Rockhopper Exploration
RKH · AIM · Energy · mcap £534m · 50.5p
Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value
Source: results 30 Sep 26 ↗
- Market cap
- £541.3m
- Owner’s net cash
- −£29.4m
- Net cash / market cap
- -5%
- EV ex leases
- £570.8m
- Operating profit
- −£6.7m
- Free cash flow after leases
- £16.0m
- FCF yield
- 2.9%
- Price / tangible book
- 2.04×
- ROCE
- -2%
- Net income (owners)
- £6.7m
Share price × shares in issue (from the company’s voting-rights notices)
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since−£29.4m − £0.0m − £0.0m − £0.0m = −£29.4m
Owner’s net cash ÷ Market cap−£29.4m ÷ £541.3m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£541.3m + £88.0m − £58.6m + £0.0m + £0.0m + £0.0m − £0.0m + £0.0m = £570.8m
Operating profit, last twelve monthsLTM to 2026-06-30
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid£16.0m − £0.0m − £0.0m − £0.0m − £0.0m
Free cash flow after leases ÷ Market cap£16.0m ÷ £541.3m
Market cap ÷ Tangible book£541.3m ÷ £266.0m
Operating profit (LTM) ÷ (Total assets − Current liabilities)−£6.7m ÷ (£472.5m − £42.0m) = −£6.7m ÷ £430.5m
Net income (owners), last twelve monthsLTM to 2026-06-30
Market value
- Market cap
- £541.3m
Share price × shares in issue (from the company’s voting-rights notices)
Cash and debt · balance sheet 2026-06-30
- Cash
- £58.6m
- Borrowings
- £88.0m
- Net cash / (debt) ex leases
- −£29.4m
- Lease liabilities
- £0.0m
- Owner’s net cash
- −£29.4m
- Net cash / market cap
- -5%
- Cash − total liabilities
- −£147.9m
Balance sheet 2026-06-30
Borrowings, current + Borrowings, non-current£0.0m + £88.0m
Cash − Borrowings£58.6m − £88.0m = −£29.4m
Lease liabilities, current + non-current (left out of net cash and EV ex leases)£0.0m + £0.0m
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since−£29.4m − £0.0m − £0.0m − £0.0m = −£29.4m
Owner’s net cash ÷ Market cap−£29.4m ÷ £541.3m
Cash − Total liabilities (the strictest view: cash covers everything owed)£58.6m − £206.5m = −£147.9m
Last twelve months · missing
- Revenue
- –
- Operating profit
- −£6.7m
- EBITDA (pre-IFRS 16)
- –
- Net income (owners)
- £6.7m
- Cash from operations
- £16.0m
- Free cash flow after leases
- £16.0m
- Cash conversion
- 239%
Revenue, last twelve monthsmissing
Operating profit, last twelve monthsLTM to 2026-06-30
Operating profit + Depreciation (owned assets) + Amortisation
Net income (owners), last twelve monthsLTM to 2026-06-30
Cash from operations, last twelve monthsLTM to 2026-06-30
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid£16.0m − £0.0m − £0.0m − £0.0m − £0.0m
Cash from operations ÷ Net income (owners)£16.0m ÷ £6.7m
Enterprise value
- EV ex leases
- £570.8m
- EV incl. leases
- £570.8m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£541.3m + £88.0m − £58.6m + £0.0m + £0.0m + £0.0m − £0.0m + £0.0m = £570.8m
EV ex leases + Lease liabilities£570.8m + £0.0m
Valuation at today’s market cap
- EV / EBIT
- –
- EV / EBITDA
- –
- FCF yield
- 2.9%
- Price / book
- 2.04×
- Tangible book
- £266.0m
- Price / tangible book
- 2.04×
- NCAV (net current asset value)
- −£62.2m
- Price / NCAV
- –
- Net-net working capital
- −£122.8m
EV ex leases ÷ Operating profit (LTM)£570.8m ÷ −£6.7m
