REG - Northern Bear Plc - Interim Results
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RNS Number : 0504I Northern Bear Plc 19 November 2025
19 November 2025
Northern Bear plc
("Northern Bear" or the "Company")
Interim results for the six month period ended 30 September 2025
Northern Bear (LSE:NTBR), the AIM quoted holding company of the group of
companies providing specialist building and support services headquartered in
Northern England and serving customers across the UK, is pleased to announce
its unaudited interim results for the Company and its subsidiaries (together
the "Group") for the six months to 30 September 2025 (the "Period" or "H1
FY26").
Financial Summary
· Revenue of £49.4m (H1 FY25: £37.6m).
· Gross profit of £12.2m (H1 FY25: £8.9m).
· Gross margin improved to 24.7% (H1 FY25: 23.8%).
· Operating profit of £4.1m (H1 FY25: £1.7m).
· Adjusted operating profit £4.1m (H1 FY25: £1.7m(1)).
· EBITDA of £4.9m (H1 FY25: £2.5m).
· Basic earnings per share of 21.9p (H1 FY25: 8.4p).
· Adjusted basic earnings per share 21.9p (H1 FY25: 8.4p(1)).
· Cash generated from operations £3.1m (H1 FY25: £2.2m).
· Equity dividends paid in the Period of £0.5m (H1 FY25: £0.3m).
· £1.45m Virgin Money term loan fully repaid in September 2025
following strong cash generation.
Note 1: Includes H Peel & Sons Limited operating losses of £0.2m in H1
FY25.
Non-recurring operating profit
· As stated in the Trading Update issued on 1 October 2025, during
the Period, the Group recognised a non-recurring operating profit of £1.3
million. This non-recurring profit arose from the Group's normal trading
activities, but is not expected to recur in future periods. While one-off in
nature, it forms part of the Group's underlying trading activities and has
therefore been presented within operating profit in accordance with Financial
Reporting Council guidance and IAS 1.
· Had this non-recurring operating profit been excluded, operating
profit, EBITDA and Basic earnings per share for the Period would have been
£2.8 million, £3.6 million, and 15.0 pence per share, respectively.
H Peel & Sons Limited trading losses
· The results for H1 FY25 include trading losses of £0.2m in H
Peel & Sons Limited which was a discontinued operation from 31 March 2025.
Operational and Commercial Summary
· The Board of Directors of Northern Bear (the "Board") is pleased
with the Group's performance in the Period. Both revenue and profits were
ahead of management expectations.
· As previously announced, we have continued to invest in our
operations to support future revenue growth, including:
o Jennings Roofing Limited - will utilise the site previously used by H Peel
& Sons Limited where a fitout is planned to be completed by 31 December
2025.
o Wensley Roofing Limited - has completed its move into new premises which
will facilitate growth in the solar panel installation sector.
o Isoler Limited - investment in its highly experienced compliance team
which will enable a wider offering to be provided to their clients.
o Alcor Handling Solutions Limited - continued investment in its materials
handling fleet.
· As always, the trading performance in the Period is a testament
to the hard work and commitment of the Group's employees.
Outlook
· The Group has again traded very well during the first half of
FY26 with strong underlying trading performance across all divisions. In
addition, the Group has already benefited from a significant non-recurring
operating profit, as set out above, which has contributed £1.3m in the
Period.
· Market conditions are largely flat within our major regions and
we are finding market pressures starting to affect some of our businesses,
specifically at Arcas Building Solutions Limited and Jennings Roofing Limited.
We do not envisage any market uplift in the coming 12 months.
· The Trading Update on 1 October 2025 outlined the positive
underlying performance during H1 FY26 and the Group continues to trade
slightly ahead of current market expectations. In addition, the full year
outcome for FY26 is expected to be broadly consistent with the strong
underlying profit performance for FY25 after adjusting for the non-recurring
operating profit referred to above and trading losses and related closure
costs in H Peel & Sons Limited (in FY25). This is on the assumption,
inter alia, that current market conditions do not worsen, there are no further
one-off non-recurring losses, the additional investment in operations
continues to meet revenue expectations and that there is no major
weather-related disruption.
