Interim Results
Summary by AI BETAClose X
24 June 2026
Built Cybernetics plc
("Built Cybernetics", the "Company", or, together with its subsidiaries, the "Group")
Interim results
For the six months ended 31 March 2026
Built Cybernetics (AIM: BUC), the Smart Buildings group, is pleased to announce its interim results for the six months ended 31 March 2026.
Highlights
· Revenue from continuing operations decreased 4% to £9.9 million (31 March 2025: £10.3 million)
· Trading loss for the period increased to £0.5 million (31 March 2025: £0.1 million) in line with expectations
· Smart Core total deployments at 31 March 2026 were 3.3 million sq feet of commercial floorspace across 16 countries, up 14% in six months
· Annualised Recurring Revenue ("ARR") from our own software up 37% in six months to £1.03 million
· Additional £1.27 million of ARR from maintenance and service contracts, up 33% in six months
· ecoDriver revenue up 49% to £0.42 million (31 March 2025: £0.28 million)
· New Smart Cities / Smart Infrastructure business MapBI launched during the period
· Aukett Swanke acquired and integrated Work.Place.Create. to strengthen interior design offer and increase scope for collaboration with Vanti on offering to commercial tenants, whose project cycles are faster than commercial landlords/developers
Post period
· £650,000 raised from fundraise completed in May at 1.5 pence per share with material investment by directors and employees
· Appointment of Allenby as broker and initiation of research
Commenting, Chief Executive Nick Clark said,
"We continue to focus on creating a smart buildings group with a growing proportion of predictable, scalable and high-margin recurring revenues, supported by complementary professional services and architecture capabilities."
For further information, please contact:
|
Investor Enquiries We encourage all investors to share questions on this announcement via our investor hub |
https://builtcybernetics.com/link/eXgzEy |
|
Built Cybernetics plc |
+44 (0) 20 7843 3001 |
|
Canaccord Genuity Limited, Nominated Adviser and broker Stuart Andrews, Elizabeth Halley-Stott |
+44 (0) 20 7523 8000 |
|
Allenby Capital Limited, joint broker Nick Naylor, Alex Brearley (Corporate Finance) Jos Pinnington, Lauren Wright (Sales and Corporate Broking) |
+44 (0)20 3328 5656 |
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 United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.
An electronic version of the Interim Report is available on the Group's website www.builtcybernetics.com.
Chairman's Statement
We are pleased to present the interim results for the six months ended 31 March 2026.
The Group continued to make encouraging progress during the period under review in its mission to become a leading Smart Buildings group drawing on its strong architecture heritage.
Our Smart Core software ended the period installed in buildings with, in aggregate, 3.3 million sq. feet of floorspace across 16 countries. We also grew the installation base at ecoDriver, which provides energy monitoring software, energy efficiency consulting services and related hardware. Both the Aukett Swanke and Veretec architecture businesses started the financial year well, reporting increased turnover and profits at the half year stage.
We completed two acquisitions in the period. In November 2025 we acquired the business and assets of Belfast based 3DEO (NI) Limited, which uses its Active Maps proprietary graphical software to visualise and analyse information in a 3D environment. In January 2026 we acquired interior design firm Work.Place.Create. an established interiors business with strong operational synergies with the Aukett Swanke architecture design business.
In April 2026, after the period under review, we strengthened the balance sheet by raising approximately £650,000 by way of an equity issue.
The Board believes that medium and longer term shareholder value will best be increased by continuing to invest in the Group's existing smart buildings businesses and by further acquisitions in this sector. Once installed the Group's Smart Buildings products generate a strong return on investment and are deeply embedded, making them unlikely to be removed during the operational lifetime of the buildings concerned, which is often a number of decades.
However, unlike the Group's more established architecture businesses, the smart building businesses acquired, often at minimal cost, are currently at a stage where they require continuing investment, in particular with the development and roll out of their software products.
The financial results reported in these interim statements are, in part, the result of allocating funding to longer term projects and although a portion of that investment is capitalised, our focus on growth inevitably impacts short term profitability.
In previous reports we have identified the need to grow to make the most of the Group's AIM listing. We continue to see a high level of prospective acquisitions and are particularly attracted to those with the prospect of transforming the Group's prospects.
We look forward to updating shareholders with future developments.
Clive Carver
Non-executive chairman
23 June 2026
Chief Executive's report
Introduction
The first half of the financial year demonstrated both the opportunities and challenges associated with the transformation of Built Cybernetics. While Group revenue declined by 4% and the Group reported an operating loss for the period, we continued to make progress in the areas that we believe will drive long-term value creation. Most notably, recurring revenues from our proprietary software products continued to grow strongly.
Smart Core deployments expanded further, ecoDriver delivered excellent growth and we added the MapBI business to the Group.
However, during the period under review several of our project-based businesses experienced more difficult trading conditions. Vanti's systems integration activities were affected by delays and reduced spending by some customers, whilst our Architecture division performed well but with increasingly challenging headwinds. These factors impacted profitability during the period.
Whilst disappointing in the short term, the contrasting performance of our recurring revenue streams and our project-based activities reinforces our conviction that our strategic direction is the correct one. We continue to focus on creating a smart buildings group with a growing proportion of predictable, scalable and high-margin recurring revenues, supported by complementary professional services and architecture capabilities.
Overview
|
Continuing Operations |
Six months to 31 March 2026 |
Six months to 31 March 2025 |
Year to 30 September 2025 |
|
|
£'000 |
£'000 |
£'000 |
|
Revenue |
|
|
|
|
Smart Buildings |
4,089 |
5,746 |
9,946 |
|
Architecture |
5,794 |
4,564 |
10,115 |
|
Total |
9,883 |
10,310 |
20,061 |
|
|
|
|
|
|
Operating profit/(loss) before central costs |
|
|
|
|
Smart Buildings |
(225) |
321 |
174 |
|
Architecture |
497 |
229 |
1,255 |
|
Total |
272 |
550 |
1,429 |
The period saw a continued rebalancing of the Group. Whilst project revenues remain important, we are increasingly focused on building recurring software revenues through Smart Core, ecoDriver and MapBI. We believe these activities will become a progressively larger component of the Group's future earnings.