EV ex leases ÷ EBITDA (pre-IFRS 16)£570.8m ÷ –
Free cash flow after leases ÷ Market cap£16.0m ÷ £541.3m
Market cap ÷ Total equity£541.3m ÷ £266.0m
Total equity − Goodwill − Other intangibles£266.0m − £0.0m − £0.0m
Market cap ÷ Tangible book£541.3m ÷ £266.0m
Current assets − Total liabilities£144.3m − £206.5m
Market cap ÷ NCAV£541.3m ÷ −£62.2m
Cash + 75% × Trade receivables + 50% × Inventories − Total liabilities£58.6m + 0.75 × £33.4m + 0.5 × £0.0m − £206.5m
Returns and quality
- ROCE
- -2%
- ROE
- 3%
- Current ratio
- 3.44×
- Net debt / EBITDA
- –
- Accruals ratio
- -2.0%
Operating profit (LTM) ÷ (Total assets − Current liabilities)−£6.7m ÷ (£472.5m − £42.0m) = −£6.7m ÷ £430.5m
Net income (owners, LTM) ÷ Total equity£6.7m ÷ £266.0m
Current assets ÷ Current liabilities£144.3m ÷ £42.0m
(Borrowings − Cash) ÷ EBITDA (pre-IFRS 16)£29.4m ÷ –
(Net income − Cash from operations) ÷ Total assets – high: profit not backed by cash(£6.7m − £16.0m) ÷ £472.5m
H1 26 vs H1 25 · results 30 Sep 26 ↗
- Operating profit
- −£1.6m prior −£266k
- Net income
- −£2.6m prior −£39.4m
- Cash from operations
- −£6.2m prior −£462k
Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.
The statement exactly as printed in one results announcement – its own columns (the period and its comparatives), lines and headings, in the company's currency and units. Choose the report above; to compare several years, use Key figures.
Standardised line items in £m, comparable across companies – figures the company reported in USD are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.
Latest report: H1 26 (six months to 30 Jun 26), published 30 Sep 26 · read the results ↗
| 2026 Unaudited *Re-presented $’000 | 2025 Unaudited *Re-presented $’000 | |
|---|---|---|
| Administrative expenses | (2,470) | (2,595) |
| Charge for share based payments | (287) | — |
| Foreign exchange movement | 667 | 2,251 |
| Results from operating activities | (2,090) | (344) |
| Other income | — | 35,179 |
| Other expenses | — | (86,856) |
| Finance income | 2,231 | 1,515 |
| Finance expense | (3,119) | (863) |
| (Loss)/profit before tax | (2,978) | (51,369) |
| Tax | — | 650 |
| (Loss)/profit from continuing operations | (2,978) | (50,719) |
| Loss for the period from discontinued operations | (469) | (275) |
| (Loss)/profit attributable to the equity shareholders of the parent company | (3,447) | (50,994) |
| Basic | (0.40) | (7.92) |
| Diluted | (0.40) | (7.92) |
| Basic (continuing operations) | (0.35) | (7.88) |
| Diluted (continuing operations) | (0.35) | (7.88) |
| 30 June 2026 Unaudited $’000 | 31 December 2025 Audited $’000 | |
|---|---|---|
| NON CURRENT ASSETS | ||
| Exploration and evaluation assets | — | — |
| Property, plant and equipment | 405,537 | 329,240 |
| Financial asset | 21,747 | 22,148 |
| Total non current assets | 427,284 | 351,388 |
| CURRENT ASSETS | ||
| Other receivables | 44,311 | 18,709 |
| Term deposits | 69,283 | 13,429 |
| Cash and cash equivalents | 77,672 | 157,619 |
| Total current assets | 191,266 | 189,757 |
| Assets classified as held for sale | 7,715 | 9,605 |
| Total assets | 626,265 | 550,750 |
| CURRENT LIABILITIES | ||
