FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2026

Amirose London Holdings PLC

24 September 2026

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

24 September 2026

AMIROSE LONDON HOLDINGS PLC

("Amirose", the "Company" or, together with its subsidiary, the "Group")

FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2026 AND PUBLICATION OF ANNUAL REPORT

Amirose London Holdings PLC (AQSE: ALH), the UK contract manufacturer of personal care and cosmetic products, announces its audited results for the year ended 31 March 2026. This is the Group's first annual report since the reverse takeover of Amirose London Limited and the Company's admission to the Access segment of the Aquis Stock Exchange Growth Market on 6 June 2025.

The transaction has been accounted for as a reverse acquisition. The consolidated financial statements are therefore presented as a continuation of Amirose London Limited, the trading business, and the comparative figures for the year ended 31 March 2025 are those of Amirose London Limited.

Financial highlights

•    Revenue up 24.9% to £13.71 million (2025: £10.98 million)

•    Gross profit up 24.3% to £4.92 million (2025: £3.96 million), gross margin of 35.9% (2025: 36.1%)

•    Trading company EBITDA* up 122.5% to £386,699 (2025: £173,822)

•    Trading company operating profit* of £202,920 (2025: £769)

•    Reported loss before tax of £692,625 (2025: £240,044), after £376,747 of costs the Directors do not expect to recur at that level: the non-cash reverse acquisition expense of £285,845, listing and market-related costs of £62,292 and exceptional items of £28,610

•    Net cash generated from operating activities up 148.1% to £473,703 (2025: £190,908)

•    Cash at year end of £120,180 (2025: £11,023)

Operational and post-period highlights

•    Completion of the reverse takeover and admission to trading on the Aquis Stock Exchange Growth Market on 6 June 2025, with £440,500 raised through the Admission subscription and subsequent placings

•    Sales and operational teams strengthened during the year; average headcount of 97 (2025: 93) and revenue per average employee up 19.7% to £141,366

•    Pricing on new business now set against a defined margin floor, and an annual pricing review introduced across the existing customer base

•    David Crickmore, former chief executive of Amouage, appointed to the Board as a Non-Executive Director on 5 May 2026

•    Profitable start to the current financial year: in the three months to 30 June 2026 the trading business recorded unaudited profit before tax of £121,340 on revenue of £3.35 million, with gross margin of 41.7% (Q1 2025: 35.2%)

* Alternative performance measures relating to Amirose London Limited, the trading business, stated before the costs of the reverse takeover and of maintaining the listing, which are borne by the Company. A reconciliation to the reported loss before tax is set out below.

Annual Report and AGM

The Annual Report and Financial Statements for the year ended 31 March 2026 are available on the Company's website at www.amiroselondon.com and will be posted to shareholders, together with the Notice of Annual General Meeting, on 24 September 2026. The Annual General Meeting will be held at 11.00 a.m. on Tuesday 20 October 2026 at the offices of MSP Company Secretaries, Floor 2, 27-28 Eastcastle Street, London W1W 8DH. The Notice of Annual General Meeting will also be available on the Company's website.

For further information, please contact:

Amirose London Holdings PLC
Michael Heath, Chief Executive Officer	[phone]
Alfred Henry Corporate Finance Limited (Corporate Adviser)
Nick Michaels / Maya Klein Wassink	[phone]

CHAIRPERSON'S STATEMENT

On behalf of the Board, I am delighted to present the results of Amirose London Holdings PLC for the year ended 31 March 2026. The defining achievement of the year was the successful completion of the reverse acquisition and the admission of Amirose London Holdings PLC to the public markets. This transformational milestone gives the Group a stronger platform, greater visibility and enhanced access to capital to support future growth.

Group revenue increased by 24.9% to £13,712,532 (2025: £10,980,226), while gross profit increased by 24.3% to £4,922,947 (2025: £3,959,883). This performance demonstrates the strength and resilience of our underlying business during a year of significant corporate change. We have also strengthened our sales and operational teams, increasing our ability to serve our clients, pursue new opportunities and deliver sustainable growth and long-term shareholder value.

