Half-year Results
H1 2026 revenue flat at £3.4m; transformation underway with restructuring, lower margins and return to profitability targeted for FY2027.
| Half year to 30 Jun 2026 | Now | Year before | Change |
|---|---|---|---|
| Revenue | £3.4m | £3.4m | +1.3% |
| Operating profit | (£0.1m) | (£0.2m) | |
| Adj. EBITDA | £0.0m | £0.2m | −87.7% |
| Profit before tax | (£0.1m) | (£0.1m) | |
| Net income | (£0.1m) | (£0.1m) | |
| Cash from operations | (£0.2m) | (£0.5m) | |
| Cash | £2.0m | £2.0m | +1.9% |
Figures as reported, converted to £ where needed – see all financials.
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CAPABILITY CREATES PERFORMANCE Performance is a lagging factor. Capability is a leading indicator.
Touchstar plc
(the “Company”, “Touchstar” or the “Group”)
Interim results for the six months ended 30 June 2026
The Board of Touchstar plc (AIM: TST) ("Touchstar", the "Company" or the "Group"), a provider of technology that helps organisations secure and manage the movement of people and products through complex operational environments, is pleased to announce its results for the six months ended 30 June 2026 ("H1 2026" and the "Period").
H1 2026 at a glance
The Group entered 2026 with a clearer structure and a commitment to disciplined execution. During H1, the business focused on simplifying the organisation, strengthening leadership and redesigning the operating model required to support sustainable growth.
| £3.409m Revenue +£44k YoY | £1.604m Recurring revenue +4.6% | £2.632m Order book +4.4% | £2.021m Net cash Balance sheet remains strong |
|---|---|---|---|
| Key financials | |||
| H1 2026 | H1 2025 | Variance | |
| Revenue | £3,409,000 | £3,365,000 | + £44,000 |
| Recurring revenue | £1,604,000 | £1,533,000 | + 4.6% |
| Gross margin | 46.4% | 55.0% | -8.6 percentage points |
| Operating loss before exceptional costs* | £(133,000) | £(155,000) | + £22,000 |
| Adjusted EBITDA** | £29,000 | £235,000 | - £206,000 |
| Cash net of overdraft | £2,021,000 | £2,002,000 | + £19,000 |
| Order book at end H1*** | £2,632,000 | £2,521,000 | + 4.4% |
| Pre-tax loss | £(125,000) | £(142,000) | + £17,000 |
| Basic EPS | (1.35)p | (1.222)p | |
| Proposed interim dividend per share | 1.50p | 1.75p | -0.25p |
* Refer to note 3 for definition. ** Adjusted in 2025 for £21,000 exceptional costs. *** Includes booked recurring revenue.
Highlights
- Order intake for H1 increased by £739,000 compared with the corresponding period last year.
- Recurring revenue represented 47% of total revenue, continuing the shift towards more predictable income.
- The Group maintained a strong balance sheet with net cash of approximately £2.0 million.
- Following the period end, the Group completed its review of the logistics software portfolio and is concentrating on future development around a more unified Touchstar platform strategy.
- The new Head of Engineering is now in post, providing clearer technical ownership and leadership of the Group’s future development programme
- The commercial operating model was redesigned during the period and implementation is now underway, with clearer responsibility for customer ownership, new business and cross-selling.
Touchstar is building a simpler, more capable and more scalable business.
Commenting, Ian Martin, Chair of Touchstar, said:
“H1 2026 has been a period of disciplined execution. Turnover remained in line with H1 2025, while management has taken the decisions necessary to strengthen capability, focus investment and create a stronger foundation for sustainable growth. The Board remains focused on converting this improved capability into stronger financial performance and supporting the Group’s return to profitability during FY2027.”
I am pleased to report a solid financial performance in the first half despite challenging market conditions and significant progress with the continuing transformation of the Group across all functions.
I have previously indicated 2026 would be a transitional and pivotal year for the Group as we build a simpler, more capable and more scalable business and look to return the Group to profitability in 2027. I am pleased with our progress in H1 as we continue the transformation started in H2 2025 and expect further progress in H2. We remain firmly on track with our strategic objective to rationalise the business, strengthen its operational foundations and create a platform capable of delivering sustainable revenue growth. The transformation has proved more extensive than initially anticipated, with additional legacy issues and organisational change requiring attention, which has inevitably affected the pace at which these improvements translate into near-term revenue; however, the actions taken are creating a stronger business, with improved capability, people and structure from which to deliver our longer-term growth ambitions.
