NIOX interim report and accounts for the six months ended 30 June 2025

For the six months ended 30 June 2025

NIOX Group plc

About NIOX: Our mission is to improve the diagnosis, monitoring and management of both asthma and COPD by providing greater patient access to FeNO testing.

Asthma and COPD are two of the biggest healthcare issues globally, with more than 600 million sufferers combined, many of whom are undiagnosed or are misdiagnosed. NIOX is engaged in the design, development, and commercialisation of medical devices for the measurement of FeNO, a precise biomarker for Type-2 inflammation which is present in asthma and COPD.

Our market-leading device, NIOX VERO®, is increasingly recognised by healthcare professionals as an important tool to improve the diagnosis, monitoring and management of asthma and COPD. NIOX VERO® is also the device of choice by leading clinical research organisations for respiratory studies.

NIOX provides products and services via its direct sales organisation and extensive distributor network in 50 countries.

For more information, please visit https://www.niox.com

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Strategic report

Financial highlights 6

Operational highlights 7

Chief Executive's statement 8

Operating review 10

Financial review 14

Principal risks and uncertainties 16

Corporate governance

Statement of directors' responsibilities 19

Group financial statements

Condensed interim consolidated statement of comprehensive income 22

Condensed interim consolidated statement of financial position 23

Condensed interim consolidated statement of cash flows 24

Notes to the condensed interim consolidated financial statements 25

Other information

Reconciliation of alternative performance measures 32

Shareholder information 33

NIOX GROUP PLC | INTERIM REPORT & ACCOUNTS FOR THE SIX MONTHS ENDED 30 JUNE 2025 3

Strategic report

4

Financial highlights 6

Operational highlights 7

Chief Executive's statement 8

Operating review 10

Financial review 14

Principal risks and uncertainties 16

NIOX GROUP PLC | INTERIM REPORT & ACCOUNTS FOR THE SIX MONTHS ENDED 30 JUNE 2025 5

STRATEGIC REPORT

Financial highlights

Revenue

Revenue growth of 20% (21% on a constant currency basis) to £25.2 million

(H1 2024: £21.0 million).

Research revenue2

Research2 revenue up 108% (108% on a constant currency basis) to £5.2 million

(H1 2024: £2.5 million), driven by unforecasted increases in clinical trial activity using FeNO testing for asthma and COPD.

Clinical revenue1

Clinical1 revenue growth of 8% (9% on a constant

currency basis) to £20.0 million (H1 2024: £18.5 million).

Adjusted EBITDA3

Adjusted EBITDA3 of

£9.2 million up 30% (H1 2024: £7.1 million), reflecting strong

operational leverage driven by higher sales and a broadly flat cost base.

Adjusted EBITDA margin 36.5% (H1 2024: 33.8%).

Adjusted basic earnings per share of 2.26p up 31% (H1 2024: 1.73p).

Cash generated from operations of £7.0 million (H1 2024: £6.0 million).

Strong balance sheet with cash of £11.8 million as of 30 June 2025

(30 June 2024: £21.5 million before £21.0 million returned by way of tender otfer, 31 December 2024: £10.9 million), notwithstanding the payment of a £5.0 million dividend in June 2025. Cash at 31 August 2025

£13.2 million.

1 Clinical revenue represents sales to physicians and hospitals for use in clinical practice.

2 Research revenue is from pharmaceutical companies and contract research organisations (CROs) for use in clinical studies.

3 Earnings before interest, tax, depreciation, amortisation and share-based payment expenses. See page 32 for reconciliation.

4 Excludes depreciation, amortisation and share-based payment expenses. See page 32 for reconciliation.

6

STRATEGIC REPORT

Operational highlights

Continued adoption

and increased penetration of FeNO testing as part of routine practice globally, supported by new NICE guidelines in the UK, increased tender wins in China and expansion into Japanese community clinics.

A final dividend for the financial year ended

31 December 2024 of 1.25 pence per share (equating to a return of cash of £5.0 million) was paid on 16 June 2025.

Development of our next-generation device, the NIOX PRO®, is progressing well and remains on track for initial launch in late 2025.

