Half-year Results
Symphony Environmental Technologies Plc reported a significant turnaround in its interim results for the six months ended 30 June 2026, with revenue increasing by 23% to £3.61 million and gross profit rising by 43% to £2.14 million, leading to a gross profit margin of 59%. The company returned to profitability with a net profit of £55,000, a substantial improvement from the £503,000 loss in the prior year's period, while cash used in operations reduced by 87% to £86,000. These positive financial developments are attributed to a more focused commercial model and improved operational execution across its d2w®, d2p®, and NbR™ technologies.
| Half year to 30 Jun 2026 | Now | Year before | Change |
|---|---|---|---|
| Revenue | £3.6m | £2.9m | +23.4% |
| Operating profit | £0.2m | (£0.4m) | |
| Profit before tax | £0.1m | (£0.5m) | |
| Net income | £0.1m | (£0.5m) | |
| Cash from operations | (£0.1m) | (£0.7m) | |
| Cash | £0.8m | £0.9m | −8.8% |
Figures as reported, converted to £ where needed – see all financials.
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Symphony Environmental Technologies Plc (AIM: SYM), the global specialist in additives and technologies that enhance the environmental performance and functionality of plastics, is pleased to announce its interim financial results for the six-month period ended 30 June 2026 ("H1-2026" or the "Period").
The Period represents a clear step forward for the Group, with revenue growth, stronger gross margins, a return to profitability and a significant reduction in cash used in operations. These results reflect the benefits of the Group's more focused commercial model, improved operational execution and continuing progress across its core d2w®, d2p® and NbR™ technologies, providing a stronger platform for the remainder of 2026 and beyond.
Financial Highlights
| £'000 | H1-2026 | H1-2025 | Change |
|---|---|---|---|
| Revenue | 3,608 | 2,925 | +23% increase |
| Gross profit | 2,142 | 1,500 | +43% increase |
| Gross profit margin | 59% | 51% | +800 bps |
| Net profit/(loss) | 55 | (503) | Returned to profit |
| Cash used in operations | 86 | 656 | 87% reduction |
Non-Financial Highlights
- Maintained commercial momentum across the technology portfolio, with further full-container NbR™ orders and repeat orders for d2p® AI insecticidal technology
- Advanced the Indian certification pathway following the introduction of a new biodegradability standard, with certification remaining the key milestone for unlocking the commercial opportunity
- Extended the repayment and conversion arrangements for the £1.8 million convertible loan to 31 January 2027, providing additional financial flexibility
Since Period End
- Strengthened the evidence base for d2p® Ethylene Adsorber technology through further independent test results and delivered the first commercial container order
- Confirmed, through a comprehensive independent soil-biodegradation study, the mineralisation of plastics incorporating Symphony's d2w® technology, with no microplastic particles detected and no evidence of ecotoxicity
H1-2026 has been an important period of progress for Symphony, with the Group delivering a much stronger set of results and clear evidence that the strategic and operational actions taken during 2025 are now translating into improved performance. Comparing H1-2026 to H1-2025, revenue increased by 23% to £3.6 million, gross profit increased by 43% to £2.1 million, gross margins improved from 51% to 59%, and the Group returned to profitability, reporting a profit after tax of £55,000 compared with a loss of £503,000 in H1-2025. Cash used in operations also reduced significantly, demonstrating improved financial discipline and stronger operational execution.
The transition to a Symphony-led sales model, supported by a regional manufacturing partner, has strengthened our position in the Middle East for d2w® technology. This has improved customer engagement, restored operational stability, enhanced margin quality and brought regional operations to a much stronger footing. Despite geopolitical disruption in the region, trading has remained resilient and the Board believes that, with the new subsidiary in the United Arab Emirates operating effectively, the Group is better placed to convert regional demand into further commercial progress during the second half of 2026.
