Interim report
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15 September 2026 ("Bow Street Group", the "Group" or the “Company”) Unaudited interim results for the 26 weeks ended 28 June 2026 Improved trading reflecting management actions resulting in +5.6% like-for-like sales growth Bow Street Group (AIM: BOW), the owner and operator of “Wildwood” and “dim t” restaurants, announces its interim results for the 26-week period ended 28 June 2026 (“H1 2026” or the “Period”). Financial highlights: Like-for-like revenue, which excludes the impact of restaurant closures and refurbishment days, increased by 5.6%, reflecting management actions to improve the performance of the estate Reported revenue of £14.4m (H1 20251: £15.1m), a decrease of 4.6%, primarily driven by areduction of the Group’s estate with 29 restaurants trading at the end of the Period (29 June 2025: 32 restaurants) Adjusted EBITDA2 of £0.5m (H1 2025: £1.2m) Operating loss before highlighted items for the Period of £0.7m (H1 2025: loss £0.2m) Loss after tax of £0.2m (H1 2025: loss of £7.5m) Net cash balance at 28 June 2026 (excluding property lease liabilities) of £7.9m (29 June 2025: £2.4m) Operational highlights: Strong improvement in like-for-like performances delivered at restaurants where targeted capital investment has been deployed, with previously underperforming locations returning to like-for-like growth following refurbishments New Wildwood menu introduced in May 2026 has received positive customer feedback Investment in technology continues across the Group in-line with its growth strategy Current trading and outlook: Trading has continued to improve since the start of the second half of the financial year, with like-for-like sales increasing by over 8.5% during the first 8 weeks of the summer months of July and August 2026 The Group continues to manage its estate and, since the Period End, has closed 1 further Wildwood restaurant that was loss making, further reducing fixed costs within the business The Group’s current estate comprises 25 Wildwood and 3 dim t restaurants Current net cash (excluding property lease liabilities) of £7.5m, as at 13 September 2026 While macroeconomic pressures remain, the Group’s improving trading performance, cash resources and ongoing investment in the existing estate, position it well to deliver further progress as it heads towards the Christmas trading period The Group has continued to progress M&A discussions and remains in active discussions with several exciting and scalable restaurant targets 1 The comparative period is 26 weeks ended 29 June 2025 (“H1 2025”)2 Adjusted for depreciation, amortisation and highlighted items (full definition can be found in note 3 to the unauditedinterim financial information)
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David Page, Executive Chairman of Bow Street Group, commented: “We are pleased that 12 months on from the fresh investment across the business, a new identity and strengthened management we are seeing clear benefits of our initiatives to refresh and improve the performance of our restaurants. The actions include investing in technology, refurbishing restaurants, smartening bar areas and terraces, improving street signage, refreshing and enhancing menus and most importantly, building morale across our fantastic teams. The result has been encouraging 5.6% like-for-like revenue growth in H1, which improved to 8.5% over the summer months as many of our restaurants delivered record turnover figures.” “We continue to assess the market for attractive acquisition opportunities, and we remain in active discussions with several scalable restaurant businesses.” “Whilst our sector is being presented with many challenges, the actions we are taking will continue to ensure that Wildwood and dim t are well positioned to continue to grow their sales.” For further information, contact: Bow Street Group plc Tel: 020 7637 1166David Page – Executive ChairmanJonny Plant - Chief Executive OfficerNick Wong - Chief Financial Officer Cavendish Capital Markets Limited(Nominated Adviser and Joint Broker) Tel: 020 7220 0500 Matt Goode / George Lawson / Trisyia Jamaludin –Corporate FinanceDale Bellis / Ella Bedford – Sales and CorporateBroking Allenby Capital Limited(Joint Broker) Tel: 020 3328 5656 Nick Naylor / James Reeve – Corporate FinanceJos Pinnington – Sales and Corporate Broking Hudson Sandler(Financial PR) Tel: 020 7796 4133bowstreetgroup@hudsonsandler.comAlex Brennan / Harry Griffiths / Jackson Redley About Bow Street Group plc Bow Street Group plc (AIM: BOW) currently operates the Wildwood and dim t restaurants. Wildwood serves pizza, pasta and grills at 25 locations across England and Wales. The restaurants offer a wide menu choice and a friendly table service for all occasions. dim t is a premium restaurant brand providing an Asian-inspired menu in three restaurants, all locatedin affluent areas. The business offers a differentiated experience for its customers by serving beautiful and delicious food paired with Asian tea and cocktails. Many of its dishes are a contemporary twist on iconic dishes. September 2025 marked a new chapter for the Group with a successful re-financing and the appointment of David Page as Executive Chairman and Nick Wong as Chief Financial Officer. At that time, the Company embarked on a new strategy to deliver long-term value creation focused on: investing in and improving its existing restaurants; investing in technology and operations; and acquiring scalable restaurant brands that provide great food at value for money prices within environments that are casual, comfortable and fun for both our customers and staff. Chairman's statement