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STRATEGIC REPORT

Chief Executive's Statement

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Chief Executive's statement

NIOX has delivered another excellent half year, with revenues up 20% to £25.2 million and adjusted EBITDA up 30% to £9.2 million.

Both the clinical and research businesses performed strongly, with research sales more than doubling, significantly exceeding the forecasts provided by the CROs. This surge in demand has been met effectively thanks to the exceptional support of our supply chain partners. Meanwhile, our core clinical business continues to benefit from high levels of recurring revenue.

Trading in July and August has continued on a strong trajectory, and we remain debt-free with £13.2 million of cash as of 31 August 2025, enabling us to invest in future growth while supporting our progressive dividend policy. Given the strong performance of our research business, we are comfortably in line with revenue and adjusted EBITDA consensus expectations for 2025. We remain well-positioned to deliver sustained revenue growth, strong cash generation and attractive shareholder returns in the years ahead.

Jonathan Emms

Chief Executive Officer

29 September 2025

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STRATEGIC REPORT

Operating Review

NIOX delivered a strong performance in the first half of 2025, with revenues increasing by 20%

(21% at constant currency) to £25.2 million

(H1 2024: £21.0 million).

Adjusted EBITDA grew by 30% to £9.2 million (H1 2024:

£7.1 million), reflecting both top-line growth and improved operating efficiency.

Business Review

NIOX remains the market leader in point-of-care FeNO testing for the diagnosis, monitoring and management of asthma and COPD. The NIOX VERO® device is approved and reimbursed in most major markets globally.

Clinical sales, comprising sales to physicians and hospitals for clinical use, grew by 8% (9% at constant currency) to £20.0 million (H1 2024: £18.5 million).

Recurring revenues from consumables used in routine FeNO testing continue to account for over 90% of clinical sales, supporting high revenue visibility and a resilient business model.

Growth was geographically broad-based. On a constant currency basis:

• APAC sales were up 10%, supported by continued strong demand in Japan and China.

• EMEA sales grew by 8%, driven by our continued focus on Primary Care and new customer education initiatives in the UK.

  potential in the US market representing a significant growth opportunity.

  Our experience consistently shows that testing volumes are highest in markets with the greatest FeNO awareness. Accordingly, we remain committed to supporting ongoing education initiatives and local partnerships to raise awareness and adoption.

  Research sales are derived from pharmaceutical companies and contract research organisations (CROs) using NIOX® for FeNO testing in clinical studies.

  These sales more than doubled in the period to

  £5.2 million (H1 2024: £2.5 million) due to increased clinical trial activity involving FeNO testing for both asthma and COPD, which was not forecasted by the CROs. Research revenues can fluctuate as demand is ultimately determined by pharmaceutical companies' investment in clinical trials.

  
  
  

• Americas sales rose by 7%, with untapped

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NIOX remains the market leader in point-of-care FeNO testing for the diagnosis, monitoring

and management of asthma and COPD. The NIOX VERO® device is approved and reimbursed in most major markets globally.

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STRATEGIC REPORT

Operating Review

Strategic focus

In the US, we are focused on accelerating the penetration of FeNO testing through a revised go-to-market strategy. Historically, our reliance on external sales partners has not delivered the desired results. To address this, we are establishing a small direct sales capability. Under this hybrid model, a dedicated direct sales team will target high-priority geographies and customer segments, while lower-priority areas will continue to be supported by

e-marketing initiatives and carefully selected external partners. Alongside this, our existing inside sales team will focus on supporting existing customers and driving growth in recurring revenues. This NIOX-led, focused approach is expected to deliver more consistent growth and is a key strategic step.

Investments

The development of our next-generation clinical device, the NIOX PRO®, progressed well during this period. We previewed the device at the European Respiratory Society conference in September, and we were encouraged by the positive feedback we received. We remain on track for an initial commercial launch in late 2025.

Capitalised development expenditure for the NIOX PRO® in H1 was £0.7 million (H1 2024: £0.2 million), bringing the cumulative spend to date to £1.6 million. Total investment in the development of this device is expected to be approximately £2.5 million, with the majority of costs incurred by the end of 2025.