In India, the introduction of the new biodegradability standard represents a significant step forward, providing a clearer and more consistent pathway towards certification. The Group is working with independent laboratories to complete the additional testing required under the revised framework. Certification remains subject to laboratory capacity, test outcomes and regulatory timelines, but the Board continues to regard India as a potentially significant medium-term opportunity once the necessary approvals are achieved.
More broadly, we are seeing increasing alignment in a number of territories towards legislation, standards and market requirements that support biodegradable and performance-enhancing plastic technologies. Progress remains dependent on local regulatory processes and customer adoption, but these developments reinforce the relevance of Symphony's technology platform and support the Group's long-term growth strategy.
The Group is also making encouraging progress across its d2p® "designed to protect" technology portfolio, which is focused on making plastics smarter by adding functional protection and performance-enhancing characteristics. d2p® AI insecticidal technology remains the principal revenue-generating application within this portfolio, supported by repeat orders and expanding use in agricultural and irrigation products. Additional opportunities in flame-retardant, antimicrobial, odour-control and selected food-contact applications are progressing through testing, trials, regulatory processes and commercial evaluation.
NbR™ also continues to gain customer interest, with marketing and sales activity underway across several territories and four full 20-foot container orders received during H1 2026, including an initial order delivered to Jordan. While customer trials and conversion into repeat orders remain important next steps, NbR™ strengthens the Group's broader environmental technology offering and provides an additional route to reducing fossil-derived material in plastic products.
The Board believes the Group now has a stronger platform from which to build.
The results for the Period do not yet reflect the potential upside from pending certifications, regulatory approvals, legislative developments or the conversion of current customer trials into repeat orders. These opportunities remain subject to external factors, but the Group is entering the second half of 2026 with better margins, reduced operating cash outflow, improving commercial traction and a more focused operating model.
Our priority for the remainder of 2026 is to convert this stronger operating base into sustained profitability and growth. We remain focused on disciplined execution, careful cash management, and the commercialisation of our core d2w®, d2p® and NbR™ technologies in markets where regulation, customer demand and environmental need are increasingly aligned. The Board looks forward to updating shareholders as further milestones are achieved.
Nicolas Clavel, Chairman
Chief Executive's review
Financial
Revenue for the six months ended 30 June 2026 was £3.61 million (H1-2025: £2.93 million), representing a 23% increase. This strong performance was primarily driven by higher d2w and d2p masterbatch revenues, reflecting improved order flow, stronger customer engagement and the benefits of the Group's more focused commercial model.
Gross margins improved significantly during the Period, increasing from 51% in H1-2025 to 59% in H1-2026, reflecting further efficiencies and improved margin quality. Contribution after distribution costs also increased from 48% to 56% of revenues, further demonstrating the strength of the Period's results and the improvement in the Group's operational performance.
| 6 months to | 6 months to | 12 months to | |
|---|---|---|---|
| 30 June | 30 June | 31 December | |
| 2026 | 2025 | 2025 | |
| Unaudited | Unaudited | Audited | |
| £'000 | £'000 | £'000 | |
| d2w masterbatch revenues | 3,030 | 2,518 | 4,561 |
| d2p masterbatch revenues | 289 | 238 | 727 |
| Other revenues including finished products | 289 | 169 | 444 |
| Total revenues | 3,608 | 2,925 | 5,732 |
| Gross profit | 2,142 | 1,500 | 2,948 |
| - Gross profit margin | 59% | 51% | 51% |
| Distribution costs | (129) | (101) | (194) |
| - Percentage of revenues | 4% | 3% | 3% |
| Contribution after distribution costs | 2,013 | 1,399 | 2,754 |
| - Percentage of revenues | 56% | 48% | 48% |
Administrative expenses increased slightly against the same period last year from £1.74 million in H1-2025 to £1.81 million in H1-2026, due to higher fixed costs related to operations in the Middle East. These fixed costs are far outweighed by increased gross profits in the region.
The Group recorded an operating profit of £0.18 million for the Period, a notable improvement from the £0.37 million operating loss reported in H1-2025.
The Group's share of the loss from Symphony India's joint venture was £15,000, the same as in H1-2025.
