REG - Palace Capital PLC - Interim Results
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RNS Number : 1783J Palace Capital PLC 27 November 2025
27 November 2025
Palace Capital plc
("Palace Capital" or the "Company")
Interim Results for the six months ended 30 September 2025
DELIVERING ON OUR STRATEGY TO RETURN CAPITAL TO SHAREHOLDERS
Palace Capital (LSE: PCA) announces its unaudited results for the six months
ended 30 September 2025.
Steven Owen, Executive Chairman, commented:
"During the first half of this financial year, we made further progress on our
strategy to return capital to shareholders through the disposal of HQ Office,
York, for a gross price of £10.0 million and returning cash of £20.8 million
by way of a successful, oversubscribed tender offer in September 2025. Since
the updated strategy of the Company was announced in July 2022, we have sold
over £160 million of assets, repaid all bank debt and returned over
£64 million of cash to shareholders. Dividends paid to shareholders since
July 2022 total approximately £18.7 million.
"The Company now has only five investment properties remaining, which were
valued at £41.3 million as at 30 September 2025. One of these assets
(Halifax) is under offer, another (Leamington Spa) is expected to go under
offer shortly and a third asset (Exeter) has recently been marketed for sale.
The remaining two (Northampton and Newcastle) require the completion of
ongoing asset management activities, including material capital expenditure at
Newcastle, in order to appeal to potential purchasers. In addition, there were
nine apartments remaining at Hudson Quarter in York, together with a ground
rent freehold interest, valued at £4.2 million as at 30 September 2025.
"The success of our disposal strategy since July 2022 means that the Company
is debt free and has an unencumbered portfolio, which enables both flexibility
and optionality over the timing of its disposal programme. Assuming that the
properties currently under offer are sold, it is anticipated that the Company
will return further cash to shareholders through another tender offer in the
first quarter of 2026."
Income statement metrics Six months to Six months to Change
30 Sept 2025 30 Sept 2024
Adjusted profit before tax £1.1m £2.1m (47.6%)
Adjusted earnings per share 3.9p 6.1p (36.1%)
IFRS profit/(loss) before tax £0.3m (£0.9m)
Basic earnings per share 1.0p (2.8p)
Dividends
Dividends per share 7.5p 7.5p
Balance Sheet and operational metrics 30 Sept 2025 31 March 2025 Change
EPRA NTA per share 244p 251p (2.8%)
Cash returned to shareholders (including costs) (£21.2m) (£22.1m)
Net asset value £49.4m £72.5m (31.9%)
Like-for-like portfolio valuation increase/ (decrease) 0.8% (5.9%)
Total accounting return 0.2% 1.5%
Total shareholder return 6.8% 0.4%
Cash £4.6m £22.2m
Financial highlights
• Adjusted profit before tax of £1.1 million (September 2024: £2.1 million)
reflecting the reduction in income following disposals offset in part by the
significant reduction in recurring administrative expenses and finance costs.
• IFRS profit before tax for the period of £0.3 million (September 2024: £0.9
million loss) primarily due to the valuation surplus of £0.3 million and the
profit on property disposals of £0.3 million offset by EPRA earnings of
(£0.2m).
• Adjusted EPS of 3.9 pence (September 2024: 6.1 pence), a decrease of 36.1%,
reflecting the movement in adjusted profit before tax but partly mitigated by
the accretive tender offer.
• Dividends paid of 7.5 pence per share (September 2024: 7.5 pence). The Board
declares a Q2 2026 interim dividend of 3.75p per share payable on 30 January
2026, to shareholders on the register at 19 December 2026.
• Cash returned to shareholders of £21.2 million (including costs) by way of a
successful tender offer completed in September 2025, a 3.0 pence per share
accretion to EPRA NTA offset by the denominator effect of the reduced number
of shares equating to 3.6 pence per share.
• EPRA NTA per share decreased by 2.8% to 244 pence (March 2025: 251 pence)
principally due to the exceptional, non-recurring costs of closing the STIP
and staff redundancies equivalent to 4.8 pence per share and the payment of
uncovered dividends equating to 2.7 pence per share.
• Total property portfolio valuation increased by 0.8% on a like-for-like basis,
principally due to the valuation increase of the leisure assets offset by the
decline of the office at St James's Gate, Newcastle.
• Cash of £4.6 million (March 2025: £22.2 million) as at 30 September 2025;
£3.5 million as at 26 November 2025.
• Recurring administrative expenses reduced by £0.3 million compared with HY25.
Other, ongoing cost reduction measures when fully implemented expected to
result in annualised administrative expenses of c.£0.7 million from the first
quarter of 2026. As part of this process, the Board is also reviewing its
composition.
• FY26 year end extended by six months to 30 September 2026 to provide strategic
flexibility and optionality and facilitate further administrative cost
reductions.
Operational highlights
• Sale of HQ Office, York, for a gross price of £10.0 million, which, after
adjusting for rent top ups, was 2.8% ahead of the 31 March 2025 book value.
Sale of one apartment at Hudson Quarter, York for £0.4 million. There are
nine units remaining.
• Post 30 September 2025, three properties at Halifax, Leamington Spa and Exeter
were marketed for sale.
Halifax is currently under offer, Leamington Spa is expected to go under offer
shortly and Exeter has recently been marketed for sale. Also post period
end, a small unit at 3A St James's Gate, Newcastle has gone under offer for
£0.6 million.
• At 2 St James's Gate, Newcastle, a £1.3 million contract has been placed for
the comprehensive refurbishment of two vacant floors in order to materially
improve the EPC rating, create Grade A refurbished space and significantly
increase both quoting rents and letting prospects.
• Rent collection for the first half of the financial year was 96% (March 2025:
99%).
Palace Capital plc
Steven Owen, Executive Chairman
info@palacecapitalplc.com (mailto:info@palacecapitalplc.com)
Financial PR
FTI Consulting
Dido Laurimore / Andrew Davis
Tel: +44 (0)20 3727 1000
palacecapital@fticonsulting.com (mailto:palacecapital@fticonsulting.com)
Cautionary Statement
This announcement does not constitute an offer of securities by the Company.
