Interim Results, Analyst Briefing & Investor Pres

Amcomri Group PLC

15 September 2026

 

Amcomri Group plc

("Amcomri", the "Company" or the "Group")

Interim Results for the six months ended 30 June 2026

Analyst Briefing & Investor Presentation

Amcomri Group plc (AIM: AMCO), the ‘Buy-Improve-Build’ UK and Ireland focused, specialist engineering services and industrial manufacturing group, is pleased to announce its unaudited interim results for the six months ended 30 June 2026 ("H1 26").

The Group delivered a positive first half performance, with double digit revenue and solid earnings growth, the successful integration of recent acquisitions, and continued progress in core growth markets including specialist electronics, aerospace, subsea, energy and defence.

Key Financials

Continuing and discontinued operations (including contribution from Premier Limpet Limited (“Premier Limpet”) which was sold on 30 June 2026):

• Revenue: £42.4 million (H1 25: £31.8 million), up 33%
• Adjusted EBITDA: £4.7 million (H1 25: £4.3 million), up 7%
• Profit before tax: £7.9 million (H1 25: £2.0 million)
• Basic EPS: 10.12p (H1 25: 2.13p)
• Diluted EPS: 9.85p (H1 25: 2.09p)
• Net debt at period end: £2.9 million (31 December 2025: £11.2 million)
• Cash at period end: £13.8 million (31 December 2025: £8.6 million)

Continuing operations (excluding Premier Limpet):

• Revenue: £36.2 million (H1 25: £25.9 million), up 40%
• Adjusted EBITDA: £3.7 million (H1 25: £3.6 million), up 2%
• Profit before tax: £2.0 million (H1 25: £1.6 million)
• Basic EPS: 1.94p (H1 25: 1.59p)
• Diluted EPS: 1.89p (H1 25: 1.57p)

Operational Highlights

• Positive first half with continued performance improvement across both the Embedded Engineering and B2B Manufacturing divisions.
• Acquisition of the business and assets of the National Compliance and Testing division from SSE plc by GridCore Electrical Services Limited ("GridCore")

• Providing an established, UK wide specialist electrical test and compliance operation and significant opportunity to further develop our presence in the 'private network' electrical-infrastructure market.

• Disposal of Premier Limpet, the UK's largest independent manufacturer of printed and plain adhesive tape, to Dalpo Group UK Limited for a minimum initial consideration of approximately £10.1 million (£7 million net cash proceeds before any additional consideration), demonstrating the full value creation cycle of our ‘Buy-Improve-Build’ model, and representing a multiple on invested capital of approximately 28x, creating significant shareholder value.
• Continuing strong demand in the aerospace, subsea and defence markets driving growth, particularly in Drurys, Claro and Blundell. 
• The lower Group gross margin was attributable to the significant project undertaken in the renewables sector by EMC Elite Engineering (“EMC”). This was the largest, single project the Group has undertaken to date and provides a runway into a rapidly developing end market sector for the Group. The size and scale of the works on this project had a short-term impact on the overall Group margin in the period, resulting in a temporary lower overall blended margin for the Group in H1 26 compared with H1 25. Excluding EMC, the Group achieved an overall gross margin of 38% in H1 26 (on a continuing and discontinued basis) and 40% (on a continuing basis), in line with H1 25.
• Further improvement in demand and activity in H1 26 for WJ Project Services in the rail electrical infrastructure market, both on new project work and ongoing maintenance support for existing facilities.
• Good progress on specific commercial and operational development projects that are expected to progressively build base and synergistic organic earnings for the Group in the medium term.

Current Trading and Outlook

• Post-period acquisition of North West Transport Supplies Limited (“NTS”), specialising in the repair and overhaul of safety critical electro-mechanical units, HVAC, pneumatic and high integrity control equipment found on current rail rolling stock fleets.
• Set to continue benefiting from extended technical services proposition within the Embedded Engineering division, particularly in UK rail and electrical infrastructure end markets.
• Strong balance sheet and acquisition pipeline of specialist UK and Ireland industrial SME businesses that align with our model across both divisions.
• Good visibility in most end markets, notably electronics, aerospace, subsea, defence and energy.
• Continued overall resilience, despite some short term, sector-specific challenges in certain of our Embedded Engineering companies, where some operators are temporarily delaying maintenance shutdowns or equipment release due to high operational loadings.
• Trading remains in line with market expectations, supported by recent acquisitions, diversified and strategically robust end markets, and a continued strong pipeline of commercial and operational development projects in existing operating companies.

Commenting on the results and outlook, Hugh Whitcomb, Co-Founder and CEO of Amcomri, commented: 

“We are pleased with the Group’s performance in H1 26. The Group continued to deliver strong results from its existing operations in the period despite the challenges and impact of wider global events, particularly in the energy sector.  Against this background, the Group benefits from its distributed, balanced industrial and infrastructure end market exposure that supports a resilient, positive performance. 

We have continued to successfully and systematically implement our ‘Buy-Improve-Build’ model with the acquisition of Enerveo’s National Compliance division from SSE plc, and also more recently, NTS. Both provide significant additional specialist service capability and potential to our growing Embedded Engineering operations. In addition, we successfully completed the sale of Premier Limpet to Dalpo, demonstrating and validating the full value creation cycle of our ‘Buy-Improve-Build’ model for the first time.

Despite ongoing geopolitical concerns in the energy sector, the Group has significant opportunities arising from recent acquisitions and a strong pipeline of aligned acquisitions, combined with further strategic, organic growth opportunities within our existing operating companies.”

Analyst Briefing: 9.30 a.m. today, Tuesday 15 September 2026

An online briefing for analysts will be hosted by Hugh Whitcomb, Chief Executive Officer, Mark O'Neill, Chief Operating Officer, and Siobhán Tyrrell, Chief Financial Officer, at 9.30 a.m. today, Tuesday 15 September 2026 to review the H1 26 results and prospects. Analysts wishing to attend should contact Walbrook PR on [e-mail] or 020 7933 8780.