The Group reports a net profit after tax of £0.06 million (H1-2025: loss £0.50 million). The profit per share for the Period was 0.02 pence, an improvement from the loss per share of 0.22 pence in H1-2025.
The Group's balance sheet remained robust. Net borrowings (excluding convertible loans and lease liabilities) were £0.81 million at the end of the Period (31 December 2025: net borrowings (excluding convertible loans and lease liabilities) of £0.54 million). Net cash used in operations totalled £0.09 million, a significant improvement from £0.66 million in H1-2025.
The Group maintains an invoice-discounting facility of £1.75 million to support funding of outstanding receivables.
Going concern
The Group has continued to trade in line with the going concern statement included in the 2025 preliminary results announced on 23 June 2026. Having considered the continued improvement in trading performance, the return to profitability, effective working-capital management and the Group's detailed forecasts, the Directors are satisfied that the Group has adequate resources to continue in operational existence for at least 12 months from the date of these interim financial statements. Accordingly, the Directors have continued to adopt the going concern basis in preparing these interim financial statements.
d2w - progress and opportunities
Sales of d2w masterbatch products increased by 20% to £3.03 million in H1-2026 (H1-2025: £2.52 million). This improvement reflects the benefits of the reorganisation of the Middle East sales model, including the move to a more direct Symphony-led structure with the new subsidiary Symphony Plastics Trading LLC (UAE) together with regional manufacturing support, which has strengthened customer engagement, improved operational control and supported continued demand across key markets.
Our new direct sales team and regional manufacturing partner is already making a significant difference across the Middle East, strengthening local market access and accelerating commercial activity. Notwithstanding the recent regional conflict, performance in several territories in the region has improved.
We continue to identify growing sales opportunities in Latin America and Asia, driven by regulatory change in favour of biodegradable solutions and increasing demand from corporate customers for credible alternatives to traditional non‑biodegradable plastics.
Since the Period end, the Group has announced the successful completion of an extensive independent testing programme comprising reports of eight tests conducted by the ISO 17025-accredited laboratory of Intertek India Pvt Ltd, between February 2025 and May 2026 on polymer films incorporating Symphony's d2w® technology. The programme evaluated abiotic degradation, biodegradation, ecotoxicity, and the absence of microplastic particles. The results demonstrated that after extensive testing in soil there were no microplastic particles in the resulting biomass and no adverse effects on plant growth or earthworms. Combined with previous independent studies by Queen Mary University, London, the French Oxomar project, and others, these findings strengthen the scientific evidence supporting d2w® technology as a practical solution for reducing the persistence of plastic in the environment.
d2p - progress and opportunities
Sales of d2p® masterbatch products increased by 21% to £0.29 million in H1-2026 (H1-2025: £0.24 million), supported by repeat orders and continued progress across insecticidal and other performance-enhancing applications.
The Group continues to see encouraging performance from its d2p® AI insecticidal technology, which remains the primary revenue-generating component within the broader d2p® technology portfolio. Sales are supported by repeat orders, increasing customer engagement and a growing range of applications, markets and product formats.
Current applications are wide-ranging and remain predominantly focused on drip-irrigation pipes used in crop production, where the technology is designed to provide functional protection and commercial benefits. Further agricultural and selected food-related applications are also under development. Trials are ongoing with new customers and for additional product lines, alongside regulatory initiatives where required, supporting the continued expansion of d2p® AI into new markets and use cases.
The Group also continues to broaden the wider d2p® technology portfolio. In addition to established insecticidal uses, flame-retardant applications are under active development, with testing in construction-related applications ongoing and progressing well.
Sales of the Group's d2p® lemon-scent technology have also commenced and, while order sizes are currently small, the emergence of repeat orders is encouraging and provides early commercial validation.
Progress in food-contact applications utilising the Group's d2p® technology, approved by the FDA and Health Canada for selected bread-related applications, has been slower than anticipated. However, further trials are planned, with new pilot programmes expected to commence in Latin America, India and Pakistan in the short term.
