Company Announcements

Interim Results, Analyst Briefing & Investor Pres

Source: RNS
RNS Number : 3313A
Amcomri Group PLC
23 September 2025
 

 

23 September 2025

Amcomri Group plc

("Amcomri", the "Company" or the "Group")

 

Interim Results for the six months ended 30 June 2025

 

Analyst Briefing & Investor Presentation

 

Strong performance with double-digit percentage revenue and earnings growth

 

Amcomri Group plc (AIM: AMCO), the "Buy, Improve, Build" UK focused, specialist engineering services and industrial manufacturing group, is pleased to announce its unaudited interim results for the six months ended 30 June 2025 ("H1 2025").

 

The Group delivered a strong first half performance, with double-digit percentage revenue and earnings growth, supported by resilient margins, the successful integration of recent acquisitions, and continued progress in core growth markets including specialist electronics, aerospace, renewable energy, and defence.

 

Key Financials

·      Revenue: £31.8m (H1 2024: £27.3m), up 17%

·      Adjusted EBITDA: £4.3m (H1 2024: £3.8m), up 15%

·      Profit before tax: £2.1m (H1 2024: £1.9m)

·      Gross margin: 38.4% (H1 2024: 38.4%)

·      Basic EPS: 2.13p (H1 2024: 1.87p)

·      Adjusted EPS: 2.37p (H1 2024: 2.11p)

·      Net debt at Period end: £11m (31 December 2024: £6.2m)

·      Cash at period end: £7.8m (31 December 2024: £12.1m)

 

Operational Highlights

·      Strong first half performance with growth across both the Embedded Engineering and B2B Manufacturing divisions.

·      Acquisition of EMC Elite Engineering Services in March 2025, further enhancing the Group's service proposition in UK power generation, process and renewables.

Adding further scale, synergy potential and additional high margin specialist electrical services capability to the growing Embedded Engineering division.

·      Largest single engineering contract to date in the renewable energy sector secured in June 2025.

·      Aerospace, subsea, defence and electronics markets showing strong and rising demand, driving growth in the Group's precision engineering businesses, Drurys and Claro.

·      Specialist printing businesses, specifically Bex Print & Design, achieved record order book levels in H1 2025.

·      Group Margin stable at 38%.

With improvement potential in H2 25 expected from positive impact from mix of new acquisitions and improvements across operating companies

·      Good progress on longer term commercial development projects initiated to drive further end-market diversification and organic growth opportunities.

 

 

Current Trading and Outlook

·      Good visibility of H2 2025 performance, supported by continuing strong demand and forward order coverage in electronics, aerospace, subsea, defence and energy sectors.

·      Post-Period acquisition of Electronix Services (31 July 2025); further extending the Group's industrial specialist electronics repair capabilities, both technically and geographically.

·      Strong acquisition pipeline of specialist UK SME industrials businesses.

·      Continued resilience despite sector-specific challenges such as reduced demand arising from Tata Steel Port Talbot closure.

·      Confidence in continued delivery of progressive growth in H2 2025 across both divisions.

·      Confident in full year 2025 performance and well-positioned heading into 2026, supported by recent acquisitions, diversified and robust end markets and solid underlying commercial development prospects in operating companies.

 

Commenting on the results and outlook, Hugh Whitcomb, Co-Founder and CEO of Amcomri, commented: "We are delighted with the momentum built during the Period. Our proven 'Buy, Improve, Build' strategy continued to deliver across evolving market conditions, highlighting the benefits of the resilience we deliberately built into our model and our broad sector reach. We have had an active start to H2, with the acquisition of Electronix Services, and remain excited by the further opportunities to grow both acquisitively and organically. The combination of strong forward looking order books and the momentum built to date underpin our confidence in future prospects."

 

Analyst Briefing: 9.30am today, Tuesday 23 September 2025

An online briefing for analysts will be hosted by Hugh Whitcomb, Chief Executive Officer, Mark O'Neill, Investment Director, and Siobhán Tyrrell, Chief Financial Officer, at 9.30 a.m. today, Tuesday 23 September 2025 to review the H1 2025 results and prospects. Analysts wishing to attend should contact Walbrook PR on Amcomri@walbrookpr.com or 020 7933 8780.

 

Investor Presentation: 11.00am on Wednesday 24 September 2025

The Directors will hold an investor presentation to cover the H1 2025 results and prospects at 11.00 a.m. on Wednesday 24 September 2025.

 

The presentation will be hosted through the digital platform Engage Investor. Investors can sign up to attend the presentation via the following link https://engageinvestor.news/AMCO_IP_25.

 

Questions can be submitted pre-event to Amcomri@walbrookpr.com or in real time during the presentation via the "Ask a Question" function. 

 

Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.

 

For further information please contact:

Amcomri Group plc

Via Walbrook

Hugh Whitcomb, Chief Executive Officer

Mark O'Neill, Investment Director

Tel: +44 (0)20 7933 8780

Siobhán Tyrrell, Chief Financial Officer

 

 

Cavendish Capital Markets Limited

Tel: +44 (0)20 7220 0500

Adrian Hadden/Katy Birkin/Isaac Hooper - Corporate Finance

 

Michael Johnson/Jasper Berry/Andrew Burdis - Sales/Broking

 

 

Walbrook PR Ltd

Tel: +44 (0)20 7933 8780

Tom Cooper/Nick Rome

amcomri@walbrookpr.com


 

To find out more, please visit: www.amcomrigroup.com.

