Metir plc
Metir plc (formerly Microsaic Systems plc), AIM-listed (ticker MET), is a UK group combining miniaturised mass spectrometry (Microsaic) with water toxicity and pathogen monitoring technology (Modern Water, acquired from DeepVerge plc in 2024). The Group designs, develops and (via outsourced manufacturing) sells point-of-need/field-deployable detection instruments (Microtox LX/FX, QuickChek SRB kits, Continuous Toxicity Monitoring systems) and associated reagents/consumables, targeting water quality, PFAS ('forever chemicals') and pathogen detection markets. It operates through two wholly owned subsidiaries, Microsaic Systems Trading Limited and Modern Water (U.K.) Limited.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 13 Jul 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Metir, which makes portable equipment for testing water for toxins, bacteria and chemicals, grew revenue to £1.4m in 2025 from £232k the year before. It still made a loss, but a smaller one: £867k after tax, against £1.6m in 2024. The report credits the growth mainly to deliveries of its Microtox LX water-testing instruments, rising sales of the chemicals they use, and income from a water-monitoring project in Qatar. Running costs were also cut. Late in the year demand outran what its outside manufacturer could make, so some instruments ordered in 2025 were delivered only in early 2026. Last year's figures were restated because of a change in how share rights given to fundraising advisers were recorded. Cash at the year end was £1.1m, up from £188k, after £1.8m was raised by selling new shares. The company has no bank borrowings and proposes no dividend. Management says it enters 2026 with a stronger sales base and a growing range of products, and aims to raise output. But the report warns of significant doubt over whether the company can keep going, because it depends on raising more money, at least £0.50m if trading is weaker than planned.
From the reportevery line sits on the page it namesWhat drove revenueMicrotox LX instrument deliveries and growing reagent sales
Total revenue increased 521% to £1.44m (2024: £0.23m), driven principally by Microtox LX instrument deliveries, growing reagent sales, and recognition of income from the Qatar project
page 4AndQatar CTM project income recognition
27 CTMs deployed across central Doha for Kahramaa; phase one contract valued at €570,000 including a performance warranty component, fully installed 26 September 2025; balance of £198,000 due within 60 days of final handover
page 5What moved the margintailwindRevenue growth outpacing largely fixed cost base
Gross profit of £0.56m in 2025 vs gross loss £0.13m in 2024, as a result of the considerable increase in revenue; total operating expenses reduced to £1.43m (2024: £1.59m) through cost control
page 11AndtailwindHigh-margin Microtox reagent revenue from growing installed base
Growing installed base of Microtox LX/FX instruments expected to drive demand for high-margin reagents; Board regards unlocking this high-margin recurring revenue stream as a significant financial objective
page 5One-offs in the year£232k credit: Prior year adjustment: broker warrants issued in FY2024 restated to be accounted for under IFRS 2 directly in equity (cost of fundraising) rather than as originally recorded
page 74What management saidThe Board began 2026 with confidence of developing multi and diverse revenue streams; the Group entered 2026 with a substantially improved revenue base, a diversified and growing product portfolio, a strengthened balance sheet, and a clear pipeline of commercial and technology development opportunities.
page 7After the year endDirectors' Report and Note 28 both state there are no events after the reporting date to note, though the Chairman's statement (dated 6 July 2026, i.e. after year end) separately narrates a Gulf region conflict from February 2026 impacting the Qatar project, first commercial PFAS placement with Nasdaq-listed Veralto in the US, and new international distributor appointments
page 16The dividendThe Group is loss-making with retained losses to be recovered before it can pay a dividend; Directors do not recommend payment of a dividend (2024: £nil)
page 13Going concern and the auditAuditor (James Cowper Kreston Audit) gave an unqualified/unmodified opinion but included a 'material uncertainty related to going concern' paragraph (not a modification). Note 3: Group and parent Company are loss-making; most recent fundraises (£0.85m June 2025, £1.0m December 2025) before expenses. Directors prepared cash flow forecasts to 31 July 2027, assume completion of a further targeted near-term fundraise, and modelled a downside scenario requiring at least £0.50m additional working capital plus mitigating cost/stock/capex reductions. The uncertainty over the minimum fundraise required indicates a material uncertainty that may cast significant doubt on going concern.
page 32The risks it names first- Unable to grow sales required to achieve sustainable profitability (sales growth too slow to achieve targets) — Medium pre- and post-mitigationp.27
- Unable to raise additional funds if required in the future, risking inability to continue as a going concern — High pre-mitigation, Medium post-mitigationp.27
- Reliance on third party manufacturing facilities — a replacement manufacturer is necessary if current partner fails — Medium pre- and post-mitigationp.27
- Retention and recruitment of key employees — loss of key employees and difficulty recruiting suitable replacements — Medium pre- and post-mitigationp.27
Read from C000835-AR-2025-ch.
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