Since the Period end, the Group announced that the latest independent test results for its d2p® Ethylene Adsorber "EA" active packaging technology have strengthened its evidence base for this technology. The Company has now delivered its first commercial container-load to Sirane Central America in Mexico.
NbR (Natural Biodegradable Resin)
Marketing and sales activities for NbR™ continue across a number of territories, with active engagement underway in Peru, South Korea, Saudi Arabia and other parts of the Middle East. Product trials remain ongoing, and during H1-2026 the Group received four full 20-foot container orders for NbR™, including an initial order delivered to Jordan. Management remains encouraged by the level of customer interest, although commercial progress will continue to depend on successful trials, customer adoption and conversion of opportunities into repeat orders.
Joint venture in India with Indorama Corporation - Symphony Environmental India Pvt Ltd ("Symphony India")
As previously advised, Symphony India is the Group's joint venture with Indorama India Pvt. Limited, a wholly owned subsidiary of Indorama Corporation, established in 2022 to develop the Indian market for the Group's biodegradable plastic technologies. Symphony India is owned 46.5% by Symphony Environmental Limited, 46.5% by Indorama, and 7% by its Managing Director, Mr Arjun Aggarwal.
During 2026, the regulatory framework for biodegradable plastics in India has continued to evolve. As announced in June 2026, the Bureau of Indian Standards introduced IS 19877T:2026, a new standard establishing a clearer and more consistent methodology for assessing the potential biodegradability of plastics under controlled laboratory conditions. This replaces the earlier IS 17899T framework, under which Symphony had previously generated positive test results, and provides a more defined basis for progressing towards certification.
The introduction of this new standard represents an important step towards defining the certification pathway required for approval by the Central Pollution Control Board. The Group is working with independent laboratories to complete the additional testing required under the revised framework, with certification targeted in the second half of 2026. This remains subject to laboratory capacity, test outcomes and regulatory timelines.
Having invested a further £80,000 in Symphony India during 2025, matched by an equivalent investment from Indorama, the joint venture continues to operate at a modest loss while the certification and regulatory approval process progresses, and the approvals required to market and sell d2w® products in India remain pending.
The Board considers certification to be the key milestone required to unlock commercial activity in India, where the Group has established a developing pipeline of customers. While progress remains dependent on regulatory approvals, certification outcomes and broader market conditions, the Board believes India represents a potentially significant medium-term commercial opportunity for the Group.
Outlook
The Group enters the second half of 2026 with a stronger operating platform, improved gross margins, reduced cash outflow and a return to profitability. These improvements provide a more robust foundation from which to build performance through the remainder of the year and beyond.
Commercial momentum continues across the Group's core technology platforms. d2w® remains central to the Group's growth strategy, supported by the restructured Middle East sales model, developing opportunities in Latin America and Asia, and increasing alignment in several markets towards legislation and standards supporting biodegradable plastics. The Group's d2p® technologies and NbR™ product range are also progressing through customer trials, regulatory pathways and early commercial adoption.
Importantly, the results for the Period do not yet reflect the potential upside from pending regulatory approvals, legislative developments and the conversion of current trials and customer engagements into repeat orders. While the timing of these opportunities remains subject to external factors, management believes that the Group is now better positioned to benefit as these milestones are achieved.
The Board therefore believes that the Group is creating a materially stronger and more resilient business, with improving financial discipline, operational execution and commercial traction. If current momentum and progress continue, the Board expects the Group to be placed in a stronger financial position at the year end and to be better positioned for sustained growth beyond 2026.
