REG - RC Fornax plc - Board Changes & Timing of Audited Annual Accounts

RC FornaxAnnouncement

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RNS Number : 0017R  RC Fornax plc  30 January 2026

 

30 January 2026

RC FORNAX PLC

("RC Fornax" or the "Company")

Board Changes

Timing of Audited Annual Accounts

 

RC Fornax (AIM: RCFX), the UK-based consultancy delivering outcome-based
engineering solutions to the defence sector's most critical platforms -
accredited, in-demand, and built to scale, announces changes to its Board of
Directors as part of the Company's ongoing focus on strengthening governance,
delivery and strategic oversight.

 

Summary

 

·    Mark Fahy, Non-Executive Chair, to resign from the Board, having
guided the Company through its AIM IPO and first year of trading as a public
business.

·    David Hitchcock, previously Independent Non-Executive Director, to
assume the role of Independent Non-Executive Chair.

·    Andrew McInerney, veteran of the Royal Marines and entrepreneur with
extensive experience in the growth company environment, joins the Board as
Independent Non-Executive Director.

·    Chris Brooks, Managing Director and Head of Engineering joins the
Board as Executive Director.

·   Annual Accounts for the financial year ended 31 August 2025 to be
published in mid-February with results anticipated to be in line with those
previously communicated to the market.

 

Board Changes

 

Following the Company's AIM IPO and its first year as a listed business,
including a period of significant operational progress and a record first
quarter of FY26, Mark Fahy, Independent Non-Executive Chair, has reached a
mutual agreement with the Board to resign from the role with immediate effect.
David Hitchcock, currently Independent Non-Executive Director, will assume the
position of Independent Non-Executive Chair with effect from today.

 

The Company is also pleased to announce the appointments of Andrew McInerney,
Royal Marines veteran and successful entrepreneur, and Chris Brooks, the
Company's Managing Director and Head of Engineering, to the Board as
Independent Non-Executive Director and Executive Director, respectively.

 

These changes reflect the evolution of RC Fornax as it builds on the
operational improvements implemented in recent months, which have enhanced
governance, risk management and delivery capability, and have directly
supported the Company's recent uplift in commercial performance.

 

Having served as an Independent Non-Executive Director since the Company's IPO
in January 2025, David Hitchcock's appointment ensures continuity at Board
level given his deep familiarity with the Company. Since being appointed to
the Board last year, the Company has benefited from David's over 30 years of
experience across capital markets, finance and operational leadership,
alongside a strong understanding of defence and security environments through
his military background. A former Captain in the Brigade of Gurkhas and
graduate of the Royal Military Academy, Sandhurst, David has served in senior
leadership roles at J.P. Morgan, Goldman Sachs and Grant Thornton, and
currently chairs AIM-quoted Powerhouse Energy Group plc. His blend of defence
insight, public markets experience and governance expertise positions him well
to support RC Fornax's next phase of growth.

 

Andrew McInerney brings to the Board an exceptional record of leadership
across the military, government and business sectors. During a distinguished
25‑year career in the Royal Marines, he held multiple Tier 1 operational
command roles worldwide, including creating and commanding the first new
Commando Unit since the Second World War, and serving as Private Secretary and
senior military assistant to the Secretary of State for Defence, providing
direct insight into Departmental, National Security Council, Cabinet and
COBR(A) decision‑making.

Following his military service, "Mac" built a successful career as a senior
executive and CEO within high‑growth SMEs. As Chief Executive of GPAS Ltd,
interim CEO of CSignum, and now CEO of Track24, he has led turnaround
programmes, secured multi‑million‑pound investment, driven substantial
revenue growth, and delivered organisational transformation. Earlier, as a
Partner at Torchlight Group, he helped grow the business into one of Europe's
fastest‑growing companies, overseeing complex international programmes
across defence, intelligence and security sectors.

 

He combines strategic acumen, hands‑on leadership, and deep political and
national security experience gained at the heart of the Ministry of Defence.
His background positions him uniquely to support the Board in matters relating
to defence, government engagement, risk, and organisational strategy.

 

Chris Brooks' appointment to the Board reflects his established role at the
centre of the Company's delivery and operational model. A Chartered Engineer
with a BEng in Aeronautical Engineering, Chris has around 13 years' experience
across the defence sector, spanning air, land and maritime programmes, and has
worked extensively with both industry primes and SMEs. Since joining RC Fornax
initially in an advisory capacity and then permanently as Head of Engineering
in November 2024, ahead of the Company's IPO, Chris has played a central role
in driving the operational and delivery improvements that have underpinned the
Company's recent record performance. Having assumed the role of Managing
Director in April 2025, his additional perspective at Board level is expected
to further strengthen alignment between strategy, governance and execution,
while he continues to oversee day-to-day operations.

