Interim report
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5 November 2026 Sosandar plc('Sosandar' or 'the Company') FY27 Half Year Results Continued revenue growth and stronger margins delivering improved profitability trajectory Trading in line with Full Year expectations Sosandar plc (AIM: SOS), the women's fashion brand, creating quality, trend-led products for womenof all ages, is pleased to announce its results for the six months ended 30 September 2026 (‘H1 FY27’or ‘the Period’). Financial Highlights: Revenue growth of 11% year-on-year to £20.8m (H1 FY26: £18.7m) Gross margin increased further to 65.1% (H1 FY26: 62.2%) Improvement in Adjusted loss before tax1 to £0.7m (H1 FY26: £1.1m loss), withprofitability traditionally weighted to H2 Cash balance of £7.1m (£8.4m as at 31 March 2026), reflecting expected working capital cycle in H1 and £0.9m returned to shareholders through share buybacks in the Period Operational and Strategic Highlights: Continued execution of multi-channel strategy, with own website, third-party partnerships and stores providing complementary routes to market and broadening customer reach H1 performance reflected a strong Spring and Summer season despite the challenging macroeconomic and consumer backdrop. The sales growth we reported for Q1 continued into Q2, with revenue for the first 5 months being 17% up year-on-year (+6% Own Channels, +32% third-parties). The month of September was impacted by prolonged summer weather which delayed sales of Autumn product across all of our sales channels Looking at H1 revenue by channel in more detail: Own website revenue was flat year-on-year (revenue for the Period excluding September, +5%) Store estate continues to mature, with revenue increasing 10% year-on-year excluding Bath, which was assigned during the Period, with the focus remaining on driving profitability across the existing estate Third-party revenue increased 24% year-on-year (revenue for the Period excluding September +32%). Whilst some of the growth can be attributed to M&S following their cyber-incident, other partners are also ahead year on year Post-Period Trading Highlights (October): As anticipated, as more Autumnal weather has been seen, trading has strengthened significantly through October and is in line with expectations Importantly, gross margin has remained strong at 68.0% (LY: 67.2%) Cash balance of £6.4m reflecting timing of inventory payments Trading is in line with FY27 full year market expectations Ali Hall and Julie Lavington, Co-CEOs commented: “The delivery in the Period is testament to the underlying strength of the Sosandar model and thestrategic decisions we have made over the last few years.. Revenue has grown, margins havestrengthened and we’re moving closer to the profitability this business is capable of. We entered the year with strong momentum, we are really pleased with our performance through theSpring / Summer season despite the challenging consumer backdrop. Whilst September was impacted
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by the prolonged Summer weather, trading has strengthened significantly through October as we sawmore Autumnal weather. At the heart of everything is creating clothes women love to wear, and that remains our focus. We’repositive about the opportunity ahead and confident in delivering our full‐year market expectations.” 1 Adjusted loss before tax excludes the effect of year specific transactions that are either one-off in nature and / or unreflective of theunderlying trading performance of the Company which includes impairment of non-financial assets and costs associated with store exits inFY27 and FY26. Presentations The Company is hosting a webinar for retail investors at 9.00am today. If you would like to attend,please register via https://engageinvestor.news/SOS_HY27. Enquiries Sosandar plc www.sosandar.com Julie Lavington / Ali Hall, Co-CEOs c/o Alma PR Steve Dilks, CFO Strand Hanson Limited (Nominated Adviser) +44 (0)20 7409 3494 Christopher Raggett / Imogen Ellis Zeus Capital Limited (Broker) +44 (0)161 831 1512 Jordan Warburton / Emma Burn / Simon Johnson Alma Strategic Communications +44 (0) 20 3405 0205 Sam Modlin / Rebecca Sanders-Hewett / Sarah Peters sosandar@almastrategic.com About Sosandar plc Sosandar is a women's fashion brand in the UK targeting style conscious women who have graduatedfrom lower quality, price-led alternatives. The Company offers this underserved audience fashion-forward, affordable, quality clothing to make them feel sexy, feminine, and chic. The business sellspredominantly own-label exclusive product designed and tested in-house. Sosandar's product range is diverse, providing its customers with an array of choice for all occasionsacross all women's fashion categories. The Company sells through Sosandar.com and its own storesand has a number of high value brand partnerships including with NEXT, M&S and John Lewis. Sosandar's success has been built on an exceptional product range, seamless customer experienceand impactful, lifestyle marketing, all of which is underpinned by combining innovation with dataanalysis. Our growth strategy is focused on continuing to grow brand awareness and expand ouraddressable market and routes to market, reaching customers wherever they wish to shop. This isachieved both through