The admission to the public markets, together with the associated capital raise, materially strengthened our financial platform. Share capital and share premium increased by more than £5.3 million, the majority of which represents the shares issued as consideration for the acquisition of Amirose London Limited, with £435,270 raised in cash from share issues during the year. Cash at year end increased more than tenfold to £120,180, while operating activities generated £473,703 of positive cash flow, compared with £190,908 in the prior year.

The Group reported a loss before tax of £692,625 (2025: £240,044), reflecting costs associated with the reverse acquisition and admission to the public markets, as well as increased finance costs arising from investment in the Group's growth. The Board believes these investments have created an important platform for the future, while continued revenue growth and positive operating cash generation demonstrate the underlying strength of the business.

Looking ahead, we believe the fundamental nature of our market provides an important degree of resilience. Whatever happens in the world, whatever jobs may be transformed by Artificial Intelligence and whatever economic challenges may arise, people will always need personal care products. Personal care is a resilient, essential and enduring market. History demonstrates this: even during times of war, when many goods became scarce, soap was among the most valuable and essential products people needed. People will always want to feel better, look better and care for themselves, even when times are difficult. This resilience underpins our confidence in the long-term prospects of Amirose.

Our mission is straightforward: to deliver the best value at the best price, while continuing to build a business that creates lasting value for our customers, our partners and our shareholders.

Amirose enters the new financial year in a significantly stronger position. We are now a publicly listed company with a stronger balance sheet, positive operating cash flow and an enhanced sales and operational team. Our focus is on execution: growing revenues, strengthening our market position, expanding our customer base and delivering sustainable long-term value for shareholders.

I would like to thank my fellow Directors and the whole Amirose team. The hard work and commitment of our management team and employees have been instrumental in transforming the Company and driving this positive change. I would also like to thank our clients, partners and shareholders for their continued confidence and support. Our admission to the public markets marks the beginning of Amirose's next chapter, and we look forward to building on this achievement.

Aleksandra Binkowska

Non-Executive Chairperson

17 September 2026

OPERATING AND FINANCIAL REVIEW

Trading performance

Revenue increased by 24.9% to £13,712,532 (2025: £10,980,226). Cost of sales was £8,789,585 (2025: £7,020,343), giving gross profit of £4,922,947 (2025: £3,959,883) and a gross margin of 35.9% (2025: 36.1%).

Gross margin was marginally below the prior year, reflecting input cost inflation on programmes priced before those increases took effect. The Board has taken action to address this. Pricing on new business is now set against a defined margin floor and makes allowance for input cost movement over the life of the programme, and the Group has introduced an annual pricing review across the existing customer base.

Distribution costs were £646,554 (2025: £525,983) and administrative expenses were £4,430,178 (2025: £3,621,008). The Group recorded an operating loss of £52,114 (2025: operating profit of £769), after other operating income of £101,671 (2025: £187,878), principally a research and development expenditure credit of £101,104 (2025: £187,878).

Below operating level, the Group recognised the non-cash reverse acquisition expense of £285,845, exceptional items of £28,610 (2025: £7,716) and net finance costs of £326,055 (2025: £233,097). The loss before income tax was £692,625 (2025: £240,044). No income tax charge or credit arose in either year.

The trading subsidiary, Amirose London Limited, recorded a loss of £152,156 after exceptional items and interest. The Company incurred £192,332 of recurring costs of being listed in the period from admission to the year end. The balance comprises the reverse acquisition expense of £285,845 and listing and market-related costs of £62,292.

Reconciliation of reported loss to trading company EBITDA

	2026 £	2025 £
Loss before tax	(692,625)	(240,044)
Reverse acquisition expense	285,845	-
Listing and market-related costs	62,292	-
Recurring costs of the listed parent company	192,332	-
Trading company loss for the year	(152,156)	(240,044)
Exceptional items	28,610	7,716
Interest payable	326,466	233,097
Trading company operating profit	202,920	769
Depreciation	183,779	173,053
Trading company EBITDA	386,699	173,822

Finance income of £411 arises in the Company and is not included above. Both years include research and development expenditure credits within other operating income.

