TIDMOXB
RNS Number : 5270M
Oxford Biomedica PLC
22 September 2021
OXFORD BIOMEDICA PLC
INTERIM RESULTS FOR THE SIX MONTHSED 30 JUNE 2021
Oxford Biomedica delivers record first half results
Oxford, UK - 22 September 2021: Oxford Biomedica plc ("Oxford
Biomedica" or "the Group") (LSE: OXB), a leading gene and cell
therapy group, today announces interim results for the six months
ended 30 June 2021.
John Dawson, Oxford Biomedica's Chief Executive Officer,
said:
"Everyone at Oxford Biomedica can be truly proud of what they
have continued to achieve in 2021. The tireless commitment of the
whole team has helped to save thousands of lives, in line with our
mission, whilst gaining global recognition for our role in the
fight against COVID-19. The exceptional financial results that we
have reported reflect our strong progress across the business as we
continue to demonstrate our world leading expertise in gene and
cell therapy. As we move from strength to strength, and with rapid
growth in the cell and gene therapy market, we are in a great
position to maximise on the opportunities ahead, both in lentiviral
vectors as well as other viral vector types and look forward to the
remainder of 2021 and beyond with considerable confidence."
FINANCIAL HIGHLIGHTS
- Revenue increased by 139% to GBP81.3 million (H1 2020: GBP34.0 million)
- Exceptional growth was seen in bioprocessing and commercial
development, where revenues increased by 223% to GBP75.6 million
(H1 2020: GBP23.4 million) largely driven by the highly successful
COVID-19 vaccine agreement with AstraZeneca
- Licences, milestones & royalties were GBP5.7 million (H1
2020: GBP10.6 million), the reduction of 47% resulting from no
significant licence fees arising in H1 2021, whilst H1 2020 saw the
GBP6.2 million Juno licence fee
- Operating expenses decreased by 19% to GBP23.6 million (H1
2020: GBP29.1 million) due to the higher recovery of batch
manufacturing costs which is reflected in increased cost of
goods
- Operating EBITDA (1) and operating profit were GBP27.1 million
and GBP19.7 million respectively (H1 2020 losses of GBP0.4 million
and GBP5.8 million respectively)
- Cash generated from operations was GBP22.2 million compared to
GBP0.9 million consumed in H1 2020
- Cash at 30 June 2021 was GBP61.3 million (31 December 2020:
GBP46.7 million), an increase of GBP14.6 million due to operational
cash flow generated
- The Group's capital expenditure of GBP3.5 million (H1 2020:
GBP5.3 million) consisted mainly of purchases of equipment required
for the manufacturing and laboratory facilities
.
(1) Operating EBITDA (Earnings Before Net Finance Costs, Tax,
Depreciation, Amortisation, fair value adjustments of assets at
fair value through profit and loss, and Share Based Payments) is a
non-GAAP measure often used as a surrogate for operational cash
flow as it excludes from operating profit or loss all non-cash
items, including the charge for share options. A reconciliation to
GAAP measures is provided on page 12.
OPERATIONAL HIGHLIGHTS (including post period-end events)
COVID-19 Vaccine and Agreement with AstraZeneca
- Oxford Biomedica continues large-scale commercial manufacture
of AstraZeneca's adenovirus vector-based COVID-19 vaccine, running
three manufacturing suites at 1000L scale
- In May, the Group announced that AstraZeneca had committed to
an increase in the number of batches required from Oxford Biomedica
in the second half of the 2021. This resulted in the Group raising
its expectation for cumulative revenues from the contract to be in
excess of GBP100 million by the end of 2021
- In the period, the Group agreed to purchase equipment provided
to Oxford Biomedica by VMIC (Vaccines Manufacturing and Innovation
Centre) for vaccine manufacture for GBP3.8 million, to enable
longer term use
Boehringer Ingelheim
- In April, Oxford Biomedica announced a new three year
Development and Supply agreement with Boehringer Ingelheim for the
manufacture and supply of a range of viral vectors and the Group
intends to manufacture GMP batches for Boehringer Ingelheim to
support the development of viral vectors and viral vector products,
further demonstrating growing expertise beyond lentiviral
vectors
Novartis
- The Group continues its strong relationship with Novartis with
global roll out of Kymriah(R) continuing to build momentum with
more than 330 qualified treatment centres in 30 countries having
coverage for at least one indication
- Indication expansion of Kymriah(R) continues to progress and
Novartis plans to file for use in relapsed or refractory follicular
lymphoma in the second half of 2021 in the US and EU
Other Partnership news and strategic updates
- The Group continues to successfully progress its
collaborations signed in 2020 with Juno / Bristol Myers Squibb and
Beam Therapeutics with the combined revenues from these two
partnerships meaningfully contributing toward the total commercial
development revenues expected in the year
- In the period the Group announced that Sanofi had given notice
that they intend to terminate their collaboration and licence
agreement for the process development and manufacturing of
lentiviral vectors to treat haemophilia. The Group expects the
impact on revenues will be negligible over the coming 24 months
period.
- Additionally, Orchard Therapeutics announced it would be
returning the rights to its OTL-101 programme to the academic
originators of that programme
- Post period end, the Group decided to extend its scope of work
to all types of viral vectors. In addition, an internal review of
the Group's proprietary pipeline is nearing completion with the
focus being on OXB-302, a 2nd generation CAR-T product, and liver
gene therapy
Corporate Governance and Organisational Progress
- Oxford Biomedica remains committed to best practice corporate
governance as it continues to grow and the evolution of the Board
of Directors is a key part of this
- The Group has welcomed two new Board members in the year to
date. In March, Professor Dame Kay Davies, a world-renowned
geneticist and Professor Emeritus at Oxford University, was
appointed as an Independent Non-Executive Director. Additionally,
post period end, Dr. Michael Hayden, with decades of industry
defining contributions and achievements, was appointed to the
Group's Board as a Non-Executive Director.
- During the period, two long standing Board members also
stepped down from the board. Martin Diggle, a Partner at Vulpes
Investment Management stepped down in February after nearly nine
years and Dr. Andrew Heath, retired from the Board at the AGM in
May, after more than eleven years of service to the Group
Analyst briefing
Management will be hosting a briefing for analysts at 13:00 BST
/ 8:00 EST on 22 September at 85 Gresham Street London, EC2R 7HE.
There will a simultaneous live conference call with Q&A and the
presentation will be available on the Group's website at
www.oxb.com
A live webcast of the presentation will be available via this
link.
If you would like to dial-in to the call and ask a question
during the live Q&A, please follow this link to register and
receive dial-in details.
Enquiries:
Oxford Biomedica plc T: +44 (0)1865 783 000/ E: ir@oxb.com
John Dawson, Chief Executive Officer
Stuart Paynter, Chief Financial Officer
Catherine Isted, Head of Corporate
Development & IR
Sophia Bolhassan, Director of IR
Consilium Strategic Communications T: +44 (0)20 3709 5700
Mary-Jane Elliott/Matthew Neal
Peel Hunt (Joint Corporate Brokers): T: +44 (0)20 7418 8900
James Steel
Dr. Christopher Golden
WG Partners (Joint Corporate Brokers): T: +44 (0)20 3705 9321
David Wilson
Claes Spång
About Oxford Biomedica
Oxford Biomedica (LSE:OXB) is a leading, fully integrated, gene
and cell therapy group focused on developing life changing
treatments for serious diseases. Oxford Biomedica and its
subsidiaries (the "Group") have built a sector leading lentiviral
vector delivery platform (LentiVector(R)), which the Group
leverages to develop in vivo and ex vivo products both in-house and
with partners. The Group has created a valuable proprietary
portfolio of gene and cell therapy product candidates in the areas
of oncology, CNS disorders and liver diseases. The Group has also
entered into a number of partnerships, including with Novartis,
Bristol Myers Squibb, Sio Gene Therapies, Orchard Therapeutics,
Santen, Beam Therapeutics and Boehringer Ingelheim, through which
it has long-term economic interests in other potential gene and
cell therapy products. Additionally, the Group has signed a 3-year
master supply and development agreement with AstraZeneca for
large-scale manufacturing of the adenoviral based COVID-19 vaccine
candidate, AZD1222. Oxford Biomedica is based across several
locations in Oxfordshire, UK and employs more than 740 people.
Further information is available at www.oxb.com
OVERVIEW
The first half of 2021 has produced an exceptional set of
financial results with a very strong operating performance largely
driven by the Group's work with AstraZeneca on the highly
successful manufacture of the COVID-19 vaccine. Outside of the
vaccine work, the Group has further developed its relationship with
Boehringer Ingelheim, signing a new three-year agreement to
manufacture and supply a range of viral vectors, further
highlighting Oxford Biomedica's growing expertise beyond lentiviral
vectors. Existing partnerships with Novartis, Juno / BMS and Beam
continue to progress well in the period as the various partner
programmes continue through development.
In the period the Group received the news that Sanofi would no
longer be taking forward the development of its haemophilia
programmes, although the Group still believes there is much merit
in a lentivector-based approach to this disease. It was also
announced that Orchard would be handing back the rights for its ADA
SCID programme to the academic originators of the programme,
following its decision to deprioritise that programme in a prior
portfolio review.
Following a strategic review, the Group is extending its scope
to all types of viral vectors, building on its world leading
position in lentiviral vectors and success in the adenovirus
vector-based AstraZeneca COVID-19 vaccine. Additionally an internal
review of the Group's proprietary pipeline is nearing completion
with the focus being on OXB-302 and liver gene therapy.