Investor Presentation: 11.00 a.m. on Wednesday 16 September 2026

The Executive Directors will hold an investor presentation to cover the H1 26 results and prospects at 11.00 a.m. on Wednesday 16 September 2026.

The presentation will be hosted through the digital platform, Engage Investor. Investors can sign up to attend the presentation via the following link https://engageinvestor.news/AMCO_IP_0926.

Questions can be submitted pre-event to [e-mail] or in real time during the presentation via the "Ask a Question" function. 

Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.

Enquiries:

Amcomri Group plc	Via Walbrook
Hugh Whitcomb, Chief Executive Officer Mark O'Neill, Chief Operating Officer	Tel: [phone]
Siobhán Tyrrell, Chief Financial Officer Katy Birkin, Director of Corporate Development
Cavendish Capital Markets Limited Nominated adviser and broker	Tel: [phone]
Adrian Hadden/Callum Davidson/Isaac Hooper - Corporate Finance
Michael Johnson/Jasper Berry/Andrew Burdis – Sales/Broking
Walbrook PR Ltd	Tel: [phone]
Tom Cooper/Nick Rome	[e-mail]

To find out more, please visit: www.amcomrigroup.com

Notes to Editors:

Amcomri is a ‘Buy-Improve-Build’ group focusing on acquiring and enhancing specialist engineering services and industrial manufacturing businesses in the UK and Ireland. Through its focused and autonomous operating companies, the Group provides niche technical services and products to a diverse range of established industrial markets with particular emphasis on the major infrastructure, transportation and energy sectors.

The Group currently operates through the following two divisions:

• Embedded Engineering Division: provides specialist technical and engineering services for major industrial, infrastructure and transportation clients, typically with complex technical needs often undertaken in operating environments where safety and compliance performance are critical service requirements. The division predominantly provides these services for their clients' capital intensive, operationally critical assets such as high voltage electrical transmission systems, petrochemical and continuous process operations, and large power generation plants.

• B2B Manufacturing Division: focuses on selective niche B2B markets or businesses, where the Group has identified an opportunity to achieve enhanced financial performance by leveraging an initially strong competitive market position, that can subsequently be enhanced by the Group's industrial business improvement capabilities.

By design, the Group’s activities are distributed across a range of established and proven sectors and markets, and the Group seeks to avoid excessive concentration risk through this approach. Amcomri’s structured ‘Buy-Improve-Build’ strategy has a track record of value enhancing industrial acquisitions and aims to leverage the Group's acquisition experience, particularly in owner manager 'retirement' situations, where there are often no, or limited, alternative plans for succession in the business.

The Group currently comprises 15 operating companies across its two divisions. Post acquisition, the Amcomri team has a strong focus on facilitating and supporting its operating companies with organic growth initiatives, and the Group's businesses continue to be well placed to take advantage of generally positive and resilient conditions in their respective niche end markets.

Chief Executive Officer's Statement

H1 26 Review

I am pleased to report a positive first half financial performance for the Group, delivering double digit revenue and solid earnings growth over the comparable H1 25 period.

Group revenue increased in the period by 33% to £42.4 million (H1 2025: £31.8 million), with revenue from continuing operations increasing to £36.2 million (H1 25: £25.9 million), up 40%. Adjusted EBITDA increased by 7% to £4.7 million (H1 2025: £4.3 million), with adjusted EBITDA from continuing operations increasing to £3.7 million (H1 25: £3.6 million), up 2%. This was driven by continued demand for the Group's services and products across core markets, across both the Embedded Engineering and B2B Manufacturing divisions.

The Group's diversified end markets provide an inherent robustness to the model, enabling us to effectively manage more recent challenges in some of these markets caused by high loadings on critical equipment and facilities temporarily restricting release for maintenance or overhaul. These specific short-term issues are being offset by significant positive opportunities in other markets including aerospace, subsea, defence and rail electrical infrastructure, where we are seeing rising activity and forward demand generating continued, profitable growth overall.  

Embedded Engineering

Our Embedded Engineering division provides specialist technical services and support to operators of often operationally critical and complex power, petrochemical and process customers. We continue to see good overall underlying demand for our services driven by regulatory, maintenance, life extension and performance upgrades of often ageing, capital intensive facilities. H1 26 revenue for the Embedded Engineering division was £24.4 million (H1 2025: £14.5 million), an increase of 68%.

In WJ Project Services, despite the ongoing challenges associated with the delays in CP7 rail investment roll out, we have made solid progress pursuing new specialist electrical engineering opportunities both in core rail HV electrical and the wider HV electrical market. WJ Project Services has also commenced work on initial, potential electrical infrastructure synergy projects with the recently acquired GridCore team, as they target ‘private network’ clients in line with our wider strategy in the sector.

The lower Group gross margin was attributable to the significant project undertaken in the renewables sector by EMC. This was the largest, single project the Group has undertaken to date and provides a runway into a rapidly developing end market sector for the Group. The size and scale of the works on this project had a short-term impact on the overall Group margin in the period, resulting in a temporary lower overall blended margin for the Group in H1 26 compared with H1 25. Excluding EMC, the Group achieved an overall gross margin of 38% in H1 26 (on a continuing and discontinued basis) and 40% (on a continuing basis), in line with H1 25. Following the project, EMC has successfully won and commenced a number of new smaller, higher margin projects in power generation, port terminal facilities and electrical infrastructure, supported by a strong and growing pipeline in these sectors.

In certain sectors, particularly rail electronics and valve services associated with power generation, we have seen some customers temporarily delaying planned shutdowns or equipment release due to lack of operational capacity. This has in some cases resulted in committed work or orders being re-phased. We have successfully accommodated these programme changes in H1 26 and are confident this delayed work will be progressively rescheduled back in during H2 26 and H1 27, given the often-mandatory component of our services.  Outside of these specific customers, we continue to see a strong consistent demand and no significant evidence of schedule or order re-phasing in our Blundell, eTrac or Electronix businesses.

