17th Apr 2025 14:15
(Alliance News) - RC Fornax PLC on Thursday said earnings grew in the first half of the financial year as it started trading on the AIM market.
The London-based provider of engineering solutions to the UK defence industry reported a 7.9% rise in pretax profit to GBP561,000 for the six months to the end of February from GBP520,000 a year ago.
Revenue increased 8.0% to GBP3.8 million from GBP3.6 million.
The first-half results comes two months after the company starting trading on the AIM market of the London Stock Exchange on February 5, raising GBP6.2 million.
RC Fornax said its higher revenue in the first half of the year was generated from contracts with six customers. Four of the customers are in the top 10 suppliers to the Ministry of Defence and one is the UK subsidiary of an international group.
The firm said it "remains confident that the company is on track to meet market expectations for the full year."
RC Fornax added that it has booked new contracts worth GBP2.3 million as anticipated revenue for financial 2025.
Chief Executive Paul Reeves said: "One of RC Fornax's core strengths is the flexibility and breadth of our talent pool... We intend to deploy this flexibility to leverage the government's efforts to simplify procurement and support greater [small to medium-sized enterprise] involvement in defence contracts. We therefore expect to benefit from these initiatives in the second half of the financial year and beyond."
RC Fornax shares fell 2.2% to 36.17 pence in London on Thursday afternoon.
By Olivia Mason-Myhill, Alliance News reporter
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