UNAUDITED HALF YEAR RESULTS 2026

Pebble Group PLC (The)

08 September 2026

 

8 September 2026

THE PEBBLE GROUP PLC

("The Pebble Group" or the "Group")

UNAUDITED HALF YEAR RESULTS 2026

Growing revenues and strengthened recurring revenue profile underpin confidence in FY 26 outlook

Facilisgroup targeting double digit revenue growth within H2 26

The Pebble Group (AIM: PEBB), a leading provider of technology, products and related services to the global promotional products industry, announces its unaudited results for the six months ended 30 June 2026 ("HY 26" or the "Period").

The results in HY 26 are in line with the update given in our July 2026 trading statement, and the Board expects the Group's results for the year ending 31 December 2026 ("FY 26") to be in line with market expectations.

Commenting, Chris Lee, Chief Executive Officer of The Pebble Group said: "We are beginning to see the benefits of our recent investment decisions. The Group has delivered a strong first half performance with revenue growth across both of our businesses.

"At Facilisgroup, we have materially strengthened our recurring revenue profile through entry into multi-year contracts and Brand Addition has delivered profitable growth supporting significant shareholder returns.

"Backed by a robust balance sheet, we remain focused on executing our strategy and are confident in our ability to deliver shareholder value."

Financials

Financial highlights	HY 26	HY 25	Change	FY 25
Revenue	£60.7 m	£58.6m	+4%	£124.7m
Gross profit margin	44.6%	45.1%	-0.5ppt	45.6%
Adjusted EBITDA1	£6.6m	£6.2m	+6%	£15.8m
Adjusted operating profit2	£2.6m	£2.7m	-4%	£8.2m
Net debt/cash3	-£1.2m	£6.0m	-£7.2m	£9.6m
Adjusted basic earnings per share4	1.25p	1.21p	+3%	3.86p
Capital returns	£7.9m	£5.2m	+£2.7m	£11.7m

Statutory results	HY 26	HY 25	Change	FY 25
Operating profit	£1.4m	£2.8m	-50%	£7.4m
Profit before tax	£1.2m	£2.6m	-54%	£6.9m
Basic earnings per share	0.62p	1.24p	-50%	3.45p

Financial highlights

·	Group Revenue increased by £2.1m to £60.7m with growth from both Brand Addition and Facilisgroup
·	Group Adjusted EBITDA of £6.6m (HY 25: £6.2m) reflects the revenue growth moderated as we invest to accelerate sustainable revenue growth at Facilisgroup
·	Balance sheet remains strong funding the Group's growth strategy whilst continuing to deliver significant capital returns
·	In HY 26 a total of £7.9m (HY 25: £5.2m) was returned to shareholders

Business highlights

·    Facilisgroup:

·	Revenue in USD was 7% ahead of the prior year
·	Look forward ARR from technology subscription fee revenues has grown by 12%
·	New agreements with Partners, implemented on 1 July 2026, increased technology subscription fee revenue visibility to circa two years whilst maintaining high Partner retention
·	Gross Merchandise Value ("GMV") +8% and spend through our Preferred Suppliers +6%
·	16 new Partners YTD with ARR over 50% higher than those won YTD in 2025

·    Brand Addition:

·	Revenue was 4% ahead of the prior year as 2025 new contract wins gain traction
·	New contract wins to date in 2026 have been positive and the high client retention levels continue
·	Gross margin strength and disciplined cost management is supporting the Group's profitability
·	Excellent cash generative nature of the business continues

Outlook and Post Period update

·	Facilisgroup has entered H2 26 with materially enhanced contracted revenue visibility and is aiming for double digit revenue growth
·	Brand Addition continues to deliver resilient growth, profitability and cash generation
·	On 9 July 2026, the Group announced a £2m extension of its £5m Share Buyback Programme launched on 17 March 2026. This £7m Share Buyback Programme was fully completed on 30 July. Including the £3m dividend paid in 2026, this results in total returns to shareholders to date in 2026 of £10.0m (FY 25: £11.7m).
·	The progress at Facilisgroup and Brand Addition underpin our confidence in the Group's ability to deliver FY 26 results to be in line with market expectations
·	The Board continues to actively review its strategic opportunities to deliver shareholder value, including organic and inorganic investments, capital returns and the Group's structure

1	Adjusted EBITDA means operating profit before depreciation, amortisation and share-based payment (charge)/credit
2	Adjusted operating profit means operating profit before amortisation and acquired intangible assets and share based payments (charge)/credit
3	Net debt/cash is calculated as cash and cash equivalents less borrowings (excluding lease liabilities)
4	Adjusted basic earnings per share ("EPS") represents Adjusted Earnings meaning profit after tax before amortisation of acquired intangible assets and share-based payment (charge)/credit, net of taxation, divided by the weighted average number of shares

Presentation for Analysts and Investors

A presentation for analysts and investors with Q&A will take place at 8:00am today by webinar.

Please register to attend via this link: Analyst Presentation

A copy of the presentation is available on the Investors section of The Pebble Group's website at

The Pebble Group investor relations

Presentation for retail investors

The management team is hosting a separate online presentation for retail investors with Q&A at 4:30pm on Thursday 10 September 2026. 

Please register to attend via this link: Retail Investor Presentation

A recording of this presentation will be made available on the Investors section of The Pebble Group's website at The Pebble Group investor relations

Enquiries:

The Pebble Group Chris Lee, Chief Executive Officer Claire Thomson, Chief Financial Officer	[phone]
Panmure Liberum (Nominated Adviser and Broker) Edward Mansfield Will King Gaya Bhatt	[phone]
Temple Bar Advisory (Financial PR) Alex Child-Villiers Alistair de Kare-Silver	[phone] [e-mail]

About The Pebble Group

The Pebble Group is a provider of technology, products and related services to the global promotional products industry, comprising two differentiated businesses, Facilisgroup and Brand Addition, focused on specific areas of the promotional products market. For further information, please visit www.thepebblegroup.com.

CHIEF EXECUTIVE OFFICER'S REVIEW

Summary of results

We are pleased with the Group's financial performance in HY 26 achieving revenue of £60.7m (HY 25: £58.6m) and Adjusted EBITDA of £6.6m (HY 25 £6.2m). These results are robust with revenue growth in both Facilisgroup and Brand Addition.

The reduction in statutory Operating Profit to £1.4m (HY 25: £2.8m) primarily reflects increased non-cash amortisation charges associated with previous investment in technology and share-based payment charges arising from the Group's Long Term Incentive Plans.

