Half-year Results
Ashington Innovation plc announced its unaudited interim results for the six months ended 30 June 2026, reporting a loss before tax of £87,211, an improvement from the £117,478 loss in the same period of 2025. The company has entered into non-binding Heads of Terms for a proposed acquisition of World Metal Group Pte. Ltd., which would result in a name change to World Metal Group plc and a move to the Main Market, subject to due diligence, shareholder approval, and other conditions. The company's shares remain suspended from listing since 10 August 2026 pending a prospectus. A director's loan facility was increased to £250,000, with repayment extended to 31 December 2027.
| Half year to 30 Jun 2026 | Now | Year before | Change |
|---|---|---|---|
| Operating profit | (£0.1m) | (£0.1m) | |
| Profit before tax | (£0.1m) | (£0.1m) | |
| Net income | (£0.1m) | (£0.1m) | |
| Cash from operations | (£0.1m) | (£0.1m) | |
| Cash | £0.0m | £0.1m | −76.0% |
Figures as reported, converted to £ where needed – see all financials.
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Ashington Innovation plc (LSE: ASHI), a special purpose acquisition company ("SPAC"), announces its unaudited results for the six months ended 30 June 2026.
Interim Management Report:
During the period, the Board of Directors continued to assess potential acquisition targets consistent with the Company's strategy, with the purpose of creating a combined business which will generate increased value for the Company's shareholders.
Following the period end, on 10 August 2026, the Company announced that it had entered into non-binding, conditional, exclusive Heads of Terms with the majority shareholders of World Metal Group Pte. Ltd. ("WMG"), a Singapore-headquartered, vertically integrated urban mining platform, in relation to the proposed acquisition by the Company of the entire issued share capital of a new Cayman Islands holding company, proposed to be named World Metal Group Limited, to be interposed above WMG as part of a pre-acquisition reorganisation (the "Proposed Acquisition"). The consideration for the Proposed Acquisition is intended to be satisfied through the issue of new ordinary shares in the Company. The Proposed Acquisition remains subject to a number of conditions, including satisfactory due diligence, execution of a definitive share purchase agreement, FCA approval of a prospectus, shareholder approval, a Rule 9 waiver from the Panel on Takeovers and Mergers and a concurrent equity fundraising. On completion, the Company intends to change its name to World Metal Group plc and to seek admission of its enlarged share capital to the Equity shares (commercial companies) category of the Official List and to trading on the Main Market.
At the Company's request, the listing of its ordinary shares on the Official List was suspended with effect from 7:30 a.m. on 10 August 2026. The suspension will remain in effect until the Company publishes a prospectus in relation to the Proposed Acquisition. The Company will make a further announcement at such time as binding terms are entered into, however there can be no certainty that the Proposed Acquisition will complete.
No revenue was generated during the period and the Company incurred a loss before tax of £87,211 (H1 2025: £117,478), reflecting the ongoing operating costs of being a listed company. On 17 September 2026, the Company made a further drawdown of £70,000 under its unsecured, interest-free loan facility with Jason Smart, a Director of the Company, and the facility was increased from £200,000 to £250,000, with the repayment date extended to 31 December 2027. The Directors have a reasonable expectation that the Company has adequate resources or access to further capital to continue in operational existence for the foreseeable future and for this reason will continue to adopt the going concern basis, although material uncertainties exist as set out in the going concern note to the interim financial report.
The interim financial report is available for download from the Company's website (www.ashingtoninnovation.com).
