AGM Statement
RC Fornax plc provided an AGM statement acknowledging a challenging period post-IPO, attributing it to external factors like political uncertainty and internal sales process shortcomings. The company has since refreshed its board and executive management, leading to improved commercial traction and pipeline visibility. Despite ongoing political uncertainty, the demand for their outcome-driven services is increasing, particularly with defence funding pressures, and their AI-driven procurement tools are developing well. While financial performance progress is slower than anticipated, the company is confident in future developments that will deliver material shareholder value.
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At the Company's Annual General Meeting later today, Paul Reeves, Chief Executive Officer of RC Fornax, will make the following statement:
"We are very pleased to be hosting our first AGM as a public company and looking forward to the next 12 months with confidence. The audited accounts presented to this meeting relate to the year ended 31 August 2025 which is of course now behind us. However, they serve as a reminder of the challenging period we experienced post‑IPO, driven largely by external factors - particularly the political uncertainty following the Strategic Defence Review - but also by our own reaction to that uncertainty and shortcomings in our sales processes.
"As set out in our published results, we have now addressed those internal issues. We have a refreshed Board, including two new independent non‑executive directors, and a strengthened executive management committee. Together, these changes are driving a more resilient, better-aligned and scalable business. Importantly, these changes are already beginning to be reflected in improved commercial traction and pipeline visibility.
"Whilst political uncertainty continues, the need for our outcome‑driven services is greater than it was twelve months ago. The external threats facing the UK are increasingly real, and funding pressures across defence persist. Our focus on delivering greater value for money within existing budgets is resonating strongly, resulting in increased high‑quality engagement at senior levels across government, the Armed Forces, and both current and prospective clients. This applies not only to our core engineering consultancy services but also to the AI‑driven procurement tools we are developing through SME Procure.
"Although tangible, visible progress in our financial performance is taking longer than I had hoped when we listed, there are many positive developments across the business that I am confident have the potential to deliver material shareholder value. In that regard, we are looking forward to sharing many exciting developments in the weeks and months ahead.
"Finally, I would like to take this opportunity to thank our employees, shareholders, clients and advisers for their continued support as we continue this journey to deliver materially better services for my former colleagues in the Armed Forces, who deserve the very best we can provide."
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| LinkedIn: | RC Fornax |
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