direct to consumer channels and through chosen third-party partners. Sosandar was founded in 2016 and listed on AIM in 2017. More information is availableat www.sosandar-ir.com CO-CEOS’ STATEMENT The first half of FY27 has demonstrated continued progress against our strategy and the increasingstrength of Sosandar's multi-channel model. We delivered further revenue growth alongside asignificant improvement in gross margin and a reduced loss, while continuing to invest in the long-term development of the brand. The business typically achieves profitability in H2 each year and weexpect this trend to continue and have every confidence of achieving market expectations for the fullyear. The progress made over the last two years to reposition Sosandar as a full-price, multi-channel retailercontinues to underpin the business. Our focus remains clear: delivering product that resonates withour customers, protecting the quality of our margins and growing the brand across complementaryroutes to market. As our channel mix continues to develop, we remain focused on building a larger,more profitable and cash-generative business over time. Continued growth alongside improving profitability Group revenue increased 11% year-on-year to £20.8m (H1 FY26: £18.7m), reflecting strong growthacross our third-party partners and continued progress from our store estate. Importantly, this growth was delivered alongside a substantial improvement in gross margin, whichincreased by 290 basis points to 65.1% (H1 FY26: 62.2%). The continued progress in margin reinforces
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the benefits of the deliberate strategic decisions we have taken around pricing, promotions and thequality of revenue. This combination of revenue growth and stronger gross margin translated into an improved profitability trajectory. Adjusted loss before tax reduced to £0.7m from £1.1m in the prior year. Weremain focused on sustained growth in profitability, and the first half performance demonstratescontinued progress towards that objective. Disciplined approach to cash and capital allocation We ended the Period with cash of £7.1m, compared with £8.4m at the end of March 2026. Themovement principally reflects the normal working capital cycle in the first half, together with £0.9mreturned to shareholders through share buybacks during the Period. We remain disciplined in our approach to capital allocation, balancing investment in the growth of theSosandar brand with maintaining a strong balance sheet and returning capital to shareholders whereappropriate. Multi-channel model continuing to strengthen Our strategy is centred on building the Sosandar brand with multiple complementary routes tomarket. The first half provided further evidence of the benefits of this approach. Our own websiteremains the cornerstone of the Sosandar brand and our flagship destination, giving customers accessto the broadest choice of our product range and brand. Alongside this, our partner network enablesus to reach new customers and generate incremental demand. This is consistent with our strategy ofcombining our direct-to-consumer platform with high-quality partner distribution. Our own website started the year strongly, with revenue up 7% in the first quarter, reflectingcontinued customer engagement with the brand and our product. As we moved to the end of thesecond quarter, the prolonged warm weather delayed the transition into Autumn and Winterpurchasing. This resulted in own-site revenue being flat year-on-year for the Period as a whole. Giventhe strong start to the year and the specific external factors that subsequently affected September, weremain confident in the underlying strength of the Sosandar proposition and the continued appeal ofour product. Revenue through our third-party partners increased 24% year-on-year, demonstrating the strength ofdemand for Sosandar across our broader customer base and the benefits of our multi-channel model.The performance also benefited from increased demand through our partners, highlighting thecomplementary nature of our channels and the reach provided by our partner network. Our stores continued to make progress during the Period, with revenue increasing 10% year-on-yearon a like-for-like basis excluding Bath, which we exited during the half. As we have consistently said,we view stores as an important part of our multi-channel model: providing a physical showcase for theSosandar brand, introducing the product to new customers and complementing our established onlineand partner channels. Our focus remains on further improving the profitability of the existing estate asindividual locations mature. This maintains the disciplined approach to store economics set out at thefull year. Well positioned for continued progress We are encouraged by the progress made during the first half. Revenue continues to grow, our grossmargin has strengthened materially and profitability has improved, while our performance acrossthird-party partners and stores demonstrates the value of having multiple complementary routes tomarket. The investments we have made in our team, infrastructure and brand mean the foundations are inplace to support a materially larger business. As we scale, we continue to believe this creates thepotential for meaningful operating leverage, with profit able to grow faster than revenue over time.This remains central to the long-term opportunity for Sosandar. We remain focused on the same priorities: delivering product that resonates with our customerdemographic, growing the core online and partner business at attractive margins, improving theprofitability of our store estate and maintaining disciplined capital allocation. The progress delivered in the first half, together with our confidence in the opportunities ahead,means we remain on track to deliver our market expectations for the full year and reinforces ourconfidence in Sosandar’s long-term growth opportunity. FINANCIAL REVIEW KPIs 6 months ended30 September2026 £'000 6 months ended30 September2025 £'000 Change Revenue 20,785 18,690 +11% Gross Profit 13,524 11,624 +16%