· Our forward order book remains stable and should support our
trading performance in the coming months.
Simon Carr CBE, Non-Executive Chairman of Northern Bear, commented:
"I am pleased to report that the Group's financial position remains robust,
with continued progress being achieved toward our medium-term goals. The
current performance reflects the benefits of ongoing investment, an element of
organic growth, and disciplined cash management, all of which have contributed
to a solid set of results for the period.
"I would also like to echo our CEO's appreciation for the dedication and
effort of our employees, and to thank our shareholders and other key
stakeholders for their continued confidence and support."
For further information please contact:
Northern Bear plc
John Davies - Chief Executive Officer +44 (0) 166 182 0369
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409 3494
James Harris
James Bellman
Hybridan LLP (Nominated Broker) +44 (0) 20 3764 2341
Claire Louise Noyce
Chief Executive Officer's report
Introduction
I am delighted to report the unaudited interim results for the Company and its
subsidiaries (together the "Group") for the six months ended 30 September 2025
(the "Period" or "H1 FY26").
Trading
The Group produced a resilient set of results in the Period which has also
seen continued investment in our operations with a view to supporting future
growth.
Revenue increased to £49.4m (H1 FY25: £37.6m) with strong performances
across all operating divisions.
Gross margin increased to 24.7% (H1 FY25: 23.8%), due to a continued growth in
higher-margin areas of the Group's businesses and continued careful contract
selection and management.
A stable trading performance, together with a non-recurring operating profit,
has offset the impact of the increased investment in administrative expenses,
resulting in an operating profit of £4.1m (H1 FY25: £1.7m, including the
impact of the operating losses of H Peel & Sons Limited in H1 FY25)).
Earnings per share for the Period was 21.9p (H1 FY25: 8.4p) and adjusted
earnings per share was 21.9p (H1 FY25: 8.4p, including the impact of the
operating losses of H Peel & Sons Limited in H1 FY25).
Non-recurring operating profit
During the Period, the Group generated a non-recurring operating profit of
£1.3m. Although the operating profit is non-recurring in nature and not
expected to recur in future periods, it arose from activity consistent with
the Group's normal trading risk profile.
In accordance with FRC guidance, the non-recurring profit has not been
excluded from statutory performance measures. Further disclosure has been
provided in Note 7 to the financial statements.
Investment in operations
We have continued to invest in operations during the period with a view to
generating future growth. This resulted in an increase in administrative
expenses to £8.1m (H1 FY25: £7.2m).
Isoler Limited ("Isoler"), our fire protection business, has continued to
perform positively as a result of strong market conditions in the sector.
The new compliance team has established itself within Isoler and, as a result,
should be well placed to create opportunities and broaden the offering to
Isoler's customer base.
Wensley Roofing Limited ('Wensley') has relocated into a new, larger
office/depot in Team Valley. This investment has been necessary to
facilitate Wensley's continued expansion into solar panel installation with
its new build housing clients. This will allow Wensley to handle bulk
deliveries of solar panels to enable a more efficient factory to roof offering
to clients.
In FY25, we opened a new division of MGM Limited, trading as Callisto Glass
Facades, and recruited a team to provide bespoke design, manufacture and
installation of architectural glass facades. This business generated a small
operating profit in H1 FY26 thus making a return on the investment made during
FY25. Profitability in Callisto should continue to increase in H2 FY26.
Other commentary on trading
Despite changing dynamics of the fleet hire sector and a challenging market,
our materials handing business, Alcor Handling Solutions Limited ("Alcor"),
continues to perform satisfactorily. With continued investment in the fleet in
H1 FY26, the Board believes that Alcor is well placed to weather any market
uncertainty and is mindful of the threats presented by the growth in market
share of cheaper Chinese imports.
As in prior years, we have included a calculation of adjusted Operating
Profit, adjusted EBITDA, and adjusted earnings per share in notes 4 and 5 to
these interim results as supplemental measures of the Group's profitability,
in addition to the statutory measures defined under IFRS.