Building capability
H1 2026 has been characterised by deliberate strategic decisions designed to strengthen the long-term capability of the Group. These decisions share a common objective: reducing dependency upon individuals, simplifying fragmented products and building stronger organisational and technical capability for sustainable growth
Following the period end, the Group completed a review of the PODStar product and decided to cease further standalone development and marketing of the product, while continuing to support existing customers. Existing functionality and customer requirements are being incorporated into the future Touchstar platform, allowing engineering resources and future investment to be concentrated on reusable capability and a more unified product architecture.
The new Head of Engineering is now in post, providing the leadership required to support the next phase of development and strengthening the Group’s ability to establish clearer technical ownership, roadmap discipline and delivery. The structural decisions taken during H1 are now being implemented. Leadership responsibilities are clearer, engineering resources are being concentrated on the future platform, and the commercial model is being reorganised around clearer ownership and accountability.
Taken together, these actions demonstrate Touchstar moving from diagnosis into execution and from dependency towards capability. The work undertaken in H1, together with the progress made since the period end, has strengthened the Group’s ability to deliver sustainable shareholder value over time.
Capability creates performance.
A clearer basis for decisions
Strategic priorities are now clearer, allowing the business to allocate resources more effectively, decline distractions and act with greater confidence. The central test is increasingly straightforward: does the decision improve the capability of the business?
Strategic progress
During the period the Group advanced five areas of strategic capability:
- Product focus: future investment is being concentrated around a more unified Touchstar platform strategy.
- Engineering leadership: clearer technical ownership and development leadership are now established.
- Commercial resilience: the new commercial structure is being implemented with clearer responsibility for customer ownership, new business and cross-selling.
- Customer engagement: customer communication and quotation processes are being simplified to improve responsiveness and scalability.
- Decision discipline: resources are increasingly being concentrated on agreed strategic priorities.
Operational and organisational progress
Commercial capability
The Group has redesigned its commercial operating model around an office-based internal sales structure. The new model is intended to improve customer coverage, strengthen account management and cross-selling, and provide greater resilience when individual employees are unavailable.
Technical site requirements will increasingly be captured by suitably qualified engineers, with office-based commercial staff coordinating customer communication, proposals, and quotations. This separation of responsibilities is expected to improve technical accuracy, response times, and future scalability.
Product and engineering
The Group is increasingly concentrating development resources on reusable platform capability rather than separate legacy product development. Existing customers will continue to receive appropriate support, while future development is intended to reduce duplication, simplify maintenance and create greater commonality across Touchstar’s technologies. The new Head of Engineering is now in post, providing clearer technical ownership and strengthening roadmap discipline, release predictability and the ability to make product decisions from a Group-wide perspective.
Culture and ownership
Ownership is more visible across the organisation. Leadership responsibilities are clearer; decisions are easier to place and the connection between individual actions and business outcomes is becoming more visible.
Strategic capability and outlook
| Theme | Status | Position & direction | Current assessment |
| Leadership | Green | Strengthened – Leadership in place – transition underway | The new Head of Engineering is now in post, providing clearer technical ownership and materially strengthening the Group’s leadership capability. |
| Engineering | Amber | Improving – capability being embedded | Roadmap ownership and development priorities are clearer. The next requirement is to translate this into consistent delivery, release discipline and accountability. |
| Commercial | Amber | Building - implementation underway | The redesigned commercial model is being implemented with clearer responsibility for customer ownership, new business and cross-selling. The performance benefits remain to be demonstrated consistently. |
| Product portfolio | Green | Strengthened – execution underway | Future investment is increasingly concentrated around a more unified Touchstar platform strategy, improving focus and creating a clearer basis for reusable capability and future product development. |
| Customer retention | Green | Stable - resilient and established | Recurring revenue and support of the installed customer base remain strong, providing resilience while broader commercial capability is strengthened. |
| Culture | Amber | Emerging - adoption remains uneven | Accountability and ownership are becoming more visible across the organisation. Further work is required to embed these behaviors consistently throughout the business. |
Outlook
During the second half, the Group’s focus will move from organisational change towards execution. Priorities include embedding the strengthened engineering leadership, implementing the redesigned commercial structure and reinforcing accountability across the business.