| Other payables | 54,654 | 48,796 |
| Tax payable | 996 | 1,012 |
| Total current liabilities | 55,650 | 49,808 |
| NON-CURRENT LIABILITIES | ||
| Other payables | 21,253 | 21,645 |
| Co-venturers loan | 116,667 | 52,493 |
| Tax payable | 21,539 | 20,873 |
| Provisions | 2,194 | 2,140 |
| Deferred tax liability | 39,137 | 39,137 |
| Total non-current liabilities | 200,790 | 136,288 |
| Liabilities associated with assets held for sale | 17,250 | 17,441 |
| Total liabilities | 273,690 | 203,537 |
| EQUITY | ||
| Share capital | 12,410 | 12,209 |
| Share premium | 21,109 | 12,408 |
| Options and warrants reserve | 14,265 | 13,978 |
| Own shares held in trust | (281) | (332) |
| Merger reserve | 198,987 | 198,987 |
| Foreign currency translation reserve | (7,821) | (7,441) |
| Special reserve | 175,281 | 175,281 |
| Retained losses | (61,375) | (57,877) |
| Attributable to the equity shareholders of the company | 352,575 | 347,213 |
| Total liabilities and equity | 626,265 | 550,750 |
| 2026 Unaudited $’000 | 2025 Unaudited $’000 | |
|---|---|---|
| Cash flows from operating activities | ||
| (Loss)/profit for the period | (3,447) | (50,994) |
| Adjustments to reconcile net losses to cash | ||
| Depreciation of property, plant and equipment | 2 | 8 |
| Share based payment charge | 287 | — |
| Finance expense | 3,118 | 1,055 |
| Finance income | (923) | (1,322) |
| Foreign exchange | (554) | (4,576) |
| Income tax (credit)/expense | — | (650) |
| Operating cash flows before movements in working capital | (1,517) | (56,479) |
| Changes in | ||
| Decrease in receivables | 527 | 21,440 |
| (Decrease)/increase in payables | (7,402) | 34,441 |
| Cash generated by/(utilised in) operating activities | (8,392) | (598) |
| Cash Flows from investing activities | ||
| Purchase of PPE & intangibles | (43,989) | (827) |
| Cash and term deposits classified as held for sale | 1,921 | (17) |
| Term deposit movements | (56,194) | 1,686 |
| Interest on term deposits | 726 | — |
| Cash flow from/(used in) investing activities | (97,536) | 842 |
| Cash flows from financing activities | ||
| Exercise of share options | 75 | 106 |
| Issuance of shares and warrants net of costs | 8,827 | — |
| Loan funding | 19,989 | — |
| Prepaid financing costs | (2,786) | — |
| Cash flow from financing activities | 26,105 | 106 |
| Exchange gain/(loss) on cash and cash equivalents | (125) | 4 |
| Net cash flow | (79,823) | 350 |
| Cash and cash equivalents brought forward | 157,619 | 915 |
| Cash and cash equivalents carried forward | 77,672 | 1,269 |
| 2025 $'000 | 2024 $'000 | |
|---|---|---|
| Exploration and evaluation expenses | (254) | (393) |
| Administrative expenses | (9,770) | (3,330) |
| Charge for share based payments | (146) | (76) |
| Foreign exchange movement | 2,981 | 170 |
| Results from operating activities | (7,189) | (3,629) |
| Other income | 35,179 | 79,802 |
| Other expenses | (69,726) | (1,024) |
| Finance income | 2,086 | 1,927 |
| Finance expense | (2,354) | (296) |
| (Loss)/ profit before tax | (42,004) | 76,780 |
| Tax credit/(expense) | 3,825 | (30,421) |
| (Loss)/profit from continuing operations | (38,179) | 46,359 |
