REG - Pacsco Ltd - Interim Results and Restoration to Trading
02/02/2026 17:00
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RNS Number : 3710R Pacsco Ltd 02 February 2026
The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.
PACSCo Limited / Ticker: PACS / Index: AIM / Sector: Agriculture
PACSCo Limited ('PACSCo' or the 'Company')
Interim Results and Restoration to Trading
PACSCo Limited, announces its unaudited results for the six months ended 30
September 2025.
Chair's Statement
I am pleased to provide an update on the first half of the 2026 financial year
('HY-2026'). These results are available on the Company's website.
At a general meeting held on 31 March 2025, the shareholders approved
resolutions to dispose of the Group's Mozambique Agricultural Businesses (the
"Mozambique Agricultural Businesses" or ''Discontinued
activities/operations'') to Chepstow Investments Limited ("Chepstow") (the
"Disposal") and to change the Company's name from Agriterra Limited to PACSCo
Limited. Accordingly, the operating results of the Mozambique Agricultural
Businesses and the comparatives have been disclosed as discontinued
activities/operations. Completion of the disposal is contingent upon the
receipt of certain regulatory approvals in Mozambique.
Financial Review
With the transfer of control of the Mozambique Agricultural Businesses to
Chepstow, following shareholder approval of the Disposal, the Mozambique
businesses were deconsolidated at 31 March 2025. Accordingly, the Company is
reporting a loss on continuing activities of US$ 137,000 (HY25: US$ 858,000).
Outlook
Approval for the disposal has been received from the Competition Regulatory
Authority ("CRA") in Mozambique. Once approval for the transaction is received
from the Bank of Mozambique, the Company will continue to be quoted on AIM as
an AIM Rule 15 cash shell which the Directors expect will provide
opportunities to create and deliver enhanced shareholder returns.
Restoration to trading on AIM
Following the publication of the 2025 Annual Report earlier today, and these
2026 interim results, trading in the Company's ordinary shares on the AIM
market is expected to be restored at 7.30 a.m. on Tuesday 3 February 2026.
CSO Havers
Chair
2 February 2026
For further information please VISIT www.PACSCo-ltd.com or contact:
PACSCo Limited Strand Hanson Limited
Caroline Havers caroline@PACSCo-ltd.com (mailto:caroline@agriterra-ltd.com) Ritchie Balmer / James Spinney Tel: +44 (0) 207 409 3494
C
Consolidated income statement
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2025 2024 2025
Unaudited Unaudited Audited
Restated
Note US$000 US$000 US$000
Continuing activities
Operating expenses (137) (185) (385)
Other income - - 210
Operating loss (137) (185) (175)
Finance costs 3 - (673) (1,386)
Loss on continuing activities before taxation (137) (858) (1,561)
Taxation - - -
Loss for the period on continuing activities attributable to owners of the (137) (858) (1,561)
Company
Discontinued activities
Loss before taxation on discontinued activities 4 - (619) (27,230)
Taxation - - 127
Loss for the period on discontinued activities attributable to owners of the - (619) (27,103)
Company
Loss for the period attributable to owners of the Company (137) (1,477) (28,664)
Other Comprehensive Loss
Items that may be reclassified subsequently to profit or loss:
Foreign exchange translation differences - 292 16,164
Other comprehensive income for the period - 292 16,164
Total comprehensive loss for the period (137) (1,185) (12,500)
Total loss for the period attributable to:
Owners of the Company on continuing activities (137) (858) (1,561)
Owners of the Company on discontinued activities - (590) (27,103)
Non-controlling interests on discontinued activities - (29) -
(137) (1,477) (28,664)
Total comprehensive loss attributable to:
Owners of the Company on continuing activities (137) (858) (1,561)
Owners of the Company on discontinued activities - (298) (10,939)
Non-controlling interests on discontinued activities - (29) -
(137) (1,185) (12,500)
Earnings per share US Cents US Cents US Cents
Basic and diluted earnings per share on continuing activities 4 (0.19) (1.19) (2.17)
Basic and diluted earnings per share on discontinued activities 4 - (0.86) (37.74)
Basic and diluted earnings per share on loss for the year 4 (0.19) (2.05) (39.91)
Consolidated statement of financial position
30 September 30 September 31 March
2025 2024 2025
Unaudited Unaudited Audited
Restated
Note US$000 US$000 US$000
Non-current assets
Property, plant and equipment - 24,719 -
Intangible assets - - -
- 24,719 -
Current assets
Biological assets - 31 -
Inventories - 4,722 -
Trade and other receivables 39 308 211
Cash and cash equivalents - 500 -
39 5,561 211
Total assets 39 30,280 211
Current liabilities
Borrowings - 130 -
Trade and other payables 175 3,883 210
175 4,013 210
Net current (liabilities) / assets (136) 1,548 1
Non-current liabilities
Borrowings - 14,721 -
Deferred tax liability - 5,936 -
- 20,657 -
Total liabilities 175 24,670 210
Net (liabilities) / assets (136) 5,610 1
Share capital 56,694 56,694 56,694
Share premium - - -
Share based payments reserve - 67 -
Revaluation reserve - 11,588 -
Translation reserve - (15,872) -
Accumulated losses (56,830) (46,942) (56,693)
Non-controlling interest - 75 -
Equity attributable to equity holders of the parent (136) 5,610 1
The unaudited condensed consolidated financial statements of PACSCo Limited
for the six months ended 30 September 2025 were approved by the Board of
Directors and authorised for issue on 2 February 2026.