Separately, we plan to invest £0.5 million in the second half of the year to continue the early-stage development of MyNO®, our home-use FeNO device. These costs will be expensed in the income statement in the period as planned, as costs cannot be capitalised until technical feasibility is demonstrated. While MyNO® is not expected to generate near-term revenue, it represents a longer-term opportunity aligned with the growing trend toward home monitoring.

To support future sensor demand and strengthen supply chain resilience, we previously signed a Letter of Intent with our sensor manufacturer to invest in expanded manufacturing capacity. Preparatory work is currently in progress, and we anticipate incurring capital expenditure of approximately £1.0 million in 2026.

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Beyond Air

Under the existing agreement, NIOX is entitled to receive a 5% royalty on net sales of Beyond Air's LungFit® PH device in the United States, up to a maximum of $6.0 million. Royalties began accruing in Q4 2024 and are expected to build steadily as product adoption increases. Royalties earned in the period amounted to £0.1 million (H1 2024: £nil).

Outlook

Trading during July and August continued ahead of management expectations, driven in particular by strong research sales.

As of 31 August 2025, the Group held a cash balance of £13.2 million and remained debt-free. Strong cash

generation continues to support the Group's progressive dividend policy. The Board remains committed to returning excess cash to shareholders in the medium term while continuing to invest in future growth and product innovation.

The Board expects results for the full year to be comfortably in line with current revenue and adjusted EBITDA consensus expectations. With over 90% of the Group's revenues denominated in currencies other than

Looking forward, the Group remains committed to driving sustainable growth in its core clinical business, which remains the main revenue and profit driver. In the US,

the Group is implementing changes to its go-to-market strategy. This initiative will involve a transition period through the remainder of 2025, with a more focused approach delivering benefits in late 2026. As previously reported, and despite continued momentum, the visibility of future research demand remains limited.

The Group is well-positioned to deliver sustained revenue growth, strong cash generation and attractive shareholder returns in the years ahead.

The Group is well-positioned to deliver sustained revenue growth, strong cash generation and attractive shareholder returns in the years ahead.

Sterling, exchange rate movements may cause reported revenue growth rates at actual exchange rates to differ

from those at constant currency. However, the impact on EBITDA remains minimal due to the natural hedging between revenue and cost bases across regions.

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STRATEGIC REPORT

Financial review

The first half of 2025 marked another period of strong performance for NIOX, driven by sustained demand for FeNO testing.

Continued uptake by our customers has supported robust revenue growth and a corresponding increase in adjusted EBITDA.

Revenue

NIOX® revenues for the period were £25.2 million (H1 2024: £21.0 million), which include clinical sales of

£20.0 million (H1 2024: £18.5 million) and research sales of £5.2 million (H1 2024: £2.5 million). NIOX® clinical revenue represents sales to physicians and hospitals for use in clinical practice, while research revenue is from pharmaceutical companies and contract research organisations (CROs) for use in clinical studies.

A significant portion of the increase in NIOX® revenue was associated with the growth in research sales due to increased clinical trial activity involving FeNO testing for both asthma and COPD. The increase in clinical revenue is attributable primarily to increased testing volumes in Japan and China.

Gross profit

Gross profit on NIOX® sales was £17.7 million (H1 2024:

£15.2 million), with a gross margin of 70% (H1 2024: 72%).

Gross margin was lower than the prior period due to a higher proportion of lower-margin, device-heavy research sales.

Administrative expenses

Administrative expenses increased to £4.9 million (H1 2024: £4.1 million) primarily due to higher labour

costs, plus one-off costs associated with the withdrawn Keensight bid of £0.3 million.

Earnings per share

Basic profit per share for the period was 1.43p (H1 2024: 1.04p) and diluted profit per share for the period was

1.39p (H1 2024: 0.97p) reflecting a profit for the period of

£5.9 million (H1 2024: £4.4 million).

Excluding the impact of depreciation, amortisation and share-based payment expenses, adjusted basic profit

per share for the period was 2.26p (H1 2024: 1.73p) reflecting an adjusted profit for the period of £9.3 million (H1 2024: £7.3 million). See note 6.

