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TERN · AIM · Financial Services · mcap £8.9m · 0.9p

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Financials · LTM to 30 Jun 26

Source: results 29 Sep 26 ↗

Going-concern uncertainty

Revenue: –
Operating profit: −£4.6m
Net income: −£4.5m
Free cash flow: −£1.5m
Net debt: £27k
Market cap: £8.9m
EV / EBIT: –
FCF yield: −17.2%
Price / book: 1.2×

Latest half-year · H1 26 vs H1 25 results 29 Sep 26 ↗

Operating profit: −£409k
Net income: −£382k
Cash from operations: −£785k

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures

Income statement Balance sheet Cash flow

Annual Half-yearly

Every line as the company printed it, newest first – each period in the latest version the company published (restated figures where a later report restated them), in its own currency and units. Italic = calculated (H2 = full year − first half). The column headings link to the announcements.

Latest report: H1 26 (six months to 30 Jun 26), published 29 Sep 26 · read the results ↗

	FY 25£000 source
Fee income
Movement in fair value of investments	(4,084)
Loss on disposal of assets	—
Total investment deficit	(4,030)
Administration costs	(1,008)
Other expenses	(93)
Operating loss	(5,131)
Finance income	42
Loss before tax	(5,089)
Tax	—
Loss and total comprehensive loss for the period	(5,089)
Earnings per share
Basic and diluted loss per share	(0.85)p

	H1 26£000 source	H2 25£000 calc.	H1 25£000 source
Fee income
Movement in fair value of investments	72	(3,650)	(434)
Loss on disposal of assets	(5)	-	—
Total investment deficit	101	(3,615)	(415)
Administration costs	(473)	(453)	(555)
Other expenses	(37)	(84)	(9)
Operating loss	(409)	(4,152)	(979)
Finance income	27	22	20
Loss before tax	(382)	(4,130)	(959)
Tax	—	-	—
Loss and total comprehensive loss for the period	(382)	(4,130)	(959)
Earnings per share
Basic and diluted loss per share	(0.05)p	–	(0.18)p

	30 Jun 26£000 source	31 Dec 25 source	31 Dec 24 source
Assets Non-current assets
Investments	7,736	–	–
Right of Use Asset	29	–	–
Total assets Non-current assets	7,765	–	–
Current assets
Trade and other receivables	147	–	–
Cash and cash equivalents	95	49,385	382,213
Total current assets	242	169,273	567,121
Total assets	8,007	7,488,409	11,306,752
EQUITY AND LIABILITIES Share capital	–	1,436,110	1,406,566
Equity and liabilities
Share capital	1,472	–	–
Share premium	37,633	36,754,773	35,540,884
Accumulated losses	–	(31,309,888)	(26,238,315)
TOTAL EQUITY	–	6,880,995	10,709,135
CURRENT LIABILITIES Trade and other payables	–	425,487	436,503
Short Term Loans	–	181,927	161,114
Derivative Financial Instruments	–	-	-
Retained losses	(31,683)	–	–
Total equity and liabilities	7,422	7,488,409	11,306,752
Current liabilities
Trade and other payables	437	–	–
Short Term Loan	122	–	–
Lease	9	–	–
Total current liabilities	568	607,414	597,617
Non-current liabilities
Lease	17	–	–
Total non-current liabilities	17	–	–
Total liabilities	585	607,414	597,617
Total equity and liabilities	8,007	–	–
Unaudited Statement of Changes in Equity
For the six months ended 30 June 2026
Share Share Retained Total
capital premium losses equity
Total capital premium losses equity	£000	–	–
Balance at 31 December 2024	35,541	–	–
Total comprehensive loss	—	–	–
Transactions with owners
Issue of share capital	551	–	–
Share issue costs	(35)	–	–
Share based payment charge	—	–	–
Balance at 30 June 2025	36,057	–	–
Total comprehensive loss	—	–	–
Transactions with owners
Issue of share capital	774	–	–
Share issue costs	(76)	–	–
Share based payment charge	—	–	–
Balance at 31 December 2025	36,755	–	–
Total comprehensive loss	—	–	–
Transactions with owners
Issue of share capital	904	–	–
Share issue costs	(26)	–	–
Share based payment charge	—	–	–
Balance at 30 June 2026	37,633	–	–
ASSETS NON-CURRENT ASSETS Investments	–	7,319,136	10,739,631
TOTAL NON-CURRENT ASSETS	–	7,319,136	10,739,631
CURRENT ASSETS Trade and other receivables	–	119,888	184,908