| (Loss)/ profit for the year from discontinued operations | (1,502) | 1,253 |
| (Loss)/ profit attributable to equity shareholders of the parent company | (39,681) | 47,612 |
| Basic | (6.15) | 7.40 |
| Diluted | (6.15) | 7.28 |
| Basic (continuing operations) | (5.91) | 7.20 |
| Diluted (continuing operations) | (5.91) | 7.09 |
| 2025 $'000 | 2024 $'000 | |
|---|---|---|
| Non current assets | ||
| Exploration and evaluation assets | - | 271,110 |
| Property, plant and equipment | 329,240 | 10 |
| Financial asset | 10 | 22,148 |
| Total non current assets | 351,388 | 271,120 |
| Current assets | ||
| Other receivables | 18,709 | 62,330 |
| Term deposits | 13,429 | 19,969 |
| Cash and cash equivalents | 157,619 | 915 |
| Total current assets | 189,757 | 83,214 |
| Assets classified as held for sale | 9,605 | 1,203 |
| Total assets | 550,750 | 355,537 |
| Current liabilities | ||
| Other payables | 48,796 | 6,516 |
| Tax payable | 1,012 | 1,806 |
| Total current liabilities | 49,808 | 8,322 |
| Non-current liabilities | ||
| Other payables | 21,645 | - |
| Co-venturers loan | 52,493 | 15,354 |
| Tax payable | 20,873 | 22,300 |
| Provisions | 2,140 | 1,600 |
| Deferred tax liability | 39,137 | 45,305 |
| Total non current liabilities | 136,288 | 84,559 |
| Liabilities associated with assets held for sale | 17,441 | 14,279 |
| Total liabilities | 203,537 | 107,160 |
| Equity | ||
| Share capital | 12,209 | 9,455 |
| Share premium | 12,408 | 12,585 |
| Options and warrants reserve | 13,978 | 2,185 |
| Own shares held in trust | (332) | (1,320) |
| Merger reserve | 198,987 | 78,208 |
| Foreign currency translation reserve | (7,441) | (10,595) |
| Special reserve | 175,281 | 175,281 |
| Retained losses | (57,877) | (17,422) |
| Attributable to the equity shareholders of the company | 347,213 | 248,377 |
| Total liabilities and equity | 550,750 | 355,537 |
| 2025 $'000 | 2024 $'000 | |
|---|---|---|
| Cash flows from operating activities | ||
| (Loss)/profit for the year | (39,681) | 47,612 |
| Depreciation of property, plant and equipment | 8 | 19 |
| Share based payment expense | 146 | 76 |
| Written off exploration costs | 254 | 393 |
| Finance expenses | 2,631 | 595 |
| Finance income | (2,180) | (1,322) |
| Foreign exchange | (4,859) | (3,786) |
| Tax credit/(expense) | (3,866) | 30,421 |
| Operating cash flows before movements in working capital | (47,547) | 74,008 |
| Changes in working capital | ||
| Decrease/(increase) in receivables | 44,857 | (60,613) |
| Increase in payables | 30,354 | 386 |
| Increase/(decrease) in provisions | 992 | (2,397) |
| Cash generated by operating activities | 28,656 | 11,384 |
| Tax paid | (5,327) | - |
| Cash flows from investing activities | ||
| Purchase of PPE & intangibles | (45) | (1,834) |
| Cash and term deposits classified as held for sale | (8,161) | (17) |
| Restricted cash | - | 542 |
| Term deposit movements | 8,240 | (15,073) |
| Interest on term deposits | 858 | - |
| Cash flow generated/( used in) investing activities | 892 | (16,382) |
| Cash flows from financing activities | ||
| Exercise of share options | 189 | 2,213 |
| Issuance of shares and warrants net of costs | 135,028 | - |
| Loan funding | 9,102 | - |
