Interim results for the six months ended 30 June 2026
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.
8 September 2026
Acuity RM Group plc
(“Acuity”, or the “Group”)
Interim results
For the six months ended 30 June 2026
Acuity (AIM: ACRM), the software group focused on cybersecurity risk management, is pleased to announce its interim results for the six months ended 30 June 2026.
Key points
-
Launch of STREAM® Cloud in March 2026, aimed at the regulated mid-market customer segment and broadening the appeal of Acuity’s products into the wider private sector.
-
Revenue for the six months of £877,000, down 23% on comparative six-month period due to impact of prior year subscription cancellations and an order pipeline weighted towards second half of 2026.
-
Operating losses reduced to £10,000, compared to losses of £282,000 in the comparative six-month period, reflecting completion of significant cost cutting programme.
-
Debt reduced to £79,000 (remaining CBILS and lease liability), down from £129,000 at December 2025.
-
Equity fund raise completed in July 2026 raising gross proceeds of £458,000.
-
Significant new contract wins announced in August and September 2026 with annual recurring revenues totalling over £300,000.
-
Current forward contracted revenues after those new contract wins of £2,265,000, up from £1,968,000 at the start of the financial year.
-
Development of new AI-native Risk OS software continuing with launch expected in fourth quarter of 2026 to increase Acuity’s market and commercial opportunities.
Commenting, Chief Executive David Rajakovich said,
"These results show the improvement in financial performance we have been working towards. The Group’s operating result is now close to breakeven, with administrative expenses 38% lower than a year ago. Our progress does not yet reflect the full potential of the business.
Closing that gap — and delivering growth at the pace this opportunity supports — remains my central priority. The second half and 2027 are therefore about growth — the planned launch of Risk OS, folding our Vendor Management Hub capability into STREAM® Cloud, and building both an organic and partner-led route to market, each funded against milestones so that we can continue the progress we have made.
We do that in a market where the UK public sector is increasingly clear that cyber resilience requires sustained investment, and where national defence and wider public sector organisations already trust Acuity to help them manage that risk."
For further information please contact:
Acuity RM Group Plc
Angus Forrest, Chairman
David Rajakovich, Chief Executive
Duncan Harper, Finance Director
020 3582 0566
www.acuityrmgroup.com
info@acuityrmgroup.com
Zeus Capital (NOMAD & Joint Broker)
Mike Coe / James Bavister
020 3829 5000
www.zeuscapital.co.uk
AlbR Capital (Joint Broker)
Lucy Williams / Duncan Vasey
020 7469 0936
www.albrcapital.com
Clear Capital Markets Limited (Joint Broker)
Bob Roberts
020 3869 6080
www.clearcapitalmarkets.co.uk
Note to Editors
Acuity RM Group plc (AIM: ACRM), is an established provider of risk management services. Its award-winning STREAM® software platform which collects and analyses data to improve business decisions and management used by clients operating in markets including government, defence, broadcasting, utilities, manufacturing and healthcare.
The Group is focused on delivering long term, sustainable growth in shareholder value from organic growth and complementary acquisitions.
Chairman’s statement
Introduction
The directors are pleased to present the interim results for the six months to 30 June 2026.
Performance in the six months saw the improved financial performance achieved in the latter stages of 2025 continue. The Group made a loss before tax of £34,000 (2025 £263,000) a reduction of 87%, whilst the trading company continued to trade profitably.
The main focus of the business in the first half year has been, and continues to be, increasing scale through organic growth and potentially by focused acquisition.
The organic growth is being driven by investment in new products to grow the available market particularly for those companies and organisations which have relatively simple IT infrastructure and are light on IT resources.
The new products are ‘plug and play’ delivered on a SaaS model which requires minimal IT management and still provides excellent cybersecurity risk management.
We believe the market for cybersecurity is set for long term growth as there is increasing awareness of the risks and costs related to cybersecurity failures.
As part of the growth plan additional resources have been invested in marketing, sales and distribution to create demand in the UK and enable growth in overseas territories including continental Europe where we recently won the first order from a leading defence company.