Statement of financial position

Net assets as at 30 June 2025 increased to £64.4 million (31 December 2024: £59.5 million) largely as a result of lower current liabilities and a higher cash balance.

Current liabilities as at 30 June 2025 were £6.0 million (31 December 2024: £8.1 million). The decrease is mainly due to lower trade and other payables, particularly a reduction in accruals following the payment of annual bonuses.

Cash flow

The Group's cash position (including cash and cash equivalents) increased from £10.9 million as at 31 December 2024 to £11.8 million as at 30 June 2025. The Group has no debt.

Cash generated from operations during the period aggregated £7.0 million (H1 2024: £6.0 million), of which

£nil (H1 2024: £0.9 million) was used in discontinued operations. The increase in cash generation is due to the increased profitability of the Group.

A dividend totalling £5.0 million (H1 2024: £4.2 million) was paid to shareholders in the period.

Exchange differences on cash and cash equivalents arose as a result of the translation of foreign currency balances at the beginning and end of the relevant period.

The exchange loss for the period was £0.2 million (H1 2024: £0.1 million).

Sarah Duncan

Chief Financial Officer

29 September 2025

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NIOX® revenues

(H1 2024: £21.0 million)

Gross profit

(H1 2024: £15.2 million)

Adjusted EBITDA

(H1 2024: £7.1 million)

1 Earnings before interest, tax, depreciation, amortisation and share-based payment expenses. Adjusted EBITDA reconciles to operating profit as shown on page 32.

2 On 9 April 2020, the Group announced that the development and commercialisation agreement with AstraZeneca was terminating and as such, the results of the COPD business are classified as a discontinued operation.

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STRATEGIC REPORT

Principal risks and uncertainties

NIOX has considered the principal risks and uncertainties facing the Group for the first six months of 2025 and does not consider them to have changed materially from those set out on pages 32 to 33 of the 2024 annual report and accounts, which is available on the Group's website. A summary of these risks and uncertainties is as follows:

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Cyber security

If the Group fails to sufficiently detect, monitor, or respond to cyber-attacks against its systems, this may result in disruption of service, compromise of sensitive data, financial loss and reputational damage.

Supply Chain

The Group relies on third parties for the supply of key materials, finished products and services, including shipping. Some materials may only be available from one source, and regulatory requirements may make substitution costly and time-consuming.

Geopolitical developments such as trade disputes, tariffs, sanctions or regional instability may impact these risks by disrupting markets, restricting the movement of goods and services, or increasing costs.

Commercial success

The Group's competitors, some of whom have considerably greater financial and human resources, may develop more effective products, launch similar products at a lower price or be able to compete more effectively in the markets targeted by the Group.

The Group may face issues selling its products if there is no payer coverage or inclusion of these products by

health insurance schemes, or if large payers that currently cover FeNO testing shift to a negative coverage policy.

Compliance with healthcare regulations

The Group must comply with complex regulations in relation to the marketing of its devices. These regulations are strictly enforced. Failure by the Group (or its commercial partners) to comply with relevant legislation and regulations in the countries in which it operates may result in criminal and civil proceedings against the Group.

Foreign exchange fluctuations

Foreign exchange fluctuations may adversely affect the Group's results and financial condition. The Group records its transactions and prepares its financial statements in British pound sterling, but a significant proportion of its cash flows are in United States dollars, Swedish krona, euros and Chinese yuan.

Staff retention

Failure to attract, retain and develop people could lead to a lack of critical skills, knowledge and experience, which could hinder both daily operations and growth potential.

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Corporate governance

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CORPORATE GOVERNANCE

Statement of directors' responsibilities

Statement of directors' responsibilities

The directors confirm that these condensed interim financial statements have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', except for the areas described in the basis of preparation section in note 1, and that the interim management report includes a fair review of the information required, namely:

• an indication of important events that have occurred during the first six months 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 financial year; and

• material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.

The directors are responsible for the maintenance and integrity of the Group's website https://www.investors.niox.com.

The directors of NIOX Group plc are listed on pages 36 to 39 of the 2024 annual report and accounts.

Legislation in the UK governing the preparation and dissemination of interim financial statements may differ from legislation in other jurisdictions.

