&D, operational and financial activities with Chris Yates focused on organic revenue growth, cross-selling between Group members' (Abingdon Health, Compliance Solutions (Life Sciences), IVDeology) customers, and potentially by acquisition. Chris Yates will focus his time on growing Abingdon's international presence specifically in the United States. As an illustration of the importance of the US market the United States economy is c.49% larger than that of the European Union (Source: World Bank); and it is also the largest diagnostics market globally, accounting for 39% of the global market (Source: Vision Research Reports).

Post Balance Sheet Events

Acquisition of Compliance Solutions (Life Sciences)

In August 2024 Abingdon completed the acquisition of Compliance Solutions (Life Sciences) group which specialises in meeting regulatory requirements of its international and UK client base in the in vitro diagnostic (IVD) and medical device markets. The Compliance Solutions group's team (currently c.36 employees) provides consultancy services, ranging from  preparation of technical files for regulatory approvals,  clinical strategy advice and protocol design and regulatory inspection gap analysis; design, implementation and maintenance of quality management systems; technical file and design file reviews, clinical evaluation reports and biological safety evaluations; and internal audit programmes; supplier audits, pre-audit preparations (e.g. FDA, MHRA, Notified Body, unannounced) and mock Notified Body/FDA audits. In its financial year ending 30 June 2023, the main trading entity Compliance Solutions (Life Sciences) Limited generated turnover of £2,716k; resulting in EBITDA of £393k.

The Compliance Solutions Group's activities are complementary to those of the Abingdon Group and the recently acquired IVDeology; and increase the breadth and depth of the Group's regulatory expertise.

Furthermore, there is, in the Board's opinion, the opportunity to cross-sell the Group's services, such as lateral flow development and manufacture and analytical laboratory support, into the Compliance Solutions Group's customer base and vice versa.

The maximum consideration of £3.2m comprises:

Fundraising

In August 2024 we completed a fundraising which raised gross proceeds of £5.6m (net proceeds of £5.1m). The fundraising comprised a Placing with institutional investors which raised gross proceeds of £5.2m and a retail offer which raised gross proceeds of £0.4m. The use of proceeds is summarised as follows:

Product development

The Board proposes to use up to £3.0m of the proceeds to enhance the Group's product offering through development of lateral flow self-tests alongside use of the Group's patented AppDx^® technology - a smartphone based lateral flow test reader.

Expansion of analytical laboratory service

The Board also proposes to use up to £1.0m of the proceeds of the Placing to strengthen its analytical laboratory service. The Group has been providing this service since 2023 as part of its strategy of providing a comprehensive contract development and manufacturing service and supporting its customers in bringing products to market.

The Placing will allow the Group to expand its in-house analytical laboratory services and also extend these capabilities to a range of other test formats including PCR, LAMP, other isothermal amplification assays, antigen and antibody detection immunoassays and other point-of-care assays, in addition to supporting basic research. The laboratory will be based at the Group's Doncaster site.

Outlook & Funding

Cash at the end of the financial year was £1.4m and as at 4 October 2024, following the completion of the fundraising and the acquisition of Compliance Solutions was £4.5m. We believe we have sufficient cash resources to fund progress beyond 12 months from the signing date of the accounts, with our priority continuing to be moving the Company to a positive cashflow position, having achieved a cashflow positive quarter in Q4-FY2024.

Our strategic focus is on growing our CRO/CDMO business and expanding the reach of our lateral flow product range.

The recent acquisitions of IVDeology and Compliance Solutions (Life Sciences), and the further investment in expanding our analytical laboratory service, mean that we can offer a comprehensive service to our customers to fully support them in bringing their innovative products to market. We will also continue to grow our European distribution platform for self-tests both through increasing the number of retailer and distribution agreements in place and secondly through broadening the self-test product range including those developed in partnership with our CRO/CDMO customers.

Our key financial priorities are to grow our revenues and reduce our cash-burn through continued close cost management. To this end we will continue to focus our team's activities on CRO/CDMO and associated regulatory, QA and analytical laboratory business to provide near-term revenues.

As a CRO/CDMO focused on lateral flow technology with a well-established track record of bringing products from "idea to market" we believe we are well-placed to support a broad range of customers across the clinical (point of care & self-test), pharmaceutical, animal health, food, plant pathogen and environmental testing markets. We believe our full-service contract service proposition strongly resonates with customers, and we look forward to continuing to support our customers in bringing their innovative tests to market.

We would like to thank all our employees for their hard work, dedication and commitment during the past year as we continued to grow our revenues. We are confident that our contract services customer base and our current growing pipeline means we are well positioned to grow our business and deliver shareholder value going forward. We would like to thank shareholders for their support.

