Panther Securities

PNS · AIM · Real Estate · mcap £50m · 290.0p

Beta Briefing, track record and signals & risks are not ready for Panther Securities yet.

We follow 817 UK small caps and every one of their announcements – often hundreds per company. 61 companies are already wired into a briefing: browse them.

Financials · LTM to 30 Jun 26

Source: results 22 Sep 26 ↗

Revenue: £14.9m
Operating profit: £6.9m
Net income: £3.0m
Free cash flow: £2.9m
Net debt: £43.7m
Market cap: £51.5m
EV / EBIT: 13.9×
FCF yield: +5.6%
Price / book: 0.4×

Latest half-year · H1 26 vs H1 25 results 22 Sep 26 ↗

Revenue: £7.4m
Operating profit: £3.8m
Net income: £2.6m
Cash from operations: £2.0m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures

Income statement Balance sheet Cash flow

Annual Half-yearly

Every line as the company printed it, newest first – each period in the latest version the company published (restated figures where a later report restated them), in its own currency and units. Italic = calculated (H2 = full year − first half). The column headings link to the announcements.

Latest report: H1 26 (six months to 30 Jun 26), published 22 Sep 26 · read the results ↗

	FY 25£'000 source	FY 24£'000 source
Revenue	14,850	15,047
Cost of sales	(6,456)	(6,704)
Gross profit	8,394	8,343
Other income	255	794
Administrative expenses	(1,846)	(1,659)
Bad debt expense	(261)	(526)
Operating profit	6,542	6,952
Profit on disposal of investment properties	507	1,296
Movement in fair value of investment properties	3,209	1,300
	10,258	9,548
Finance costs - interest	(4,674)	(5,722)
Finance income - swap interest	893	1,422
Investment income	158	158
Fair value (loss)/ gain on derivative financial liabilities	(1,075)	3,265
Profit before income tax	5,560	8,671
Income tax expense	(1,307)	(1,984)
Profit for the year	4,253	6,687
Continuing operations attributable to
Equity holders of the parent	4,253	6,687
Profit for the year	4,253	6,687
Earnings per share
Basic and diluted - continuing operations	24.5p	38.4p

	H1 26£'000 source	H2 25£'000 calc.	H1 25£'000 source
Revenue	7,410	7,513	7,337
Cost of sales	(2,934)	(3,620)	(2,836)
Gross profit	4,476	3,893	4,501
Other income	360	74	181
Administrative expenses	(845)	(1,062)	(784)
Bad debt expense	(225)	192	(453)
Operating profit	3,766	3,097	3,445
Profit on disposal of investment properties	281	220	287
Movement in fair value of investment properties	-	(695)	3,904
	4,047	2,622	7,636
Finance costs – interest	(2,121)	(2,261)	(2,413)
Finance costs – swap interest	296	–	512
Finance premium – swap cancellation	2,060	–	-
Investment income	65	68	90
Profit realised on the disposal of investments (shares)	-	–	22
Fair value (loss) / gain on derivative financial assets	(1,001)	–	(758)
Profit before income tax	3,346	471	5,089
Income tax expense	(771)	(53)	(1,254)
Profit for the period	2,575	–	3,835
Earnings per share
Basic and diluted – continuing operations	14.9p	–	22.1p

	30 Jun 26£'000 source	31 Dec 25£'000 source	31 Dec 24£'000 source
ASSETS
Non-current assets
Plant and equipment
Investment properties	178,249	181,449	182,204
Derivative financial asset	2,954	4,155	4,945
Right of use asset	146	146	179
Investments	38	36	201
Total plant and equipment	181,393	185,806	187,576
Current assets
Stock properties	101	101	101
Derivative financial asset	740	540	825
Trade and other receivables	3,218	3,999	4,630
Cash and cash equivalents (restricted)	969	188	2,604
Cash and cash equivalents	10,816	5,738	5,038
Total current assets	15,844	10,566	13,198
Total assets	197,237	196,372	200,774
EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Capital and reserves
Share capital	4,437	4,437	4,437
Share premium account	5,491	5,491	5,491
Treasury shares	(1,277)	(1,132)	(1,088)
Capital redemption reserve	572	572	572
Retained earnings	108,731	107,193	106,748
Total equity	117,954	116,561	116,160
Non-current liabilities
Borrowings	–	56,126	61,401
Deferred tax liabilities	–	5,598	5,232
Long-term borrowings	54,031	–	–
Deferred tax liability	5,750	–	–
Leases	8,117	8,117	8,190
Total non-current liabilities	67,898	69,841	74,823
Current liabilities
Trade and other payables	8,892	8,661	9,341
Borrowings	–	375	-
Accrued dividend payable	1,038	–	–
Short-term borrowings	500	–	–
Current tax payable	955	934	450
Total current liabilities	11,385	9,970	9,791
Total liabilities	79,283	79,811	84,614
Total equity and liabilities	197,237	196,372	200,774