Product development is increasingly being concentrated on reusable platform capability, reducing unnecessary complexity and creating greater commonality across Touchstar’s technologies. The Board believes this approach provides a stronger foundation for improved customer outcomes, greater scalability and the natural expansion of the Group’s capabilities over time.
The structural actions undertaken during 2026 have strengthened the operating model and provided a clearer platform for sustainable growth. The Board remains focused on converting this improved capability into stronger financial performance and supporting the Group’s return to profitability during FY2027.
Touchstar is building a simpler, more capable and more scalable business.
L N Jones
Chief Executive Officer
Chief Financial Officer's review
Financial performance
Revenue for H1 2026 was £3.409m, broadly in line with H1 2025 revenue of £3.365m. Recurring revenue increased by 4.6% to £1.604m and represented 47% of total revenue, reinforcing the movement towards a more predictable income base. The Group’s full-year expectations remain consistent with the trading update issued earlier in September 2026.
Gross margin reduced to 46.4% in H1 2026 from 55.0% in H1 2025, a movement of 8.6 percentage points. Cost of sales includes not only components and subcontractor costs, but also direct salaries including service, production, R&D and application/software development.
Adjusted EDITDA for the Period was £29,000 down from £235,000 in the H1 2025.
Review of trading in the period
Order intake during H1 2026 was £2.399m, an increase of £739,000 compared with £1.660m in H1 2025. The order book, including booked recurring revenue, stood at £2.632m at 30 June 2026, compared with £2.521m at 30 June 2025. This represents a stronger position than at the corresponding point last year and reflects the increased commercial focus introduced since the second half of 2025.
While the improved order intake and closing order book provide a sound base for future trading, the timing of order conversion, customer deployment and revenue recognition means that first-half order intake should not be viewed as a direct indicator of revenue in the second half. Customer decision-making and order timing continue to be influenced by the wider economic environment, resulting in an inherently variable trading pattern.
Since the beginning of 2026, the Group has been implementing an intentional change to its commercial operating model, moving from a predominantly field-based structure towards a more scalable office-based internal sales model.
As explained in the Commercial capability section, the new structure is designed to broaden customer coverage, improve responsiveness and cross-selling, and reduce dependency on individual account managers. The transition has moderated the rate of order intake in the short term as responsibilities, processes and resources are realigned. This is an anticipated consequence of the change and is intended to increase the Group’s longer-term capacity to generate sustainable revenue.
Gross margin bridge
The principal reason for the reduced margin is the change in accounting estimate following the 2025 impairment of intangible assets and the revised approach to future development expenditure. From 1 December 2025, development salaries are now expensed as incurred unless they relate to a significant, separately identifiable enhancement expected to generate new revenue streams and meet the IAS 38 recognition criteria.
In H1 2025, £215,000 of development salaries were capitalised. Had that capitalisation not occurred, those costs would have been included in cost of sales. This accounts for approximately 6.3 percentage points of the 8.6 percentage point reduction in gross margin. The remaining movement of approximately 2.3 percentage points reflects inflationary pressures on salary costs and the increase in employer National Insurance contributions from April 2025.
On a like-for-like basis, reflecting the expensing of development costs in both periods, the H1 2025 comparative gross margin was approximately 48%, as presented in the September trading update.
| Gross margin bridge | Approx. impact |
|---|---|
| H1 2025 gross margin | 55.0% |
| Cessation of capitalisation of development salaries (£215k in H1 2025) | (6.3) percentage points |
| Salary inflation and employers’ National Insurance increase | (2.3) percentage points |
| H1 2026 gross margin | 46.4% |
The revised treatment provides a clearer reflection of the current development model. While it reduces reported gross margin compared with prior periods, it does not reflect a deterioration in underlying product pricing or component margin of the same magnitude. The Group continues to maintain a strong balance sheet, with net cash of £2.021m at 30 June 2026.
Outlook
The Group continues to identify and pursue commercial opportunities. However, customer decision-making and the timing of orders continue to be influenced by the wider economic environment, resulting in an inherently variable trading pattern. Accordingly, the Board remains appropriately cautious regarding the timing with which current opportunities will convert into orders and recognised revenue during the remainder of the year.