Operating and Financial Review

Revenue and Margins

The Business delivered strong revenue growth in the period, growing 52% when compared to the previous financial year, and 49% when excluding the impact of the IVDeology acquisition which completed in May 2024. 

Revenue by Geographical Market

*percentages are calculated on exact totals and not the rounded amounts shown above

Revenue by Operating Segment

*percentages are calculated on exact totals and not the rounded amounts shown above

Contract Development (R&D activity based on a fee for service and manufacturing of validation batches) increased 45% year on year because of both increased contract development activity and more projects moving into technical transfer.

Contract Manufacturing (manufacture of products for third parties) increased 19% over the period.

Regulatory services revenues increased by 236% and excluding the impact of the acquisition of IVDeology revenues increased by 200% compared to the prior year. The increase was the result of expanding the services offered to our customers and providing a more integrated service solution to customers looking to take projects from idea to commercial success.

Product sales (own products) increased by 56% in the relevant period benefiting from the launch of three products with Boots in the second half of the financial year.

Gross margin in the financial year was 60% (2023: 51%) with the improvement driven by operational gearing benefits from increased revenues.

Administrative expenses reduced to £5.0m (2023: £5.2m) following continued cost management during the year despite the ongoing challenges operating in an inflationary environment.

Adjusted EBITDA

The Business uses adjusted EBITDA as a measure, as this excludes items which can distort comparability as well as being the measure of profit that most accurately reflects the cash generating activities of the Group. The reconciliation of these adjustments is as follows:

Adjusted EBITDA loss in the period was £1.1m (2023: loss £2.9m), a significant decrease on the prior year driven by both increases in the revenue and cost reductions year on year.

Headcount in the Group was an average of 85 (2023: 82).  Staff costs overall, within both cost of sales and administrative costs, were £4.3m (2023: £4.0m), including £0.1m of non-recurring costs (2023: £0.2m) set about in the table above. Headcount at the end of the year was 84 and included the addition of 8 employees following the acquisition of IVDeology in May 2024.

Premises costs were £0.7m in the year (2023: £0.6m). Prior year underlying premises costs were £0.9m when adjusted for the one off £0.3m gain (in exceptionals) due to a release of the Right of Use asset resulting from releasing its contractual lease obligations on space at its York site. In addition, a dilapidations provision of £100k was included as a prior year adjustment to take account of the legal requirement under the Doncaster lease to return the condition of the property back to that in which the property was prior to the commencement of the lease. Given our investment in opening an analytical laboratory in Doncaster and the likelihood of extending the lease beyond 2 November 2026 it is the Board's view that the likelihood of this provision crystallising in the short-to-medium-term is remote. Note 11 below provides further details.

Professional costs (excluding exceptionals) in the year were £0.3m (2023: £0.4m). 

Marketing and Travel costs were £0.2m (2023: £0.2m) as the Business continued to attend exhibitions and visit customers in person. 

Cash Resources

Net cash outflow from operating activities was £1.7m (2023: inflow £0.9m) with the previous financial year positively impacted by the settlement of outstanding liabilities from the Department of Health and Social Care.

Overall, we saw a net cash outflow of £1.8m and a closing cash position of £1.4m (2023: £3.2m).

Financing

Post-year end, in August 2024 the business completed a fundraise which raised gross proceeds of £5.6m (net proceeds of £5.1m).

Key Performance Indicators ("KPIs")

The business considers various factors when determining the KPI measures and these evolve as the business changes to meet differing market demands to ensure continued success. In this financial year the KPI measures focused on revenue growth, reduction in (adjusted) EBITDA loss and reduction in the cash burn of the business. These metrics are felt to be the most important to ensure that the business achieves cash breakeven and profitability.  Other internal measures introduced in the new financial year will focus on contract progression from Development to Manufacturing, as well as the number of tests manufactured per FTE.

Earnings per Share

Basic and diluted earnings per share was a loss of 0.42p in the period and basic and diluted adjusted EPS was a loss of 0.37p in the same period.

The basic EPS calculated above uses a weighted average number of ordinary shares of 304,732,264.

The weighted average number of ordinary shares above includes 182,316,812 deferred shares of 0.025p each. Technically this is correct. However, it should be noted that the deferred shares are non-voting shares, with no rights to dividends, but holders of deferred shares are entitled to receive the nominal value of that share (0.0025 pence sterling) once on a return of capital, a repurchase of those shares by the Company or in connection with a sale of those shares. The total nominal value of all the deferred shares is £46k.

Consolidated Statement of Comprehensive Income

For the Year Ended 30 June 2024

Consolidated Statement of Financial Position

As at 30 June 2024

Consolidated Statement of Changes in Equity

For the Year Ended 30 June 2024