Notes to Editors:

 

Amcomri is a "Buy, Improve, Build" group focusing on acquiring, integrating and enhancing specialist engineering services and industrial manufacturing businesses that provide technical services to major UK infrastructure, transportation and energy companies and bespoke mission-critical services to a diverse range of sectors and markets.

 

The Group currently operates through the following two divisions:

 

·   Embedded Engineering Division: provides specialist technical and engineering services for major industrial, infrastructure and transportation clients, typically with complex technical needs and undertaken in operating environments where safety and compliance performance are critical requirements. The division predominantly provides engineering services and support for their clients' capital intensive, mission-critical assets such as high voltage electrical transmission systems, petrochemical and continuous process operations, and large power generation plants.

 

·      B2B Manufacturing Division: focuses on selective niche B2B markets or businesses, where the Group has identified an opportunity to achieve enhanced financial performance by leveraging an initially strong competitive market position combined with the Group's business improvement capabilities.

 

The Group operates across a diverse range of sectors and markets, including industrial, infrastructure and mass transportation. The Group deploys a structured "Buy, Improve, Build" strategy with a track record of value enhancing acquisitions in the industrial environment. It has a particular focus on leveraging the Group's experience and track record in relation to acquisitions arising from owner manager 'retirement' situations, where there are no, or limited, alternative plans for succession to sustain the enterprise value present within the target business.

 

The Group has been created through a series of 18 successful acquisitions, comprising the acquisition of 14 operating companies and 4 bolt-on asset/business purchases, each of which has been integrated into the Group. Post acquisition, the Group has a strong focus on facilitating and supporting its operating companies with organic growth initiatives, and the Group's businesses are well placed to take advantage of generally positive conditions in their respective niche end markets.

 

Chief Executive Officer's Statement

 

H1 2025 Review

I am pleased to be able to report a strong first half year performance for the Group, delivering significant revenue and earnings growth over the comparable H1 2024 period, whilst continuing to maintain our strong gross profit margins.

 

Group revenue rose in the period by 17% to £31.8m (H1 2024: £27.3m) with adjusted EBITDA rising by 15% to £4.3m (H1 2024: £3.8m), driven by a combination of a solid underlying performance and improving margins across our operating companies, and the benefit of the acquisition of EMC Elite Engineering Services from 31 March 2025.

 

As our results show, we continue to successfully manage specific challenges in certain end markets whilst exploiting significant opportunities in others across the Group operating companies. Through this approach we continue to deliver profitable growth despite wider geo-political challenges. The Group's balanced portfolio approach adds an inherent robustness to the model and has allowed it to continue to effectively manage and offset the impact of continued delays in the release of UK rail infrastructure funding by rapidly responding to the significant rising demand in defence, aerospace, renewable energy and rail rolling stock repair markets. 

 

Similarly, whilst we have seen some reduction in local demand across both our seals and valves businesses following the closure of Tata Steel in Port Talbot, this has been mitigated through the extension of our specialist service offerings to the thermal, energy from waste and nuclear power sector operators in the UK.

 

The success achieved by our team with both with the acquisition of EMC Elite Engineering Services in March 2025, and in the Group subsequently winning its largest single contract to date in the renewable energy sector in June 2025, has further complemented our existing activities in thermal and nuclear power generation. Work on this significant contract has commenced and we believe will position the Group well for future follow-on project opportunities in the growing renewables back up sector.

 

Embedded Engineering

Our Embedded Engineering division provides specialist technical services and support to often mission critical power, petrochemical and process customers. We continue to see a high demand for our services driven by regulatory, maintenance, life extension or performance upgrades of often ageing, capital intensive facilities. H1 2025 revenue for the Embedded Engineering Division was £14.5m (H1 2024: £12.7m), an increase of 14%.

 

Our specialist valves and rail electronics businesses in particular continue to see strong requirements for their services driven by our customers' needs to maintain compliance, operational performance and reliability in their operations. We benefit from the critical nature of our work and stable end markets with a high proportion of recurring revenue in these sectors, driven by both repeat projects and long term service agreements.

 

Whilst we have not yet seen the release of significant expenditure to restart rail electrical infrastructure projects, we do see lead indicators that give us more confidence looking into 2026 for this sector. Our WJ Projects business has continued to make good progress in the period by targeting the development of high voltage electrical infrastructure and test opportunities outside of rail infrastructure.

 

Specialist B2B Manufacturing

Our B2B Manufacturing Division has a well distributed, relatively stable end market base covering civil and military aviation components, subsea, defence, power and process sectors and specialist printing for the industrial and packaging industries. H1 2025 revenue for the B2B Manufacturing Division was £17.3m (H1 2024: £14.5m), an increase of 19%

 

Whilst we have seen some reduction in demand for our gaskets and seals business, this has been offset by a very strong performance uplift in our precision engineering businesses, Drurys and Claro, driven by a rising demand in defence, aerospace and subsea requirements. With the benefit of a long standing, high quality customer base, we have continued to invest to support this significant demand in our precision engineering businesses which has resulted in a strong and extended forward order positions in both. Strong defence and aerospace markets are also providing a positive environment for capital equipment sales in Blundell Production Electronics which sits within the Embedded Engineering division.

 

Bex and Premier Limpet, our specialist printing operations, continue to benefit from strong competitive market positions. In particular, the current order book and sales pipeline prospects of Bex continues to progressively rise and reached its highest ever level in recent years in H1 2025, driven by the new commercial team in the business.