The Group's strong cash generation continues to support our organic growth initiatives whilst delivering capital returns to shareholders in HY 26 of £7.9m (HY 25: £5.2m). Following these distributions, and the normal working capital cycle of the business, net debt at 30 June 2026 was £1.2m (Net cash at 30 June 2025: £6.0m).

Introduction

The Pebble Group's core competency is to use its technology and sustainability expertise, deep industry understanding and global footprint to create long term relationships and grow its market share in the circa $50 billion promotional products market. Our two businesses, Facilisgroup and Brand Addition, hold market leading and differentiated positions in this industry, delivering strong margins and cash generation.

Facilisgroup: merges comprehensive software with proven playbooks and supplier buying power, helping promotional product distributors scale beyond typical growth plateaus

Revenue and profit analysis

	HY 26	HY 25	FY 25
Recurring revenue	£8.5m	£8.3m	£16.4m
Other revenue	£0.4m	£0.3m	£0.8m
Total revenue	£8.9m	£8.6m	£17.2m
Gross profit margin	100%	100%	100%
Adjusted EBITDA	£3.8m	£3.8m	£7.3m
Adjusted EBITDA margin	43%	44%	42%

Facilisgroup delivered a strong first half performance and continues to build momentum. In its home currency of USD, revenue was 7% ahead compared with HY 25, demonstrating the increasing strength of the business model. Reported revenue growth in GBP is 3% following the impact of foreign exchange movements.

The quality of the Facilisgroup recurring revenue model remains a key strength. Revenue is generated through two complementary streams: technology subscription fees from Partners and activity-based fees from Preferred Suppliers linked to Partner purchasing volumes. Both drivers supporting these revenues delivered growth during the period, with Partner GMV increasing by 8% and Preferred Supplier activity rising by 6%, demonstrating the health of the network and the value being created by the community.

During the Period, we continued to invest with confidence in the growth opportunity. Supported by a strong Partner lifetime value to cost of acquisition ratio, targeted investment has strengthened the foundations of the business increasing our ability to win new Partners and supporting existing Partners as they grow. While these investments moderate margins, with Adjusted EBITDA of 43% in line with the prior year, we are seeing encouraging returns, and the business is well positioned for an accelerated phase of sustainable growth.

A significant achievement has been the progress made in strengthening the quality and visibility of our recurring revenues. We entered H2 26 with a 12% increase in look forward ARR from technology subscription fee revenues compared to 31 December 2025. This growth stems from expansion within the existing Partner base, the addition of new Partners and the successful implementation of new technology subscription fee agreements.

These new agreements deepen long term Partner relationships, support the adoption of our enhanced technology platform and, as at 1 July 2026, extended contracted revenue visibility to twenty-two months. The transition has been well received by Partners, reinforcing our confidence in both the mission critical nature of the platform and the significant opportunity ahead.

The continued strength of the business is reflected in the quality of the Partner community. As at 7 September 2026, Facilisgroup had 258 Partners, compared with 253 at 31 December 2025. There were 16 new Partner wins, representing combined ARR 50% higher than the cohort added in the comparable prior year period. Five Partners exited through acquisition activity and six smaller Partners through normal attrition.

Facilisgroup has entered H2 26 with strong momentum, materially enhanced contractual revenue visibility and a growing Partner base. We are increasingly seeing the benefits of the investments and actions taken over the past two years, giving us confidence in our ability to deliver sustainable double digit revenue growth and meaningful value for all stakeholders.

Brand Addition: an end-to-end branded merchandise provider that enables companies of scale to build meaningful connections with their customers, employees and communities

Revenue and profit analysis

	HY 26	HY 25	FY 25
Revenue	£51.8m	£50.0m	£107.5m
Gross profit	£18.2m	£17.8m	£39.8m
Gross profit margin	35.1%	35.6%	37.0%
Adjusted EBITDA	£4.2m	£3.8m	£11.4m
Adjusted EBITDA margin	8.1%	7.6%	10.6%

HY 26 revenue was £51.8m, 4% ahead of HY 25. This results from a combination of increasing momentum from new contract wins in 2025 and a robust contribution from existing clients where retention rates remain high.

Gross margins have continued to be strong, being 35.1% in HY 26 (HY 25: 35.6%) demonstrating the value creation for our clients. Alongside this, careful cost management has resulted in EBITDA of £4.2m (HY 25: £3.8m).

Brand Addition has a proven track record of attracting and retaining high quality, repeat revenue clients, which include many of the best-known brands in the world, by providing a range of complex services to deliver promotional merchandise strategies. These services are underpinned by our technology, creative product solutions with a strong and consistent sustainability focus and delivered across multiple geographies. We believe that Brand Addition is one of the few businesses with the skills, knowledge and experience to provide this level of service at scale and this supports our high client retention levels.

Most of Brand Addition's revenue is generated through approximately 70 client contracts and has a large addressable market to grow into. Brand Addition enters H2 26 with a strong new business pipeline and, as at 7 September 2026, orders received for FY 26 are 5% ahead of the same period in the prior year. We expect these year-to-date activities to support the delivery of results for FY 26 in line with market expectations.

Through the economic cycle, Brand Addition has proven that the high-quality nature of the client relationships and the embedded experience of the team, consistently deliver creditable financial results including excellent cash generation.

Group outlook

Facilisgroup entered the second half of 2026 with materially enhanced recurring revenue visibility and growing revenue momentum. Plus we expect Brand Addition to continue to deliver resilient growth, profitability and cash generation. These attributes underpin our confidence in the Group's ability to deliver  FY 26 Group results in line with market expectations.

The Board continues to actively review its strategic opportunities to deliver shareholder value, including organic and inorganic investments, capital returns and the Group's structure.

Christopher Lee

Chief Executive Officer

8 September 2026

CHIEF FINANCIAL OFFICER'S REVIEW

HY 26 Results

	HY 26	HY 25	FY 25
	Unaudited £'m	Unaudited £'m	Audited £'m
Revenue	60.7	58.6	124.7
Gross profit	27.1	26.4	56.9
Gross profit margin	44.6%	45.1%	45.6%
Adjusted EBITDA	6.6	6.2	15.8
Adjusted EBITDA margin	10.9%	10.6%	12.7%
Depreciation and amortisation	(4.2)	(3.7)	(8.1)
Share-based payment (charge)/credit	(1.0)	0.3	(0.3)
Operating profit	1.4	2.8	7.4
Net finance costs	(0.2)	(0.2)	(0.5)
Profit before tax	1.2	2.6	6.9
Tax	(0.3)	(0.6)	(1.5)
Profit for the Period	0.9	2.0	5.4
Weighted average number of shares	145,958,654	161,485,073	156,079,283
Basic Adjusted EPS	1.25p	1.21p	3.86p
Basic EPS	0.62p	1.24p	3.45p

Revenue

Revenue for the Period to 30 June was £60.7m (HY 25: £58.6m), an increase of £2.1m (3.6%) compared to the same period in 2025. Facilisgroup's revenue was £8.9m (HY 25 £8.6m), a 3% increase in GBP. When measured in its home currency of USD, revenue was 7% ahead. This reflects the growth in GMV of existing Partners and new Partner wins which had a higher average ARR than those won in previous periods. The balance of the movement (£1.8m) relates to Brand Addition, where revenue from 2025 new contract wins is gaining momentum alongside a robust contribution from existing clients on excellent retention levels.