Cash flow and bank loans
The strong operating cash flows enabled the Group to fully repay the
outstanding balance on the Virgin Money term loan on 30 September 2025.
The Group was in a net cash position at 30 September 2025 of £3.8m. At 30
September 2024, the Group had a net bank debt position, based on cash balances
of £1.4m less the outstanding term loan balance of £2.8m. (31 March 2025:
net cash balance of £2.5m).
During the Period, the Company paid an ordinary dividend of 2.5p per ordinary
share (H1 FY25: 2.0p) and a special dividend of 1.0p per ordinary share (H1
FY25: £nil).
As we have emphasised in prior results, our net cash (or net bank debt)
position represents a snapshot at a particular point in time and can move by
up to £1.5m in a matter of days, given the nature, size and variety of
contracts that we work on and the related working capital balances. The lowest
position in the Period was £0.6m net cash, the highest position was £4.7m
net cash, and the average was £2.7m net cash.
People and Board changes
Julian Davis, who joined as Group CFO in May 2025, agreed with the Board in
late October 2025 that he would step down from his role as Chief Financial
Officer and as a Director of the Company with immediate effect. The Board
has commenced a process to review the role and identify a suitable successor.
Steve Roberts, who rejoined the Board on 18 January 2024 following the
retirement of Keith Soulsby, stepped down from the Board as an Executive
Director of the Company. Steve has continued in his day-to-day capacity as a
non-plc Board Director and part of the Senior Leadership Team.
The Board would like to thank Julian and Steve for their contributions to the
Company and ongoing support.
Josh Watson has taken over as sole Managing Director of Isoler, following the
retirement of John Gilstin. I would like to congratulate Josh on his
promotion and look forward to supporting him in his new role.
As always, our loyal, dedicated, and skilled workforce is a key part of our
success and we make every effort to support them, including through continued
training and health and safety compliance.
Outlook
In line with the commentary in our Trading Update on 1 October 2025, should
current market conditions not deteriorate and additional investment in our
operations meet expectations, the Group has the potential to trade slightly
ahead of current market expectations for FY26. Such performance would be
broadly consistent with the strong underlying profit performance for FY25
after adjusting for the non-recurring profit referred to above and trading
losses and related closure costs in H Peel & Sons Limited in FY25. This of
course, as in prior years, is subject to winter weather conditions where
sustained heavy rain can have a material effect on our operations.
The Group's forward order book remains stable.
Conclusion
Once again, I would like to thank all our employees for their hard work and
commitment, and our shareholders for their continued support.
John Davies
Chief Executive Officer
19 November 2025
Consolidated statement of comprehensive income
for the six month period ended 30 September 2025
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Revenue 49,376 37,578 78,110
Cost of sales (37,162) (28,638) (58,892)
Gross profit 12,214 8,940 19,218
Other operating income 10 16 32
Administrative expenses (8,135) (7,214) (15,865)
Operating profit 4,089 1,742 3,385
Finance income 60 - 53
Finance costs (138) (206) (386)
Profit before income tax 4,011 1,536 3,052
Income tax expense (1,003) (385) (747)
Profit for the period 3,008 1,151 2,305
Total comprehensive income attributable to equity holders of the parent 3,008 1,151 2,305
Earnings per share from continuing operations
Basic earnings per share 21.9p 8.4p 16.8p
Diluted earnings per share 21.3p 8.4p 16.7p
Consolidated balance sheet
at 30 September 2025
30 September 2025 30 September 2024 31 March
2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Assets
Property, plant and equipment 6,196 5,931 6,008
Right of use asset 1,753 1,278 1,343
Intangible assets 15,384 15,389 15,384
Trade and other receivables 1,405 1,003 1,046
Total non-current assets 24,738 23,601 23,781
Inventories 1,678 1,434 1,521
Trade and other receivables 16,948 14,143 13,282
Cash and cash equivalents 3,827 1,444 3,974
Total current assets 22,453 17,021 18,777
