|
RC Fornax PLC shares fell on Tuesday as it reported lower earnings for its full financial year due to the impact of the UK government’s strategic defence review. The provider of engineering solutions to the UK defence industry said revenue fell 37% to £4.1 million in the 12 months to the end of August 2025 from £6.4 million a year prior. It swung to a pretax loss of £1.6 million from a £724,113 profit in the previous year. Shares in RC Fornax fell 12% to 9.48 pence on Tuesday morning in London. Administrative expenses almost tripled to £2.2 million in financial 2025 from £780,844. The firm said its financial results were impacted by an industry hiatus caused by the publication of the UK government’s strategic defence review in June 2025. RC Fornax added that it is in advanced discussions on three major agreements. Two are with defence primes for land and maritime programmes, it added. Looking ahead, the firm said it booked £4.3 million in new orders and extension in the first half of the 2026 financial year. Invoiced sales through the end of January 2026 totalled £1.7 million, with additional contracted orders of £2.4 million for the rest of the year. The firm said it has current visibility over £4.5 million in sales for financial 2026 heading into the second half of the year. ‘FY25 was a challenging year for the defence sector, yet RC Fornax has emerged stronger and more resilient. We entered FY26 with a reinforced capital base, improved liquidity, and advanced discussions across several major defence programmes,’ said Chief Executive Officer Paul Reeves. ‘As the market environment stabilises, our priorities are clear: convert major opportunities, scale SME Procure and deepen partnerships across the defence ecosystem. With disciplined execution and a more robust platform, RC Fornax is positioned not only to return to growth but to help shape the future of defence procurement.’ Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