Further details are given in the Chief Executive’s statement below.
Outlook
As referenced in previous statements the objective is to create shareholder value through growth.
Whilst this industry has long lead times the initiatives taken have begun to have an effect:
•
New products to grow the market – the first has been launched and another is in development
•
Effective marketing to create awareness and drive demand
•
Enhanced distribution to increase demand in target markets and territories outside the UK
A feature of software businesses is that once a product has been developed it should generate high gross margins, 90% or more, and be cash generative.
Acuity is at a tipping point currently trading near breakeven and with the focus on growing revenues this should drive profits and cash generation.
I would like to thank all shareholders for their support, particularly those who invested in the recent fund raise.
Angus Forrest
Chairman
7 September 2026
Chief Executive’s statement
The first half of 2026 shows real progress on the areas we set out to fix. The Group’s operating result improved from a loss of £282,000 in the first half of 2025 to a loss of £10,000, effectively breakeven, with administrative expenses down 38% to £792,000. The loss before taxation narrowed from £263,000 to £34,000 and the loss per share from 0.16p to 0.01p. Two years ago this was a business with a cost base its revenue could not support. It is not that business any longer.
Whilst greatly improved, there is still work to do. Revenue of £877,000 was below the £1,145,000 reported a year earlier, reflecting the impact of some cancelled subscriptions during 2025. Customers that previously found STREAM® Classic to be over-engineered for their needs and chose not to renew, would now have an easy-to-use option in STREAM® Cloud, which will allow us to retain more clients and attract new ones.
STREAM® Classic remains an excellent fit for large corporates, the public sector and defence sector as evidenced by the new contract wins with annual recurring revenues in excess of £300,000 announced in the past few weeks.
We are working to deliver on a relatively strong second half pipeline supplemented by early returns from our sales and marketing investments funded by the July fundraise. We have already started to see the uptick, with important wins recently announced. We expect more to follow. Cost discipline has delivered the improvement in profitability; growth has not yet contributed to it. Until revenue is growing again the job is only half done. That’s where the rest of this statement starts.
What we do next therefore matters more than what we have just reported, and three priorities will occupy the Group through the remainder of 2026 and into 2027.
The first is product. STREAM® Cloud, launched in March 2026, opens the mid-market that the cost and complexity of enterprise platforms has priced out and we’ve configured it so that consultancy channel partners can adopt it as the foundation of their own compliance with the EU’s Digital Operational Resilience Act (DORA) and third-party risk management offering. Risk OS, our AI-native platform, has moved from research to development on a validated architecture, and we are targeting launch in the fourth quarter. Conventional governance, risk and compliance software records what an organisation is doing. Risk OS is designed to tell it what to do next.
The second is route to market. Selling STREAM® Cloud and Risk OS will involve a lighter touch initial sales process, including a shorter expected sales cycle at a price point that enables higher deal volumes. We will also distribute our software through consultancy partners rather than only relying on direct sales alone. We’ll start by focusing on two use cases: supplier assurance, and operational-resilience compliance, where FCA and PRA requirements compel UK buyers and DORA drives European sales. We will add sales resource as we add to the pipeline, not ahead of it. We intend to grow profitably.
The third is the base. STREAM® Classic remains the platform our public sector and defence customers rely on and will continue to receive targeted investment. Subscription revenue represented 86% of first-half revenue, and that recurring base funds everything else we do.
Beyond organic growth, the Board continues to consider acquisitions. We look for businesses that are worth more inside Acuity than outside it, because they bring a customer base into which STREAM® and the Vendor Management Hub can be sold, because they add capability, recurring revenue or earnings we can build on, or because they bring people and skills the Group needs. Cyber risk software, and cyber consultancy with a third-party risk or supplier assurance specialism, remain natural fits, but we do not confine ourselves to them: adjacent software, technology and services businesses can serve shareholders equally well, and we will assess opportunities of any size where the case is compelling. What does not change is the discipline. We will act only where the acquisition improves cash generation over a sensible horizon, measured on maintainable rather than adjusted earnings, where the price reflects that, and where the consideration can be funded without compromising the financial position we have worked to restore.