Nothing in this announcement is intended to be, or intended to be construed
as, a profit forecast or a guide as to the performance, financial or
otherwise, of the Company or the Group whether in the current or any future
financial year. This announcement may include statements that are, or may be
deemed to be, ''forward-looking statements''. These forward-looking statements
can be identified by the use of forward-looking terminology, including the
terms ''believes'', ''estimates'', ''anticipates'', ''expects'', ''intends'',
''plans'', ''target'', ''aim'', ''may'', ''will'', ''would'', ''could'' or
''should'' or, in each case, their negative or other variations or comparable
terminology. They may appear in a number of places throughout this
announcement and include statements regarding the intentions, beliefs or
current expectations of the directors, the Company or the Group concerning,
amongst other things, the operating results, financial condition, prospects,
growth, strategies and dividend policy of the Group or the industry in which
it operates. By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on circumstances that
may or may not occur in the future and may be beyond the Company's ability to
control or predict. Forward-looking statements are not guarantees of future
performance. The Group's actual operating results, financial condition,
dividend policy or the development of the industry in which it operates may
differ materially from the impression created by the forward-looking
statements contained in this announcement. In addition, even if the operating
results, financial condition and dividend policy of the Group, or the
development of the industry in which it operates, are consistent with the
forward-looking statements contained in this announcement, those results or
developments may not be indicative of results or developments in subsequent
periods. Important factors that could cause these differences include, but are
not limited to, general economic and business conditions, industry trends,
competition, changes in government and other regulation, changes in political
and economic stability and changes in business strategy or development plans
and other risks.
Other than in accordance with its legal or regulatory obligations, the Company
does not accept any obligation to update or revise publicly any
forward-looking statement, whether as a result of new information, future
events or otherwise.
EXECUTIVE CHAIRMAN'S STATEMENT
Update on delivery of strategic objectives
During the first half of this financial year, we made further progress on our
strategy to return capital to shareholders through the disposal of HQ Office,
York, for a gross price of £10.0 million and returning cash of £20.8 million
by way of a successful, oversubscribed tender offer in September 2025, which
contributed an additional 3.0 pence to EPRA NTA. Since the Company's updated
strategy was announced in July 2022, we have sold over £160 million of
assets, repaid all bank debt and returned over £64 million of cash to
shareholders. Dividends paid to shareholders since July 2022 total
approximately £18.7 million.
The Company has been debt free with the portfolio entirely unencumbered since
31 March 2025 and currently has cash of £3.5 million, compared with £22.2
million as at 31 March 2025.
In our Preliminary Results announced in June 2025, we reported that conditions
in the investment market for certain types of assets, particularly leisure
assets, were such that, in the Board's view, the sale of these assets should
be deferred until market demand and pricing improved but that we expected
market conditions to improve later this year assuming that financial markets
were less volatile than at that time. Market conditions have improved in
recent months with the result that of the five investment properties
remaining, which were valued at £41.3 million as at 30 September 2025, three
have been marketed for sale since the end of the half year period. One of
these assets (Halifax) is currently under offer, another (Leamington Spa) is
expected to go under offer shortly and a third asset (Exeter) has recently
been marketed for sale. The remaining two (Northampton and Newcastle) require
the completion of ongoing asset management activities, including material
capital expenditure at Newcastle, in order to be ready for sale. Post period
end an offer was received for £0.6 million for the sale of a small unit at 3A
St James's Gate, Newcastle with completion expected in the first quarter of
2026. In addition, there were nine apartments remaining at Hudson Quarter in
York, together with a ground rent freehold interest, valued at £4.2 million
as at 30 September 2025. A full update on progress made, together with the
current position is set out in the Operational Review.
Palace Capital continues to reduce its level of administrative expenses in
line with its strategy with a reduction of £0.3 million in recurring
administrative expenses in the half year ended 30 September 2025 compared with
the corresponding period in 2024. There was a reduction in headcount from six
to three executives from 1 July 2025. Other, ongoing cost reduction measures
when fully implemented are expected to result in annualised administrative
expenses of c.£0.7 million from the first quarter of 2026. As part of this
process, the Board is also reviewing its composition. The Company has also
extended its financial year end by six months to 30 September 2026 from 31
March 2026 in order to provide strategic flexibility and optionality and
facilitate further administrative cost reductions.
Outlook
We reported in the preliminary results in June 2025 that we expected market
conditions for certain types of assets, particularly leisure assets, to
improve later this year assuming that financial markets would be less volatile
than in June. The reductions in base rates during this year together with
improving investor confidence and the availability of debt finance,
particularly in relation to leisure assets, enabled us to market our property
in Halifax for sale in October and it is now under offer with completion
expected in the first quarter of 2026. It is also anticipated that the sale of
Unit 3A St James's Gate, Newcastle, will complete during the first quarter of
2026 and that of Leamington Spa which is expected to go under offer shortly
At an operational level, the Company continues to make good progress with its
asset management activities to enable the two remaining properties to be ready
for sale as set out in the Operational Review.
The success of our disposal strategy since July 2022 means that the Company is
debt free with an unencumbered portfolio, providing both flexibility and
optionality over the timing of its disposal programme. Assuming that the
properties currently under offer are sold, it is anticipated that the Company
will return further cash to shareholders through another tender offer in the
first quarter of 2026.
Steven Owen
Executive Chairman
26 November 2025
OPERATIONAL REVIEW
Portfolio overview
As at 30 September 2025, the portfolio comprised six properties (March 2025:
7) comprising by value 43% office, 48% leisure and 9% residential, which were
independently valued by CBRE at £45.5 million, reflecting an increase in
value of 0.8% or £0.4 million on a like-for-like basis compared with the
valuation as at 31 March 2025.
The value of the three office assets fell by 5.6% or £1.2 million, with the
8% fall in the value of St James's Gate, Newcastle accounting for c.75% of the
office portfolio valuation deficit. The decline was driven by a combination of
softening yields and a provision for material capital expenditure at St
James's Gate outlined under Asset Management.
The two leisure assets increased by 8.4% or £1.5 million mainly due to the
release of the contingency relating to a review of the fabric of the building
and a comprehensive fire strategy review at Northampton and the letting of the
space formerly occupied by TGI Friday's to an F&B operator at Halifax.
The value of the residential properties at Hudson Quarter, York was unchanged.
Asset management
During the period, two units were let, including the space formerly occupied
by TGI Friday's to an F&B operator, at Broad Street Plaza, Halifax,
increasing the occupancy rate by income to 97% and the overall net income from
the property through the associated reduction in non-recoverable property
costs.
In October 2025, terms were agreed to let the space to be vacated on expiry by
Ubisoft at Leamington Spa in December 2025 to a computer gaming company for a
10 year term with a five year break at a rent of £22psf, which is 16% higher
than the passing rent. The lease was completed earlier this month and the
tenant has taken occupation.
