Interim report
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RNS Number : 7112UAmcomri Group PLC15 September 2026
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Amcomri Group plc ("Amcomri", the "Company" or the "Group") Interim Results for the six months ended 30 June 2026 Analyst Briefing & Investor Presentation Amcomri Group plc (AIM: AMCO), the ‘Buy-Improve-Build’ UK and Ireland focused, specialist engineering services and industrial manufacturing group, is pleased to announce its unaudited interim results for the six months ended 30 June 2026 ("H1 26"). The Group delivered a positive first half performance, with double digit revenue and solid earnings growth, the successful integration of recent acquisitions, and continued progress in core growth markets including specialist electronics, aerospace, subsea, energy and defence. Key Financials Continuing and discontinued operations (including contribution from Premier Limpet Limited (“Premier Limpet”) which was sold on 30 June 2026): Revenue: £42.4 million (H1 25: £31.8 million), up 33% Adjusted EBITDA: £4.7 million (H1 25: £4.3 million), up 7% Profit before tax: £7.9 million (H1 25: £2.0 million) Basic EPS: 10.12p (H1 25: 2.13p) Diluted EPS: 9.85p (H1 25: 2.09p) Net debt at period end: £2.9 million (31 December 2025: £11.2 million) Cash at period end: £13.8 million (31 December 2025: £8.6 million) Continuing operations (excluding Premier Limpet): Revenue: £36.2 million (H1 25: £25.9 million), up 40% Adjusted EBITDA: £3.7 million (H1 25: £3.6 million), up 2% Profit before tax: £2.0 million (H1 25: £1.6 million) Basic EPS: 1.94p (H1 25: 1.59p) Diluted EPS: 1.89p (H1 25: 1.57p) Operational Highlights Positive first half with continued performance improvement across both the Embedded Engineering and B2B Manufacturing divisions. Acquisition of the business and assets of the National Compliance and Testing division from SSE plc by GridCore Electrical Services Limited ("GridCore") Providing an established, UK wide specialist electrical test and compliance operation and significant opportunity to further develop our presence in the 'private network' electrical- infrastructure market. Disposal of Premier Limpet, the UK's largest independent manufacturer of printed and plain adhesive tape, to Dalpo Group UK Limited for a minimum initial consideration of approximately £10.1 million (£7 million net cash proceeds before any additional consideration), demonstrating the full value creation cycle of our ‘Buy-Improve-Build’ model, and representing a multiple on invested capital of approximately 28x, creating significant shareholder value. Continuing strong demand in the aerospace, subsea and defence markets driving growth, particularly in Drurys, Claro and Blundell. The lower Group gross margin was attributable to the significant project undertaken in the renewables sector by EMC Elite Engineering (“EMC”). This was the largest, single project the Group has undertaken to date and provides a runway into a rapidly developing end market sector for the Group. The size and scale of the works on this project had a short-term impact on the overall Group margin in the period, resulting in a temporary lower overall blended margin for the Group in H1 26 compared with H1 25. Excluding EMC, the Group achieved an overall
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gross margin of 38% in H1 26 (on a continuing and discontinued basis) and 40% (on a continuing basis), in line with H1 25. Further improvement in demand and activity in H1 26 for WJ Project Services in the rail electrical infrastructure market, both on new project work and ongoing maintenance support for existing facilities. Good progress on specific commercial and operational development projects that are expected to progressively build base and synergistic organic earnings for the Group in the medium term. Current Trading and Outlook Post-period acquisition of North West Transport Supplies Limited (“NTS”), specialising in the repair and overhaul of safety critical electro-mechanical units, HVAC, pneumatic and high integrity control equipment found on current rail rolling stock fleets. Set to continue benefiting from extended technical services proposition within the Embedded Engineering division, particularly in UK rail and electrical infrastructure end markets. Strong balance sheet and acquisition pipeline of specialist UK and Ireland industrial SME businesses that align with our model across both divisions. Good visibility in most end markets, notably electronics, aerospace, subsea, defence and energy. Continued overall resilience, despite some short term, sector-specific challenges in certain of our Embedded Engineering companies, where some operators are temporarily delaying maintenance shutdowns or equipment release due to high operational loadings. Trading remains in line with market expectations, supported by recent acquisitions, diversified and strategically robust end markets, and a continued strong pipeline of commercial and operational development projects in existing operating companies. Commenting on the results and outlook, Hugh Whitcomb, Co-Founder and CEO of Amcomri, commented: “We are pleased with the Group’s performance in H1 26. The Group continued to deliver strong results from its existing operations in the period despite the challenges and impact of wider global events, particularly in the energy sector. Against this background, the Group benefits from its distributed, balanced industrial and infrastructure end market exposure that supports a resilient, positive performance. We have continued to successfully and systematically implement our ‘Buy-Improve-Build’ model with the acquisition of Enerveo’s National Compliance division from SSE plc, and also more recently, NTS. Both provide significant additional specialist service capability and potential to our growing Embedded Engineering operations. In addition, we successfully completed the sale of Premier Limpet to Dalpo, demonstrating and validating the full value creation cycle of our ‘Buy-Improve-Build’ model for the first time. Despite ongoing geopolitical concerns in the energy sector, the Group has significant opportunities arising from recent acquisitions and a strong pipeline of aligned acquisitions, combined with further strategic, organic growth opportunities within our existing operating companies.” Analyst Briefing: 9.30 a.m. today, Tuesday 15 September 2026 An online briefing for analysts will be hosted by Hugh Whitcomb, Chief Executive Officer, Mark O'Neill, Chief Operating Officer, and Siobhán Tyrrell, Chief Financial Officer, at 9.30 a.m. today, Tuesday 15 September 2026 to review the H1 26 results and prospects. Analysts wishing to attend should contact Walbrook PR on Amcomri@walbrookpr.com or 020 7933 8780. Investor Presentation: 11.00 a.m. on Wednesday 16 September 2026 The Executive Directors will hold an investor presentation to cover the H1 26 results and prospects at 11.00 a.m. on Wednesday 16 September 2026. 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_0926. Questions can be submitted pre-event to Amcomri@walbrookpr.com or in real time during the presentation via the "Ask a Question" function.
