Half-year Results
Interim results for H1 2025: loss of £144,649 on cash of £7.0m; no acquisition completed since AIM admission in November 2024.
| Half year to 30 Jun 2025 | |
|---|---|
| Operating profit | (£0.2m) |
| Profit before tax | (£0.1m) |
| Net income | (£0.1m) |
| Cash from operations | (£0.3m) |
| Cash | £7.0m |
Figures as reported, converted to £ where needed – see all financials.
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Selkirk Group PLC, the AIM investment vehicle focused on acquiring undervalued companies or businesses in the consumer, e-commerce, technology and digital media sectors, is pleased to announce its consolidated unaudited interim results for the period from incorporation to 30 June 2025 alongside a strategy update.
Strategy update
Selkirk was admitted to trading on AIM in November 2024, raising gross proceeds of £7.5 million. The Company's primary objective is to acquire a company or operating business, which the directors believe is undervalued and capable of benefiting from its own quotation or listing. Since admission, the Company has actively evaluated a diverse pipeline of opportunities but has not yet secured a transaction that meets its investment criteria.
In April 2025, Selkirk responded to a public announcement by THG plc ("THG") regarding its preliminary conditional offer to acquire MyProtein (the "Offer") for between £400 - £600 million, subject to the completion of necessary due diligence. Despite constructive discussions, THG's board ultimately concluded that a transaction could not be agreed. While Selkirk does not share THG's conclusions provided, we understand that given the Offer was not fully funded, the uncertainties surrounding financing were a concern at the time for THG in progressing with a transaction.
As we look ahead, we have no shortage of opportunities and we continue to follow a systematic approach to company evaluation using the analytical capability of our partners at Belerion Capital and Kelso. The majority of opportunities currently being assessed are private businesses looking to secure funding through a London listing. However, in recent years, the UK market has seen a large number of public companies being taken private, many avoiding the public markets altogether by securing private financing and others perhaps even considering a US listing. For various reasons, London seems to be failing to attract and retain the very best companies which is disappointing given the UK's proud history as a home for global capital. Selkirk hopes to be part of the revival of the UK market and there are some encouraging signs. However, we would encourage the Government to consider measures to stimulate the London markets and are always happy to engage in discussions on something we so passionately believe in.
In the meantime, the Company's cash resources are being prudently managed, ensuring that interest income broadly covers our ongoing monthly operating costs. As at 30 June 2025, the Company had cash of £7.0m, equal to the net proceeds raised at IPO. We can therefore be patient in selecting the right opportunity for Selkirk's shareholders, without being under pressure to complete a transaction.
Outlook
Selkirk is actively assessing a number of interesting opportunities at present across its target sectors and will update shareholders as appropriate in due course.
The Board wishes to thank its shareholders for their patience, support and engagement since its inception.
Iain McDonald, Chairman, Selkirk Group Plc, said:
"The board and our advisors have an active pipeline and continue to assess a number of exciting opportunities. We will update the market as appropriate and thank our shareholders for their support"
Condensed Interim Consolidated Statement of Comprehensive Income For the six months ended 30 June 2025 (Unaudited)
| Note | 6 months ended 30 June 2025 | Period from 24 September 2024 to 31 December 2024 | |
|---|---|---|---|
| (unaudited) | (unaudited) | ||
| £ | £ | ||
| Revenue | |||
| Administrative expenses | |||
| Staff costs (including MIP non-cash costs) | 4 | (55,606) | (19,650) |
| Audit and accountancy fees | (6,600) | (31,200) | |
| Professional costs | (163,781) | (160,996) | |
| Other administrative expenses | (19,586) | (14,930) | |
| Profit /(Loss) from operations | (245,573) | (226,776) | |
| Other income | - | - | |
| Finance income | 100,924 | 8,977 | |
