Trading Update

Physiomics plc (AIM: PYC), a leading mathematical modelling and data science company supporting the development of new therapeutics and personalised medicine solutions, provides the following update on current trading.

Despite having a strong pipeline of potential new business, several large contracts have taken longer than expected to be signed and as a result the Company's total income for the financial year ending 30 June 2024 ("FY24") is now expected to fall in the range of £600k-650k.

The Company is in the final stages of negotiation for two projects (one with an existing client and one with a potential new client), the total value of which is expected to be, in aggregate, approximately £350k. Whilst the Board anticipates that the contracts for these two projects will be signed in FY24, the majority of the revenue is now expected be recognised in the Company's next financial year ending 30 June 2025 ("FY25"), and accordingly the Board's expectations for FY25 revenues have been correspondingly increased.

The Board notes that the Company has, to date, secured £225k of revenue in respect of FY25 which is expected to increase to over £0.5 million on the signing of the two aforementioned contracts.

Dr Pete Sargent, CEO, commented:

"Whilst we are clearly disappointed that the execution of these two large contracts has been delayed, we have a high level of confidence that they will be signed before the end of this financial year. Assuming that is achieved, and taking account of the anticipated value of these two contracts, the Company would then be going into its next financial year with one of its highest ever levels of signed projects."