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Gross Margin 65.1% 62.2% +290bps Adjusted loss before tax1 (690) (1,090) +37% 1Adjusted loss before tax excludes the effect of year specific transactions that are either one-off in nature and / or unreflective of theunderlying trading performance of the Company which includes impairment of non-financial assets and costs associated with store exits inFY27 and FY26. Profitability The Adjusted pre-tax loss for H1 FY27 improved by £0.4m to £0.7m (H1 FY26: £1.1m loss) whichreflects the growth in revenue, substantial increase in gross margin and costs being well controlled. Profitability for the first half is in line with expectations which is particularly pleasing given thechallenging macro-environment. It is important to note that the second half of the financial year ishistorically stronger, with higher revenues delivering economies of scale and therefore profit. Revenue Revenue in H1 FY27 has increased by 11% to £20.8m (H1 FY26: £18.7m). Sales through the Spring andSummer season were strong with revenue for the first 5 months to the end of August being up 17%year-on-year. The prolonged Summer weather impacted the month of September, with purchases ofAutumn ranges being slower to increase compared with last year. In terms of H1 FY27 overall, theimpact of September is prevalent across all sales channels, with revenue through our own websitebeing up 5% to the end of August and flat overall for H1, and revenue through our third parties beingup 32% to the end of August and up 24% for H1. On our own website. we maintained our full pricestrategy throughout the period including in September where we chose not to offer price promotionaldeals to stimulate demand. As a result, Gross Margin was stronger. Gross Margin The Gross Margin in H1 FY27 increased substantially to 65.1% (H1 FY26: 62.2%). This increase,coupled with further increases across the previous 2 years resulted in the gross margin now being 10percentage points up compared with H1 FY24 (55.4%). Compared with last year the growth of 290bpsreflects the change in channel mix plus stronger intake margins. Intake margins have strengthenedfurther within the Period, reflecting improved cost prices coupled with the strength of Sterling againstthe Dollar. Similar rates have been secured for H2 FY27 which means we would expect to reportequally positive intake margins for the next 6 months. Operating Costs Total Operating Costs increased by £1.6m / 13% to £14.3m (H1 FY26: £12.7m). Commissions retained by our Concession partners represent the single largest reason for the overallincrease reflecting the increase in revenue generated through these partners. The increase incommission is £0.9m and is all volume related with the average percentage of revenue remaining thesame. Further investment in marketing has been made during the first half enabling us to grow the activecustomer database by 11,000 / 6% in the last twelve months. Payback remains strong, although notquite as strong as last year, in part reflecting the delayed start to the Autumn season in FY27. Other volume related costs remained stable and consistent as a percentage of relevant revenue whencompared with the previous year. This is pleasing as inflationary rises have been offset throughefficiencies, in particular with regards to our warehouse and logistics costs. Interest receivable nearly doubled to £0.1m which reflects a stronger cash balance through H1 FY27with a larger proportion being held in interest bearing accounts. Balance Sheet The balance sheet continues to be robust with net assets as at 30 September 2026 of £15.5mcompared with £17.0m at 30 September 2025. Cash at 30 September 2026 remains healthy at £7.1m, down from £8.4m as at 31st March 2026 inclusive of a further £0.9m being returned to shareholdersthrough the share buyback programme. We continue to have zero debt. The cash balance throughSeptember and October is the low point of the cash balance during the year, being reflective of thenatural working capital cycle. A large proportion of stock has been paid for or will be paid for up to themid-point of October, ahead of it being sold through the Autumn/Winter season. As anticipated, inventory has increased to £11.5m (H1 FY26: £10.5m) which reflects the plannedadditional investment in stock holding for the Autumn/Winter season. The inventory balance isslightly affected by the delayed start to Autumn sales, however, we view this as a timing changedemonstrated by strengthening sales through October.
