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PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about property, plant and equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT
11.
PROPERTY, PLANT AND EQUIPMENT
 
 
  
Land & Buildings
US$‘000
    
Leasehold Improvements
US$‘000
    
Computer & Office Equipment
US$‘000
    
Plant & Equipment,
Vehicles
US$‘000
    
Total
US$‘000
  
Cost
                              
At January 1, 2023
    
24,682
      
2,701
      
4,540
      
33,683
      
65,606
  
Additions
    
55
      
87
      
173
      
596
      
911
  
Disposals or retirements
    
(480
)
    
(40
)
    
(115
)
    
(220
)
    
(855
)
Reallocations/ reclassifications
    
-
      
(8
)
    
8
      
-
      
-
  
Exchange adjustments
    
11
      
20
      
6
      
370
      
407
  
 
                                        
At December 31, 2023
    
24,268
      
2,760
      
4,612
      
34,429
      
66,069
  
 
                                        
At January 1, 2024
    
24,268
      
2,760
      
4,612
      
34,429
      
66,069
  
Additions#
    
752
      
-
      
150
      
478
      
1,380
  
Additions through acquisition (Note 29)
    
-
      
51
      
582
      
740
      
1,373
  
Disposals or retirements
    
-
      
-
      
-
      
(14
)
    
(14
)
Remeasurement of ROU assets     1,764       -       -       -       1,764  
Reallocations/ reclassifications
    
-
      
-
      
-
      
53
      
53
  
 
                                        
At December 31, 2024
    
26,784
      
2,811
      
5,344
      
35,686
      
70,625
  
 
                                        
Accumulated depreciation and Impairment losses
                                        
At January 1, 2023
    
(21,885
)
    
(2,284
)
    
(4,178
)
    
(31,577
)
    
(59,924
)
Charge for the year (Note 9)
    
(272
)
    
(64
)
    
(178
)
    
(317
)
    
(831
)
Disposals or retirements
    
385
      
38
      
115
      
213
      
751
  
Impairment losses
    
(2,246
)
    
(339
)
    
(101
)
    
(1,086
)
    
(3,772
)
Exchange adjustments
    
(4
)
    
(20
)
    
(7
)
    
(370
)
    
(401
)
 
                                        
At December 31, 2023
    
(24,022
)
    
(2,669
)
    
(4,349
)
    
(33,137
)
    
(64,177
)
 
                                        
At January 1, 2024
    
(24,022
)
    
(2,669
)
    
(4,349
)
    
(33,137
)
    
(64,177
)
Charge for the year (Note 9)
    
(325
)
    
(58
)
    
(283
)
    
(9
)
    
(675
)
Disposals or retirements
    
-
      
-
      
(5
)
    
-
      
(5
)
Impairment losses*
    
(410
)
    
(1
)
    
(80
)
    
(477
)
    
(968
)
Reallocations/ reclassifications
    
-
      
-
      
-
      
(179
)
    
(179
)
 
                                        
At December 31, 2024
    
(24,757
)
    
(2,728
)
    
(4,717
)
    
(33,802
)
    
(66,004
)
 
                                        
Carrying amounts
                                        
At December 31, 2024
    
2,027
      
83
      
627
      
1,884
      
4,621
  
 
                                        
At December 31, 2023
    
246
      
91
      
263
      
1,292
      
1,892
  
 
The assets of the Group are pledged as security for the senior secured term loan from Perceptive Advisors.
 
#  Additions include US$0.9 million additions in ROU assets.
 
*  The total impairment charge recognised against Property, Plant & Equipment during the year was US$1.0 million. Of this, US$0.6 million, corresponding to the impairment loss allocated to property, plant and equipment as described above, is presented within ‘Impairment Charges’ in the Consolidated Statement of Operations. The remaining US$0.4 million is included within ‘Restructuring Costs’ (see Note 5).
 
Remeasurement of ROU assets during the year includes adjustments arising from rent reviews on leased properties in Bray, Ireland. These relate to leases with a related party, Mr. O’Caoimh, and reflect revised future lease payments following independent valuations. Further details are provided in Note 26 – Related Party Transactions
 
Right-of-use assets
 
Additional information on the right-of-use assets by class of assets is as follows:
 
   

Carrying amount At December 31, 2024

    
Depreciation Charge Year ended December 31, 2024
    
Impairment Charge Year ended December 31, 2024
  
   
US$000
    
US$000
    
US$000
  
Buildings
    
2,126
      
(325
)
    
(356
)
Computer equipment
    
72
      
(56
)
    
(43
)
                         
     
2,198
      
(381
)
    
(399
)
 
   
Carrying amount At December 31, 2023
    
Depreciation Charge Year ended December 31, 2023
    
Impairment Charge Year ended December 31, 2023
  
   
US$000
    
US$000
    
US$000
  
Buildings
    
229
      
(196
)
    
(1,930
)
Computer equipment
    
166
      
(51
)
    
-
  
Plant and Equipment, vehicles
    
-
      
(26
)
    
(86
)
                         
     
395
      
(273
)
    
(2,016
)
 
Income from sub-letting right-of-use buildings amounted to US$nil in the year ended December 31, 2024 (2023: US$3,000).
 
Right-of-Use assets at 31 December 2024
  
No. of Right-of-Use leased assets
    
Range of remaining term in years
    
Average remaining lease term (years)
    
No. of Leases with extension options
    
No. of Leases with options to purchase
    
No. of leases with variable payments linked to index
    
No. of leases with termination options
  
Building
    
10
      

0 to 9

      
3
      
1
      
-
      
-
      
-
  
Vehicle
    
22
    
0 to 2
      
1
      
-
      
22
      
-
      
22
  
I.T. and office equipment
    
6
    
2 to 5
      
3
      
-
      
-
      
-
      
-
  
 
Right-of-Use assets at 31 December 2023
  
No. of Right-of-Use leased assets
    
Range of remaining term in years
    
Average remaining lease term (years)
    
No. of Leases with extension options
    
No. of Leases with options to purchase
    
No. of leases with variable payments linked to index
    
No. of leases with termination options
  
Building
    
7
    
1 to 10
      
5
      
1
      
-
      
-
      
-
  
Vehicle
    
22
    
1 to 3
      
2
      
-
      
22
      
-
      
22
  
I.T. and office equipment
    
5
      
3
      
3
      
-
      
-
      
-
      
-
  

 

The details of the impairment review are described in Note 12. When an impairment loss is identified in a cash-generating unit, it must be first allocated to reduce the carrying amount of any goodwill allocated to the cash-generating unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. In this manner, an impairment loss of US$0.6 million was allocated to property, plant and equipment as at December 31, 2024 (2023: US$3.8 million). The recoverable amount of property, plant and equipment was determined to be the value in use of each cash-generating unit.