In July 2025 the comprehensive refurbishment of the Vue cinema at Sol,
Northampton, was completed. As previously reported, the Company made a
significant capital contribution towards these works in return for a regear of
the Vue lease to bring the total term to 20 years, expiring in 2044, with a
material increase in rent and five-yearly upward only rent reviews linked to
RPI with a cap and collar structure.
At Exeter, significant progress has been made with tenants to achieve a vacant
possession block date within the next year; three tenants remain in occupation
and we expect two of those to have vacated by February 2026.
At St James's Gate, Newcastle, a £1.3 million contract has been placed for
the comprehensive refurbishment of two vacant floors in order to materially
improve the EPC rating and create Grade A refurbished space. This project is
key to the property's letting prospects given that office demand in Newcastle
is principally focused on high quality, refurbished buildings with strong ESG
credentials such as an EPC rating of B or better. Rents, as well as demand,
for such space are also materially greater than for unrefurbished space. The
refurbishment is expected to be completed by the end of the first quarter of
2026 and on completion the whole building will have an EPC B rating.
Disposal and asset management strategy post HY26
The portfolio currently consists of five investment properties and one
residential property, together with a ground rent freehold interest, in York.
As at 30 September 2025 there were nine apartments, together with the ground
rent freehold interest, remaining for sale at Hudson Quarter, York, valued at
£4.2 million. Market conditions for the sale of the apartments have
remained difficult following the Budget in October 2024 and leading up to the
Budget of November 2025. It remains to be seen if there will be increased
activity in 2026 given the low levels of confidence in the residential market.
The strategy for the remaining five investment properties, which had a value
of £41.3 million as at 30 September 2025, is as follows:
Broad Street Plaza, Halifax
This property was marketed for sale in October 2025 and is currently under
offer with completion expected in the first quarter of 2026.
Sol, Northampton
As noted above, the completion of the Vue lease regear was transformational
for this property in extending the core WAULT which was 12.9 years on expiry
(12.6 years to break) and the occupancy rate 95% as at September 2025.
The completion of the refurbishment of the Vue cinema and the release in the
valuation of the contingency relating to a review of the fabric of the
building and a comprehensive fire strategy review increased the valuation as
at September 2025 to £12.8 million (March 2025: £9.7 million) resulting in a
NIY of 11.4% and EY of 12.7%. The Company is currently implementing the key
recommendations of the fire strategy review as this work is an essential part
of the process in preparing the property for sale. The appropriate timing for
disposal is unlikely to be before the end of the first quarter of 2026 subject
to market conditions at that time, as there are other asset management
initiatives to be completed,
As demonstrated with the proposed sale of Halifax, the investment market for
leisure assets has improved since the Company announced its preliminary
results in June 2025 with increased transactional evidence from a larger pool
of buyers together with the resumption of the availability of debt finance for
assets with cinema operator tenants following a market reappraisal of such
covenants.
St James' Gate, Newcastle
The office market in Newcastle has improved since the Summer resulting in a
reduction in the supply of high grade refurbished office buildings which have
attracted the most occupier demand. Flight to quality and high ESG credentials
(EPC B or better) are increasingly critical with occupiers placing significant
value on sustainability and wellbeing. This emphasis is continuing to drive
demand towards buildings that align with these priorities, particularly for
fitted office space where the escalating costs of fit out and the increasing
difficulty occupiers face in securing capital for such works has resulted in
some occupiers requesting landlords to deliver fitted out space in return for
higher rent. By contrast, the obsolescence of older buildings that no longer
meet occupier expectations is becoming more pronounced evidenced by the little
demand in Newcastle for unrefurbished space with poor EPC ratings.
Consequently, it was decided to proceed with a Grade A refurbishment of the
two vacant whole floors at 2 St James' Gate at a cost of £1.3 million as
noted under Asset Management. This project is critical to letting prospects
and as reported in June 2025 further lettings of the vacant space are required
in order to increase the occupancy from 61% as at September 2025 and extend
the WAULT prior to the asset being ready for sale. It is pleasing to note that
occupancy has increased under the management agreement with Orega and this
trend will need to be further established before a sale can be contemplated
which in our view is unlikely before the second quarter of 2026.
Unit 3A is currently under offer for £0.6 million following the recent works
to strip back to 'shell and core' and it is expected that Unit 3C will be put
on the market in December 2025.
The September 2025 valuation of 2 St James' Gate was £9.2 million which
reflects the capital expenditure required on the vacant floors and a softening
in office yields resulting in NIY of 6.6%, EY of 13.0%. The WAULT to expiry
was 5.8 years (2.7 years to break).
Imperial Court and House, Leamington Spa
It was reported in the Preliminary Announcement in June 2025 that the property
was under offer but the sale did not progress. It was marketed for sale in in
October 2025 and is expected to go under offer shortly with completion
anticipated during the first quarter of 2026.
The Forum, Exeter
We have actively explored a change of use for this 1970s office building to
one that we believe will realise more value on sale. As part of this strategy,
significant progress has been made with tenants to achieve a vacant possession
block date within the next year and three tenants remain in occupation.
Following a successful pre-application meeting with Exeter City Council the
property was marketed for sale earlier this month.
Summary
Since the change of strategy announcement on 19 July 2022, investment property
disposals have generated proceeds of £145.6 million at a 16.3% reduction to
the March 2022 valuation (which was the peak of the current property cycle) or
4.4% ahead when compared with the relevant March valuation prior to sale.
FINANCIAL REVIEW
The Group's adjusted profit before tax decreased to £1.1 million (September
2024: £2.1 million) as a result of income lost through disposals but offset
in part by the significant reduction in recurring administrative expenditure
and finance costs. EPRA NTA per share decreased by 2.8% to 244 pence (March
2025: 251 pence) principally due to the exceptional, non-recurring costs of
closing the STIP and staff redundancies equivalent to 4.7 pence per share.
The summary of the Company's financial results is as follows:
Income Statement Summary
Income Statement 30 Sept 2025 30 Sept 2024
Gross property income £2.4m £3.8m
Property operating expenses (£1.1m) (£0.8m)
Expected Credit Loss provision - (£0.3m)
Net rental income £1.3m £2.7m
Recurring administrative expenditure (£0.7m) (£1.0m)
Finance income £0.5m £0.5m
Finance costs - (£0.1m)
Adjusted profit before tax £1.1m £2.1m
Tax - -
Adjusted profit after tax £1.1m £2.1m
Payments to former staff (including associated costs) (£0.3m) -
Short term incentive plan charge (including associated costs) (£1.0m) (£0.3m)
Payments to former Directors (including associated costs) - (£0.1m)
EPRA earnings (£0.2m) £1.7m
Profit/(loss) on revaluations £0.3m (£3.2m)
Trading profit - £0.1m
Profit on disposal of investment properties £0.2m £0.5m
IFRS profit/(loss) after tax £0.3m (£0.9m)
Net rental income in the period reduced to £2.4 million (September 2024:
£3.8 million) due to income lost through disposals.
