Unaudited Interim Results
Summary by AI BETAClose X
11 August 2026
RentGuarantor Holdings PLC
(the "Company" or "RentGuarantor" and including its subsidiaries, the "Group")
Unaudited Interim Results for the six months to 30 June 2026
RentGuarantor (AIM: RGG), a leading provider of rent guarantee services, which includes property protection, to tenants and landlords in the UK1 private rental sector, is pleased to announce its unaudited interim results for the six months ended 30 June 2026 ("H1 2026" or the "Period").
Half Year Summary
· Revenue up approximately 250% year-on-year to £3.39 million (H1 2025: £0.97 million)
· Completed 3,703 contracts during H1 2026, a 179% increase on H1 2025 (H1 2025: 1,326)
· Average contract price for the Period stands at £915 (H1 2025: £731), with the average contract price for the month of June 2026 being £1,001
· Positive adjusted EBITDA* of approximately £110,000 in the Period, compared with an adjusted EBITDA loss of £124,000 in the corresponding period last year
· Adjusted operating losses reduced to £11,000 (H1 2025: £218,000)
· Adjusted net profit** of approximately £250,000, compared to a net loss of £367,000 reported in the equivalent period in the prior year
· Successfully raised £1 million (before expenses) in June 2026 to accelerate strategic investments in automation and Artificial Intelligence (AI), which underlines the continued support from the Company's shareholder base
· Signed a total of 367 partnership agreements with letting agent entities or letting agent groups (H1 2025: 224)
· Post Period-end: Approximately 60% of warrant holders have voluntarily exercised their rights and invested circa £2.15 million into the Company leading to a bank balance of circa £6m as at 10 August 2026
*Adjusted EBITDA calculated as operating loss of £11,458, add back depreciation & amortisation of £122,879
**Adjusted net profit includes the positive impact of the revaluation of convertible loan note of £272,357
Chairman's Statement
On behalf of the Board, I am pleased to present the Interim Results of RentGuarantor Holdings Plc for the six months ended 30 June 2026.
I am delighted to report that the growth in revenues which we saw in 2025 has not only continued but accelerated in the first half of 2026. This period has seen the implementation of the Renters' Rights Act, which came into force in May, and the significant groundwork that we had put in place for some considerable time beforehand has meant that we have quickly seen the benefit from the increasing demand these changes have brought. During this period, we continued to strengthen and invest in our technology and team, as well as further developing our industry partnerships and raising our brand awareness in a growing marketplace.
As I write this report, we are approaching the first anniversary of the Company's admission to AIM. The strides we have made over the last 12 months reflect our focus on building on the strengths of our core team, our relationships across the industry, and the significant changes in the private rental sector. The support of both existing shareholders and new investors, including notable institutional investment, means we can continue to build on the progress we have made this year. In short, the Company has achieved a very strong financial performance in the first half of the year and is making strategic investments which will support continued growth in the second half of 2026 and into 2027.
The period saw us generate positive EBITDA and significantly improved cash flows. Together with the recent investment from shareholders, the strength of the balance sheet means we can progress our strategic growth plans with even greater confidence. FY 2026 is on course to be a transformative year for RentGuarantor; I am hugely appreciative of the support we receive, and I know that the team doesn't take that for granted. I am confident that the next few months will see the continued scaling of the RentGuarantor brand, combined with the further building out of our team and operations.
Looking ahead to the second half of 2026, we have been nominated for the following awards:
· Newcomer of the Year - AIM Awards
· Future of Real Estate - Estates Gazette Awards
· Disruptive Innovator of the Year - Property Week Tech Innovation Awards
· Best Community and Social Impact - Property Week Tech Innovation Awards
Later this year, RentGuarantor will be sponsoring two key events in the estate agency calendar, the ESTAS and the Negotiator Conference & Expo and Awards - along with headline sponsorship of the Property Week Rental Living Summit aimed at the Living Sector market.