 

Acquisition Strategy

The Group's target acquisition market, focused on UK SME specialist industrial businesses, has remained strong over H1 2025. The strength of our pipeline is driven by both end market activity in the lower mid-market M&A sector, and an increased awareness of our interest and success in this sector, benefiting from the profile the AIM market has given us in recent months.

 

We were delighted to complete the acquisition of EMC Elite Engineering Services Limited on 31 March 2025, a further synergistic addition to our Embedded Engineering division, which brings to the Group extensive complementary experience of delivering high-quality maintenance and project engineering in the UK power generation, process and renewable energy sectors.

 

In addition, post period on 31 July 2025, we completed the acquisition of Electronix Services ("Electronix") based in Dublin, a specialist industrial electronic repair and reverse engineering service for high value electronic units and systems used in many industrial environments. Another great fit for our Embedded Engineering division, Electronix provides an exciting extension to our growing group of specialist electronics repair and overhaul businesses, following the previous successful acquisitions of TP Matrix and Etrac in this sector.

 

Having now completed 18 acquisitions to date, the Amcomri team has significant experience sourcing transactions across its target industries, and we remain confident that we will continue to roll out our successful acquisition strategy moving forward into H2 2025 and beyond.

 

 

Outlook

Against these evolving end market conditions, we believe our results reinforce the strategic benefits of our 'Buy, Improve, Build' model focused on specialist industrial end markets. We believe this concept and strategic direction will continue to ensure the Group maintains good overall resilience to wider market and economic fluctuations, further derisked by our in depth understanding of industrial markets and limited concentrations.

 

Looking forward into H2 2025, we see good progressive organic growth opportunities in both our Embedded Engineering and B2B Manufacturing divisions, and our acquisition pipeline remains very positive. Our businesses associated with energy, defence and sub-sea, electronics and aerospace markets continue to see strong and rising demands that are well aligned to our capabilities. These opportunities exist with both new and existing customers, and we continue to invest both in capacity and technical resources to support this demand.

 

In parallel with the commercial development of our operating companies, the Group continues to pursue a focus on 'data driven' continuous improvement activities across both its operational processes and in its HSE compliance. The Group has successfully completed a Group wide independent HSE audit across all its operations during the period and will continue to proactively drive further improvement activities across all its operations in this area in H2 2025 and into 2026.

 

Looking forward, we continue to have good visibility over Group performance in H2 2025 and remain confident about the 2025 full year performance and our prospects into 2026. This confidence is strengthened by the acquisition of Electronix which will further enhance both our technical capability and geographic cover in the specialist industrial electronics obsolescence and repair sector, in which we are becoming an increasingly significant operator.

 

Against this background of continued successful deployment of our 'Buy, Improve, Build' model, I would like to recognise the hard work, commitment and enthusiasm of our Group colleagues. We have an outstanding team who have been critical to generating the very positive results for H1 2025, and our confidence for the remainder of the year and into 2026.

 

Hugh Whitcomb

CEO

 

 

 

Condensed Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2025  


      




Note

Six months ended 30 June 2025 (unaudited)

 

Six months ended 30 June 2024 (unaudited)


Year ended
31 December 2024
(audited)





£'000

 

£'000


£'000











Revenue


5

31,785

 

27,268


58,066











Cost of sales



(19,580)

 

(16,792)


(36,903)











Gross profit

 


12,205

 

10,476


21,163





38.4%

 

38.4%

 

36.4%

 

Distribution costs



(93)

 

(255)


(566)











Administrative expenses



(8,985)

 

(7,688)


(15,818)











Other operating income



60

 

16


72











Other income



-

 

592


592











Exceptional items



(173)

 

(173)


(1,574)











Operating profit

 


3,014

 

2,968


3,869











Finance income



10

 

9


14











Finance expense


7

(966)

 

(1,124)


(2,208)











Profit before taxation

 


2,058

 

1,853


1,675











Corporation tax expense


9

(537)

 

(503)


(636)











Profit attributable to continuing activities

 


1,521

 

1,350


1,039











Profit for the period attributable to:

 

















Non-controlling interest



(10)

 

5


(9)


Owners of the parent



1,531

 

1,345


1,048














1,521

 

1,350


1,039











Earnings per share from continuing operations

 


pence


pence


pence











Basic earnings per share


19

                          2.13

 

                          1.87


                            3.50


Adjusted earnings per share


19

                          2.37

 

                          2.11


                            8.09










 

 

There is no other comprehensive income in the period ended 30 June 2025 (period ended 30 June 2024: £nil and year ended 31 December 2024: £nil).