Group revenue for the six months ended 31 March 2026 was £9.9 million (H1 2025: £10.3 million). The Group reported a trading loss from continuing operations of £0.5 million compared with a trading loss of £0.1 million in the corresponding period last year.
Smart Buildings generated revenue of £4.1 million, representing 41% of Group revenue, compared with £5.7 million in the prior period. The reduction was principally attributable to lower levels of project-based revenue within Vanti's systems integration activities.
Architecture revenue increased to £5.8 million from £4.6 million in the corresponding period, reflecting strong performances from our UK architecture businesses and the contribution from Work.Place.Create., acquired half way through the period under review.
Smart Buildings
The Smart Buildings division experienced mixed trading during the period.
Vanti's project-based systems integration activities were affected by delays in customer decision-making and reduced activity in certain sectors. As a consequence, revenue and profitability were below our expectations. We note that this challenge reflects delayed project revenues; the underlying need for our software and technology capabilities remains robust.
Encouragingly, Smart Core continued to gain traction. During the period we billed recurring revenue from the deployment of Smart Core at a landmark 900,000 square foot commercial development in the City of London, and the site was used in a case study demonstrating that smart buildings generate 4-5% higher rent than a non-smart equivalent site. This is the equivalent to double digit multiples of the cost of maintaining the software, demonstrating exceptional ROI in addition to strong non-financial metrics. The platform is now deployed across more than 3.3 million square feet of commercial space in 16 countries. We continue to see significant opportunities to expand deployments both within our existing customer base and in time through new channels.
ecoDriver delivered another strong performance, increasing revenue by approximately 49% during the period. Demand for solutions that help organisations reduce energy consumption, lower costs and meet sustainability objectives remains robust. We believe ecoDriver is well positioned to benefit from the increasing focus on energy efficiency across the built environment.
MapBI delivered its first reporting period within the Group following the acquisition of the Active Maps platform. The business retained its customer base and continues to develop opportunities across smart buildings, smart cities and infrastructure applications. Whilst still at an early stage, we believe the technology has significant long-term potential.
A key strategic objective across all our Smart Buildings businesses is the continued growth of recurring revenue. Revenue derived from software licences, support contracts and subscription services continued to increase during the period, by 37% to £1.03 million, and remains one of the most important indicators of future value creation within the Group.
Architecture
Our Architecture businesses delivered a resilient performance during the period despite mixed market conditions.
Aukett Swanke traded well and benefited from a healthy project pipeline and the acquisition of Work.Place.Create. has strengthened our interiors capability and expanded our presence in occupier-led projects.
Veretec grew significantly in the prior year, and started the year strongly with an exceptional performance in the first quarter keeping the enlarged workforce productively employed. However, the second quarter was weaker, with several projects encountering unexpected difficulties, and the pipeline for the second half has not converted at the rates hoped for. As a result, post period end we have taken action to align resources with current demand levels and streamline the business. These actions remove around £1m of annual salary costs to position the business more appropriately for current market conditions and future growth opportunities, but the benefits will largely not be felt until the next financial year.
Our German investments continue to provide a financial contribution to the Group, although trading conditions varied between offices during the period. Frankfurt improved further on last year's excellent profit performance, but Berlin generated a first half loss. While we own 50% of Frankfurt and 25% of Berlin, the latter's greater size means overall the contribution was lower than last year, with a relatively nominal profit after paying management fees to us and our joint venture partner.
Strategy
Since 2023, we have undertaken a deliberate transformation of the Group through a series of property technology acquisitions. The rationale for that strategy remains unchanged.
Project-based revenues can be significantly affected by project timing, customer spending decisions and broader economic conditions, and need headcount that scales proportionally. Recurring software revenues tend to be more predictable, more scalable and potentially more valuable. The first half has served to reinforce this distinction.
We therefore remain focused on growing our software and recurring revenue activities whilst improving the efficiency and profitability of our project-based operations.
We continue to evaluate acquisition opportunities that can accelerate recurring revenue growth, strengthen our technology capabilities and provide access to attractive new markets.
Outlook
Whilst we anticipate an improved second half from the smart buildings companies, architecture will show a deterioration. We therefore remain cautious in our outlook for the remainder of the current financial year.
Nevertheless, recurring revenue continues to build and the long-term drivers supporting our Smart Buildings businesses remain compelling. The increasing demand for energy efficiency, operational intelligence, building integration and digital infrastructure continues to create opportunities across Smart Core, ecoDriver and MapBI.
The successful fundraising completed after the period end has strengthened the Group's financial position and provides additional resources to support growth initiatives and strategic development.
The Board's focus remains on increasing recurring revenue, improving profitability, expanding the deployment of our software platforms and continuing the transformation of Built Cybernetics into a property technology group serving the built environment.