Interim Statement of Comprehensive Income
| 6 months ended 30 June 2026 (unaudited) | 6 months ended 30 June 2025 (unaudited) | Year ended 31 Dec 2025 (audited) | |||
|---|---|---|---|---|---|
| £ | £ | £ | |||
| Administrative expenses | (80,756) | (117,478) | (198,055) | ||
| Finance charge | (6,455) | - | (1,039) | ||
| Loss from operations | (87,211) | (117,478) | (199,094) | ||
| Loss before tax | (87,211) | (117,478) | (199,094) | ||
| Tax expense | - | - | - | ||
| Loss for the period | (87,211) | (117,478) | (199,094) | ||
| Total comprehensive income | (87,211) | (117,478) | (199,094) | ||
| 6 months ended 30 June 2026 Pence | 6 months ended 30 June 2025 Pence | Year ended 31 Dec 2025 Pence | |||
| Basic and diluted loss per share (see Note 3) | (0.12p) | (0.16p) | (0.27p) | ||
| Interim Statement of Financial Position | |||||
| As at 30 June 2026 (unaudited) | As at 30 June 2025 (unaudited) | As at 31 Dec 2025 (audited) | |||
| £ | £ | £ | |||
| Assets | |||||
| Current assets | |||||
| Trade and other receivables | 12,859 | 7,580 | 21,188 | ||
| Cash and cash equivalents | 22,198 | 92,581 | 50,565 | ||
| Total assets | 35,057 | 100,161 | 71,753 | ||
| Liabilities | |||||
| Current liabilities | |||||
| Trade and other payables | 45,753 | 117,754 | 51,693 | ||
| Borrowings | 161,378 | - | 104,923 | ||
| Total liabilities | 207,131 | 117,754 | 156,616 | ||
| Net liabilities | (172,074) | (17,593) | (84,863) | ||
| Issued capital and reserves | |||||
| Share capital | 725,979 | 725,979 | 725,979 | ||
| Share premium reserve | 915,988 | 915,988 | 915,988 | ||
| Retained earnings | (1,828,387) | (1,659,560) | (1,741,176) | ||
| Other reserve | 14,346 | - | 14,346 | ||
| TOTAL EQUITY | (172,074) | (17,593) | (84,863) | ||
| Interim Statement of Changes in Equity | |||||
| Share capital | Share premium | Retained earnings | Other reserve | Total equity | |
| £ | £ | £ | £ | £ | |
| At 1 January 2025 | 725,979 | 915,988 | (1,542,082) | - | 99,885 |
| Comprehensive income for the period | |||||
| Loss for the period | - | - | (117,478) | - | (117,478) |
| At 1 July 2025 | 725,979 | 915,988 | (1,659,560) | - | (17,593) |
| Comprehensive income for the period | |||||
| Loss for the period | - | - | (81,616) | - | (81,616) |
| Capital contribution | - | - | - | 14,346 | 14,346 |
| At 1 January 2026 | 725,979 | 915,988 | (1,741,176) | 14,346 | (84,863) |
| Comprehensive income for the period | |||||
| Loss for the period | - | - | (87,211) | - | (87,211) |
| At 30 June 2026 | 725,979 | 915,988 | (1,828,387) | 14,346 | (172,074) |
| Interim Statement of Cash Flows | |||||
| 6 months ended 30 June 2026 (unaudited) | 6 months ended 30 June 2025 (unaudited) | Year ended 31 Dec 2025 (audited) | |||
| £ | £ | £ | |||
| Cash flows from operating activities | |||||
| Loss for the period | (87,211) | (117,478) | (199,094) | ||
| Movements in working capital: | |||||
| (Increase)/decrease in trade and other receivables | 8,329 | 22,938 | 9,330 | ||
| Increase/(decrease) in trade and other payables | (5,940) | 1,311 | 3,480 | ||
| Net cash used in operating activities | (84,822) | (93,229) | (186,284) | ||
| Cash flows from financing activities | |||||
| Increase in borrowings | 56,455 | - | 51,039 | ||
| Net cash from financing activities | 56,455 | - | 51,039 | ||
| Net increase/(decrease) in cash and cash equivalents | (28,367) | (93,229) | (135,245) | ||
| Cash and cash equivalents at beginning of period | 50,565 | 185,810 | 185,810 | ||
| Cash and cash equivalents at end of period | 22,198 | 92,581 | 50,565 | ||
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