Total assets 47,191 40,622 42,558
Equity
Share capital 190 190 190
Capital redemption reserve 6 6 6
Share premium 5,174 5,169 5,174
Merger reserve 9,703 9,703 9,703
Retained earnings 9,766 6,070 7,240
Total equity attributable to equity holders of the Company 24,839 21,138 22,313
Liabilities
Loans and borrowings - 2,100 750
Trade and other payables - 47 -
Lease liabilities 1,281 1,214 1,056
Deferred tax liabilities 1,264 1,229 1,269
Total non-current liabilities 2,545 4,590 3,075
Loans and borrowings 41 747 700
Trade and other payables 16,841 12,573 14,344
Provisions 466 - 644
Lease liabilities 742 728 727
Current tax payable 1,717 846 755
Total current liabilities 19,807 14,894 17,170
Total liabilities 22,352 19,484 20,245
Total equity and liabilities 47,191 40,622 42,558
Consolidated statement of changes in equity
for the six month period ended 30 September 2025
Share capital Capital redemption reserve Share premium Merger reserve Retained earnings Total equity
£'000 £'000 £'000 £'000 £'000 £'000
At 1 April 2024 190 6 5,169 9,703 5,194 20,262
Total comprehensive income for the period
Profit for the period - - - - 1,151 1,151
Transactions with owners, recorded directly in equity
Equity dividends paid - - - - (275) (275)
At 30 September 2024 190 6 5,169 9,703 6,070 21,138
At 1 April 2024 190 6 5,169 9,703 5,194 20,262
Total comprehensive income for the year
Profit for the year - - - - 2,305 2,305
Transactions with owners, recorded directly in equity
Exercise of share options - - 5 - - 5
Share-based payment expense - - - - 16 16
Equity dividends paid - - - - (275) (275)
At 31 March 2025 190 6 5,174 9,703 7,240 22,313
At 1 April 2025 190 6 5,174 9,703 7,240 22,313
Total comprehensive income for the period
Profit for the period - - - - 3,008 3,008
Transactions with owners, recorded directly in equity
Equity dividends paid - - - - (482) (482)
At 30 September 2025 190 6 5,174 9,703 9,766 24,839
Consolidated statement of cash flows
for the six month period ended 30 September 2025
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Cash flows from operating activities
Operating profit for the period 4,089 1,742 3,385
Adjustments for:
Depreciation of property, plant and equipment 495 478 1,003
Depreciation of lease asset 293 256 527
Amortisation - 5 10
Share-based payment expense 20 - 16
Increase in provisions - - 644
Profit/(loss) on sale of property, plant and equipment 4 (19) (10)
4,901 2,462 5,575
Change in inventories (157) 62 (25)
Change in trade and other receivables (3,847) (580) 238
Change in provisions (178) - -
Change in trade and other payables 2,360 286 1,944
Cash generated from/(used in) operations 3,079 2,230 7,732
Tax received/(paid) (46) 115 (298)
Net cash flow from operating activities 3,033 2,345 7,434
Cash flows from investing activities
Interest received 60 - 53
Proceeds from sale of property, plant and equipment 442 387 478
Acquisition of property, plant and equipment (1,129) (1,020) (1,937)
Net cash from investing activities (627) (633) (1,406)
Cash flows from financing activities
Repayment of borrowings (1,471) (367) (1,700)
Repayment of other loans - - (64)
Repayment of lease liabilities (502) (438) (612)
Proceeds from the exercise of share options - - 5
Interest paid (98) (166) (386)
Equity dividends paid (482) (275) (275)
Net cash from financing activities (2,553) (1,246) (3,032)
Net increase/(decrease) in cash and cash equivalents (147) 466 2,996
Cash and cash equivalents at start of period 3,974 978 978
Cash and cash equivalents at end of period 3,827 1,444 3,974
Notes
1. Basis of preparation
These interim consolidated financial statements have been prepared using accounting policies based on International Financial Reporting Standards (IFRS and IFRIC Interpretations) issued by the International Accounting Standards Board ("IASB") as adopted for use in the UK. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 31 March 2025 Annual Report and Financial Statements. The financial information for the half years ended 30 September 2025 and 30 September 2024 does not constitute statutory accounts within the meaning of Section 434 (3) of the Companies Act 2006 and both periods are unaudited. The financial information has not been prepared (and is not required to be prepared) in accordance with IAS 34 Interim Financial Reporting.