Michael Laurier, Chief Executive
Condensed consolidated interim statement of comprehensive income
| 6 months to | 6 months to | 12 months to | |
|---|---|---|---|
| 30 June | 30 June | 31 December | |
| 2026 | 2025 | 2025 | |
| Unaudited | Unaudited | Audited | |
| £'000 | £'000 | £'000 | |
| Revenue | 3,608 | 2,925 | 5,732 |
| Cost of sales | (1,466) | (1,425) | (2,784) |
| Gross profit | 2,142 | 1,500 | 2,948 |
| Distribution costs | (129) | (101) | (194) |
| Administrative expenses | (1,813) | (1,743) | (4,310) |
| Impairment of development costs | - | - | (468) |
| Impairment losses on financial assets | (24) | (24) | (94) |
| Operating profit/(loss) | 176 | (368) | (2,118) |
| Finance costs | (106) | (120) | (230) |
| Share of results of joint ventures | (15) | (15) | (40) |
| Fair value loss on investment | - | - | (107) |
| Profit/(loss) for the Period before tax | 55 | (503) | (2,495) |
| Taxation | - | - | - |
| Profit/(loss) for the Period | 55 | (503) | (2,495) |
| Total comprehensive income for the Period | 55 | (503) | (2,495) |
| Earnings per share: | |||
| Basic | 0.02p | (0.22)p | (1.08)p |
| Diluted | 0.02p | (0.22)p | (1.08)p |
All results are attributable to the owners of the parent.
There were no discontinuing operations for any of the above periods.
Condensed consolidated interim statement of financial position
| At | At | At | |
|---|---|---|---|
| 30 June 2026 | 30 June 2025 | 31 December 2025 | |
| Unaudited | Unaudited | Audited | |
| £'000 | £'000 | £'000 | |
| ASSETS | |||
| Non-current | |||
| Property, plant and equipment | 79 | 100 | 94 |
| Right-of-use assets | 388 | 513 | 445 |
| Intangible assets | 60 | 554 | 63 |
| Interest in joint ventures | 54 | 14 | 69 |
| Financial assets at fair value | 47 | 130 | 47 |
| 628 | 1,311 | 718 | |
| Current | |||
| Inventories | 689 | 599 | 471 |
| Trade and other receivables | 2,511 | 2,442 | 2,198 |
| Cash and cash equivalents | 785 | 861 | 915 |
| 3,985 | 3,902 | 3,584 | |
| Total assets | 4,613 | 5,213 | 4,302 |
EQUITY AND LIABILITIES
Equity
Equity attributable to owners of Symphony Environmental Technologies plc
| At | At | At | |
|---|---|---|---|
| 30 June 2026 | 30 June 2025 | 31 December 2025 | |
| Unaudited | Unaudited | Audited | |
| Share capital | 2,364 | 2,364 | 2,364 |
| Share premium account | 7,741 | 7,750 | 7,741 |
| Retained earnings | (10,856) | (8,919) | (10,911) |
| Total equity | (751) | 1,195 | (806) |
| Liabilities | |||
| Non-current | |||
| Lease liabilities | 173 | 370 | 217 |
| Other provisions | 100 | - | 100 |
| 273 | 370 | 317 | |
| Current | |||
| Borrowings | 3,416 | 2,291 | 3,231 |
| Lease liabilities | 113 | 122 | 120 |
| Trade and other payables | 1,562 | 1,235 | 1,440 |
| 5,091 | 3,648 | 4,791 | |
| Total liabilities | 5,364 | 4,018 | 5,108 |
| Total equity and liabilities | 4,613 | 5,213 | 4,302 |
Condensed consolidated interim statement of changes in equity
Equity attributable to the owners of Symphony Environmental Technologies plc:
| Share capital | Share premium | Retained earnings | Total equity | |
|---|---|---|---|---|
| £'000 | £'000 | £'000 | £'000 | |
| For the six months to 30 June 2026 | ||||
| Balance at 1 January 2026 | 2,364 | 7,741 | (10,911) | (806) |
| Transactions with owners | - | - | - | - |
| Total comprehensive income for the Period | - | - | 55 | 55 |
| Balance at 30 June 2026 | 2,364 | 7,741 | (10,856) | (751) |
| Share capital | Share premium | Retained earnings | Total equity | |
| £'000 | £'000 | £'000 | £'000 | |
| For the six months to 30 June 2025 | ||||
| Balance at 1 January 2025 | 2,251 | 5,767 | (8,416) | (398) |