Gross profit

Gross profit as a percentage of revenue was 44.6% (HY 25: 45.1%) demonstrating the ongoing value created for clients at Brand Addition.

Adjusted EBITDA

Adjusted EBITDA was £6.6m (HY 25: £6.2m) made up as follows:

-	Facilisgroup at £3.8m (HY 25: £3.8m) with revenue growth reinvested into supporting existing Partner retention and new Partner growth;
-	Brand Addition at £4.2m (HY 25: £3.8m) with revenue growth translating into an increase in EBITDA as gross margins and costs remain well controlled; and
-	Central costs of £1.4m (HY 25: £1.4m).

Depreciation and amortisation

The total charge for the Period was £4.2m (HY 25: £3.7m) of which £3.1m (HY 25: £2.6m) was the amortisation of intangible assets. The increase in the underlying expense from HY 25 arises as the increased investment in software development from its peak in 2023 and 2024 is now being charged to the income statement.  

Share-based payments

The total charge for the Period under IFRS 2 "Share-based payments" was £1.0m (HY 25: credit £0.3m) and relates to the 2025 and 2026 awards made under The Pebble Group Long Term Incentive Plan ("LTIP") and Sharesave Plan.

Operating profit

Operating profit for the Period was £1.4m (HY 25: £2.8m) as the impact of increased sales volumes was offset by an increase in the charge for amortisation and share based payments.

Taxation

The tax charge for the Period was £0.3m (HY 25: £0.6m) and is based on the full year Group expected tax rate for 2026.

Basic earnings per share

The earnings per share analysis in note 5 covers both adjusted earnings per share (profit attributable to equity shareholders before amortisation of acquired intangibles and share-based payment credit, net of taxation, divided by the weighted average number of shares in issue during the Period) and basic earnings per share (profit attributable to equity holders divided by the weighted average number of shares in issue during the Period). Adjusted earnings were £1.8m (HY 25: £2.0m) meaning basic adjusted earnings per share was 1.25 pence per share (HY 25: 1.21 pence per share), an increase of 0.04 pence per share. Basic earnings per share was 0.62 pence per share (HY 25: 1.24 pence per share), a decrease of 0.62 pence per share.

Dividends

In March 2026 the Board announced a final dividend payment in respect of FY 25 of 2.0 pence per share. At this time, the Board does not intend to introduce the payment of an interim dividend. An update on the dividend payment in respect of FY 26 will be provided at the time of the full year announcement in March 2027.

Cash Flow

The Group had net debt of £1.2m at 30 June 2026 (Net cash 30 June 2025: £6.0m) after distributions of £7.9m (HY 25: £5.2m) through the previously announced dividend and Share Buyback Programme.

Cash flow for the Period is set out below:

	HY 26	HY 25	FY 25
	Unaudited £'m	Unaudited £'m	Audited £'m
Adjusted EBITDA	6.6	6.2	15.8
Movement in working capital	(5.2)	(7.2)	(1.7)
Capital expenditure	(2.7)	(2.3)	(4.9)
Leases	(1.0)	(0.8)	(1.7)
Operating cash flow	(2.3)	(4.1)	7.5
Tax paid	(0.3)	(0.6)	(0.8)
Net finance cash flows	(0.2)	(0.2)	(0.4)
Dividend paid	(3.0)	(3.0)	(3.0)
Purchase of own shares	(4.9)	(2.2)	(9.0)
EBT purchase of own shares	(0.3)	-	(0.6)
Proceeds from borrowings	5.1	-	-
Exchange gain/(loss)	0.1	(0.4)	(0.6)
Net cash flow	(5.8)	(10.5)	(6.9)

The outflow in working capital in the Period was £5.2m (HY 25: £7.2m). This is in line with the normal in-year cycle which peaks in Q3.

Capital expenditure in the Period was £2.7m (HY 25: £2.3m). This relates principally to investment in technology development at Facilisgroup.

Tax paid in the Period was £0.3m (HY 25: £0.6m) and the movement reflects timing differences in payments on account in the UK and Canada.

Lease payments relate to leases capitalised in accordance with IFRS 16 "Leases".

Cash and liquidity

The Group's working capital cycle is following its expected profile, and Operating cash conversion  remains strong. On 30 July, the Group completed its £7.0m Share Buyback Programme bringing total returns to shareholders to date in 2026 to £10.0m. (FY 25: £11.7m). Net cash as at 31 December 2026 is expected to be approximately £5.0m (31 December 2025: £9.6m).

Claire Thomson

Chief Financial Officer

8 September 2026

CONSOLIDATED INCOME STATEMENT

		Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited Year ended 31 December 2025
	Notes	£'000	£'000	£'000
Revenue		60,741	58,594	124,659
Cost of goods sold		(33,638)	(32,166)	(67,725)
Gross profit		27,103	26,428	56,934
Operating expenses		(25,716)	(23,618)	(49,579)
Operating profit		1,387	2,810	7,355
Analysed as:
Adjusted EBITDA1	6	6,617	6,176	15,819
Depreciation	9	(1,147)	(1,054)	(2,122)
Amortisation	8	(3,101)	(2,645)	(6,011)
Share-based payment (charge)/credit	13	(982)	333	(331)
Total operating profit		1,387	2,810	7,355
Finance expense		(205)	(247)	(477)
Profit before taxation		1,182	2,563	6,878
Income tax expense	4	(284)	(559)	(1,500)
Profit for the period		898	2,004	5,378
Basic earnings per share	5	0.62p	1.24p	3.45p
Diluted earnings per share	5	0.61p	1.24p	3.44p