The annual consolidated financial statements of Northern Bear plc (the "Company", or, together with its subsidiaries, the "Group") are prepared in accordance with the requirements of the Companies Act 2006 and UK adopted International Accounting Standards. The comparative financial information for the year ended 31 March 2025 included within this report does not constitute the full statutory Annual Report for that period. The statutory Annual Report and Financial Statements for the year ended 31 March 2025 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for the year ended 31 March 2025 was i) unqualified, ii) did not draw attention to any matters by way of emphasis, and iii) did not contain a statement under 498(2) - (3) of the Companies Act 2006.
2. Accounting policies
The Group has applied the same accounting policies and methods of computation
in its interim consolidated financial statements as in its 2025 annual
financial statements, as set out in Notes 2 and 3 of that document, except for
those that relate to new standards and interpretations effective for the first
time for periods beginning on (or after) 1 April 2025, and will be adopted in
the 2026 financial statements. The accounting policies applied are based on
the recognition and measurement principles of IFRS in issue as adopted by the
UK and are effective at 31 March 2026 or are expected to be adopted and
effective at 31 March 2026.
The Group's next annual financial statements for the year ending 31 March 2026
will, for the first time, apply the following new amendment to IFRS Accounting
Standards (as adopted in the UK):
IAS 21 - The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability (Amendments to IAS 21)
· In August 2023, the IASB issued amendments to IAS 21 that (i)
specify how an entity assesses whether a currency is exchangeable into another
currency and (ii) require an entity to estimate the spot exchange rate when a
currency lacks exchangeability, together with new disclosures (IAS 21 paras.
8A-8B, 19A, 57A-57B and Appendix A). The amendments are effective for annual
periods beginning on or after 1 January 2025 and have been endorsed in the UK.
· The Group has assessed the amendments and does not expect a
material impact on the consolidated financial statements, as the Group does
not operate in jurisdictions where local currency exchangeability is currently
restricted. The Group will provide the required disclosures should any lack of
exchangeability arise.
Standards issued but not yet effective (not applicable until the year
beginning 1 April 2026)
· For completeness, the IASB's Amendments to the Classification and
Measurement of Financial Instruments (amending IFRS 9 and IFRS 7) are
effective for annual periods beginning on or after 1 January 2026
(UK-endorsed). These address (a) assessment of contractual cash flow
characteristics (including certain ESG-linked features), (b) settlement by
electronic payment systems for financial liabilities, and (c) related
disclosures. The Group is evaluating these amendments; they are not expected
to affect the next annual financial statements for the year ending 31 March
2026.
3. Taxation
The taxation charge for the six months ended 30 September 2025 is calculated
by applying the Directors' best estimate of the annual effective tax rate to
the profit for the period.
4. Alternative performance measures
The Group uses Adjusted Operating Profit, Adjusted EBITDA, and Adjusted
earnings per share as supplemental measures of the Group's profitability, in
addition to measures defined under IFRS. The directors consider these useful
due to the exclusion of specific items that could impact a comparison of the
Group's underlying profitability and are aware that shareholders use these
measures to assist in evaluating performance.
The adjusting items for the alternative measures of profit are either
recurring but non-cash charges (amortisation of acquired intangible assets),
one-off non-cash items (impairment charges), or one-off exceptional items
(non-recurring closure costs or non-recurring profits).
Adjusted operating profit is calculated as below:
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Operating profit (as reported) 4,089 1,742 3,385
Amortisation of intangible assets arising on acquisitions - 5 10
Costs associated with the closure of H Peel & Sons Limited - - 444
Adjusted operating profit for the period 4,089 1,747 3,839
Adjusted EBITDA is calculated as below:
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Adjusted operating profit (as above) 4,089 1,747 3,839
Depreciation of property, plant and equipment 495 478 1,003
Depreciation of lease assets 293 256 527
Adjusted EBITDA 4,877 2,481 5,369
Adjusted basic and diluted earnings per share is presented in note 5 below.