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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. Enquiries: Amcomri Group plc Via Walbrook Hugh Whitcomb, Chief Executive Officer Mark O'Neill, Chief Operating Officer Tel: +44 (0)20 7933 8780 Siobhán Tyrrell, Chief Financial Officer Katy Birkin, Director of Corporate Development Cavendish Capital Markets Limited Nominated adviser and broker Tel: +44 (0)20 7220 0500 Adrian Hadden/Callum Davidson/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 and enhancing specialist engineering services and industrial manufacturing businesses in the UK and Ireland. Through its focused and autonomous operating companies, the Group provides niche technical services and products to a diverse range of established industrial markets with particular emphasis on the major infrastructure, transportation and energy sectors. 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 often undertaken in operating environments where safety and compliance performance are critical service requirements. The division predominantly provides these services for their clients' capital intensive, operationally 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, that can subsequently be enhanced by the Group's industrial business improvement capabilities. By design, the Group’s activities are distributed across a range of established and proven sectors and markets, and the Group seeks to avoid excessive concentration risk through this approach. Amcomri’s structured ‘Buy-Improve-Build’ strategy has a track record of value enhancing industrial acquisitions and aims to leverage the Group's acquisition experience, particularly in owner manager 'retirement' situations, where there are often no, or limited, alternative plans for succession in the business. The Group currently comprises 15 operating companies across its two divisions. Post acquisition, the Amcomri team has a strong focus on facilitating and supporting its operating companies with organic growth initiatives, and the Group's businesses continue to be well placed to take advantage of generally positive and resilient conditions in their respective niche end markets. Chief Executive Officer's Statement H1 26 Review
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I am pleased to report a positive first half financial performance for the Group, delivering double digit revenue and solid earnings growth over the comparable H1 25 period. Group revenue increased in the period by 33% to £42.4 million (H1 2025: £31.8 million), with revenue from continuing operations increasing to £36.2 million (H1 25: £25.9 million), up 40%. Adjusted EBITDA increased by 7% to £4.7 million (H1 2025: £4.3 million), with adjusted EBITDA from continuing operations increasing to £3.7 million (H1 25: £3.6 million), up 2%. This was driven by continued demand for the Group's services and products across core markets, across both the Embedded Engineering and B2B Manufacturing divisions. The Group's diversified end markets provide an inherent robustness to the model, enabling us to effectively manage more recent challenges in some of these markets caused by high loadings on critical equipment and facilities temporarily restricting release for maintenance or overhaul. These specific short-term issues are being offset by significant positive opportunities in other markets including aerospace, subsea, defence and rail electrical infrastructure, where we are seeing rising activity and forward demand generating continued, profitable growth overall. Embedded Engineering Our Embedded Engineering division provides specialist technical services and support to operators of often operationally critical and complex power, petrochemical and process customers. We continue to see good overall underlying demand for our services driven by regulatory, maintenance, life extension and performance upgrades of often ageing, capital intensive facilities. H1 26 revenue for the Embedded Engineering division was £24.4 million (H1 2025: £14.5 million), an increase of 68%. In WJ Project Services, despite the ongoing challenges associated with the delays in CP7 rail investment roll out, we have made solid progress pursuing new specialist electrical engineering opportunities both in core rail HV electrical and the wider HV electrical market. WJ Project Services has also commenced work on initial, potential electrical infrastructure synergy projects with the recently acquired GridCore team, as they target ‘private network’ clients in line with our wider strategy in the sector. The lower Group gross margin was attributable to the significant project undertaken in the renewables sector by EMC. This was the largest, single project the Group has undertaken to date and provides a runway into a rapidly developing end market sector for the Group. The size and scale of the works on this project had a short-term impact on the overall Group margin in the period, resulting in a temporary lower overall blended margin for the Group in H1 26 compared with H1 25. Excluding EMC, the Group achieved an overall gross margin of 38% in H1 26 (on a continuing and discontinued basis) and 40% (on a continuing basis), in line with H1 25. Following the project, EMC has successfully won and commenced a number of new smaller, higher margin projects in power generation, port terminal facilities and electrical infrastructure, supported by a strong and growing pipeline in these sectors. In certain sectors, particularly rail electronics and valve services associated with power generation, we have seen some customers temporarily delaying planned shutdowns or equipment release due to lack of operational capacity. This has in some cases resulted in committed work or orders being re-phased. We have successfully accommodated these programme changes in H1 26 and are confident this delayed work will be progressively rescheduled back in during H2 26 and H1 27, given the often- mandatory component of our services. Outside of these specific customers, we continue to see a strong consistent demand and no significant evidence of schedule or order re-phasing in our Blundell, eTrac or Electronix businesses. Specialist B2B Manufacturing As previously announced, Premier Limpet was sold on 30 June 2026 for a minimum initial consideration of £10.1 million, demonstrating our ability to create shareholder value from individual assets. More information is provided on this transaction below. The remainder of 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 B2B industrial applications. H1 26 revenue for the B2B Manufacturing division was £18.0 million (H1 25: £17.3 million), an increase of 4%. Our precision engineering businesses, Drurys and Claro have performed well in H1 26, assisted by previous capacity investment made by the Group and further supported by very strong demand from