 

 

 

Condensed Consolidated Statement of Financial Position

As at 30 June 2025

 




Note


30 June 2025

 

31 December 2024






£'000

 

£'000










Non-current assets

 







Goodwill


10


13,813

 

10,545


Intangible assets


10


6,645

 

6,784


Property, plant and equipment


11


6,034

 

7,139


Right-of-use assets


12


6,508

 

4,235














33,000

 

28,703










Current assets

 







Inventories




6,986

 

6,776


Trade and other receivables


13


14,865

 

11,568


Cash and cash equivalents




7,761

 

12,077














29,612

 

30,421










Total assets

 



62,612

 

59,124










Equity

 







Share capital




718

 

718


Share premium




16,773

 

16,773


Retained earnings




4,667

 

3,089


Equity attributable to owners of the parent

 



22,158

 

20,580










Minority interest




(177)

 

(167)










Total equity

 



21,981

 

20,413










Non-current liabilities

 







Trade and other payables


14


1,105

 

1,629


Borrowings


15


9,740

 

9,516


Lease liabilities




4,796

 

4,822


Provisions


16


78

 

75


Deferred tax


16


1,979

 

1,929


Amounts due to related parties


20


700

 

700














18,398

 

18,671










Current liabilities

 







Trade and other payables


14


13,692

 

13,494


Corporation tax




1,239

 

592


Lease liabilities




1,857

 

1,267


Borrowings


15


5,445

 

4,687














22,233

 

20,040










Total liabilities

 



40,631

 

38,711










Total equity and liabilities

 



62,612

 

59,124









 

 

Condensed Consolidated Statement of Changes in Equity

For the six months ended 30 June 2025

 




Share capital

 

Share premium

 

Retained earnings

 

Non-controlling interest

 

Total

 



£'000

 

£'000

 

£'000

 

£'000

 

£'000

 













As at 1 January 2025


718


16,773


3,089


(167)


20,413


Profit for the period


-


-


1,531


(10)


1,521


Other movement in the period


-


-


47


-


47


As at 30 June 2025

 

718

 

16,773

 

4,667

 

(177)

 

21,981

 

























As at 1 January 2024


-


6,622


2,037


871


9,530


Profit for the period


-


-


1,345


5


1,350


As at 30 June 2024

 

-

 

6,622

 

3,382

 

876

 

10,880

 

























As at 1 January 2024


-


6,622


2,037


871


9,530


Profit for the year


-


-


1,048


(9)


1,039


Issue of share capital


718


10,151


-


-


10,869


Other movement in the year


-


-


4


(1,029)


(1,025)


As at 31 December 2024

 

718

 

16,773

 

3,089

 

(167)

 

20,413

 

 

 

 

 

Condensed Consolidated Statement of Cashflows

For the six months ended 30 June 2025

 



Note

Six months ended 30 June 2025

 

Six months ended 30 June 2024




£'000

 

£'000


Operating activities

 





Profit for the period


1,521

 

1,350


Adjustment for:






- Taxation charge

9

537

 

503


- Share based payment expense


47

 

-


- Depreciation

11,12

879

 

717


- Amortisation

10

211

 

202


- Gain on bargain purchase


-

 

(592)


- Net finance cost


957

 

1,115








Change in inventories


(124)

 

(2,325)


Change in trade and other receivables


(2,247)

 

(2,196)


Change in trade and other payables


(128)

 

1,363


Corporation tax paid


(486)

 

(753)


Net cash inflow/(outflow) from operating activities

 

1,167

 

(616)








Investing activities

 





Purchase of tangible assets


(986)

 

(502)


Purchase of intangible assets


(73)

 

(15)


Acquisition of subsidiaries

17

(2,430)

 

(1,250)


Interest received


10

 

9


Deferred consideration paid


(1,759)

 

(639)


Net cash used in investing activities

 

(5,238)

 

(2,397)








Financing activities

 





Share issue, net


                         -  

 

                      -  


Debt issue


2,169

 

2,980


Debt repayment


(1,187)

 

(1,153)


Interest paid

7

(966)

 

(1,124)


Movements in amounts due to related parties


-

 

1,250


Lease payments


(261)

 

(296)


Net cash (used in)/from financing activities

 

(245)

 

1,657








Net change in cash and cash equivalents

 

(4,316)

 

(1,356)








Cash and cash equivalents at the start of the period

 

12,077

 

4,043








Cash and cash equivalents at the end of the period

 

7,761

 

2,685

 

 

 

Notes to the Interim Financial Information

For the six months ended 30 June 2025

 

1.         General information

 

Amcomri Group plc is the ultimate parent company of the "Buy, Improve, Build" UK focused specialist engineering services and industrial manufacturing group of companies. Amcomri Group plc is incorporated and domiciled in the UK and its registered office is 46/48 Beak Street, London, W1F 9RJ.

 

These interim financial statements do not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2024 were approved by the Board of Directors on 19 May 2025 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain and emphasis of matter paragraph and did not contain any statement under Section 498 of the Companies Act 2006.

 

These interim financial statements have been reviewed, not audited.

 

2.            Material accounting policy information

 

2.1          Basis of preparation

 

The Interim Financial information is for the six months ended 30 June 2025, and is presented in GBP, which is the functional currency of the ultimate parent company. The Group's condensed consolidated financial statements are prepared on a going concern basis and under the historical cost convention.

 

The financial information has been prepared in accordance with IAS 34 'Interim Financial Reporting' as issued by the International Accounting Standards Board and endorsed by the UK Endorsement Board. The financial information does not include all of the information required in annual financial statements in accordance with UK-adopted IAS, and should be read in conjunction with the consolidated financial statements for the year ended 31 December 2024.

 

The Interim Financial Statements were approved for issue by the Board of Directors on 22  September 2025.

 

2.2       Basis of consolidation

 

The Interim condensed consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.

 

Profit or loss and other comprehensive income of subsidiaries acquired during the six month period are recognised from the effective date of acquisition. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The acquisition date is the date on which control is transferred to the acquirer. Subsidiaries are fully consolidated from the date on which control is transferred to the Group.