Since the start of the year several Board changes have occurred,
in line with the commitment to best practice corporate governance,
strengthening Oxford Biomedica's science and translational
expertise. The Group has been pleased to welcome to the Board
Professor Dame Kay Davies, a world-renowned geneticist and
Professor Emeritus at Oxford University and Dr. Michael Hayden with
decades of industry defining contributions and achievements.
Oxford Biomedica ended the period with GBP61.3 million in cash
on the balance sheet and 744 employees. With the business
development pipeline looking stronger than ever, the Group looks
forward to a busy second half of 2021 and maximising the many
opportunities ahead.
OPERATIONAL REVIEW
COVID-19 Vaccine and Agreement with AstraZeneca
Oxford Biomedica continues the large-scale commercial
manufacture of AstraZeneca's adenovirus vector-based COVID-19
vaccine at the Group's Oxbox facility. Manufacturing has continued
at full pace in three manufacturing suites running at 1000L scale
to maximise production of vaccine. In May 2021, the Group announced
that AstraZeneca had committed to an increase in the number of
batches required from Oxford Biomedica in the second half of 2021.
As a result of this cumulative revenues from AstraZeneca by the end
of 2021 are expected to be in excess of GBP100 million, with
significant growth in Group Operating EBITDA in the year ending
2021.
Oxford Biomedica has an 18 month supply agreement under a
three-year Master Supply and Development Agreement with AstraZeneca
for large-scale commercial manufacture of the adenovirus
vector-based COVID-19 vaccine, announced in September 2020. This
follows on from an initial one year clinical and commercial supply
agreement with AstraZeneca, announced in May 2020.
The Group also has a five-year collaboration agreement with VMIC
(Vaccines Manufacturing and Innovation Centre), announced in June
2020, to enable the rapid manufacture of viral vector based
vaccines. As part of the agreement VMIC provided equipment for
1000L scale production in two GMP manufacturing suites in Oxbox to
further scale up production of AZD1222. The Group has now purchased
this equipment to allow for longer term use, which consisted of a
capital outlay of GBP3.8 million paid in the first half of
2021.
Boehringer Ingelheim
Oxford Biomedica has continued to build on its partnership with
Boehringer Ingelheim, which started in 2018. In April 2021, the
Group announced a new three-year Development & Supply Agreement
with Boehringer Ingelheim for the manufacture and supply of various
types of viral vectors.
Under the terms of the agreement, Oxford Biomedica intends to
manufacture GMP batches for Boehringer Ingelheim to support the
development of viral vectors. The agreement also allows for the
Group to manufacture and supply viral vector products in the
future, demonstrating the Group's growing expertise beyond
lentiviral vectors.
Novartis Partnership
The Group continues its strong relationship with Novartis as its
sole global supplier of lentiviral vector for Kymriah(R)
(tisagenlecleucel, formerly CTL019). Global roll out of Kymriah(R)
in both relapsed or refractory B-cell acute lymphoblastic leukaemia
(r/r ALL) and relapsed or refractory diffuse large B-cell lymphoma
(r/r DLBCL) indications continued to build momentum with more than
330 qualified treatment centres in 30 countries having coverage for
at least one indication. Kymriah(R) continued to see double-digit
growth showing 41% growth in the first half of 2021, over the first
half of 2020, reporting sales in H1 2021 of $298 million.
Indication expansion of Kymriah(R) in relapsed or refractory
follicular lymphoma continues to progress well and in June at ASCO,
Novartis presented robust data from the Phase II ELARA trial of
Kymriah(R) in this indication with the filing anticipated in the US
and EU in the second half of 2021.
The Group continues to progress other partner programmes with
Novartis and will update the market when further data is
available.
Other existing partner updates
The Group continues to actively progress its exciting
collaborations signed in 2020 with Juno Therapeutics Inc. (a wholly
owned subsidiary of Bristol Myers Squibb Inc.) and Beam
Therapeutics with the combined revenues from these two partnerships
meaningfully contributing toward the total commercial development
revenues expected in the year. The Group will look to update the
market with further data / progress when able to do so.
Sanofi Partnership
In March 2021, the Group announced that Sanofi had given notice
that they intend to terminate the 2018 collaboration and licence
agreement for the process development and manufacturing of
lentiviral vectors to treat haemophilia. The Group expects the
impact on revenue will be negligible over the coming 24-month
period. The Group continues to believe that a lentivector-based
approach to haemophilia is a very attractive opportunity.
Orchard Therapeutics
In May 2021, Orchard Therapeutics (Orchard) announced it would
be returning the rights to their OTL-101 programme for ADA-SCID to
the academic originators of the programme, University of California
at Los Angeles (UCLA) and University College London (UCL). This
follows on from Orchard's May 2020 announcement on their new
strategic plan with an emphasis on neurometabolic disorders, such
as their MPS-IIIA (OLT-201) programme, with a reduction in
investment on other programmes such as ADA-SCID (OTL-101). While
this news means that Oxford Biomedica will no longer be working
with Orchard on the OTL-101 programme, the Group awaits further
information on whether it can be of assistance to the academic
partners at UCLA and UCL.
The MPS-IIIA (OLT-201) partner programme with Orchard is
currently being evaluated in an ongoing proof-of-concept clinical
trial, with interim data from this study expected to be released in
the second half of 2021 and 2022.
Innovation and Platform Development
Innovation and the development of the platform are core to the
Group's goal of industrialising viral vector manufacturing not just
with lentivectors but across all viral vector classes. By
industrialising viral vector production and reducing the cost
through innovation, the Group will open up therapeutic indications
that are currently inaccessible in the field of cell and gene
therapy due to the amount (and therefore cost) of the vector needed
to address these targets. In addition, the reduction in cost will
help drive adoption by payors into indications where there are far
larger numbers of patients, by potentially bringing down the
overall cost per patient treated.
Multiple elements of IP and innovation are relevant across all
viral vector classes. Development of technologies such as
TRiPSystem(TM), SecNuc(TM), LentiStable(TM) and U1 and U2, along
with the corresponding IP, continue to move ahead. In addition, the
Group is utilising automation and the use of robotics, artificial
intelligence and machine learning to further drive productivity
improvements.
Process C, which incorporates U1, U2 and perfusion in to the
manufacturing process is developing well with general roll out
expected in the first half of 2022, with process D utilising
LentiStable(TM) expected to come on stream a year later.
The Group has additionally started development work in the area
of in vivo CAR-T, which the Group believe would offer great patient
access and superior efficacy to existing treatment options.
Proprietary Gene Therapeutics Development
Sio Gene Therapies
The Group continues to progress work on its clinical supply
agreement with Sio Gene Therapies (Sio) for the manufacture and
supply of Parkinson's disease gene therapy programme AXO-Lenti-PD.
Following prior third-party fill/finish issues, two batches have
been manufactured using the updated suspension-based process and
have now completed fill/finish. Certification of at least one batch
of clinical trial material is expected in the fourth quarter of
2021 with enrolment of patients into the AXO-Lenti-PD clinical
programme expected to resume in 2022.
Unencumbered proprietary pipeline programmes
A review of the in-house proprietary pipeline is currently
ongoing with the review expected to be finalised in the fourth
quarter of 2021.
The lead programme is OXB-302 which targets 5T4, this is
currently being investigated in Acute Myeloid Leukaemia with
clinical trial expected to be initiated in 2023. 5T4 is an
oncofoetal antigen specifically expressed of the cell surface of
most cancers including AML. The restricted expression profile of
5T4 on normal tissues combined with its broad expression on tumour
cells (including cancer stem cells) makes 5T4 an attractive
target.
OXB-302 is a 2(nd) generation CAR-T product generated via an
optimised lentiviral vector transduction protocol and expression
process to generate more potent cells. OXB-302 has demonstrated
potent in vitro and in vivo activity against a panel of human solid
and liquid tumour cell line and the Group believes it has high
commercial potential for the treatment of multiple liquid and solid
tumours.
Separately, the potential of lentiviral vectors in liver gene
therapy is seen as a highly promising area due to the potential of
one-off therapies giving long term benefits. The Group intends to
provide further information about this work post completion of the
internal review.
The Group has chosen to deprioritise OXB-203, OXB-204 and
OXB-103 at this time.
Sanofi - Ocular assets
As previously announced in June 2020, the Group had been
informed by Sanofi that it intended to return the rights to
ophthalmology programmes SAR422459 for Stargardt's disease and
SAR421869 for Usher Syndrome type 1b. This process and review of
the programmes has now been completed with the decision that the
Group will not commit further resources into these programmes
internally at this time.
Expansion of capacity
In January 2021, the Group was delighted to host the Prime
Minister, the Rt. Hon Boris Johnson MP, to formally open the Oxbox
manufacturing facility following MHRA approval of four
manufacturing suites during 2020, three of which are running at
1000L scale for AstraZeneca COVID-19 vaccine production with the
fourth suite dedicated to 200L lentiviral vector manufacturing.
The final step of this first phase of development within Oxbox
is the completion of the first fill/finish suite. The instalment of
the equipment for this suite is progressing well and is expected to
be completed during 2021, with approval for use expected in the
first half of 2022. This first phase of development fits out
approximately 45,000 sq. ft. with the remaining fallow area (39,000
sq. ft) available for flexible expansion in the future.
