Half-year Financial Report

Adalan Ventures PLC

30 September 2026

 

Not for release or distribution, directly or indirectly, within, into or in the United States or to or for the account or benefit of persons in the United States, Australia, Canada, Japan or any other jurisdiction where such offer or sale would violate the relevant securities laws of such jurisdiction.

For Immediate Release

30 September 2026

Adalan Ventures Plc

("Adalan" or the "Company")

Unaudited Interim results for 6 months ended 30 June 2026

Adalan Ventures plc (the 'Company' or 'Adalan'), announces its unaudited interim results for the 6 month period ended 30 June 2026.

The results follow at the bottom of this announcement.   

Enquiries:

Adalan Ventures Plc
Siro Cicconi	Tel: [phone]

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Adalan Ventures plc

Interim Condensed Consolidated Statement of profit or loss and Other Comprehensive Income for the six months ended 30 June

	Notes	Six months ended 30 June 2026 Unaudited £	Six months ended 30 June 2025 Unaudited £
Staff Costs		(654,419)	(90,825)
Operating expenses		(129,881)	(36,877)
Share Based Payments		(240,433)	-
Interest expense		(2,700)	-
Loss before income tax		(1,027,433)	(127,702)
Income tax expense		-	-
Net loss		(1,027,433)	(127,702)
Net other comprehensive income that may be reclassified to profit or loss
Foreign exchange differences arising on translation into presentation currency		-	-
Total comprehensive loss		(1,027,433)	(127,702)

Adalan Ventures plc

Interim Condensed Consolidated Statement of financial position as at

	Notes	30 June 2026 Unaudited £	31 December 2025 Audited £
Assets:
Cash and cash equivalents		1,927	29,310
Advanced subscriptions receivable		-	50,000
Total Assets		1,927	79,310
Liabilities
Other liabilities		(228,532)	(1,018,354)
Advanced subscriptions for shares		(48,778)	(443,778)
Loan		(47,207)	(41,980)
Total liabilities		(324,517)	(1,504,112)
Net Liabilities		(322,590)	(1,424,802)

Equity
Capital and reserves:
Share capital	8	773,761	513,475
Deferred Share Capital		4,157,775	4,157,775
Share Premium	8	7,690,987	6,910,128
Share options Reserve		240,433	-
CLN Reserves		848,067	-
Accumulated deficit		(14,033,613)	(13,006,180)
Total equity		(322,590)	(1,424,802)
Total liabilities and equity		1,927	79,310

   Interim Condensed Statement of changes in shareholders' equity (Unaudited)  for the six months ended 30 June 2025  (unaudited)

	Share capital £	Deferred Share Capital £	Share Premium £	Share    options Reserve £	CLN Reserve £	Accumulated  Deficit £	Total Equity £
Balance as at 1 January 2026	513,475	4,157,775	6,910,128	-	-	(13,006,180)	(1,424,802)
Issue of ordinary shares	260,286	-	780,859	-	-	-	1,041,145
Issue of CLN	-	-	-	-	848,067	-	848,067
Comprehensive loss for the period	-	-	-	-	-	(1,027,433)	(1,027,433)
Share-based payments	-	-	-	240,433	-	-	240,433
Balance as at 30 June 2026	773,761	4,157,775	7,690,987	240,433	848,067	(14,033,613)	(322,590)

Interim Condensed Consolidated Statement of Cash Flows

For the six months ended 30 June

	Six months ended 30 June 2026 Unaudited £	Six months ended 30 June 2025 Unaudited £
Cash flows from operating activities
Loss for the period	(1,027,433)	(127,702)
Costs settled via issue of equity	604,923	-
Non-Cash Interest	2,700	-
Share based payment Charge	240,433	-
Cash from operations	(179,378)	(127,702)
Net (increase)/decrease in operating assets
Change in receivables	50,000	-
Change in payables	86,468	96,476
Net change in working capital	136,468	96,476
Net cash flows from operating activities	(42,910)	(31,226)
Cash flows from financing activities
Advanced subscription of shares	-	20,000
Advancement of loan	17,227	12,000
Net Cashflows from financing activities	17,227	32,000
Net change in cash and cash equivalents	(25,683)	774
Cash and cash equivalents at the beginning of the year	29,310	1,823
Effects of Foreign exchange	(1,700)	-
Cash and cash equivalents at the end of the period	1,927	2,597

During the period the company issued shares to settle £395,000 of advanced subscriptions received, £14,700 of CLN's as well as settling other existing liabilities predominantly from prior periods. The total of equity issued was £1,041,145. In addition the company issued CLN's with a face value of £848,067 to replace certain existing liabilities, which will now automatically convert upon the publication of a prospectus and completion of a reverse take over.

1.     Basis of preparation

The condensed consolidated interim financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards and in accordance with International Accounting Standard 34 Interim Financial Reporting. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2025, which have been prepared in accordance with International Financial Reporting Standards (IFRS).

The condensed consolidated interim financial statements set out above do not constitute statutory accounts within the meaning of the Companies Act 2006. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS). Statutory financial statements for the year ended 31 December 2025 were approved by the Board of Directors on 29 April 2026 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified although contained a material uncertainty relating to going concern (see note below).

The condensed  consolidated interim financial statements of the Company have not been audited or reviewed by the Company's auditor, RPG Crouch Chapman LLP.

Going concern

The Financial Statements have been prepared on a going concern basis. The Directors consider that the Company requires additional funding in order to deliver on its plan to find and acquire an operating business and undertake a reverse take over. The Directors are of the view that its current cash reserves along with any funding that it will seek to raise would provide sufficient funds to undertake its operating activities for the foreseeable future. Should the company be unsuccessful in raising additional capital then there is a significant risk that it has the ability to continue as a going concern. The company has currently reduced its cash expenditure to a minimum.  

Please refer to the going concern note in the annual report for the year ended 31 December 2025 for further information.

2.     Trade and other payables

	30 June 2026 Unaudited	31 Dec 2025 Audited
	£	£
Trade payables	131,287	69,199
Accruals	88,665	940,574
Other payables	8,581	8,581
Total	228,532	1,018,354

Advanced subscriptions for shares of £48,778 at the period end (YE 2025: £443,778) represents funds advanced in the expectation of the issue of equity at a share price of 4p per share once the shares in the Company are able to be issued. During the period advanced subscriptions for £395,000 were issued in equity at a price of 4 p per share. During the period the company converted £1,494,212 of liabilities into equity at a price of 4 p per share (£1,014,145) and issued a new CLN which automatically converts upon a reverse take over for £848,067.

3.     Subsequent events

There were no subsequent events

4.     Issue of equity

During the period the company issued 26,028,623 new Ordinary shares in the Company at a price of 4p per share.

5.     Issue of Options and Warrants

During the period the Company issued 20,000,000 warrants with an exercise price of 4 p per share and a 3 year expiry term as well as 2,975,000 options with an exercise price of 25 p per share also with a 3 year expiry term. The options and warrants have been fair valued using a black Scholes valuation methodology.

 

END