| Prepaid financing costs | (12,824) | - |
| Lease liability payments | - | (11) |
| Cash flow from financing activities | 131,495 | 2,202 |
| Exchange gain/loss on cash and cash equivalents | 988 | 224 |
| Net cash flow | 155,716 | (2,796) |
| Cash and cash equivalents brought forward | 915 | 3,487 |
| Cash and cash equivalents carried forward | 157,619 | 915 |
| LTM Jun 26 | FY 25 | FY 24 | |
|---|---|---|---|
| Revenue to operating profit | |||
| Operating profit | (6.7) | (5.5) | (2.8) |
| Share-based payments | (0.3) | (0.1) | (0.1) |
| Operating profit to net income | |||
| Profit before tax | 5.6 | (31.9) | 60.1 |
| Tax | 2.4 | 2.9 | (23.8) |
| Net income (owners) | 6.7 | (30.1) | 37.3 |
| Discontinued operations | (1.3) | (1.1) | 1.0 |
| Per share | |||
| EPS basic | 0.9p | (4.6p) | 5.9p |
| EPS diluted | 0.9p | (4.6p) | 5.8p |
| H1 26 | vs H1 25 | H2 25 | H1 25 | |
|---|---|---|---|---|
| Revenue to operating profit | ||||
| Operating profit | (1.6) | n/m | (5.2) | (0.3) |
| Depreciation (owned assets) | 0.0 | n/m | – | 0.0 |
| Share-based payments | (0.2) | n/m | (0.1) | 0.0 |
| Operating profit to net income | ||||
| Finance costs | (2.3) | +248% | – | (0.7) |
| Profit before tax | (2.2) | n/m | 7.8 | (39.6) |
| Tax | 0.0 | n/m | 2.4 | 0.5 |
| Net income (owners) | (2.6) | n/m | 9.2 | (39.4) |
| Discontinued operations | (0.3) | +64% | (0.9) | (0.2) |
| Per share | ||||
| EPS basic | (0.3p) | – | 1.2p | (5.8p) |
| EPS diluted | (0.3p) | – | 1.2p | (5.8p) |
| 30 Jun 26 | 31 Dec 25 | 31 Dec 24 | |
|---|---|---|---|
| Non-current assets | |||
| Property, plant & equipment | 306.0 | 244.5 | 0.0 |
| Other investments | 16.4 | 16.4 | – |
| Non-current assets | 328.2 | 268.1 | 217.0 |
| Current assets | |||
| Trade receivables | 33.4 | 13.9 | 49.7 |
| Cash | 58.6 | 117.0 | 0.7 |
| Current assets | 144.3 | 140.9 | 66.3 |
| Total assets | 472.5 | 409.0 | 283.3 |
| Current liabilities | |||
| Trade payables | 41.2 | 36.2 | 5.2 |
| Current liabilities | 42.0 | 37.0 | 6.6 |
| Non-current liabilities | |||
| Borrowings, non-current | 88.0 | 39.0 | – |
| Non-current liabilities | 164.5 | 114.2 | 78.8 |
| Total liabilities | 206.5 | 151.1 | 85.4 |
| Equity | |||
| Total equity | 266.0 | 257.8 | 197.9 |
| 30 Jun 26 | 31 Dec 25 | 31 Dec 24 | |
|---|---|---|---|
| Non-current assets | |||
| Property, plant & equipment | 306.0 | 244.5 | 0.0 |
| Other investments | 16.4 | 16.4 | – |
| Non-current assets | 328.2 | 268.1 | 217.0 |
| Current assets | |||
| Trade receivables | 33.4 | 13.9 | 49.7 |
| Cash | 58.6 | 117.0 | 0.7 |
| Current assets | 144.3 | 140.9 | 66.3 |
| Total assets | 472.5 | 409.0 | 283.3 |
| Current liabilities | |||
| Trade payables | 41.2 | 36.2 | 5.2 |
| Current liabilities | 42.0 | 37.0 | 6.6 |
| Non-current liabilities | |||
| Borrowings, non-current | 88.0 | 39.0 | – |
| Non-current liabilities | 164.5 | 114.2 | 78.8 |
| Total liabilities | 206.5 | 151.1 | 85.4 |
| Equity | |||
| Total equity | 266.0 | 257.8 | 197.9 |
Read automatically from each results announcement. Check the source before relying on a figure.
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Company filings. Not investment advice.