In accordance with the London Stock Exchange AIM Rules for Companies (‘AIM Rules’), the Board has chosen to apply the Quoted Companies Alliance’s (‘QCA’) Corporate Governance Code 2018 (the ‘QCA Code’) on the basis that it is the most appropriate governance code for the Group, having regard to its size and structure.

On November 2023 the QCA published a revised QCA Corporate Governance Code 2023 (‘QCA Code 2023’). The QCA Code 2023 will apply to financial years starting on or after 1 April 2024. The Board intends to transition to the QCA Code 2023 from 1 April 2024 and will report on this in the Annual Report for the year ended 31 March 2025.

The Board is committed to maintaining high standards of corporate governance and considers that a strong corporate governance foundation is essential in delivering shareholder value. The Board has governance procedures and policies that are considered appropriate to the nature and size of the Group and its subsidiaries.

The QCA Code is constructed around ten broad principles. The QCA has stated what it considers to be appropriate arrangements for small and mid-size companies and asks companies to provide an explanation about how they are meeting the principles through the prescribed disclosures.

A summary of how the Group currently complies with the QCA Code is set out below. There is also a summary on the Group’s website corporate governance page.

THIS INFORMATION WAS LAST REVIEWED AND UPDATED ON 25 October 2024.

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