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Medium-term revenue doubling target
The aim is to double revenue from the FY24 baseline; the Board said on 21 May 2026 it would beat the milestone early, and on 27 May 2026 improved FY26 expectations. On 22 July 2026 it said it expects to double revenue in FY26 and set an ambition to more than double again over 2-3 years. FY26 expectations are raised again.
- H1 revenue
- £4.8m vs £2.8m in H1 2025, +71% (24 March flagged approx. £4.5m)
- H1 EBITDA
- £1.6m vs £0.4m; operating margin 26.8%
- Capacity
- around £20m annual revenue after Martinsville upgrade without significant further investment
- Q3 revenue
- £4.1m for the quarter to 30 June 2026; £8.9m year to date 22 Jul 2026 ↗
- Previous FY26 expectations
- Revenue £13.4m and EBITDA £4.3m; now expected to be materially exceeded 22 Jul 2026 ↗
- New ambition
- More than double annual revenues again over the next 2-3 years 22 Jul 2026 ↗
Next: Deliver doubled revenue in FY26; full-year results
- 22 Jul 2026 Doubling now due in FY26; new ambition set
- 27 May 2026 FY26 expectations materially improved
- 21 May 2026 On track to exceed doubling ahead of schedule
- 24 Mar 2026 H1 FY26 revenue up over 50%
Three new coating reactors
On 22 July 2026 the Board approved £4.5m of investment in three new coating reactors and associated infrastructure to support the plan to more than double revenue again over 2-3 years. It will be funded by internal cash and borrowings as necessary.
- Size
- £4.5m for three new coating reactors and associated infrastructure 22 Jul 2026 ↗
- Funding
- Internal cash resources and borrowings as necessary 22 Jul 2026 ↗
- Next milestone
- Operational in the latter part of the 2027 financial year 22 Jul 2026 ↗
- Approved
- 22 July 2026 22 Jul 2026 ↗
Next: Reactors operational in latter part of FY27
- 22 Jul 2026 Board approved £4.5m investment on 22 July 2026
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Company filings. Not investment advice.