Specialist B2B Manufacturing

As previously announced, Premier Limpet was sold on 30 June 2026 for a minimum initial consideration of £10.1 million, demonstrating our ability to create shareholder value from individual assets. More information is provided on this transaction below. The remainder of our B2B Manufacturing division has a well distributed, relatively stable end market base covering civil and military aviation components, subsea, defence, power and process sectors and specialist printing for B2B industrial applications. H1 26 revenue for the B2B Manufacturing division was £18.0 million (H1 25: £17.3 million), an increase of 4%.

Our precision engineering businesses, Drurys and Claro have performed well in H1 26, assisted by previous capacity investment made by the Group and further supported by very strong demand from their key end markets of defence, marine and civilian aerospace.  Both are expected to continue to perform well into H2 26 and the Group continues to support further capacity and improvement projects in these businesses, to meet market demand where appropriate. 

Our specialist printing business, Bex, has made solid incremental progress, recording its highest ever sales month in March 2026, with a continued positive outlook for H2 26 through the ongoing implementation of its commercial development plan.

The strong performance in Drurys, Claro and Bex has offset the performance shortfall in JA Harrison, our gaskets and seals business, caused by continuing end market issues that are being actively managed by the JA Harrison team.

Corporate Transactions

Acquisitions

The Group's target acquisition market, focused on UK and Ireland based specialist industrial SME businesses, remains strong. The strength of our pipeline is driven by both end market activity in the lower mid-market M&A sector, continued direct marketing efforts and an increased awareness of our interest and success in the sector, derived from our public market profile since admission to AIM in December 2024. In addition, we are seeing an increasing desire amongst long term owner managers to hand over the legacy of their businesses to proven industrially focused organisations such as Amcomri. 

As announced on 1 June 2026, a newly established subsidiary of Amcomri, GridCore Electrical Services Limited, acquired the business and assets of the National Compliance and Testing division from SSE plc. This acquisition provides Amcomri with an established, UK wide specialist electrical test and compliance operation at a discounted entry point, opening a further significant opportunity for expansion into the 'private network' electrical-infrastructure market, a key strategic target sector for the Group.

Immediately post period end in July, the Group acquired North West Transport Supplies Limited (“NTS”), specialising in the repair and overhaul of often high integrity, safety critical electro-mechanical units, HVAC and pneumatic control equipment found on rail rolling stock fleets.

Having now completed 20 acquisitions to date, the Amcomri team has, and continues to build, significant experience in sourcing transactions across its target industries, and will continue to roll out its successful acquisition strategy in 2026 and beyond.

Disposal of Premier Limpet

On 30 June 2026, the Group completed the sale of Premier Limpet, the UK's largest independent manufacturer of printed and plain adhesive tape, to Dalpo Group UK Limited, for a minimum initial consideration of £10.1 million (£7 million net cash proceeds before any additional consideration), representing a multiple on invested capital of approximately 28x. Additional consideration, calculated as to 0.9x the value of any trading EBITDA exceeding £1.4 million for the year ending 31 December 2026 for Premier Limpet, will also be payable to Amcomri.

The progressive implementation of the 'Improve & Build' elements of Amcomri's model following acquisition of Premier Limpet in 2021 resulted in significant and sustained improvements in both the underlying gross margins and profitability of Premier Limpet. The disposal was the first demonstration of the Group’s capability to work through the ‘Buy-Improve-Build’ cycle to an end point where the model has been proven and significant shareholder value has been crystallised.

The disposal has provided the Group with additional cash resources, to be utilised alongside existing financing facilities, to fund further acquisitions through its proven ‘Buy-Improve-Build’ model, that targets high-quality specialist engineering and industrial businesses with inherent latent improvement potential.

Outlook

Against evolving end market conditions, we believe our results, including the sale of Premier Limpet which demonstrated the full value creation cycle of our ‘Buy-Improve-Build’ model, reinforce the strategic benefits of our in depth understanding of industrial markets and limited concentration. The Group has maintained resilience despite short term sector-specific challenges particularly in the rail rolling stock, power and energy sectors where operators continue to run critical assets at temporarily high loadings that result in maintenance shutdown or equipment release rescheduling/delays. 

The recent acquisitions of National Compliance and NTS further extend our technical services proposition within the Embedded Engineering division, particularly in UK rail and electrical infrastructure end markets where demand for high value asset life extension and upgrades is growing. We continue to evaluate a strong, prospective acquisition pipeline of specialist UK and Ireland based industrial SME businesses that align with our model.

The Group continues to trade in line with market expectations, supported by recent acquisitions, diversified and robust end markets and a strong pipeline of commercial and operational development projects in our existing operating companies, that we expect will further support synergistic organic earnings for the Group in the medium term. Furthermore, we remain confident that the short-term issues evident with high plant and equipment loadings in some Embedded Engineering customers will normalise into 2027.

Finally, on behalf of the Board, I would like to take this opportunity to again thank all of our colleagues across the Group for their enthusiasm and commitment.  With this critical support and dedication from our team, we remain confident that we can continue to successfully scale and deploy our ‘Buy-Improve-Build’ model substantially beyond the initial results we have delivered since IPO in December 2024.

Hugh Whitcomb

Chief Executive Officer

Condensed Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2026  

		Note	Six months ended 30 June 2026 (unaudited)		Six months ended 30 June 2025 (unaudited)		Year ended 31 December 2025 (audited)
			£'000		£'000		£'000
Revenue		5	36,172		25,929		59,384
Cost of sales			(24,088)		(15,097)		(36,317)
Gross profit			12,084		10,832		23,067
Administrative expenses			(9,928)		(8,284)		(17,656)
Other operating income			110		60		5
Gain on bargain purchase		17	846		-		-
Exceptional items			(236)		(173)		(359)
Operating profit			2,876		2,435		5,057
Finance income			1		10		96
Finance expense		7	(897)		(849)		(1,811)
Profit before taxation			1,980		1,596		3,342
Corporation tax expense		9	(555)		(451)		(963)
Profit from continuing activities			1,425		1,145		2,379
Profit from discontinued operations		21	5,889		376		587
Profit for the period			7,314		1,521		2,966
Profit for the period attributable to:
Non-controlling interest			27		(10)		(46)
Owners of the parent			7,287		1,531		3,012
			7,314		1,521		2,966
Basic earnings per share			pence		pence		pence
From continuing operations		19	1.94		1.59		3.38
From discontinued operations		19	8.18		0.52		0.82
			10.12		2.11		4.20
Diluted earnings per share			pence		pence		pence
From continuing operations		19	1.89		1.57		3.32
From discontinued operations		19	7.96		0.52		0.80
			9.85		2.09		4.12

There is no other comprehensive income in the period ended 30 June 2026 (Period ended 30 June 2025: £nil and Year ended 31 December 2025: £nil).