 

2.3       Material accounting policies

 

The Interim condensed consolidated financial statements have been prepared in accordance with the accounting policies adopted in the Group's most recent annual financial statements for the year ended 31 December 2024.

 

3.         New Standards adopted at 1 January 2025

 

There are no accounting pronouncements which have become effective from 1 January 2025 that have a significant impact on the Group's interim condensed consolidated financial statements.

 

4.         Accounting estimates and judgements

 

The judgements, estimates, and assumptions applied in the Interim Condensed Consolidated Financial Statements, including key sources of estimation uncertainty, were the same as those applied in the Group's last annual financial statements for the year ended 31 December 2024. The only exception is the estimate of income tax liabilities which is determined in these interim condensed consolidated financial statements using the estimated average annual income tax rate applied to the pre-tax income for the interim period.

 

5.         Revenue

 

The following is an analysis of the Group's revenue for the first six months of the year from continuing operations:

 





Six months ended 30 June 2025

 

Six months ended 30 June 2024


Year ended
31 December 2024





£'000

 

£'000


£'000











Sale of goods



22,045

 

19,351


41,653


Servicing income



9,740

 

7,917


16,413





31,785

 

27,268


58,066

 

Analysis of revenue by country of destination:

 

 





Six months ended 30 June 2025

 

Six months ended 30 June 2024


Year ended
31 December 2024





£'000

 

£'000


£'000











United Kingdom



30,602

 

26,340


56,017


Rest of Europe



488

 

622


1,138


Rest of the world



695

 

306


911





31,785

 

27,268


58,066

 

 

6.         Segmental reporting

 

Segmental information for the reporting period is as follows:

 



For the six months ended 30 June 2025

 


Embedded engineering

 

B2B manufacturing

 

Other

 

Total

 


£'000

 

£'000

 

£'000

 

£'000

 

Revenue

14,506


17,279


 -

 

31,785


Cost of sales

(7,846)


(11,734)


 -

 

(19,580)


Gross profit

6,660

 

5,545

 

                   -  

 

12,205

 










Other expenses

(4,081)


(3,812)


(1,298)


(9,191)


Operating profit

2,579

 

1,733

 

(1,298)

 

3,014

 










Interest

(550)


(712)


306


(956)


Profit before tax

2,029

 

1,021

 

(992)

 

2,058

 










Taxation

(555)


(215)


233


(537)


Profit

1,474

 

806

 

(759)

 

1,521

 










Segmental assets

26,526


18,297


17,789


62,612











Segmental liabilities

(25,374)


(22,770)


7,513


(40,631)

 

Other relates to the Group's head office costs. Other assets and liabilities include borrowings, intangible assets, consolidation adjustments and goodwill arising on acquisitions, deferred tax and parent company assets.


For the six months ended 30 June 2024

 

Embedded engineering

 

B2B manufacturing

 

Other

 

Total

 

£'000

 

£'000

 

£'000

 

£'000

Revenue

12,724


14,544


                  -  


27,268

Cost of sales

(7,109)


(9,683)


                  -  


(16,792)

Gross profit

5,615

 

4,861

 

                  -  

 

10,476

 








Other expenses

(3,441)


(3,699)


(368)


(7,508)

Operating profit

2,174

 

1,162

 

(368)

 

2,968

 








Interest

(601)


(690)


176


(1,115)

Profit before tax

1,573

 

472

 

(192)

 

1,853

 








Taxation

(461)


(191)


149


(503)

Profit

1,112

 

281

 

(43)

 

1,350

 








Segmental assets

22,438


16,756


11,442


50,636









Segmental liabilities

(22,377)


(21,384)


4,005


(39,756)

 



For the year ended 31 December 2024

 


Embedded engineering

 

B2B manufacturing

 

Other

 

Total

 


£'000

 

£'000

 

£'000

 

£'000

 

Revenue

25,699


32,367


-


58,066


Cost of sales

(14,507)


(22,396)


-


(36,903)


Gross profit

11,192

 

9,971

 

-


21,163

 










Other expenses

(6,759)


(7,570)


(2,965)


(17,294)


Operating profit

4,433

 

2,401

 

(2,965)

 

3,869

 










Interest

(1,132)


(1,448)


386


(2,194)


Profit before tax

3,301

 

953

 

(2,579)

 

1,675

 










Taxation

(851)


(330)


545


(636)


Profit

2,450

 

623

 

(2,034)

 

1,039

 










Segmental assets

23,137


23,643


12,344


59,124











Segmental liabilities

(21,697)


(22,992)


5,978


(38,711)

 

 

7.         Finance expense

 

Finance expense comprises of:










Six months ended 30 June 2025

 

Six months ended 30 June 2024

 

Year ended
31 December 2024

 


£'000

 

£'000

 

£'000

 








Bank charges and interest

7

 

10

 

10

 

Interest on bank loans

758

 

903

 

1,697

 

Interest on related party loans

                        -  

 

62

 

173

 

Lease interest

201

 

149

 

328

 


966

 

1,124

2,208

 

8.         Alternative performance measures

 

The Group's adjusted EBITDA is calculated after the following add backs:  

 



Six months ended 30 June 2025

 

Six months ended 30 June 2024


Year ended
31 December 2024




£'000

 

£'000


£'000



Operating profit

3,014

 

2,968


3,868



add back:








Depreciation and amortisation

1,090

 

919


1,961



Exceptional items

173

 

173


1,574



Other non-trading expenses (included within administrative expenses)

63

 

320


859



Gain on bargain purchase

-

 

(592)


(592)











Adjusted EBITDA

4,340

 

3,788


7,670


 

 

 

9.         Corporation Tax

 


Six months ended 30 June 2025

 

Six months ended 30 June 2024

 

£'000

 

£'000

 




Profit before corporation tax

2,058

 

1,853

 




Estimated effective tax rate

26.1%


27.1%





Total tax expense

537

 

503

 

Corporation tax expense is recognised based on management's best estimate of the weighted average annual income tax rate expected for the full financial year. The estimated average annual tax rate used for the six months ended 30 June 2025 is 26.1%. The weighted average annual effective tax rate for the six months ended 30 June 2024 was 27.1%.