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their key end markets of defence, marine and civilian aerospace. Both are expected to continue to perform well into H2 26 and the Group continues to support further capacity and improvement projects in these businesses, to meet market demand where appropriate. Our specialist printing business, Bex, has made solid incremental progress, recording its highest ever sales month in March 2026, with a continued positive outlook for H2 26 through the ongoing implementation of its commercial development plan. The strong performance in Drurys, Claro and Bex has offset the performance shortfall in JA Harrison, our gaskets and seals business, caused by continuing end market issues that are being actively managed by the JA Harrison team. Corporate Transactions Acquisitions The Group's target acquisition market, focused on UK and Ireland based specialist industrial SME businesses, remains strong. The strength of our pipeline is driven by both end market activity in the lower mid-market M&A sector, continued direct marketing efforts and an increased awareness of our interest and success in the sector, derived from our public market profile since admission to AIM in December 2024. In addition, we are seeing an increasing desire amongst long term owner managers to hand over the legacy of their businesses to proven industrially focused organisations such as Amcomri. As announced on 1 June 2026, a newly established subsidiary of Amcomri, GridCore Electrical Services Limited, acquired the business and assets of the National Compliance and Testing division from SSE plc. This acquisition provides Amcomri with an established, UK wide specialist electrical test and compliance operation at a discounted entry point, opening a further significant opportunity for expansion into the 'private network' electrical-infrastructure market, a key strategic target sector for the Group. Immediately post period end in July, the Group acquired North West Transport Supplies Limited (“NTS”), specialising in the repair and overhaul of often high integrity, safety critical electro- mechanical units, HVAC and pneumatic control equipment found on rail rolling stock fleets. Having now completed 20 acquisitions to date, the Amcomri team has, and continues to build, significant experience in sourcing transactions across its target industries, and will continue to roll out its successful acquisition strategy in 2026 and beyond. Disposal of Premier Limpet On 30 June 2026, the Group completed the sale of Premier Limpet, the UK's largest independent manufacturer of printed and plain adhesive tape, to Dalpo Group UK Limited, for a minimum initial consideration of £10.1 million (£7 million net cash proceeds before any additional consideration), representing a multiple on invested capital of approximately 28x. Additional consideration, calculated as to 0.9x the value of any trading EBITDA exceeding £1.4 million for the year ending 31 December 2026 for Premier Limpet, will also be payable to Amcomri. The progressive implementation of the 'Improve & Build' elements of Amcomri's model following acquisition of Premier Limpet in 2021 resulted in significant and sustained improvements in both the underlying gross margins and profitability of Premier Limpet. The disposal was the first demonstration of the Group’s capability to work through the ‘Buy-Improve-Build’ cycle to an end point where the model has been proven and significant shareholder value has been crystallised. The disposal has provided the Group with additional cash resources, to be utilised alongside existing financing facilities, to fund further acquisitions through its proven ‘Buy-Improve-Build’ model, that targets high-quality specialist engineering and industrial businesses with inherent latent improvement potential. Outlook Against evolving end market conditions, we believe our results, including the sale of Premier Limpet which demonstrated the full value creation cycle of our ‘Buy-Improve-Build’ model, reinforce the strategic benefits of our in depth understanding of industrial markets and limited concentration. The
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Group has maintained resilience despite short term sector-specific challenges particularly in the rail rolling stock, power and energy sectors where operators continue to run critical assets at temporarily high loadings that result in maintenance shutdown or equipment release rescheduling/delays. The recent acquisitions of National Compliance and NTS further extend our technical services proposition within the Embedded Engineering division, particularly in UK rail and electrical infrastructure end markets where demand for high value asset life extension and upgrades is growing. We continue to evaluate a strong, prospective acquisition pipeline of specialist UK and Ireland based industrial SME businesses that align with our model. The Group continues to trade in line with market expectations, supported by recent acquisitions, diversified and robust end markets and a strong pipeline of commercial and operational development projects in our existing operating companies, that we expect will further support synergistic organic earnings for the Group in the medium term. Furthermore, we remain confident that the short-term issues evident with high plant and equipment loadings in some