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IntroductionI am pleased to announce the Group’s unaudited interim results for the 26 weeks ended 28 June 2026(“H1 2026” or the “Period”). H1 2026 trading performance During the Period, the Group has continued to refurbish its restaurants; £0.9m was invested in refurbishment during the Period, requiring 84 closure days across the estate. Three restaurants were also closed in the Period, and as a result the Group traded from 29 restaurants at the end of H1 2026, compared with 32 at the end of H1 2025. As expected, in H1 2026, reported revenue decreased by 4.6% to £14.4m (H1 2025: £15.1m) primarilydue to the impact of the site closures. Once closures and refurbishment days are excluded, Grouprevenue has continued to increase on a comparative year like-for-like basis of 5.6%. A new Wildwood menu was introduced across all restaurants in the middle of May 2026. This has beenwell received by our customers. The business is also now offering a changing specials menu and awider choice of non-alcoholic beverages. The menu launch was accompanied by a menu price increasecovering the National Minimum Wage increase that took place a month earlier in April 2026. Food inflation remained significant during the Period and in April 2026 labour costs were alsoimpacted by the annual National Minimum Wage increase, coupled with changes in employee rightsand sick pay entitlement following the implementation of the Employment Rights Act. The Groupcontinues to manage the cost pressures through various revised menu offerings and a continued driveon labour efficiency. The Group’s Adjusted EBITDA* for the Period was £0.5m (H1 2025: £1.2m), down as a result of thedecreased revenue and site closures, while the Group incurred an operating loss before highlighteditems** of £0.7m (H1 2025: loss of £0.2m). Highlighted items in the Period was a credit of £1.0m (H12025: charge of £6.6m) reflecting £1.3m gain from the disposal of the closed restaurants in the Periodand £nil impairment losses (H1 2025: impairment loss of £7.0m). Therefore, the Group’s reports a lossafter tax of £0.2m (H1 2025: loss of £7.5m). Investment in the estate, technology and talentThe refurbishments of the Wildwood restaurants have continued. Nine restaurants have beenrefurbished by the end of Period, and this group of restaurants showed significant revenue growthfollowing their reopening. The four early refurbishments that the Group last reported on in April 2026:Billericay; Ely; Epping; and Lincoln, delivered 18.6% like-for-like revenue growth in the first eightweeks over the summer months of July and August 2026. In addition, the refurbishments of our Wantage and Telford restaurants have been completed since thehalf year end, and, as part of our plans to update the whole estate by spring 2027, a further 3 morerestaurants are due to complete their re-modelling and will re-open within the next few weeks. Since the beginning of the current financial year, the Group has been actively investing in itstechnology platform. A programme of infrastructure upgrades in each restaurant has commencedalongside restaurant refurbishments, providing staff and customers with better access to services. Weexpect to finish this programme by Christmas 2026. A new dashboarding system for its operations teamhas also commenced roll out while a new Epos system is due to go on trial in October 2026. As part of the strategy introduced last year, the Group has also been investing in its team through theintroduction of incentive plans, wider training, updated career paths and in July the recruitment of anexperienced Head of Human Resources. Current tradingSince the end of June 2026, restaurants and their customers have continued to be impacted by the ongoing political and economic uncertainty in the UK; a new prime minister was appointed in the summer, the costs of labour and supplies have continued to increase, and the impact of war in the Middle East continues. These, together with other factors, are impacting consumer confidence adversely. The Group has closed and is in the process of surrendering the lease on 1 more underperforming site since the end of June 2026 which leaves us with a current estate of 28 restaurants, comprising 25 Wildwood and 3 dim t locations. Group revenue for the first eight weeks of the second half of the financial year has continued to increase on a like-for-like basis of over 8.5%. The summer holiday season was busy for the Group and many restaurants achieved record turnover figures. Lincoln, Plymouth, Llandudno and Rushden Lakes all stood out and the teams at those restaurants have done particularly well.