On behalf of the Board

Jonathan Emms

Chief Executive Officer 29 September 2025

Sarah Duncan

Chief Financial Officer

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20

Condensed interim consolidated statement of comprehensive income 22

Condensed interim consolidated statement of financial position 23

Condensed interim consolidated statement of cash flows 24

Notes to the condensed interim consolidated financial statements 25

NIOX GROUP PLC | INTERIM REPORT & ACCOUNTS FOR THE SIX MONTHS ENDED 30 JUNE 2025 21

GROUP FINANCIAL STATEMENTS

Condensed interim consolidated statement of comprehensive income For the six months ended 30 June 2025

The notes on pages 25 to 34 are an integral part of these condensed interim consolidated financial statements.

22 NIOX GROUP PLC | INTERIM REPORT & ACCOUNTS FOR THE SIX MONTHS ENDED 30 JUNE 2025

GROUP FINANCIAL STATEMENTS

Condensed interim consolidated statement of financial position as at 30 June 2025

The notes on pages 25 to 34 are an integral part of these condensed interim consolidated financial statements.

Jonathan Emms Chief Executive Officer, NIOX Group plc

Registered number: 05822706

Sarah Duncan

Chief Financial Officer, NIOX Group plc

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GROUP FINANCIAL STATEMENTS

Condensed interim consolidated statement of cash flows For the six months ended 30 June 2025

The notes on pages 25 to 34 are an integral part of these condensed interim consolidated financial statements.

24 NIOX GROUP PLC | INTERIM REPORT & ACCOUNTS FOR THE SIX MONTHS ENDED 30 JUNE 2025

GROUP FINANCIAL STATEMENTS

Notes to the condensed interim consolidated financial statements

Notes to the condensed interim consolidated financial statements

1. General information

   NIOX Group plc is a public company limited by shares which is listed on the Alternative Investment Market (AIM) and incorporated and domiciled in the United Kingdom. The Company is resident in England and the registered office is Magdalen Centre, 1 Robert Robinson Ave, The Oxford Science Park, Oxford, OX4 4GA.

   The condensed consolidated interim financial statements were approved for issue on 29 September 2025.

   The condensed consolidated interim financial statements have not been audited or reviewed. The condensed consolidated interim financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for NIOX Group plc for the year ended 31 December 2024 were approved by the Board of Directors on 31 March 2025 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006.

   Basis of preparation

   This condensed consolidated interim financial report for the period ended 30 June 2025 has been prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting, except for:

   • A statement of changes in equity has not been presented; and

   • The deferred tax asset has not been revalued.

     The interim report does not include all the notes typically included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report and accounts for the year ended 31 December 2024 and any public announcements made by NIOX Group plc during the interim reporting period.

     Going concern

     In assessing the appropriateness of the going concern assumption, the Board has considered the availability of funding alongside the possible cash requirements of the Group and Company. After due consideration, the directors have concluded that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from the date of this report.

     Accounting policies

     The accounting policies adopted are consistent with those of the previous financial year and the corresponding interim reporting period.

     Use of estimates and assumptions

     The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

     In preparing these condensed interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the annual financial statements for the year ended 31 December 2024.

     Financial instruments

     The Group's financial instruments comprise cash and cash equivalents, receivables and payables arising directly from operations, and derivatives. The directors consider that the fair values of the Group's financial instruments do not differ significantly from their carrying values.

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     GROUP FINANCIAL STATEMENTS

     Notes to the financial statements

2. Financial and capital risk management

   The condensed interim financial statements do not include all financial and capital risk management information and disclosures required in the annual financial statements; they should be read in conjunction with the Group's annual report and accounts for the year ended 31 December 2024.

   The majority of operating costs are denominated in British pound sterling, United States dollar, Swedish krona, euro and Chinese yuan. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities. The directors expect foreign exchange volatility to continue to affect the Group's results, and the resulting impact will be assessed in the annual report.

3. Operating segments

   The chief operating decision-maker, the Chief Executive Officer, examines the Group's performance from a product perspective and has identified one reportable segment in the continuing business:

   • NIOX® relates to the portfolio of products used to improve asthma and COPD diagnosis, monitoring and management by measuring fractional exhaled nitric oxide (FeNO).