Nick Clark
Chief Executive
23 June 2026
Consolidated income statement
For the six months ended 31 March 2026
|
|
Note |
Unaudited six months to 31 March 2026 £'000
|
Unaudited six months to 31 March 2025 £'000
|
Audited year to 30 September 2025 £'000 |
|
Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
4 |
9,883 |
10,310 |
20,061 |
|
|
|
|
|
|
|
Sub consultant costs |
|
(334) |
(183) |
(343) |
|
Revenue less sub consultant costs |
|
9,549 |
10,127 |
19,718 |
|
|
|
|
|
|
|
Cost of sales |
|
(1,879) |
(2,964) |
(4,669) |
|
Gross profit |
|
7,670 |
7,163 |
15,049 |
|
|
|
|
|
|
|
Personnel related costs |
|
(6,475) |
(5,586) |
(11,860) |
|
Property related costs |
|
(676) |
(835) |
(866) |
|
Other operating expenses |
|
(1,022) |
(790) |
(2,097) |
|
Distribution costs |
|
(136) |
(123) |
(270) |
|
Other operating income |
5 |
269 |
132 |
247 |
|
Operating (loss)/profit |
|
(370) |
(39) |
203 |
|
|
|
|
|
|
|
Finance income |
|
6 |
5 |
16 |
|
Finance costs |
|
(177) |
(106) |
(299) |
|
Loss after finance costs |
|
(541) |
(140) |
(80) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of results of associate and joint ventures |
|
6 |
77 |
157 |
|
Trading (loss)/profit from continuing operations |
|
(535) |
(63) |
77 |
|
|
|
|
|
|
|
Acquisition costs |
3 |
(11) |
- |
- |
|
Loss on disposal of subsidiary |
|
(5) |
- |
- |
|
(Loss)/profit before tax from continuing operations |
4 |
(551) |
(63) |
77 |
|
|
|
|
|
|
|
Tax |
|
(29) |
39 |
34 |
|
(Loss)/profit from continuing operations |
|
(580) |
(24) |
111 |
|
|
|
|
|
|
|
Profit/(loss) from discontinued operations |
6 |
1 |
(79) |
(142) |
|
Loss for the period |
|
(579) |
(103) |
(31) |
|
|
|
|
|
|
|
Loss attributable to: |
|
|
|
|
|
Owners of Built Cybernetics plc |
|
(579) |
(103) |
(31) |
|
Non-controlling interests |
|
- |
- |
- |
|
Loss for the period |
|
(579) |
(103) |
(31) |
|
|
|
|
|
|
|
Earnings per share for (loss)/profit from continuing operations attributable to the ordinary equity holders of the Company: |
|
|
|
|
|
Basic earnings per share |
|
(0.16p) |
(0.01p) |
0.03p |
|
Diluted earnings per share |
|
(0.15p) |
(0.01p) |
0.03p |
|
|
|
|
|
|
|
Earnings per share for loss attributable to the ordinary equity holders of the Company: |
|
|
|
|
|
Basic earnings per share |
|
(0.16p) |
(0.03p) |
(0.01p) |
|
Diluted earnings per share |
|
(0.15p) |
(0.03p) |
(0.01p) |
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated statement of comprehensive income
For the six months ended 31 March 2026
|
|
|
Unaudited six months to 31 March 2026 £'000
|
Unaudited six months to 31 March 2025 £'000
|
Audited year to 30 September 2025 £'000 |
|
Loss for the period |
|
(579) |
(103) |
(31) |
|
|
|
|
|
|
|
Other comprehensive income: |
|
|
|
|
|
Currency translation differences of foreign operations |
|
(15) |
(16) |
39 |
|
Other comprehensive (loss)/profit for the period |
|
(15) |
(16) |
39 |
|
|
|
|
|
|
|
Total comprehensive (loss)/profit for the period |
|
(594) |
(119) |
8 |
|
|
|
|
|
|
|
Total comprehensive (loss)/profit is attributable to: |
|
|
|
|
|
Owners of Built Cybernetics plc |
|
(594) |
(119) |
8 |
|
Non-controlling interests |
|
- |
- |
- |
|
Total comprehensive (loss)/profit for the period |
|
(594) |
(119) |
8 |
|
|
|
|
|
|
|
Total comprehensive (loss)/profit attributable to the owners of Built Cybernetics plc arises from: |
|
|
|
|
|
Continuing operations |
|
(595) |
(40) |
150 |
|
Discontinued operations |
|
1 |
(79) |
(142) |
|
|
|
(594) |
(119) |
8 |
Consolidated statement of financial position
At 31 March 2026
|
|
Note |
Unaudited at 31 March 2026 £'000
|
Unaudited at 31 March 2025 £'000
|
Audited at 30 September 2025 £'000 |
|
Non current assets |
|
|
|
|
|
Goodwill |
|
1,915 |
1,814 |
1,814 |
|
Other intangible assets |
|
1,198 |
729 |
939 |
|
Property, plant and equipment |
|
153 |
154 |
188 |
|
Right-of-use assets |
|
1,651 |
1,465 |
1,887 |
|
Investment in associate and joint ventures |
|
902 |
992 |
986 |
|
Loans and other financial assets |
|
2 |
7 |
2 |
|
Trade and other receivables |
|
- |
31 |
31 |
|
Deferred tax |
|
599 |
596 |
599 |
|
Total non current assets |
|
6,420 |
5,788 |
6,446 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
Trade and other receivables |
|
3,020 |
4,108 |
3,582 |
|
Inventories |
|
293 |
369 |
262 |
|
Contract assets |
|
970 |
1,668 |
1,246 |
|
Cash at bank and in hand |
10 |
189 |
231 |
536 |
|
|
|
4,472 |
6,376 |
5,626 |
|
Assets in disposal groups classified as held for sale |
11 |
- |
- |
118
|
|
Total current assets |
|
4,472 |
6,376 |
5,744 |
|
|
|
|
|
|
|
Total assets |
|
10,892 |
12,164 |
12,190 |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Trade and other payables |
|
(4,390) |
(4,870) |
(4,053) |
|
Contract liabilities |
|
(1,166) |
(2,161) |
(1,861) |
|
Borrowings |
9, 10 |
(328) |
(720) |
(383) |
|
Lease liabilities |
|
(340) |
(547) |
(236) |
|
Provisions |
|
- |
(120) |
- |
|
|
|
(6,224) |
(8,418) |
(6,533) |
|
Liabilities directly associated with assets in disposal groups classified as held for sale |
11 |
- |
- |
(177)
|
|
Total current liabilities |
|
(6,224) |
(8,418) |
(6,710) |
|
|
|
|
|
|
|
Non current liabilities |
|
|
|
|
|
Trade and other payables |
|
- |
(86) |
(29) |
|
Borrowings |
9, 10 |
(1,130) |
(9) |
(1,115) |
|
Lease liabilities |
|
(1,300) |
(985) |
(1,518) |
|
Deferred tax |
|
(23) |
(21) |
(26) |
|
Provisions |
|
(210) |
(354) |
(210) |
|
Total non current liabilities |
|
(2,663) |
(1,455) |
(2,898) |
|
|
|
|
|
|
|
Total liabilities |
|
(8,887) |
(9,873) |
(9,608) |
|
|
|
|
|
|
|
Net assets |
|
2,005 |
2,291 |
2,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
Share capital |
12 |
