Half-year Results
Fortis Frontier PLC reported its unaudited half-year results for the six months ended 30 June 2026, showing cash balances of £3.48 million, down from £5.06 million in the prior year's half, following £1.72 million in share buybacks. The company's net asset value per share remained stable at 10.83p, consistent with the previous year's half-year but an increase from 10.34p at the end of FY 2025. The company continues to operate as an AIM Rule 15 cash shell, actively seeking an acquisition opportunity.
| Half year to 30 Jun 2026 | Now | Year before | Change |
|---|---|---|---|
| Operating profit | (£0.3m) | (£0.3m) | |
| Net income | (£0.2m) | (£1.4m) | |
| Cash from operations | (£0.6m) | (£0.4m) | |
| Cash | £3.5m | £5.1m | −31.2% |
Figures as reported, converted to £ where needed – see all financials.
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Fortis Frontier PLC (AIM: FORF), an AIM Rule 15 cash shell, announces its unaudited half-year report for the six months ended 30 June 2026.
Highlights
Clean cash shell
Cash balances of £3.48m (H1 2025: £5.06m; FY 2025: £5.76m) after share buybacks totalling £1.72m during the period.
Net asset value per share of 10.83p (H1 2025: 10.83p; FY 2025: 10.34p).
EXECUTIVE CHAIRMAN’S STATEMENT
The Company disposed of its only trading subsidiary Concepta Diagnostics Limited (“CDL”), to Boots UK Limited (“Boots”) for £2.375m in cash, on 10 November 2025. Its remaining dormant subsidiary, Fortis Cardiff Limited (“FCL”), was liquidated on 25 August 2026. The Company is therefore an AIM Rule 15 cash shell.
Since the disposal of CDL the Board has been carefully considering the strategic options open to it with a view to maximising shareholder value. As previously reported, as part of this process, the Board consulted with the Company’s major shareholders regarding the Company’s future strategy, including the potential return of cash to Shareholders and the possible pursuit of a reverse takeover opportunity. During those consultations, the Board engaged with Mercia, the Company’s largest shareholder, who indicated that they would not support an acquisition as they wished to liquidate their investment in the Company. As a result of these discussions the Board concluded that it was in the best interests of the Company to find a mechanism which addressed both Mercia’s requirements and the desire of other significant shareholders to seek an acquisition. The Board therefore obtained shareholders’ approval at a General Meeting held on 28 April 2026 to utilise some of the Company’s surplus cash to acquire 13,717,619 shares held in Mercia in various accounts, at a discount to the Company’s net asset value (“NAV”), for a total consideration of approximately £1.23m. This enables the Company to pursue an accretive acquisition capable of obtaining shareholders’ approval.
As the Board also noted that the Company’s shares were trading on AIM below their NAV, a further 5,866,232 shares were acquired on the open market for a total consideration of £487,000 during the period under review. These share buybacks increased the NAV per share for remaining shareholders to 10.83p per share (H1 2025: 10.83p; FY 2025: 10.34p).
Since the disposal of CDL the Board has reviewed and reduced the recurring operating costs of the business whilst it seeks an accretive acquisition. Administration expenses, which amounted to £298,000 (H1 2025: £257,000; FY 2025: £800,000) were reduced in prior periods by management fees of £nil (H1 2025: £185,000; FY 2025: £375,000) charged to the trading subsidiaries. In addition, as the business is now a cash shell, the Company is no longer able to recover VAT on its purchases. It has also incurred legal and other costs of approximately £66,000 associated with the share buybacks in the period under review.
As previously reported, FCL submitted claims to HMRC for the repayment of VAT levied on COVID PCR tests sold in earlier years. As these claims have now been settled, and FCL liquidated, exceptional income of £79,000 (H1 2025: £nil; FY 2025: £228,000) has been recognised in the profit and loss account of the discontinued operations.
At 30 June 2026 the Company had cash balances of £3.48m (H1 2025: £5.06m; FY 2025: £5.76m).
During the period under review the Company has been presented with a significant number of potential acquisition opportunities, two of which appeared attractive and were investigated further. However, after initial due diligence, neither proved to be suitable. The Board is, however, currently evaluating other interesting opportunities and will update shareholders as appropriate.
The Company’s shares were suspended from trading on AIM on 11 May 2026 pursuant to AIM Rule 40 and if they remain suspended for six months, its AIM listing will be cancelled. However, as previously reported, if the Company was to lose its AIM listing under AIM Rule 41 (i.e. the Company is unable to complete an acquisition in line with AIM Rule 15 by 11 November 2026) the Directors will fully explore seeking an alternative listing on the Aquis Stock Exchange in order to maintain an orderly market in the ordinary shares.