Operational Summary
During H1 2026, our marketing strategy was primarily aimed at ensuring maximum visibility for the key customer target group of tenants. This was supported by a new brand and website and additional investment in search marketing to drive transaction levels through paid and organic search. Over 48% of website traffic now comes directly from brand awareness, illustrating the strength of the brand's recognition, with search accounting for over 33% of all website sessions.
Reflecting the growing power of social media as a communication tool, follower growth on our social channels has been a specific strategic aim, with Instagram followers increasing by 150% in June 2026 alone; a substantial increase in posting levels drove over 20% growth in interactions on TikTok and LinkedIn during the same period.
This has been supported by a number of positive announcements that have furthered the RentGuarantor story and supported brand visibility over the course of H1 2026. We secured an extension of our brand ambassador partnership with barrister, broadcaster and author Rob Rinder MBE, whose expanded role is helping the Company drive consumer and landlord education surrounding the important role of guarantors. We also announced a strategic partnership with the National Residential Landlords Association, or NRLA, affording RentGuarantor visibility to its 111,000-strong membership as we jointly create a co-supported education and training programme, aimed at helping landlords to manage risk and protect their rental income.
On the technology front, we've significantly advanced our AI strategy, announcing our intention to develop and implement bespoke tools that the Board believes could illustratively have the potential to increase capacity for processing tenant documents to approximately 100,000 contracts per year by 2029, while also delivering significant efficiency gains across the business.
During this first half of the year, we also unveiled our new B2B strategy at the Resi Awards and Propertymark One, with a dominant presence at both events, enhanced by the new creative approach to the RentGuarantor brand.
Financial Review
The Group delivered a significant improvement in its financial performance during the six months ended 30 June 2026, reflecting continued operational execution, strong revenue growth and increasing operational leverage. The first half of 2026 represents an important milestone for RentGuarantor, with the business achieving profitability while simultaneously strengthening its balance sheet and liquidity position. The results have given the Board confidence in the Company's ability to meet market expectations on the financial performance for the year.
Revenue and Profitability
Revenue for the six-month period increased to £3.39 million (H1 2025: £0.97 million), representing year-on-year growth of approximately 250%. This performance was driven by a substantial increase in customer activity, with completed contracts rising by 179% to 3,703 (H1 2025: 1,326), together with a 25% increase in the average contract value for the comparable periods from £731 to £915, with the average contract value for June 2026 increasing further to £1,001.
The strong revenue growth reflects increasing market adoption of the Group's professional guarantor solution and the positive impact of the implementation of the Renters' Rights Act, which has accelerated demand across the private rental sector.
The increased scale of the business translated into a significant improvement in profitability. Adjusted EBITDA improved to a profit of approximately £110,000, compared with an adjusted EBITDA loss of £124,000 in the corresponding period last year (excluding AIM admission costs). This demonstrates the operational leverage within the Group's business model as revenue growth continues to outpace increases in the underlying operating cost base.
The Group's results show an adjusted net profit of approximately £250,000, compared with an adjusted net loss of £367,000 in the prior period. In addition to the improved trading performance, the result reflects the accounting impact arising from the settlement of the Group's remaining Convertible Loan Notes, including the release of the associated derivative financial liability upon repayment.
Cash Flow and Liquidity
The Group materially reduced net cash used in operating activities during the Period, supported by improved profitability and continued growth in customer receipts. Combined with the successful completion of the £1.0 million equity placing in June 2026, this resulted in cash and cash equivalents increasing to approximately £2.4 million at 30 June 2026, compared with £1.97 million at 31 December 2025.
Since the end of June, approximately 60% of warrant holders have voluntarily exercised their rights and invested circa £2.15 million into the Company leading to a bank balance of circa £6m to date. Again, we are grateful for their continued support for and confidence in the business.
The strengthened liquidity position provides the Group with substantial financial flexibility to fund its growth strategy, invest in product development and technology, and support the continued expansion of its commercial operations without reliance on external debt financing.