3,555 |
3,411 |
3,555 |
|
Merger reserve |
|
2,982 |
2,979 |
2,982 |
|
Foreign currency translation reserve |
|
(511) |
(551) |
(496) |
|
Retained earnings |
|
(5,515) |
(5,042) |
(4,953) |
|
Other distributable reserve |
|
1,494 |
1,494 |
1,494 |
|
Total equity attributable to equity holders of the Company |
|
2,005 |
2,291 |
2,582 |
Consolidated statement of cash flows
For the six months ended 31 March 2026
|
|
Note |
Unaudited six months to 31 March 2026 £'000
|
Unaudited six months to 31 March 2025 £'000
|
Audited year to 30 September 2025 £'000 |
|
Cash flows from operating activities |
|
|
|
|
|
Cash generated from operations |
8 |
305 |
275 |
80 |
|
Income taxes received |
|
- |
|
34 |
|
Net cash inflow from operating activities |
|
305 |
275 |
114 |
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Purchase of property, plant and equipment |
|
(19) |
(45) |
(138) |
|
Sale of property, plant and equipment |
|
- |
- |
10 |
|
Payment of software development costs |
|
(381) |
(192) |
(448) |
|
Net cash paid on acquisition of subsidiaries |
|
(101) |
- |
- |
|
Sale of subsidiaries |
|
59 |
31 |
31 |
|
Dividends received |
|
87 |
83 |
211 |
|
Net cash paid from investing activities |
|
(355) |
(123) |
(334) |
|
|
|
|
|
|
|
Net cash (outflow)/inflow before financing activities |
|
(50) |
152 |
(220) |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Issue of shares |
|
- |
- |
147 |
|
Convertible loan notes issued |
|
15 |
- |
1,115 |
|
Principal paid on lease liabilities |
|
(114) |
(276) |
(263) |
|
Interest paid on lease liabilities |
|
(46) |
(28) |
(66) |
|
Proceeds/(repayment) of borrowings |
|
129 |
118 |
(243) |
|
Interest received |
|
6 |
5 |
16 |
|
Interest paid |
|
(131) |
(106) |
(236) |
|
Net cash (outflow)/inflow from financing activities |
|
(141) |
(287) |
470 |
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
(191) |
(135) |
250 |
|
|
|
|
|
|
|
Cash and cash equivalents at start of period |
|
393 |
189 |
189 |
|
Currency translation differences |
|
(13) |
8 |
(46) |
|
Cash and cash equivalents at end of period |
10 |
189 |
62 |
393 |
|
Cash and cash equivalents are comprised of: |
|
|
|
|
Cash at bank and in hand |
189 |
231 |
536 |
|
Net cash included in assets held for sale |
- |
- |
41 |
|
Secured bank overdrafts |
- |
(169) |
(184) |
|
Cash and cash equivalents at end of year |
189 |
62 |
393 |
Consolidated statement of changes in equity
For the six months ended 31 March 2026
|
|
Share capital
£'000 |
Foreign currency translation reserve £'000 |
Retained earnings
£'000 |
Other distributable reserve
£'000 |
Merger reserve
£'000 |
Revaluation reserve
£'000 |
Total equity
£'000 |
|
At 1 October 2025 |
3,555 |
(496) |
(4,953) |
1,494 |
2,982 |
- |
2,582 |
|
|
|
|
|
|
|
|
|
|
Loss for the period |
- |
- |
(579) |
- |
- |
- |
(579) |
|
Other comprehensive income |
- |
(15) |
- |
- |
- |
- |
(15) |
|
Total comprehensive loss |
- |
(15) |
(579) |
- |
- |
- |
(594) |
|
|
|
|
|
|
|
|
|
|
Share based payment value of employee services |
- |
- |
17 |
- |
- |
- |
17 |
|
|
|
|
|
|
|
|
|
|
At 31 March 2026 |
3,555 |
(511) |
(5,515) |
1,494 |
2,982 |
- |
2,005 |
For the six months ended 31 March 2025
|
|
Share capital
£'000 |
Foreign currency translation reserve £'000 |
Retained earnings
£'000 |
Other distributable reserve
£'000 |
Merger reserve
£'000 |
Revaluation reserve
£'000 |
Total equity
£'000 |
|
At 1 October 2024 |
3,411 |
(535) |
(4,956) |
1,494 |
2,979 |
- |
2,393 |
|
|
|
|
|
|
|
|
|
|
Loss for the period |
- |
- |
(103) |
- |
- |
- |
(103) |
|
Other comprehensive income |
- |
(16) |
- |
- |
- |
- |
(16) |
|
Total comprehensive loss |
- |
(16) |
(103) |
- |
- |
- |
(119) |
|
|
|
|
|
|
|
|
|
|
Share based payment value of employee services |
- |
- |
17 |
- |
- |
- |
17 |
|
|
|
|
|
|
|
|
|
|
At 31 March 2025 |
3,411 |
(551) |
(5,042) |
1,494 |
2,979 |
- |
2,291 |
For the year ended 30 September 2025
|
|
Share capital
£'000 |
Foreign currency translation reserve £'000 |
Retained earnings
£'000 |
Other distributable reserve
£'000 |
Merger reserve
£'000 |
Revaluation reserve
£'000 |
Total equity
£'000 |
|
At 1 October 2024 |
3,411 |
(535) |
(4,956) |
1,494 |
2,979 |
- |
2,393 |
|
|
|
|
|
|
|
|
|
|
Loss for the year |
- |
- |
(31) |
- |
- |
- |
(31) |
|
Other comprehensive income |
- |
39 |
- |
- |
- |
- |
39 |
|
Total comprehensive income |
- |
39 |
(31) |
- |
- |
- |
8 |
|
|
|
|
|
|
|
|
|
|
Share subscription |
144 |
- |
- |
- |
3 |
- |
147 |
|
|
|
|
|
|
|
|
|
|
Share based payment value of employee services |
- |
- |
34 |
- |
- |
- |
34 |
|
|
|
|
|
|
|
|
|
|
At 30 September 2025 |
3,555 |
(496) |
(4,953) |
1,494 |
2,982 |
- |
2,582 |
Notes to the Interim Report
1 Basis of preparation
The financial information presented in this Interim Report has been prepared in accordance with the recognition and measurement principles of international accounting standards in conformity with the requirements of the Companies Act 2006 that are expected to be applicable to the financial statements for the year ending 30 September 2026 and on the basis of the accounting policies expected to be used in those financial statements.
2 New accounting standards, amendments and interpretations applied
A number of new or amended standards and interpretations to existing standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards.
3 Business combinations
Acquisition of 3DEO and launch of MapBI
On 12 November 2025, The Group acquired certain assets of Belfast-based 3DEO (NI) Limited ("3DEO"). The acquisition has been effected by a previously dormant wholly owned Built Cybernetics subsidiary, which has been renamed MapBI Ltd ("MapBI").