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UNAUDITED CONSOLIDATED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2026 6 Months to 30 Sept 2026 6 Months to 30 Sept 2025 Year ended 31 March 2026 Notes £’000 £’000 £’000 Revenue 4 20,785 18,690 42,278 Cost of sales (7,261) (7,066) (15,232) Gross profit 13,524 11,624 27,046 Administrative expenses (14,274) (12,662) (26,618) Impairment - - (346) Reversal of impairment 115 - - Operating profit/(loss) (635) (1,038) 82 Finance income 110 60 161 Finance costs (79) (112) (212) Profit/(loss) before taxation (604) (1,090) 31 Income tax credit - - 324 Profit/(loss) for the period (604) (1,090) 355 Other comprehensive income - - - Total comprehensive profit/(loss) for the period (604) (1,090) 355 Earnings/(loss) per share: Earnings/(loss) per share – basic & diluted, attributable to ordinary equity holders of the parent (pence) (Restated)1 6 (0.26) (0.42) 0.14 Statutory profit/(loss) before tax (604) (1,090) 31 Adjusting items Impairment - - 346 Bath store exit (including impairment reversal) (86) - - Adjusted profit/(loss) before tax 2 (690) (1,090) 377 Receivables reduced marginally to £3.4m (H1 FY26: £3.6m), predominantly due to lower revenuethrough September. During the period, there was no change to payment terms with any of ourpartners. Current liabilities increased to £9.0m (H1 FY26: £8.3m) due to higher trade payables partially offset bylower lease liabilities. Trade payables increased to £8.6m (H1 FY26: £7.5m), with stock relatedcreditors increasing which is reflective of greater inventory being purchased for the Autumn/Winterseason and the payment terms applicable to those shipments. There has been no material change tothe average payment term with suppliers. Partially offsetting this is the reduction in current leaseliabilities following the assignment of Bath retail store lease which had the highest annual rent of allstores in our estate. Overall the cash balance remains strong with the stronger half of the year to come in terms of tradingand cash generation. As a result, we have continued to return funds to shareholders through the sharebuyback programme. During H1 FY27, £0.9m has been returned, resulting in a total of 32.7m sharesbeing held in treasury at 30 September 2026, which represents 13.2% of the total issued shares. Afurther 0.7m shares were bought back in October, with the total shares being held in treasury as oftoday being 33.4m. Reconciliation of adjusted profit/(loss) before tax 1The loss per share (pence) for the 6 months to 30 September 2025 was restated from (0.44) to (0.42).Refer to note 6 for further detail. 2 The Directors assess the underlying trading performance of the Group based on adjustedprofit/(loss) before tax which is a £0.7m loss for the 6 month Period to 30 September 2026. This
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UNAUDITED CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE 6 MONTH PERIOD ENDED 30 SEPTEMBER 2026 6 Months to 30 Sept 6 Months to 30 Sept Year ended 31 March measure reflects the underlying trading performance of the Group and excludes the effect oftransactions that are year specific including impairment of right of use and tangible assets relating toretail stores. Please see note 3 for detailed reconciliations of the alternative performance measures. UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2026 As at 30 Sept As at 30 Sept As at 31 March 2026 2025 2026 Notes £’000 £’000 £’000 Assets Non-current assets Intangible assets 858 815 853 Property, plant, equipment 991 1,573 1,267 Right of use asset 1,923 3,706 3,109 Deferred income tax asset 452 128 452 Total non-current assets 4,224 6,222 5,681 Current assets Inventories 11,466 10,518 9,977 Trade and other receivables 3,361 3,628 3,452 Cash and cash equivalents 7,055 7,747 8,397 Total current assets 21,882 21,893 21,826 Total assets 26,106 28,115 27,507 Equity and liabilities Equity Share capital 5 248 248 248 Share premium 5 - 52,619 - Capital reserves 4,648 4,648 4,648 Other reserves 2,276 1,887 2,191 Treasury shares 5 (2,659) - (1,788) Reverse acquisition reserve (19,596) (19,596) (19,596) Retained earnings 30,630 (22,830) 31,234 Total equity 15,547 16,976 16,937 Current liabilities Trade and other payables 8,581 7,518 7,241 Lease liability 413 826 643 Total current liabilities 8,994 8,344 7,884 Non-current liabilities Lease liability 1,565 2,795 2,686 Total non-current liabilities 1,565 2,795 2,686 Total liabilities 10,559 11,139 10,570 Total equity and liabilities 26,106 28,115 27,507