In June 2021, the Group was granted planning permission for
redevelopment of the Windrush Innovation Centre (WIC) site. The
scope of the re-development of the site has increased from that
originally communicated at the time of the capital raise in June
2020, with now a new dedicated building being built, rather than a
refurbishment of the existing building. This new dedicated building
will be the key hub of both innovation for the platform as well as
proprietary product development and has been specifically designed
with these goals in mind. Work will start during 2021 and will
continue into the first half of 2023, with an increase in Capex
spend of approximately GBP15 million over the original c.GBP15
million set aside at the time of the capital raise.
Building work continues at Windrush Court to convert office
space into GMP laboratories to meet the expected near-term demand
in commercial development and analytics, with a further area within
Windrush Court expected to be converted during the course of
2021.
Corporate and organisational development
A number of Board changes occurred during the period, which
further augment the Group's science and translational expertise and
strengthen Oxford Biomedica's position as a leading gene and cell
therapy company.
On 1(st) March, Professor Dame Kay Davies, a world-renowned
geneticist and Professor Emeritus at Oxford University, was
appointed to the Board as an Independent Non-Executive Director.
Additionally, post period end, in July, Dr. Michael Hayden was
appointed to the Group's Board as a Non-Executive Director. Dr.
Hayden has decades of industry defining scientific contributions
and achievements, including developing the world's first approved
gene therapy treatment.
During the period two long standing Board members also stepped
down from the board after many years of service. Martin Diggle, a
Partner at Vulpes Investment Management stepped down from the Board
as a Non-Executive Director in February after nearly nine years of
service and Dr. Andrew Heath, Non-Executive Director, retired from
the Board at the AGM in May, after more than eleven years of
service to the Group.
The Board intends to continue to strengthen and diversify the
Board having initiated a search for an additional independent
Non-Executive Director, targeting the selection of female and
ethnically diverse candidates.
Post period end, on 1(st) August, Matthew Treagus, Chief
Information Officer (CIO) joined the Senior Executive team as a
permanent member, having worked with Oxford Biomedica on the
development and implementation of its digital strategy since 2019.
This announcement reflects the Group's commitment to driving its
digitalisation agenda.
The wider Oxford Biomedica team has continued to grow,
reflecting the expansion of the business and the extra employees
recruited as part of the scale of vaccine manufacture for
AstraZeneca. Headcount increased by 27% reaching 744 at the end H1
2021, compared with 584 at the end of H1 2020.
Environmental, Social and Governance
The Group remains committed to its role as a responsible
business and continued work on implementing its Environmental,
Social and Governance (ESG) strategy, which is focused on five
pillars: People; Community; Environment; Innovation and Supply
Chain.
The People pillar continued to be an area of particular focus. A
Diversity and Inclusion project has commenced and a working group
established, in line with the Group's 2021 ESG People objective to
create an action plan for Equality, Inclusion and Diversity.
Wellbeing initiatives for employees also continued throughout the
period, focusing on topics of mental health and resilience with a
variety of events delivered, alongside the introduction of two new
wellbeing benefits.
On the Community pillar, including the Group's commitment to
provide support to a local charity, fundraising efforts for charity
SeeSaw continued during the year. In addition, a Payroll giving
scheme was introduced for regular salary charity donations.
The Group's Windrush Court facility moved to renewable energy,
showing good progress in achieving its 2021 ESG Environmental
objective to reduce greenhouse gas emissions by optimising the
Group's energy usage.
On the Innovation pillar, the Group continued to provide further
support for In2Science, an organisation that helps children from
disadvantaged backgrounds enter STEM subjects in higher education.
Work also continues to progress in achieving the Group's 2021 ESG
Supply Chain objectives, which include the launch of a code of
conduct for suppliers. Full details on our ESG pillars can be found
on our newly created ESG webpage at www.oxb.com.
The Group's commitment to responsible business practices was
recognised with Prime status by ISS ESG on 25 June 2021. ISS ESG is
the responsible investment arm of ISS and one of the world's
leading rating agencies for sustainable investments. Prime status
is awarded to companies with an ESG performance above the
sector-specific Prime threshold, which means that they fulfil
ambitious absolute performance requirements.
Outlook
Traditionally the Group has seen higher revenues in the second
half of the year due to the annual clean and recalibration of all
the manufacturing suites that occurs at the start of the year.
However, with vaccine production in three suites continuing at
pace, not only through Christmas and New Year but also through the
full first half of the year, clean down and recalibration will now
occur in these suites in the second half of the year. The Group is
therefore targeting revenue for the second half to be similar to
the first half.
For the second half of the year, outside of revenue growth
expected from AstraZeneca, other new customer partnerships such as
with Juno/ BMS and Beam are expected to drive growth in
bioprocessing and commercial development versus the same period in
2020. The Group is confident of further announcements with
new/existing partnerships during the course of the second half
leading to additional revenue streams.
Group Operating EBITDA for the second half, while anticipated to
be above the level achieved in H2 2020, is expected to be below the
first half figure as a result of an increase in research and
development, administrative and bioprocessing costs.
Capex will also accelerate in the second half of the year with
the commencement of work relating to the redevelopment of the
Windrush Innovation Center (WIC) as well as continued laboratory
expansion work being undertaken at Windrush Court. Capex for the
full year is expected to be similar to 2020 levels.
The pipeline of opportunities for the Group has never looked
stronger with the business development team increasing in size and
includes the Group's first permanent US based employee, with more
additions to the US team expected during the coming months. The
Group expects to be able to announce further updates on partnering
progress and new partnerships during the remainder of 2021.
Financial Review
The first half of 2021 has been a period of exceptional revenue
growth but especially an outstanding operational performance in
terms of vaccine manufacture. Although the impact of the COVID-19
pandemic continued to be felt in terms of the Group's operating
methods, the Group was able to continuously manufacture vaccine in
three of its manufacturing suites for the whole period in order to
meet its customer obligations. B ioprocessing and commercial
development activities continued as normal, albeit with some
continued adjustments in terms of
social distancing, mask wearing and employees working from home where possible.
In April 2021 the Group also signed a new three-year Development
& Supply Agreement with Boehringer Ingelheim for the
manufacture and supply of various types of viral vectors to support
Boehringer Ingelheim's ongoing development programmes, including
potential future programmes.
In March 2021 the Group was disappointed to note that Sanofi had
terminated the Collaboration and License Agreement originally
signed in 2018 for the process development and manufacturing of
lentiviral vectors to treat haemophilia. The collaboration ended on
good terms and certainly does not preclude working together in the
future if an opportunity arose.
Other commercial highlights include that, as part of its
18-month supply agreement with AstraZeneca, the Group received a
commitment from AstraZeneca for the Group to manufacture additional
vaccine batches during the second half of 2021 and into the first
quarter of 2022.
Building on from the very strong results of 2020, the Group has
had an exceptionally good half year in terms of both a strong
increase in commercial activities, as well as revenues.
Bioprocessing and commercial development revenue increased by 223%,
and the Group achieved an Operating EBITDA profit of GBP27.1
million, with growth driven largely by the bioprocessing activities
undertaken for AstraZeneca.
The ongoing vaccine manufacture, together with recent commercial
agreements entered into, but also expected in the second half of
2021, should see the Group continue to deliver the increased
revenues and operational success in the second half of 2021 which
has been seen during the period under review.
The Group continued to strengthen its balance sheet position,
generating a cash inflow of GBP18.7 million in additional cash
since the 2020 year-end. The Group intends to start work on
refurbishing its Windrush Innovation Centre in the second half of
2021 which is expected to negatively impact cash generated over the
period of the refurbishment.
The key financial indicators used by the Board are set out in
the table below and the highlights are:
- Revenue (GBP81.3million) increased by 139% over H1 2020
(GBP34.0 million) as a result of the 223% exceptional growth in
bioprocessing and commercial development revenues as a result of
the volume of vaccine batches manufactured for AstraZeneca
- Operational results (Operating EBITDA (1) and Operating
profit) of GBP27.1 million and GBP19.7 million respectively, were
very significantly improved compared to prior year due to the
higher bioprocessing revenues generated
- Operational activities generated cash of GBP22.2 million
compared to consuming GBP0.9 million in H1 2020 as the significant
revenue growth was successfully converted into operational cash
flows
- Capital expenditure decreased from GBP5.3 million in H1 2020
to GBP3.5 million with H1 2021 capital expenditure consisting
mainly of purchases of equipment required for the manufacturing and
laboratory facilities
- Cash inflow (2) was GBP18.7 million in H1 2021 (H1 2020 Cash
Burn of GBP3.7 million) due mainly to the operational cash
generation from high volume vaccine manufacture
- Cash at 30 June 2021 was GBP61.3 million compared to GBP50.6 million at 30 June 2020
KEY FINANCIAL INDICATORS (GBP m) H1 2021 H1 2020
Bioprocessing/commercial
Revenues development 75.6 23.4
--------------------------- ---------- ----------
Licence fees, milestones
& royalties 5.7 10.6
------------------------------------------------------ ---------- ----------
Total 81.3 34.0
------------------------------------------------------ ---------- ----------
Operating profit/(loss) 19.7 (5.8)
---------- ----------
Operating EBITDA(1) 27.1 (0.4)
---------- ----------
Cash generated from/(consumed by) operating
activities 22.2 (0.9)
---------- ----------
Capital expenditure (3.5) (5.3)
---------- ----------
Cash inflow/(burn)(2) 18.7 (3.7)
---------- ----------
Period end cash Cash 61.3 50.6
--------------------------- ---------- ----------
Headcount Period end 744 584
--------------------------- ---------- ----------
Average 716 575
------------------------------------------------------ ---------- ----------
1 Operating EBITDA (Earnings Before Net Finance Costs, Tax,
Depreciation, Amortisation, fair value adjustments of assets at
fair value through profit and loss, and Share Based Payments) is a
non-GAAP measure often used as a surrogate for operational cash
flow as it excludes from operating profit or loss all non-cash
items, including the charge for share options. A reconciliation to
GAAP measures is provided on page 12.