The Group's recurring administrative expenditure reduced by £0.3 million or
30% to £0.7 million (September 2024: £1.0 million) following the ongoing
progress made in reducing administrative costs.
During the period, our active cash management enabled us to receive £0.5
million in interest income (2024: £0.5 million) notwithstanding the reduction
in interest rates during 2025.
EPRA NTA Movement
EPRA NTA decreased by 7.0 pence per share or 2.8% to 244 pence (March 2025:
251 pence) during the period principally due to the exceptional, non-recurring
costs of closing the STIP and staff redundancies equivalent to 4.7 pence per
share and the overdistribution of dividends equating to 2.7 pence per share.
The accretion to NAV of 3.0p per share from the £20.2 million tender offer
(£21.2 million including costs) in September 2025 was offset by the
denominator effect equating to 3.6 pence per share of the reduced number of
shares at the period end.
£m No. of shares (diluted) Pence per share
EPRA NTA at 31 March 2025 72.5 28,892,535 251.0p
Tender offer (including costs) (21.2) (8,667,760) 3.0p
EPRA NTA after tender offer 51.3 20,224,775 254.0p
Profit on sale of investment properties 0.3 0.9p
Adjusted earnings before tax 1.1 3.9p
Gain on revaluation of investment property 0.4 1.3p
Cash dividends paid (2.2) (7.5p)
Fair value adj. of trading properties (0.1) (0.2p)
Payments to former staff (including associated costs) (0.3) (1.1p)
Short term incentive plan charge (including associated costs) (1.0) (3.7p)
Other movements* (0.0) (3.6p)
EPRA NTA at 30 September 2025 49.5 20,224,775 244.0p
*Other movements relate to the denominator effect of the reduced number of
shares at period end compared with the weighted average for the period and the
effect of rounding.
Financing
The Group repaid its remaining debt during the year ended 31 March 2025 and
therefore is now entirely debt free and all assets are unencumbered (September
2024: gross debt £8.2 million).
At 30 September 2025 the Group had cash of £4.6 million (March 2025: £22.2
million).
STATEMENT OF PRINCIPAL RISKS
We consider there has been no material changes to the Company's principal
risks, as set out in the Annual Report and Accounts for the year ended 31
March 2025 and summarised below.
MARKET CYCLE ECONOMIC AND POLITICAL CAPITAL STRUCTURE AND LIQUIDITY PORTFOLIO STRATEGY
Risk description Risk description Risk description
Failure to react appropriately to changing market conditions and adapt our An inappropriate level of gearing or failure to comply with debt covenants or An inappropriate investment strategy that is not aligned to overall corporate
corporate strategy could negatively impact shareholder returns. A downturn manage re-financing events could put pressure on cash resources and lead to a purpose objectives, economic conditions, or tenant demand may result in lower
in the market could reduce the appetite in the investment market, leading to funding shortfall for operational activities. investment returns.
lower valuations and affecting our disposal strategy and ability to return
capital to shareholders. Increasing costs of borrowing and increasing interest rates could affect the
Group's ability to borrow or reduce its ability to repay its debts
Uncertainty in the UK economic landscape, global supply chain issues,
inflation and interest rates brings risks to the property market, supply
chains and to occupiers' businesses. This can significantly impact market
sentiment and our ability to extract value from our properties resulting in
lower shareholder returns, reduced liquidity and increased occupier failure.
ASSET MANAGEMENT VALUATION TENANT DEMAND AND DEFAULT
Risk description Risk description Risk description
Failure to implement asset business plans and elevated risks associated with Decreasing capital and rental values could impact the Group's portfolio Failure to adapt to changing occupier demands and/or poor tenant covenants may
refurbishment could lead to longer void periods, higher arrears and overall valuation leading to lower returns. Higher cost of debt can lead to property result in us losing significant tenants, which could materially impact income,
investment performance, adversely impacting returns and cashflows. yields to be pushed out and valuations to fall as a result. Increasing gilt capital values and profit. Rising inflation, interest rates and living costs
yields, can leave property investment less attractive unless the desired could impact tenant businesses, such as the leisure industry, as demand falls
return can be achieved. for discretionary spending.
BUSINESS CONTINUITY AND CYBER SECURITY PEOPLE CLIMATE CHANGE
Risk description Risk description Risk description
Business disruption as a result of physical damage to buildings, Government An inability to attract or retain staff with the right skills and experience Longer term failure to anticipate and prepare for transition and physical
policy and measures implemented in response to pandemics, cyber attacks or may result in significant underperformance or impact the overall effectiveness risks associated with climate change including increasing policy and
other operational or IT failures or unforeseen events may impact income and of our operations. Health and Safety of staff and others including tenants compliance risks associated with existing and emerging environmental
profits. both physically and mentally and providing a safe and healthy environment in legislation could lead to increased costs and the Group's assets becoming
our properties is of utmost importance. Failure to do so could lead to staff obsolete or unable to attract occupiers or purchasers.
and tenant ill health, litigation and regulatory issues, negative media and
market sentiment against the Company.
REGULATORY AND TAX
Risk description
Non-compliance with the legal and regulatory requirements of a public real
estate company, including the REIT regime, could result in convictions or
fines and negatively impact reputation.
Statement of Directors' Responsibilities
The Directors confirm that the condensed set of consolidated financial
statements have been prepared in accordance with International Accounting
Standard 34, 'Interim Financial Reporting', as adopted by the European Union
and that the interim management report includes a fair review of the
information required by DTR 4.2.7 and DTR 4.2.8, namely:
• an indication of important events that have
occurred during the first six months and their impact on the condensed interim
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year; and
• material related-party transactions in the
first six months and any material changes in the related-party transactions
described in the last annual report.