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The World Cup, as it was mainly shown in the UK late in the evening, had a marginal negative effect on our trade. Table service restaurants do not typically perform well during sporting or other national televised events; however, this tournament was not typical due to its timings. We passed the VAT reduction for children onto our customers by creating special menus. This was popular with families and also teenagers as we created a Ragazzi menu for them. A recent third-party review indicated that the Wildwood dine-in revenue is now outperforming aselection of its peer group within the restaurant industry, a reflection of the new refurbishments beingundertaken. A new menu style for our three dim t restaurants was recently introduced post the half year end and therefurbishment of some dim t sites will commence in this second half. The Group’s net cash (before property lease liabilities) was £7.5m as at 13 September 2026. Outlook The Group will continue to monitor the changes in consumer behaviour this autumn, including the staycation footfall and emerging custom of shorter but more frequent holiday breaks. The Group has positive revenue growth and improving morale within the business. We are also beginning to benefit from the wide range of operational improvements and the site-by-site investment in the fabric of the business. Restaurants are being refurbished, bar areas and outside terraces are being smartened up, and street signage refreshed. These measures should ensure that Wildwood and dim t are well positioned and ready to face the many challenges being presented to our sector, including the impact of volatile energy markets. The Group continues its discussions with several acquisition opportunities and looks forward to enhancing the Group’s growth prospects with completion of one or more of these in due course. We remain confident that our restaurants will continue to grow sales due to our various ongoing initiatives. Enhanced till systems and subsequent better analysis of sales, capital being invested in the fabric of the restaurants and newly motivated staff who are enthused to be part of a business which is increasing sales once again all position the Group to continue growing revenue. David PageExecutive ChairmanBow Street Group plc 15 September 2026 * Definition of Adjusted EBITDA can be found in note 3 to the unaudited interim financial information. ** Definition of highlighted items can be found in note 4 to the unaudited interim financial information. Bow Street Group plc Consolidated statement of comprehensive incomefor the 26 weeks ended 28 June 2026 (unaudited) 26 weeks ended 26 weeks ended 52 weeks ended 28 June 29 June 28 December 2026 2025 restated 2025 Notes £'000 £'000 £'000
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Revenue 3 14,363 15,110 31,338 Cost of sales (10,250) (10,675) (22,044) Gross profit 4,113 4,435 9,294 Other income 43 107 165 Operating expenses (3,823) (11,391) (17,585) Operating loss beforehighlighted items (695) (232) (518) Highlighted items 4 1,028 (6,617) (7,608) Operating profit/(loss) 333 (6,849) (8,126) Finance income 123 34 121 Finance expense (627) (675) (1,330) Loss before tax (171) (7,490) (9,335) Income tax 5 - - - Loss and total comprehensiveincome for period (171) (7,490) (9,335) Loss per share attributable tothe ordinary equity holders ofthe Company Basic 6 (0.01)p (3.79)p (1.11)p Diluted 6 (0.01)p (3.79)p (1.11)p Bow Street Group plc Consolidated statement of changes in equityfor the 26 weeks ended 28 June 2026 (unaudited) Share Share Merger Retained Total Capital Premium Reserve Deficit Equity £'000 £'000 £'000 £'000 £'000 Balance as at 29 December 2024 6,112 24,953 992 (31,745) 312 Total comprehensive income for theperiod - - - (7,490) (7,490) Share based payments - - - (113) (113) Balance as at 29 June 2025 6,112 24,953 992 (39,348) (7,291) Issue of ordinary shares 2,069 8,248 - - 10,317 Cost of placing of ordinary shares- (574) - - (574) Total comprehensive income for theperiod - - - (1,845) (1,845) Share based payments - - - (12) (12) Balance as at 28 December 2025 8,181 32,627 992 (41,205) 595