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2026 2025 2026 £’000 £’000 £’000 Cash flows from operating activities Profit/(loss) before tax (604) (1,090) 31 Adjustments for: Share based payments 85 134 438 Depreciation and amortisation 548 642 1,237 Impairment - - 346 Impairment reversal (115) - - Finance costs 79 112 212 Finance income (110) (60) (161) Loss on disposal of assets 21 - - Working capital adjustments: Change in inventories (1,489) 572 1,113 Change in trade and other receivables 91 (230) 383 Change in trade and other payables 1,399 770 164 Net cash flow from operating activities (95) 850 3,763 Cash flow from investing activities Purchase of property, plant and equipment (1) (8) (23) Purchase of intangibles (61) (121) (196) Bank interest paid - - (1) Net cash flow from investing activities (62) (129) (220) Cash flow from financing activities Lease payment (417) (308) (794) Payments for treasury shares (871) - (1,788) Finance income 103 50 152 Net cash flow from financing activities (1,185) (258) (2,430) Net change in cash and cash equivalents (1,342) 463 1,113 Cash and cash equivalents at beginning of period 8,397 7,284 7,284 Cash and cash equivalents at end of period 7,055 7,747 8,397 UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE 6 MONTH PERIOD ENDED 30 SEPTEMBER 2026 Share capital Share premium Treasury shares Reverse acquisition reserve Capital redemption reserve Retained earnings Other reserves Total £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Balance at 30 September 2025 248 52,619 - (19,596) 4,648 (22,830)1,887 16,976 Profit for the period - - - - - 1,445 - 1,445 Capital reduction1 - (52,619) - - - 52,619 - - Purchase of treasury shares2 - - (1,788) - - - - (1,788) Share-based payments - - - - - - 304 304
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Balance at 31 March 2026 248 - (1,788) (19,596) 4,648 31,234 2,191 16,937 Loss for the period - - - - - (604) - (604) Purchase of treasury shares - - (871) - - - - (871) Share-based payments - - - - - - 85 85 Balance at 30 September 2026 248 - (2,659) (19,596) 4,648 30,630 2,276 15,547 Share capital is the amount subscribed for shares at nominal value. Share premium represents the excess of the amount subscribed for share capital over the nominalvalue of those shares net of share issue expenses. Treasury shares represent shares held in treasury as a result of the share buyback programme. Reverse acquisition reserve relates to the effect on equity of the reverse acquisition of Thread 35Limited. Capital redemption reserve represents the aggregate nominal value of all the deferred sharesrepurchased and cancelled by the Company. The reserve is non-distributable. Retained earnings represent the cumulative profit / (loss) of the Group attributable to equityshareholders. Other reserves represents the share based payments reserve which relates to the charge for share-based payments in accordance with International Financial Reporting Standard 2. 1 A capital reduction was completed during the financial year ended 31 March 2026 following theCourt approval on 14 October 2025. 2 The Company started a share buy-back programme during the financial year ended 31 March 2026which has continued through the financial year ended 31 March 2027. NOTES TO THE CONSOLIDATED FINANCIAL INFORMATION 1. General Information Sosandar Plc (the ‘Company’) is a public company limited by shares incorporated in England andWales. Details of the registered office, the officers and advisers to the Company are presentedon the Company Information page at the end of this report. The Company is listed on the AIMmarket of the London Stock Exchange (ticker: SOS). The principal activity of the Group in the year under review was that of a clothing manufacturerand distributor via internet and mail order as well as retail stores. The financial information set out in this Half Yearly report does not constitute statutory accountsas defined in Section 434 of the Companies Act 2006. The Company’s statutory financialstatements for the year ended 31 March 2026, prepared under International Financial ReportingStandards (“IFRS”), have been filed with the Registrar of Companies. The auditor’s report onthose financial statements was unqualified and did not contain statements under Sections 498(2)and 498 (3) of the Companies Act 2006. Copies of the annual statutory accounts and the Half Yearly report can be found on theCompany’s website at http://www.sosandar-ir.com/content/investors/annual-reports.asp. 2. Basis of preparation and significant accounting policies This Half Yearly report has been prepared using the historical cost convention, on a going concernbasis and in accordance with “IFRS” as adopted by the European Union, using accounting policieswhich are consistent with those set out in the financial statements for the year ended 31 March2026. 3. Adjusted profit/(loss) before tax