As communicated in the trading update issued earlier in September 2026, revenue in the second half of the year is expected to be slightly lower than in the first half. However, continued cost discipline and the measured timing of investment mean that the anticipated loss for the full year is expected to be lower than the previous market expectation.
Investment in the Group’s capability will continue in a measured manner. Management is assessing both the resources required and the appropriate timing of appointments, ensuring that additional capacity is introduced where it can deliver the greatest benefit. The Group continues to monitor its cost base closely and retains flexibility over the timing of planned expenditure. This disciplined approach is intended to mitigate the effect of any movement in the timing of revenue while maintaining investment in the capabilities required to support sustainable growth and the planned return to profitability in 2027.
N M Rourke
Chief Financial Officer
Unaudited consolidated income statement
for the six months ended 30 June 2026
| 30 June 2026 £’000 | 30 June 2025 £’000 | 31 December 2025 £’000 | |
|---|---|---|---|
| Revenue | 3,409 | 3,365 | 6,821 |
| Cost of sales | (1,828) | (1,515) | (2,889) |
| Gross profit | 1,581 | 1,850 | 3,932 |
| Distribution costs | (12) | (14) | (27) |
| Administrative expenses | (1,702) | (2,012) | (5,302) |
| Operating loss before share-based payment provision and exceptional costs | (133) | (150) | 2 |
| Exceptional costs | - | (21) | (1,393) |
| Share-based payment provision included in administrative expenses | - | (5) | (6) |
| Operating loss | (133) | (176) | (1,397) |
| Finance income | 25 | 46 | 76 |
| Finance costs | (17) | (12) | (20) |
| Loss before income tax | (125) | (142) | (1,341) |
| Income tax credit | 18 | 43 | 260 |
| Loss for the period attributable to owners of the parent | (107) | (99) | (1,081) |
| Earnings per ordinary share | |||
| 30 June 2026 | 30 June 2025 | 31 December 2025 | |
| Basic | (1.35)p | (1.222)p | (13.29)p |
| Adjusted | (1.35)p | (0.961)p | 3.83p |
The exercise price of all share options granted at 30 June 2026 were above the average market share of ordinary shares during the 12-month period to 30 June 2026 and therefore deemed anti-dilutive (30 June 2026: anti-dilutive) (31 December 2025: anti-dilutive).
Unaudited consolidated statement of changes in equity
for the six months ended 30 June 2026
| For the six months ended 30 June 2026 | Share capital £’000 | Treasury shares £’000 | Share based payment reserves £’000 | Retained earnings £’000 | Total £’000 |
|---|---|---|---|---|---|
| Balance at 1 January 2026 | 424 | (467) | 152 | 1,773 | 1,882 |
| Total comprehensive income (loss for the period) | - | - | - | (107) | (107) |
| Balance at 30 June 2026 | 424 | (467) | 152 | 1,666 | 1,775 |
| For the six months ended 30 June 2025 | Share capital £’000 | Treasury shares £’000 | Share based payment reserves £’000 | Retained earnings £’000 | Total £’000 |
| Balance at 1 January 2025 | 424 | (252) | 146 | 3,118 | 3,436 |
| Purchase of own shares | - | (20) | - | - | (20) |
| Share based payment charge | - | - | 5 | - | 5 |
| Transactions with shareholders | - | (20) | 5 | - | (15) |
| Total comprehensive income (loss for the period) | - | - | - | (99) | (99) |
| Balance at 30 June 2025 | 424 | (272) | 151 | 3,019 | 3,322 |
| Unaudited consolidated statement of financial position | |||||
| at 30 June 2026 | |||||
| 30 June 2026 £’000 | 30 June 2025 £’000 | 31 December 2025 £’000 | |||
| Non-current assets | |||||
| Intangible assets | 154 | 1,337 | 204 | ||
| Property, plant, and equipment | 195 | 119 | 151 | ||
| Right of use asset | 431 | 606 | 573 | ||
| Deferred tax assets | 111 | 9 | 111 | ||
| Trade and other receivables | 136 | 116 | 119 | ||
| Total non-current assets | 1,027 | 2,187 | 1,158 | ||
| Current assets | |||||
| Inventories | 640 | 880 | 708 | ||