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Total comprehensive income for theperiod - - - (171) (171) Share based payments - - - 87 87 Balance as at 28 June 2026 8,181 32,627 992 (41,289) 511 Bow Street Group plc Consolidated balance sheetAs at 28 June 2026 (unaudited) As at As at As at 28 June 29 June 28 December 2026 2025 2025 Notes £'000 £'000 £'000 Non-current assets Intangible assets 32 27 27 Property, plant and equipment 7 7,486 8,026 7,173 Right-of-use assets 7 13,528 14,918 14,196 Other non-current assets 15 15 15 Total non-current assets 21,061 22,986 21,411 Current assets Inventories 1,128 1,248 1,206 Trade and other receivables 1,790 2,174 1,143 Cash and cash equivalents 7,895 2,431 11,055 Total current assets 10,813 5,853 13,404 Assets held for sale - - 12 Total assets 31,874 28,839 34,827 Current liabilities Trade and other payables (6,201) (7,878) (6,968)Lease liabilities 8 (1,826) (1,503) (1,626) Total current liabilities (8,027) (9,381) (8,594) Non-current liabilities Provisions (262) (342) (292)Lease liabilities 8 (23,059) (26,400) (25,331)Other payables (15) (7) (15) Total non-current liabilities (23,336) (26,749) (25,638) Total liabilities (31,363) (36,130) (34,232) Total net assets/(liabilities) 511 (7,291) 595 Equity Share capital 8,181 6,112 8,181 Share premium 32,627 24,953 32,627 Merger reserve 992 992 992 Retained deficit (41,289) (39,348) (41,205) Total equity 511 (7,291) 595
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Bow Street Group plc Consolidated cash flow statement for the 26 weeks ended 28 June 2026 (unaudited) 26 weeks ended 26 weeks ended 52 weeks ended 28 June 29 June 28 December 2026 2025 2025 Notes £'000 £'000 £'000 Operating activities Net cash (outflow)/inflow from operatingactivities 9 (1,027) 709 1,527 Investing activities Proceeds from sale of property, plant andequipment 226 123 119 Purchase of intangible assets (7) - (2)Purchase of property, plant and equipment (879) (57) (334) Interest received 123 34 121 Net cash (outflow)/inflow from investingactivities (537) 100 (96) Net cash (outflow)/inflow beforefinancing activities (1,564) 809 1,431 Financing activities Net proceeds from issues of ordinaryshares - - 9,743 Finance expense (IFRS16) (627) (675) (1,330)Principal paid on lease liabilities (969) (1,004) (2,090) Net cash used in financing activities (1,596) (1,679) 6,323 Net (decrease)/increase in cash and cashequivalents (3,160) (870) 7,754 Cash and cash equivalents brought forward 11,055 3,301 3,301 Cash and cash equivalents at end of the period7,895 2,431 11,055
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Bow Street Group plc Notes to the unaudited interim financial informationfor the 26 weeks ended 28 June 2026 (unaudited) 1 General information Bow Street Group plc is a public limited company incorporated in the United Kingdom under the Companies Act (registration number 05826464). The Company is domiciled in the United Kingdom and its registered address is 32 Charlotte Street, London, W1T 2NQ. The Company’s ordinary shares are traded on AIM, a market operated by the London Stock Exchange (“AIM”). Copies of this Interim Statement may be obtained from the above address or on the investor relations section of the Company’s website at www.bowstreetgroup.com. 2 Basis of accounting The unaudited interim financial information for the 26 weeks ended 28 June 2026 has been prepared under accounting policies consistent with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations as endorsed by the United Kingdom. The same accounting policies, presentation and methods of computation have been followed in the preparation of these results as were applied in the Company’s latest annual audited financial statements. The financial information for