Balance Sheet
The Group's balance sheet strengthened materially during the Period following the full repayment of the Directors' Loan and all outstanding Convertible Loan Notes. The elimination of these historic financing obligations significantly reduces financial risk, simplifies the Group's capital structure and removes future financing costs associated with these instruments.
The cash position also increased following the successful £1 million equity placing completed in June 2026, providing additional resources to accelerate strategic investments in automation and Artificial Intelligence.
Post Period-end, warrant holders have exercised their rights and invested circa £2.15m into the Company.
Key Financial Metrics
The financial performance achieved during the first half of 2026 demonstrates the increasing scalability of the Group's operating model. Revenue growth of approximately 250% significantly exceeded growth in the operating cost base, enabling the Group to achieve positive adjusted EBITDA and adjusted net profitability for the first time.
Operational key performance indicators continued to strengthen, with applications increasing by 110%, completed contracts by 179%, and average contract value by 25%, illustrating that growth is being driven by both increased customer volumes and higher value transactions.
The wider community
As a business, we know that what we do impacts the lives of so many with whom we connect. Our staff, partners and shareholders see the results of this throughout the year. However, we cannot be successful if we don't support those in the wider community. In my report on the FY25 results, I highlighted that we were able to make a charitable donation to our dedicated charity, Furnishing Futures, a cause that is extremely important to everyone at RentGuarantor. This extraordinary organisation furnishes and decorates properties - often using high-quality, second-hand furniture that would end up in landfill - to give hope and dignity to women and children placed in empty social housing after escaping domestic abuse. In May, acting as headline sponsor of the 2026 Property Week Resi Awards, Furnishing Futures was the official event charity and we were able to raise a significant sum. Emma Foy, our Chief Operations Officer, is leading our latest initiative; on 11 September 2026, she is cycling an impressive 247 miles from London to Paris to raise money for Furnishing Futures.
Proposed Board appointments
At the end of July, the Company announced its intention to strengthen the Board with the appointment of three Non-Executive Directors; Ben Thompson, Maya Klein Wassink, and Simon Jackson. The proposed new Non-Executive Directors will bring expertise in financial services, corporate governance, capital markets and strategic growth that will support RentGuarantor's next phase of development.
Our current Business Compliance Manager, Amanda Bower is also proposed to join the Board as an Executive Director in the role of Chief People and Risk Officer. Current Non-Executive Director, David Cliff, is proposed to transition to an Executive Director role as Director of Research and Innovation.
The appointments are subject to normal regulatory due diligence and a formal appointment process, which is expected to be completed later in Q3 2026.
Dividend
The Board has not declared an interim dividend for the six months ended 30 June 2026. As the Group continues to invest in its long-term growth strategy, the Board believes it is appropriate to retain financial flexibility at this stage. The Board also intends to keep its capital allocation policy under regular review and will consider the introduction of a dividend policy as part of its assessment of the Group's full-year results and future capital requirements.
Summary and Outlook
The first half of the year has been our busiest ever with growth across the business. The team behind the numbers has also grown and developed. The enthusiasm and energy of everyone connected with RentGuarantor has been vital to what we have achieved, and I would like to thank everyone for their dedication, hard work, and at times, long and unsociable hours.
The second half of the year has started extremely positively, and we expect to see continued strong financial performance throughout the remainder of 2026 and into 2027 - further supported by the strategic launch of the RGG Tech Lab in Bristol, and historical strong performance during the third quarter of each year.
On behalf of the Board, I would like to thank our shareholders, employees and commercial partners for their continued support and confidence.
I look forward to reporting to you on our progress over the coming months.