2 Cash inflow/(burn) is net cash generated from operating
activities less net finance costs paid and capital expenditure. A
reconciliation to GAAP measures is provided on page 13.
The Group evaluates its performance by making use of alternative
performance measures as part of its Key Financial Performance
Indicators (refer table above). The Group believes that these
Non-GAAP measures, together with the relevant GAAP measures,
provide an accurate reflection of the Group's performance over
time. The Board has taken the decision that the Key Financial
Performance Indicators against which the business will be assessed,
are Revenue, Operating EBITDA and Operating profit/(loss).
Revenue
Revenues were GBP81.3 million in H1 2021, 139% above the GBP34.0
million achieved in H1 2020.
GBPm H1 2021 H1 2020
--------------------------------------- --------- ---------
Bioprocessing/commercial development 75.6 23.4
Licence fees, milestones & royalties 5.7 10.6
Revenue 81.3 34.0
Revenues from bioprocessing/commercial development were 223%
higher in H1 2021 as compared to H1 2020, due largely to the volume
of vaccine batches manufactured for AstraZeneca. Bioprocessing and
commercial development activities performed on behalf of the
Group's other customers have overall decreased mainly due to the
cessation of the Sanofi and Orchard ADA SCID programmes, as well as
the natural cycle of certain development programmes . The Group
does expect an increase in commercial activity from existing
customers in the second half of the year which is expected to
continue into 2022.
Revenues from licence fees, milestones and royalties decreased
by 47% when compared to the prior year as there were no significant
license fees achieved in H1 2021 when compared to H1 2020 (GBP6.2
million ($8 million) Juno license fee recognised).
Operating EBITDA
GBPm H1 2021 H1 2020
------------------------------------------- --------- ---------
Revenue 81.3 34.0
Other operating income 0.4 0.3
Total expenses (1) (54.6) (34.7)
Operating EBITDA (2) 27.1 (0.4)
Depreciation, amortisation, share option
charge and fair value adjustments of
available-for-sale assets (7.4) (5.4)
--------- ---------
Operating profit/(loss) 19.7 (5.8)
(1) Cost of goods plus research, development, bioprocessing and
administrative expenses excluding depreciation, amortisation and
share option charge. A reconciliation to GAAP measures is provided
on page 11.
(2) Operating EBITDA (Earnings Before Net Finance Costs, Tax,
Depreciation, Amortisation, fair value adjustments of assets at
fair value through profit and loss, and Share Based Payments) is a
non-GAAP measure often used as a surrogate for operational cash
flow as it excludes from operating profit or loss all non-cash
items, including the charge for share options. A reconciliation to
GAAP measures is provided on page 12.
Total expenses in H1 2021 were GBP54.6 million, compared with
GBP34.7 million in H1 2020, a 57% increase on the H1 2020. The
increase was driven by increased raw material costs on batches of
vaccine produced as well as increased headcount compared to the
comparative period.
As a result of the increased revenues which more than offset the
increase in expenses, the Operating EBITDA in H1 2021 was GBP27.1
million (H1 2020 Operating EBITDA loss of GBP0.4 million).
Total expenses
In order to provide the users of the accounts with a more
detailed explanation of the reasons for the year-on-year movements
of the Group's operational expenses included within Operating
EBITDA, the Group has added together cost of goods, research and
development, bioprocessing and administrative costs and has removed
depreciation, amortisation and the share option charge as these are
non-cash items which do not form part of the Operating EBITDA
alternative performance measure. As Operating profit/(loss) is
assessed separately as a key financial performance measure, the
year-on-year movement in these non-cash items is then individually
analysed and explained specifically in the Operating and Net
profit/(loss) section. Expense items included within Total Expenses
are then categorised according to their relevant nature with the
year-on-year movement explained in the second table below:
GBPm H1 2021 H1 2020
------------------------------------- --------- ---------
Research and development costs 14.7 15.2
Bioprocessing costs (1) 2.9 9.2
Administrative expenses 6.0 4.7
Operating expenses 23.6 29.1
Depreciation, amortisation & share
option charge (7.4) (4.7)
--------- ---------
Adjusted operating expenses 16.2 24.4
Cost of Sales 38.4 10.3
--------- ---------
Total expenses 54.6 34.7
(1) Bioprocessing costs have decreased from the prior period due
to the higher recovery of batch manufacturing costs which is
reflected in increased cost of goods in H1 2021.
The table below shows total expenses by type of expenditure
(excluding depreciation, amortisation and other non-cash
items):
GBPm H1 2021 H1 2020
--------------------------------------- --------- ---------
Raw materials, consumables and other
external bioprocessing costs 18.8 6.4
Personnel-related 27.2 21.2
External R&D expenditure 2.0 3.1
Other costs 6.6 4.0
--------- ---------
Total expenses 54.6 34.7
--------------------------------------- --------- ---------
Raw materials, consumables and other external bioprocessing
costs have increased substantially as a result of the much higher
number of batches manufactured in H1 2021 as compared to H1 2020.
Personnel related costs are higher due to average employee numbers
increasing from 575 in H1 2020 to 716 in H1 2021. External R&D
expenditure was lower due to due to the cessation of certain
customer programmes, as well as the natural cycle of other customer
development programmes. Other costs had increased compared to prior
year due to increased facility costs and foreign exchange losses on
dollar balances, offset by an insurance payment received with
regards to a previous customer claim.
Operating profit/(loss) and net profit/(loss)
GBPm H1 2021 H1 2020
--------------------------------------- --------- ---------
Operating EBITDA (1) 27.1 (0.4)
Depreciation, amortisation and share
option charge (7.4) (4.7)
Change in fair value of assets held
at fair value through profit & loss - (0.7)
--------- ---------
Operating profit/(loss) 19.7 (5.8)
Interest (0.5) (0.4)
Taxation (1.1) (0.5)
--------- ---------
Net profit/(loss) 18.1 (6.7)
--------------------------------------- --------- ---------
(1) Operating EBITDA (Earnings Before Net Finance Costs, Tax,
Depreciation, Amortisation, fair value adjustments of assets at
fair value through profit and loss, and Share Based Payments) is a
non-GAAP measure often used as a surrogate for operational cash
flow as it excludes from operating profit or loss all non-cash
items, including the charge for share options. A reconciliation to
GAAP measures is provided on page 12.
In arriving at the Operating profit, the Operating EBITDA of
GBP27.1 million was further impacted by depreciation and the share
option charge.
Depreciation increased by GBP2.4 million mainly due to an
increased asset base including the Oxbox manufacturing facility,
conversion of one of the Windrush facility floors into
laboratories; and then also due to additional bioprocessing
equipment obtained to allow vaccine manufacturing. The share option
charge increased by GBP0.1 million due to the increased employee
headcount.
There was no change in the fair value recognised on the Orchard
Therapeutics asset held at fair value through profit and loss
(2020: GBP0.7 million loss).
The impact of these charges resulted in an operating profit of
GBP19.7 million in the first half of 2021 compared to a loss of
GBP5.8 million in the prior year corresponding period.
The interest charge increased slightly by GBP0.1 million due to
IFRS 16 interest on a lease liability related to bioprocessing
equipment obtained for vaccine manufacture.
The corporation tax expense in H1 2021 increased slightly due to
a corporation tax charge expected on the taxable profits made by
the Group during the period.
As a consequence of the above, the net profit for H1 2021 was
GBP18.1 million, as compared to a loss of GBP6.7 million in H1
2020.
Segmental analysis
Reflecting the way the business is being managed by the Senior
Executive Team, the Group reports its results within two segments,
namely the "Platform" segment which includes the revenue generating
bioprocessing and process development activities for third parties,
and internal technology projects to develop new potentially
saleable technology, improve the Group's current processes and
bring development and manufacturing costs down. The other segment,
"Product", includes the costs of researching and developing new
product candidates.
H1 2021
GBPm Platform Product Total
Revenues 81.2 0.1 81.3
---------- --------- -------
Operating EBITDA(1) 31.2 (4.1) 27.1
---------- --------- -------
Operating profit/(loss) 24.5 (4.8) 19.7
---------- --------- -------
H1 2020
GBPm Platform Product Total
Revenues 33.7 0.3 34.0
---------- --------- -------
Operating EBITDA(1) 1.8 (2.2) (0.4)
---------- --------- -------
Operating loss (3.1) (2.7) (5.8)
---------- --------- -------
1 Operating EBITDA (Earnings Before Net Finance Costs, Tax,
Depreciation, Amortisation, fair value adjustments of assets at
fair value through profit and loss, and Share Based Payments) is a
non-GAAP measure often used as a surrogate for operational cash
flow as it excludes from operating profit or loss all non-cash
items, including the charge for share options. A reconciliation to
GAAP measures is provided on page 12.
Revenues from the platform segment more than doubled from H1
2020 due to the volume of vaccine batches manufactured for
AstraZeneca as part of the Covid-19 pandemic efforts. Operating
results were improved due to the revenue increase of GBP47.3
million.
Revenues from the product segment were lower due to a lower
level of clinical development activities for customers. Operating
expenses were higher due to increased clinical and pre-clinical
product expenditure, and also manpower costs.