| Finance expense | - | - | |
| Profit /(Loss)before taxation | (144,649) | (217,799) | |
| Income tax | - | - | |
| Profit /(Loss)for the period | (144,649) | (217,799) | |
| Profit/(loss) for the period attributable to: | |||
| Owners of the parent | (143,375) | (217,799) | |
| Non-controlling interests | (1,274) | - | |
| (144,649) | (217,799) | ||
Earnings/(loss) per share (Pence) attributable to the ordinary equity holders of the parent
| Note | 6 months ended 30 June 2025 | Period from 24 September 2024 to 31 December 2024 | |
|---|---|---|---|
| (unaudited) | (unaudited) | ||
| £ | £ | ||
| Diluted | 5 | (0.03) | (0.08) |
Condensed Interim Consolidated Balance Sheet As at 30 June 2025 (Unaudited)
| As At 30 June 2025 | As At 31 December 2024 | ||
|---|---|---|---|
| Note | (unaudited) | (unaudited) | |
| £ | £ | ||
| Assets | |||
| Current | |||
| Trade and other receivables | 65,168 | 71,416 | |
| Cash and cash equivalents | 6,950,568 | 7,102,258 | |
| Total assets | 7,015,736 | 7,173,674 | |
| Liabilities | |||
| Current | |||
| Trade and other payables | 7 | (30,083) | (43,373) |
| Total liabilities | (30,083) | (43,373) | |
| Net assets | 6,985,653 | 7,130,301 | |
| Equity | |||
| Share capital | 8 | 415,937 | 415,937 |
| Share Premium Reserve | 6,932,163 | 6,932,163 | |
| Retained Profit/ (Loss) | (361,174) | (217,799) | |
| Equity attributable to owners of the Group | 6,986,926 | 7,130,301 | |
| Non-controlling interest | (1,273) | - | |
| Total equity | 6,985,653 | 7,130,301 | |
Condensed Interim Consolidated Changes in Equity As at 30 June 2025 (Unaudited)
| Share Capital | Share Premium | Retained Earnings | Total attributable to owners of parent | Non-controlling interest | Total Equity | |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | |
| Comprehensive income for the period | ||||||
| Loss for the period | - | - | (217,799) | (217,799) | - | (217,799) |
| Total comprehensive income for the period | - | - | (217,799) | (217,799) | - | (217,799) |
| Transaction with owners | ||||||
| Issue of Share Capital | 415,937 | 6,932,163 | - | 7,348,100 | - | 7,348,100 |
| Total transactions with owners | 415,937 | 6,932,163 | - | 7,348,100 | - | 7,348,100 |
| At 31 December 2024 | 3,755,700 | 4,364,753 | 602,942 | 8,970,807 | 65,826 | 9,036,633 |
| Comprehensive income for the period | ||||||
| Profit for the period | - | - | (143,375) | (143,375) | (1,274) | (144,649) |
| Total comprehensive income for the period | - | - | (143,375) | (143,375) | (1,274) | (144,649) |
| Transaction with owners | ||||||
| Issue of Share Capital | - | - | - | - | 1 | 1 |
| Total transactions with owners | - | - | - | - | 1 | 1 |
| At 30 June 2025 | 415,937 | 6,932,163 | (361,174) | 6,986,926 | (1,273) | 6,985,653 |
Condensed Interim Consolidated Statement of Cash Flows As at 30 June 2025 (Unaudited)
| As At 30-Jun 2025 | As At 31-Dec 2024 | |
|---|---|---|
| (unaudited) | (unaudited) | |
| £ | £ | |
| Cash flows from operating activities | ||
| Profit/(Loss) for the period | (144,649) | (217,799) |
| Finance income | (100,924) | (8,977) |
| Finance expenses | - | - |
| Income tax expense | - | - |
| (245,573) | (226,776) | |
| Movement in working capital: | ||
| Decrease/(increase) in trade and other receivables | 6,249 | (21,416) |
| Increase/ (Decrease) in trade and other payables | (13,290) | 43,373 |
| Cash generated from operations | (7,041) | 21,957 |
| Net cash used in operating activities | (252,614) | (204,819) |
| Cash flows from Investing activities | ||
| Payments to acquire current assets investments | (142,506) | (6,310,045) |
| Proceeds on sale of current assets investments | 1,897,653 | 3,360,406 |
| 1,755,147 | (2,949,639) | |
| Cash flows from financing activities | ||
| Issue of ordinary shares | - | 7,298,100 |
| Finance income | 100,924 | 8,977 |
| Net cash used in financing activities | 100,924 | 7,307,077 |
| Net cash (decrease)/increase in cash and cash equivalents | (151,690) | 7,102,258 |
| Cash and cash equivalents at the beginning of year | 7,102,258 | - |
| Cash and cash equivalents at the end of the year | 6,950,568 | 7,102,258 |
Notes to the interim results
Basis of preparation
Selkirk Group Plc is a public limited company incorporated in the United Kingdom under the Companies Act 2006 (registration number:15975897). The Company's ordinary shares are admitted to trading on the main market of the London Stock Exchange.