Embedded Engineering customers will normalise into 2027. Finally, on behalf of the Board, I would like to take this opportunity to again thank all of our colleagues across the Group for their enthusiasm and commitment. With this critical support and dedication from our team, we remain confident that we can continue to successfully scale and deploy our ‘Buy- Improve-Build’ model substantially beyond the initial results we have delivered since IPO in December 2024. Hugh Whitcomb Chief Executive Officer Condensed Consolidated Statement of Comprehensive Income For the six months ended 30 June 2026 Note Six months ended 30 June 2026 (unaudited) Six months ended 30 June 2025 (unaudited) Year ended 31 December 2025 (audited) £'000 £'000 £'000 Revenue 5 36,172 25,929 59,384 Cost of sales (24,088) (15,097) (36,317) Gross profit 12,084 10,832 23,067 Administrative expenses (9,928) (8,284) (17,656) Other operating income 110 60 5 Gain on bargain purchase 17 846 - - Exceptional items (236) (173) (359) Operating profit 2,876 2,435 5,057 Finance income 1 10 96 Finance expense 7 (897) (849) (1,811) Profit before taxation 1,980 1,596 3,342 Corporation tax expense 9 (555) (451) (963) Profit from continuing activities 1,425 1,145 2,379
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Profit from discontinued operations 21 5,889 376 587 Profit for the period 7,314 1,521 2,966 Profit for the period attributable to: Non-controlling interest 27 (10) (46) Owners of the parent 7,287 1,531 3,012 7,314 1,521 2,966 Basic earnings per share pence pence pence From continuing operations 19 1.94 1.59 3.38 From discontinued operations 19 8.18 0.52 0.82 10.12 2.11 4.20 Diluted earnings per share pence pence pence From continuing operations 19 1.89 1.57 3.32 From discontinued operations 19 7.96 0.52 0.80 9.85 2.09 4.12 There is no other comprehensive income in the period ended 30 June 2026 (Period ended 30 June 2025: £nil and Year ended 31 December 2025: £nil). The results of discontinued operations are presented as a single line item in the consolidated income statement in accordance with IFRS. Further details of the financial performance of discontinued operations are provided in Note 21. Alternative performance measures presenting the results of the Group including the impact of discontinued operations are disclosed in Note 8. Condensed Consolidated Statement of Financial Position As at 30 June 2026 Note 30 June 2026 31 December 2025 £'000 £'000 Non-current assets Goodwill 10 15,961 16,998 Intangible assets 10 5,784 6,483 Property, plant and equipment 11 5,113 6,070 Right-of-use assets 12 7,575 7,455 34,433 37,006 Current assets Inventories 5,885 6,859 Trade and other receivables 13 16,144 15,366 Cash and cash equivalents 13,827 8,578 35,856 30,803 Total assets 70,289 67,809 Equity Share capital 720 720 Share premium 16,849 16,849
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Retained earnings 13,843 6,317 Equity attributable to owners of the parent 31,412 23,886 Non-controlling interest (345) (213) Total equity 31,067 23,673 Non-current liabilities Trade and other payables 14 1,054 1,567 Borrowings 15 7,814 10,382 Lease liabilities 5,084 5,765 Provisions 16 613 - Deferred tax 16 2,049 2,332 Amounts due to related parties 20 700 700 17,314 20,746 Current liabilities Trade and other payables 14 12,793 15,638 Corporation tax 1,709 1,352 Lease liabilities 1,965 1,536 Borrowings 15 5,441 4,864 21,908 23,390 Total liabilities 39,222 44,136 Total equity and liabilities 70,289 67,809 Condensed Consolidated Statement of Changes in Equity For the six months ended 30 June 2026 Share capital Share premium Retained earnings Non- controlling interest Total £'000 £'000 £'000 £'000 £'000 As at 1 January 2026 720 16,849 6,317 (213) 23,673 Profit for the period - - 7,287 27 7,314 Dividends to non- controlling interest - - - (159) (159) Share based payments - - 239 - 239 As at 30 June 2026 720 16,849 13,843 (345) 31,067 As at 1 January 2025 718 16,773 3,089 (167) 20,413 Profit for the period - - 1,531 (10) 1,521 Share based payments - - 47 - 47 As at 30 June 2025 718 16,773 4,667 (177) 21,981 As at 1 January 2025 718 16,773 3,089 (167) 20,413 Profit for the year - - 3,012 (46) 2,966 Issue of share capital 2 76 - - 78 Share based payment - - 216 - 216 As at 31 December 2025 720 16,849 6,317 (213) 23,673 Condensed Consolidated Statement of Cashflows
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For the six months ended 30 June 2026 Note Six months ended 30 June 2026 Six months ended 30 June 2025 £'000 £'000 Operating activities Profit before tax 1,980 1,596 Adjustments for: - Share based payment expense 241 47 - Depreciation 11,12 1,013 806 - Amortisation 10 187 183 - Gain on bargain purchase (846) - - Net finance cost 896 1,124 Net changes in working capital (3,554) (2,779) Corporation tax paid (208) (571) Net cash from continuing operations (292) 406 Net cash from discontinued operations 234 762 Net cash (outflow)/inflow from operating activities (57) 1,167 Investing activities Purchase of tangible assets (775) (986) Purchase of intangible assets (47) (73) Acquisition of subsidiaries, net of cash acquired 17 1,469 (2,430) Disposal of a subsidiary, net of cash disposed of 6,907 - Interest received 1 10 Deferred consideration paid (1,246) (1,759) Net cash generated/(used) in investing activities 6,309 (5,238) Financing activities Debt issue 2,321 2,169 Debt repayment (1,238) (1,187) Interest paid 7 (1,065) (966) Lease payments (861) (261) Dividends paid to non-controlling interests (160) - Net cash (used in)/from financing activities (1,002) (245) Net change in cash and cash equivalents 5,249 (4,316) Cash and cash equivalents at the start of the period 8,578 12,077 Cash and cash equivalents at the end of the period 13,827 7,761 Notes to the Interim Financial Information For the six months ended 30 June 2026 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 16/18 Beak Street, London, W1F 9RD. 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 2025 were approved by the Board of Directors on 13th April 2026 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.