Cash flow
GBPm H1 2021 H1 2020
----------------------------------------------- --------- ---------
Operating profit/ (loss) 19.7 (5.8)
Depreciation, amortisation and share
option charge 7.4 4.7
Revaluation of equity investments - 0.7
--------- ---------
Operating EBITDA 27.1 (0.4)
Working capital (5.9) (0.5)
R&D tax credit received 1.0 -
--------- ---------
Cash generated from/(consumed in) operations 22.2 (0.9)
Capital expenditure (3.5) (5.3)
Sale of available-for-sale assets - 2.5
Cash inflow/(burn) 18.7 (3.7)
--------- ---------
Operating profit for the first six months of 2021 was GBP25.5
million higher than the GBP5.8 million loss achieved in H1 2020.
The negative inflow from working capital was mainly as a result of
the decrease in contract liabilities and deferred income as income
received in advance was recognised as the goods and services were
provided by the Group. An SME R&D tax credit was received in H1
2021 related to a prior period claim. Capital expenditure decreased
by GBP1,8 million in H1 2020 as the construction of phase 1 of the
Oxbox bioprocessing facility came to an end in H1 2020, with mainly
equipment being purchased in H1 2021.
Statement of financial position
Non-current assets - Property, plant and equipment decreased
from GBP72.3 million to GBP70.1 million due to GBP3.5 million of
capital expenditure incurred not quite offsetting depreciation of
GBP6.0 million.
Current assets - Inventories increased to GBP8.5 million from
GBP6.9 million at 31 December 2020 due to increased raw material
balances required in order to ensure sustained supply of materials
for forecasted bioprocessing activities COVID-19 shortages have
created some uncertainty around the ability to obtain key raw
material items within the normal lead times. Trade and other
receivables and Contract assets remained consistent at GBP53.9
million due to the 2020 research and development tax credit not
being received at the end of in H1 2020, offset by a lower level of
Trade debtors and Contract assets receivable as compared to the
year end. Current tax assets of GBP0.1 million at year end have
converted to being a tax liability of GBP2.0 million due the
taxable profits generated by the Group in 2021 and receipt of the
SME R&D tax credit related to prior years.
Current liabilities - Trade and other payables have increased
from GBP19.7 million at the start of the year to GBP23.3 million
due to increased employee headcount and operational activities.
Contract liabilities have decreased by GBP7.0 million to GBP20.2
million due to the recognition of income received in advance as the
goods and services were provided by the Group. Lease liabilities
decreased by GBP3.7 million to GBP0.8 million due to lease payments
made with regards to bioprocessing equipment leased for purposes of
vaccine manufacturing. Deferred income decreased due to the
recognition of Innovate grant income.
Non-current liabilities - Provisions increased by GBP0.3m as a
result of the recognition of an increased liability for the costs
of restoring leased properties to their original state at the end
of the lease term. Contract liabilities, lease liabilities and
deferred income decreased from their year end balances as those
portions of the liability became current.
The Group's cash resources at 1 January 2021 were GBP46.7
million. Cash generated from operations was GBP22.2 million. Other
significant cash flows were GBP3.5 million of capex and GBP4.6
million of lease liability payments. The cash balance at 30 June
2021 was GBP61.3 million.
Financial outlook
After the more than doubling of revenues in the first half of
2021, the Group will target to maintain similar levels of total
revenues in the second half of 2021 as has been achieved in the
first half. More specifically, the Group is also targeting new
customer relationships and the broadening out of existing customer
relationships over the next 12 months.
Existing customer relations with AstraZeneca, Juno
Therapeutics/Bristol Myers Squibb, and Beam Therapeutics are
expected to continue to drive growth in bioprocessing and
commercial development activities, and the resultant revenues in
2021, assisted by an expanded Oxbox facility being in use
throughout the year. Additive bioprocessing and commercial
development revenues are also expected from new future partnerships
with the Group focusing on continuing to expand its commercial
customer base .
Maintaining our position as a key strategic partner to our
customers remains core to our beliefs and motivations, and drives
our philosophy in terms cultivating new partnerships and
maintaining strong existing customer relationships. One of our core
values is to bring about better solutions for patients and we look
to partner with customers who we can assist in making this
happen.
Group Operating EBITDA for the second half of the year, whilst
anticipated to be above the level achieved in H2 2020, is expected
to be below the first half figure as a result of an increase in
operating expenditure levels. The level of research and development
spend for the full year is expected to be above that in 2020 as the
Group looks to accelerate investment into not only its platform
research but also its own proprietary product development.
Bioprocessing costs are also likely to be higher in the second half
due to the planned staggered maintenance shutdowns of all three
vaccine manufacturing suites in the period. Manpower costs across
research and development, bioprocessing and administrative costs
are expected to increase, although the growth in headcount is
anticipated to be at lower levels than that seen in 2020.
Capex for 2021 is expected to be at similar levels to 2020 due
to the laboratory expansions being undertaken at both Windrush
Court and the Windrush Innovation Centre. The Group continues to
look to make selective strategic investments in its products and
enabling technologies where the opportunity exists to improve
patient outcomes and increase shareholder value.
Principal risks and uncertainties
The principal risks and uncertainties facing the Group are
unchanged from those set out in pages 70 to 77 of the 2020 Annual
Report & Accounts which is available on the Group's website at
www.oxb.com.
Going concern
The Group made a profit for the period ended 30 June 2021 of
GBP18.1 million, and generated net cash flows from operating
activities for the year of GBP22.2 million. The Group ended the
period with cash and cash equivalents of
GBP61.3 million.
In considering the basis of preparation of these interim
financial statements, the Directors have prepared cash flow
forecasts for a period of at least 12 months from the date of
approval of these interim financial statements, based in the first
instance on the Group's most recent forecasts for 2021 and 2022.
These cash flow forecasts also take into consideration severe but
plausible downside scenarios including:
-- A substantial revenue downside affecting the core viral vector platform business,
-- Vaccine batches brought down by a third to volumes for which
there is some form of minimum financial commitment from
AstraZeneca,
-- Very limited revenues from new customers,
-- Significant decreases in forecasted existing customer milestone and royalty revenues,
-- The continued impact of COVID-19 on the Group and its
customers including expected revenues from existing customers under
long term contracts.
The Board has confidence in the Group's ability to continue as a
going concern for the following reasons:
-- As noted above the Group has cash balances of GBP61.3 million
at the end of June 2021 and GBP55.9 million at the end of August
2021,
-- The Group has the ability to control capital expenditure
costs and lower other operational spend, as necessary,
-- A reasonable proportion of the forecasted revenues are
covered by binding customer commitments which give additional
certainty to cash flows over the next 12 months,
-- The Group has key worker status which allows continuity of
providing services to the Group's financially stable customer base
throughout any further lockdown period,
-- The Group's history of being able to access capital markets.
Taking account of the matters described above, the Directors are
confident that the Group will have sufficient funds to continue to
meet its liabilities as they fall due for at least 12 months from
the date of approval of the financial statements and therefore have
prepared the interim financial statements on a going concern
basis.
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2021
Six months ended Six months ended
30 June 2021 30 June 2020
Unaudited Unaudited
Notes GBP'000 GBP'000
--------------------------------------------- ------- ----------------- -----------------
Revenue 81,252 33,979
Cost of sales (38,372) (10,314)
--------------------------------------------- ------- ----------------- -----------------
Gross profit 42,880 23,665
Bioprocessing costs (2,947) (9,195)
Research and development costs (14,708) (15,168)
Administrative expenses (6,009) (4,692)
Other operating income 441 327
Change in fair value of available-for-sale
asset 8 1 (703)
--------------------------------------------- ------- ----------------- -----------------
Operating profit/(loss) 19,658 (5,766)
Finance income 31 13
Finance costs 6 (472) (373)
--------------------------------------------- ------- ----------------- -----------------
Profit/(loss) before tax 19,217 (6,126)
Taxation (1,148) (553)
Profit/(loss) and total comprehensive
income/(expense) for the period 18,069 (6,679)
--------------------------------------------- ------- ----------------- -----------------
Basic profit/(loss) per share 5 21.92p (8.69p)
Diluted profit/(loss) per share 5 21.36p n/a
--------------------------------------------- ------- ----------------- -----------------
The notes on pages 20 to 28 form part of this financial
information.
Consolidated statement of financial position
as at 30 June 2021
30 June 31 December
2021 2020
Unaudited Audited
Notes GBP'000 GBP'000
-------------------------------- ------- ------------------------ ----------------------
Assets
Non-current assets
Intangible assets 63 73
Property, plant and equipment 7 70,127 72,304
Trade and other receivables 10 3,585 3,605
73,775 75,982
-------------------------------- ------- ------------------------ ----------------------
Current assets
Inventory 9 8,466 6,912
Assets held for sale 8 240 239
Trade and other receivables 10 31,184 37,418
Contract assets 11 22,746 16,508
Current tax assets - 126
Cash and cash equivalents 12 61,275 46,743
-------------------------------- ------- ------------------------ ----------------------
123,911 107,946
-------------------------------- ------- ------------------------ ----------------------
Current liabilities
Trade and other payables 13 23,290 19,716
Current tax liabilities 2,016 -
Contract liabilities 20,237 27,258
Deferred income 894 1,006
Lease liabilities 14 818 4,475
47,255 52,455
-------------------------------- ------- ------------------------ ----------------------
Net current assets 76,656 55,491
-------------------------------- ------- ------------------------ ----------------------
Non-current liabilities
Lease liabilities 14 8,915 9,370
Provisions 15 6,127 5,839
Contract liabilities 599 1,003
Deferred income 2,186 2,515
17,827 18,727
-------------------------------- ------- ------------------------ ----------------------
Net assets 132,604 112,746
-------------------------------- ------- ------------------------ ----------------------
Shareholders' equity
Share capital 16 41,307 41,161
Share premium 16 258,474 258,017
Other reserves 2,291 2,291
Accumulated losses (169,468) (188,723)
-------------------------------- ------- ------------------------ ----------------------
Total equity 132,604 112,746
-------------------------------- ------- ------------------------ ----------------------
The notes on pages 20 to 28 form part of this financial
information.