¹  Adjusted EBITDA, which is defined as operating profit before depreciation, amortisation and share-based payment (charge)/credit, is a non-GAAP metric used by management and is not an IFRS disclosure.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Unaudited 6 months ended 30 June 2026		Unaudited    6 months    ended     30 June 2025	Audited Year ended 31 December 2025
		£'000	£'000	£'000
Profit for the period		898	2,004	5,378
Items that may be subsequently reclassified to profit and loss
Currency translation differences		712	(3,221)	(2,554)
Current tax on exchange differences on translation of foreign operations		-	-	304
Other comprehensive income/(expense) for the period		712	(3,221)	(2,250)
Total comprehensive income/(expense) for the period		1,610	(1,217)	3,128

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

		Unaudited As at 30 June 2026	Unaudited As at 30 June 2025	Audited As at 31 December 2025
	Notes	£'000	£'000	£'000
Assets
Non-current assets
Intangible assets	8	58,518	59,326	58,724
Property, plant and equipment	9	4,802	5,983	5,503
Deferred tax asset		-	495	-
Total non-current assets		63,320	65,804	64,227
Current assets
Inventories		14,811	16,308	11,141
Trade and other receivables		34,338	34,149	32,784
Current tax asset		734	287	738
Cash and cash equivalents		3,874	6,003	9,637
Total current assets		53,757	56,747	54,300
Total assets		117,077	122,551	118,527
Liabilities
Non-current liabilities
Lease liability	10	2,700	4,109	3,457
Deferred tax liability		2,298	1,836	2,611
Total non-current liabilities		4,998	5,945	6,068
Current liabilities
Borrowings		5,100	-	-
Lease liability	10	1,789	1,697	1,727
Trade and other payables		28,385	29,854	28,505
Current tax liability		-	362	-
Total current liabilities		35,274	31,913	30,232
Total liabilities		40,272	37,858	36,300
Net assets		76,805	84,693	82,227
Equity
Share capital	11	1,404	1,594	1,487
Share premium	11	78,451	78,451	78,451
Own share reserve		(353)	(52)	(647)
Capital reserve		396	206	313
Merger reserve		(103,581)	(103,581)	(103,581)
Translation reserve		(2,239)	(3,922)	(2,951)
Share-based payment reserve		1,835	768	1,370
Retained earnings		100,892	111,229	107,785
Total equity		76,805	84,693	82,227

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Share capital			Share premium	Own share reserve	Capital reserve	Merger reserve	Translation reserve	Share-based payment reserve	Retained earnings	Total equity
	£'000			£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 1 January 2025		1,648		78,451	(251)	152	(103,581)	(701)	1,442	114,216	91,376
Profit for the period		-		-	-	-	-	-	-	2,004	2,004
Other comprehensive           expense for the period		-		-	-	-	-	(3,221)	-	-	(3,221)
Total comprehensive (expense)/income		-		-	-	-	-	(3,221)	-	2,004	(1,217)
Purchase of own shares		(54)		-	-	54	-	-	-	(2,220)	(2,220)
Employee share schemes - value of employee services		-		-	199	-	-	-	(701)	192	(310)
Deferred tax on employee    share schemes		-		-	-	-	-	-	27	-	27
Dividend paid		-		-	-	-	-	-	-	(2,963)	(2,963)
Total transactions with    owners recognised in equity			(54)	-	199	54	-	-	(674)	(4,991)	(5,466)
At 30 June 2025		1,594		78,451	(52)	206	(103,581)	(3,922)	768	111,229	84,693
Profit for the period		-		-	-	-	-	-	-	3,374	3,374
Other comprehensive  income for the period		-		-	-	-	-	971	-	-	971
Total comprehensive income		-		-	-	-	-	971	-	3,374	4,345
Purchase of own shares		(107)		-	-	107	-	-	-	(6,822)	(6,822)
Purchase of own shares by EBT		-		-	(598)	-	-	-	-	-	(598)
Employee share schemes - value of employee services		-		-	3	-	-	-	590	4	597
Deferred tax on employee     share schemes		-		-	-	-	-	-	12	-	12
Total transactions with          owners recognised in equity			(107)	-	(595)	107	-	-	602	(6,818)	(6,811)
At 31 December 2025		1,487		78,451	(647)	313	(103,581)	(2,951)	1,370	107,785	82,227
Profit for the period		-		-	-	-	-	-	-	898	898
Other comprehensive           income for the period		-		-	-	-	-	712	-	-	712
Total comprehensive income		-		-	-	-	-	712	-	898	1,610
Purchase of own shares		(83)		-	-	83	-	-	-	(4,860)	(4,860)
Purchase of own share - EBT		-		-	(337)	-	-	-	-	-	(337)
Employee share schemes - value of employee services		-		-	631	-	-	-	208	24	863
Deferred tax on employee    share schemes		-		-	-	-	-	-	257	-	257
Dividend paid		-		-	-	-	-	-	-	(2,955)	(2,955)
Total transactions with    owners recognised in equity			(83)	-	294	83	-	-	465	(7,791)	(7,032)
At 30 June 2026		1,404		78,451	(353)	396	(103,581)	(2,239)	1,835	100,892	76,805

The Group has an Employee Benefit Trust (EBT) to administer share plans and to acquire shares, using funds contributed by the Group, to meet commitments to employee share schemes. At 30 June 2026, the EBT held 715,706 shares (30 June 2025: 94,225, 31 December 2025: 1,346,208 shares).

CONSOLIDATED CASH FLOW STATEMENT

		Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited Year ended 31 December 2025
	Notes	£'000	£'000	£'000
Profit before taxation		1,182	2,563	6,878
Adjustments for:
Depreciation	9	1,147	1,054	2,122
Amortisation	8	3,101	2,645	6,011
Share-based payment charge/(credit)	13	982	(333)	331
Finance expense		205	247	477
Cash flows from operating activities before changes in working capital		6,617	6,176	15,819
Change in inventories		(3,579)	(4,433)	867
Change in trade receivables		(1,268)	(4,631)	(2,152)
Change in trade payables		(362)	1,867	(451)
Cash flows from/(used in) operating activities		1,408	(1,021)	14,083
Income taxes paid		(310)	(571)	(822)
Net cash flows from/(used in) operating activities		1,098	(1,592)	13,261
Cash flows from investing activities
Purchase of property, plant and equipment	9	(188)	(100)	(390)
Purchase of intangible assets	8	(2,497)	(2,226)	(4,498)
Net cash flows used in investing activities		(2,685)	(2,326)	(4,888)
Cash flows from financing activities
Lease payments - capital		(985)	(805)	(1,669)
Lease payments - interest		(112)	(159)	(298)
Interest paid		(69)	(34)	(66)
Dividend paid	7	(2,955)	(2,963)	(2,963)
Proceeds from borrowings		5,100	-	-
Purchase of own shares	11	(4,860)	(2,220)	(9,042)
Purchase of own shares by EBT	11	(337)	-	(598)
Net cash flows used in financing activities		(4,218)	(6,181)	(14,636)
Net cash flows		(5,805)	(10,099)	(6,263)
Cash and cash equivalents at beginning of period		9,637	16,459	16,459
Effects of exchange rate changes		42	(357)	(559)
Cash and cash equivalents at end of period		3,874	6,003	9,637