	30 Jun 26£000 source	31 Dec 25 source	30 Jun 25£000 source	31 Dec 24 source
Assets Non-current assets
Investments	7,736	–	10,655	–
Right of Use Asset	29	–	—	–
Total assets Non-current assets	7,765	–	10,655	–
Current assets
Trade and other receivables	147	–	212	–
Cash and cash equivalents	95	49,385	74	382,213
Total current assets	242	169,273	286	567,121
Total assets	8,007	7,488,409	10,941	11,306,752
EQUITY AND LIABILITIES Share capital	–	1,436,110	–	1,406,566
Equity and liabilities
Share capital	1,472	–	1,417	–
Share premium	37,633	36,754,773	36,057	35,540,884
Accumulated losses	–	(31,309,888)	–	(26,238,315)
TOTAL EQUITY	–	6,880,995	–	10,709,135
CURRENT LIABILITIES Trade and other payables	–	425,487	–	436,503
Short Term Loans	–	181,927	–	161,114
Derivative Financial Instruments	–	-	–	-
Retained losses	(31,683)	–	(27,188)	–
Total equity and liabilities	7,422	7,488,409	10,286	11,306,752
Current liabilities
Trade and other payables	437	–	485	–
Short Term Loan	122	–	170	–
Lease	9	–	—	–
Total current liabilities	568	607,414	655	597,617
Non-current liabilities
Lease	17	–	—	–
Total non-current liabilities	17	–	—	–
Total liabilities	585	607,414	655	597,617
Total equity and liabilities	8,007	–	10,941	–
Unaudited Statement of Changes in Equity
For the six months ended 30 June 2026
Share Share Retained Total
capital premium losses equity
Total capital premium losses equity	£000	–	£000	–
Balance at 31 December 2024	35,541	–	(26,238)	–
Total comprehensive loss	—	–	(959)	–
Transactions with owners
Issue of share capital	551	–	—	–
Share issue costs	(35)	–	—	–
Share based payment charge	—	–	9	–
Balance at 30 June 2025	36,057	–	(27,188)	–
Total comprehensive loss	—	–	(4,130)	–
Transactions with owners
Issue of share capital	774	–	—	–
Share issue costs	(76)	–	—	–
Share based payment charge	—	–	8	–
Balance at 31 December 2025	36,755	–	(31,310)	–
Total comprehensive loss	—	–	(382)	–
Transactions with owners
Issue of share capital	904	–	—	–
Share issue costs	(26)	–	—	–
Share based payment charge	—	–	9	–
Balance at 30 June 2026	37,633	–	(31,683)	–
ASSETS NON-CURRENT ASSETS Investments	–	7,319,136	–	10,739,631
TOTAL NON-CURRENT ASSETS	–	7,319,136	–	10,739,631
CURRENT ASSETS Trade and other receivables	–	119,888	–	184,908

	FY 25 source	FY 24 source
OPERATING ACTIVITIES Net cash used in operations	(1,036,530)	(1,068,970)
Purchase of investments	(453,999)	(656,815)
Cash received from sale of investments	100	250,429
Loans to portfolio companies	(85,000)	(95,000)
Interest received	14	26
Net cash used in operating activities	(1,575,415)	(1,570,330)
FINANCING ACTIVITIES Proceeds on issues of shares	1,354,916	2,099,524
Share issue expenses	(111,483)	(110,700)
Loan receipt	77,390	-
Loan repayment	(78,237)	(333,846)
Net cash from financing activities	1,242,587	1,654,978
(Decrease) in cash and cash equivalents	(332,828)	(84,648)
Cash and cash equivalents at beginning of year	382,213	297,565
Cash and cash equivalents at end of year	49,385	382,213