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2. Material accounting policy information 2.1 Basis of preparation The Interim Financial information is for the six months ended 30 June 2026, 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. In assessing the appropriateness of the going concern basis, management undertakes regular cash flow forecasting and covenant compliance monitoring to ensure the Group is able to meet its obligations as they fall due. 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. They do 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 2025. The Interim Financial Statements were approved for issue by the Board of Directors on 14 September 2026. 2.2 Basis of consolidation The condensed consolidated interim 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 2025. 3. New Standards adopted at 1 January 2026 There are no accounting pronouncements which have become effective from 1 January 2026 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 2025. The only exceptions relate to provisions for acquired onerous contracts (see note 17) and estimation of income tax liabilities, which is determined using the estimated average annual effective income tax rate applied to taxable profit for the interim period. Taxable profit is derived from pre-tax accounting profit adjusted for items subject to differing tax treatment, including depreciation, amortisation and lease-related adjustments. 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 2026 Six months ended 30 June 2025 Year ended 31 December 2025
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£'000 £'000 £'000 Sale of goods 18,756 16,189 32,675 Servicing income 17,416 9,740 26,709 36,172 25,929 59,384 Analysis of revenue by country of destination from continuing operations: Six months ended 30 June 2026 Six months ended 30 June 2025 Year ended 31 December 2025 £'000 £'000 £'000 United Kingdom 33,880 24,815 56,373 Rest of Europe 1,698 419 1,971 Rest of the world 594 695 1,040 36,172 25,929 59,384 Analysis of revenue split between continuing and discontinued operations: Six months ended 30 June 2026 Six months ended 30 June 2025 Year ended 31 December 2025 Continuing operations 36,172 25,929 59,384 Discontinued operations 6,218 5,856 11,554 42,390 31,785 70,938 6. Segmental reporting Segmental information from continuing operations for the reporting period is as follows: For the six months ended 30 June 2026 Embedded engineering B2B manufacturing Other Total £'000 £'000 £'000 £'000 Revenue 24,385 11,787 - 36,172 Cost of sales (16,692) (7,396) - (24,088) Gross profit 7,693 4,391 - 12,084 Other expenses (4,773) (3,129) (1,306) (9,208) Operating profit 2,920 1,262 (1,306) 2,876 Segmental assets 31,574 16,702 22,013 70,289 Segmental liabilities (29,235) (17,497) 7,510 (39,222) For the six months ended 30 June 2025 Embedded engineering B2B manufacturing Other Total £'000 £'000 £'000 £'000 Revenue 14,506 11,423 - 25,929 Cost of sales (7,846) (7,251) - (15,097) Gross profit 6,660 4,172 - 10,832 Other expenses (4,081) (3,018) (1,298) (8,397) Operating profit 2,579 1,154 (1,298) 2,435
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Segmental assets 26,526 18,297 17,789 62,612 Segmental liabilities (25,374) (22,770) 7,513 (40,631) For the year ended 31 December 2025 Embedded engineering B2B manufacturing Other Total £'000 £'000 £'000 £'000 Revenue 37,181 22,203 - 59,384 Cost of sales (22,493) (13,895) 71 (36,317) Gross profit 14,688 8,308 71 23,067 Other expenses (8,523) (6,292) (3,196) (18,011) Operating profit 6,165 2,016 (3,125) 5,056 Segmental assets 29,702 17,356 20,751 67,809 Segmental liabilities (27,391) (22,588) 5,843 (44,136) Other relates to the Group’s head office costs. Other assets and liabilities include borrowings, intangible assets and goodwill arising on acquisitions, deferred tax and parent company assets. 7. Finance expense Six months ended 30 June 2026 Six months ended 30 June 2025 Year ended 31 December 2025 £'000 £'000 £'000 Bank charges and interest 11 7 28 Interest on bank loans 633 651 1,342 Interest on related party loans - - 23 Lease interest 253 191 418 897 849 1,811 8. Alternative performance measures The Group presents alternative performance measures for both continuing operations and total operations. Total operations includes both continuing and discontinued operations. The measure relating to continuing operations provides management and users of the financial statements with a view of the performance of the Group's ongoing businesses and current operating platform. It enables period-on-period comparisons of the activities that will continue to contribute to the Group's future financial results and supports an assessment of the underlying performance of the existing business. The measure relating to total operations, which includes both continuing and discontinued operations, provides a view of the performance of the Group as it existed during the relevant reporting period. This measure reflects the financial contribution of all businesses that formed part of the Group during the period and assists users in understanding the overall results generated by the Group's operations before the impact of portfolio changes and disposals. The Group’s adjusted EBITDA from total operations (continuing and discontinued operations) and is calculated after the following add backs:
