2026 Interim Results
14 September 2026
Power Probe PLC
Unaudited interim results for the six months ended 30 June 2026
Gross margin expansion and strategic progress
Power Probe ("Power Probe", or the "Group"), a leading producer of automotive electrical diagnostic tools for professional service technicians, today reports its interim results for the six months ended 30 June 2026 ("H1 2026").
Strong strategic and operational progress
· Continued execution of the Group's revenue mix strategy, transitioning away from lower-margin legacy private brands business while developing more specialised products for the automotive aftermarket.
· Continued momentum in the automotive manufacturer dealership channel, with further products approved for inclusion in dealership programmes.
· Encouraging progress in new territories, with participation at key customer and industry trade shows in the UK and Europe generating new business opportunities and delivering positive year-on-year sales performance and customer engagement.
· Significant progress on the development of the Group's US manufacturing capability in Charlotte, N.C., including the establishment of a new US manufacturing entity and continued progression of facility design and infrastructure works.
H1 2026 Financial Highlights
· $17.7 million revenue (H1 2025: $21.2 million), reflects timing of new product launches - FY26 revenue weighted towards H2, consistent with previous guidance.
· Gross margin of 50.4% (H1 2025: 40.8%) driven by increased mix of Power Probe branded products and higher-margin private brands business, alongside current year pricing initiatives.
· Adjusted EBITDA1 of $3.8 million (H1 2025: $5.5 million) and adjusted EBITDA1 margin of 21.7% (H1 2025: 26.1%).
· Adjusted EBITDA1 includes c.$0.6m of additional costs incurred during the year in relation to ongoing public company expenses that were not incurred in the prior year. Excluding these additional costs, the adjusted EBITDA1 margin would have been 24.8%.
Dividend
· Interim dividend of 2.16 cents (1.60 pence2) per ordinary share.
· This interim dividend will carry an ex dividend date of 24 September 2026, with payment no later than 16 October 2026.
Outlook underpinned by new product launches
The Group remains on track with the execution of its strategic priorities. Significant products launched towards the end of H1 2026 are expected to contribute materially to revenue in the second half of the year, while providing further opportunities for growth into FY27.
Demand for the Group's existing Power Probe branded products remains robust, alongside encouraging commercial progress in new territories and within the automotive manufacturer dealership channel. The Group also continues to benefit from the improved margin profile resulting from its product and customer mix strategy and pricing initiatives implemented during 2026.
Longer term, the Board continues to see significant opportunities to deliver multi-year, sustainable revenue growth and margin expansion through continued product innovation, international expansion and the development of manufacturing capability at the Group's Charlotte, N.C. facility.
Chema Garcia, Chief Executive Officer, commented:
"We continued to make good strategic progress during the first half and the significant improvement in gross margin demonstrates the benefits of our focus on Power Probe branded products, the transition towards higher-quality private brands business and the pricing initiatives implemented during the year.
"We enter the second half with a number of significant new products now launched, encouraging momentum in new territories and continued progress within the automotive manufacturer dealership channel. Alongside this, we are advancing our investment in US manufacturing capability in Charlotte and the systems and infrastructure needed to support the Group's longer-term growth.
"We remain confident in our strategy and believe the investments and initiatives underway provide a strong platform for growth through the second half of 2026, into FY27 and beyond."
1 Adjusted EBITDA is a non-GAAP measure defined as EBITDA (operating profit before depreciation and amortisation) adjusted to exclude non-underlying, non-recurring items, specifically IPO related expenses, one-off litigation costs and IFRS 2 share-based payment charges
2. Based on USD / GBP exchange rate of 1.35 as of Friday 11 September 2026
ENDS
CONTACT DETAILS
Power Probe
Chema Garcia, Chief Executive Officer
Fabio Medina, Chief Financial Officer
Tom Marsh, EMEA Regional Director
https://powerprobe.com/en/
c/o Sodali & Co
Shore Capital (Nominated Adviser & Broker)
Toby Gibbs / Harry Davies-Ball
+44 (0)20 7408 4090
Sodali & Co
James White / Tilly Abraham / James Whitaker
+44 (0)78 5543 2699
powerprobe@client.sodali.com
About Power Probe
Power Probe is a leading producer of automotive electrical diagnostic tools for professional service technicians.
The Group was founded in 1992 in California, USA, and has grown to become an internationally renowned brand, designing and distributing over 140 products. It is driven by a relentless focus on product quality, continuous innovation and customer care, as captured in its mission statement: "Simplifying Automotive Diagnostics".