| Shares issued | 113 | 1,983 | - | 2,096 |
| Transactions with owners | 113 | 1,983 | - | 2,096 |
| Total comprehensive income for the Period | - | - | (503) | (503) |
| Balance at 30 June 2025 | 2,364 | 7,750 | (8,919) | 1,195 |
| Share capital | Share premium | Retained earnings | Total equity | |
| £'000 | £'000 | £'000 | £'000 | |
| For the year to 31 December 2025 | ||||
| Balance at 1 January 2025 | 2,251 | 5,767 | (8,416) | (398) |
| Issue of share capital | 113 | 1,974 | - | 2,087 |
| Transactions with owners | 113 | 1,974 | - | 2,087 |
| Total comprehensive income for the year | - | - | (2,495) | (2,495) |
| Balance at 31 December 2025 | 2,364 | 7,741 | (10,911) | (806) |
| Condensed consolidated interim cash flow statement | ||||
| 6 months to 30 June 2026 Unaudited | 6 months to 30 June 2025 Unaudited | 12 months to 31 December 2025 Audited | ||
| £'000 | £'000 | £'000 | ||
| Cash flows from operating activities: | ||||
| Profit/(loss) for the Period after tax | 55 | (503) | (2,495) | |
| Depreciation | 87 | 97 | 186 | |
| Amortisation | 6 | 35 | 71 | |
| Loss on disposal of fixed assets | 1 | 10 | 10 | |
| Impairment of intangible assets | - | - | 468 | |
| Share of loss of joint venture | 15 | 15 | 40 | |
| Change in fair value of financial assets at fair value | - | - | 107 | |
| Interest expense | 106 | 120 | 230 | |
| Changes in working capital | ||||
| Movement in inventories | (218) | 104 | 232 | |
| Movement in trade and other receivables | (313) | (28) | 192 | |
| Movement in trade and other payables | 175 | (506) | (301) | |
| Net cash used in operations | (86) | (656) | (1,260) | |
| Taxation | - | - | - | |
| Net cash used in operating activities | (86) | (656) | (1,260) | |
| Cash flows from investing activities | ||||
| Additions to property, plant and equipment | (5) | (5) | (18) | |
| Additions to right of use assets | (11) | (29) | - | |
| Additions to intangible assets | (3) | - | (13) | |
| Equity participation in joint ventures | - | - | (80) | |
| Net cash used in investing activities | (19) | (34) | (111) | |
| Cash flows from financing activities | ||||
| Drawdown cash received from invoice finance facility | 2,488 | 2,263 | 4,862 | |
| Customer receipts repayment of invoice finance facility | (2,394) | (2,784) | (5,096) | |
| Proceeds from share issues | - | 2,096 | 2,087 | |
| Repayment of lease capital | (51) | (24) | (110) | |
| Lease interest paid | (15) | (10) | (27) | |
| Bank. invoice finance interest and other interest paid | (91) | (58) | (98) | |
| Net cash (used)/generated in financing activities | (63) | 1,483 | 1,618 | |
| Net change in cash and cash equivalents | (168) | 793 | 247 | |
| Cash and cash equivalents, beginning of Period | 157 | (90) | (90) | |
| Cash and cash equivalents, end of Period | (11) | 703 | 157 | |
| Represented by | ||||
| Cash and cash equivalents | 785 | 861 | 915 | |
| Bank overdraft | (796) | (158) | (758) | |
| (11) | 703 | 157 | ||
Notes to the interim financial statements
1 Nature of operations and general information
Principal activities of Symphony Environmental Technologies plc (the "Company") and subsidiaries' (together the "Group") include the development and supply of environmental plastic masterbatches and other innovative products.
Symphony Environmental Technologies plc, a public limited company, is the Group's ultimate parent company. It is incorporated and domiciled in England (company number 03676824). The address of its registered office is 6 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD, England. The Company's shares are listed on the AIM market of the London Stock Exchange.