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In reporting financial information, the Group presents an alternative performance measure(‘APM') of adjusted profit/(loss) before tax which is not defined or specified under IFRS. Adjustedprofit/(loss) before tax is used as an APM to show the underlying trading performance of theGroup as it eliminates gains or losses that are year specific and are not part of the Group's day today business operations. This is consistent with how the business performance is planned andreported within internal management reporting and also facilitates year-on-year comparison.Adjusted profit/(loss) before tax is calculated by excluding adjusting items from statutoryprofit/(loss) before tax. Adjusted items are items of income and expenditure which are year specific and material to thecurrent financial year. Adjusted items also include impairment and reversal of impairment of non-financial assets. These are presented separately in the consolidated income statement, as theDirectors believe that this presentation helps to facilitate year on year comparison and isconsistent with how the business performance is planned and reported internally The following table reconciles the adjusted profit/(loss) before tax per the Statement ofComprehensive Income Period endedPeriod ended 30-Sept 30-Sept 2026 2025 £'000 £'000 Adjusted loss before tax (690) (1,090) Adjusted items Bath store exit (including impairment reversal) 1 86 - Statutory loss before tax (604) (1,090) 1 On 29 June 2026, the lease relating to the Bath store was assigned to another retailer and thestore was closed. The costs associated with the Bath store exit have been classified as adjustingitems as they are non-recurring. These include the disposal of assets and liabilities associatedwith the lease and the reversal of the previous impairment against the Bath store assets. Therewere also some legal fees associated with the assignment. 4. Revenue The directors have considered the requirement of IFRS 15 with regards to disaggregation ofrevenue and do not consider this to be required as the Group only has one operating segmentwhich is retail sales. The income recognition for delivery receipts, commissions on partner-fulfilled sales andwholesale revenue are in line with that of retail sales and linked to dispatch/delivery tocustomers. Due to the nature of its activities, the Group is not reliant on any individual major customers.The major geographical market remains the UK. Period ended Period ended 30-Sept 30-Sept 2026 2025 £'000 £'000 UK 20,603 18,550 Rest of World 182 140 Total 20,785 18,690 Disaggregation of revenue based on distribution channels is as follows: Period ended Period ended 30-Sept 30-Sept 2026 2025 £'000 £'000 Own Channels1 10,164 10,148 Third-Party Channels 2 10,621 8,542 Total 20,785 18,690 1 Own Channels includes Sosandar.com and own stores 2 Third-Party Channels includes concession and wholesale
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5. Share capital and reserves Details of ordinary shares issued are in the table below: Ordinary Shares Date Number of shares Issue Price £ Total Share Capital £’000 Total Share Premium £’000 At 30 September 2025 248,226,5130.001 248 52,619 Shares issued - - - - Capital reduction - - - (52,619) At 31 March 2026 248,226,5130.001 248 - Shares issued - - - At 30 September 2026 248,226,5130.001 248 - Treasury Shares Date Number of shares Carrying Amount £’000 At 30 September 2025 - - Own shares 24,822,651 1,788 At 31 March 2026 24,822,651 1,788 Own shares 7,865,660 871 At 30 September 2026 32,688,311 2,659 6. Earnings per share: profit / (loss) Basic loss per share is calculated by dividing the loss attributable to equity shareholders by theweighted average number of ordinary shares in issue during the period: 6 Months to 30 Sept 2026 Restated 6 Months to 30 Sept 20252 Year Ended 31 March 2026 Profit/(loss) after tax attributable to equity holders of the parent (£’000) (604) (1,090) 355 Weighted average number of ordinary shares in issue1 230,605,446260,015,643253,863,599 Fully diluted average number of ordinary shares in issue 230,605,446260,015,643253,863,599 Basic earnings/(loss) per share (pence) (0.26) (0.42) 0.14 Diluted earnings/(loss) per share (pence) (0.26) (0.42) 0.14 1 The weighted average number of ordinary shares in issue used in the basic earnings/(loss) per shareincludes a weighted average of 11,451,942 (Sept 2025: 11,789,130) of vested options with an exerciseprice of par and also a weighted average number of treasury shares of (29,073,009) (Sept 2025: nil).As per IAS 33 these must be included within the weighted average number of ordinary shares whencalculating basic EPS. 2 In line with IAS 33, the weighted average number of ordinary shares and fully diluted averagenumber of ordinary shares in issue in the period ended 30 September 2025 was restated to reflect theweighted average number of the nil exercise price vested share options which were 11,789,130. As aresult of this, the basic loss per share (pence) and diluted loss per share (pence) was restated from(0.44) to (0.42). 7. Post balance sheet events The Group had no post balance sheet events.
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