POWER PROBE PLC
INTERIM REPORT
FOR THE PERIOD 1 JANUARY 2026 TO 30 JUNE 2026
INTERIM REVIEW
Introduction
The Group continued to make strong progress against its strategic objectives during the first half of 2026. Revenue was $17.7 million (H1 2025: $21.2 million), reflecting the timing of new product launches, with FY26 revenue weighted towards the second half of the year, consistent with previous guidance. A number of significant new products were launched towards the end of the period and are expected to contribute materially to revenue in H2 2026, while providing further opportunities for growth into FY27.
Gross margin increased significantly to 50.4% (H1 2025: 40.8%), reflecting the Group's increased focus on Power Probe branded products, the transition towards higher-margin private brands business and the successful implementation of pricing initiatives during 2026, which have been well absorbed by the market.
Adjusted EBITDA1 was $3.8 million (H1 2025: $5.5 million), representing an adjusted EBITDA1 margin of 21.7% (H1 2025: 26.1%). Adjusted EBITDA1 includes approximately $0.6 million of additional ongoing public company costs which were not incurred in the comparative period. Excluding these additional costs, the adjusted EBITDA1 margin would have been 24.8%.
$'000s
H1 2026
H1 2025
Change
Revenue
17,689
21,201
-16.6%
Gross profit
8,923
8,650
+3.2%
Gross margin
50.4%
40.8%
+9.6% pts
Adjusted EBITDA1
3,839
5,535
-30.6%
Adjusted EBITDA1 margin
21.7%
26.1%
-4.4% pts
Revenue by geography:
US
16,434
20,149
-18.4%
Rest of World
1,255
1,053
+19.2%
Trading and financial performance
Power Probe branded products generated revenue of $16.2 million during the period (H1 2025: $17.9 million). The Group continues to see robust underlying demand across its existing branded portfolio and remains confident in the commercial opportunity presented by its expanding pipeline of new products.
$'000s
H1 2026
H1 2025
Change
Revenue by business unit:
Power Probe branded products
16,198
17,855
-9.3%
Private brands
1,491
3,346
-55.5%
Private brands revenue reduced to $1.5 million (H1 2025: $3.3 million), reflecting the deliberate execution of the Group's strategy to move away from lower-margin legacy private brands accounts. In parallel, the Group is developing new, more specialised products for the automotive aftermarket, offering stronger strategic alignment and greater long-term growth potential. While this transition is expected to reduce overall private brands revenue, it is also expected to improve the quality and profitability of this part of the business.
Together with pricing initiatives implemented during 2026, this shift in revenue mix contributed to the 9.6 percentage point increase in Group gross margin to 50.4%.
$'000s
H1 2026
H1 2025
Change
Revenue
17,689
21,201
-16.6%
Cost of sales
(8,766)
(12,552)
-30.2%
Gross profit
8,923
8,650
+3.2%
Gross profit margin
50.4%
40.8%
+9.6% pts
Selling and marketing expenses
(1,656)
(2,069)
-20.0%
General and administrative expenses
(3,892)
(1,855)
+109.8%
Research and development expenses
(483)
(87)
+454.1%
Operating profit
2,891
4,638
-37.7%
Finance income
1
2
-52.8%
Finance costs
(98)
(82)
19.6%
Profit before tax
2,795
4,559
-38.7%
Tax
(781)
(1,161)
-32.7%
Profit after tax
2,013
3,398
-40.8%
General and administrative expenses increased to $3.9 million (H1 2025: $1.9 million), reflecting the additional ongoing costs associated with operating as a publicly listed company together with continued investment in headcount and senior hires to provide the capabilities and infrastructure required to support the Group's growth strategy. The Group also continued to invest in product development during the period, with research and development expenditure increasing as the Group progresses its pipeline of new products.
Operating profit was $2.9 million (H1 2025: $4.6 million) and profit before tax was $2.8 million (H1 2025: $4.6 million). Adjusted profit before tax was $3.5 million (H1 2025: $5.3 million), with adjusted profit after tax of $2.6 million (H1 2025: $4.0 million).