	30 Jun 26£'000 source	31 Dec 25£'000 source	30 Jun 25£'000 source	31 Dec 24£'000 source
ASSETS
Non-current assets
Plant and equipment
Investment properties	178,249	181,449	184,122	182,204
Derivative financial asset	2,954	4,155	4,405	4,945
Right of use asset	146	146	165	179
Investments	38	36	154	201
Total plant and equipment	181,393	185,806	188,879	187,576
Current assets
Stock properties	101	101	101	101
Derivative financial asset	740	540	607	825
Trade and other receivables	3,218	3,999	4,235	4,630
Cash and cash equivalents (restricted)	969	188	314	2,604
Cash and cash equivalents	10,816	5,738	6,091	5,038
Total current assets	15,844	10,566	11,348	13,198
Total assets	197,237	196,372	200,227	200,774
EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Capital and reserves
Share capital	4,437	4,437	4,437	4,437
Share premium account	5,491	5,491	5,491	5,491
Treasury shares	(1,277)	(1,132)	(1,132)	(1,088)
Capital redemption reserve	572	572	572	572
Retained earnings	108,731	107,193	109,547	106,748
Total equity	117,954	116,561	118,915	116,160
Non-current liabilities
Borrowings	–	56,126	–	61,401
Deferred tax liabilities	–	5,598	–	5,232
Long-term borrowings	54,031	–	56,276	–
Deferred tax liability	5,750	–	5,998	–
Leases	8,117	8,117	8,162	8,190
Total non-current liabilities	67,898	69,841	70,436	74,823
Current liabilities
Trade and other payables	8,892	8,661	9,045	9,341
Borrowings	–	375	–	-
Accrued dividend payable	1,038	–	1,041	–
Short-term borrowings	500	–	125	–
Current tax payable	955	934	665	450
Total current liabilities	11,385	9,970	10,876	9,791
Total liabilities	79,283	79,811	81,312	84,614
Total equity and liabilities	197,237	196,372	200,227	200,774

	FY 25£'000 source	FY 24£'000 source
Cash flows from operating activities
Operating profit	6,542	6,952
Add: Depreciation	27	27
Add: Finance lease depreciation	275	514
Add: Loss on current assets investments	-	9
Rent paid - treated as interest	(680)	(657)
Profit before working capital change	6,164	6,845
Decease in stock properties	-	249
Decrease/ (increase) in receivables	289	(397)
(Decrease)/ increase in payables	(413)	838
Cash generated from operations	6,040	7,535
Interest paid	(2,901)	(3,366)
Income tax paid	(460)	(572)
Net cash generated from operating activities	2,679	3,597
Cash flows from investing activities
Purchase of investment properties	(261)	(308)
Purchase of plant and equipment	-	(32)
Proceeds from sale of investment property	4,769	4,483
Proceeds from sale of investments**	179	-
Dividend income received	7	5
Interest income received	146	153
Net cash generated from investing activities	4,840	4,301
Cash flows from financing activities
Draw down of loan	-	1,375
Repayments of loans	(5,100)	(3,455)
Loan amortisation repayments	-	(125)
Purchase of own shares	(44)	(316)
Loan arrangement fees and associated set up costs	(272)	(794)
Dividends paid	(3,819)	(2,093)
Net cash (used)/generated from financing activities	(9,235)	(5,408)
Net (decrease)/ increase in cash and cash equivalents	(1,716)	2,490
Cash and cash equivalents at the beginning of year*	7,642	5,152
Cash and cash equivalents at the end of year*	5,926	7,642

	H1 26£'000 source	H2 25£'000 calc.	H1 25£'000 source
Cash flows from operating activities
Operating profit	3,766	3,097	3,445
Add: Depreciation	14	13	14
Add: Finance lease charge depreciation	-	–	-
Add: Depreciation - right of use asset	-	–	17
Less: Rent paid treated as interest	(340)	–	(340)
Profit before working capital change	3,440	3,028	3,136
Decrease in receivables	280	(106)	395
Increase/(decrease) in payables	232	(383)	(30)
Cash generated from operations	3,952	2,539	3,501
Interest paid	(1,384)	(1,440)	(1,461)
Income tax paid	(600)	(185)	(275)
Net cash generated from operating activities	1,968	914	1,765
Cash flows from investing activities
Purchase of investment properties	-	-	(261)
Proceeds from sale of investment property	3,981	2,260	2,509
Proceeds from sale of investments**	-	103	76
Dividend income received	-	4	3
Interest income received	65	59	87
Net cash generated from investing activities	4,046	2,426	2,414
Cash flows from financing activities
Repayment of loans	(1,945)	–	(5,100)
Loan arrangement fees and associated costs	-	–	(272)
Swap cancellation premium	2,060	–	-
Loan amortisation repayments	(125)	-	-
Purchase of own shares	(145)	-	(44)
Dividends paid	-	(3,819)	-
Net cash used in financing activities	(155)	–	(5,416)
Net increase/(decrease) in cash and cash equivalents	5,859	(479)	(1,237)
Cash and cash equivalents at the beginning of period*	5,926	–	7,642
Cash and cash equivalents at the end of period*	11,785	–	6,405