The business and certain assets, being principally the Active Maps software, have been acquired from the liquidator of 3DEO (NI) Limited. Total consideration to achieve the purchase is £100,000 in cash, of which £75,000 was paid on completion in November 2025, and a further payment of £25,000 paid on 12 May 2026.
The financial effects of this transaction affecting the assets, liabilities, and financial performance of MapBI Ltd have been consolidated from 12 November 2025.
|
|
|
Provisional 12 Nov-25 £'000 |
|
Goodwill |
|
100 |
|
Assets |
|
100 |
|
|
|
|
|
Total net assets |
|
100 |
The fair values of the identifiable assets and liabilities acquired have only been provisionally determined and are subject to adjustment during the measurement period.
Acquisition related costs of £11k are disclosed as acquisition costs in the consolidated income statement.
Acquisition of Work.Place.Create
On 31 December 2025 the Group acquired 100% of the voting equity instruments of interior design firm Work.Place.Create Limited ("WPC").
The operating results and assets and liabilities of the acquired company have been consolidated from 31 December 2025.
The entire share capital of WPC has been acquired for initial consideration of £122,220 being the net asset value at completion:
- An initial payment on account of £50,000 was made on 31 December 2025.
- The balance payment of £72,220 was made on 30 April 2026 following agreement of the 31 December 2025 completion accounts. This amount is included in trade and other payables as at 31 March 2026.
Further payments may be made as follows:
- In respect of the calendar year ending 31 December 2026 a payment equal to a quarter of relevant revenues for that year, capped at £125,000 provided the WPC business generates £500,000 of total revenue.
- In respect of the calendar year ending 31 December 2027 a payment capped at £25,000 provided the WPC business generates £750,000 of total revenue.
These additional payments would be made following receipt of funds, making the acquisition cashflow positive.
|
|
|
Provisional 31 Dec-25 £'000 |
|
Property, plant and equipment |
|
1 |
|
Trade and other receivables |
|
54 |
|
Cash at bank and in hand |
|
138 |
|
Assets |
|
193 |
|
|
|
|
|
Trade and other payables |
|
71 |
|
Liabilities |
|
71 |
|
|
|
|
|
Total net assets |
|
122 |
The fair values of the identifiable assets and liabilities acquired have only been provisionally determined and are subject to adjustment during the measurement period.
Whilst fair value adjustments will result in recognised goodwill of less than £150k, it is expected that some goodwill will be recognised. The goodwill represents items, such as the assembled workforce, which do not qualify as assets.
4 Operating segments
The Group's reportable operating segments are based on types of service as Vanti (including TFG Stage Technology), ecoDriver, MapBI and professional design service regions.
The professional design service regions are based on the geographical areas in which its architectural studios are located, as each reportable operating segment provided the same type of service to clients, namely integrated professional design services for the built environment. Internally the Group prepares discrete financial information for each of its geographical professional design service segments.
The Group's professional service design regions consist of the United Kingdom, the Middle East and Continental Europe. Germany is included within Continental Europe.
The A+K and Middle East segments have been re-presented as a discontinued operation.
|
Segment revenue |
|
Unaudited six months to 31 March 2026 £'000
|
Unaudited six months to 31 March 2025 £'000
|
Audited year to 30 September 2025 £'000 |
|
United Kingdom Architecture |
|
5,794 |
4,564 |
10,115 |
|
Vanti |
|
3,636 |
5,466 |
9,375 |
|
MapBI |
|
37 |
- |
- |
|
ecoDriver |
|
416 |
280 |
571 |
|
Revenue from continuing operations |
|
9,883 |
10,310 |
20,061 |
|
Discontinued operations |
|
52 |
261 |
410 |
|
Revenue |
|
9,935 |
10,571 |
20,471 |
|
Segment revenue less sub consultant costs |
|
Unaudited six months to 31 March 2026 £'000
|
Unaudited six months to 31 March 2025 £'000
|
Audited year to 30 September 2025 £'000 |
|
United Kingdom Architecture |
|
5,460 |
4,381 |
9,772 |
|
Vanti |
|
3,636 |
5,466 |
9,375 |
|
MapBI |
|
37 |
- |
- |
|
ecoDriver |
|
416 |
280 |
571 |
|
Revenue less sub consultant costs from continuing operations |
|
9,549 |
10,127 |
19,718 |
|
Discontinued operations |
|
52 |
261 |
410 |
|
Revenue less sub consultant costs |
|
9,601 |
10,388 |
20,128 |
|
Segment result before tax |
|
Unaudited six months to 31 March 2026 £'000 |
Unaudited six months to 31 March 2025 £'000 |
Audited year to 30 September 2025 £'000 |
|
|
|
|
|
|
|
United Kingdom Architecture |
|
128 |
(195) |
585 |
|
Continental Europe |
|
6 |
77 |
157 |
|
Vanti |
|
(321) |
244 |
(74) |
|
MapBI |
|
(127) |
- |
- |
|
ecoDriver |
|
(39) |
(68) |
(135) |
|
Group costs |
|
(198) |
(121) |
(456) |
|
(Loss)/profit before tax from continuing operations |
|
(551) |
(63) |
77 |
|
Profit/(loss) from discontinued operations |
|
1 |
(79) |
(142) |
|
Total loss before tax |
|
(550) |
(142) |
(65) |
|
Segment result before tax (before reallocation of group management charges)
|
|
Unaudited six months to 31 March 2026 £'000 |
Unaudited six months to 31 March 2025 £'000 |
Audited year to 30 September 2025 £'000 |
|
|
|
|
|
|
|
United Kingdom Architecture |
|
414 |
75 |
968 |
|
Continental Europe |
|
83 |
154 |
287 |
|
VantI |
|
(102) |
362 |
254 |
|
MapBI |
|
(100) |
- |
- |
|
ecoDriver |
|
(23) |
(41) |
(80) |
|
Group costs |
|
(823) |
(638) |
(1,414) |
|
(Loss)/profit before tax from continuing operations |
|
(551) |
(88) |
15 |
|
Profit/(loss) from discontinued operations |
|
1 |
(54) |
(80) |
|
Total loss before tax |
|
(550) |
(142) |
(65) |
5 Other operating income
|
Continuing operations
|
|
Unaudited six months to 31 March 2026 £'000
|
Unaudited six months to 31 March 2025 £'000
|
Audited year to 30 September 2025 £'000 |
|
Property rental income |
|
26 |
50 |
83 |
|
Management charges to associate and joint ventures |
|
67
|
64
|
130 |
|
Research and development expenditure credit |
|
162 |
- |
- |
|
Other sundry income |
|
14 |
18 |
34 |
|
Total other operating income |
|
269 |
132 |
247 |
6 Discontinued operations
6 (a) Description
On 4 November 2025, the Group disposed of its subsidiary Anders + Kern U.K. Limited for a nominal sum. The Anders + Kern segment is presented as a discontinued operation in the current and comparative period.