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1.     GENERAL INFORMATION

The principal activity of The Pebble Group plc (the "Company") is that of a holding company and the principal activity of the Company and its subsidiaries (the "Group") is the sale of technology solutions, products and related services to the promotional merchandise industry. The Group has two segments: Brand Addition; and Facilisgroup. For Brand Addition, this is the sale of promotional products internationally, to many of the world's best-known brands. For Facilisgroup, this is the provision of digital technology, consolidated buying power and community learning and networking events to SME promotional product distributors in North America, its Partners, through subscription-based services.

The Company was incorporated on 27 September 2019 in the United Kingdom and is a public company limited by shares registered in England and Wales. The registered office of the Company is Broadway House, Trafford Wharf Road, Trafford Park, Manchester, England M17 1DD. The Company registration number is 12231361.

2.     BASIS OF PREPARATION

These Condensed consolidated interim financial statements of the Group are for the 6 months ended 30 June 2026. They have been prepared on the basis of the accounting policies set out in the 2025 annual financial statements and in accordance with the requirements of UK-adopted IAS 34 "Interim Financial Reporting".

The Condensed consolidated interim financial statements are unaudited and do not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. They should be read in conjunction with the Group's 2025 Annual report and financial statements which were prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006. The 2025 Annual report and financial statements have been filed with the Registrar of Companies. The auditors' report on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain a statement under Section 498 of the Companies Act 2006.

The Condensed consolidated interim financial statements are presented in the Group's functional currency of Sterling and all values are rounded to the nearest thousand (£'000) except when otherwise indicated.

Accounting Policies

The accounting policies adopted in the preparation of the Condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2025 as described in the Group's Annual report and financial statements for that year and as available on the Group's website (www.thepebblegroup.com).

Taxation

Taxes on income in the interim periods are accrued using management's best estimate of the weighted average annual tax rate that would be applicable to expected total annual earnings.

Forward looking statements

Certain statements in this report are forward looking with respect to the operations, strategy, performance, financial condition and growth opportunities of the Group. The terms "expect", "anticipate", "should be", "will be", "is likely to", and similar expressions, identify forward-looking statements. Although the Board believes that the expectations reflected in these forward-looking statements are reasonable, by their nature these statements are based on assumptions and are subject to a number of risks and uncertainties. Actual events could differ materially from those expressed or implied by these forward-looking statements. Factors which may cause future outcomes to differ from those foreseen in forward-looking statements include, without limitation: general economic conditions and business conditions in the Group's markets, customers' expectations and behaviours, supply chain developments, technology changes, the actions of competitors, exchange rate fluctuations and legislative, fiscal and regulatory developments. Information contained in these financial statements relating to the Group should not be relied upon as a guide to future performance.

Alternative performance measures

Throughout the report, we refer to a number of alternative performance measures (APMs). APMs are used internally by management to assess the operating performance of the Group. These are non-GAAP measures and so other entities may not calculate these measures in the same way and hence are not directly comparable. The APMs that are not recognised under UK-adopted international accounting standards are:

·      Adjusted EBTIDA;

·      Adjusted operating profit;

·      Adjusted profit before tax;

·      Adjusted earnings; and

·      Adjusted earnings per share (note 5).

A reconciliation of the APMs can be found in note 6.

The Board considers that the above APMs provide useful information for stakeholders on the underlying trends and performance of the Group and facilitate meaningful year-on-year comparisons.

Key risks and uncertainties

The Group has in place a structured risk management process which identifies key risks and uncertainties along with their associated mitigants. The key risks and uncertainties that could affect the Group's medium-term performance and the factors that mitigate those risks are set out in the Group's Annual Report which can be found on the Group's website (www.thepebblegroup.com). These have not substantially changed in the period.

Going concern statement

The Group meets its day-to-day working capital requirements through its own cash balances and committed banking facilities. The Group has a £10m Revolving Credit Facility to February 2029. In assessing the appropriateness of adopting the going concern basis in the preparation of these financial statements, the Directors have prepared cash flow forecasts and projections up to 31 December 2027.

The forecasts and projections, which the Directors consider to be prudent, have been further sensitised by applying reductions to revenue growth and margin, to consider a severe but plausible downside. Under both the base and sensitised case, the Group is expected to have headroom against covenants, which are based on interest cover and net leverage, and a sufficient level of financial resources available through existing facilities when the future funding requirements of the Group are compared with the level of committed available facilities. Based on this, the Directors are satisfied that the Group has adequate resources to continue in operational existence for at least 12 months from the date of signing the financial statements. For this reason, they continue to adopt the going concern basis in preparing the consolidated interim financial statements.

3.     SEGMENTAL ANALYSIS

The Chief Operating Decision Maker (CODM) has been identified as the Executive Directors. The Directors have determined that the operating segments, based on these financial statements, are: Brand Addition; Facilisgroup; and Central operations.

Segment information about the above businesses is presented below.

Income statement for the 6 months ended 30 June 2026

	Brand Addition	Facilisgroup	Central operations	Total  Group
	£'000	£'000	£'000	£'000
Revenue	51,862	8,879	-	60,741
Cost of goods sold	(33,638)	-	-	(33,638)
Gross profit	18,224	8,879	-	27,103
Operating expenses	(15,807)	(8,215)	(1,694)	(25,716)
Operating profit/(loss)	2,417	664	(1,694)	1,387
Analysed as:
Adjusted EBITDA	4,269	3,794	(1,446)	6,617
Depreciation	(883)	(222)	(42)	(1,147)
Amortisation	(725)	(2,376)	-	(3,101)
Share-based payment charge	(244)	(532)	(206)	(982)
Total operating profit/(loss)	2,417	664	(1,694)	1,387
Finance expense	(86)	(23)	(96)	(205)
Profit/(loss) before taxation	2,331	641	(1,790)	1,182
Income tax (expense)/income	(560)	(154)	430	(284)
Profit/(loss) for the period	1,771	487	(1,360)	898

Due to the timing on the delivery of orders, the Brand Addition segment of The Pebble Group plc traditionally raises a higher number of invoices in the period July to December which results in The Pebble Group plc's performance being weighted to the second half of the year. 