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Six months ended 30 June 2026 Six months ended 30 June 2025 Year ended 31 December 2025 £'000 £'000 £'000 Operating profit 3,489 3,014 6,092 add back: Depreciation and amortisation 1,355 1,090 2,320 Exceptional items 425 173 378 Other non-trading expenses (included within administrative expenses) 240 63 360 Gain on bargain purchase (846) - - Adjusted EBITDA 4,663 4,340 9,150 The Group’s adjusted EBITDA from continuing operations is calculated after the following add backs: Six months ended 30 June 2026 Six months ended 30 June 2025 Year ended 31 December 2025 £'000 £'000 £'000 Operating profit 2,876 2,435 5,057 add back: Depreciation and amortisation 1,200 958 2,046 Exceptional items 236 173 359 Other non-trading expenses (included within administrative expenses) 241 64 316 Gain on bargain purchase (846) - - Adjusted EBITDA 3,707 3,630 7,778 9. Corporation Tax Six months ended 30 June 2026 Six months ended 30 June 2025 £'000 £'000 Profit before corporation tax 1,980 1,596 Estimated effective tax rate 28.0% 28.3% Total tax expense 555 451 Corporation tax expense is recognised based on management’s best estimate of the weighted average annual income tax rate adjusted for items subject to differing tax treatment, including depreciation, amortisation and lease-related adjustments. The estimated average annual tax rate used for the 6 months ended 30 June 2026 is 28.0%. The weighted average annual effective tax rate for the 6 months ended 30 June 2025 was 28.3%. 10. Intangible assets Goodwill Customer relationships Computer software Total Cost £'000 £'000 £'000 £'000 As at 31 December 2025 16,998 7,465 334 24,797
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Additions - - 47 47 Disposal of subsidiary (1,037) (459) (270) (1,766) As at 30 June 2026 15,961 7,006 111 23,078 Amortisation As at 31 December 2025 - (1,210) (106) (1,316) Charge for the period - (187) (37) (224) Disposal of subsidiary - 112 95 207 As at 30 June 2026 - (1,285) (48) (1,333) Net book value As at 30 June 2026 15,961 5,721 63 21,745 Goodwill Customer relationships Computer software Total Cost £'000 £'000 £'000 £'000 As at 31 December 2024 10,545 7,465 204 18,214 Additions 6,453 - 130 6,583 Disposals - - - - As at 31 December 2025 16,998 7,465 334 24,797 Amortisation As at 31 December 2024 - (837) (48) (885) Charge for the year - (373) (58) (431) As at 31 December 2025 - (1,210) (106) (1,316) Net book value At 31 December 2025 16,998 6,255 228 23,481 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 2025 3,577 4,892 254 1,846 10,569 Additions 29 317 32 137 515 Disposal of subsidiary (703) (567) - (345) (1,615) Acquisition of subsidiary - 5 - - 5 As at 30 June 2026 2,903 4,647 286 1,638 9,474 Depreciation As at 31 December 2025 (641) (2,811) (2) (1,045) (4,499) Charge for the year (35) (214) (13) (101) (363) Disposal of subsidiary 92 223 - 186 501 As at 30 June 2026 (584) (2,802) (15) (960) (4,361) Net book value At 30 June 2026 2,319 1,845 271 678 5,113
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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 13 1,659 72 225 1,969 Acquisitions - 78 123 119 320 Disposals - (332) (123) (222) (677) Reclassification - (2,523) (466) - (2,989) As at 31 December 2025 3,577 4,892 254 1,846 10,569 Depreciation As at 31 December 2024 (573) (2,923) (283) (1,028) (4,807) Charge for the year (68) (404) (84) (226) (782) Disposals - 327 100 209 636 Reclassification - 189 265 - 454 As at 31 December 2025 (641) (2,811) (2) (1,045) (4,499) Net book value At 31 December 2025 2,936 2,081 252 801 6,070 12. Right-of-use assets Property Motor Vehicles Plant and machinery Total £'000 £'000 £'000 £'000 Cost As at 31 December 2025 6,993 962 2,832 10,787 Additions - 1,108 - 1,108 Disposal of subsidiary (695) (177) - (872) As at 30 June 2026 6,298 1,893 2,832 11,023 Depreciation As at 31 December 2025 (2,277) (438) (617) (3,332) Disposal of subsidiary 566 86 - 652 Charge for the period (442) (183) (142) (768) As at 30 June 2026 (2,153) (535) (759) (3,448) Net book value As at 30 June 2026 4,145 1,358 2,073 7,575 Property Motor Vehicles IT equipment Total £'000 £'000 £'000 £'000 Cost As at 31 December 2024 5,548 152 344 6,044 Additions 660 269 - 929 Additions on acquisition 785 75 4 864 Disposals - - (39) (39) Reclassification (note 11) - 466 2,523 2,989