Consolidated Statement of Cash Flows
for the six months ended 30 June 2021
Six months ended Six months ended
30 June 2021 30 June 2020
Unaudited Unaudited
Notes GBP'000 GBP'000
---------------------------------------- ------- ------------------ ------------------
Cash flows from operating activities
Cash generated from/(consumed
in) operations 17 21,205 (938)
Tax credit received 994 -
---------------------------------------- ------- ------------------ ------------------
Net cash generated from/(used
in) operating activities 22,199 (938)
---------------------------------------- ------- ------------------ ------------------
Cash flows from investing activities
Purchases of property, plant and
equipment 7 (3,548) (5,350)
Proceeds on disposal of property, 9 -
plant and equipment
Proceeds on disposal of investments 8 - 2,523
Interest received - 13
---------------------------------------- ------- ------------------ ------------------
Net cash used in investing activities (3,539) (2,814)
---------------------------------------- ------- ------------------ ------------------
Cash flows from financing activities
Proceeds from issue of ordinary
share capital 483 40,167
Costs of share issues - (1,533)
Payment of lease liabilities (4,611) (506)
Net cash (used in)/generated from
financing activities (4,128) 38,128
---------------------------------------- ------- ------------------ ------------------
Net increase in cash and cash
equivalents 14,532 34,376
Cash and cash equivalents at 1
January 2021 46,743 16,243
Cash and cash equivalents at 30
June 2021 12 61,275 50,619
---------------------------------------- ------- ------------------ ------------------
The notes on pages 20 to 28 form part of this financial
information.
Statement of Changes in Equity Attributable to Owners of the
Parent
for the six months ended 30 June 2021 (Unaudited)
Share Share Merger Warrant Accumulated Total
capital premium reserve reserve Losses GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- ---------- ---------- ---------- ---------- ------------- ----------
At 1 January 2020 38,416 222,618 2,291 - (187,695) 75,630
Six months ended 30 June 2020:
---------------------------------- ---------- ---------- ---------- ---------- ------------- ----------
Loss for the period - - - - (6,679) (6,679)
---------------------------------- ---------- ---------- ---------- ---------- ------------- ----------
Total comprehensive expense
for the period - - - - (6,679) (6,679)
Transactions with owners:
Share options
Proceeds from shares issued 51 116 - - - 167
Value of employee services - - - - 1,258 1,258
Issue of shares excluding
options 2,500 37,500 - - - 40,000
Costs of share issues - (1,533) - - - (1,533)
At 30 June 2020 40,967 258,701 2,291 - (193,116) 108,843
Six months ended 31 December
2020:
---------------------------------- ---------- ---------- ---------- ---------- ------------- ----------
Profit for the period - - - - 434 434
---------------------------------- ---------- ---------- ---------- ---------- ------------- ----------
Total comprehensive income
for the period - - - - 434 434
Transactions with owners:
Share options
Proceeds from shares issued 194 725 - - (26) 893
Value of employee services - - - - 2,494 2,494
Deferred tax on share options - - - - 273 273
Costs of share issues - (191) - - - (191)
Transfer of share premium
related to warrants - (1,218) - - 1,218 -
At 31 December 2020 41,161 258,017 2,291 - (188,723) 112,746
At 1 January 2021
Six months ended 30 June 2020:
---------------------------------- ---------- ---------- ---------- ---------- ------------- ----------
Profit for the period - - - - 18,069 18,069
---------------------------------- ---------- ---------- ---------- ---------- ------------- ----------
Total comprehensive income
for the period - - - - 18,069 18,069
Transactions with owners:
Share options
Proceeds from shares issued 146 457 - - (120) 483
Value of employee services - - - - 1,306 1,306
At 30 June 2021 41,307 258,474 2,291 - (169,468) 132,604
---------------------------------- ---------- ---------- ---------- ---------- ------------- ----------
The notes on pages 20 to 28 form part of this financial
information.
Notes to the Financial Information
1. General information and basis of preparation
These condensed consolidated interim financial statements for
the six months ended 30 June 2021 have been prepared in accordance
with the Disclosure and Transparency Rules of the Financial Conduct
Authority and with IAS 34 Interim Financial Reporting as adopted by
the European Union. They do not include all of the information
required for full annual financial statements and should be read in
conjunction with the consolidated financial statements of the Group
for the year ended 31 December 2020.
The financial information set out above does not constitute the
Company's Statutory Accounts. Statutory accounts for the year ended
31 December 2020 were approved by the Board of Directors and have
been delivered to the Registrar of companies. The report of the
auditor (i) was unqualified, (ii) included no references to any
matters to which the auditor drew attention by way of emphasis
without qualifying their report, and (iii) did not contain a
statement under section 498 (2) or (3) of the Companies Act
2006
These interim financial statements have been prepared applying
consistent accounting policies to those applied by the Group in the
2020 Annual Report.
These condensed consolidated interim financial statements were
approved by the Board of Directors on 22 September 2021. They have
not been audited.
Oxford Biomedica plc, the parent company in the Group, is a
public limited company incorporated and domiciled in the UK and is
listed on the London Stock Exchange.
There have been no material related party transactions in the
first six months of 2021 and no material change in related parties
from those described in the last annual report.
2. Going concern
The Group made a profit for the period ended 30 June 2021 of
GBP18.1 million, and generated net cash flows from operating
activities for the year of GBP22.2 million. The Group ended the
period with cash and cash equivalents of
GBP61.3 million.
In considering the basis of preparation of these interim
financial statements, the Directors have prepared cash flow
forecasts for a period of at least 12 months from the date of
approval of these interim financial statements, based in the first
instance on the Group's most recent forecasts for 2021 and 2022.
These cash flow forecasts also take into consideration severe but
plausible downside scenarios including:
-- A substantial revenue downside affecting the core viral vector platform business,
-- Vaccine batches brought down by a third to volumes for which
there is some form of minimum financial commitment from
AstraZeneca,
-- Very limited revenues from new customers,
-- Significant decreases in forecasted existing customer milestone and royalty revenues,
-- The continued impact of COVID-19 on the Group and its
customers including expected revenues from existing customers under
long term contracts.
The Board has confidence in the Group's ability to continue as a
going concern for the following reasons:
-- As noted above the Group has cash balances of GBP61.3 million
at the end of June 2021 and GBP55.9 million at the end of August
2021,
-- The Group has the ability to control capital expenditure
costs and lower other operational spend, as necessary,
-- A reasonable proportion of the forecasted revenues are
covered by binding customer commitments which give additional
certainty to cash flows over the next 12 months,
-- The Group has key worker status which allows continuity of
providing services to the Group's financially stable customer base
throughout any further lockdown period,
-- The Group's history of being able to access capital markets.
Taking account of the matters described above, the Directors are
confident that the Group will have sufficient funds to continue to
meet its liabilities as they fall due for at least 12 months from
the date of approval of the interim financial statements and
therefore have prepared the financial statements on a going concern
basis.
3. Accounting policies
The accounting policies, including the classification of
financial instruments, applied in these interim financial
statements are consistent with those of the annual financial
statements for the year ended 31 December 2020, as described in
those financial statements:
Judgements
Customer contract with varying bioprocessing batch prices
During 2020 the Group entered into a supply agreement with a
customer for the supply of bioprocessing batches where the batch
price will vary across the period of the contract. The Group has
deemed that the series guidance within IFRS 15 applies and has
therefore recognised revenue based on averaging the batch price
over the period of the contract where the series guidance applies.
If the revenue had been recognised based on an actual batch price,
cumulative revenues would have been GBP2.4 million higher (2020:
GBP2.4 million higher) with a corresponding increase in revenues of
GBP2.4 million in the second half of 2021.
Estimations
The key assumptions concerning the future, and other key sources
of estimation uncertainty at the reporting date, that have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year,
are discussed below. The nature of estimation means that actual
outcomes could differ from those estimates
Percentage of completion of bioprocessing batch revenues
Bioprocessing of clinical/commercial product for partners is
recognised on a percentage of completion basis over time as the
processes are carried out. Progress is determined based on the
achievement of verifiable stages of the bioprocessing process.
Revenues are recognised on a percentage of completion basis and as
such require judgement in terms of the assessment of the correct
stage of completion including the expected costs of completion for
that specific bioprocessing batch. The value of the revenue
recognised and the related contract asset raised with regards to
the bioprocessing batches which remain in progress at period end is
GBP20,144,000. If the assessed percentage of completion was 10
percentage points higher or lower, revenue recognised in the period
would have been GBP2,014,400 higher or lower.
Percentage of completion of fixed price process development
revenues
As it satisfies its performance obligations the Group recognises
revenue and the related contract asset with regards to fixed price
process development work packages. Revenues are recognised on a
percentage of completion basis and as such require judgement in
terms of the assessment of the correct percentage of completion for
that specific process development work package. The value of the
revenue recognised and the related contract asset raised with
regards to the work packages which remain in progress at period end
is GBP4,423,000. If the assessed percentage of completion was 10
percentage points higher or lower, revenue recognised in the period
would have been GBP405,000 higher or lower.