The results of discontinued operations are presented as a single line item in the consolidated income statement in accordance with IFRS. Further details of the financial performance of discontinued operations are provided in Note 21. Alternative performance measures presenting the results of the Group including the impact of discontinued operations are disclosed in Note 8.

Condensed Consolidated Statement of Financial Position

As at 30 June 2026

			Note		30 June 2026		31 December 2025
					£'000		£'000
	Non-current assets
	Goodwill		10		15,961		16,998
	Intangible assets		10		5,784		6,483
	Property, plant and equipment		11		5,113		6,070
	Right-of-use assets		12		7,575		7,455
					34,433		37,006
	Current assets
	Inventories				5,885		6,859
	Trade and other receivables		13		16,144		15,366
	Cash and cash equivalents				13,827		8,578
					35,856		30,803
	Total assets				70,289		67,809
	Equity
	Share capital				720		720
	Share premium				16,849		16,849
	Retained earnings				13,843		6,317
	Equity attributable to owners of the parent				31,412		23,886
	Non-controlling interest				(345)		(213)
	Total equity				31,067		23,673
	Non-current liabilities
	Trade and other payables		14		1,054		1,567
	Borrowings		15		7,814		10,382
	Lease liabilities				5,084		5,765
	Provisions		16		613		-
	Deferred tax		16		2,049		2,332
	Amounts due to related parties		20		700		700
					17,314		20,746
	Current liabilities
	Trade and other payables		14		12,793		15,638
	Corporation tax				1,709		1,352
	Lease liabilities				1,965		1,536
	Borrowings		15		5,441		4,864
					21,908		23,390
	Total liabilities				39,222		44,136
	Total equity and liabilities				70,289		67,809

Condensed Consolidated Statement of Changes in Equity

For the six months ended 30 June 2026

	Share capital		Share premium		Retained earnings		Non-controlling interest		Total
	£'000		£'000		£'000		£'000		£'000
As at 1 January 2026	720		16,849		6,317		(213)		23,673
Profit for the period	-		-		7,287		27		7,314
Dividends to non-controlling interest	-		-		-		(159)		(159)
Share based payments	-		-		239		-		239
As at 30 June 2026	720		16,849		13,843		(345)		31,067
As at 1 January 2025	718		16,773		3,089		(167)		20,413
Profit for the period	-		-		1,531		(10)		1,521
Share based payments	-		-		47		-		47
As at 30 June 2025	718		16,773		4,667		(177)		21,981
As at 1 January 2025	718		16,773		3,089		(167)		20,413
Profit for the year	-		-		3,012		(46)		2,966
Issue of share capital	2		76		-		-		78
Share based payment	-		-		216		-		216
As at 31 December 2025	720		16,849		6,317		(213)		23,673

Condensed Consolidated Statement of Cashflows

For the six months ended 30 June 2026

	Note	Six months ended 30 June 2026		Six months ended 30 June 2025
		£'000		£'000
Operating activities
Profit before tax		1,980		1,596
Adjustments for:
- Share based payment expense		241		47
- Depreciation	11,12	1,013		806
- Amortisation	10	187		183
- Gain on bargain purchase		(846)		-
- Net finance cost		896		1,124
Net changes in working capital		(3,554)		(2,779)
Corporation tax paid		(208)		(571)
Net cash from continuing operations		(292)		406
Net cash from discontinued operations		234		762
Net cash (outflow)/inflow from operating activities		(57)		1,167
Investing activities
Purchase of tangible assets		(775)		(986)
Purchase of intangible assets		(47)		(73)
Acquisition of subsidiaries, net of cash acquired	17	1,469		(2,430)
Disposal of a subsidiary, net of cash disposed of		6,907		-
Interest received		1		10
Deferred consideration paid		(1,246)		(1,759)
Net cash generated/(used) in investing activities		6,309		(5,238)
Financing activities
Debt issue		2,321		2,169
Debt repayment		(1,238)		(1,187)
Interest paid	7	(1,065)		(966)
Lease payments		(861)		(261)
Dividends paid to non-controlling interests		(160)		-
Net cash (used in)/from financing activities		(1,002)		(245)
Net change in cash and cash equivalents		5,249		(4,316)
Cash and cash equivalents at the start of the period		8,578		12,077
Cash and cash equivalents at the end of the period		13,827		7,761

Notes to the Interim Financial Information

For the six months ended 30 June 2026

1.               General information

Amcomri Group plc is the ultimate parent company of the “Buy, Improve, Build” UK focused specialist engineering services and industrial manufacturing group of companies. Amcomri Group plc is incorporated and domiciled in the UK and its registered office 16/18 Beak Street, London, W1F 9RD. These interim financial statements do not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2025 were approved by the Board of Directors on 13th April 2026 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain and emphasis of matter paragraph and did not contain any statement under Section 498 of the Companies Act 2006.

2.               Material accounting policy information

1.           Basis of preparation

The Interim Financial information is for the six months ended 30 June 2026, and is presented in GBP, which is the functional currency of the ultimate parent company. The Group’s condensed consolidated financial statements are prepared on a going concern basis and under the historical cost convention. In assessing the appropriateness of the going concern basis, management undertakes regular cash flow forecasting and covenant compliance monitoring to ensure the Group is able to meet its obligations as they fall due.

The financial information has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as issued by the International Accounting Standards Board and endorsed by the UK Endorsement Board. They do not include all of the information required in annual financial statements in accordance with UK-adopted IAS, and should be read in conjunction with the consolidated financial statements for the year ended 31 December 2025.

