18th Sep 2026 13:02
(Alliance News) - RC Fornax PLC on Friday said it had secured a GBP4.0 million contract with a new UK government client, giving it a "strong level of revenue visibility" over full-year expectations.
The engineering consultancy company for the UK defence industry said the contract allowed the company to enter the financial year ending on August 31, 2027, with around GBP8.4 million of secured revenue.
For financial 2026, the company said it expected revenue to have increased 27% to around GBP5.2 million, from GBP4.1 million the year before.
It expected to report an adjusted earnings before interest, tax, depreciation and amortisation loss of GBP1.6 million, widened from a loss of GBP1.1 million in financial 2025.
RC Fornax said it had GBP850,000 in cash as of August 31, broadly stable against GBP860,000 a year earlier.
The company also announced that Finance Director Rob Shepherd had stepped down with immediate effect and appointed Adam Cole, from accounting services firm Hambleywood Ltd, as interim chief financial officer in a non-board role.
Cole will work on a fractional basis, "dedicating two and a half days a week to RC Fornax for the foreseeable future." The company said it would review the appointment as the business grows, but considered this "adequate for its current needs."
The company did not provide a reason for the change.
RC Fornax said it did not need additional capital to support its core consultancy activities, but it was evaluating a capital raise to expand its Output-based Engineering Services and People businesses, and to commercialise and scale SME Procure.
Additionally, the company said it might evaluate alternative financing structures for SME Procure if core funding was not sufficient. Options under consideration included third-party investment, partnership arrangements, separate external funding or establishing SME Procure as a separately financed division.
Chief Executive Officer Paul Reeves said: "Our core business remains our priority with a focus on disciplined execution and cash generation. The funding opportunities being explored would provide working capital that enables us to fulfil revenue-generating demand within People, and investment capital that allows us to determine the true potential of SME Procure."
RC Fornax shares were up 2.5% at 5.00 pence on Friday afternoon in London.
By Camilla Borri, Alliance News reporter
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