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As at 31 December 2025 6,993 962 2,832 10,787 Depreciation As at 31 December 2024 (1,528) (17) (264) (1,809) Disposals - - 39 39 Charge for the year (749) (156) (203) (1,108) Reclassification (note 11) - (265) (189) (454) (2,277) (438) (617) (3,332) Net book value At 31 December 2025 4,716 524 2,215 7,455 13. Trade and other receivables Trade and other receivables consist of the following: Six months ended 30 June 2026 Year ended 31 December 2025 £'000 £'000 Trade receivables 11,589 11,949 Prepayments 1,757 1,269 Other receivables 2,798 2,148 16,144 15,366 14. Trade and other payables Trade and other payables consist of the following: Six months ended 30 June 2026 Year ended 31 December 2025 £'000 £'000 Current Trade payables 5,583 5,653 Accruals 994 1,982 Deferred income 1,172 1,481 Other taxes and social securities 1,750 2,913 Contingent consideration 2,413 3,042 Government grants - 26 Other payables 881 541 12,793 15,638 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 2026 Year ended 31 December 2025 £'000 £'000 Deferred service income 160 214 Contract liability 985 1,208 Arrangement fee income 27 59 1,172 1,481
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Non-current Six months ended 30 June 2026 Year ended 31 December 2025 Contingent consideration 1,054 1,567 1,054 1,567 15. Borrowings Borrowings include the following financial liabilities: Six months ended 30 June 2026 Year ended 31 December 2025 £'000 £'000 Current Loans and borrowings 2,451 2,170 Invoice discounting 2,990 2,694 5,441 4,864 Non-current Loans and borrowings 7,814 8,656 Invoice discounting - 1,726 7,814 10,382 The fair value of the Group’s borrowings as presented above approximate their carrying value. Loans and borrowings Invoice Discounting Lease liabilities Total £'000 £'000 £'000 £'000 Balance at 1 January 2026 10,826 4,420 7,301 22,547 Changes from financing cash flows Repayment (934) (304) (865) (2,103) Proceeds 1,897 424 - 2,321 Disposal of subsidiary (1,523) (1,550) (240) (3,313) Interest paid (509) (124) (251) (884) Non-cash Non‐cash changes in lease liabilities - - 850 850 Interest expense 509 124 253 886 Balance at 30 June 2026 10,266 2,990 7,048 20,304 Balance at 1 January 2025 9,150 5,053 6,089 20,292 Changes from financing cash flows Repayment (798) (908) (629) (2,335) Proceeds 2474 275 - 2,749 Interest paid (999) (597) (437) (2,033) Non-cash Non‐cash changes in lease liabilities - - 1,841 1,841 Interest expense 999 596 437 2,033 Balance at 31 December 2025 10,826 4,420 7,301 22,547 16. Provisions
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Deferred taxation Other provisions Total £'000 £'000 £'000 As at 31 December 2025 2,332 - 2,332 Additional in the period - 13 13 Utilised in the period (283) - (283) Acquisitions - 600 600 At 30 June 2026 2,049 613 2,662 As at 31 December 2024 1,929 75 2,004 Additional in the year 403 - 403 Utilised in the year - (75) (75) At 31 December 2025 2,332 - 2,332 17. Business combination - Acquisition of National Compliance Overview On 27 March 2026 the Group announced that GridCore Electrical Services Limited ("GridCore"), a newly formed wholly-owned subsidiary of Amcomri Group plc, had entered into a Business Purchase Agreement to acquire the business and assets of the National Compliance and Testing division ("NC&T") of the Infrastructure Solutions business of Enerveo Limited, a subsidiary of SSE plc. The acquisition completed on 31 May 2026, following satisfaction of customary conditions, including novation of customer contracts and completion of the TUPE transfer of employees, and has been accounted for as a business combination under IFRS 3 Business Combinations, with GridCore identified as the acquirer. NC&T provides specialist electrical testing and compliance services on a UK-wide basis to an established, long-standing customer base, with a significant recurring-revenue element. Consideration transferred £'000 Sellers cash contribution (1,469) Deferred consideration 105 Total consideration (1,364) The seller provided a cash contribution of £1,469,000 to the buyer on the completion date, plus deferred cash consideration of £105,000 payable to the seller within 3 months of the acquisition. Recognised amounts of identifiable assets acquired and liabilities assumed Provisional fair value £'000 Property, plant and equipment 5 Contract assets 227 Contract liabilities (116) Accruals (34) Provisions (600) Total identifiable net liabilities acquired (518) Gain on bargain purchase £'000
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Total consideration transferred (1,364) Less: fair value of identifiable net liabilities acquired 518 Gain on bargain purchase (846) On the basis of the net consideration of £1,364,000 against provisionally estimated net liabilities acquired of approximately £518,000, the transaction is expected to give rise to a gain on bargain purchase, recognised immediately in profit or loss in accordance with IFRS 3.34–36, rather than goodwill. The Group recognised a provision for onerous contract liabilities acquired as part of the business combination at their acquisition-date fair value, determined using the present value of the expected future cash outflows required to settle the obligations. The liabilities will be subsequently unwound over the remaining term of the underlying contracts. 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 £1,000 (2025: £3,000). 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. 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 2026 Year ended 31 December 2025 Trade receivables 11,589 11,949 Cash and cash equivalents 13,827 8,578 25,416 20,527 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.