Financial position and cash flow

Total equity at 31 March 2026 was £587,380 (2025: £626,762). Stock was broadly flat at £1,785,528 (2025: £1,776,064) despite the increase in revenue, and trade and other receivables increased by 5.2% to £3,333,210 (2025: £3,167,298), well behind revenue growth, reflecting improved collection performance.

Net cash generated from operating activities was £473,703 (2025: £190,908). The Group invested £106,035 in property, plant and equipment (2025: £79,202) and repaid £100,205 of hire purchase liabilities (2025: £75,623). Cash and cash equivalents increased by £109,157 to £120,180.

Going concern

The Directors have prepared cash flow forecasts covering the period to 31 March 2028 and have adopted the going concern basis. At 31 March 2026 current liabilities exceeded current assets by £266,284, stated after a value added tax liability of £687,824, none of which was due for payment at that date. Excluding that liability the Group had net current assets of £421,540. On 7 August 2026 Amirose London Limited agreed a Time to Pay arrangement with HM Revenue & Customs covering £727,530 of value added tax and interest, payable by weekly instalments of £13,991 from 14 August 2026 to 6 August 2027. The full instalment profile is reflected in the Directors' forecasts, and payments were up to date at the date of approval of the financial statements. The auditor has not identified any material uncertainty relating to going concern.

Outlook

The Group enters the new financial year with a larger customer base, a stronger management team and improving margins. Trading in the first quarter has been profitable: in the three months to 30 June 2026 the trading business recorded a profit before tax of £121,340 on revenue of £3.35 million, with gross margin of 41.7% against 35.2% in the same period last year, and June was the strongest month of the quarter. These are unaudited management figures for Amirose London Limited.

The Board's priorities are to sustain that improvement in margin and convert it into profit at Group level; to improve the availability and cost of the Group's funding; and to continue to make better use of the capacity available at Thetford. The wider environment remains uncertain, but the shift among brand owners toward supply chains that are closer to home and more resilient continues to favour UK-based manufacturers with the flexibility to serve mid-volume, premium programmes. The Board believes the Group is well placed to benefit from that shift.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2026

	2026 £	2025 £
Revenue	13,712,532	10,980,226
Cost of sales	(8,789,585)	(7,020,343)
Gross profit	4,922,947	3,959,883
Distribution costs	(646,554)	(525,983)
Administrative expenses	(4,430,178)	(3,621,008)
Other operating income	101,671	187,878
Operating (loss)/profit	(52,114)	769
Reverse acquisition expenses	(285,845)	-
Exceptional items	(28,610)	(7,716)
Interest payable and similar charges	(326,466)	(233,097)
Finance income	411	-
Loss before income tax	(692,625)	(240,044)
Income tax	-	-
Loss for the year	(692,625)	(240,044)
Basic and diluted loss per share (pence)	(0.59)	(0.24)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026

	2026 £	2025 £
Non-current assets
Intangible assets	14,500	20,500
Property, plant and equipment	911,592	983,335
Current assets
Inventories	1,785,528	1,776,064
Trade and other receivables	3,333,210	3,167,298
Cash and cash equivalents	120,180	11,023
Total current assets	5,238,919	4,954,385
Total assets	6,165,010	5,958,220
Equity
Called up share capital	2,920,125	2,404,578
Share premium	5,634,670	-
Revaluation reserve	346,612	415,935
Reverse acquisition reserve	(7,918,394)	(2,404,478)
Share-based payment reserve	16,942	-
Retained earnings	(412,575)	210,728
Total equity	587,380	626,762
Current liabilities
Trade and other payables	5,505,203	5,186,196
Non-current liabilities
Trade and other payables	72,427	145,261
Total liabilities	5,577,630	5,331,458
Total equity and liabilities	6,165,010	5,958,220

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2026

£	Share capital	Share premium	Reval. reserve	Reverse acq. reserve	SBP reserve	Retained earnings	Total
At 1 April 2025	2,404,578	-	415,935	(2,404,478)	-	210,728	626,762
Loss for the year	-	-	-	-	-	(692,625)	(692,625)
Reverse acquisition adjustment	297,195	5,415,064	-	(5,513,916)	-	-	198,343
Share issue	149,040	161,460	-	-	-	-	310,500
Cash placing	69,312	75,088	-	-	-	-	144,400
Transfer of additional depreciation on revalued plant	-	-	(69,322)	-	-	69,322	-
Warrant issues	-	(16,942)	-	-	16,942	-	-
At 31 March 2026	2,920,125	5,634,670	346,612	(7,918,394)	16,942	(412,575)	587,380