| Trade and other receivables | 994 | 1,672 | 1,136 | ||
| Current tax receivable | 20 | 87 | 84 | ||
| Cash and cash equivalents | 2,040 | 2,002 | 2,493 | ||
| Total current assets | 3,694 | 4,641 | 4,421 | ||
| Total assets | 4,721 | 6,828 | 5,579 | ||
| Current liabilities | |||||
| Trade and other payables | 1,038 | 1,165 | 1,134 | ||
| Borrowings | 19 | - | 155 | ||
| Contract liabilities | 1,303 | 1,496 | 1,733 | ||
| Lease liabilities | 113 | 157 | 158 | ||
| Total current liabilities | 2,473 | 2,818 | 3,180 | ||
| Non-current liabilities | |||||
| Deferred tax liabilities | 8 | 127 | 8 | ||
| Contract liabilities | 145 | 121 | 101 | ||
| Lease liabilities | 320 | 440 | 408 | ||
| Total non-current liabilities | 473 | 688 | 517 | ||
| Total liabilities | 2,946 | 3,506 | 3,697 | ||
| 30 June 2026 £’000 | 30 June 2025 £’000 | 31 December 2025 £’000 | |||
| Capital and reserves attributable to owners of the parent | |||||
| Share capital | 424 | 424 | 424 | ||
| Treasury shares | (467) | (272) | (467) | ||
| Share-based payment reserve | 152 | 151 | 152 | ||
| Profit and loss account | 1,666 | 3,019 | 1,773 | ||
| Total equity | 1,775 | 3,322 | 1,882 | ||
| Total equity and liabilities | 4,721 | 6,828 | 5,579 | ||
| Unaudited consolidated cash flow statement | |||||
| for the six months ended 30 June 2026 | |||||
| 30 June 2026 £’000 | 30 June 2025 £’000 | 31 December 2025 £’000 | |||
| Operating loss | (133) | (176) | (1,397) | ||
| Depreciation | 112 | 90 | 198 | ||
| Amortisation | 50 | 300 | 561 | ||
| Impairment of intangible assets | - | - | 1,182 | ||
| Share-based payment provision | - | 6 | 6 | ||
| Inventories | 68 | 112 | 284 | ||
| Trade and other receivables | 125 | (53) | 483 | ||
| Trade and other payables | (482) | (766) | (581) | ||
| Cash used in / generated from operating activities | (260) | (487) | 736 | ||
| Interest received | 25 | 46 | 76 | ||
| Interest paid | (17) | (12) | (20) | ||
| Corporation tax received | 82 | - | - | ||
| Net cash used in / generated from operating activities | (170) | (453) | 792 | ||
| Purchase of intangible assets | - | (349) | (659) | ||
| Purchase of property, plant and equipment | (76) | (32) | (90) | ||
| Net cash used in investing activities | (76) | (381) | (749) | ||
| Dividend paid to shareholders | - | - | (264) | ||
| Purchase of own shares | - | (20) | (215) | ||
| Principal elements of lease payments | (71) | (62) | (144) | ||
| Net cash used from financing activities | (71) | (82) | (623) | ||
| Net decrease in cash and cash equivalents | (317) | (916) | (580) | ||
| Cash and cash equivalents at start of the period | 2,338 | 2,918 | 2,918 | ||
| Cash and cash equivalents at end of the period | 2,021 | 2,002 | 2,338 | ||
Notes to the interim report and accounts
General information
Touchstar plc is a public company limited by share capital incorporated and domiciled in the United Kingdom. The Company has its listing on AIM. The address of its registered office is 1 George Square, Glasgow, G2 1AL.
Status of interim report and accounts
The financial information comprises the consolidated interim balance sheet as of 30 June 2026, 30 June 2025 and the year ended 31 December 2025 along with related consolidated interim statements of income and cash flows for the six months to 30 June 2026 and 30 June 2025 and year ended 31 December 2025 of Touchstar plc.
This financial information for the half year ended 30 June 2026 has neither been audited nor reviewed and does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. This financial information was approved by the Board on 25 September 2026.
The figures for the year ended 31 December 2025 have been extracted from the audited annual report and accounts that have been delivered to the Registrar of Companies. The auditors, HaysMac LLP, reported on those accounts under section 495 of the Companies Act 2006. Their report was unqualified and did not contain a statement under section 498 of that Act.