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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 £25,528/ (£25,528) respectively (December 2025: £12,043/ (£12,043)). 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 2026 Year ended 31 December 2025 £'000 £'000 Assets measured at amortised cost Trade receivables 11,589 11,949 Other debtors 2,798 2,148 Cash and cash equivalents 13,827 8,578 28,214 22,675 Six months ended 30 June 2026 Year ended 31 December 2025 Liabilities measured at amortised cost £'000 £'000 Trade payables 5,583 5,653 Accruals and other payables 5,342 7,132 Leasehold liabilities 7,048 7,301 Other provisions 613 - 18,586 20,086 19. Earnings per share Both the basic and diluted earnings per share have been calculated using the profit attributable to shareholders of the parent company Amcomri Group plc as the numerator. The reconciliation of the weighted average number of shares for the purposes of diluted earnings per share to the weighted average number of ordinary shares used in the calculation of basic earnings per share is as follows: Six months ended 30 June 2026 (unaudited) Six months ended 30 June 2025 (unaudited) Year ended 31 December 2025 (audited) Weighted average number of shares used in basic EPS 71,979 71,839 71,696 Weighted average number of dilutive shares 1,964 1,070 1,366 Weighted average number of shares used in diluted EPS 73,943 72,909 73,062 20. Related party transactions As at 30 June 2026 the Group owed £0.7m to Fawley Industrial Limited, whose majority shareholder is also a shareholder of the group. (December 2025: £0.7m).
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During the period the Group was provided services by Forty Services Limited, whose majority shareholder is also a shareholder of the Group. Services included company secretarial services and other recharges. A total of £42,000 was expensed during the period (June 2025: £34,384). Of the balance above £18,000 was included within trade payables (June 2025: £12,184). During the period, our subsidiary paid £160,000 to minority shareholders. 21. Discontinued operation - Disposal of subsidiary On 30 June 2026, the Group completed the disposal of its entire shareholding in Premier Limpet Limited ("Premier Limpet") to Dalpo Group UK Limited, a wholly owned subsidiary of Dalpo Poznań sp. z o.o. Premier Limpet represented a separate major line of business within the Group and accordingly meets the definition of a discontinued operation under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Consequently, the post-tax results of Premier Limpet have been presented as a single amount within discontinued operations in the condensed consolidated statement of profit or loss, with comparative information restated where required by IFRS 5. The Group received minimum cash proceeds of £6,931,000, which is based an enterprise value of £10,100,000 less estimated tax liabilities and borrowings as at the date of acquisition. The contingent consideration has been recognised at its fair value at the date of disposal and will subsequently be measured in accordance with the applicable IFRS requirements. The post-tax results of the discontinued operation included in the condensed consolidated financial statements are as follows: Six months ended 30 June 2026 Six months ended 30 June 2025 £'000 £'000 Revenue 6,218 5,856 Operating expenses (5,606) 0 Operating profit 612 5,856 Finance expense (162) 0 Profit before taxation 450 5,856 Taxation (108) (85) Profit after taxation from discontinued operation 342 5,770 Gain on disposal from discontinued operation (net of tax) 5,547 – Profit from discontinued operation 5,889 5,770 The gain on disposal is calculated as follows: £'000 Cash consideration received 6,931 Less: cash and cash equivalents disposed (24) Net cash inflow 6,907 The major classes of assets and liabilities disposed of were: £'000 Goodwill 1,037 Other intangible assets 523 Property, plant and equipment 1,114 Right-of-use assets 218 Inventories 1,395 Trade and other receivables 2,934 Cash and cash equivalents 24 Trade and other payables (1,895) Borrowings (3,072) Lease liabilities (240)
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Deferred tax liabilities (262) Net assets disposed 1,776 The net cash inflow arising on disposal was: Cash flows attributable to the discontinued operation for the period were as follows: Six months ended 30 June 2026 £'000 Net cash generated from operating activities 234 Net cash used in investing activities (48) Net cash inflow from financing activities (209) Net increase in cash and cash equivalents (23) 22. Events after the reporting period On 8th July, the Group completed the acquisition of North West Transport Supplies Limited ("NTS") on a cash-free/debt-free basis. NTS is a specialist provider of repair and overhaul services for electro- mechanical units, HVAC and pneumatic control equipment used in the UK rail industry. The initial cash consideration of £3.0m was paid on completion of the Acquisition, with a subsequent adjustment of £1.4m deferred based on working capital and business performance. As the acquisition was completed after the reporting date, it has not been reflected in the Group's condensed interim financial statements for the six months ended 30 June 2026. The acquisition will be accounted for in accordance with IFRS 3 Business Combinations in the Group's financial statements for the year ending 31 December 2026. At the date of approval of these interim financial statements, the initial accounting for the business combination, including the determination of the fair values of the identifiable assets acquired and liabilities assumed and the resulting goodwill, had not yet been completed.
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