Adjusted EBITDA1 bridge
$'000s
H1 2026
H1 2025
Change
Operating profit
2,891
4,638
-37.7%
Depreciation
254
177
+44.0%
Amortisation
5
0
-
EBITDA
3,151
4,815
-34.6%
IPO related expenses
82
604
-86.4%
One-off litigation
364
116
+213.9%
Share based payments
241
-
-
Adjusted EBITDA1
3,839
5,535
-30.6%
Adjusted EBITDA1 margin
21.7%
26.1%
-4.4% pts
Adjusted profit after tax bridge
Adjusted EBITDA1
3,839
5,535
-30.6%
Depreciation
(254)
(177)
+44.0%
Amortisation
(5)
-
-
Adjusted EBIT
3,579
5,358
-33.2%
Finance income
1
2
-52.8%
Finance costs
(98)
(82)
19.6%
Adjusted profit before tax
3,482
5,278
-34.0%
Tax
(871)
(1,320)
-34.0%
Adjusted profit after tax2
2,612
3,959
-34.0%
Balance sheet and cash flow
The Group maintained a strong balance sheet as at 30 June 2026, with cash and cash equivalents of $13.0 million (31 December 2025: $15.3 million) and minimal borrowings. Net cash generated from operating activities was $0.1 million, reflecting movements in working capital during the period, including a $2.3 million reduction in trade and other payables, partly offset by a reduction in inventory. The Group invested $0.4 million in intangible assets and property, plant and equipment during the period and paid dividends of $1.6 million. Total shareholders' equity increased to $20.7 million (31 December 2025: $20.2 million).
Operational and strategic progress
The Group has continued to make strong progress in its investment in manufacturing capability at its Charlotte, N.C. facility. Architectural and engineering partners have been engaged, facility design has progressed and infrastructure works are underway to support future manufacturing operations. A new US manufacturing entity has also been established and funded using IPO proceeds to support the development of the Charlotte operation.
Establishing manufacturing capability in Charlotte is expected to provide greater operational flexibility, strengthen the Group's product innovation pipeline and expand production capacity closer to its largest end market, providing opportunities for both revenue growth and margin expansion over time.
The Group also continues to make encouraging progress in new territories, in particular the UK and Europe. Rest of World revenue increased by 19.2% to $1.3 million during the period. Participation at key customer and industry trade shows has generated new business opportunities, with sales performance and customer engagement at these events showing encouraging year-on-year progress.
Momentum also continues within the automotive manufacturer dealership channel and the Group has made further progress in securing approved products within manufacturer dealership programmes. The Board continues to view this channel as an attractive longer-term opportunity as the Group broadens the routes through which its products reach professional technicians.
The Group remains committed to investing in its systems and operational infrastructure. The implementation of SAP is progressing, with go-live expected at the beginning of Q4 2026, providing an enhanced platform to support the Group as it grows in scale and complexity.
Outlook
The Group remains on track and continues to execute against its strategic priorities. Significant new product launches completed towards the end of H1 2026 are expected to make a meaningful contribution during the second half of the year and support further growth into FY27.
The Group continues to see robust demand for its existing Power Probe branded products. Encouraging progress in the UK and Europe and the automotive manufacturer dealership channel provides additional avenues for growth, while the Group's product and customer mix strategy and 2026 pricing initiatives are supporting an improved margin profile.
Looking beyond FY26, the Board continues to see significant, multi-year opportunities to deliver sustainable revenue growth and margin expansion through continued product innovation, international expansion and the development of the Group's US manufacturing capability. The Board remains confident in the Group's strategy and the long-term growth opportunity ahead.
Dividend
The Board is pleased to declare an interim dividend of 2.16 cents (1.60 pence3) per ordinary share.
The interim dividend will have an ex-dividend date of 24 September 2026, with payment to shareholders no later than 16 October 2026.