In April 2022, the Group sold assets, as part of the Group's disposal of JRHP, constituting its John R Harris & Partners Limited (Cyprus) subsidiary and John R Harris & Partners (Dubai) entity, for a cash consideration of AED 5,000,000, comprising AED 4,250,000 cash up front and a further AED 750,000 deferred consideration paid over a 5 year period. The Middle East segment is presented as a discontinued operation in the current and comparative period.
Deferred cash consideration received in the year was £59k (2025: £31k). All deferred consideration has now been received.
6 (b) Financial performance and cash flow information
In the current and prior period the Middle East segment recorded no revenue, and £nil expenses. All other figures presented relate to the performance of the Anders + Kern segment.
Result of discontinued operations
|
|
|
Unaudited six months to 31 March 2026 £'000
|
Unaudited six months to 31 March 2025 £'000
|
Audited year to 30 September 2025 £'000 |
|
Revenue |
|
52 |
261 |
410 |
|
|
|
|
|
|
|
Sub consultant costs |
|
- |
- |
- |
|
Revenue less sub consultant costs |
|
52 |
261 |
410 |
|
|
|
|
|
|
|
Cost of sales |
|
(25) |
(149) |
(200) |
|
Gross profit |
|
27 |
112 |
210 |
|
|
|
|
|
|
|
Personnel related expenses |
|
(13) |
(119) |
(230) |
|
Property related costs |
|
- |
(32) |
(18) |
|
Other operating expenses |
|
(12) |
(38) |
(97) |
|
Distribution costs |
|
(1) |
(2) |
(4) |
|
Profit/(loss) before tax |
|
1 |
(79) |
(139) |
|
|
|
|
|
|
|
Finance costs |
|
- |
- |
(3) |
|
Profit/(loss) before tax |
|
1 |
(79) |
(142) |
|
|
|
|
|
|
|
Tax charge |
|
- |
- |
- |
|
Profit/(loss) from discontinued operations |
|
1 |
(79) |
(142) |
|
|
|
|
|
|
|
Exchange differences on translation of discontinued operation |
|
- |
- |
-
|
|
Other comprehensive profit(loss) |
|
1 |
(79) |
(142)
|
Earnings per share from discontinued operations
|
|
|
Unaudited six months to 31 March 2026 £'000
|
Unaudited six months to 31 March 2025 £'000
|
Audited year to 30 September 2025 £'000 |
|
Basic and diluted profit/(loss) per share |
|
0.00p |
(0.02)p |
(0.04)p |
Statement of cash flows
The statement of cash flows includes the following amounts relating to discontinued operations:
|
|
|
Unaudited six months to 31 March 2026 £'000 |
Unaudited six months to 31 March 2025 £'000 |
Audited year to 30 September 2025 £'000 |
|
|
|
|
|
|
|
Net cash inflow/(outflow) from operating activities |
|
1 |
(79) |
(143) |
|
Net cash inflow from investing activities |
|
- |
- |
1 |
|
Foreign exchange movements |
|
- |
- |
- |
|
Net cash inflow/(outflow) from discontinued operations |
|
1 |
(79) |
(142) |
7 Earnings per share
The calculations of basic and diluted earnings per share are based on the following data:
|
Earnings |
|
Unaudited six months to 31 March 2026 £'000
|
Unaudited six months to 31 March 2025 £'000
|
Audited year to 30 September 2025 £'000 |
|
Continuing operations |
|
(580) |
(24) |
111 |
|
Discontinued operations |
|
1 |
(79) |
(142) |
|
(Loss) for the period |
|
(579) |
(103) |
(31) |
|
Number of shares |
|
Unaudited six months to 31 March 2026 '000
|
Unaudited six months to 31 March 2025 '000
|
Audited year to 30 September 2025 '000 |
|
Weighted average number of shares |
|
355,460 |
341,072 |
346,287 |
|
Adjustments for calculation of diluted earnings per share: |
|
|
|
|
|
- Effect of dilutive warrants |
|
23,500 |
37,377 |
23,500 |
|
- Effect of dilutive options |
|
13,695 |
10,000 |
12,287 |
|
Diluted weighted average number of shares |
|
392,655 |
388,449 |
382,074 |
The Company has granted options over 28,091,666 of its ordinary shares. These have been included in the calculation of diluted earnings per share. The amount of the dilution is based on the average market price of ordinary shares during the period minus the exercise price.
During a prior period, the Company issued 42,500,000 warrants exercisable for 3 years at a price of 1 penny per share. As 14,000,000 were exercised during the prior year, increasing the total exercised to 19,000,000, the effect of dilutive warrants reflects the remaining 23,500,000 warrants that were un-exercised at 31 March 2026.