	H1 26£000 source	H2 25 calc.	H1 25£000 source
OPERATING ACTIVITIES
Net cash used in operations before portfolio investment activities	(491)	–	(500)
Purchase of investments	(257)	(453,664)	(335)
Cash received from sale of investments	20	100	—
Loans to portfolio companies	(57)	(85,000)	—
Net cash used in operating activities	(785)	(1,574,580)	(835)
FINANCING ACTIVITIES
Proceeds on issue of shares	909	–	562
Share issue expenses	(26)	(111,448)	(35)
Loan receipt	—	77,390	—
Loan repayment	(44)	(78,237)	—
Lease payment	(8)	–	—
Net cash from financing activities	831	1,242,060	527
Increase/(Decrease) in cash and cash equivalents	46	–	(308)
Cash and cash equivalents at beginning of period	49	–	382
Cash and cash equivalents at end of period	95	–	74

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Operating profit	(4.6)	(5.1)	–
Share-based payments	0.0	0.0	0.0
Operating profit to net income
Fair value gains / losses	(3.6)	(4.1)	–
Profit before tax	(4.5)	(5.1)	–
Net income (owners)	(4.5)	(5.1)	–
Per share
EPS basic	(0.7p)	(0.9p)	–
EPS diluted	(0.7p)	(0.9p)	–

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Operating profit	(0.4)	n/m	(4.2)	(1.0)
Depreciation (right-of-use)	0.0	–	–	–
Share-based payments	0.0	n/m	0.0	0.0
Operating profit to net income
Fair value gains / losses	0.1	n/m	(3.6)	(0.4)
Profit before tax	(0.4)	n/m	(4.1)	(1.0)
Net income (owners)	(0.4)	n/m	(4.1)	(1.0)
Per share
EPS basic	(0.1p)	–	(0.7p)	(0.2p)
EPS diluted	(0.1p)	–	(0.7p)	(0.2p)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	(1.5)	(1.6)	(1.6)
Financing activities
Shares issued	1.7	1.4	2.1

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	(0.8)	n/m	(0.7)	(0.8)
Financing activities
Lease principal paid	(0.0)	–	–	–
Shares issued	0.9	+62%	0.8	0.6

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other investments	7.7	7.3	10.7
Non-current assets	7.8	7.3	10.7
Current assets
Trade receivables	0.1	0.1	0.2
Cash	0.1	0.0	0.4
Current assets	0.2	0.2	0.6
Total assets	8.0	7.5	11.3
Current liabilities
Trade payables	0.4	0.4	0.4
Borrowings, current	0.1	0.2	0.2
Lease liabilities, current	0.0	–	–
Current liabilities	0.6	0.6	0.6
Non-current liabilities
Lease liabilities, non-current	0.0	–	–
Non-current liabilities	0.0	0.0	0.0
Total liabilities	0.6	0.6	0.6
Equity
Total equity	7.4	6.9	10.7
Net cash and other figures
Net asset value	–	6.9	10.7

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Other investments	7.7	7.3	10.7	10.7
Non-current assets	7.8	7.3	10.7	10.7
Current assets
Trade receivables	0.1	0.1	0.2	0.2
Cash	0.1	0.0	0.1	0.4
Current assets	0.2	0.2	0.3	0.6
Total assets	8.0	7.5	10.9	11.3
Current liabilities
Trade payables	0.4	0.4	0.5	0.4
Borrowings, current	0.1	0.2	0.2	0.2
Lease liabilities, current	0.0	–	–	–
Current liabilities	0.6	0.6	0.7	0.6
Non-current liabilities
Lease liabilities, non-current	0.0	–	–	–
Non-current liabilities	0.0	0.0	0.0	0.0
Total liabilities	0.6	0.6	0.7	0.6
Equity
Total equity	7.4	6.9	10.3	10.7
Net cash and other figures
Net asset value	–	6.9	–	10.7

Read automatically from each results announcement. Check the source before relying on a figure.

Company filings. Not investment advice.