Provision for out of specification bioprocessing batches
Bioprocessing of clinical/commercial product for partners is
recognised on a percentage of completion basis over time as the
processes are carried out. Progress is determined based on the
achievement of verifiable stages of the process.
As the Group has now been bioprocessing product across a number
of years, and also in a commercial capacity, the Group has assessed
the need to include an estimate of bioprocessed product for which
revenue has previously been recognised and which may be reversed
should the product go out of specification during the remaining
period over which the product is bioprocessed. In calculating this
estimate the Group has looked at historical rates of out of
specification batches across the last five years and has applied
the percentage of out of specification batches to total batches
produced across the assessed period to the revenue recognised on
batches which have not yet completed the bioprocessing process at
period end. The Group makes specific provisions for product batches
where it is considered that the average overall historical failure
rate does not adequately cover the perceived risk of revenue
recognised on those specific batches having to be subsequently
reversed.
This estimate, based on the historical average percentage as
well as certain specific provisions, may be significantly higher or
lower depending on the number of bioprocessing batches actually
going out of specification in future. If the historical average
percentage had been 10% higher or lower, the estimate would be
GBP41,000 higher or lower. The estimate will increase or decrease
based on the number of bioprocessing batches undertaken, the
percentage of completion of those bioprocessing batches, and the
number of batches which go out of specification over the assessment
period.
Consequently, bioprocessing revenue of GBP3.1 million (31
December 2020: GBP1.4 million) has not been recognised during the
six months ended 30 June 2021 with the corresponding credit to
contract liabilities. This revenue will be recognised as the
batches complete bioprocessing.
Stock and equipment received in lieu of cash payment for
bioprocessing and development services
During 2020, as part of its supply and development agreements
with customers, the Group received certain stock items and fixed
assets in partial lieu of cash payments from customers. As required
by IFRS 15, the Group has valued the commercial development
services and bioprocessing batches it has provided at their market
value for revenue recognition purposes, with a corresponding entry
being passed within cost of goods and operating lease payments to
account for the cost of these items. The value of revenue
recognised during 2021 related to these items amounts to GBP1.0
million (H1 2020: nil).
4. Segmental analysis
The chief operating decision-makers have been identified as the
Senior Executive Team (SET), comprising the Executive Directors,
Chief Technical Officer, Chief Scientific Officer, Chief Business
Officer, Chief Operations Officer, General Counsel, Chief People
Officer and Chief Information Officer. The SET monitors the
performance of the Group in two business segments:
(i) Platform - this segment consists of the revenue generating
bioprocessing and process development activities undertaken for
third parties. It also includes internal technology developments
and the costs involved in developing platform related intellectual
property;
(ii) Product - this segment consists of the clinical and
preclinical development of in vivo and ex-vivo gene and cell
therapy products which are owned by the Group.
Revenues, other operating income and operating profit/(loss) by
segment
Operating EBITDA and Operating profit/(loss) represent the
Group's measures of segment profit & loss as they are a primary
measure used for the purpose of making decisions about allocating
resources and assessing performance of segments.
Platform Product Total
H1 2021 GBP'000 GBP'000 GBP'000
============================================= ========== ========== ==========
Revenue 81,202 50 81,252
Other operating income 441 - 441
Operating EBITDA(1) 31,216 (4,124) 27,092
Depreciation, amortisation and share based
payment (6,777) (658) (7,435)
Change in fair value of available-for-sale
asset 1 - 1
Operating profit/(loss) 24,440 (4,782) 19,658
Net finance cost (441)
Profit before tax 19,217
============================================= ========== ========== ==========
Platform Product Total
H1 2020 GBP'000 GBP'000 GBP'000
============================================= ========== ========== ==========
Revenue 33,724 255 33,979
Other operating income 327 - 327
Operating EBITDA(1) 1,807 (2,205) (398)
Depreciation, amortisation and share based
payment (4,221) (444) (4,665)
Change in fair value of available-for-sale
asset (703) - (703)
Operating loss (3,117) (2,649) (5,766)
Net finance cost (360)
Loss before tax (6,126)
============================================= ========== ========== ==========
(1) Operating EBITDA (Earnings Before Net Finance Costs, Tax,
Depreciation, Amortisation, fair value adjustments of assets at
fair value through profit and loss, and Share Based Payments) is a
non-GAAP measure often used as a surrogate for operational cash
flow as it excludes from operating profit or loss all non-cash
items, including the charge for share options. A reconciliation to
GAAP measures is provided on page 12.
Other operating income of GBP0.4 million (2020: GBP0.3 million)
includes grant income of GBP0.4 million (2020: GBP0.3 million)
which is used to develop the Group's supply chain capabilities and
is included within the Platform segment. No grant income to fund
clinical and preclinical development is included within the Product
segment.
Costs are allocated to the segments on a specific basis as far
as is possible. Costs which cannot readily be allocated
specifically are apportioned between the segments using relevant
metrics such as headcount or direct costs.
A geographical split of operating profit/(loss) is not provided
because this information is not received or reviewed by the chief
operating decision-maker and the origin of all revenues is the
United Kingdom.
A segmental or geographical split of assets and liabilities is
not provided because this information is not received or reviewed
by the chief operating decision-maker. All assets are located
within the United Kingdom.
Disaggregation of revenue
Revenue is disaggregated by the type of revenue which is
generated by the commercial arrangement. Revenue shown in the table
below is denominated in sterling and is generated in the UK.
For the six months ended 30 June
Platform Product Total
2021 GBP'000 GBP'000 GBP'000
======================================= ========== ========= =========
Bioprocessing/Commercial development 75,559 50 75,609
Licence fees, Milestones & Royalties 5,643 - 5,643
--------------------------------------- ---------- --------- ---------
Total 81,202 50 81,252
--------------------------------------- ---------- --------- ---------
Platform Product Total
2020 GBP'000 GBP'000 GBP'000
======================================= ========== ========= =========
Bioprocessing/Commercial development 23,083 255 23,338
Licence fees, Milestones & Royalties 10,641 - 10,641
--------------------------------------- ---------- --------- ---------
Total 33,724 255 33,979
--------------------------------------- ---------- --------- ---------
Revenue by geographical location
30 June 30 June
2021 2020
Revenue by customer location GBP'000 GBP'000
------------------------------- ---------- ----------
Europe 70,252 18,972
Rest of world 11,000 15,007
------------------------------- ---------- ----------
Total 81,252 33,979
------------------------------- ---------- ----------
In the first half of 2021 AstraZeneca generated more than 10% of
the Group's revenue.
5. Basic earnings and diluted earnings per ordinary share
The basic profit per share of 21.92p (2020: 8.69p loss) has been
calculated by dividing the profit for the period by the weighted
average number of shares in issue during the six months ended 30
June 2021, being 82,430,408 (2020: 76,859,131).
The diluted earnings per share of 21.36p has been calculated by
dividing the earnings for the period by
the weighted average number of shares in issue during the period
after adjusting for the dilutive effect
of the share options outstanding at 30 June 2021
(84,599,862).
The Group made a loss in the prior period. There were no
potentially dilutive options in the prior period. There is
therefore no difference between the basic loss per ordinary share
and the diluted loss per ordinary share in the prior period.
6. Finance costs
Finance costs of GBP0.5 million (2020: GBP0.4 million) consists
of lease liability interest recognised as part of the
implementation of IFRS 16 (Leases).
7. Property, plant & equipment
Bioprocessing
Office and
Freehold Leasehold equipment Laboratory Right-of-use
property improvements and computers equipment assets Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000s GBP'000
--------------- ------------------- ------------------ ---------------- ---------------- -------------- ---------
Cost
At 1 January
2021 23,331 27,219 9,106 24,606 18,012 102,274
Additions at
cost 352 530 650 2,016 37 3,585
Change of
Estimate - - - - 275 275
At 30 June
2021 23,683 27,749 9,756 26,622 18,324 106,134
---------------- ------------------ ------------------ ---------------- ---------------- -------------- ---------
Depreciation
At 1 January
2020 10,444 3,519 4,610 9,177 2,220 29,970
Charge for the
period 1,112 1,355 1,081 1,584 905 6,037
At 30 June
2021 11,556 4,874 5,691 10,761 3,125 36,007
---------------- ------------------ ------------------ ---------------- ---------------- -------------- ---------
Net book
amount
at
30 June 2021 12,127 22,875 4,065 15,861 15,199 70,127
---------------- ------------------ ------------------ ---------------- ---------------- -------------- ---------
Net book
amount
at 31
December
2020 12,887 23,700 4,496 15,429 15,792 72,304
---------------- ------------------ ------------------ ---------------- ---------------- -------------- ---------
8. Assets held at fair value through profit and loss
Reconciliation of opening and closing balances:
30 June 31 December
2021 2020
GBP'000 GBP'000
--------------------------------------------------- ---------- -------------
At 1 January 239 2,719
Additions - 874
Change in fair value of available-for-sale asset 1 (831)
Sale of shares - (2,523)
At 30 June/31 December 240 239
--------------------------------------------------- ---------- -------------
The Asset at fair value through profit & loss under IFRS 5
is represented by the equity held in Orchard Therapeutics Plc, a
company listed on the Nasdaq stock exchange. The financial asset is
classified as level 1 in the hierarchy.