8 Reconciliation of loss before tax to net cash from operations
|
|
|
Unaudited six months to 31 March 2026 £'000
|
Unaudited six months to 31 March 2025 £'000
|
Audited year to 30 September 2025 £'000 |
|
Loss before tax |
|
(550) |
(142) |
(65) |
|
Share based payment value of employee services |
|
17 |
17 |
34 |
|
Finance income |
|
(6) |
(5) |
(16) |
|
Finance costs |
|
177 |
106 |
302 |
|
Share of results of associate and joint ventures |
|
(6) |
(77) |
(157) |
|
Intangible amortisation |
|
122 |
37 |
82 |
|
Depreciation |
|
55 |
66 |
109 |
|
Amortisation of right-of-use assets |
|
245 |
250 |
502 |
|
Profit on disposal of property, plant & equipment |
|
- |
- |
(424) |
|
Decrease in trade and other receivables |
|
819 |
1,036 |
1,907 |
|
(Increase)/decrease in inventories |
|
(4) |
24 |
104 |
|
Decrease in trade and other payables |
|
(564) |
(1,037) |
(2,034) |
|
Change in provisions |
|
- |
- |
(264) |
|
Net cash generated from operations |
|
305 |
275 |
80 |
9 Borrowings
|
|
|
Unaudited at 31 March 2026 £'000
|
Unaudited at 31 March 2025 £'000
|
Audited at 30 September 2025 £'000 |
|
Secured bank overdrafts |
|
- |
(169) |
(184) |
|
Unsecured bank loan (Lloyds) |
|
(2) |
(17) |
(9) |
|
Secured bank loan (NatWest) |
|
(76) |
(303) |
(190) |
|
Convertible loan notes |
|
(1,130) |
- |
(1,115) |
|
Other loans |
|
(250) |
(240) |
- |
|
Total borrowings |
|
(1,458) |
(729) |
(1,498) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts due for settlement within 12 months |
|
(328) |
(720) |
(383) |
|
Current liability |
|
(328) |
(720) |
(383) |
|
|
|
|
|
|
|
Amounts due for settlement between one and two years |
|
- |
(9) |
- |
|
Amounts due for settlement between two and five years |
|
(1,130) |
- |
(1,115) |
|
Non current liability |
|
(1,130) |
(9) |
(1,115) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total borrowings |
|
(1,458) |
(729) |
(1,498) |
The Coutts overdraft was secured by debentures over all the assets of the Company and certain of its United Kingdom subsidiaries. The overdraft carried interest at 3% above the Coutts Base rate for the relevant currency. The overdraft facility was closed on 31 March 2026.
The NatWest bank loan is a CBILS-backed loan secured by a debenture and cross guarantee from Torpedo Factory Group Limited, Vanti Ltd (formerly Torpedo Factory Ltd) and TFG Stage Technology Ltd. The bank loan initially drawn at £1.75m was being repaid at £29k per month. Following the sale of the freehold property in the prior year a prepayment was made against the CBILS loan. Whilst the term of the loan remains unchanged, monthly repayments have reduced to £19k per month. The loan is at a fixed rate of interest of 3.66%pa. The final instalment is due in July 2026.
During the period, the Group raised £15k (2025: £1,115k) from the issue of Convertible Loan Notes which pay interest at 12%pa gross, payable quarterly at the end of each calendar quarter. The loan notes are convertible into ordinary shares at a price of 3p. If not converted the loan notes become repayable on 31 December 2027.
.
10 Analysis of net deficit
|
|
|
Unaudited at 31 March 2026 £'000
|
Unaudited at 31 March 2025 £'000
|
Audited at 30 September 2025 £'000 |
|
Cash at bank and in hand |
|
189 |
231 |
536 |
|
Cash held within assets classified as held for sale |
|
- |
- |
41 |
|
Secured bank overdrafts |
|
- |
(169) |
(184) |
|
Cash and cash equivalents |
|
189 |
62 |
393 |
|
|
|
|
|
|
|
Secured bank loans |
|
(76) |
(303) |
(190) |
|
Unsecured bank loans |
|
(2) |
(17) |
(9) |
|
Convertible loan notes |
|
(1,130) |
- |
(1,115) |
|
Other loans |
|
(250) |
(240) |
- |
|
Net debt |
|
(1,269) |
(498) |
(921) |
11 Assets and liabilities classified as held for sale
|
|
|
Unaudited at 31 March 2026 £'000
|
Unaudited at 31 March 2025 £'000
|
Audited at 30 September 2025 £'000 |
|
Non-current assets held for sale |
|
- |
- |
10 |
|
Current assets held for sale |
|
- |
- |
108 |
|
Liabilities held for sale |
|
- |
- |
(177) |
|
Total liabilities held for sale |
|
- |
- |
(59) |
(i) Anders + Kern U.K. Limited
During the prior year, the board began discussions with the managing director of Anders + Kern U.K. Limited regarding a sale of the subsidiary to the managing director. The sale was concluded on 4 November 2025 for a nominal sum.
The following major classes of assets and liabilities relating to of Anders + Kern U.K. Limited were classified as held for sale in the consolidated statement of financial position as at 30 September 2025:
|
|
Unaudited at 31 March 2026 £'000 |
Unaudited at 31 March 2025 £'000 |
Audited at 30 September 2025 £'000 |
|
Property, plant and equipment |
- |
- |
10 |
|
Inventories |
- |
- |
27 |
|
Trade and other receivables |
- |
- |
40 |
|
Contract assets |
- |
|
- |
|
Net cash |
- |
- |
41 |
|
Assets held for sale |
- |
- |
118 |
|
|
|
|
|
|
Trade and other payables |
- |
- |
(160) |
|
Contract liabilities |
- |
- |
(17) |
|
Liabilities held for sale |
- |
- |
(177) |
|
|
|
|
|
|
Total net liabilities |
- |
- |
(59) |
12 Share capital
|
|
|
Unaudited at 31 March 2026 £'000
|
Unaudited at 31 March 2025 £'000
|
Audited at 30 September 2025 £'000 |
|
Allocated, called up and fully paid 355,459,569 (31-Mar-2025: 341,072,100 & 30-Sep-2025: 355,459,569) ordinary shares of 1p each |
|
3,555 |
3,411 |
3,555 |
|
|
Number |
|
At 1 October 2024 and 31 March 2025 |
341,072,100 |
|
Warrant exercise |
14,000,000 |
|
issue of shares to AESOP |
387,469 |
|
At 30 September 2025 and 31 March 2026 |
355,459,569 |
In March 2024, the Group announced a share subscription raising an aggregate up to £425,000 through the issue and allotment of a total of up to 42,500,000 new ordinary shares of 1p. £275,000 was raised by way of direct subscriptions of 27,500,000 new ordinary shares by certain existing and institutional investors (the "Investors"). £150,000 was raised by way of direct subscriptions of 15,000,000 new ordinary shares by certain directors and managers of the Group on the same terms as the Investors (the "Subscription"). This subscription was completed in April 2024.