 

10.       Intangible assets

 




Goodwill

 

Customer relationships

 

Computer software

 

Total

 

Cost

 

£'000

 

£'000

 

£'000

 

£'000

 











As at 31 December 2024


10,545


7,465


204


18,214


Additions


-


-


73


73


Acquired through business combinations

3,268


-


-


3,268


As at 30 June 2025


13,813


7,465


277


21,555












Amortisation

 



















As at 31 December 2024


-


(837)


(48)


(885)


Charge for the period


-


(187)


(25)


(212)


As at 30 June 2025


-


(1,024)


(73)


(1,097)












Net book value

 









As at 30 June 2025

 

13,813


6,441


204


20,458

 




Goodwill

 

Customer relationships

 

Computer software

 

Total

 

Cost

 

£'000

 

£'000

 

£'000

 

£'000

 











As at 31 December 2023


10,536


7,465


137


18,138


Additions


69


-


67


136


Disposals


(60)


-


-


(60)


As at 31 December 2024


10,545


7,465


204


18,214












Amortisation

 



















As at 31 December 2023


-


(463)


(16)


(479)


Charge for the year


-


(374)


(32)


(406)


As at 31 December 2024


-


(837)


(48)


(885)












Net book value

 









At 31 December 2024

 

10,545


6,628


156


17,329

 

 

11.       Property, plant and equipment



Freehold Property

 

Plant and machinery

 

Motor Vehicles

 

Fixtures and fittings

 

Total

 


£'000

 

£'000

 

£'000

 

£'000

 

£'000

Cost

 





















As at 31 December 2024


3,564


6,010


648


1,724


11,946

Additions


1


808


84


107


1,000

Acquisitions


-


78


123


119


320

Disposals


-


(325)


(83)


(175)


(583)

Transfer


-


(2,137)


-


-


(2,137)

As at 30 June 2025


3,565


4,434


772


1,775


10,546












Depreciation

 





















As at 31 December 2024


(573)


(2,923)


(283)


(1,028)


(4,807)

Charge for the period


(34)


(245)


(80)


(104)


(463)

Disposals


-


324


74


172


570

Transfer


-


188


-


-


188

As at 30 June 2025


(607)


(2,656)


(289)


(960)


(4,512)












Net book value

 










At 30 June 2025

 

2,958

 

1,778

 

483

 

815

 

6,034

 

During the period, plant and machinery with a net book value of £1.9m previously recognised within property, plant and equipment was transferred to right-of-use assets.

 



Freehold Property

 

Plant and machinery

 

Motor Vehicles

 

Fixtures and fittings

 

Total

 


£'000

 

£'000

 

£'000

 

£'000

 

£'000

Cost

 





















As at 31 December 2023


3,507


3,668


648


1,472


9,295

Additions


7


942


121


292


1,362

Acquisitions


50


1,773


-


50


1,873

Disposals


-


(373)


(121)


(90)


(584)

As at 31 December 2024


3,564


6,010


648


1,724


11,946












Depreciation

 





















As at 31 December 2023


(438)


(2,851)


(225)


(927)


(4,441)

Charge for the year


(135)


(433)


(121)


(186)


(875)

Disposals


-


361


63


85


509

As at 31 December 2024


(573)


(2,923)


(283)


(1,028)


(4,807)












Net book value

 










At 31 December 2024

 

2,991

 

3,087

 

365

 

696

 

7,139

 

 

12.       Right-of-use assets

 




Property

 

Motor Vehicles

 

Plant and machinery

 

IT equipment

 

Total

 



£'000

 

£'000

 

£'000

 

£'000

 

£'000

 

Cost

 























As at 31 December 2024


5,548


152


-


344


6,044


Additions




25


-


-


25


Additions on acquisition


793


48


-


39


880


Transfer


-


-


2,137


-


2,137


Disposals


-


-


-


(39)


(39)


As at 30 June 2025


6,341


225


2,137


344


9,047














Depreciation

 























As at 31 December 2024


(1,528)


(17)


-


(264)


(1,809)


Additions on acquisition


(92)


(37)


-


(36)


(165)


Disposals


-


-


-


39


39


Charge for the period


(354)


(24)


-


(38)


(416)


Transfer


-


-


(188)


-


(188)


As at 30 June 2025


(1,974)


(78)


(188)


(299)


(2,539)














Net book value

 











As at 30 June 2025

 

4,367


147


1,949


45


6,508

 




Property

 

Motor Vehicles

 

IT equipment

 

Total

 



£'000

 

£'000

 

£'000

 

£'000

 

Cost

 



















As at 31 December 2023


4,078


647


343


5,068


Additions


1,716


129


1


1,846


Additions on acquisition


94


11


-


105


Disposals


(340)