Graham Duncan
Non-Executive Chairman
To engage with this announcement on our Investor Hub, please use the following link: https://investorhub.rentguarantor.com/link/PqaaBP
For more information, please contact:
|
RentGuarantor Holdings PLC Paul Foy, Chief Executive Officer +44 207 193 4418 Kam Bansil / Ian Mitchell, Investor Relations +44 207 039 1901
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Allenby Capital Limited AIM Nominated Adviser Alex Brearley / Nick Harriss / Ashur Joseph (Corporate Finance) +44 20 3328 5656
|
|
Cavendish Capital Markets Limited Joint Broker Stephen Keys / Callum Davidson (Corporate Finance) Michael Johnson / Dale Bellis (Sales) +44 20 7220 0500
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Shore Capital Joint Broker Oliver Jackson / James Thomas / Ansh Batura +44 207 7408 4090 |
|
BlytheRay Financial PR Megan Ray / Will Jones +44 207 138 3204 rentguarantor@blytheray.com
|
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About RentGuarantor
RentGuarantor provides a rent guarantee service to tenants wishing to rent property in the UK1 from the Private Rental Sector ("PRS"). It is an online service where applications are managed on a secure and bespoke digital platform designed and built by the Company. The goal is to make the process as simple as possible, with applications only taking a few minutes and RentGuarantor seeking to complete the application on the same day.
1 Currently excluding Northern Ireland.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the half year to 30 June 2026
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
Six months to |
|
Six months to |
|
Year to |
|
|
30 June 2026 |
|
30 June 2025 |
|
31 December 2025 |
|
|
£ |
|
£ |
|
£ |
|
Continuing operations |
|
|
|
|
|
|
Revenue |
3,389,598 |
|
969,811 |
|
2,387,327 |
|
Direct costs |
(694,394) |
|
(174,946) |
|
(492,920) |
|
|
|
|
|
|
|
|
Gross profit |
2,695,204 |
|
794,865 |
|
1,894,407 |
|
|
|
|
|
|
|
|
Administrative expenses |
(2,706,662) |
|
(1,237,592) |
|
(3,270,120) |
|
|
|
|
|
|
|
|
Operating loss |
(11,458) |
|
(442,727) |
|
(1,375,713) |
|
|
|
|
|
|
|
|
Finance costs |
(9,504) |
|
(39,287) |
|
(35,409) |
|
Revaluation of convertible loan notes |
272,357 |
|
(109,562) |
|
(154,251) |
|
|
|
|
|
|
|
|
Profit /(loss) on ordinary activities before taxation |
251,395 |
|
(591,576) |
|
(1,565,373) |
|
|
|
|
|
|
|
|
Income tax expense |
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
Profit/(loss) after taxation |
251,395 |
|
(591,576) |
|
(1,565,373) |
|
|
|
|
|
|
|
|
Profit/(Loss) per share (expressed in pence per share) |
0.17 |
|
(0.48) |
|
(1.26) |
CONSOLIDATED BALANCE SHEET
As at 30 June 2026
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
Six months to |
|
Six months to |
|
Year to |
|
Notes |
30 June 2026 |
|
30 June 2025 |
|
31 December 2025 |
|
|
£ |
|
£ |
|
£ |
|
Assets |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Intangible assets |
322,810 |
|
295,437 |
|
360,085 |
|
Tangible assets |
21,155 |
|
11,846 |
|
14,788 |
|
|
343,965 |
|
307,283 |
|
374,873 |
|
Current assets |
|
|
|
|
|
|
Trade and other receivables |
300,495 |
|
83,888 |
|
102,542 |
|
Cash and cash equivalents |
2,368,442 |
|
728,701 |
|
2,051,622 |
|
|
2,668,937 |
|
812,589 |
|
2,154,164 |
|
Total assets |
3,012,902 |
|
1,119,872 |
|
2,529,037 |
|
|
|
|
|
|
|
|
Equity and liabilities |
|
|
|
|
|
|
