Half-year Results

Primorus Investments plc (AIM: PRIM) is pleased to announce its unaudited interim results for the six months ended 30 June 2025.

Overview

Following a year of exceptional performance in 2024, the first half of 2025 has seen more measured activity, with only one exit in the period. Nevertheless, the portfolio continues to progress strongly, particularly Fresho. With a solid cash position and a healthy pipeline of opportunities, we remain confident in our ability to generate attractive returns for shareholders.

Fresho continues to expand its platform, reporting strong user growth and revenue momentum.

After reaching profitability in late 2024, VirtualStock's volume and order growth has continued to strengthen with Asda and Homebase now using Virtualstock's dropship technology.

Interpac completed a significant funding round which has left the company well capitalised and in a strong financial position to strengthen the existing management team as well as fund future production and sales. Primorus joined the funding round, investing a further £275,000, and now holds 4.3% of the issued share capital on a fully diluted basis.

Priority Intelligence Group plc - Primorus disposed of its shareholding in June this year for gross proceeds of £977,000.

At the Annual General Meeting, Primorus proposed a share buyback programme which was subject to shareholder approval of a rule 9 waiver agreed by the Takeover Panel. This resolution was passed by the independent shareholders and, as at the date of these financial statements, the Company has purchased 12,566,388 shares.

Financial Results

The operating loss for the six months to 30 June 2025 was £606,000 (30 June 2024: £2,764,000 profit). The net loss after tax was £606,000 (30 June 2024: £2,764,000 profit).

Total assets, including cash, at 30 June 2025 amounted to £5.30 million (30 June 2024: £5.98 million).

Outlook

The Board expects continued resilience across the portfolio in the second half of 2025, with the hope of further realisations over the short to medium term. While global macroeconomic conditions remain uncertain, Primorus is positioned to deliver long-term shareholder value through disciplined deployment and active portfolio management. We will seek to return capital to shareholders when the opportunities arise.

We look forward to updating shareholders as and when our existing investments mature, and new investments present themselves.

The Directors would like to take this opportunity to thank our shareholders for their continued support.

Rupert Labrum Chairman

22nd September 2025

Caution regarding forward looking statements

The condensed interim financial information for the 6 months to 30 June 2025 does not constitute statutory accounts for the purposes of Section 434 of the Companies Act 2006 and has not been audited or reviewed. No statutory accounts for the period have been delivered to the Registrar of Companies.

The condensed interim financial information in respect of the year ended 31 December 2024 has been produced using extracts from the statutory accounts for that period. Consequently, this does not constitute the statutory information (as defined in section 434 of the Companies Act 2006) for the year ended 31 December 2024, which was audited. The statutory accounts for this period have been filed with the Registrar of Companies. The auditors' report was unqualified and did not contain a statement under Sections 498 (2) or 498 (3) of the Companies Act 2006.

The auditor's report was approved by the Directors on 29 May 2025 and is available on the Company's website at www.primorusinvestments.com.

Basis of preparation and accounting

The financial information has been prepared on the historical cost basis. The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman's Statement. This statement also includes a summary of the Company's financial position and its cash flows.

The financial statements have been prepared in accordance with the Companies Act 2006 and UK-adopted international accounting standards (UK-adopted IAS) and related interpretations. As permitted, this does not include IAS 34 "Interim Financial Reporting". This condensed set of financial statements has been prepared applying the accounting policies that were applied in the preparation of the Company's published financial statements for the year ended 31 December 2024. As these interim financial statements do not include all the information or disclosures required in the annual financial statements they should be read in conjunction with the Company's 2024 annual financial statements.

Earnings per share

Earnings per ordinary share has been calculated using the weighted average number of shares in issue during the period. The weighted average number of equity shares in issue was 139,830,968. IAS 33 requires presentation of diluted EPS when a company could be called upon to issue shares that would decrease earnings per share or increase the loss per share.

Events after the reporting date

There are no events after the end of the reporting date to disclose that have not already been the subject of an announcement by the Company.