The Directors of Palace Capital plc are listed on the Company website
www.palacecapitalplc.com
By order of the Board
The CoSec Coach Limited
Company Secretary
26 November 2025
Palace Capital plc
Condensed consolidated statement of comprehensive income
For the six months ended 30 September 2025
Unaudited Unaudited Audited
6 months to 6 months to Year to
30 September 30 September 31 March
2025 2024 2025
Notes £000 £000 £000
Revenue 3 4,047 8,117 13,245
Cost of sales 4 (2,740) (5,030) (7,868)
Movement in expected credit loss - (255) (353)
Net property income 1,307 2,832 5,024
Administrative expenses (2,063) (1,389) (2,889)
Operating (loss)/profit before gains and losses on property assets (756) 1,443 2,135
Profit on disposal of investment properties 255 500 1,502
Gain/(loss) on revaluation of investment properties 9 358 (3,241) (2,868)
Impairment of trading properties (66) - (61)
Operating (loss)/profit (209) (1,298) 708
Finance income 489 488 850
Finance expense - (135) (126)
Debt termination costs (5) - (35)
Profit/(loss) before taxation 275 (945) 1,397
Taxation 5 - - 25
Profit/(loss) after taxation for the period and total comprehensive 275 (945) 1,422
profit/(loss) attributable to owners of the Parent
Earnings per ordinary share
Basic 6 1.0p (2.8p) 4.5p
Diluted 6 1.0p (2.8p) 4.5p
The accompanying notes form an integral part of these condensed consolidated
interim financial statements.
Palace Capital plc
Condensed consolidated statement of financial position
For the six months ended 30 September 2025
Notes Unaudited Unaudited Audited
30 September 30 September 31 March
2025 2024 2025
£000 £000 £000
Non-current assets
Investment properties 9 33,799 48,889 33,363
Right of use asset - 10 -
Trade and other receivables 11 7,112 5,573 5,021
40,911 54,472 38,384
Current assets
Assets held for sale 9 - - 9,875
Trading property 10 3,955 5,572 4,340
Trade and other receivables 11 2,676 3,657 2,201
Cash and cash equivalents 12 4,645 21,288 22,222
11,276 30,517 38,638
Total assets 52,187 84,989 77,022
Current liabilities
Trade and other payables 13 (2,739) (3,711) (3,277)
Borrowings 14 - (318) -
Lease liabilities for right of use asset - (10) -
Creditors: amounts falling due within one year (2,739) (4,039) (3,277)
Net current assets 8,537 26,478 35,361
Non-current liabilities
Borrowings 14 - (7,788) -
Short term incentive plan provision - (830) (1,209)
Deferred tax liability (31) (57) (32)
Net Assets 49,417 72,275 72,504
Equity
Called up share capital 15 2,022 2,889 2,889
Merger reserve 3,503 3,503 3,503
Capital redemption reserve 2,957 2,090 2,090
Capital reduction reserve 39,820 65,348 63,182
Retained earnings/(accumulated losses) 1,115 (1,555) 840
Equity shareholders' funds 49,417 72,275 72,504
Basic NAV per ordinary share 7 244p 250p 251p
Diluted NAV per ordinary share 7 244p 250p 251p
EPRA NTA per ordinary share 7 244p 252p 251p
The accompanying notes form an integral part of these condensed consolidated
interim financial statements.
The condensed consolidated interim financial statements were approved by the
Board of Directors on 26 November 2025.
The accompanying notes form an integral part of these condensed consolidated
interim financial statements.
Palace Capital plc
Condensed consolidated statement of changes in equity
For the six months ended 30 September 2025
Treasury Shares
Share Reserve Other (Accumulated Losses)/ Retained Earnings Total
Capital £000 Reserves Capital Reduction Reserve £000 equity
£000 £000 £000 £000
As at 31 March 2024 3,756 - 4,726 89,931 (639) 97,774
Total comprehensive loss for the period - - - - (945) (945)
Share based payments - - - - 29 29
Dividends paid - - - (2,492) - (2,492)
Tender offer - (22,091) - - - (22,091)
Cancellation of treasury shares (867) 22,091 867 (22,091) - -
As at 30 September 2024 2,889 - 5,593 65,348 (1,555) 72,275
Total comprehensive profit for the period - - - - 2,367 2,367
Share based payments - - - - 28 28
Dividends paid - - - (2,166) - (2,166)
As at 31 March 2025 2,889 - 5,593 63,182 840 72,504
Total comprehensive profit for the period - - - - 275 275
Dividends paid - - - (2,167) - (2,167)
Tender offer - (21,195) - - - (21,195)
Cancellation of treasury shares (867) 21,195 867 (21,195) - -
As at 30 September 2025 2,022 - 6,460 39,820 1,115 49,417
The accompanying notes form an integral part of these condensed consolidated
interim financial statements.
Palace Capital plc
Condensed consolidated statement of cash flows
For the six months ended 30 September 2025
Unaudited Unaudited Audited
6 months to 6 months to Year to
30 September 30 September 31 March
2025 2024 2025
Notes £000 £000 £000
Operating activities
Profit/(loss) before taxation 275 (945) 1,397
Finance income (489) (488) (850)
Finance expense - 135 126
(Gain)/loss on revaluation of investment property portfolio 9 (358) 3,241 2,868
Profit on disposal of investment properties (255) (500) (1,502)
Impairment of trading properties 66 - 61
Debt termination costs 5 - 35
Amortisation of right of use asset - 29 38
Share-based payment - 29 57
(Increase)/decrease in trade and other receivables (2,565) (785) 500
Decrease in trade and other payables (1,749) (88) (149)
Decrease in trading property 376 2,554 3,725
Net cash generated from operations (4,694) 3,182 6,306
Interest received 489 488 850
Interest and other finances charges paid - (120) (102)
Net cash flows from operating activities (4,205) 3,550 7,054
Investing activities
Capital expenditure on refurbishment of investment property 150 (111) (175)
Proceeds from disposal of investment properties 9,845 22,825 30,637
Net cash flow generated from investing activities 9,995 22,714 30,462
Financing activities
Bank loan repaid (5) (159) (8,311)
Dividends paid 8 (2,167) (2,492) (4,658)
Tender offer (21,195) (22,091) (22,091)
Net cash flow used in financing activities (23,367) (24,742) (35,060)
Net (decrease)/increase in cash (17,577) 1,522 2,456
Opening cash and cash equivalents 12 22,222 19,766 19,766
Closing cash and cash equivalents 12 4,645 21,288 22,222
Palace Capital plc
Notes to the condensed consolidated financial
statements
For the six months ended 30 September 2025
1 General information
These financial statements are for Palace Capital plc ("the Company") and its
subsidiary undertakings (together "the Group").