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2026

	2026 £	2025 £
Operating activities
Loss for the year	(692,625)	(240,044)
Services settled by issue of shares	19,630	-
Interest received	(411)	-
Interest paid	326,466	233,097
Reverse acquisition expense	285,845	-
Depreciation and amortisation	183,779	173,053
Increase in inventories	(9,464)	(522,167)
(Increase)/decrease in trade and other receivables	(182,227)	498,369
Increase in trade and other payables	542,710	48,600
Net cash generated from operating activities	473,703	190,908
Investing activities
Purchase of property, plant and equipment	(106,035)	(79,202)
Cash acquired on reverse acquisition	26,266	-
Interest received	411	-
Net cash used in investing activities	(79,359)	(79,202)
Financing activities
(Repayment)/drawdown of other loans	(275,286)	307,810
Proceeds from share issue	435,270	-
Net movement in shareholder loans	(18,501)	(213,814)
Repayment of hire purchase liabilities	(100,205)	(75,623)
Interest paid	(326,466)	(233,097)
Net cash used in financing activities	(285,187)	(214,724)
Net increase/(decrease) in cash and cash equivalents	109,157	(103,018)
Cash and cash equivalents at start of year	11,023	114,041
Cash and cash equivalents at end of year	120,180	11,023

NOTES

1. Basis of preparation

The financial information set out in this announcement does not constitute the Company's statutory accounts within the meaning of section 434 of the Companies Act 2006. It has been extracted from the audited statutory accounts for the year ended 31 March 2026, which have been prepared in accordance with UK-adopted International Accounting Standards and were approved by the Board on 17 September 2026. The auditor, MAH Chartered Accountants, has reported on those accounts; its report was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report, and did not contain a statement under section 498(2) or (3) of the Companies Act 2006. The statutory accounts will be delivered to the Registrar of Companies on 28 September 2026.

2. Reverse acquisition

On 6 June 2025 the Company, then File Forge Technology PLC, acquired the entire issued share capital of Amirose London Limited for consideration of £5,009,537, satisfied by the issue of 100,190,739 new ordinary shares at 5p per share. The transaction falls outside the scope of IFRS 3 and has been accounted for as a reverse acquisition by analogy with IFRS 2, with Amirose London Limited as the accounting acquirer. A reverse acquisition expense of £285,845 has been recognised in profit or loss.

3. Loss per share

Basic loss per share is calculated by dividing the loss attributable to equity holders of £692,625 (2025: £240,044) by the weighted average number of ordinary shares in issue of 117,599,168 (2025, restated: 100,190,739). The comparative has been restated by analogy with IFRS 3 paragraph B26 to reflect the capital structure following the reverse acquisition. As the Group is loss making, the 1,157,831 warrants outstanding at 31 March 2026 are anti-dilutive and diluted loss per share equals basic loss per share.

4. Dividend

The Directors do not recommend the payment of a dividend for the year (2025: £231,047, declared by Amirose London Limited before the reverse acquisition).

5. Post balance sheet events

On 26 April 2026 the Company allotted 375,678 ordinary shares at 4.21p per share, raising £15,816, giving 122,047,543 ordinary shares in issue following admission on 5 May 2026. On 5 May 2026 David Crickmore was appointed to the Board. On 7 August 2026 Amirose London Limited agreed the Time to Pay arrangement with HM Revenue & Customs described above.

- ends -

The Directors of the Company accept responsibility for the contents of this announcement.

About Amirose London Holdings PLC

Amirose provides contract manufacturing services in the personal care sector for global and boutique premium brands. It formulates, sources packaging for, manufactures, fills and distributes personal care products on behalf of brand owners, and helps customers navigate the regulatory and compliance framework required to bring a product to market. Amirose operates from its BRC and ISO certified manufacturing site in Thetford, Norfolk, and employed 101 people at 31 March 2026.

For more information on the Company please visit www.amiroselondon.com

 

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