Chema Garcia Riera
Chief Executive Officer
1.Adjusted EBITDA is a non-GAAP measure defined as EBITDA (operating profit before depreciation and amortisation) adjusted to exclude non-underlying, non-recurring items, specifically IPO related expenses, one-off litigation costs and IFRS 2 share-based payment charges
2.Adjusted profit after tax is calculated using a group effective tax rate of 25%
3. Based on USD / GBP exchange rate of 1.35 as of Friday 11 September 2026
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2026
Period to
Period to
Year ended
30 June
30 June
31 December
2026
2025
2025
(Unaudited)
(Unaudited)
(Audited)
$
$
$
Revenue
17,688,560
21,201,349
39,353,959
Cost of sales
(8,766,008)
(12,551,630)
(23,607,551)
Gross profit
8,922,552
8,649,719
15,746,408
Selling and marketing expenses
(1,656,100)
(2,069,117)
(3,921,941)
General and administrative expenses
(3,892,443)
(1,251,465)
(3,423,559)
Exceptional costs in connection with IPO
-
(603,549)
(3,272,307)
Research and development expenses
(482,552)
(87,084)
(466,786)
Operating profit
2,891,457
4,638,504
4,661,815
Finance income
993
2,106
4,467
Finance costs
(97,933)
(81,860)
(123,210)
Profit before tax
2,794,517
4,558,750
4,543,072
Income tax
(781,452)
(1,160,804)
(1,487,133)
Profit for the period
2,013,065
3,397,946
3,055,939
Other comprehensive (loss)/income
(198,621)
179
352,637
Total comprehensive income
1,814,444
3,398,125
3,408,576
Basic earnings per share (cents)
2.73
5.66
5.03
Diluted earnings per share (cents)
2.66
5.66
5.02
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2026
30 June
30 June
31 December
2026
2025
2025
(Unaudited)
(Unaudited)
(Audited)
$
$
$
Assets
Non-current assets
Intangible assets
385,483
168,000
162,892
Property, plant and equipment
3,708,466
584,998
3,774,725
Deferred tax assets
734,497
796,414
777,624
4,828,446
1,549,412
4,715,241
Current assets
Inventories
5,686,806
11,362,598
6,120,378
Trade receivables
6,235,011
7,736,804
5,850,562
Other receivables and prepayments
645,341
166,289
361,087
Cash and cash equivalents
12,966,563
42,168
15,255,062
25,533,721
19,307,859
27,587,089
Total assets
30,362,167
20,857,271
32,302,330
Equity and liabilities
Equity
Ordinary share capital
93,675
4,043,128
93,675
Deferred share capital
3,702,306
-
3,702,306
Share premium
13,004,716
-
13,004,716
Share-based payment reserve
281,087
-
39,774
Other reserve
(2,880,852)
(2,995,128)
(2,880,852)
Foreign currency reserve
111,359
(42,478)
309,980
Retained earnings
6,344,638
6,265,552
5,923,545
Total equity
20,656,929
7,271,074
20,193,144
Non-current liabilities
Lease liabilities
3,293,725
230,954
3,477,902
3,293,725
230,954
3,477,902
Current liabilities
Trade and other payables
4,843,437
9,086,023
7,156,459
Borrowings
39,952
2,676,542
-
Lease liabilities
311,538
376,092
258,239
Provisions
1,216,586
1,216,586
1,216,586
6,411,513
13,355,243
8,631,284
Total liabilities
9,705,238
13,586,197
12,109,186
Total equity and liabilities
30,362,167
20,857,271
32,302,330
The financial statements were approved and authorised for issue by the board on 13 September 2026 and were signed on its behalf by:
F P Medina
Director
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2026
Share-based
Ordinary
Deferred
based
Foreign
share
share
Share
payment
Other
currency
Retained
Total
capital
capital
premium
reserve
reserve
reserve
earnings
equity
$
$
$
$
$
$
$
$
At 1 January 2026
93,675
3,702,306
13,004,716
39,774
(2,880,852)
309,980
5,923,545
20,193,144
Comprehensive income for the period
Profit for the year
-
-
-
-
-
-
2,013,065
2,013,065
Other comprehensive loss for the period
-
-
-
-
-
(198,621)
-
(198,621)
Total comprehensive income for the period
-
-
-
-
-
(198,621)
2,013,065
1,814,444
Transactions with owners
Dividends paid
-
-
-
-
-
-
(1,591,972)
(1,591,972)
Share-based payments
-
-
-
241,313
-
-
-
241,313
Total transactions with owners
-
-
-
241,313
-
-
(1,591,972)
(1,350,659)
At 30 June 2026
93,675
3,702,306
13,004,716
281,087
(2,880,852)
111,359
6,344,638
20,656,929
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2025
Share-based
Ordinary
Deferred
based
Foreign
share