The Company's shares are admitted to trading on the Main Market of the London
Stock Exchange. The Company is domiciled and registered in England and Wales
and incorporated under the Companies Act 2006. The address of its registered
office is Thomas House, 84 Eccleston Square, London, SW1V 1PX.
The nature of the Company's operations and its principal activities are that
of property investment in the UK.
Basis of preparation
The condensed consolidated financial information included in this half yearly
report has been prepared in accordance with the IAS 34 "Interim Financial
Reporting", as adopted by the European Union. The current period information
presented in this document is unaudited and does not constitute statutory
accounts within the meaning of section 434 of the Companies Act 2006.
The interim results have been prepared in accordance with applicable
International Accounting Standards (IAS) and International Financial Reporting
Standards (IFRS) issued by the International Accounting Standards Board
(IASB). These standards are collectively referred to as "IFRS".
The accounting policies and methods of computations used are consistent with
those as reported in the Group's Annual Report for the year ended 31 March
2025 and are expected to be used in the Group's Annual Report for the year
ended 30 September 2026.
The financial information for the year ended 31 March 2025 presented in these
unaudited condensed Group interim financial statements does not constitute the
Company's statutory accounts for that period but has been derived from them.
The Report and Accounts for the year ended 31 March 2025 were audited and have
been filed with the Registrar of Companies. The Independent Auditor's Report
on the Report and Accounts for the year ended 31 March 2025 was unqualified
and did not contain statements under s498(2) or (3) of the Companies Act 2006.
The financial information for the periods ended 30 September 2024 and 30
September 2025 are unaudited and have not been subject to a review in
accordance with International Standard on Review Engagements 2410, Review of
Interim Financial Information performed by the Independent Auditor of the
Entity, issued by the Auditing Practices Board.
The interim report was approved by the Board of Directors on 26 November 2025.
Copies of this statement are available to the public for collection at the
Company's Registered Office at Thomas House, 84 Eccleston Square, London, SW1V
1PX and on the Company's website, www.palacecapitalplc.com
(http://www.palacecapitalplc.com) .
Going Concern
The Directors have made an assessment of the Group's ability to continue as a
going concern which included the current economic headwinds coupled with the
Group's cash resources, rental income, disposals of investment and trading
properties, committed capital and other expenditure and dividend
distributions. The financial position of the Group, its cash flows and
liquidity position are described in these financial statements.
As at 30 September 2025 the Group had £4.6 million of unrestricted cash and
cash equivalents and a property portfolio with a fair value of £45.5 million.
The Directors have reviewed the forecasts for the Group over the 12 months
from the date of signing this report.
The Directors have a reasonable expectation that the Group have adequate
resources to continue in operation for at least 12 months from the date of
approval of the financial statements. Accordingly, they continue to adopt the
going concern basis in preparing the Interim Report.
2 Segmental reporting
During the period, the Group operated in one business segment, being property
investment in the UK and as such no further information is provided.
3 Revenue
Unaudited Unaudited Audited
6 months to 6 months to Year to
30 September 30 September 31 March
2025 2024 2025
£000 £000 £000
Gross rental income 2,219 3,722 6,450
Dilapidations and other property related income 147 69 479
Gross property income 2,366 3,791 6,929
Trading property income 368 2,729 3,990
Service charge income 1,313 1,597 2,326
Total revenue 4,047 8,117 13,245
4 Cost of sales
Unaudited Unaudited Audited
6 months to 6 months to Year to
30 September 30 September 31 March
2025 2024 2025
£000 £000 £000
Void costs 427 599 1,436
Legal, lettings and consultancy costs 623 243 318
Property operating expenses 1,050 842 1,754
Trading property costs of sales 377 2,591 3,788
Service charge expense 1,313 1,597 2,326
Total cost of sales 2,740 5,030 7,868
5 Taxation
Unaudited Unaudited Audited
6 months to 6 months to Year to
30 September 30 September 31 March
2025 2024 2025
£000 £000 £000
Deferred tax - - (25)
Tax credit - - (25)
As a UK REIT, the income profits of the Group's UK property rental business
are exempt from corporation tax, as are any gains it makes from the disposal
of its properties, provided they are not held for trading. The Group is
otherwise subject to UK corporation tax at the prevailing rate.
6 Earnings per share
Basic earnings per share and diluted earnings per share have been calculated
on profit/(loss) after tax attributable to ordinary Shareholders for the year
(as shown on the Consolidated Statement of Comprehensive Income) and for the
earnings per share, the weighted average number of ordinary shares in issue
during the period (see table below) and for diluted weighted average number of
ordinary shares in issue during the year (see table below).
Unaudited Unaudited Audited
6 months to 6 months to Year to
30 September 30 September 31 March
2025 2024 2025
£000 £000 £000
Profit/(Loss) after tax attributable to ordinary Shareholders for the year 275 (945) 1,422
Unaudited Unaudited Audited
6 months to 6 months to Year to
30 September 30 September 31 March
2025 2024 2025
Weighted average number of shares for basic earnings per share 27,455,802 33,935,021 31,325,057
Dilutive effect of share options - - -
Weighted average number of shares for diluted earnings per share 27,455,802 33,935,021 31,325,057
Earnings per ordinary share
Basic 1.0p (2.8p) 4.5p
Diluted 1.0p (2.8p) 4.5p
The Group financial statements are prepared under IFRS which incorporates
non-realised fair value measures and non-recurring items. Alternative
Performance Measures ("APMs"), being financial measures, which are not
specified under IFRS, are also used by management to assess the Group's
performance. These include a number of European Public Real Estate Association
("EPRA") measures, prepared in accordance with the EPRA Best Practice
Recommendations reporting framework the latest update of which was issued in
September 2024. The Group reports a number of these measures (detailed in the
glossary of terms) because the Directors consider them to improve the
transparency and relevance of our published results as well as the
comparability with other listed European real estate companies.
EPRA Earnings is a measure of operational performance and represents the net
income generated from the operational activities. It is intended to provide an
indicator of the underlying income performance generated from the leasing and
management of the property portfolio. EPRA earnings are calculated taking the
profit after tax excluding investment property revaluations and gains and
losses on disposals, changes in fair value of financial instruments and
one-off finance termination costs. EPRA earnings is calculated on the basis of
the basic number of shares in line with IFRS earnings as the dividends to
which they give rise accrue to current Shareholders.