The Interim Financial Statements were approved for issue by the Board of Directors on 14 September 2026.

2.           Basis of consolidation

The condensed consolidated interim financial statements present the results of the Company and its own subsidiaries (“the Group”) as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.

Profit or loss and other comprehensive income of subsidiaries acquired during the six month period are recognised from the effective date of acquisition. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The acquisition date is the date on which control is transferred to the acquirer. Subsidiaries are fully consolidated from the date on which control is transferred to the Group.

3.           Material accounting policies

The Interim condensed consolidated financial statements have been prepared in accordance with the accounting policies adopted in the Group’s most recent annual financial statements for the year ended 31 December 2025.

3.                    New Standards adopted at 1 January 2026

There are no accounting pronouncements which have become effective from 1 January 2026 that have a significant impact on the Group’s interim condensed consolidated financial statements.

4.                    Accounting estimates and judgements

The judgements, estimates, and assumptions applied in the Interim Condensed Consolidated Financial Statements, including key sources of estimation uncertainty, were the same as those applied in the Group’s last annual financial statements for the year ended 31 December 2025. The only exceptions relate to provisions for acquired onerous contracts (see note 17) and estimation of income tax liabilities, which is determined using the estimated average annual effective income tax rate applied to taxable profit for the interim period. Taxable profit is derived from pre-tax accounting profit adjusted for items subject to differing tax treatment, including depreciation, amortisation and lease-related adjustments.

5.               Revenue

The following is an analysis of the Group’s revenue for the first six months of the year from continuing operations:

			Six months ended 30 June 2026		Six months ended 30 June 2025		Year ended 31 December 2025
			£'000		£'000		£'000
	Sale of goods		18,756		16,189		32,675
	Servicing income		17,416		9,740		26,709
			36,172		25,929		59,384

Analysis of revenue by country of destination from continuing operations:

			Six months ended 30 June 2026		Six months ended 30 June 2025		Year ended 31 December 2025
			£'000		£'000		£'000
	United Kingdom		33,880		24,815		56,373
	Rest of Europe		1,698		419		1,971
	Rest of the world		594		695		1,040
			36,172		25,929		59,384

Analysis of revenue split between continuing and discontinued operations:

			Six months ended 30 June 2026		Six months ended 30 June 2025		Year ended 31 December 2025
	Continuing operations		36,172		25,929		59,384
	Discontinued operations		6,218		5,856		11,554
			42,390		31,785		70,938

6.               Segmental reporting

Segmental information from continuing operations for the reporting period is as follows:

		For the six months ended 30 June 2026
		Embedded engineering		B2B manufacturing		Other		Total
		£'000		£'000		£'000		£'000
	Revenue	24,385		11,787		-		36,172
	Cost of sales	(16,692)		(7,396)		-		(24,088)
	Gross profit	7,693		4,391		-		12,084
	Other expenses	(4,773)		(3,129)		(1,306)		(9,208)
	Operating profit	2,920		1,262		(1,306)		2,876
	Segmental assets	31,574		16,702		22,013		70,289
	Segmental liabilities	(29,235)		(17,497)		7,510		(39,222)

		For the six months ended 30 June 2025
		Embedded engineering		B2B manufacturing		Other		Total
		£'000		£'000		£'000		£'000
	Revenue	14,506		11,423		-		25,929
	Cost of sales	(7,846)		(7,251)		-		(15,097)
	Gross profit	6,660		4,172		-		10,832
	Other expenses	(4,081)		(3,018)		(1,298)		(8,397)
	Operating profit	2,579		1,154		(1,298)		2,435
	Segmental assets	26,526		18,297		17,789		62,612
	Segmental liabilities	(25,374)		(22,770)		7,513		(40,631)

		For the year ended 31 December 2025
		Embedded engineering		B2B manufacturing		Other		Total
		£'000		£'000		£'000		£'000
	Revenue	37,181		22,203		-		59,384
	Cost of sales	(22,493)		(13,895)		71		(36,317)
	Gross profit	14,688		8,308		71		23,067
	Other expenses	(8,523)		(6,292)		(3,196)		(18,011)
	Operating profit	6,165		2,016		(3,125)		5,056
	Segmental assets	29,702		17,356		20,751		67,809
	Segmental liabilities	(27,391)		(22,588)		5,843		(44,136)

Other relates to the Group’s head office costs. Other assets and liabilities include borrowings, intangible assets and goodwill arising on acquisitions, deferred tax and parent company assets.

7.               Finance expense

		Six months ended 30 June 2026		Six months ended 30 June 2025		Year ended 31 December 2025
		£'000		£'000		£'000
	Bank charges and interest	11		7		28
	Interest on bank loans	633		651		1,342
	Interest on related party loans	-		-		23
	Lease interest	253		191		418
		897		849		1,811

8.               Alternative performance measures

The Group presents alternative performance measures for both continuing operations and total operations. Total operations includes both continuing and discontinued operations.

The measure relating to continuing operations provides management and users of the financial statements with a view of the performance of the Group's ongoing businesses and current operating platform. It enables period-on-period comparisons of the activities that will continue to contribute to the Group's future financial results and supports an assessment of the underlying performance of the existing business.

The measure relating to total operations, which includes both continuing and discontinued operations, provides a view of the performance of the Group as it existed during the relevant reporting period. This measure reflects the financial contribution of all businesses that formed part of the Group during the period and assists users in understanding the overall results generated by the Group's operations before the impact of portfolio changes and disposals.