Basis of preparation
The interim report and accounts have been prepared in accordance with IAS 34 Interim Financial Reporting, using accounting policies to be applied in the annual report and accounts for the year ending 31 December 2026. These are consistent with those included in the previously published annual report and accounts for the year ended 31 December 2025, which have been prepared in accordance with IFRS as adopted by the European Union.
Non – GAAP financial measures
For the purposes of this interim announcement and annual report and accounts, the Group uses alternative non-Generally Accepted Accounting Practice (‘non-GAAP’) financial measures which are not defined within IFRS. The Directors use the measures in order to assess the underlying operational performance of the Group and as such, these measures are important and should be considered alongside the IFRS measures.
The following non-GAAP measure referred to in the interim announcement relates to operating profit/(loss) before exceptional costs.
‘Operating loss before exceptional costs’ is separately disclosed, being defined as operating profit/(loss) adjusted to exclude restructuring costs and impairment of intangible assets (note 5). These exceptional costs related to items which the management believe did not accurately reflect the underlying trading performance of the business in the period. The Directors believe that the trading profit/(loss) is an important measure of the underlying performance of the Group.
Going concern
The directors have a reasonable expectation that the Group has adequate resources to continue operating for the foreseeable future, and for this reason they have adopted the going concern basis of preparation in the consolidated interim financial statements. The financial statements may be obtained from Touchstar plc, 7 Commerce Way, Trafford Park, Manchester, M17 1HW or online at www.touchstarplc.com.
- Critical accounting estimates and assumptions
- Development expenditure
- Impairment of intangibles
- Stock provisions
- Exceptional costs
| 30 June 2026 £’000 | 30 June 2025 £’000 | 31 December 2025 £’000 | |
|---|---|---|---|
| Cost of the Strategic review | - | - | (3) |
| Impairment of intangible assets | - | - | 1,181 |
| Restructuring and integration costs | - | 21 | 215 |
| Total exceptional costs | - | 21 | 1,393 |
| 6. Income tax credit | |||
| 30 June 2026 £’000 | 30 June 2025 £’000 | 31 December 2025 £’000 | |
| Corporation tax | |||
| Current tax credit | (20) | - | - |
| Adjustment in respect of prior years | 2 | - | 4 |
| Deferred tax (credit)/charge | - | (43) | (264) |
| Income tax credit | (18) | (43) | (260) |
The deferred tax charge release for the period ended 30 June 2025 and year ended 31 December 2025 relates to brought forward losses surrendered against the tax charge. For the current period ended 30 June 2026 the tax credit relates to the expected RDEC claim.
Earnings per share
| 30 June 2026 £’000 | 30 June 2025 £’000 | 31 December 2025 £’000 | |
|---|---|---|---|
| Loss after tax attributable to the owners of Touchstar plc – for Basic EPS | (107) | (99) | (1,081) |
| Exceptional costs (note 5) | - | 21 | 1,393 |
| Adjusted earnings attributable to owners of the parent – for adjusted EPS | (107) | (78) | 312 |
| 30 June 2026 £’000 | 30 June 2025 £’000 | 31 December 2025 £’000 | |
| Weighted average number of shares used in calculating basic earnings per share | 7,921,494 | 8,149,577 | 8,129,096 |
| Number of considered dilutive shares | - | 17,639 | 13,887 |
| Weighted average number of shares used in calculating dilutive earnings per shares | 7,921,494 | 8,167,216 | 8,142,983 |
Earnings per ordinary share (pence) attributable to owners of the parent during the period:
| Earnings per share | 30 June 2026 | 30 June 2025 | 31 December 2025 |
|---|---|---|---|
| Basic | (1.35)p | (1.222)p | (13.29)p |
| Adjusted | (1.35)p | (0.961)p | 3.83p |
| Diluted | (1.35)p | (1.222)p | (13.29)p |
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after-tax effect of interest and other financial costs associated with the dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.
During the period 30 June 2026 no options were issued (30 June 2025: nil) (year ended 31 December 2025: nil).
Purchase of own shares
At 30 June 2026 the Group held 553,583 of its own shares with a fair value of £467,000, which are being held in treasury (30 June 2025: 299,161 with a fair value of £272,000). There were no shares repurchased during the period to 30 June 2026 (30 June 2025: 24,161 at a fair value of £20,800).
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