share
Share
payment
Other
currency
Retained
Total
capital
capital
premium
reserve
reserve
reserve
earnings
equity
$
$
$
$
$
$
$
$
At 1 January 2025
4,043,128
-
-
-
(1,580,973)
(42,657)
6,867,606
9,287,104
Comprehensive income for the period
Profit for the period
-
-
-
-
-
-
3,397,946
3,397,946
Other comprehensive income for the period
-
-
-
-
-
179
-
179
Total comprehensive income for the period
-
-
-
-
-
179
3,397,946
3,398,125
Transactions with owners
Dividends paid prior to capital reconstruction
-
-
-
-
-
-
(4,000,000)
(4,000,000)
Movement on other reserve
-
-
-
-
(1,414,155)
-
-
(1,414,155)
Total transactions with owners
-
-
-
-
(1,414,155)
-
(4,000,000)
(5,414,155)
At 30 June 2025
4,043,128
-
-
-
(2,995,128)
(42,478)
6,265,552
7,271,074
CONDENSED CONSOLIDATED STATEMENT CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Share-based
Ordinary
Deferred
based
Foreign
share
share
Share
payment
Other
currency
Retained
Total
capital
capital
premium
reserve
reserve
reserve
earnings
equity
$
$
$
$
$
$
$
$
At 1 January 2025
4,043,128
-
-
-
(1,580,973)
(42,657)
6,867,606
9,287,104
Comprehensive income for the year
Profit for the year
-
-
-
-
-
-
3,055,939
3,055,939
Other comprehensive income for the year
-
-
-
-
-
352,637
-
352,637
Total comprehensive income for the year
-
-
-
-
-
352,637
3,055,939
3,408,576
Transactions with owners
Removal of old capital structure
(4,043,128)
-
-
-
4,043,128
-
-
-
Issue of shares on share-for-share exchange
3,777,863
-
-
-
(3,777,863)
-
-
-
Subdivision of shares
(3,702,306)
3,702,306
-
-
-
-
-
-
Issue of shares for cash
18,118
-
13,004,716
-
-
-
-
13,022,834
Dividends paid prior to group reconstruction
-
-
-
-
-
-
(4,000,000)
(4,000,000)
Movement on other reserve
-
-
-
-
(1,565,144)
-
-
(1,565,144)
Share-based payments
-
-
-
39,774
-
-
-
39,774
Total transactions with owners
(3,949,453)
3,702,306
13,004,716
39,774
(1,299,879)
-
(4,000,000)
7,497,464
At 31 December 2025
93,675
3,702,306
13,004,716
39,774
(2,880,852)
309,980
5,923,545
20,193,144
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2026
Period to
Period to
Year to
30 June
30 June
31 December
2026
2025
2025
(Unaudited)
(Unaudited)
(Audited)
$
$
$
Cash flows from operating activities
Profit before tax for period
2,794,517
4,558,750
4,543,072
Adjustments to reconcile profit before tax to net
cash flows:
Amortisation of intangible fixed assets
5,107
-
5,108
Depreciation of property, plant and equipment
254,415
176,707
376,699
Share-based payments
241,313
-
39,774
Finance income
(993)
(2,106)
(4,467)
Finance costs
97,933
81,860
123,210
Foreign exchange differences
27,304
179
(39,913)
Decrease/(increase) in inventories
433,572
(1,895,466)
3,346,754
Increase in trade receivables
(384,449)
(2,431,588)
(545,346)
(Increase)/decrease in other receivables
and prepayments
(284,254)
32,514
(162,284)
(Decrease)/increase in trade and other payables
(2,265,689)
168,839
(1,387,217)
Tax paid
(785,658)
(541,054)
(1,222,542)
Net cash generated from operating activities
133,118
148,635
5,072,848
Cash flows from investing activities
Purchase of intangible fixed assets
(227,698)
(168,000)
(168,000)
Purchase of property, plant and equipment
(192,634)
(26,258)
(77,191)
Interest received
993
2,106
4,467
Net cash used in investing activities
(419,339)
(192,152)
(240,724)
Cash flows from financing activities
Issue of shares, net of issuance costs
-
-
13,022,834
Cash flows relating to spin out
-
(463,769)
(475,183)
Net proceeds from revolving credit facility
39,952
2,676,542
-
Lease payments
(131,462)
(179,759)
(383,840)
Interest paid
(97,933)
(81,860)
(123,210)
Dividends paid
(1,591,972)
-
-
Dividends paid prior to capital reorganisation
-
(4,000,000)
(4,000,000)
Net cash used in financing activities
(1,781,415)
(2,048,846)
8,040,601
Net increase in cash
(2,067,636)
(2,092,363)
12,872,725
Cash at beginning of year
15,255,062
2,134,531
2,134,531
Exchange differences on cash
(220,863)
-
247,806
Cash at the end of period
12,966,563
42,168
15,255,062
Comprising:
Cash and cash equivalents
12,966,253
42,168
15,255,062
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2026
1.