Adam Reynolds
Executive Chairman
Consolidated statement of comprehensive income
For the 6 months ended 30 June 2026
| Unaudited 6 months ended 30 June 2026 | Unaudited 6 months ended 30 June 2025 | Audited Year ended 31 December 2025 | ||||
|---|---|---|---|---|---|---|
| Notes | £’000 | £’000 | £’000 | |||
| Other expenses | 307 | 242 | 778 | |||
| Share based payments | (9) | 15 | 22 | |||
| Administration expenses | 298 | 257 | 800 | |||
| Operating loss | (298) | (257) | (800) | |||
| Finance income | 65 | 82 | 143 | |||
| Loss from continuing operations before and after taxation | (233) | (175) | (657) | |||
| Profit/(loss) from discontinued operations | 79 | (1,181) | (970) | |||
| Total comprehensive loss for the year | (154) | (1,356) | (1,627) | |||
| Attributable to owners of the parent: | ||||||
| Total comprehensive loss – continuing operations | (233) | (175) | (657) | |||
| Total comprehensive loss – discontinued operations | 79 | (1,181) | (970) | |||
| Total comprehensive loss for the year | (154) | (1,356) | (1,627) | |||
| Loss per Ordinary Share - basic | 4 | (0.34)p | (2.62)p | (3.14)p | ||
| Fully diluted earnings per Ordinary Share | 4 | (0.34)p | (2.62)p | (3.14)p | ||
| Consolidated statement of financial position | ||||||
| As at 30 June 2026 | ||||||
| Unaudited 30 June 2026 | Unaudited 30 June 2025 | Audited 31 December 2025 | ||||
| £’000 | £’000 | £’000 | ||||
| Non-current assets | ||||||
| Property, plant and equipment | - | 52 | - | |||
| Intangible assets | - | 1,296 | - | |||
| Total non-current assets | - | 1,348 | - | |||
| Current assets | ||||||
| Inventories | - | 100 | - | |||
| Trade and other receivables | 56 | 1,909 | 1,768 | |||
| Cash and cash equivalents | 3,478 | 5,058 | 5,764 | |||
| Total current assets | 3,534 | 7,067 | 7,532 | |||
| Total assets | 3,534 | 8,415 | 7,532 | |||
| Current liabilities | ||||||
| Trade and other payables | 38 | 2,781 | 2,151 | |||
| Total liabilities | 38 | 2,781 | 2,151 | |||
| Net assets | 3,496 | 5,634 | 5,381 | |||
| Share capital | 487 | 781 | 781 | |||
| Share premium | 3 | 3 | 3 | |||
| Employee Benefit Trust | (14) | (25) | (14) | |||
| Reverse acquisition reserve | (6,044) | (6,044) | (6,044) | |||
| Retained earnings | 9,064 | 10,919 | 10.655 | |||
| Total equity | 3,496 | 5,634 | 5,381 | |||
| Consolidated statement of changes in equity | ||||||
| For the 6 months ended 30 June 2026 | ||||||
| Share capital | Employee Benefit Trust reserve | Share Premium | Reverse acquisition reserve | Retained earnings | Total | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Equity as at 1 January 2025 | 781 | (25) | 3 | (6,044) | 12,260 | 6,975 |
| Loss for the year | - | - | - | - | (1,627) | (1,627) |
| Total comprehensive loss | - | - | - | - | (1,627) | (1,627) |
| Provision against cost of investment | - | 11 | - | - | - | 11 |
| Share-based payments | - | - | - | - | 22 | 22 |
| Equity as at 31 December 2025 | 781 | (14) | 3 | (6,044) | 10,655 | 5,381 |
| Loss for the period | - | - | - | - | (154) | (154) |
| Total comprehensive loss | - | - | - | - | (154) | (154) |
| Purchase of own shares | (294) | - | - | - | (1,428) | (1,722) |
| Share-based payments | - | - | - | - | (9) | (9) |
| Equity as at 30 June 2026 | 487 | (14) | 3 | (6,044) | 9,064 | 3,496 |
| Consolidated statement of cash flows | ||||||
| For the 6 months ended 30 June 2026 | ||||||
| Unaudited 6 months ended 30 June 2026 | Unaudited 6 months ended 30 June 2025 | Audited Year ended 31 December 2025 | ||||
| £’000 | £’000 | £’000 | ||||
| Cash flows from operating activities | ||||||
| Loss before tax from continuing operations | (233) | (175) | (657) | |||
| Profit/(loss) before tax from discontinued operations | 79 | (1,181) | (970) | |||
| Adjustments for: | (154) | (1,356) | (1,627) | |||
| Profit on disposal of discontinued operations | - | - | (422) | |||
| Depreciation and amortization | - | 127 | 215 | |||
| Finance income (net) | (65) | (82) | (143) | |||
| Provision against Employee Benefit Trust | - | - | 11 | |||
| Share-based payments | (9) | 15 | 22 | |||
| Adjusted operating loss before changes in working capital | (228) | (1,296) | (1,944) | |||
| Changes in working capital | ||||||
| Decrease/(increase) in inventory | - | 33 | (2) | |||
| Decrease/(increase) in trade and other receivables | 1,734 | (148) | (1,433) | |||
| (Decrease)/increase in trade and other payables | (2,113) | 954 | 1,620 | |||