Equity attributable to owners of the parent |
|
|
|
|
|
|
Ordinary share capital 6 |
14,879,246 |
|
12,472,371 |
|
14,526,418 |
|
Share premium 6 |
3,283,600 |
|
2,194,332 |
|
2,718,538 |
|
Reorganisation reserve |
(8,049,501) |
|
(8,050,001) |
|
(8,050,001) |
|
Accumulated losses |
(7,954,164) |
|
(7,231,763) |
|
(8,205,559) |
|
|
2,159,181 |
|
(615,061) |
|
989,396 |
|
Liabilities |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Loans and convertible loan notes 7 |
- |
|
655,387 |
|
- |
|
|
- |
|
655,387 |
|
- |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Trade and other payables |
853,721 |
|
1,079,546 |
|
1,539,641 |
|
|
853,721 |
|
1,079,546 |
|
1,539,641 |
|
Total liabilities |
853,721 |
|
1,734,933 |
|
1,539,641 |
|
|
|
|
|
|
|
|
Total equity and liabilities |
3,012,902 |
|
1,119,872 |
|
2,529,037 |
CONSOLIDATED STATEMENT OF CASH FLOWS
For the half year to 30 June 2026
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
|
Six months to |
|
Six months to |
|
Year to |
|
|
|
30 June 2026 |
|
30 June 2025 |
|
31 December 2025 |
|
|
Notes |
£ |
|
£ |
|
£ |
|
|
Cash outflows from operating activities |
|
|
|
|
|
|
|
Cash consumed in operations 9 |
(240,944) |
|
(620,348) |
|
(1,983,683) |
|
|
Net cash outflows from operating activities |
(240,944) |
|
(620,348) |
|
(1,983,683) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
Expenditure on non-current assets |
(11,080) |
|
(7,259) |
|
(15,388) |
|
|
Expenditure on intangible assets |
(80,891) |
|
(48,421) |
|
(228,442) |
|
|
Repayment/conversion of convertible loan notes |
(253,001) |
|
(300,275) |
|
30,000 |
|
|
Net cash outflows from investing activities |
(344,972) |
|
(355,955) |
|
(213,830) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
Proceeds from issues of ordinary shares |
1,014,000 |
|
1,016,978 |
|
455,275 |
|
|
Transaction costs on issues of ordinary shares |
(96,110) |
|
- |
|
- |
|
|
Proceeds from issue of convertible loans |
- |
|
455,275 |
|
(38,410) |
|
|
Finance costs paid |
(15,154) |
|
(39,287) |
|
3,560,232 |
|
|
Net cash inflows from financing activities |
902,736 |
|
1,432,966 |
|
3,977,097 |
|
|
|
|
|
|
|
|
|
|
Increase / (decrease) in cash and cash equivalents |
316,820 |
|
456,663 |
|
1,779,584 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the period |
2,051,622 |
|
272,038 |
|
272,038 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period |
2,368,442 |
|
728,701 |
|
2,051,622 |
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the half year to 30 June 2026
|
|
Share |
Share |
Reorganisation |
Accumulated |
Total |
|
|
Capital |
Premium |
Reserve |
Losses |
|
|
|
£ |
£ |
£ |
£ |
£ |
|
|
|
|
|
|
|
|
As at 31 December 2024 |
11,879,174 |
1,320,276 |
(8,050,001) |
(6,640,186) |
(1,490,737) |
|
|
|
|
|
|
|
|
Share capital issued |
2,647,244 |
1,398,262 |
- |
- |
4,045,506 |
|
|
|
|
|
|
|
|
Loss for the year |
- |
- |
- |
(1,565,373) |
(1,565,373) |
|
|
|
|
|
|
|
|
As at 31 December 2025 |
14,526,418 |
2,718,538 |
(8,050,001) |
(8,205,559) |
989,396 |
|
|
|
|
|
|
|
|
Share capital issued |
352,828 |
661,172 |
500 |
- |
1,014,500 |
|
|
|
|
|
|
|
|
Share issue transaction costs |
- |
(96,110) |
- |
- |
(96,110) |
|
|
|
|
|
|
|
|
Profit for the period |
- |
- |
- |
251,395 |
251,395 |
|
|
|
|
|
|
|
|
As at 30 June 2026 |
14,879,246 |
3,283,600 |
(8,049,501) |
(7,954,164) |
2,159,181 |
Share capital is the amount subscribed for shares at nominal value.