the 26 weeks ended 28 June 2026 and 29 June 2025 have not been subject to an audit nor a review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Financial Reporting Council. The financial information for the period ended 28 December 2025 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for the year ended 28 December 2025 have been filed with the Registrar of Companies. The Independent Auditors’ Report on the Annual Report and Financial Statements for the year ended 28 December 2025 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006. The Group has changed its allocation of expenses between Cost of Sales and Operating Expenses for the year ended 28 December 2025. This has necessitated a corresponding restatement of 26 weeks period ended 29 June 2025 comparatives in the Consolidated Statement of Comprehensive Income, with no net impact on reported profit for the prior year. The unaudited interim financial information is presented in Pounds Sterling, being the currency of the primary economic environment in which the Group operates, and all values are rounded to the nearest thousand pounds (£’000) except when otherwise indicated. Changes in accounting policies and disclosures There were no changes in accounting policies and disclosures during the period. Use of judgements and estimates In preparing this unaudited interim financial information, management has made judgements and estimates that affect the application of accounting policies and measurement of assets and liabilities, income and expense provisions. Actual results may differ from these estimates. Going concern The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. In reaching this conclusion the Directors have considered the risks affecting the Group as detailed in the Annual Report and Financial Statements for the year ended 28 December 2025, the financial position of the Group including the significant cash balance held, forecasts, other longer-term plans and the availability of further equity funding and putting in place a moderate level of long term bank facilities. The Group monitors cash balances and the impact of inflation closely to ensure there is sufficient liquidity. Accordingly, the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis. 3 Revenue, other income and segmental analysis The Group’s activities, comprehensive income, assets and liabilities are wholly attributable to one operating segment (operating restaurants) and arise solely in the one geographical segment (United Kingdom) that the Group is located and operates in. All the Group’s revenue is recognised at a point in time being when control of the goods has transferred to the customer. An analysis of the Group’s total revenue is as follows:
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26 weeks ended 26 weeks ended 52 weeks ended 28 June 29 June 28 December 2026 2025 2025 £'000 £'000 £'000 Sale of goods and services: dine-in 12,964 13,481 28,089 Sale of goods and services: delivery andtakeaway 1,399 1,629 3,249 14,363 15,110 31,338 An analysis of the Group’s other income is as follows: 26 weeks ended 26 weeks ended 52 weeks ended 28 June 29 June 28 December 2026 2025 2025 £'000 £'000 £'000 Rental income 13 14 54 Other 30 93 111 43 107 165 Adjusted EBITDA and Adjusted Headline EBITDA are key measures for the Group as well as industry analysts as they are indicative of ongoing EBITDA generation of the businesses. Adjusted EBITDA is defined as EBITDA before share based payments and pre-opening costs, where EBITDA is defined as operating profit before depreciation and amortisation, amortisation of brand, impairment of property,plant and equipment, impairment of goodwill and intangible assets, impairment and changes in fair value of investments, COVID19 related costs, restructuring costs, costs of reverse acquisition, cost of acquisition and loss on disposal of property, plant and equipment. Adjusted Headline EBITDA is defined as Adjusted EBITDA less rent expense calculated on an accrual basis which excludes the effect of IFRS16. 