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Scorpio Technology
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== Financial Overview == Please note that any forward looking statements, including financial forecasts are not a reliable indicator of future performance and the information below should be read alongside the company financials. '''Summary''' {| class="wikitable" |+ !Year End : March !Prior Year !Apr 22 - Mar 23 !Apr 23 - Mar 24 !Apr 24 - Mar 25 |- |Sales |35,000 |631,000 |5,269,000 |14,362,000 |- |Cost of Sales |0 |493,000 |2,920,000 |5,832,000 |- |Gross profit |35,000 |138,000 |2,348,000 |8,530,000 |- |Overheads |76,000 |705,000 |1,364,000 |1,850,000 |- |Pre-tax profit/loss | -41,000 | -567,000 |984,000 |6,680,000 |} '''Notes''' The majority of 2022 will be devoted to the rapid development and production of Reference Designs for Air Purification Units (APU) which will be deployed either as a standalone product of varying volumetric flow rate or integrated into larger air handling systems (HVAC). In the UK, standalone APUs will be manufactured and sold by STL in order to stimulate the market and demonstrate the technology and market opportunity to potential licensees. Production will be outsourced to a contract manufacturer. The UK launch of the STL manufactured APU will be in January 2023. This will be followed by licenced APU and HVAC unit licence fee revenues commencing in July 2023. Thereafter, revenues are expected to climb steadily as market share increases and new geographical markets are served. It is expected that revenues for financial year (FY) 22/23 will total £631k and grow to £5.3m in FY23/24 and £14.4m in FY24/25. The majority of expenditure in Q4 FY21/22 and the first half of FY22/23 is devoted to spending on research and development. This is then replaced by marketing and professional fees relating to the promotion and licencing of the reference designs. In terms of profitability, FY21/22 is forecast to have a loss of £27k after tax (including R&D tax credits). Revenue starts flowing in Q4 of FY22/23, but the year is forecast to be loss making with a net loss after tax of £399k. A loss of £173k is incurred in the first 5 months of FY23/24 followed by a profit of £1.2m for the rest of the year giving an overall profit for the year of £984k. A Profit of £5.7m after tax is then forecast for FY24/25. Gross margin increases from 45% in FY23/24 to 59% in FY24/25 reflecting the increasing proportion of high margins implicit in an IP licensing business model. Net margins increase from 19% to 39% over the same period. '''Use of Funds''' The minimum raise (£150k) will enable us to further develop the pre-production unit for standalone air-purification, to a point where it can be fully productionised in collaboration with Teddington Systems, for the UK healthcare market. The maximum raise (£450k) will enable us to develop cost-reduced variants of the product, as well as the HVAC version. Our initial market entry will be into those sectors where the need is greatest, and most clearly understood – hospitals, care homes and schools. As a non-medical device, the product will be required to meet only efficacy and building-regulation standards. '''Outstanding Debt''' None
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