Additions in 2020 relate to a contract milestone which was met
in 2019 with the shares received in 2020 as part of a non-cash
consideration.
9. Inventory
30 June 31 December
2021 2020
GBP'000 GBP'000
---------------- ---------- -------------
Raw materials 8,466 6,912
Inventory 8,466 6,912
---------------- ---------- -------------
Inventories constitute raw materials held for bioprocessing,
research and development purposes.
During 2021, the Group wrote down GBP290,000 (2020: GBP134,000)
of inventory which is not expected to be used in production or sold
onwards.
10. Trade and other receivables
30 June 31 December
2021 2020
Current GBP'000 GBP'000
------------------------------------ ----------- -------------
Trade receivables 20,577 27,214
Other receivables 927 4,163
Other tax receivable 6,793 3,412
Prepayments 2,887 2,629
------------------------------------- ---------- ------------- ---
Total trade and other receivables 31,184 37,418
------------------------------------- ---------- ------------------
30 June 31 December
2021 2020
Non-current GBP'000 GBP'000
-------------------- ----------- -------------
Other receivables 3,585 3,605
--------------------- ---------- -------------
11. Contract Assets
30 June 31 December
2021 2020
GBP'000 GBP'000
---------------------------- -------------
Contract assets 22,746 16,508
------------------- -------- -------------
12. Cash and cash equivalents
30 June 31 December
2021 2020
GBP'000 GBP'000
--------------------------- --------- -------------
Cash at bank and in hand 61,275 46,743
--------------------------- --------- -------------
13. Trade and other payables
30 June 31 December
2021 2020
GBP'000 GBP'000
------------------------------------- ---------- -------------
Trade payables 10,254 7,777
Other taxation and social security 2,598 1,585
Accruals 10,438 10,354
------------------------------------- ---------- -------------
Total trade and other payables 23,290 19,716
------------------------------------- ---------- -------------
14. Leases
The Group leases many assets including land and buildings,
equipment and IT equipment. Information about leases for which the
Group is a lessee is presented below:
Right-of-use assets
Property Equipment IT Equipment Total
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- ------------ ------------- ---------------- -----------
Balance at 1 January 2021 12,261 3,442 89 15,792
Additions - 37 - 37
Depreciation charge for
the period ( 569 ) ( 310 ) ( 26 ) ( 905 )
Change in Estimate 275 - - 275
---------------------------- ------------ ------------- ---------------- -----------
Balance at 30 June 2021 11,967 3,169 63 15,199
---------------------------- ------------ ------------- ---------------- -----------
The additions in the period related to manufacturing equipment
assets (2020: GBP2,461,000 on inception of the Corporate office
lease).
Lease liabilities
30 June 2021
GBP'000
---------------------------------------------------------- --------------
Maturity analysis - contractual undiscounted cash flows
Less than one year 1,590
One to five years 5,947
More than five years 6,696
---------------------------------------------------------- ----------------
Total undiscounted cash flows at 30 June 2021 14,233
---------------------------------------------------------- ----------------
30 June
2021
GBP'000
----------------------------------------------------------- -----------
Lease liabilities included in the Statement of Financial
Position
Current 818
Non-current 8,915
------------------------------------------------------------
Total lease liabilities at 30 June 2021 9,733
------------------------------------------------------------ ---------------
Amounts recognised in the statement of comprehensive income
30 June
2021
GBP'000
---------------------------------------- ----------
Interest on lease liabilities 467
Expense relating to short-term leases 251
---------------------------------------- ----------
Amounts recognised in the statement of cash flows
30 June 2021
GBP'000
-------------------------------- --------------
Total cash outflow for leases 4,611
-------------------------------- --------------
15. Provisions
The dilapidations provisions relate to the anticipated costs of
restoring the leasehold Oxbox, Yarnton, Corporate office and
Windrush Innovation Centre properties in Oxford, UK, to their
original condition at the end of the lease terms in 2024 and 2028
respectively, discounted using the rate per the Bank of England
nominal yield curve. The equivalent rate was used in 2020. The
provisions will be utilised at the end of the leases if they are
not renewed
In 2020 the Group signed a lease on a new corporate office in
Oxford, UK that is near its other sites. The new facility is 11,000
sq. ft. (1,027 sqm). This new facility has estimated restoration
costs of GBP105,000.
16. Share capital and Share premium
At 31 December 2020 and 30 June 2021 Oxford Biomedica had an
issued share capital of 82,320,585 and 82,591,804 ordinary 50 pence
shares respectively.
271,219 shares were created as a result of the exercise of
options by employees during the period.
On 19 June 2020, the Group announced a placement of 5,000,000
new ordinary shares at a price of GBP8.00 per share. Gross proceeds
from the placing were GBP40.0 million; net proceeds were GBP38.6
million.
17. Cash flows from operating activities
Reconciliation of operating profit/(loss) to net cash generated
from/(used in) operations
Six months ended Six months ended
30 June 2021 30 June 2020
GBP'000 GBP'000
--------------------------------------------- ------------------ ------------------
Continuing operations
Operating profit/(loss) 19,658 (5,766)
Adjustment for:
Depreciation 6,037 3,649
Amortisation of intangible assets 11 11
Gain on disposal of property, plant (10) -
and equipment
Charge in relation to employee share
scheme 1,343 1,257
Change in fair value of available-for-sale
asset (1) 703
Changes in working capital:
Increase in contract assets and trade
and other receivables 11 (2,216)
Increase in trade and other payables 3,581 2,094
Decrease in contract liabilities and
deferred income (7,871) (690)
Increase in provisions - 615
(Increase)/ decrease in inventories (1,554) (595)
--------------------------------------------- ------------------ ------------------
Net cash generated from/ (used in)
operations 21,205 (938)
--------------------------------------------- ------------------ ------------------
18. Statement of Directors' responsibilities
The Directors of Oxford Biomedica plc are set out on page 30 of
this report. We confirm that to the best of our knowledge:
-- the condensed set of financial statements has been prepared
in accordance with IAS 34 Interim Financial Reporting as adopted
for use in the UK.
-- the interim management report includes a fair review of the information required by:
o DTR 4.2.7R of the Disclosure Guidance and Transparency Rules,
being an indication of important events that have occurred during
the first six months of the financial year and their impact on the
condensed set of financial statements; and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
o DTR 4.2.8R of the Disclosure Guidance and Transparency Rules,
being related party transactions that have taken place in the first
six months of the current financial year and that have materially
affected the financial position or performance of the entity during
that period; and any changes in the related party transactions
described in the last annual report that could do so.
By order of the Board
John Dawson
Chief Executive Officer
22 September 2021
INDEPENDENT REVIEW REPORT TO OXFORD BIOMEDICA PLC
Conclusion
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 June 2021 which comprises the Consolidated
Statement of Comprehensive Income, Consolidated Statement of
Financial Position, Consolidated Statement of Cash Flows, Statement
of Changes in Equity Attributable to Owners of the Parent and the
related explanatory notes
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
June 2020 is not prepared, in all material respects, in accordance
with IAS 34 Interim Financial Reporting as adopted by the EU and
the Disclosure Guidance and Transparency Rules ("the DTR") of the
UK's Financial Conduct Authority ("the UK FCA").
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity issued by the Auditing Practices Board for use in the
UK. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review
procedures. We read the other information contained in the
half-yearly financial report and consider whether it contains any
apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the DTR of the UK FCA.
As disclosed in note 18, the annual financial statements of the
Group are prepared in accordance with International Financial
Reporting Standards as adopted by the EU. The directors are
responsible for preparing the condensed set of financial statements
included in the half-yearly financial report in accordance with IAS
34 as adopted by the EU.
Our responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
The purpose of our review work and to whom we owe our
responsibilities
This report is made solely to the company in accordance with the
terms of our engagement to assist the company in meeting the
requirements of the DTR of the UK FCA. Our review has been
undertaken so that we might state to the company those matters we
are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the company for our
review work, for this report, or for the conclusions we have
reached.
William Smith
for and on behalf of KPMG LLP
Chartered Accountants
2 Forbury Place
33 Forbury Road
Reading
RG1 3AD
22 September 2021
Shareholder Information
Directors Financial adviser and joint broker
Roch Doliveux Peel Hunt
(Non-executive Chairman) 7(th) Floor
John Dawson 100 Liverpool Street
(Chief Executive Officer) London EC2M 2AT
Stuart Paynter Financial adviser and joint broker
(Chief Financial Officer) WG Partners
Stuart Henderson 85 Gresham Street
(Deputy Chairman and Senior London EC2V 7NQ
Independent Director) Financial and Corporate Communications
Michael Hayden Consilium Strategic Communications
(Non-executive Director) 41 Lothbury
Siyamak Rasty London EC2R 7HG
(Independent Non-executive Director) Registered Auditor
Heather Preston KPMG LLP
(Independent Non-executive Director) 2 Forbury place
Robert Ghenchev 33 Forbury Road
(Non-executive Director) Reading
Kay Davies RG1 3AD
(Independent Non-executive Director) Solicitor
Covington & Burling LLP
265 Strand
London WC2R 1BH
Registrars
Link Group
10th Floor
Central Square
29 Wellington Street
Leeds LS1 4DL
Company Secretary and Registered
Office
Natalie Walter
Windrush Court
Transport Way
Oxford OX4 6LT
Tel: +44 (0) 1865 783 000
Fax: +44 (0) 1865 783 001
enquiries@oxb.com
www.oxb.com
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