(635)


-


(975)


As at 31 December 2024


              5,548


                  152


                  344


              6,044












Depreciation

 









As at 31 December 2023


(1,178)


(344)


(195)


(1,717)


Additions on acquisition


(112)


(15)


-


(127)


Disposals


340


375


-


715


Charge for the year


(578)


(33)


(69)


(680)




(1,528)


(17)


(264)


(1,809)












Net book value

 









At 31 December 2024

 

4,020


135


80


4,235

 

13.       Trade and other receivables

 

Trade and other receivables consist of the following:




Six months ended 30 June 2025

 

Year ended
31 December 2024




£'000

 

£'000








Trade receivables


12,553

 

9,072


Prepayments


1,508

 

1,410


Other receivables


804

 

1,086










14,865

 

11,568

 

14.       Trade and other payables




Six months ended 30 June 2025

 

Year ended
31 December 2024




£'000

 

£'000








Current

 





Trade payables


5,380

 

4,900


Accruals


1,596

 

2,427


Deferred income


1,180

 

1,355


Other taxes and social securities


2,670

 

2,027


Contingent consideration


2,455

 

2,299


Government grants


38

 

50


Other payables


373

 

436










13,692

 

13,494

 

 Trade and other payables consist of the following:

 

All amounts are short-term and denominated in GBP. The carrying value of trade payables and short-term bank overdrafts are considered to be a reasonable approximation of fair value.






Deferred income consists of the following:


Six months ended 30 June 2025

 

Year ended
31 December 2024



£'000

 

£'000






Deferred service income


252

 

246

Contract liability


849

 

1,011

Arrangement fee income


79

 

98



1,180

 

1,355

 

 

Non-current

 




Contingent consideration


1,105

 

1,629








1,105

 

1,629

 

 

15.       Borrowings

 

Borrowings include the following financial liabilities:




Six months ended 30 June 2025

 

Year ended
31 December 2024




£'000

 

£'000


Current

 





Loans and borrowings


2,387

 

1,776


Invoice discounting


3,058

 

2,911










5,445

 

4,687







Non-current

 





Loans and borrowings


8,219

 

7,374


Invoice discounting


1,521

 

2,142










9,740

 

9,516

 

 



Loans and borrowings

 

Invoice Discounting

 

Lease liabilities

 

Total

 


£'000

 

£'000

 

£'000

 

£'000

Balance at 1 January 2025

 

9,150


5,053


6,089


20,292

Changes from financing cash flows

 








Repayment


(360)


(827)


-


(1,187)

Proceeds


1,817


352


26


2,195

Proceeds from business combination


-


-


799


799

Lease payments


-


-


(261)


(261)

Total changes from financing cashflows


1,457


(475)


564


1,546










Balance at 30 June 2025

 

10,607

 

4,578

 

6,653

 

21,838

 









Balance at 1 January 2024

 

11,690


2,911


3,798


18,399

Changes from financing cash flows

 








Repayment


(2,540)


(389)


-


(2,929)

Proceeds


-


2,531


3,069


5,600

Lease payments


-


-


(778)


(778)

Total changes from financing cashflows


(2,540)


2,142


2,291


1,893










Balance at 31 December 2024

 

9,150

 

5,053

 

6,089

 

20,292

 

 

The fair value of the Group's borrowings as presented above approximate their carrying value.

 

16.       Provisions

 





Deferred taxation

 

Other provisions

 

Total

 




£'000

 

£'000

 

£'000

 










As at 31 December 2024



1,929


75


2,004


Additional in the period



97


3


100


Utilised in the period



(47)


-


(47)


At 30 June 2025

 


1,979


78


2,057











As at 31 December 2023



2,084


127


2,211


Additional in the year



65


6


71


Utilised in the year



(220)


(58)


(278)


At 31 December 2024

 


1,929


75


2,004

 

 

17.       Business combinations

 


Name

Date of acquisition

Proportion of voting equity interests acquired

Consideration transferred
£'000

 

EMC Elite Engineering Services Ltd

31/03/2025

100%

4,691





4,691

 




EMC

 





£'000

 



Fair value of consideration transferred

 





Amount settled in cash


3,300




Fair value of contingent consideration


1,391




Total

 

4,691

 









Assets acquired and liabilities recognised at the date of acquisition

 





Non current assets


1,035




Current assets


2,007




Non current liabilities


(90)




Current liabilities


(1,530)












1,422

 









Other income arising on acquisitions

 











Consideration transferred


4,691




Fair value of identifiable net assets acquired


(1,422)










Goodwill recognised on acquisition

 

3,269

 















Consideration transferred settled in cash


3,300




Cash and cash equivalents acquired


(870)










Net cash outflows on acquisition

 

2,430

 


 

The total revenue attributable to the company acquired in the current six-month period amounts to £1,974,661. Total profit attributed to the acquired company amounts to £339,440.