Signed on behalf of the Board of Directors:
CSO Havers
Chair
Consolidated statement of changes in equity
Share Share based payment reserve Translation reserve Revaluation reserve Accumulated Non-Controlling Interest Total
losses
Capital Equity
US$000 US$000 US$000 US$000 US$000 US$000 US$000
Balance at 1 April 2024 56,694 67 (16,164) 11,714 (45,620) 104 6,795
Loss for the period - - - - (1,448) - (1,448)
Other comprehensive income:
Exchange translation gain on foreign operations restated - - 292 - - - 292
Total comprehensive loss for the period - - 292 - (1,448) - (1,156)
Transactions with owners
Revaluation surplus realised - - - (126) 126 - -
Total transaction with owners for the period - - - (126) 126 - -
Balance at 30 September 2024 56,694 67 (15,872) 11,588 (46,942) 104 5,639
Loss for the period - - - - (27,216) (27,216)
Other comprehensive income: - - - 126 (126) - -
Revaluation of property, plant and equipment (net)
Exchange translation gain on foreign operations - - 15,872 - - - 15,872
Total comprehensive loss for the period - 15,872 126 (27,342) - (11,344)
Transactions with owners
Deferred tax on revaluation reversed on disposal - - - 5,810 - 5,810
Recycled on disposal - - - (17,524) 17,524 - -
Transfer to buyer on disposal - - - - - (104) (104)
On lapse of options - (67) - - 67 - -
Total transactions with owners for the period - (67) - (11,714) 17,591 (104) 5,706
Balance at 31 March 2025 56,694 - - - (56,693) - 1
Loss for the period - - - - (137) - (137)
Other comprehensive income: Exchange translation gain on foreign operations - - - - - - -
Total comprehensive loss for the period - - - - (137) - (137)
Transactions with owners - - - - - - -
Total transactions with owners for the period - - - - - - -
Balance at 30 September 2025 56,694 - - - (56,830) - (136)
Consolidated cash flow statement
Note 6 months ended 6 months ended Year ended
30 September 30 September 31 March
2025 2024 2025
Unaudited Unaudited Audited
Restated
US$000 US$000 US$000
Continuing activities
Loss before tax for the period (137) (858) (1,561)
Adjustments for:
Net Finance costs - 673 1,386
Operating cash flows before movements in working capital (137) (185) (175)
Decrease in trade and other receivables 172 75 203
Decrease in trade and other payables (35) (88) (213)
Net cash used in continuing operating activities - (198) (185)
Net cash generated from discontinued operating activities - 584 778
Net cash generated from operating activities - 386 593
Cash flows from investing activities
Net cash used in investing in discontinued activities - (55) (506)
Cash flow from financing activities
Net cash used in financing discontinued activities - (270) (526)
Net increase/(decrease) in cash and cash equivalents - 61 (439)
Cash and cash equivalents at beginning of period - 439 439
Cash and cash equivalents at end of period - 500 -
General information
PACSCo Limited ('PACSCo' or the 'Company') is a non-cellular company limited
by shares incorporated and domiciled in Guernsey, Channel Islands. The address
of its registered office is 2nd Floor, Lefebvre Place, Lefebvre Street, St
Peter Port, St Pierre du Bois, GY1 2JP, Guernsey.
The Company's Ordinary Shares are quoted on the AIM Market of the London Stock
Exchange ('AIM').
The unaudited condensed consolidated financial statements have been prepared
in United States Dollars ('US$' or 'US$') as this is the currency of the
primary economic environment in which the Group operates.