Accumulated losses represent the cumulative loss of the Group attributable to equity shareholders.
The £500 in reorganisation reserve relates to the share capital issued in relation to the new subsidiary Rockaby Hunter Media Ltd.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
1. General information
RentGuarantor Holdings PLC ("the Company") and its subsidiaries (together, the "Group") is a provider of rent guarantee services to prospective tenants across the socio-economic spectrum wishing to rent property in the United Kingdom private rental sector primarily via its online platform.
The Company was incorporated on 5 December 2016 in England and is a public limited company quoted on the London Stock Exchange's Alternative Investment Market. The Group is based in the United Kingdom and the address of the registered office is 27 - 28 Eastcastle Street, London W1W 8DH.
The Company's issued share capital was admitted to trading on the AQSE Growth Market on 8 December 2021. On 1 March 2023 the Company joined the Apex segment of the Aquis Stock Exchange Growth Market. The Company was incorporated on 5 December 2016. On 15 August 2025, the Company's ordinary shares were withdrawn from trading on the Apex Segment of the Aquis Stock Exchange Growth Market and admitted to trading on the AIM Market ("AIM"), a market operated by the London Stock Exchange.
2. Basis of preparation
The unaudited condensed interim consolidated financial statements for the period ended 30 June 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting. The comparative figures for 31 December 2025 are extracted from the Group's audited accounts to that date. The comparative figures for the period ended 30 June 2025 are unaudited.
The interim financial statements do not include all of the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 31 December 2025, which has been prepared in accordance with UK-adopted international accounting standards and the requirements of the Companies Act 2006, and any public announcements made by the Company during the interim reporting period.
The condensed unaudited consolidated interim financial statements of the Group have been prepared on the basis of the accounting policies, presentation, methods of computation and estimation techniques used in the preparation of the audited accounts for the year ended 31 December 2025 and expected to be adopted in the financial information by the Group in preparing its annual report for the year ending 31 December 2026.
The financial information in this statement relating to the six months ended 30 June 2026 and the six months ended 30 June 2025 has neither been audited nor reviewed by the auditors pursuant to guidance issued by the Auditing Practices Board. The financial information presented for the year ended 31 December 2025 does not constitute the full statutory accounts for that period.
The financial information of the Group is presented in Pounds Sterling ("£").
3. New Standards, Interpretations and Amendments adopted from 1 January 2026
No standards or Interpretations that came into effect for the first time for the financial year beginning 1 January 2026 have had an impact on the Group.
4. Exceptional items
There were no exceptional costs in the six months to 30 June 2026 (in the same period in 2025, £226,500 relating to AIM admission costs were accounted for in the profit and loss).
5. Earnings per share
The calculation of basic earnings per share has been based on the profit / (loss) for the period and the weighted average 145,326,405 (year ended 31 December 2025: 123,865,548; period ended 30 June 2025: 119,159912) Ordinary Shares in issue throughout the period.
6. Share capital and share premium
|
|
Number of shares |
|
Ordinary share capital |
|
Share premium |
|
Allotted, called up and fully paid |
|
|
£ |
|
£ |
|
|
|
|
|
||
|
Balance as at 1 January 2026 |
145,264,183 |
|
14,526,418 |
|
2,718,538 |
|
Shares issued in the Period |
3,528,276 |
|
352,828 |
|
661,172 |
|
Transaction costs on issues of ordinary shares |
- |
|
- |
|
(96,110) |
|
Balance as at 30 June 2026 |
148,792,459 |
|
14,879,246 |
|
3,283,600 |
Share issues in the period:
On 12 February 2026 the Company received notice for the exercise of warrants in respect of 80,000 new ordinary shares of 10p each in capital of the Company at an exercise price of 17.5p per share, raising gross proceeds of £14,000 for the Company.
On 19 June 2026 the Company raised £1.0 million (before expenses) through the placing of 3,448,276 New Placing Shares at a price of 29 pence per Ordinary Share.