The market we serve is also moving. The Government’s Defence Investment Plan, published on 30 June 2026, sets out £298 billion of planned defence investment over the next four years, including £2.5 billion to sustain and grow the new Defence Cyber and Electromagnetic Force. Acuity already supports national defence and wider public sector organisations in managing cyber risk, and we see a public sector markedly more alert than two years ago to the need for sustained investment in this area.
We have made great strides in making this business durable. The task now is to make it grow, and to do so without giving back the ground we have taken. I look forward to reporting on progress.
David Rajakovich
Chief Executive
7 September 2026
Condensed interim financial statements for the six months ended 30 June 2026
Group statement of comprehensive income
for the six months ended 30 June 2026
Note
Unaudited
six months ended 30 June 2026
£’000
Unaudited six months ended 30 June 2025
£’000
Audited year ended 31 December 2025
£’000
Revenue
3
877
1,145
2,099
Cost of sales
(95)
(143)
(275)
Gross profit
782
1,002
1,824
Administrative expenses
(792)
(1,284)
(2,018)
Operating loss
(10)
(282)
(194)
Finance income
1
-
1
Finance expense
(10)
(16)
(30)
Remeasurement of financial instruments
(2)
73
(49)
Exceptional costs
-
(24)
(133)
Share based payment expense
(13)
(14)
(18)
Loss before taxation
(34)
(263)
(423)
Taxation
-
-
49
Loss for period
(34)
(263)
(374)
Other comprehensive income
-
-
-
Total comprehensive income attributable to shareholders of the parent company
(34)
(263)
(374)
Basic and diluted loss per share
5
(0.01)p
(0.16)p
(0.20)p
Group statement of financial position
as at 30 June 2026
Note
Unaudited
30 June
2026
£’000
Unaudited 30 June
2025
£’000
Audited
31 December 2025
£’000
ASSETS
Intangible assets
6
665
526
647
Tangible assets
2
7
4
Right of use assets
18
-
36
Goodwill
5,154
5,154
5,154
Investments
-
280
-
Total non-current assets
5,839
5,967
5,841
Trade and other receivables
136
193
306
Cash and cash equivalents
144
418
322
Total current assets
280
611
628
Total assets
6,119
6,578
6,469
LIABILITIES
Trade and other payables
(339)
(603)
(474)
Deferred income
7
(1,188)
(1,130)
(1,206)
Loans
(64)
(68)
(64)
Lease liabilities
(15)
-
(33)
Total current liabilities
(1,606)
(1,801)
(1,777)
Deferred income
7
(200)
(765)
(373)
Loans
-
(58)
(32)
Total long term liabilities
(200)
(823)
(405)
Total liabilities
(1,806)
(2,624)
(2,182)
Net assets
4,313
3,954
4,287
EQUITY
Share capital
8
2,890
2,840
2,886
Share premium
14,062
13,729
14,019
Share based payment reserve
193
153
241
Merger reserve
1,012
1,012
1,012
Retained earnings
(13,844)
(13,780)
(13,871)
Total equity
4,313
3,954
4,287
Group statement of cash flows
for the six months ended 30 June 2026
Note
Unaudited
six months ended 30 June 2026
£’000
Unaudited six months ended 30 June 2025
£’000
Audited year ended 31 December 2025
£’000
Cash flows from operating activities
Loss before taxation
(34)
(263)
(423)
Adjustments for:
Depreciation and amortisation
56
86
97
Remeasurement of financial instruments
2
(73)
49
Share based payment charge
13
14
18
Change in trade and other receivables
170
479
366
Change in trade and other payables
(279)
(465)
(933)
Taxation
-
-
49
Net cash flows from operating activities
(72)
(222)
(777)
Cash flows from investing activities
Purchase of tangible fixed assets
-
-
-
Purchase of intangible fixed assets
6
(55)
(291)
(414)
Sale of investment
-
-
163
Net cash flows from investing activities