1. Basis of preparation
The condensed consolidated financial statements of the Group for the 6 months
ended 30 September 2025 (the 'H1-2026 financial statements'), which are
unaudited and have not been reviewed by the Company's Auditor, have been
prepared in accordance with the International Financial Reporting Standards
('IFRS'). The accounting policies adopted by the Group are set out in the
annual report for the year ended 31 March 2025 (available at
www.PACSCo-ltd.com). The Group does not anticipate any significant change in
these accounting policies for the year ended 31 March 2026.
This interim report has been prepared to comply with the requirements of the
AIM Rules of the London Stock Exchange (the 'AIM Rules'). In preparing this
report, the Group has adopted the guidance in the AIM Rules for interim
accounts which do not require that the interim condensed consolidated
financial statements are prepared in accordance with IAS 34, 'Interim
financial reporting'. Whilst the financial figures included in this report
have been computed in accordance with IFRSs applicable to interim periods,
this report does not contain sufficient information to constitute an interim
financial report as that term is defined in IFRSs.
The financial information contained in this report also does not constitute
statutory accounts under the Companies (Guernsey) Law 2008, as amended. The
financial information for the year ended 31 March 2025 is based on the
statutory accounts for the year then ended. The Auditors reported on those
accounts. Their report was unqualified and referred to going concern as a key
audit matter.
The H1-2026 financial statements have been prepared in accordance with the
IFRS principles applicable to a going concern, which contemplate the
realisation of assets and liquidation of liabilities during the normal course
of operations. Having carried out a going concern review in preparing the
H1-2026 financial statements, the Directors have concluded that there is a
reasonable basis to adopt the going concern principle.
2. Segment information
As the operating businesses were disposed of on 31 March 2025, the Mozambique
Agricultural Businesses have been deemed to be one operating segment and
disclosed as discontinued activities in the comparatives.
3. NET FINANCE COSTS
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2025 2024 2025
Unaudited Unaudited Audited
US$000 US$000 US$000
Interest expense:
Bank loans, overdrafts and finance leases - 180 331
Shareholder loans - 673 1,386
Net finance cost - 853 1,717
Of which relate to:
Continuing activities - 673 1,386
Discontinued activities - 180 331
- 853 1,717
4. DiSCONTINUED ACTIVITIES
On 31 March 2025, shareholders approved the disposal of the Company's
Mozambique Agricultural Businesses to Chepstow. Following the transfer of
control to Chepstow on 31 March 2025, these businesses were deconsolidated and
their activities disclosed as discontinued activities. The comparatives have
been adjusted accordingly. The consideration received was the waiver of
shareholder loans and other liabilities to Chepstow amounting to $15,281,000.
The book value of the net assets disposed of amounted to $25,648,000.
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2025 2024 2025
Unaudited Unaudited Audited
US$000 US$000 US$000
Revenue - 4,841 13,591
Cost of sales - (4,147) (10,985)
Decrease in fair value of biological assets - - (90)
Gross profit - 694 2,516
Operating expenses - (1,286) (3,138)
Other income - 73 135
Profit on disposal of property, plant and equipment - 80 119
Operating loss - (439) (368)
Finance costs - (180) (331)
Loss before taxation on discontinued activities - (619) (699)
Loss on disposal of discontinued activities - - (26,531)
- (619) (27,230)
Taxation - - 127
Loss for the period on discontinued activities - (619) (27,103)
The loss on disposal of discontinued activities is arrived at as follows:
Waiver of balances due to Chepstow (includes shareholder loans and other - - 15,281
payables)
Net assets disposed of - - (25,648)
- - (10,367)
Transfer of foreign currency translation reserve on disposal - - (16,164)
Total loss on disposal - - (26,531)
5. LOSS per share
The calculation of the basic and diluted loss per share is based on the
following data:
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2025 2024 2025
Unaudited Unaudited Audited
US$000 US$000 US$000
Loss for the period/year for the purposes of basic and diluted earnings per
share:
Attributable to continuing activities (137) (858) (1,561)
Attributable to discontinued activities - (619) (27,103)
Attributable to equity holders of the Company (137) (1,477) (28,664)
Weighted average number of Ordinary Shares for the purposes of basic and 71,829,007 71,829,007 71,829,007
diluted loss per share
Basic and diluted loss per share - US cents
Continuing activities (0.19) (1.19) (2.17)
Discontinued activities - (0.86) (37.74)
Total (0.19) (2.05) (39.91)
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