7. Convertible loan notes
|
|
|
Liability |
|
Derivative |
|
Total |
|
|
|
component |
|
Liability |
|
|
|
|
|
£ |
|
£ |
|
£ |
|
As at 1st January 2025 |
|
|
|
|
|
|
|
Brought forward |
|
282,878 |
|
118,106 |
|
400,984 |
|
Issued in the year |
|
455,275 |
|
- |
|
455,275 |
|
Interest charged |
|
31,467 |
|
- |
|
31,467 |
|
Interest paid |
|
(61,344) |
|
- |
|
(61,344) |
|
Fair value movement |
|
- |
|
185,148 |
|
185,148 |
|
Converted/repaid in the year |
|
(455,275) |
|
(30,897) |
|
(486,172) |
|
As at 31st December 2025 |
|
253,001 |
|
272,357 |
|
525,358 |
|
Interest charged |
|
5,651 |
|
- |
|
5,651 |
|
Interest paid |
|
(8,652) |
|
- |
|
(8,652) |
|
Fair value movement |
|
- |
|
(272,357) |
|
(272,357) |
|
Converted in the period |
|
(250,000) |
|
- |
|
(250,000) |
|
As at 30 June 2026 |
|
- |
|
- |
|
- |
During the Period all of the remaining principal of £250,000 of the outstanding Convertible Loan Notes was repaid in accordance with the terms of the agreements.
8. Related party transactions
During the period ended 30 June 2026, the Company repaid in full loans totalling £210,500 originally received from a director of the Group. The Group also repaid in full all its remaining Convertible Loan Notes by early June 2026.
9. Cash consumed in operations
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
Six months to |
|
Six months to |
|
Year to |
|
|
30 June 2026 |
|
30 June 2025 |
|
31 December 2025 |
|
|
£ |
|
£ |
|
£ |
|
Profit/(loss) before tax |
251,395 |
|
(591,576) |
|
(1,565,373) |
|
Adjustments for: |
|
|
|
|
|
|
- Amortisation and depreciation |
122,878 |
|
94,388 |
|
194,158 |
|
- Finance costs |
9,504 |
|
39,287 |
|
35,409 |
|
- Revaluation of loan notes |
(272,357) |
|
109,562 |
|
154,251 |
|
- Interest on loan note |
5,651 |
|
- |
|
3,001 |
|
Changes in working capital: |
|
|
|
|
|
|
- Increase in trade |
|
|
|
|
|
|
and other receivables |
(299,285) |
|
(53,239) |
|
(71,892) |
|
- Decrease in trade |
|
|
|
|
|
|
and other payables |
(58,730) |
|
(218,770) |
|
(733,235) |
|
|
|
|
|
|
|
|
|
(240,944) |
|
(620,348) |
|
(1,983,681) |
10. Subsequent events
Subsequent to 30 June 2026, as per the announcement dated 22 July 2026, shareholders exercised 1,080,000 warrants at an exercise price of 17.5 pence per share, resulting in gross proceeds of £189,000 and the issue of 1,080,000 new ordinary shares.
Also, on the 29 July 2026, there was another exercise of warrants in respect of 1,416,700 new ordinary shares of 10p each in capital of the Company at an exercise price of 17.5p pershare, raising gross proceeds of approximately £247,923 for the Company.
On 4 August 2026 the Company received notice for the exercise of warrants in respect of36,000 new ordinary shares of 10p each in capital of the Company at an exercise price of 17.5p per share, raising gross proceeds of £6,300 for the Company.
On 7 August the Company received notice for the exercise of warrants in respect of 9,733,334 new ordinary shares of 10p each in capital of the Company at an exercise price of 17.5p per share, raising gross proceeds of £1,703,333 for the Company.
As these transactions occurred after the reporting date, they have not been recognised in the interim financial statements. Therefore, from Admission as at the date of this report, the total number of Ordinary Shares and voting rights in the Company were 161,058,493.
11. Approval of financial statements
The interim financial statements are unaudited and were approved by the Board of Directors on 10 August 2026.
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