All the above revenues are generated from contracts with customers.

Income statement for the 6 months ended 30 June 2025

	Brand Addition	Facilisgroup	Central operations	Total  Group
	£'000	£'000	£'000	£'000
Revenue	49,995	8,599	-	58,594
Cost of goods sold	(32,166)	-	-	(32,166)
Gross profit	17,829	8,599	-	26,428
Operating expenses	(15,505)	(6,744)	(1,369)	(23,618)
Operating profit/(loss)	2,324	1,855	(1,369)	2,810
Analysed as:
Adjusted EBITDA	3,821	3,755	(1,400)	6,176
Depreciation	(759)	(252)	(43)	(1,054)
Amortisation	(851)	(1,794)	-	(2,645)
Share-based payment credit	113	146	74	333
Total operating profit/(loss)	2,324	1,855	(1,369)	2,810
Finance expense	(132)	(28)	(87)	(247)
Profit/(loss) before taxation	2,192	1,827	(1,456)	2,563
Income tax (expense)/income	(479)	(398)	318	(559)
Profit/(loss) for the period	1,713	1,429	(1,138)	2,004

Income statement for the year ended 31 December 2025

	Brand Addition	Facilisgroup	Central operations	Total  Group
	£'000	£'000	£'000	£'000
Revenue	107,502	17,157	-	124,659
Cost of goods sold	(67,725)	-	-	(67,725)
Gross profit	39,777	17,157	-	56,934
Operating expenses	(31,863)	(14,726)	(2,990)	(49,579)
Operating profit/(loss)	7,914	2,431	(2,990)	7,355
Analysed as:
Adjusted EBITDA	11,380	7,261	(2,822)	15,819
Depreciation	(1,539)	(498)	(85)	(2,122)
Amortisation	(1,891)	(4,120)	-	(6,011)
Share-based payment charge	(36)	(212)	(83)	(331)
Total operating profit/(loss)	7,914	2,431	(2,990)	7,355
Finance expense	(244)	(53)	(180)	(477)
Profit/(loss) before taxation	7,670	2,378	(3,170)	6,878
Income tax expense	(957)	(511)	(32)	(1,500)
Profit/(loss) for the year	6,713	1,867	(3,202)	5,378

Statement of financial position as at 30 June 2026

	Brand Addition	Facilisgroup	Central operations	Total  Group
	£'000	£'000	£'000	£'000
Assets
Non-current assets
Intangible assets	37,730	20,788	-	58,518
Property, plant and equipment	3,084	1,617	101	4,802
Total non-current assets	40,814	22,405	101	63,320
Current assets
Inventories	14,811	-	-	14,811
Trade and other receivables	28,101	5,868	369	34,338
Current tax asset/(liability)	(126)	491	369	734
Cash and cash equivalents	2,186	1,619	69	3,874
Total current assets	44,972	7,978	807	53,757
Total assets	85,786	30,383	908	117,077
Liabilities
Non-current liabilities
Lease liability	1,436	1,244	20	2,700
Deferred tax liability/(asset)	597	2,037	(336)	2,298
Total non-current liabilities	2,033	3,281	(316)	4,998
Current liabilities
Borrowings	-	-	5,100	5,100
Lease liability	1,392	307	90	1,789
Trade and other payables	25,408	2,450	527	28,385
Current tax liability	-	-	-	-
Total current liabilities	26,800	2,757	5,717	35,274
Total liabilities	28,833	6,038	5,401	40,272
Net assets/(liabilities)	56,953	24,345	(4,493)	76,805

Statement of financial position as at 30 June 2025

	Brand Addition	Facilisgroup	Central operations	Total  Group
	£'000	£'000	£'000	£'000
Assets
Non-current assets
Intangible assets	38,334	20,992	-	59,326
Property, plant and equipment	3,849	1,949	185	5,983
Deferred tax asset	276	67	152	495
Total non-current assets	42,459	23,008	337	65,804
Current assets
Inventories	16,308	-	-	16,308
Trade and other receivables	28,284	5,432	433	34,149
Current tax asset	-	-	287	287
Cash and cash equivalents	4,431	1,142	430	6,003
Total current assets	49,023	6,574	1,150	56,747
Total assets	91,482	29,582	1,487	122,551
Liabilities
Non-current liabilities
Lease liability	2,513	1,492	104	4,109
Deferred tax liability	163	1,673	-	1,836
Total non-current liabilities	2,676	3,165	104	5,945
Current liabilities
Lease liability	1,361	284	52	1,697
Trade and other payables	27,480	1,934	440	29,854
Current tax liability	105	257	-	362
Total current liabilities	28,946	2,475	492	31,913
Total liabilities	31,622	5,640	596	37,858
Net assets	59,860	23,942	891	84,693

Statement of financial position as at 31 December 2025

	Brand Addition	Facilisgroup	Central operations	Total  Group
	£'000	£'000	£'000	£'000
Assets
Non-current assets
Intangible assets	37,891	20,833	-	58,724
Property, plant and equipment	3,596	1,764	143	5,503
Total non-current assets	41,487	22,597	143	64,227
Current assets
Inventories	11,141	-	-	11,141
Trade and other receivables	27,050	5,432	302	32,784
Current tax asset	205	533	-	738
Cash and cash equivalents	8,626	903	108	9,637
Total current assets	47,022	6,868	410	54,300
Total assets	88,509	29,465	553	118,527
Liabilities
Non-current liabilities
Lease liability	1,958	1,371	128	3,457
Deferred tax liability/(asset)	580	2,134	(103)	2,611
Total non-current liabilities	2,538	3,505	25	6,068
Current liabilities
Lease liability	1,426	296	5	1,727
Trade and other payables	25,788	2,016	701	28,505
Total current liabilities	27,214	2,312	706	30,232
Total liabilities	29,752	5,817	731	36,300
Net assets/(liabilities)	58,757	23,648	(178)	82,227

4.     INCOME TAX EXPENSE

The income tax expense for the 6 months ended 30 June 2026 is based upon management's best estimate of the weighted average annual tax rate expected for the full year ending 31 December 2026. The income tax expense is lower than the standard rate of 25% due to tax relief that the Group is claiming in relation to qualifying research and development costs it incurs in the USA. The income tax expense for the year ended 31 December 2025 was also lower than the standard rate of 25% due to tax relief for research and development costs.

5.     EARNINGS PER SHARE

Basic earnings per share are calculated by dividing the earnings attributable to equity shareholders by the weighted average number of Ordinary Shares in issue during the period.