(55)
(291)
(251)
Cash flows from financing activities
Cash raised through issue of shares (net of transaction costs)
-
382
843
Repayment of loans
(34)
(57)
(90)
Lease payments
(17)
-
(9)
Net cash flows from financing activities
(51)
325
744
Net change in cash and cash equivalents
(178)
(188)
(284)
Cash and cash equivalents at start of period
322
606
606
Cash and cash equivalents at end of period
144
418
322
Group statement of changes in equity
unaudited for the six months ended 30 June 2026
Share
capital
£’000
Share premium
£’000
Share based payments reserve
£’000
Merger
reserve
£’000
Retained
earnings
£’000
Total
equity
£’000
At start of period
2,886
14,019
241
1,012
(13,871)
4,287
Loss for the period
-
-
-
-
(34)
(34)
Total comprehensive income
-
-
-
-
(34)
(34)
Shares issued
4
43
-
-
-
47
Share based payment charge
-
-
13
-
-
13
Lapse of share warrants
-
-
(61)
-
61
-
Transactions with owners in own capacity
4
43
(48)
-
61
60
At end of period
2,890
14,062
193
1,012
(13,844)
4,313
Group statement of changes in equity
unaudited for the six months ended 30 June 2025
Share
capital
£’000
Share premium
£’000
Share based payments reserve
£’000
Merger
reserve
£’000
Retained
earnings
£’000
Total
equity
£’000
At start of period
2,796
13,370
139
1,012
(13,517)
3,800
Loss for the period
-
-
-
-
(263)
(263)
Total comprehensive income
-
-
-
-
(263)
(263)
Shares & warrants issued
44
398
-
-
-
442
Share issue costs
-
(39)
-
-
-
(39)
Share based payment charge
-
-
14
-
-
14
Transactions with owners in own capacity
44
359
14
-
-
417
At end of period
2,840
13,729
153
1,012
(13,780)
3,954
Group statement of changes in equity
audited for the year ended 31 December 2025
Share
capital
£’000
Share premium
£’000
Share based payments reserve
£’000
Merger
reserve
£’000
Retained
earnings
£’000
Total
equity
£’000
At start of period
2,796
13,370
139
1,012
(13,517)
3,800
Loss for the period
-
-
-
-
(374)
(374)
Total comprehensive income
-
-
-
-
(374)
(374)
Shares & warrants issued
90
708
104
-
-
902
Share issue costs
-
(59)
-
-
-
(59)
Share based payment charge
-
-
18
-
-
18
Lapse of share options
-
-
(20)
-
20
-
Transactions with owners in own capacity
90
649
102
-
20
861
At end of period
2,886
14,019
241
1,012
(13,871)
4,287
Notes to condensed interim financial statements
for the six months ended 30 June 2026
1
Basis of preparation
These condensed interim financial statements has been prepared in accordance with the recognition and measurement requirements of International Accounting Reporting Standards as adopted in the United Kingdom (“UK adopted IFRS”),
and those parts of the Companies Act 2006 applicable to companies reporting in accordance with UK adopted IFRS, that are expected to be applicable to the financial statements for the year ending 31 December 2026, and on the basis of the accounting policies expected to be used in those financial statements.
These condensed interim financial statements have also been prepared in accordance with IAS 34 Interim Financial Reporting.
2
New accounting standards, amendments and interpretations
Adoption of new accounting standards, amendments and interpretations applicable for the first time to this reporting period have not required any changes to accounting policies or retrospective adjustments. Accordingly, the same accounting policies and methods of computation have been followed in these condensed interim financial statements as in the financial statements for the year ended 31 December 2025.