| Cash used in operations | (607) | (457) | (1,759) | |||
| Bank interest received | 43 | 82 | 142 | |||
| Net cash outflow from operating activities | (564) | (375) | (1,617) | |||
| Investing activities | ||||||
| Proceeds from sale of discontinued operations | - | - | 1,952 | |||
| Purchase of office equipment | - | - | (4) | |||
| Purchase of intangible assets | - | (40) | (40) | |||
| Net cash flows used in investing activities | - | (40) | 1,908 | |||
| Financing activities | ||||||
| Purchase of own shares | (1,722) | - | - | |||
| Cash outflows from financing activities | (1,722) | - | - | |||
| Net change in cash and cash equivalents | (2,286) | (415) | 291 | |||
| Cash and cash equivalents at the beginning of the period | 5,764 | 5,473 | 5,473 | |||
| Cash and cash equivalents at the end of the period | 3,478 | 5,058 | 5,764 | |||
Notes to the unaudited interim financial information for the 6 months ended 30 June 2026
General information
Fortis Frontier PLC (the “Group”) is a public limited company incorporated and domiciled in England and Wales. The registered office of the Company is c/o BPE Solicitors LLP, St James House, St James Square Cheltenham GL50 3PR. The registered company number is 06573154.
The Company is an AIM Rule 15 cash shell.
Significant accounting policies
Basis of preparation
The interim financial information for the six months ended 30 June 2026, which was approved by the Board of Directors on 14 September 2026, does not constitute statutory accounts as defined by section 434 of the Companies Act 2006.
These interim consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all disclosures that would otherwise be required in a complete set of financial statements.
The financial information presented is unaudited and has been prepared using the same accounting policies as those adopted in the financial statements for the year ended 31 December 2025 and expected to be adopted in the financial year ending 31 December 2026.
The interim financial information includes unaudited comparative figures for the unaudited 6 months to 30 June 2025 and comparatives for the year ended 31 December 2025 that have been extracted from the audited financial statements for that year. The financial statements for the year ended 31 December 2025 were reported on by the Company’s auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain an adverse statement under section 498 (2) or (3) of the Companies Act 2006.
In the opinion of the Directors, the interim financial information for the period presents fairly the financial position and the results from operations and cash flows for the period.
Going concern
The interim financial statements have been prepared under the going concern basis as the Directors have undertaken a review of the future financing requirements of the ongoing operation of the Group and considers the Group is able to meet its working capital requirements.
Segment information
Following the disposal of its trading subsidiary, Concepta Diagnostics Limited, in November 2025, and the subsequent liquidation of it remaining subsidiary, Fortis Cardiff Limited, on 25 August 2026 the Company is now an AIM Rule 15 cash shell with no subsidiary companies.
Loss per Ordinary Share
| Unaudited 30 June 2026 | Unaudited 30 June 2025 | Audited 31 December 2025 | |
|---|---|---|---|
| Basic and diluted loss per Ordinary Share | |||
| Loss for the period | £154,000 | £1,356,000 | £1,627,000 |
| Weighted average number of shares - basic | 45,745,539 | 52,035,932 | 52,035,932 |
| Less shares held by Employee Benefit Trust (weighted) | (184,111) | (184,111) | (184,111) |
| Weighted average no of shares | 45,561,428 | 51,851,821 | 51,851,821 |
| Weighted average number of shares – fully diluted | 45,561,428 | 51,851,821 | 51,851,821 |
| Loss per share - basic | 0.34p | 2.62p | 3.14p |
| Fully diluted loss per share | 0.34p | 2.62p | 3.14p |
Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of Ordinary Shares in issue during the period. Due to the loss in the six-month period ended 30 June 2026 the effect of the share options was considered anti-dilutive.
This interim financial statement will be released in accordance with the AIM Rules for Companies, and will be available shortly on the Company's website at www.fortisfrontierplc-ir.com
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