Corporate information
Power Probe Plc ("the Company") is a public limited company incorporated and domiciled in England and Wales. The registered office address is 15 Whitehall, London, United Kingdom, SW1A 2DD.The Company was incorporated on 16 January 2025. On 17 November 2025, the Company re-registered as a public limited company. The Company's shares were listed on the London Stock Exchange's AIM on 11 December 2025.
Power Probe Plc together with its subsidiaries form the Power Probe Group ('the Group'). The Group's principal activity is the marketing and sale of diagnostic equipment for the automotive industry.
The Group was formerly part of the MGL Group and was created through a spin-out of the Power Probe business from the MGL Group. On 24 December 2024, Power Probe Group Limited, the former parent company of the Power Probe Group, was legally separated from the MGL Group through a distribution of its shares to MGL members. The Company was subsequently incorporated on 16 January 2025 and, on 26 February 2025, issued shares to the shareholders of Power Probe Group Limited via a share-for-share exchange. This constitutes a capital reorganisation of the Group.
2.
Basis of preparation
The unaudited condensed consolidated financial statements for the period ended 30 June 2026 have been prepared in accordance with IAS 34 "Interim Financial Reporting" and the AIM Rules for Companies. The financial statements have been prepared on a historical cost basis.
These condensed consolidated financial statements do not include all of the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the audited financial statements for the year ended 31 December 2025.
As explained in note 1, the Group did not exist in its current form throughout the comparative period. The comparative information is presented as if the Group existed in its current legal structure throughout the comparative period, which is consistent with the presentation of the comparative information in the audited financial statements for the year ended 31 December 2025.
The financial statements are presented in US dollars ($).
The condensed consolidated financial statements are unaudited and were approved by the Board of Directors on 11 September 2026. Statutory accounts for the year ended 31 December 2025 have been filed with the Registrar of Companies and the auditor's report was unqualified and did not contain any statement under Section 498(2) or 498(3) of the Companies Act 2006.
3.
Accounting policies
The accounting policies applied by the Group in the preparation of these condensed consolidated financial statements are the same as those set out in the Group's audited financial statements for the year ended 31 December 2025.
4.
New standards, interpretations and amendments adopted by the Group
The Group has applied the amendments to IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments, amendments to IFRS 9 and IFRS 7 regarding power purchase arrangements and the Annual Improvements to IFRS Accounting Standards - Volume 11 from 1 January 2026. The amendments did not have a material impact on the Group's financial statements.
The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
5.
Revenue from contracts with customers
The whole of the revenue is attributable to the principal activity of the Group, the marketing and sale of diagnostic equipment for the automotive industry.
Analysis of revenue by geography
30 June
30 June
31 December
2026
2025
2025
$
$
$
US
16,433,546
20,148,643
37,528,883
Rest of world
1,255,014
1,052,706
1,825,076
17,688,560
21,201,349
39,353,959
The Directors consider the Group to have only one operating segment. Details of the sole operating segment are shown in the condensed consolidated statement of comprehensive income, condensed consolidated statement of financial position and condensed consolidated statement of cash flows.
The following customers made up over 10% of revenue in the relevant reporting period:
30 June
30 June
31 December
2026
2025
2025
$
$
$
Customer 1
2,992,677
3,640,957
6,282,878
Customer 2
2,398,476
2,611,477
-
Customer 3
2,110,361
-
-
Customer 4
1,867,073
-
-
Customer 5
-
2,337,881
-
Customer 6
-
2,320,089
5,597,011
Where revenue from any of the customers shown above was less than 10% of total revenue in the period, the amount of revenue has been shown as $nil.
6.
Income tax
Income tax for the period includes withholding tax of $104,906 (30 June 2025: $215,882) in respect of dividends issued in the period. Excluding this, income tax has been calculated by reference to the expected weighted average rate applicable for the full year.
7.
Other reserve and cash flows relating to spin out
The other reserve represents the net investment attributable to the non-Power Probe business.
Prior to the spin out described in note 1, the previous group maintained a central cash function and thus the cash flows relating to the non-Power Probe business have been presented within financing activities are "cash flows relating to spin out". These cash flows represent those cash movements that were not attributed to the Power Probe business.
8.
Dividends paid
A dividend of 2.16 cents per share, totalling $1,591,972, was declared on 29 April 2026 and paid on 29 May 2026.
In the comparative period to 30 June 2025, a dividend of 1.33 cents per share, totalling $4,000,000, was declared and paid. The prior year dividend was paid prior to the capital reorganisation described in note 1.
9.
Events after the reporting period
There were no significant events after the reporting period that occurred up to the date of approval of these interim accounts.
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