|
RC Fornax PLC on Tuesday provided an optimistic outlook for its new financial year, after a quarterly boost in new orders and ‘operational improvements’ at the firm. Its shares as a result jumped 14% to 7.00 pence around noon on Tuesday in London. This comes on the back of an 80% slump since the Almondsbury, Bristol-based firm listed in February. As of Tuesday, its market capitalisation was approximately £4.0 million, down from £18.2 million upon admission to AIM. RC Fornax provides engineering services to the UK defence industry. It had warned in October that it expected an annual pretax loss of £1.5 million for the year ended August 31, swinging from £800,000 in profit a year earlier. The company has remained optimistic, however, buoyed by improvement over the past three months. For the quarter ended November 30, its total order value, including new clients and contract extensions, stood at £2.5 million, ‘an over 70% increase year-on-year.’ ‘This performance is the result of both the increased customer engagement following the publication of the [UK government] strategic defence review and the operational improvements made by the company in the last five months,’ RC Fornax said. It booked roughly £2.2 million in new orders during the first quarter, including an initial £370,000 framework with a ‘UK public sector space client’ won via competitive tender and announced last week. ‘The first three months of FY26 have delivered the strongest new order intake in RC Fornax’s history,’ commented Chief Executive Paul Reeves. ‘The SDR has reshaped customer priorities across defence, and this is now translating into a clear surge in demand, deeper engagement and a rapidly strengthening pipeline. This performance places RC Fornax firmly on track for a successful full-year outcome.’ The company sees annual revenue for financial 2026 reflecting a ‘commercial ramp-up’ and broadened customer base, with improved visibility and follow-on order potential. It also plans to develop its Procure X marketplace and Smart Suite platforms, supported by a £2.3 million November fundraise. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