These condensed interim consolidated financial statements ("interim financial statements" or "interim report") are for the six months ended 30 June 2026. They do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2025.
The financial information set out in this interim report does not constitute statutory accounts. The Group's statutory financial statements for the year ended 31 December 2025 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under Section 498(2) or 498(3) of the Companies Act 2006. These interim condensed consolidated financial statements have not been audited.
These interim financial statements have been prepared in accordance with the requirements of International Accounting Standard ("IAS") 34 "Interim Financial Reporting", and are presented in Pounds Sterling (£), which is the functional currency of the parent company. They have been prepared under the historical cost convention. They have also been prepared on the basis of the recognition and measurement requirements of International Standards as adopted by the UK, and the policies and measurements are consistent with those stated in the financial statements for the year ended 31 December 2025.
Going concern
The Group has continued to trade in line with the going concern statement included in the 2025 preliminary results announced on 23 June 2026. Having considered the continued improvement in trading performance, the return to profitability, effective working-capital management and the Group's detailed forecasts, the Directors are satisfied that the Group has adequate resources to continue in operational existence for at least 12 months from the date of these interim financial statements. Accordingly, the Directors have continued to adopt the going concern basis in preparing these interim financial statements.
These interim financial statements were approved by the Board on 15 September 2026.
2 Significant accounting policies
These interim financial statements have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year ended 31 December 2025.
3 Seasonal fluctuations
The Group operates in many countries and in many different markets. There are therefore no formal or considered seasonal fluctuations affecting the operations of the Group.
4 Segmental analysis
The Board considers that the Group does not have separate operating segments as defined under IFRS 8.
5 Shares issued
Shares issued are summarised as follows:
| Shares issued and fully paid | 6 months to 30 June 2026 | 6 months to 30 June 2025 | Year to 31 December 2025 |
|---|---|---|---|
| - beginning of the Period | 236,363,995 | 225,099,120 | 225,099,120 |
| - issued during the Period | - | 11,264,875 | 11,264,875 |
| Total equity shares issued and fully paid at end of the Period | 236,363,995 | 236,363,995 | 236,363,995 |
6 Earnings per share and dividends
The calculation of earnings per share is based on the result attributable to ordinary shareholders divided by the weighted average number of shares in issue during the Period.
The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares on the assumed conversion of dilutive options which were exercisable during the Period.
Reconciliations of the results and weighted average numbers of shares used in the calculations are set out below:
| Basic and diluted | 6 months to 30 June 2026 | 6 months to 30 June 2025 | Year to 31 December 2025 |
|---|---|---|---|
| Profit/(loss) attributable to equity holders of the Company | £55,000 | £(503,000) | £(2,495,000) |
| Weighted average number of ordinary shares in issue | 236,363,995 | 226,559,106 | 231,511,990 |
| Basic earnings per share | 0.02 pence | (0.22) pence | (1.08) pence |
| Dilutive effect of weighted average options | 4,316,668 | - | 5,978,406 |
| Total of weighted average shares together with dilutive effect of weighted options - see below | 240,680,663 | 226,559,106 | 231,511,990 |
| Diluted earnings per share | 0.02 pence | (0.22) pence | (1.08) pence |
No dividends were paid for the year ended 31 December 2025 or for the Period.
The Group was loss-making for the six months to 30 June 2025 and year to 31 December 2025. The effect of options for the six months to 30 June 2025, and year to 31 December 2025 are therefore anti-dilutive. Accordingly, for those periods, the dilutive effect of share options has not been taken into account of in calculating diluted earnings per share since this would decrease the loss per share reported.
7 Availability of Interim Financial Statements
Paper copies of the Interim Financial Statements will be sent to shareholders upon request. Shareholders will be able to download a copy of the Interim Financial Statements from the Group's website. Further copies of the Interim Financial Statements will be available from the Company's Registered Office at 6 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire WD6 1JD.
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