Material accounting policies
The interim report and accounts have been prepared in accordance with IAS34 (Interim Financial Statements) and on the basis of the accounting policies, presentation and methods of computation in accordance with International Financial Reporting Standards ("IFRSs") as applied in accordance with the provisions of the Companies Act 2006 except for those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 January 2025 and will be adopted in the 2025 annual financial statements.
The interim report and accounts do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. These interim financial statements were approved by the Board of Directors on 29 September 2025. The results for the six months to 30 June 2025 and the comparative results for the period from incorporation on 24 September 2024 to 31 December 2024 are unaudited.
New accounting standards adopted at 1 January 2025
There are no significant pronouncements which have become effective from 1 January 2025 that have a significant impact on the Group's interim condensed consolidated financial statements.
Directors remuneration
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, including the directors of the Company listed in the Directors' report.
| 6 months ended 30 June 2025 (unaudited) | Period from 24 September 2024 to 31 December 2024 (unaudited) | |
|---|---|---|
| £ | £ | |
| Salaries | 55,606 | 19,650 |
Profit / (Loss) per share
Basic profit/(loss) per share is calculated by dividing the profit/(loss) attributable to equity holders of the Group by the weighted average number of ordinary shares in issue during the period.
| 6 months ended 30 June 2025 (unaudited) | Period from 24 September 2024 to 31 December 2024 (unaudited) | ||
|---|---|---|---|
| Profit/(loss) from operations | £ | (144,649) | (217,799) |
| Weighted average number of shares | 415,937,487 | 259,496,166 | |
| Basic profit/(loss) per share | Pence | (0.03) | (0.08) |
Events after the reporting period
There were no events after the interim report date to disclose.
Current liabilities
| 30 June 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| Trade payables | 14,725 | 38,366 | ||
| Other taxes and social security | 4,229 | - | ||
| Other payables | 11,129 | 5,007 | ||
| 30,083 | 43,373 | |||
| 8. Share capital | ||||
| Issued and fully paid | ||||
| 30 June 2025 Number | 30 June 2025 £ | 31 December 2024 Number | 31 December 2024 £ | |
| Ordinary shares of £0.01 each | ||||
| At 1 January 2025 | 415,937,487 | 415,937 | - | - |
| Shares issued | - | - | 415,937,487 | 415,937 |
| At 30 June 2025 | 415,937,487 | 415,937 | 415,937,487 | 415,937 |
On 24 September 2024, Selkirk Group Plc issued 50,000,000 ordinary shares at par for a value of £50,000. On 24 October 2024, 55,000,000 ordinary shares were issued at par for a value of £55,000. On the 7 November 2024, an additional 310,937,487 ordinary shares were issued for £7,462,500. The total number of ordinary shares in issue at 30 June 2025 was 415,937,487. All the shares have the same right to receive dividends and the repayment of capital and represents one vote at the shareholders' meeting.
Related Party transactions
As stated in the directors remuneration note 4, the directors salaries for the period to 30 June 2025 amounted to £55,606 (Period to 31 December 2024: £19,650).
The Company also paid its substantial shareholder, Kelso Group Holdings plc, fees of £25,000 (Period to 31 December 2024: £7,427 for the services pursuant to the secondment agreement entered into at admission
Distribution of Interim Reports
A copy of the interim report will be available shortly on the Group's website (www.Selkirkplc.com)
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