The Group’s adjusted EBITDA from total operations (continuing and discontinued operations) and is calculated after the following add backs:  

		Six months ended 30 June 2026		Six months ended 30 June 2025		Year ended 31 December 2025
		£'000		£'000		£'000
	Operating profit	3,489		3,014		6,092
	add back:
	Depreciation and amortisation	1,355		1,090		2,320
	Exceptional items	425		173		378
	Other non-trading expenses (included within administrative expenses)	240		63		360
	Gain on bargain purchase	(846)		-		-
	Adjusted EBITDA	4,663		4,340		9,150

The Group’s adjusted EBITDA from continuing operations is calculated after the following add backs:  

		Six months ended 30 June 2026		Six months ended 30 June 2025		Year ended 31 December 2025
		£'000		£'000		£'000
	Operating profit	2,876		2,435		5,057
	add back:
	Depreciation and amortisation	1,200		958		2,046
	Exceptional items	236		173		359
	Other non-trading expenses (included within administrative expenses)	241		64		316
	Gain on bargain purchase	(846)		-		-
	Adjusted EBITDA	3,707		3,630		7,778

9.               Corporation Tax

		Six months ended 30 June 2026		Six months ended 30 June 2025
		£'000		£'000
	Profit before corporation tax	1,980		1,596
	Estimated effective tax rate	28.0%		28.3%
	Total tax expense	555		451

Corporation tax expense is recognised based on management’s best estimate of the weighted average annual income tax rate adjusted for items subject to differing tax treatment, including depreciation, amortisation and lease-related adjustments. The estimated average annual tax rate used for the 6 months ended 30 June 2026 is 28.0%. The weighted average annual effective tax rate for the 6 months ended 30 June 2025 was 28.3%.

10.           Intangible assets

			Goodwill		Customer relationships		Computer software		Total
	Cost		£'000		£'000		£'000		£'000
	As at 31 December 2025		16,998		7,465		334		24,797
	Additions		-		-		47		47
	Disposal of subsidiary		(1,037)		(459)		(270)		(1,766)
	As at 30 June 2026		15,961		7,006		111		23,078
	Amortisation
	As at 31 December 2025		-		(1,210)		(106)		(1,316)
	Charge for the period		-		(187)		(37)		(224)
	Disposal of subsidiary		-		112		95		207
	As at 30 June 2026		-		(1,285)		(48)		(1,333)
	Net book value
	As at 30 June 2026		15,961		5,721		63		21,745

			Goodwill		Customer relationships		Computer software		Total
	Cost		£'000		£'000		£'000		£'000
	As at 31 December 2024		10,545		7,465		204		18,214
	Additions		6,453		-		130		6,583
	Disposals		-		-		-		-
	As at 31 December 2025		16,998		7,465		334		24,797
	Amortisation
	As at 31 December 2024		-		(837)		(48)		(885)
	Charge for the year		-		(373)		(58)		(431)
	As at 31 December 2025		-		(1,210)		(106)		(1,316)
	Net book value
	At 31 December 2025		16,998		6,255		228		23,481

11. Property, plant and equipment

			Freehold Property		Plant and machinery		Motor Vehicles		Fixtures and fittings		Total
			£'000		£'000		£'000		£'000		£'000
	Cost
	As at 31 December 2025		3,577		4,892		254		1,846		10,569
	Additions		29		317		32		137		515
	Disposal of subsidiary		(703)		(567)		-		(345)		(1,615)
	Acquisition of subsidiary		-		5		-		-		5
	As at 30 June 2026		2,903		4,647		286		1,638		9,474
	Depreciation
	As at 31 December 2025		(641)		(2,811)		(2)		(1,045)		(4,499)
	Charge for the year		(35)		(214)		(13)		(101)		(363)
	Disposal of subsidiary		92		223		-		186		501
	As at 30 June 2026		(584)		(2,802)		(15)		(960)		(4,361)
	Net book value
	At 30 June 2026		2,319		1,845		271		678		5,113

			Freehold Property		Plant and machinery		Motor Vehicles		Fixtures and fittings		Total
			£'000		£'000		£'000		£'000		£'000
	Cost
	As at 31 December 2024		3,564		6,010		648		1,724		11,946
	Additions		13		1,659		72		225		1,969
	Acquisitions		-		78		123		119		320
	Disposals		-		(332)		(123)		(222)		(677)
	Reclassification		-		(2,523)		(466)		-		(2,989)
	As at 31 December 2025		3,577		4,892		254		1,846		10,569
	Depreciation
	As at 31 December 2024		(573)		(2,923)		(283)		(1,028)		(4,807)
	Charge for the year		(68)		(404)		(84)		(226)		(782)
	Disposals		-		327		100		209		636
	Reclassification		-		189		265		-		454
	As at 31 December 2025		(641)		(2,811)		(2)		(1,045)		(4,499)
	Net book value
	At 31 December 2025		2,936		2,081		252		801		6,070

12. Right-of-use assets

			Property		Motor Vehicles		Plant and machinery		Total
			£'000		£'000		£'000		£'000
	Cost
	As at 31 December 2025		6,993		962		2,832		10,787
	Additions		-		1,108		-		1,108
	Disposal of subsidiary		(695)		(177)		-		(872)
	As at 30 June 2026		6,298		1,893		2,832		11,023
	Depreciation
	As at 31 December 2025		(2,277)		(438)		(617)		(3,332)
	Disposal of subsidiary		566		86		-		652
	Charge for the period		(442)		(183)		(142)		(768)
	As at 30 June 2026		(2,153)		(535)		(759)		(3,448)
	Net book value
	As at 30 June 2026		4,145		1,358		2,073		7,575

			Property		Motor Vehicles		IT equipment		Total
			£'000		£'000		£'000		£'000
	Cost
	As at 31 December 2024		5,548		152		344		6,044
	Additions		660		269		-		929
	Additions on acquisition		785		75		4		864
	Disposals		-		-		(39)		(39)
	Reclassification (note 11)		-		466		2,523		2,989
	As at 31 December 2025		6,993		962		2,832		10,787
	Depreciation
	As at 31 December 2024		(1,528)		(17)		(264)		(1,809)
	Disposals		-		-		39		39
	Charge for the year		(749)		(156)		(203)		(1,108)
	Reclassification (note 11)		-		(265)		(189)		(454)
			(2,277)		(438)		(617)		(3,332)
	Net book value
	At 31 December 2025		4,716		524		2,215		7,455

13. Trade and other receivables

Trade and other receivables consist of the following:

			Six months ended 30 June 2026		Year ended 31 December 2025
			£'000		£'000
	Trade receivables		11,589		11,949
	Prepayments		1,757		1,269
	Other receivables		2,798		2,148
			16,144		15,366

14. Trade and other payables

Trade and other payables consist of the following:

			Six months ended 30 June 2026		Year ended 31 December 2025
			£'000		£'000
	Current
	Trade payables		5,583		5,653
	Accruals		994		1,982
	Deferred income		1,172		1,481
	Other taxes and social securities		1,750		2,913
	Contingent consideration		2,413		3,042
	Government grants		-		26
	Other payables		881		541
			12,793		15,638

All amounts are short-term and denominated in GBP. The carrying value of trade payables and short-term bank overdrafts are considered to be a reasonable approximation of fair value.