In aggregate the Subscription resulted in the issue and allotment of a total of up to 42,500,000 new ordinary shares of 1 penny each in the Company (the "Subscription Shares") at an issue price of 1 penny. Subscribers received warrants, exercisable for 3 years, to be issued (subject to certain conditions) on the basis of one warrant for every one Subscription Share with an exercise price of 1 penny. The Subscription Shares were issued under the Company's existing share authorities; the warrants required a specific authority to be sought which was approved at the annual general meeting in April 2024.
On 20 May 2025 the Company received a warrant exercise notice to subscribe for 14,000,000 new ordinary shares of 1p and received proceeds of £140,000. This increased the aggregate warrants exercised to date to 19,000,000.
On 29 June 2025 the Company issued 387,469 new ordinary shares of 1p to the trustees of the Company's All-Employee Share Option Scheme ("AESOP") to satisfy monthly allocations under the AESOP for the month of June 2025. The new Ordinary Shares were issued at 1.9p per share, being the midmarket closing price on the trading day prior to the date of the purchase.
13 Employee Share Plans and Share Options
The Company has implemented two share plans and one share option plan.
The Company has granted options over its Ordinary Shares to Group employees as follows:
|
Granted |
22 Dec 2023 |
22 Dec 2023 |
08 Apr 2024 |
Total |
|
|
|
|
|
|
|
|
Number |
Number |
Number |
Number |
|
At 31 March 2025 |
24,591,666 |
1,000,000 |
4,125,000 |
29,716,666 |
|
Surrendered |
(625,000) |
- |
- |
(625,000) |
|
At 30 September 2025 |
23,966,666 |
1,000,000 |
4,125,000 |
29,091,666 |
|
Surrendered |
(1,000,000) |
- |
- |
(1,000,000) |
|
At 31 March 2026 |
22,966,666 |
1,000,000 |
4,125,000 |
28,091,666 |
|
|
|
|
|
|
|
Exercise price |
1.00 pence |
1.60 pence |
1.25 pence |
|
|
|
|
|
|
|
|
Earliest exercisable date |
22 Dec 2026 |
22 Dec 2026 |
08 Apr 2027 |
|
|
Latest exercisable date |
22 Dec 2033 |
22 Dec 2033 |
08 Apr 2034 |
|
The weighted average remaining contractual life of share options outstanding as at 31 March 2026 was 7.7 years.
The fair value of these share options has been estimated at £74,000 (Sep-25: £57,000) using the Black-Scholes option pricing models model with the following inputs:
|
Input |
Value 1 22 Dec 2023 |
Value 2 22 Dec 2023 |
Value 3 08 Apr 2024 |
|
Share price at date of grant |
0.85 pence |
0.85 pence |
1.25 pence |
|
Exercise price |
1.00 pence |
1.60 pence |
1.25 pence |
|
Expected option life |
5 years |
5 years |
5 years |
|
Expected volatility |
50% |
50% |
50% |
|
Expected dividends |
Nil |
Nil |
Nil |
|
Risk free interest rate |
4.24% |
4.24% |
4.24% |
The expected volatility was estimated based on the historical volatility over the three years prior to grant.
All Employee Share Option Plan
In November 2023 the Company implemented an All-Employee Share Ownership Plan ("AESOP"). The AESOP is a Share Incentive Plan which entitles all eligible employees to invest between £10 and £150 per month in purchasing shares in the Group from their pre-tax salary. The Group matches this contribution pound-for-pound on the first £50 per month by purchasing matching shares for the relevant employee as a staff retention tool. These are ordinarily forfeit if the relevant employee leaves within 3 years.
Management Share Ownership Plan
In December 2023 the Company created a Management Share Ownership Plan ("MSOP") to recognise that the management of the Group's businesses wished to build an ownership stake in excess of the limits the Government imposes on the AESOP scheme. Around three dozen members of the senior management of the Company and its UK subsidiaries have made a contractual commitment to purchase the Company's shares. The commitment is typically equivalent to either 2.5% or 5% of their gross annual salary, and persists at least until such time as each of them own a minimum of either 0.25% or 0.5% of the Company's issued share capital - though they are free to acquire larger stakes if they wish. The shares are generally purchased on the open market.
MSOP members have tended to effect purchases within their pension plans from their Employer pension contributions, as their investments are intended to build long term stakes in the business.
Company Share Option Plan
In December 2023 the Company created a Company Share Option Plan ("CSOP").
The history of the grant of options and the rationale behind the grants is detailed in previous reports. At 31 March 2026 the number of CSOP options outstanding was 28,091,666. Of these, CSOP Options held by Directors/PDMRs are as follows:
Name Number of Exercise Price
CSOP options
Nick Clark 2,000,000 1.0p
Freddie Jenner 4,700,000 1.0p
Jason Brameld (PDMR) 5,700,000 1.0p
Antony Barkwith 1,000,000 1.0p
1,000,000 1.6p
During the period 1,000,000 (2025: 625,000) options lapsed due to option holders whose employment in the Group ceased.
All CSOP options vest between the third and tenth anniversary of grant. The total 28,091,666 CSOP options now outstanding represent 7.90% of the shares in issue as at 31 March 2026.
14 Post balance sheet events
In May 2026 the Company announced the placing and subscription of 43,234,653 ordinary shares at 1.5 pence per share, raising aggregate gross proceeds of £648,520.
15 Status of Interim Report
The Interim Report covers the six months ended 31 March 2026 and was approved by the Board of Directors on 23 June 2026. The Interim Report is unaudited.
The interim condensed set of consolidated financial statements in the Interim Report are not statutory accounts as defined by Section 434 of the Companies Act 2006.
Comparative figures for the year ended 30 September 2025 have been extracted from the statutory accounts of the Group for that period.
The statutory accounts for the year ended 30 September 2025 have been reported on by the Group's auditors and delivered to the Registrar of Companies. The audit report thereon was unqualified, did not include references to matters to which the auditors drew attention by way of emphasis without qualifying the report, and did not contain a statement under Section 498 of the Companies Act 2006.
16 Further information
An electronic version of the Interim Report is available on the Group's website (www. builtcybernetics.com). Shareholders can register on the website to be kept informed about the Group and its developments. Any shareholder who wishes to change their address or understand the size of their holding should contact Equiniti, the Company's registrar.
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