The Group also reports an adjusted earnings measure which is based on
recurring earnings before tax and the basic number of shares. This is the
basis on which the Directors consider dividend cover. This takes EPRA earnings
as the starting point and then adds back tax and any other fair value
movements or one-off items that were included in EPRA earnings. This includes
share-based payments being a non-cash expense, as well as payments to former
Directors and Staff, and the Short Term Incentive Plan provision ('STIP'),
which are one-off exceptional items. The STIP was excluded from adjusted
earnings as the provision is deemed not to be in the ordinary course of
business and the performance criteria of the plan is based on the selling of
assets. The plan was designed to be back end loaded in terms of paying out in
order to be aligned with shareholders' interests and is therefore deemed to be
an exceptional item as it does not reflect earnings from trading in the
portfolio as it is capital in nature. The corporation tax charge (excluding
deferred tax movements, being a non-cash expense) is deducted in order to
calculate the adjusted earnings per share, if the charge is in relation to
recurring earnings.
The earnings per ordinary share for the period is calculated based upon the
following information:
Unaudited Unaudited Audited
6 months to 6 months to Year to
30 September 30 September 31 March
2025 2024 2025
£000 £000 £000
Profit/(loss) after tax attributable to ordinary shareholders for the period 275 (945) 1,422
Adjustments:
(Gain)/loss on revaluation of investment property portfolio (358) 3,241 2,868
Profit on disposal of investment properties (255) (500) (1,502)
Impairment of trading properties 66 - 61
Trading loss/(profit) 9 (138) (202)
Debt termination costs 5 - 35
EPRA earnings for the period (258) 1,658 2,682
Payments to former Directors & Staff (including associated costs) 311 115 175
Share-based payments - 29 57
Short term incentive plan provision (including associated costs) 1,018 265 644
Adjusted profit after tax for the period 1,071 2,067 3,558
Tax excluding deferred tax on EPRA adjustments and capital gain charged - - (25)
Adjusted profit before tax for the period 1,071 2,067 3,533
EPRA and adjusted earnings per ordinary share
EPRA basic (0.9p) 4.9p 8.6p
EPRA diluted (0.9p) 4.9p 8.6p
Adjusted EPS 3.9p 6.1p 11.3p
7 Net asset value per share
The Company has adopted the new EPRA NAV measures which came into effect for
accounting periods starting 1 January 2020. EPRA issued best practice
recommendations (BPR) for financial guidelines on its definitions of NAV
measures. The NAV measures as outlined in the BPR are EPRA net tangible assets
(NTA), EPRA net reinvestment value (NRV) and EPRA net disposal value (NDV).
The Company has adopted these new guidelines and applies them in the 30
September 2025 Interim Report.
The Company considered EPRA Net Tangible Assets (NTA) to be the most relevant
NAV measure for the Company and we are now reporting this as our primary NAV
measure, replacing our previously reported EPRA NAV and EPRA NNNAV per share
metrics. EPRA NTA excludes the intangible assets and the cumulative fair value
adjustments for debt-related derivatives which are unlikely to be realised.
30 September 2025 (unaudited) 30 September 2024 (unaudited) 31 March 2025 (audited)
EPRA NTA (£000) EPRA NRV (£000) EPRA NDV (£000) EPRA NTA (£000) EPRA NRV (£000) EPRA NDV (£000) EPRA NTA (£000) EPRA NRV (£000) EPRA NDV (£000)
Net assets attributable to shareholders 49,417 49,417 49,417 72,275 72,275 72,275 72,504 72,504 72,504
Include:
Fair value adjustment of trading properties - - - 392 392 392 - - -
Real estate transfer tax - 2,739 - - 3,631 - - 3,254 -
Fair value of fixed interest rate debt - - - - - 430 - - -
Exclude:
Deferred tax on latent capital gains and capital allowances 31 31 - 57 57 - 32 32 -
EPRA NAV 49,448 52,187 49,417 72,724 76,355 73,097 72,536 75,790 72,504
EPRA NAV per share 244p 258p 244p 252p 264p 253p 251p 262p 251p
Unaudited Audited
30 September 31 March
Unaudited 2024 2025
30 September
2025
Number of ordinary shares issued at the end of the period 20,224,775 28,886,765 28,892,535
Dilutive effect of share options - - -
Number of diluted ordinary shares for diluted and EPRA net assets per share 20,224,775 28,886,765 28,892,535
Net assets per ordinary share
Basic NAV 244p 250p 251p
Diluted NAV 244p 250p 251p
EPRA NTA 244p 252p 251p
8 Dividends
Unaudited Unaudited Audited
6 months to 6 months to Year to
30 September 30 September 31 March
2025 2024 2025
Payment Date £000 £000 £000
Ordinary dividends paid
2024 Interim dividend: 3.75p per share 19 April 2024 - 1,408 1,408
2024 Final dividend: 3.75p per share 25 August 2024 - 1,084 1,084
2025 Interim dividend: 3.75p per share 25 October 2024 - - 1,083
2025 Interim dividend: 3.75p per share 27 December 2024 - - 1,083
2025 Interim dividend: 3.75p per share 22 April 2025 1,083 - -
2025 Interim dividend: 3.75p per share 14 July 2025 1,084 - -
2,167 2,492 4,658
Proposed dividend
2026 Q1 interim dividend: 3.75p per share paid on 24 October 2025.
2026 Q2 interim dividend: 3.75p per share payable on 30 January 2026
9 Property Portfolio
Total investment properties
£000
At 1 April 2024 73,845
Additions - refurbishments 175
Loss on revaluation of investment properties (2,868)
Transfer to assets held for sale (9,412)
Disposals (28,377)
At 31 March 2025 33,363
Additions - refurbishments 78
Gain on revaluation of investment properties 358
Disposals -
At 30 September 2025 33,799
Investment properties Trading properties Assets held for sale Total property portfolio
£000 £000 £000 £000
At 1 April 2024 73,845 8,126 - 81,971
Additions - refurbishments 175 - - 175
Additions - trading properties - 63 - 63
Loss on revaluation of properties (2,868) - - (2,868)
Transfer to assets held for sale (9,412) 9,412 -
Impairment of trading properties (61) - (61)
Disposals (28,377) (3,788) - (32,165)
At 31 March 2025 33,363 4,340 9,412 47,115
Additions - refurbishments 78 - 78
Additions - trading properties - 57 57
Gain on revaluation of properties 358 - 358
Impairment of trading properties - (66) - (66)
Disposals - (376) (9,412) (9,788)
At 30 September 2025 33,799 3,955 - 37,754
The property portfolio has been independently valued at fair value. The
valuations have been prepared in accordance with the RICS Valuation - Global
Standards July 2017 ("the Red Book") and incorporate the recommendations of
the International Valuation Standards and the RICS valuation - Professional
Standards UK January 2014 (Revised April 2015) which are consistent with the
principles set out in IFRS 13.
