Financial Instruments (Tables)
|
6 Months Ended |
Jun. 30, 2022 |
|---|
| Financial Instruments [Abstract] |
|
| Schedule of financial assets, other than cash and short-term deposits |
| | |
At
June 30
2022
£’000 | | |
At
December 31 2021
£’000 | |
| Financial assets at amortized cost | |
| | |
| |
| Trade receivables | |
| 19,467 | | |
| 14,796 | |
| Contract assets | |
| 1,385 | | |
| 3,451 | |
| Lease deposits | |
| 8,545 | | |
| 5,124 | |
| | |
| 29,397 | | |
| 23,371 | |
| | |
| | | |
| | |
| Current | |
| 20,852 | | |
| 18,247 | |
| Non-current | |
| 8,545 | | |
| 5,124 | |
|
| Schedule of interest-bearing loans and borrowings |
| | |
Interest
rate | |
| |
At
June 30
2022 | | |
At
December 31
2021 | |
| | |
% | |
Maturity | |
£’000 | | |
£’000 | |
| Current | |
| |
| |
| | |
| |
| Lease liabilities | |
1 – 11% | |
Within one year | |
| 22,437 | | |
| 18,826 | |
| Convertible notes | |
2.00% | |
Within one year | |
| 1,299 | | |
| — | |
| Bank loans | |
2.00% | |
Within one year | |
| 165 | | |
| 635 | |
| Stocking loans | |
Base rate + 0.5% – 13.9% | |
On earlier of sale or 180 – 330 days / Within one year | |
| 196,101 | | |
| 169,170 | |
| Subscription facilities | |
Base rate +1.7% – 3.7%
3.15% – 6.0% | |
Within one year | |
| 25,479 | | |
| 10,188 | |
| Mortgages | |
| |
| |
| — | | |
| 547 | |
| | |
| |
| |
| 245,481 | | |
| 199,366 | |
| | |
| |
| |
| | | |
| | |
| Non-current | |
| |
| |
| | | |
| | |
| Lease liabilities | |
1 – 11% | |
2023 – 2042 | |
| 98,522 | | |
| 71,574 | |
| Convertible notes | |
2.00% | |
2027 | |
| 358,361 | | |
| — | |
| Bank loans | |
| |
| |
| — | | |
| 815 | |
| Stocking loans | |
Base rate + 3.0% – 13.9% | |
2024 | |
| 13,319 | | |
| 8,809 | |
| Subscription facilities | |
Base rate + 1.7% – 3.7%
3.15% – 12.0% | |
2023 – 2026 | |
| 49,495 | | |
| 56,987 | |
| Mortgages | |
| |
| |
| — | | |
| 1,502 | |
| | |
| |
| |
| 519,697 | | |
| 139,687 | |
|
| Schedule of other financial liabilities |
| | |
At
June 30
2022 | | |
At
December 31 2021 | |
| | |
£’000 | | |
£’000 | |
| Financial liabilities at fair value through profit or loss | |
| | |
| |
| Warrants | |
| 5,675 | | |
| 42,692 | |
| Embedded derivative | |
| 112,562 | | |
| — | |
| | |
| 118,237 | | |
| 42,692 | |
| | |
| | | |
| | |
| Current | |
| — | | |
| — | |
| Non-current | |
| 118,237 | | |
| 42,692 | |
|
| Schedule of Other financial liabilities |
| | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| At June 30, 2022 | |
£’000 | | |
£’000 | | |
£’000 | | |
£’000 | |
| Warrants | |
| 1,493 | | |
| — | | |
| 4,182 | | |
| 5,675 | |
| Embedded derivative | |
| — | | |
| — | | |
| 112,562 | | |
| 112,562 | |
| | |
| 1,493 | | |
| — | | |
| 116,744 | | |
| 118,237 | |
|
| Schedule of fair value of the private warrants and the embedded derivative |
| | |
Private
warrants | | |
Embedded
derivative | |
| | |
| | |
| |
| Expected term (years) | |
| 7 | | |
| 5 | |
| Expected volatility | |
| 89.7 | % | |
| 58.3 | % |
| Dividend yield | |
| Nil | | |
| Nil | |
| Risk free interest rate | |
| 3.0 | % | |
| 3.0 | % |
|
| Schedule of fair value movements |
| | |
Public
warrants | | |
Private
warrants | | |
Embedded
derivative | | |
Total | |
| | |
£’000 | | |
£’000 | | |
£’000 | | |
£’000 | |
| At January 1, 2022 | |
| 13,418 | | |
| 29,274 | | |
| — | | |
| 42,692 | |
| | |
| | | |
| | | |
| | | |
| | |
| Issuances | |
| — | | |
| — | | |
| 251,288 | | |
| 251,288 | |
| Fair value movement | |
| (13,441 | ) | |
| (28,399 | ) | |
| (168,085 | ) | |
| (209,925 | ) |
| Foreign exchange movements | |
| 1,516 | | |
| 3,307 | | |
| 29,359 | | |
| 34,182 | |
| At June 30, 2022 | |
| 1,493 | | |
| 4,182 | | |
| 112,562 | | |
| 118,237 | |
|