26 weeks ended 26 weeks ended 52 weeks ended 28 June 29 June 28 December 2026 2025 restated 2025 £'000 £'000 £'000 Operating loss before highlighted items (695) (232) (518) Depreciation of PP&E and amortisation 539 485 951 Depreciation of right-of-use assets 657 930 1,634 Adjusted EBITDA 501 1,183 2,067 Adjustment for rent expenses (1,740) (1,709) (3,455) Adjusted Headline EBITDA (pre IFRS16) (1,239) (526) (1,388) 4 Highlighted items – charged to operating expenses 26 weeks ended 26 weeks ended 52 weeks ended 28 June 29 June 28 December 2026 2025 restated 2025 £'000 £'000 £'000 Profit/(loss) on disposal of property, plant andequipment 222 (21) (424) Restructure and consultancy (122) 368 133
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Impairment of right-of-use assets - (4,865) (4,969) Impairment charge of property, plant andequipment - (2,178) (2,395) Share based payments (87) 113 125 Pre-opening costs (77) (34) (39) Gain/(loss) on lease modifications/disposal1,092 - (39) Total highlighted items 1,028 (6,617) (7,608) The above items have been highlighted to give more detail on items that are included in the consolidated statement of comprehensive income and which when adjusted shows a profit or loss that reflects the ongoing trade of the business. 5 Income tax The income tax charge has been calculated by reference to the estimated effective corporation tax anddeferred tax rates of 25% (2025: 25%). Tax charge £nil (2025: £nil). The tax charge for the period is lower than the standard rate of (2025:lower than) corporation tax in the UK due to movement in deferred tax not recognised. 6 Earnings per share 26 weeks ended 26 weeks ended 52 weeks ended 28 June 2026 29 June 2025 28 December 2025 £‘000 £‘000 £‘000 Loss for the purposes of basic and dilutedearnings per share (171) (7,490) (9,335) 28 June 2026 29 June 2025 28 December 2025 Number ‘000 Number ‘000 Number ‘000 Weighted average number of shares for thecalculation of basic earnings per share 2,261,272 197,685 843,973 Effect of dilutive potential ordinary shares: -Ordinary B shares - - - -Share Options - - - Weighted average number of shares for thecalculation of diluted earnings per share 2,261,272 197,685 843,973 26 weeks ended 26 weeks ended 52 weeks ended 28 June 29 June 28 December 2026 2025 2025 Pence Pence Pence Basic loss per ordinary share (0.01)p (3.79)p (1.11)p Diluted loss per ordinary share (0.01)p (3.79)p (1.11)p The basic and diluted loss per share figures are calculated by dividing the net loss for the period attributable to shareholders by the weighted average number of ordinary shares in issue during the period. The diluted earnings per share figure allows for the dilutive effect of the conversion into ordinary shares of the weighted average number of options outstanding during the period. Options are only taken into account when their effect is to reduce basic earnings per share.
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7 Property, plant and equipment and right-of-useassets Leasehold improvements Furniture fixtures and computer equipment Total property, plant and equipment Right of Use assets Total £'000 £'000 £'000 £'000 £'000 Cost As at 29 December2024 25,439 8,411 33,850 38,630 72,480 Additions 67 267 334 - 334 Lease modification - - - 90 90 Disposals (2,674) (1,000) (3,674) (2,707) (6,381)Reclassified as held forsale (919) (396) (1,315) (1,761) (3,076) As at 28 December2025 21,913 7,282 29,195 34,252 63,447 Additions 371 508 879 - 879 Disposals (1,464) (657) (2,121) (1,329) (3,450) As at 28 June 2026 20,820 7,133 27,953 32,923 60,876 Accumulateddepreciation At 29 December 2024 16,264 6,943 23,207 17,915 41,122 Provided for the period 578 370 948 1,634 2,582 Impairments 2,208 187 2,395 4,969 7,364 Disposals (2,289) (930) (3,219) (2,707) (5,926)Reclassified as held forsale (919) (390) (1,309) (1,755) (3,064) As at 28 December2025 15,842 6,180 22,022 