5. Earnings per share
Basic earnings per share is the profit or loss for the period divided by the
weighted average number of ordinary shares outstanding, excluding those held
in treasury, calculated as follows:
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March 2025
Unaudited Unaudited Audited
Profit for the period (£'000) 3,008 1,151 2,305
13,760 13,750 13,751
Weighted average number of ordinary shares excluding shares held in treasury
for the proportion of the year held in treasury ('000)
Basic earnings per share 21.9p 8.4p 16.8p
The calculation of diluted earnings per share is the profit or loss for the
period divided by the weighted average number of ordinary shares outstanding,
after adjustment for the effects of all potential dilutive ordinary shares,
excluding those in treasury, calculated as follows:
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March 2025
Unaudited Unaudited Audited
Profit for the period (£'000) 3,008 1,151 2,305
13,760 13,750 13,751
Weighted average number of ordinary shares excluding shares held in treasury
for the proportion of the year held in treasury ('000)
Effect of potential dilutive ordinary shares ('000) 337 3 41
Diluted weighted average number of ordinary shares excluding shares held in 14,097 13,753 13,792
treasury for the proportion of the year held in treasury ('000)
Diluted earnings per share 21.3p 8.4p 16.7p
5. Earnings per share (continued)
The following additional earnings per share figures are presented as the
Directors believe they provide a better understanding of the trading
performance of the Group.
Adjusted basic and diluted earnings per share is the profit or loss for the
period, adjusted for recurring but non-cash charges (amortisation of acquired
intangible assets), one-off non-cash items (impairment charges), or one-off
exceptional items (non-recurring closure costs or one-off contract profits),
divided by the weighted average number of ordinary shares outstanding as
presented above.
Adjusted earnings per share is calculated as follows:
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March 2025
Unaudited Unaudited Audited
Profit for the period (£'000) 3,008 1,151 2,305
Amortisation of intangible assets arising on acquisitions - 5 10
Costs associated with the closure of the H Peel & Sons Limited - - 444
Corporation tax effect of above items - - (111)
Adjusted profit for the period (£'000) 3,008 1,156 2,648
13,760 13,750 13,751
Weighted average number of ordinary shares excluding shares held in treasury
for the proportion of the year held in treasury ('000)
Adjusted basic earnings per share 21.9p 8.4p 19.3p
Adjusted diluted earnings per share 21.3p 8.4p 19.2p
6. Finance income and costs
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Finance income:
Bank interest 60 - 53
Finance costs:
On bank loans and overdrafts 94 148 256
Finance charges on lease liabilities 44 58 130
Total finance costs 138 206 386
7. Operating gains and losses
During the period, the Group recognised a non-recurring operating profit. This
was non-recurring within the Group's normal trading activities and not
expected to recur in future periods. While one-off in nature, it forms part of
the Group's underlying trading activities and has therefore been presented
within operating profit in accordance with FRC guidance and IAS 1.
Had this non-recurring profit been excluded, operating profit, EBITDA and EPS
would each have been £2.8 million, £3.6 million, and 15.0 pence per share,
respectively.
In addition, the results of the Group for H1 FY25 includes trading losses of
£0.2m in H Peel & Sons Limited which was a discontinued operation at 31
March 2025. In the year ended 31 March 2025 H Peel & Sons Limited
incurred trading losses of £0.5m in addition to the costs associated with its
closure.
8. Principal risks and uncertainties
The Directors consider that the principal risks and uncertainties which could
have a material impact on the Group's performance in the remaining six months
of the financial year remain the same as those stated on page 10 to 11, and 74
to 75 of our Annual Report and Financial Statements for the year ended 31
March 2025, which are available on the Company's website,
www.northernbearplc.com (http://www.northernbearplc.com) .
9. Half year report
The condensed financial statements were approved by the Board of Directors on
19 November 2025 and are available on the Company's website,
www.northernbearplc.com (http://www.northernbearplc.com) . Copies will be
sent to shareholders and are available on application to the Company's
registered office.
For and on behalf of the Board of Directors
John Davies
Chief Executive Officer
19 November 2025
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