Interim Results for the 6 Months Ended 28 Feb 2026

RC Fornax plc

27 May 2026

 

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

27 May 2026

RC FORNAX PLC

("RC Fornax" or the "Company")

Interim Results for the Six Months Ended 28 February 2026

Pipeline conversion positions RCFX for growth in FY26 and beyond

RC Fornax (AIM: RCFX), the UK-based consultancy delivering outcome-based engineering solutions to the defence sector's most critical platforms, announces its unaudited interim results for the six months ended 28 February 2026 ("H1 FY26" or the "Period").

Financial Highlights

•      Revenue of £2.2m (H1 FY25 restated: £2.5m), with H1 FY26 revenue 40% ahead of H2 FY25 (£1.6m), reflecting improving order conversion momentum during the Period.

•      Outcome-based services represented 72% of revenue mix (H1 FY25 restated: 52%), in line with strategy set out at IPO.

•      Average 26% month-on-month increase in revenue during the Period.

•      Gross profit of £0.7m (H1 FY25: £0.7m), with gross margin of 31% (H1 FY25: 27%), demonstrating improved delivery mix and operational leverage.

•      Operating loss of £0.9m (H1 FY25: operating profit £0.1m), reflecting continued investment in capability, governance and headcount to support expected growth in H2 FY26 and beyond.

•      Cash of £1.8m at 28 February 2026 (31 August 2025: £0.9m), following the £2.1m net equity fundraise completed in December 2025.

•      Net assets of £3.0m (31 August 2025: £1.9m).

Operational Highlights

•      £4.1m in new orders (including subject to contract) and extensions booked in H1 FY26, demonstrating clear pipeline conversion.

•      Contract award from a UK Public Sector Space Client, marking meaningful progress in diversification beyond core MoD work.

•      Unconditional acceptance by Aurora Engineering Partnership as a Specialist Provider on the Evolve Engineering Delivery Partnership (EDP) Provider Network, a major UK defence engineering framework.

•      Further contract extension of approximately £0.5m from an existing tier-1 defence client.

•      SME Procure platform development advancing on track, with commercialisation expected in FY26.

•      Board strengthened: Richard Smith (Non-Executive Director, September 2025), Chris Brooks (Executive Director) and Andrew McInerney (Non-Executive Director), both January 2026.

Post-Period Highlights & Outlook

•      Board remains confident in current market expectations for FY26.

•      As at 30 April 2026, firm visibility of c.£5.7m in FY26 sales, comprising £3.1m already invoiced, c.£1.5m contracted for the remainder of the year, £0.4m subject to contract, and c.£0.5m in-year PO extensions where there is confidence of renewal.

•      Invoiced sales in April 2026 were 3x those achieved in September 2025.

•      First phase of contract with UK Public Sector Space Client delivered successfully, with exceptional customer feedback and current commercial discussions over a potential second phase.

•      Substantial progress made towards a major framework agreement with a top-seven prime contractor to MoD, now in the final stages of commercial approvals.

•      Strong commercial execution driving results, with eight new clients (including two top-six prime contractors to MoD), a further Prime framework on track, and a c.2.5x uplift in win rate.

•      The Board remains encouraged by long-term UK defence spending trajectory, with spending projected to reach 2.5% of GDP by 2027.

•      Total purchase orders received ensure the Company is well positioned to benefit in FY26, FY27 and beyond as procurement clarity improves and framework participation generates increasing revenue opportunities.

Chief Executive's Comment

Paul Reeves, Chief Executive Officer of RC Fornax, commented: "H1 FY26 has been defined by conversion - turning the pipeline we built through FY25 into firm orders and revenue. With £4.1m of new orders booked in the first half, we are executing on the strategy. Revenue of £2.2m was 40% ahead of H2 FY25, with an average month-on-month increase of 26% during the Period, and gross margin improved to 31%."

"Entering the second half, we have visibility over more than £5.7m of FY26 revenue. The Company is well-funded, with cash of £1.8m at the Period end, and the Board remains confident in meeting market expectations for FY26."

"The structural case for RC Fornax's services has never been stronger. The UK's transition to a war-fighting readiness posture demands precisely the kind of agile, outcomes-focused capability we deliver. With £5.7m in FY26 revenue visibility, a well-funded balance sheet and a pipeline of high-quality opportunities at advanced stages, I am confident in the Company's ability to deliver a materially improved second half and a stronger full year and beyond."

Summary Financial Information

Statement of Comprehensive Income - For the six months ended 28 February 2026 (unaudited)

	H1 FY26 Unaudited £	H1 FY25 Unaudited Restated £	FY25 Audited £
Revenue	2,207,761	2,508,240	4,069,444
Cost of sales	(1,518,371)	(1,818,939)	(3,118,758)
Gross profit	689,390	689,301	950,686
Administrative expenses	(1,649,591)	(575,659)	(2,217,490)
Exceptional items	-	(50,000)	(124,000)
Operating (loss) / profit	(960,201)	63,642	(1,390,804)
Finance costs	(46,567)	(123,368)	(164,149)
(Loss) before taxation	(1,006,768)	(59,726)	(1,588,453)
Taxation credit	251,692	14,931	205,411
(Loss) and total comprehensive income	(755,076)	(44,795)	(1,383,042)
Basic loss per share (pence)	1.0	0.4	4.0
Diluted loss per share (pence)	1.0	0.4	3.9

The H1 FY25 comparative figures are unaudited and have been restated. See Note 12 of the Interim Report.

Restatement of H1 FY25 Comparative Figures

The H1 FY25 comparative figures presented in this announcement have been restated to correct material bookkeeping errors identified in June 2025. Those errors principally affected the recognition and classification of revenue and cost of sales in the unaudited interim financial statements for the six months ended 28 February 2025, resulting in overstatements of both revenue and operating costs as originally reported. Cash balances and cash movements were not materially affected.

The effect of the restatement is to reduce previously reported H1 FY25 revenue from £3.8m to £2.5m, and to reduce previously reported H1 FY25 operating profit from £0.6m to £0.06m. Gross profit reduces from £1.3m to £0.7m, consistent with the restated revenue and cost of sales figures.

Full details of the restatement, including a reconciliation table and the remedial actions taken by the Board, are set out in Note 12 of the Interim Report, which will be made available on the Company's website at www.rcfornax.co.uk.

Availability of Interim Report

The full Interim Report for the six months ended 28 February 2026 will be made available on the Company's website at www.rcfornax.co.uk shortly following the release of this announcement.

- ENDS -

For additional information, please contact:

RC Fornax plc Paul Reeves - CEO Rob Shepherd - FD	[e-mail]
Strand Hanson Limited (Nominated & Financial Adviser) Christopher Raggett Rob Patrick Harry Marshall	[phone]
Cavendish Capital Markets Limited (Broker) Stephen Keys / George Lawson - Corporate Finance Dale Bellis / Harriet Ward - Sales and ECM	[phone]
BlytheRay (Financial PR) Megan Ray Said Izagaren	[phone] [e-mail]

Notes to Editors

RC Fornax PLC is an AIM-quoted company providing outcome-based engineering solutions to the UK defence industry. It was founded in 2020 by RAF veterans Paul Reeves and Daniel Clark who, having also worked for a number of years as defence contractors, are passionate about improving project efficiencies and driving value for money in the sector.

Web:	https://www.rcfornax.co.uk/
X:	@RFornax
LinkedIn:	RC Fornax

 

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