Ashington Innovation - Interim Results
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014, as retained as part of the law of England and Wales. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
29 September 2026
Ashington Innovation plc
("Ashington" or "the Company")
Interim Results
Ashington Innovation plc (LSE: ASHI), a special purpose acquisition company ("SPAC"), announces its unaudited results for the six months ended 30 June 2026.
Interim Management Report:
During the period, the Board of Directors continued to assess potential acquisition targets consistent with the Company's strategy, with the purpose of creating a combined business which will generate increased value for the Company's shareholders.
Following the period end, on 10 August 2026, the Company announced that it had entered into non-binding, conditional, exclusive Heads of Terms with the majority shareholders of World Metal Group Pte. Ltd. ("WMG"), a Singapore-headquartered, vertically integrated urban mining platform, in relation to the proposed acquisition by the Company of the entire issued share capital of a new Cayman Islands holding company, proposed to be named World Metal Group Limited, to be interposed above WMG as part of a pre-acquisition reorganisation (the "Proposed Acquisition"). The consideration for the Proposed Acquisition is intended to be satisfied through the issue of new ordinary shares in the Company. The Proposed Acquisition remains subject to a number of conditions, including satisfactory due diligence, execution of a definitive share purchase agreement, FCA approval of a prospectus, shareholder approval, a Rule 9 waiver from the Panel on Takeovers and Mergers and a concurrent equity fundraising. On completion, the Company intends to change its name to World Metal Group plc and to seek admission of its enlarged share capital to the Equity shares (commercial companies) category of the Official List and to trading on the Main Market.
At the Company's request, the listing of its ordinary shares on the Official List was suspended with effect from 7:30 a.m. on 10 August 2026. The suspension will remain in effect until the Company publishes a prospectus in relation to the Proposed Acquisition. The Company will make a further announcement at such time as binding terms are entered into, however there can be no certainty that the Proposed Acquisition will complete.
No revenue was generated during the period and the Company incurred a loss before tax of £87,211 (H1 2025: £117,478), reflecting the ongoing operating costs of being a listed company. On 17 September 2026, the Company made a further drawdown of £70,000 under its unsecured, interest-free loan facility with Jason Smart, a Director of the Company, and the facility was increased from £200,000 to £250,000, with the repayment date extended to 31 December 2027. The Directors have a reasonable expectation that the Company has adequate resources or access to further capital to continue in operational existence for the foreseeable future and for this reason will continue to adopt the going concern basis, although material uncertainties exist as set out in the going concern note to the interim financial report.
The interim financial report is available for download from the Company's website (www.ashingtoninnovation.com).
For further information please contact:
Ashington Innovation plc
Peter Presland, Chairman
Tel: +44 (0)7808 904 254
Jason Smart, Non-Executive Director
Tel: +1 647 625 0519
SPARK Advisory Partners Limited
(Financial Adviser)
Mark Brady / Angus Campbell
Tel: +44 (0) 203 368 3551/3550
About Ashington Innovation plc
Ashington Innovation plc is a special purpose acquisition company (SPAC), formed with the intention of acquiring businesses operating in the technology sector, in particular the financial services technology and deep technology sectors.
The Company believes that in the increasingly fast-changing global environment there will be an abundance of opportunities to acquire existing businesses in the technology sector, and in particular businesses that possess and utilise proprietary technologies and own applicable intellectual property.
The Company is not limited to any specific geographic region in identifying its target companies. www.ashingtoninnovation.com.
Forward-looking statements:
This announcement may contain "forward-looking" statements and information relating to the Company. These statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.
Interim Statement of Comprehensive Income
6 months ended 30 June 2026 (unaudited)
6 months ended 30 June 2025 (unaudited)
Year ended 31 Dec 2025 (audited)
£
£
£
Administrative expenses
(80,756)
(117,478)
(198,055)
Finance charge
(6,455)
-
(1,039)
Loss from operations
(87,211)
(117,478)
(199,094)
Loss before tax
(87,211)
(117,478)
(199,094)
Tax expense
-
-
-
Loss for the period
(87,211)
(117,478)
(199,094)
Total comprehensive income
(87,211)
(117,478)
(199,094)
6 months ended 30 June 2026 Pence
6 months ended 30 June 2025 Pence
Year ended 31 Dec 2025 Pence
Basic and diluted loss per share (see Note 3)
(0.12p)
(0.16p)
(0.27p)
Interim Statement of Financial Position
As at 30 June 2026 (unaudited)
As at 30 June 2025 (unaudited)
As at 31 Dec 2025 (audited)
£
£
£
Assets
Current assets
Trade and other receivables
12,859
7,580
21,188
Cash and cash equivalents
22,198
92,581
50,565
Total assets
35,057
100,161
71,753
Liabilities
Current liabilities
Trade and other payables
45,753
117,754
51,693
Borrowings
161,378
-
104,923
Total liabilities
207,131
117,754
156,616
Net liabilities
(172,074)
(17,593)
(84,863)
Issued capital and reserves
Share capital
725,979
725,979
725,979
Share premium reserve
915,988
915,988
915,988
Retained earnings
(1,828,387)
(1,659,560)
(1,741,176)
Other reserve
14,346
-
14,346
TOTAL EQUITY
(172,074)
(17,593)
(84,863)
Interim Statement of Changes in Equity
Share capital
Share premium
Retained earnings
Other reserve
Total equity
£
£
£
£
£
At 1 January 2025
725,979
915,988
(1,542,082)
-
99,885
Comprehensive income for the period
Loss for the period
-
-
(117,478)
-
(117,478)
At 1 July 2025
725,979
915,988
(1,659,560)
-
(17,593)
Comprehensive income for the period
Loss for the period
-
-
(81,616)
-
(81,616)
Capital contribution
-
-
-
14,346
14,346
At 1 January 2026
725,979
915,988
(1,741,176)
14,346
(84,863)
Comprehensive income for the period
Loss for the period
-
-
(87,211)
-
(87,211)
At 30 June 2026
725,979
915,988
(1,828,387)
14,346
(172,074)
Interim Statement of Cash Flows
6 months ended 30 June 2026 (unaudited)
6 months ended 30 June 2025 (unaudited)
Year ended 31 Dec 2025 (audited)
£
£
£
Cash flows from operating activities
Loss for the period
(87,211)
(117,478)
(199,094)
Movements in working capital:
(Increase)/decrease in trade and other receivables
8,329
22,938
9,330
Increase/(decrease) in trade and other payables
(5,940)
1,311
3,480
Net cash used in operating activities
(84,822)
(93,229)
(186,284)
Cash flows from financing activities
Increase in borrowings
56,455
-
51,039
Net cash from financing activities
56,455
-
51,039
Net increase/(decrease) in cash and cash equivalents
(28,367)
(93,229)
(135,245)
Cash and cash equivalents at beginning of period
50,565
185,810
185,810
Cash and cash equivalents at end of period
22,198
92,581
50,565
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