The COPD business has been classified as a discontinued operation. Information about this discontinued segment is provided in note 5.

The table below presents operating loss information regarding the Group's operating segments for the periods ended 30 June 2025 and 2024, and the year ended 31 December 2024. Only the results for the Group's continuing activities are included to aid comparison.

There were no sales between the segments in either reporting period.

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Other income relates to royalty income payable by Beyond Air which is 5% of the net sales of the LungFit® PH device.

1. Discontinued operations

   On 9 April 2020, an agreement was signed to hand back the Tudorza® and Duaklir® licences to AstraZeneca, and as such, the results of the COPD operating segment are reported as a discontinued operation. There were no assets or liabilities classified as held for sale in relation to the discontinued operation.

   Financial information relating to the discontinued operation is set out below:

   	Six months ended	Six months ended	Twelve months ended
   	30 June 2025 £m	30 June 2024 £m	31 December 2024 £m
   Revenue	-	-	0.3
   Profit from discontinued operations	-	-	0.3
   Cashflow
   Net cash outflow from operating activities	-	(0.9)	(0.8)
   Net cash used in discontinued operations	-	(0.9)	(0.8)

   Revenue is recognised when there is a revision to the rebate accrual based on information and claims received during the period, as well as forward-looking assumptions regarding the value of claims expected to be received in future financial periods.

   No new information has been received that would warrant changes to the existing rebate accrual, which remains at

   £0.1 million (31 December 2024: £0.1 million). No rebate claims have been received in the current period, and only trivial claims have been received since December 2023.

   A cash outflow occurs when there is a settlement of contractual liabilities, primarily relating to rebates that were accrued at the time the business was discontinued. There was no cash outflow from discontinued operations in H1 2025 (H1 2024: £0.9 million).

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   GROUP FINANCIAL STATEMENTS

   Notes to the financial statements

   Basic earnings per share	Six months ended	Six months ended	Twelve months ended
   	30 June 2025	30 June 2024	31 December 2024
   	Pence	Pence	Pence
   From continuing operations	1.43	1.04	0.81
   From discontinued operations	-	-	0.07
   Total basic earnings per share attributable to	1.43	1.04	0.88
   Diluted earnings per share	Pence	Pence	Pence
   From continuing operations	1.39	0.97	0.76
   From discontinued operations	-	-	0.07
   Total diluted earnings per share attributable to	1.39	0.97	0.83
   Reconciliation of earnings used in calculating earnings per share	£m	£m	£m
   Basic and diluted earnings per share
   Profit attributable to the ordinary equity holders of the Company used in calculating basic and dilutive earnings per share:
   From continuing operations	5.9	4.4	3.4
   From discontinued operations	-	-	0.3
   Profit used as the basis of calculating basic and diluted earnings per share	5.9	4.4	3.7

2. Earnings per share

the ordinary equity holders of the Company

the ordinary equity holders of the Company

The earnings used in calculating basic and diluted earnings per share are the same.

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Adjusted basic earnings per share eliminates depreciation, amortisation and share-based payment expenses.

the ordinary equity holders of the Company

adjusted basic earnings per share

the denominator in calculating basic earnings per share

shares used as the denominator in calculating diluted earnings per share

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Other receivables in the prior period related to the consideration due from Beyond Air. The final payment was received from Beyond Air on 23 September 2024.

Under the existing agreement, NIOX is entitled to receive a 5% royalty on net sales of Beyond Air's LungFit® PH device in the United States, up to a maximum of $6.0 million. Included in trade and other receivables is £0.1 million

(31 December 2024: £nil) relating to royalty income from Beyond Air.

The Group does not review the assumptions relating to the net deferred tax asset at the half year end. The movement in the deferred tax asset in the period is due to foreign exchange fluctuations as the asset is denominated in Swedish krona.

On consolidation, a deferred tax asset in respect of deductible temporary differences relating to tax losses is recognised to the extent of the relevant deferred tax liability relating to intangible assets. These balances relate to the same taxation authority and have therefore been offset.

The Group has the following unrecognised potential deferred tax assets as at:

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