  


Name

Date of acquisition

Proportion of voting equity interests acquired

Consideration transferred
£'000

 

Drurys Engineering Limited

19/03/2024

100

700


Claro Precision Engineering Limited

19/03/2024

100

550





1,250




Drurys Engineering Limited

 

Claro Precision Engineering Limited

 

Total

 



£'000

 

£'000

 

£'000

 

Fair value of consideration transferred

 







Amount settled in cash


700


550


1,250


Total

 

700

 

550

 

1,250

 









Assets acquired and liabilities recognised at the date of acquisition

 



Non current assets

 

1,254


619


1,873


Current assets

 

1,410


1,586


2,996


Non current liabilities

 

(1,456)


(1,488)


(2,944)


Current liabilities

 

(50)


(33)


(83)












1,158

 

684

 

1,842

 









Other income arising on acquisitions

 















Consideration transferred


700


550


1,250


Fair value of identifiable net assets acquired


(1,158)


(684)


(1,842)









 

Gain recognised on acquisition


(458)

 

(134)

 

(592)

 

















Consideration transferred settled in cash


700


550


1,250


Cash and cash equivalents acquired


-


-


-










Net cash outflows on acquisition

 

700

 

550

 

1,250

 

The total revenue attributable to companies acquired in the prior year amounts to £8,384,740. Total profit attributed to the acquired companies amounts to £286,649.

 

18.       Financial instruments and risk management

 

The Group's capital management objectives are:

 

-         to ensure the Group's ability to continue as a going concern, and

-         to provide an adequate return to shareholders by pricing products and services in a way that reflects the level of risk involved in providing those goods and services.

 

The Group is exposed to various risks in relation to financial instruments including credit risk, liquidity risk and currency risk. The Group's risk management is coordinated by its managing directors. The Group does not actively engage in the trading of financial assets for speculative purposes. The most significant financial risks to which the Group is exposed are described below:

 

Credit risk

 

Credit risk arises from cash and cash equivalents as well as any outstanding receivables. Management does not expect any losses from non-performance of these receivables. The amount of exposure to any individual counterparty is subject to a limit, which is assessed by the Board. Total provision for bad debts included within trade receivables is £3,467 (2024: £1,829) see note 13.

 

The net carrying value of trade receivables is considered a reasonable approximation of fair value. The maximum exposure to customer credit risk at the reporting date is the currency value of trade receivables noted above. All trade and other receivables are in GBP, see note 13.

 

Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:




Six months ended 30 June 2025

 

Year ended
31 December 2024




£'000

 

£'000


Trade receivables


12,553

 

9,072


Cash and cash equivalents


7,761

 

12,077










20,314

 

21,149

 

Currency risk

Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group seeks to transact the majority of its business in its reporting currency (GBP). However, some customers and suppliers are outside the UK and a proportion of these transact with the company in EUR and USD. For this reason, the Group operates current bank accounts in EUR and USD. To the maximum extent possible receipts and payments in a particular currency are made through the bank account in that currency to reduce the amount of funds translated to or from the reporting currency.

 

Cash flow projections are used to plan for those occasions when funds will need to be translated into different currencies so that exchange rate risk is minimised. If the exchange rate between sterling and the euro had been 10% higher/lower at the reporting date, the effect on profit would have been approximately £12,043/ (£12,043) respectively (December 2024: £62,071/ (£62,071)). The exposure relating to USD is not determined to be material based on the volume of activity and the value of cash held.

 

The Group's financial instruments are classified as follows:

 




Six months ended 30 June 2025

 

Year ended
31 December 2024


Assets measured at amortised costs

 

£'000

 

£'000


Trade receivables


12,553

 

9,072


Prepayments and other receivables


2,244

 

2,496


Cash and cash equivalents


7,761

 

12,077










22,558

 

23,645

 

 




Six months ended 30 June 2025

 

Year ended
31 December 2024


Liabilities measured at amortised costs

 

£'000

 

£'000


Trade payables


5,380

 

4,900


Accruals and other payables


5,528

 

6,791


Leasehold liabilities


6,653

 

6,089


Other provisions


78

 

75










17,639

 

17,855

 

 

19.       Earnings per share

 

The prior period earnings per share and weighted average number of shares for June 2024 have been retrospectively updated to reflect the current period share issues. This has resulted in the earnings per share reported being more comparable with the June 2025 results.

 



Period ended
30 June 2025

 

Period ended
30 June 2024


Year ended
31 December 2024









Weighted average number of shares

71,839

 

71,839


29,934

 

Adjusted earnings per share have been calculated by adding back the impact of exceptional items, net of their impact on the tax charge.

 

20.       Related party transactions

 

The Group has a funding facility with Oranmore Limited, whose majority shareholder is also a shareholder of the group. As at 30 June 2025 the facility was repaid, (31 December 2024: £nil), in respect of individual facility agreements with the operating companies of the Group. The Group was charged interest of £78,226 on the funding facility in the six months to 30 June 2024.

 

As at 30 June 2025 the Group owed £0.7m to Fawley Industrial Limited, whose majority shareholder is also a shareholder of the Group (31 December 2024: £0.7m).

 

During the period the Group was provided services by Amcomri Management Services Limited, whose majority shareholder is also a shareholder of the Group. Services included company secretarial services and other recharges. A total of £34,384 was expensed during the period (31 December 2024: £22,211). Of the balance above £12,184 was included within trade payables (31 December 2024: £nil). 

 

21.       Events after the reporting period

 

On 1 August 2025, the Group announced the acquisition of 100% of the issued share capital in Randor Technologies Limited (t/a Electronix Services), a specialist industrial electronic repair and reverse engineering business focused on high value electronic units and systems used in many industrial environments. The initial cash consideration for the acquisition was €2.0m (£1.74m) with deferred consideration of €1.5m (£1.3m) to be paid in equal instalments 12- and 24-months post completion, contingent on the achievement of target levels of profitability in the 2 years post-acquisition.

 

 

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