For diluted earnings per share, the weighted average number of Ordinary Shares in issue is adjusted to assume conversion of all potentially dilutive Ordinary Shares. The Company has potentially dilutive Ordinary Shares arising from share options granted to employees.

Options are dilutive under the Group Sharesave Plan (SAYE) where the exercise price together with the future IFRS 2 charge of the option is less than the average market price of the Company's Ordinary Shares during the period. Options under The Pebble Group plc Long Term Incentive Plan (LTIP), as defined by IFRS 2, are contingently issuable shares and are therefore only included within the calculation of diluted earnings per share if the performance conditions are satisfied at the end of the reporting period, irrespective of whether this is the end of the vesting period or not.

The impact of the potentially dilutive share options issued under the LTIP 28 March 2023, 26 March 2024, 9 September 2025, 30 April 2026 and the SAYE on 25 April 2023 and 11 October 2024 is: 0.01p for the 6 months ended 30 June 2026 (6 months ended 30 June 2025: nil, year ended 31 December 2025: 0.01p) in respect of statutory earnings per share; and nil for the 6 months ended 30 June 2026 (6 months ended 30 June 2025: nil, year ended 31 December 2025: 0.01p) in respect of adjusted earnings per share.

The calculation of basic earnings per share is based on the following data:

Statutory earnings per share

	Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited Year ended 31 December 2025
Earnings (£'000)
Earnings for the purposes of basic and diluted earnings per share being profit for the period attributable to equity shareholders	898	2,004	5,378
Number of shares
Weighted average number of shares for the purposes of basic earnings per share	145,958,654	161,485,073	156,079,283
Weighted average dilutive effects of conditional share awards	553,688	60,156	59,603
Weighted average number of shares for the purposes of diluted earnings per share	146,512,342	161,545,229	156,138,886
Earnings per Ordinary Share
Basic earnings per Ordinary Share (pence)	0.62	1.24	3.45
Diluted earnings per Ordinary Share (pence)	0.61	1.24	3.44

Adjusted earnings per share

The calculation of adjusted earnings per share is based on the after-tax adjusted profit after adding back certain costs as detailed in the table in note 6. Adjusted earnings per share figures are given to exclude the effects of amortisation of acquired intangible assets and share-based payment credit, all net of taxation, and are considered to show the underlying performance of the Group.

	Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited Year ended 31 December 2025
Earnings (£'000)
Earnings for the purposes of basic and diluted adjusted earnings per share being adjusted earnings	1,827	1,953	6,019
Number of shares
Weighted average number of shares for the purposes of basic adjusted earnings per share	145,958,654	161,485,073	156,079,283
Weighted average dilutive effects of conditional share awards	553,688	60,156	59,603
Weighted average number of shares for the purposes of diluted adjusted earnings per share	146,512,342	161,545,229	156,138,886
Adjusted earnings per Ordinary Share
Basic adjusted earnings per Ordinary Share (pence)	1.25	1.21	3.86
Diluted adjusted earnings per Ordinary Share (pence)	1.25	1.21	3.85

6.     ALTERNATIVE PERFORMANCE MEASURES

Throughout the consolidated interim financial statements, we refer to a number of alternative performance measures (APMs). A reconciliation of the APMs used are shown below. 

Adjusted EBTIDA

	Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited Year ended 31 December 2025
	£'000	£'000	£'000
Operating profit	1,387	2,810	7,355
Add back/(deduct):
Depreciation	1,147	1,054	2,122
Amortisation	3,101	2,645	6,011
Share-based payment charge/(credit)	982	(333)	331
Adjusted EBITDA	6,617	6,176	15,819

Adjusted operating profit

	Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited Year ended 31 December 2025
	£'000	£'000	£'000
Operating profit	1,387	2,810	7,355
Add back/(deduct):
Amortisation charge on acquired intangible assets	257	265	523
Share-based payment charge/(credit)	982	(333)	331
Adjusted operating profit	2,626	2,742	8,209

Adjusted profit before tax

	Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited Year ended 31 December 2025
	£'000	£'000	£'000
Profit before tax	1,182	2,563	6,878
Add back/(deduct):
Amortisation charge on acquired intangible assets	257	265	523
Share-based payment charge/(credit)	982	(333)	331
Adjusted profit before tax	2,421	2,495	7,732

Adjusted earnings

	Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited Year ended 31 December 2025
	£'000	£'000	£'000
Profit for the period attributable to equity shareholders	898	2,004	5,378
Add back/(deduct):
Amortisation charge on acquired intangible assets	257	265	523
Share-based payment charge/(credit)	982	(333)	331
Tax effect of the above	(310)	17	(213)
Adjusted earnings	1,827	1,953	6,019

7.     DIVIDENDS PAID AND PROPOSED

	Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited Year ended 31 December 2025
	£'000	£'000	£'000
Declared and paid during the period
Final dividend for 2025 of 2.00p per share (2024: 1.85p per share)	2,955	2,963	2,963
Proposed for approval at AGM (not recognised in the period)
Final dividend for 2025 of 2.00 p per share	-	-	2,955

As per the Trust Deed, the EBT waived its entitlement to a dividend on the shares held by the trust.

8.     INTANGIBLE ASSETS

	Goodwill	Customer relationships	Software and development costs	Work in progress	Total
	£'000	£'000	£'000	£'000	£'000
Cost
At 1 January 2025	36,015	10,932	34,785	7,260	88,992
Additions	-	-	139	2,087	2,226
Transfers	-	-	4,455	(4,455)	-
Exchange differences	(262)	(830)	(1,818)	(467)	(3,377)
At 30 June 2025	35,753	10,102	37,561	4,425	87,841
Additions	-	-	124	2,148	2,272
Disposals	-	-	(1,947)	-	(1,947)
Transfers	-	-	1,512	(1,512)	-
Exchange differences	54	172	595	(7)	814
At 31 December 2025	35,807	10,274	37,845	5,054	88,980
Additions	-	-	137	2,360	2,497
Transfers	-	-	2,343	(2,343)	-
Exchange differences	55	172	354	88	669
At 30 June 2026	35,862	10,446	40,679	5,159	92,146
Accumulated amortisation
At 1 January 2025	-	3,386	23,848	-	27,234
Charge for the period	-	265	2,380	-	2,645
Exchange differences	-	(262)	(1,102)	-	(1,364)
At 30 June 2025	-	3,389	25,126	-	28,515
Charge for the period	-	258	3,108	-	3,366
Disposals	-	-	(1,947)	-	(1,947)
Exchange differences	-	55	267	-	322
At 31 December 2025	-	3,702	26,554	-	30,256
Charge for the period	-	257	2,844	-	3,101
Exchange differences	-	64	207	-	271
At 30 June 2026	-	4,023	29,605	-	33,628
Net book value
At 31 December 2024	36,015	7,546	10,937	7,260	61,758
At 30 June 2025	35,753	6,713	12,435	4,425	59,326
At 31 December 2025	35,807	6,572	11,291	5,054	58,724
At 30 June 2026	35,862	6,423	11,074	5,159	58,518

The Group tests annually for impairment, at the year end, or more frequently if there are indicators that goodwill might be impaired. There were no such indicators as at 30 June 2026.