The valuer in forming its opinion makes a series of assumptions, which are
typically market related, such as net initial yields and expected rental
values, and are based on the valuer's professional judgement. The valuer has
sufficient current local and national knowledge of the particular property
markets involved and has the skills and understanding to undertake the
valuations competently.
At 30 September 2025, the Company's property portfolio was externally valued
by CBRE, a Royal Institution of Chartered Surveyors ("RICS") registered
independent valuer. A reconciliation of the valuations carried out by the
external valuer to the carrying values shown in the balance sheet was as
follows:
Unaudited Unaudited Audited
30 September 30 September 31 March
2025 2024 2025
£000 £000 £000
Property portfolio valuation 45,535 60,945 53,235
Less trading properties at lower of cost and net realisable value (3,955) (5,572) (4,340)
Less lease incentive balance in accrued income (7,781) (6,091) (5,657)
Less assets held for sale - - (9,412)
Less lease incentive balance included in accrued income on assets held for - - (463)
sale
Less fair value uplift on trading properties - (393) -
Carrying value of investment properties 33,799 48,889 33,363
Valuation process
The valuation reports produced by the independent valuers are based on
information provided by the Group such as current rents, terms and conditions
of lease agreements, service charges and capital expenditure. This information
is derived from the Company's financial and property management systems and is
subject to the Group's overall control environment.
In addition, the valuation reports are based on assumptions and valuation
models used by the independent valuers. The assumptions are typically market
related, such as yields and discount rates, and are based on their
professional judgment and market observations. Each property is considered a
separate asset, based on its unique nature, characteristics and the risks of
the property.
The Head of Property is responsible for the valuation process, verifies all
major inputs to the external valuation reports, assesses the individual
property valuation changes from the prior year valuation report and holds
discussions with the independent valuers. When this process is complete, the
valuation report is recommended to the Audit Committee, which considers it as
part of its overall responsibilities.
The key assumptions made in the valuation of the Company's investment
properties are:
• The amount and timing of future income streams;
• Anticipated maintenance costs and other landlord's liabilities; and
• An appropriate yield
Valuation technique
The valuations reflect the tenancy data supplied by the group along with
associated revenue costs and capital expenditure. The fair value of the
commercial investment portfolio has been derived from capitalising the future
estimated net income receipts at capitalisation rates reflected by recent
arm's length sales transactions.
Assets held for sale
Unaudited Unaudited Audited
30 September 30 September 31 March
2025 2024 2025
£000 £000 £000
Assets held for sale - - 9,875
Assets held for sale consist of the commercial offices of Hudson Quarter,
York. In accordance with the Group's accounting policy, these properties are
classified as held for sale at 31 March 2025. The office had been valued by
CBRE based on based on information provided by the Group such as current
rents, terms and conditions of lease agreements, service charges and capital
expenditure. The valuation had been held in the financial statements at a
lower of their carrying value immediately prior to being classified as held
for sale and fair value less costs to sell.
Assets held for sale as at 31 March 2025 included £463,000 of lease
incentives which was released on the sale of the asset in April 2025.
10 Trading property
Total
£000
At 1 April 2024 8,126
Costs capitalised 63
Impairment of trading properties (61)
Disposal of trading properties (3,788)
At 31 March 2025 4,340
Costs capitalised 57
Impairment of trading properties (66)
Disposal of trading properties (376)
At 30 September 2025 3,955
The Group developed a large mixed-use scheme at Hudson Quarter, York. Part of
the approved scheme consisted of residential units which the Group is in the
process of selling. As a result, the residential element of the scheme is
classified as trading property.
11 Trade and other receivables
Unaudited Unaudited Audited
30 September 30 September 31 March
2025 2024 2025
£000 £000 £000
Current
Trade receivables 1,049 1,906 817
Prepayments and accrued income 854 799 921
Other taxes - 178 38
Other debtors 773 774 425
2,676 3,657 2,201
Non-current
Accrued income 7,112 5,573 5,021
7,112 5,573 5,021
Total trade and other receivables 9,788 9,230 7,222
12 Cash and cash equivalents
Unaudited Unaudited Audited
30 September 30 September 31 March
2025 2024 2025
£000 £000 £000
Cash and cash equivalents 4,645 21,288 22,222
13 Trade and other payables
Unaudited Unaudited Audited
30 September 30 September 31 March
2025 2024 2025
£000 £000 £000
Current
Trade payables 19 57 86
Accruals 370 415 304
Deferred rental income 1,075 1,288 1,206
Other taxes 222 585 918
Other payables 1,053 1,366 763
2,739 3,711 3,277
14 Borrowings
Unaudited Unaudited Audited
30 September 30 September 31 March
2025 2024 2025
£000 £000 £000
Current borrowings
Bank loans - 318 -
Unamortised lending costs - - -
- 318 -
Non-current borrowings
Bank loans - 7,834 -
Unamortised lending costs - (46) -
- 7,788 -
Total borrowings
Bank loans - 8,152 -
Unamortised lending costs - (46) -
- 8,106 -
The maturity profile of the Group's debt was as follows
Unaudited Unaudited Audited
30 September 30 September 31 March
2025 2024 2025
£000 £000 £000
Within one year - 318 -
From one to two years - 7,834 -
Total borrowings - 8,152 -
Facility and arrangement fees
As at 30 September 2024 (unaudited)
Secured borrowings Facility drawn Unamortised facility fees Loan balance
All in cost Maturity £000 £000 £000
% date
Scottish Widows 2.90% July 2026 8,152 (46) 8,106
8,152 (46) 8,106
15 Share capital
Authorised, issued and fully paid share capital is as follows:
Unaudited Unaudited Audited
30 September 30 September 31 March
2025 2024 2025
Share capital - £000 2,022 2,889 2,889
Ordinary 10p shares 20,224,775 28,892,535 28,892,535
Share capital - number of shares in issue 20,224,775 28,892,535 28,892,535
Movement in ordinary authorised share capital is as follows: Total number of shares
As at 31 March 2025 28,892,535
Shares repurchased 3 September 2025 (8,667,760)
As at 30 September 2025 20,224,775
No shares are held in Treasury.
16 Post balance sheet events
There are no post balance sheet events.
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