	Deferred income consists of the following:		Six months ended 30 June 2026		Year ended 31 December 2025
			£'000		£'000
	Deferred service income		160		214
	Contract liability		985		1,208
	Arrangement fee income		27		59
			1,172		1,481

	Non-current		Six months ended 30 June 2026		Year ended 31 December 2025
	Contingent consideration		1,054		1,567
			1,054		1,567

15. Borrowings

Borrowings include the following financial liabilities:

			Six months ended 30 June 2026		Year ended 31 December 2025
			£'000		£'000
	Current
	Loans and borrowings		2,451		2,170
	Invoice discounting		2,990		2,694
			5,441		4,864
	Non-current
	Loans and borrowings		7,814		8,656
	Invoice discounting		-		1,726
			7,814		10,382

The fair value of the Group’s borrowings as presented above approximate their carrying value.

		Loans and borrowings		Invoice Discounting		Lease liabilities		Total
		£'000		£'000		£'000		£'000
	Balance at 1 January 2026	10,826		4,420		7,301		22,547
	Changes from financing cash flows
	Repayment	(934)		(304)		(865)		(2,103)
	Proceeds	1,897		424		-		2,321
	Disposal of subsidiary	(1,523)		(1,550)		(240)		(3,313)
	Interest paid	(509)		(124)		(251)		(884)
	Non-cash
	Non‑cash changes in lease liabilities	-		-		850		850
	Interest expense	509		124		253		886
	Balance at 30 June 2026	10,266		2,990		7,048		20,304
	Balance at 1 January 2025	9,150		5,053		6,089		20,292
	Changes from financing cash flows
	Repayment	(798)		(908)		(629)		(2,335)
	Proceeds	2474		275		-		2,749
	Interest paid	(999)		(597)		(437)		(2,033)
	Non-cash
	Non‑cash changes in lease liabilities	-		-		1,841		1,841
	Interest expense	999		596		437		2,033
	Balance at 31 December 2025	10,826		4,420		7,301		22,547

16. Provisions

				Deferred taxation		Other provisions		Total
				£'000		£'000		£'000
	As at 31 December 2025			2,332		-		2,332
	Additional in the period			-		13		13
	Utilised in the period			(283)		-		(283)
	Acquisitions			-		600		600
	At 30 June 2026			2,049		613		2,662
	As at 31 December 2024			1,929		75		2,004
	Additional in the year			403		-		403
	Utilised in the year			-		(75)		(75)
	At 31 December 2025			2,332		-		2,332

17. Business combination - Acquisition of National Compliance

Overview

On 27 March 2026 the Group announced that GridCore Electrical Services Limited ("GridCore"), a newly formed wholly-owned subsidiary of Amcomri Group plc, had entered into a Business Purchase Agreement to acquire the business and assets of the National Compliance and Testing division ("NC&T") of the Infrastructure Solutions business of Enerveo Limited, a subsidiary of SSE plc.

The acquisition completed on 31 May 2026, following satisfaction of customary conditions, including novation of customer contracts and completion of the TUPE transfer of employees, and has been accounted for as a business combination under IFRS 3 Business Combinations, with GridCore identified as the acquirer.

NC&T provides specialist electrical testing and compliance services on a UK-wide basis to an established, long-standing customer base, with a significant recurring-revenue element.

	Consideration transferred
			£'000
	Sellers cash contribution		(1,469)
	Deferred consideration		105
	Total consideration		(1,364)

The seller provided a cash contribution of £1,469,000 to the buyer on the completion date, plus deferred cash consideration of £105,000 payable to the seller within 3 months of the acquisition.

	Recognised amounts of identifiable assets acquired and liabilities assumed
			Provisional fair value
			£'000
	Property, plant and equipment		5
	Contract assets		227
	Contract liabilities		(116)
	Accruals		(34)
	Provisions		(600)
	Total identifiable net liabilities acquired		(518)
	Gain on bargain purchase
			£'000
	Total consideration transferred		(1,364)
	Less: fair value of identifiable net liabilities acquired		518
	Gain on bargain purchase		(846)

On the basis of the net consideration of £1,364,000 against provisionally estimated net liabilities acquired of approximately £518,000, the transaction is expected to give rise to a gain on bargain purchase, recognised immediately in profit or loss in accordance with IFRS 3.34–36, rather than goodwill.

The Group recognised a provision for onerous contract liabilities acquired as part of the business combination at their acquisition-date fair value, determined using the present value of the expected future cash outflows required to settle the obligations. The liabilities will be subsequently unwound over the remaining term of the underlying contracts.

18. Financial instruments and risk management

The Group’s capital management objectives are:

-                       To ensure the Group’s ability to continue as a going concern, and

-                      To provide an adequate return to shareholders by pricing products and services in a way that reflects the level of risk involved in providing those goods and services.

The Group is exposed to various risks in relation to financial instruments including credit risk, liquidity risk and currency risk. The Group’s risk management is coordinated by its managing directors. The Group does not actively engage in the trading of financial assets for speculative purposes. The most significant financial risks to which the Group is exposed are described below:

Credit risk

Credit risk arises from cash and cash equivalents as well as any outstanding receivables. Management does not expect any losses from non-performance of these receivables. The amount of exposure to any individual counterparty is subject to a limit, which is assessed by the Board. Total provision for bad debts included within trade receivables is £1,000 (2025: £3,000).

The net carrying value of trade receivables is considered a reasonable approximation of fair value. The maximum exposure to customer credit risk at the reporting date is the currency value of trade receivables noted above.

Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:

			Six months ended 30 June 2026		Year ended 31 December 2025
	Trade receivables		11,589		11,949
	Cash and cash equivalents		13,827		8,578
			25,416		20,527

Currency risk

Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group seeks to transact the majority of its business in its reporting currency (GBP). However, some customers and suppliers are outside the UK and a proportion of these transact with the company in EUR and USD. For this reason, the Group operates current bank accounts in EUR and USD. To the maximum extent possible receipts and payments in a particular currency are made through the bank account in that currency to reduce the amount of funds translated to or from the reporting currency.

Cash flow projections are used to plan for those occasions when funds will need to be translated into different currencies so that exchange rate risk is minimised. If the exchange rate between sterling and the euro had been 10% higher/lower at the reporting date, the effect on profit would have been approximately £25,528/ (£25,528) respectively (December 2025: £12,043/ (£12,043)). The exposure relating to USD is not determined to be material based on the volume of activity and the value of cash held.

The Group’s financial instruments are classified as follows:

			Six months ended 30 June 2026		Year ended 31 December 2025
			£'000		£'000
	Assets measured at amortised cost
	Trade receivables		11,589		11,949
	Other debtors		2,798		2,148
	Cash and cash equivalents		13,827		8,578
			28,214		22,675

			Six months ended 30 June 2026		Year ended 31 December 2025
	Liabilities measured at amortised cost		£'000		£'000
	Trade payables		5,583		5,653
	Accruals and other payables		5,342		7,132
	Leasehold liabilities		7,048		7,301
	Other provisions		613		-
			18,586		20,086

19. Earnings per share

Both the basic and diluted earnings per share have been calculated using the profit attributable to shareholders of the parent company Amcomri Group plc as the numerator.

The reconciliation of the weighted average number of shares for the purposes of diluted earnings per share to the weighted average number of ordinary shares used in the calculation of basic earnings per share is as follows:

	Six months ended 30 June 2026 (unaudited)		Six months ended 30 June 2025 (unaudited)		Year ended 31 December 2025 (audited)
Weighted average number of shares used in basic EPS	71,979		71,839		71,696
Weighted average number of dilutive shares	1,964		1,070		1,366
Weighted average number of shares used in diluted EPS	73,943		72,909		73,062

20. Related party transactions

As at 30 June 2026 the Group owed £0.7m to Fawley Industrial Limited, whose majority shareholder is also a shareholder of the group. (December 2025: £0.7m).

During the period the Group was provided services by Forty Services Limited, whose majority shareholder is also a shareholder of the Group. Services included company secretarial services and other recharges. A total of £42,000 was expensed during the period (June 2025: £34,384). Of the balance above £18,000 was included within trade payables (June 2025: £12,184). 

During the period, our subsidiary paid £160,000 to minority shareholders.

21. Discontinued operation - Disposal of subsidiary

On 30 June 2026, the Group completed the disposal of its entire shareholding in Premier Limpet Limited ("Premier Limpet") to Dalpo Group UK Limited, a wholly owned subsidiary of Dalpo Poznań sp. z o.o.

Premier Limpet represented a separate major line of business within the Group and accordingly meets the definition of a discontinued operation under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Consequently, the post-tax results of Premier Limpet have been presented as a single amount within discontinued operations in the condensed consolidated statement of profit or loss, with comparative information restated where required by IFRS 5.

The Group received minimum cash proceeds of £6,931,000, which is based an enterprise value of £10,100,000 less estimated tax liabilities and borrowings as at the date of acquisition. The contingent consideration has been recognised at its fair value at the date of disposal and will subsequently be measured in accordance with the applicable IFRS requirements.

The post-tax results of the discontinued operation included in the condensed consolidated financial statements are as follows:

						Six months ended 30 June 2026		Six months ended 30 June 2025
						£'000		£'000
	Revenue					6,218		5,856
	Operating expenses					(5,606)		0
	Operating profit					612		5,856
	Finance expense					(162)		0
	Profit before taxation					450		5,856
	Taxation					(108)		(85)
	Profit after taxation from discontinued operation					342		5,770
	Gain on disposal from discontinued operation (net of tax)					5,547		–
	Profit from discontinued operation					5,889		5,770

The gain on disposal is calculated as follows:

							£'000
	Cash consideration received						6,931
	Less: cash and cash equivalents disposed						(24)
	Net cash inflow						6,907

The major classes of assets and liabilities disposed of were:

							£'000
	Goodwill						1,037
	Other intangible assets						523
	Property, plant and equipment						1,114
	Right-of-use assets						218
	Inventories						1,395
	Trade and other receivables						2,934
	Cash and cash equivalents						24
	Trade and other payables						(1,895)
	Borrowings						(3,072)
	Lease liabilities						(240)
	Deferred tax liabilities						(262)
	Net assets disposed						1,776

The net cash inflow arising on disposal was:

Cash flows attributable to the discontinued operation for the period were as follows:

							Six months ended 30 June 2026
							£'000
	Net cash generated from operating activities						234
	Net cash used in investing activities						(48)
	Net cash inflow from financing activities						(209)
	Net increase in cash and cash equivalents						(23)

22. Events after the reporting period

On 8th July, the Group completed the acquisition of North West Transport Supplies Limited ("NTS") on a cash-free/debt-free basis. NTS is a specialist provider of repair and overhaul services for electro-mechanical units, HVAC and pneumatic control equipment used in the UK rail industry.

The initial cash consideration of £3.0m was paid on completion of the Acquisition, with a subsequent adjustment of £1.4m deferred based on working capital and business performance.

As the acquisition was completed after the reporting date, it has not been reflected in the Group's condensed interim financial statements for the six months ended 30 June 2026. The acquisition will be accounted for in accordance with IFRS 3 Business Combinations in the Group's financial statements for the year ending 31 December 2026. At the date of approval of these interim financial statements, the initial accounting for the business combination, including the determination of the fair values of the identifiable assets acquired and liabilities assumed and the resulting goodwill, had not yet been completed.

 

END