20,056 42,078 Provided for the period 372 165 537 657 1,194 Disposals (1,464) (628) (2,092) (1,318) (3,410) As at 28 June 2026 14,750 5,717 20,467 19,395 39,862 Net book value As at 28 June 2026 6,070 1,416 7,486 13,528 21,014 As at 28 December2025 6,071 1,102 7,173 14,196 21,369 During the 26 weeks ended 28 June 2026, the Group recognised an impairment charge of £nil (2025: £7.4m) made up of impairment of right-of-use assets of £nil (2025: £5.0m) and impairment of property, plant and equipment of £nil (2025: £2.4m). The impairment movement last year was due to the reassessment by each individual cash generating unit following a change in performance and/or change in assets. The impairment calculation is sensitive to changes in the assumptions and estimates used in the underlying forecasts of future performance and cash flows. 8 Lease liabilities As at As at As at 28 June 29 June 28 December 2026 2025 2025 £'000 £'000 £'000 Current Lease liabilities 1,826 1,503 1,626
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Non-current Lease liabilities 23,059 26,400 25,331 Total 24,885 27,903 26,957 Due within one year 1,826 1,503 1,626 Due two to five years 8,684 11,279 8,790 Due over five years 14,375 15,121 16,541 Total 24,885 27,903 26,957 Lease liabilities are measured at the present value of the remaining lease payments, discounted using the Group’s incremental borrowing rate of 4.5% and the Bank of England base rate at the time of any lease modification or a new lease. The average rate used for modification in 2026 was 4.95% (2025: 4.97%). The right-of-use assets all relate to property leases. The right-of-use assets as at 28 June 2026 were £13.5m (2025: £14.9m). During the period ended 28 June 2026 the Group made a provision for impairment of the right-of-use assets against a number of sites totalling £nil (2025: £4.8m). Included in profit and loss for the period is £0.7m (2025: £0.9m) depreciation of right-of-use assets and £0.6m (2025: £0.7m) financial expenses on lease liabilities. 9 Reconciliation of result before tax to net cashgenerated from operating activities 26 weeks ended 26 weeks ended 52 weeks ended 28 June 29 June 28 December 2026 2025 2025 £'000 £'000 £'000 Loss before tax (171) (7,490) (9,335) Finance income (123) (34) (121) Finance expense (IFRS 16) 627 675 1,330 Share based payment charge 87 (113) (125) Depreciation of right-of-use assets (IFRS 16)657 930 1,634 Depreciation of property, plant and equipment 537 483 948 Amortisation of intangible assets 2 2 3 Impairment charge of property, plant andequipment - 2,178 2,395 Impairment of right-of-use assets - 4,865 4,969 Loss from sale of property, plant andequipment (186) 21 455 Dilapidations provision utilisation (30) - (50) Disposal of lease liabilities (IFRS 16) (1,092) - 37 Other non-cash items - (15) 8 Decrease in inventories 79 44 87 (Increase)/decrease in trade and otherreceivables (647) 1,329 2,360 Decrease in trade and other payables (767) (2,166) (3,068) Net cash (outflow)/inflow from operatingactivities (1,027) 709 1,527 10 Changes in net debt from financing activity
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Cash and cash equivalents Short term borrowings Total before lease liabilities Lease liabilities due within 1 year Lease liabilities due after 1 year Total £'000 £'000 £'000 £'000 £'000 £'000 Net debt as at 29 December 2024 3,301 - 3,301 (1,407) (27,500) (25,606) Cashflow (870) - (870) 1,004 - 134 Addition/(decrease) to lease liability - - - (1,100) 1,100 - Net debt as at 29 June 2025 2,431 - 2,431 (1,503) (26,400) (25,472) Cashflow 8,624 - 8,624 1,086 - 9,710 Addition/(decrease) to lease liability - - - (1,209) 1,069 (140) Net debt as at 28 December 2025 11,055 - 11,055 (1,626) (25,331) (15,902) Cashflow (3,160) - (3,160) 968 - (2,192) Addition/(decrease) to lease liability - - - (1,168) 2,272 1,104 Net debt as at 28 June 2026 7,895 - 7,895 (1,826) (23,059) (16,990)
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