 

The Board would like to thank Mark Fahy for his significant contribution to RC
Fornax, including his role in guiding the Company through its transition to a
public company and its admission to trading on AIM. Mark leaves the Company
well positioned, with strengthened governance foundations and improving
commercial momentum.

 

Paul Reeves, Chief Executive Officer of RC Fornax, commented: "These Board
changes reflect the progress RC Fornax has made over recent months and the
operational momentum now building across the business. Mark has played an
important role in supporting the Company through its IPO and early life as a
public company, and I would like to thank him for his commitment and
guidance."

 

"David's appointment as Chair and the appointment of Andrew as NED strengthen
the Board at an important time. Their combination of defence experience,
capital markets insight, the growth company environment and governance
leadership will be invaluable as we continue to scale delivery and respond to
increasing customer engagement following the SDR. I am also delighted to
welcome Chris to the Board, recognising the central role he has played in
executing our strategy and delivering the operational improvements that have
supported our recent record performance."

 

David Hitchcock, Independent Non-Executive Chair of RC Fornax, commented: "RC
Fornax has made clear progress in strengthening its operational platform and
commercial execution, and I am pleased to step into the role of Chair at this
point in the Company's development. The defence sector is undergoing a period
of structural change, and RC Fornax is well positioned to support customers as
requirements evolve."

 

"I look forward to working closely with Paul, Andrew who represents a very
strong addition to our team, and the rest of the Board and the wider team as
the Company builds on its recent momentum and continues to develop its
governance, delivery capability and long-term strategy."

 

FY25 Results Timing

 

The Company confirms that publication of its audited financial results for the
year ended 31 August 2025 will take place in February 2026.

 

While the audit remains ongoing, the Board confirms that the key financial
results in the draft audited accounts are in line with those previously
communicated to the market.

 

AIM Rule 17, Schedule 2(g) Disclosures

 

Further information regarding the appointments of Chris Brooks and Andrew
McInerney in accordance with paragraph (g) of Schedule Two of the AIM Rules
for Companies (the "AIM Rules") is set out in the appendix of this
announcement.

 

For additional information, please contact:

 

 RC Fornax plc                                              info@rcfornax.co.uk (mailto:info@rcfornax.co.uk)

 Paul Reeves - CEO

 Rob Shepherd - CFO

 Strand Hanson Limited (Nominated & Financial Adviser)      +44 (0)20 7409 3494

 Christopher Raggett

 Rob Patrick

 Harry Marshall

 Cavendish Capital Markets Limited (Broker)                 +44 (0)20 7908 6000

 Stephen Keys / George Lawson - Corporate Finance

 Dale Bellis / Harriet Ward - Sales and ECM

 BlytheRay (Financial PR)                                   +44 (0)20 7138 3204

 Tim Blythe                                                 rcfornax@blytheray.com

 Megan Ray

 Said Izagaren

 

Notes to Editors

RC Fornax PLC is an AIM-quoted company providing outcome-based engineering
solutions to the UK defence industry. It was founded in 2021 by RAF veterans
Paul Reeves and Daniel Clark who, having also worked for a number of years as
defence contractors, are passionate about improving project efficiencies and
driving value for money in the sector.

 Web:       https://www.rcfornax.co.uk/ (https://www.rcfornax.co.uk/)
 X:         @RFornax (https://x.com/RFornax)
 LinkedIn:  RC Fornax (https://www.linkedin.com/company/rc-fornax/)

 

APPENDIX

Regulatory disclosures (in accordance with Rule 17 and Schedule two paragraph
(g) of the AIM Rules)

Christopher Lawrence Brooks (aged 35), holds or has held the following
directorships or partnerships in the past five years:

 

 Current Directorships/Partnerships  Past Directorships/Partnerships within last 5 years
 None                                CLB Engineering Services Ltd
                                     CLB Leisure Services Ltd

 

Andrew Jonathan McInerney (aged 57), holds or has held the following
directorships or partnerships in the past five years:

 

 Current Directorships/Partnerships  Past Directorships/Partnerships within last 5 years
 Inquiron Limited (BVI)              BeautyConnect Holdings Limited (previously named GMCare Holdings Limited)
 Track24 (FZE)
 Track 24 Limited
 Track24 DMCC

 

Mr. Brooks holds a direct interest in the Company's issued ordinary share
capital totalling 56,402 ordinary shares. Mr. McInerney holds no interest in
the Company's issued ordinary share capital.

 

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