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	14.9	14.8	15.0
Gross profit	8.4	8.4	8.3
Operating profit	6.9	6.5	7.0
Depreciation (owned assets)	0.0	0.0	–
Depreciation (right-of-use)	–	0.3	0.5
Operating profit to net income
Fair value gains / losses	–	(1.1)	3.3
Finance costs	–	(4.7)	(5.7)
Profit before tax	3.8	5.6	8.7
Tax	(0.8)	(1.3)	(2.0)
Net income (owners)	3.0	4.3	6.7
Per share
EPS basic	17.3p	24.5p	38.4p
EPS diluted	17.3p	24.5p	38.4p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	7.4	+1%	7.5	7.3
Gross profit	4.5	−1%	3.9	4.5
Operating profit	3.8	+9%	3.1	3.4
Depreciation (owned assets)	0.0	n/m	0.0	0.0
Operating profit to net income
Profit before tax	3.3	−34%	0.5	5.1
Tax	(0.8)	−39%	(0.1)	(1.3)
Net income (owners)	2.6	−33%	0.4	3.8
Per share
EPS basic	14.9p	–	2.4p	22.1p
EPS diluted	14.9p	–	2.4p	22.1p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	2.9	2.7	3.6
Interest paid	(2.8)	(2.9)	(3.4)
Tax paid	(0.8)	(0.5)	(0.6)
Investing activities
Capex (PP&E)	–	0.0	(0.0)
Financing activities
Dividends paid	(3.8)	(3.8)	(2.1)
Share buybacks	(0.1)	(0.0)	(0.3)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	2.0	+12%	0.9	1.8
Interest paid	(1.4)	−5%	(1.4)	(1.5)
Tax paid	(0.6)	+118%	(0.2)	(0.3)
Financing activities
Dividends paid	0.0	n/m	(3.8)	0.0
Share buybacks	(0.1)	n/m	0.0	(0.0)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Property, plant & equipment	–	0.0	0.0
Investment property	178.2	181.4	182.2
Other investments	0.0	0.0	0.2
Non-current assets	–	185.8	187.6
Current assets
Inventories	–	0.1	0.1
Trade receivables	3.2	4.0	4.6
Cash	10.8	5.7	5.0
Current assets	–	10.6	13.2
Total assets	197.2	196.4	200.8
Current liabilities
Trade payables	8.9	8.7	9.3
Borrowings, current	0.5	0.4	0.0
Current liabilities	–	10.0	9.8
Non-current liabilities
Borrowings, non-current	54.0	56.1	61.4
Lease liabilities, non-current	8.1	8.1	8.2
Non-current liabilities	–	69.8	74.8
Total liabilities	79.3	79.8	84.6
Equity
Total equity	118.0	116.6	116.2
Net cash and other figures
Net asset value	–	116.6	116.2
Treasury shares	-1.3m	-1.1m	–
Undrawn facilities	–	13.0	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Property, plant & equipment	–	0.0	–	0.0
Investment property	178.2	181.4	184.1	182.2
Other investments	0.0	0.0	0.2	0.2
Non-current assets	–	185.8	–	187.6
Current assets
Inventories	–	0.1	–	0.1
Trade receivables	3.2	4.0	4.2	4.6
Cash	10.8	5.7	6.1	5.0
Current assets	–	10.6	–	13.2
Total assets	197.2	196.4	200.2	200.8
Current liabilities
Trade payables	8.9	8.7	9.0	9.3
Borrowings, current	0.5	0.4	0.1	0.0
Current liabilities	–	10.0	–	9.8
Non-current liabilities
Borrowings, non-current	54.0	56.1	56.3	61.4
Lease liabilities, non-current	8.1	8.1	8.2	8.2
Non-current liabilities	–	69.8	–	74.8
Total liabilities	79.3	79.8	81.3	84.6
Equity
Total equity	118.0	116.6	118.9	116.2
Net cash and other figures
Net asset value	–	116.6	–	116.2
Treasury shares	-1.3m	-1.1m	-1.1m	–
Undrawn facilities	–	13.0	–	–

Read automatically from each results announcement. Check the source before relying on a figure.

Company filings. Not investment advice.