3
Revenue and segmental analysis
Unaudited six months ended 30 June 2026
£’000
Unaudited six months ended 30 June 2025
£’000
Audited year ended 31 December 2025
£’000
Analysis by service type
Subscription services
751
959
1,805
Non-subscription services
126
186
294
Total revenue
877
1,145
2,099
Geographical analysis by customer location
United Kingdom
561
759
1,336
Rest of Europe
204
230
478
North America
102
121
220
Rest of World
10
35
65
Total revenue
877
1,145
2,099
4
Administrative expenses
Unaudited six months ended 30 June 2026
£’000
Unaudited six months ended 30 June 2025
£’000
Audited year ended 31 December 2025
£’000
Staff and related costs
446
806
1,188
Professional fees
74
74
171
Office related costs
6
53
89
Depreciation
19
2
11
Amortisation
37
84
86
Software services
53
67
137
Marketing costs
120
153
261
Other expenses
37
45
75
Total administrative expenses
792
1,284
2,018
5
Earnings per share
Earnings per share is calculated by dividing the result for the period by the weighted average number of ordinary shares in issue during the period.
Unaudited
six months ended 30 June 2026
Unaudited six months ended 30 June 2025
Audited year ended 31 December 2025
Loss for the period (£’000)
(34)
(263)
(374)
Weighted number of ordinary shares (number)
242,202,428
159,516,908
191,042,195
Loss per ordinary share (pence)
(0.01)p
(0.16)p
(0.20)p
Diluted earnings per share is taken as equal to basic earnings per share as the average share price during all three periods was lower than the exercise price of the share options and warrants, and therefore the effect of including them would be anti-dilutive.
6
Intangible assets
Net book values
Software in use
£’000
Software in development
£’000
Total
software
£’000
At 1 January 2025
84
235
319
Additions
-
291
291
Transfers
-
-
-
Amortisation
(84)
-
(84)
At 30 June 2025
-
526
526
Additions
-
123
123
Transfers
31
(31)
-
Amortisation
(2)
-
(2)
At 31 December 2025
29
618
647
Additions
5
50
55
Transfers
668
(668)
-
Amortisation
(37)
-
(37)
At 30 June 2026
665
-
665
7
Deferred income
Unaudited
six months ended 30 June 2026
£’000
Unaudited six months ended 30 June 2025
£’000
Audited year ended 31 December 2025
£’000
Deferred income at start of period
1,579
2,452
2,452
Billings to customers
686
588
1,226
Revenue recognised
(877)
(1,145)
(2,099)
Deferred income at end of period
1,388
1,895
1,579
To be recognised within one year
1,188
1,130
1,206
To be recognised after one year
200
765
373
Deferred income at end of period
1,388
1,895
1,579
8
Share capital
Ordinary shares of 0.1p each
Number
Deferred shares of 0.1p each
Number
At 1 January 2025
150,128,159
2,645,954,765
Shares issued
43,573,424
-
At 30 June 2025
193,701,583
2,645,954,765
Shares issued
45,916,666
-
At 31 December 2025
239,618,249
2,645,954,765
Shares issued
4,872,255
-
At 30 June 2026
244,490,504
2,645,954,765
In March 2026 the Group issued 2,201,408 shares in lieu of deferred salaries and 2,670,847 shares to settle invoices from two suppliers.
The share warrants issued on 25 April 2023 lapsed on 24 April 2026 without being exercised.
9
Post balance sheet events
In June 2026 the Group announced the placing, subscription and retail offer of 61,052,728 ordinary shares at 0.75 pence per share, which in July 2026 raised aggregate gross proceeds of £458,000.
In July 2026 the Group issued a further 3,193,919 shares to settle invoices from two suppliers.
10
Status of condensed interim financial statements
These condensed interim financial statements cover the six months ended 30 June 2026 and were approved by the Board of Directors on 7 September 2026.
These condensed interim financial statements are unaudited, and are not statutory accounts as defined by Section 434 of the Companies Act 2006.
Comparative figures for the year ended 31 December 2025 have been extracted from the statutory accounts for that period.
The statutory accounts for the year ended 31 December 2025 have been reported on by the company’s auditors and delivered to the Registrar of Companies. The audit report thereon was unqualified, did not include references to matters to which the auditors drew attention by way of emphasis without qualifying the report, and did not contain a statement under Section 498 of the Companies Act 2006.