9.     PROPERTY, PLANT AND EQUIPMENT

		Fixtures and fittings	Computer hardware		Right-of-use assets		Total
	£'000			£'000		£'000	£'000
Cost
At 1 January 2025	3,760			2,886		13,696	20,342
Additions	8			92		54	154
Disposals	-			(21)		-	(21)
Exchange differences	(168)			(124)		(388)	(680)
At 30 June 2025	3,600			2,833		13,362	19,795
Additions	131			159		206	496
Disposals	(67)			(231)		(181)	(479)
Exchange differences	44			40		158	242
At 31 December 2025	3,708			2,801		13,545	20,054
Additions	36			152		222	410
Disposals	-			-		-	-
Exchange differences	29			12		72	113
At 30 June 2026	3,773			2,965		13,839	20,577
Accumulated depreciation
At 1 January 2025	3,111			1,988		8,120	13,219
Charge for the period	116			180		758	1,054
Disposals	-			(21)		-	(21)
Exchange differences	(142)			(93)		(205)	(440)
At 30 June 2025	3,085			2,054		8,673	13,812
Charge for the period	116			192		760	1,068
Disposals	(67)			(231)		(181)	(479)
Exchange differences	37			30		83	150
At 31 December 2025	3,171			2,045		9,335	14,551
Charge for the period	105			186		856	1,147
Disposals	-			-		-	-
Exchange differences	26			9		42	77
At 30 June 2026	3,302			2,240		10,233	15,775
Net book value
At 31 December 2024	649			898		5,576	7,123
At 30 June 2025	515			779		4,689	5,983
At 31 December 2025	537			756		4,210	5,503
At 30 June 2026	471			725		3,606	4,802

Right-of-use assets - net book value

	Unaudited As at 30 June 2026	Unaudited As at 30 June 2025	Audited As at 31 December 2025
	£'000	£'000	£'000
Leasehold property	3,261	4,223	3,723
Fixtures and fittings	267	340	431
Computer hardware	78	126	56
Total right-of-use assets - net book value	3,606	4,689	4,210

10.  LEASES

Amounts recognised in the consolidated statement of financial position

In addition to the right-of-use assets included within note 9, the consolidated statement of financial position shows the following amounts relating to leases:

Lease liability

	Unaudited As at 30 June 2026	Unaudited As at 30 June 2025	Audited As at 31 December 2025
	£'000	£'000	£'000
Maturity analysis - contractual undiscounted cash flows:
Less than one year	1,945	1,927	1,938
Between one and five years	2,857	4,091	3,552
More than five years	-	295	157
Total undiscounted lease liability at period end	4,802	6,313	5,647
Finance expense	(313)	(507)	(463)
Total discounted lease liability at period end	4,489	5,806	5,184
Current	1,789	1,697	1,727
Non-current	2,700	4,109	3,457
	4,489	5,806	5,184

Amounts recognised in the consolidated income statement

The consolidated income statement shows the following amounts relating to leases:

	Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited Year ended 31 December 2025
	£'000	£'000	£'000
Depreciation charge - leasehold property	740	644	1,304
Depreciation charge - fixtures and fittings	92	89	165
Depreciation charge - computer hardware	24	25	49
	856	758	1,518
Interest expense (within finance expense)	112	159	298

11.  SHARE CAPITAL

The authorised, issued and fully paid number of shares are set out below.

	Ordinary Shares	Share  capital	Share  premium
	Number	£	£
Ordinary Shares of 1p each:
At 1 January 2025	164,776,354	1,647,764	78,451,312
Purchase of own shares	(5,405,908)	(54,059)	-
At 30 June 2025	159,370,446	1,593,705	78,451,312
Purchase of own shares	(10,655,737)	(106,557)	-
At 31 December 2025	148,714,709	1,487,148	78,451,312
Purchase of own shares	(8,335,500)	(83,355)	-
At 30 June 2026	140,379,209	1,403,793	78,451,312

In March 2026, the Group commenced a share buyback programme to repurchase up to £5 million of its own shares. During the 6 months ended 30 June 2026, 8,335,500 Ordinary Shares with a total nominal value of £83,355 were bought back by the Company for a total consideration, including transaction costs, of £4.86 million, charged to retained earnings (6 months ended 30 June 2025: 5,405,908 Ordinary Shares with a total nominal value of £54,059 for a total consideration, including transaction costs of £2.22 million). The Company subsequently cancelled these shares which resulted in a reduction in share capital of £83,355 (6 months ended 30 June 2025: £54,059), with a corresponding increase in the capital reserve.

In the 6 months ended 30 June 2026, the EBT purchased a total of 650,000 Ordinary Shares at an average price of £0.52 per share, which were used to satisfy the exercise of 1,280,503 LTIP options. The EBT did not sell any shares and the remaining 715,706 shares are held by the Trust.

12.  FINANCIAL INSTRUMENTS

The fair values of all financial instruments included in the consolidated statement of financial position are a reasonable approximation of their carrying values.

13.  SHARE-BASED PAYMENTS

In the 6 months ended 30 June 2026, the Group operated equity-settled share-based payment plans.

The Group recognised a total charge of £982,000 in respect of equity-settled share-based payment transactions for the 6 months ended 30 June 2026 (6 months ended 30 June 2025: credit of £333,000, year ended 31 December 2025: charge of £331,000).

On 30 April 2026, members of the senior management team below the Executive Director level were granted a total of 2,563,580 share options under the LTIP. The awards will vest in two tranches over a 24-month period, subject to continued employment. The awards are subject to malus and clawback.

14.  SUBSEQUENT EVENTS

On 9 July 2026, the Company announced that it increased the maximum aggregate consideration of the Original Share Buyback Programme by £2.0 million, taking the programme to a total of £7.0 million.

On 30 July 2026, the Company announced the completion of the Share Buyback Programme. In total, the Group repurchased 12,236,837 ordinary shares for a total consideration of £7.0 million, representing an average price per share of 57.20 pence.

 

END