REG - React Group PLC - Interim Results and Investor Presentation
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RNS Number : 8030E React Group PLC 19 May 2026
19 May 2026
REACT Group plc
("REACT", the "Group" or the "Company")
Interim Results and Investor Presentation via Investor Meet Company
REACT Group plc (AIM: REAT), the leading specialist support services provider
to the FM industry, announces its unaudited interim results for the
six‑month period ended 31 March 2026.
Financial Highlights
· Revenue increased 9% to £13.2m (H1 2025: £12.1m) - supported by
strong performance in 24hr Aquaflow Services and a more disciplined,
value‑led sales approach focused on profitable work.
· Recurring/repeat revenue remained above 85%, providing strong
visibility - reflecting long‑standing customer relationships and a service
model built around reliability and responsiveness.
· Gross profit up 10% to £4.3m (H1 2025: £3.9m) - driven by
improved operational efficiency and a sharper focus on higher‑value customer
work.
· Gross margin improved to 32.4% (H1 2025: 32.0%) - benefiting from
disciplined pricing, better job allocation, and a sales culture centred on
gross profit rather than top‑line volume.
· Adjusted EBITDA increased 7% to £1.5m (H1 2025: £1.4m) -
reflecting revenue growth and continued cost control while investing in
customer‑facing capability.
· Free cash flow of £824k, reflecting continued focus on cash
discipline (H1 2025: £204k) - supported by tighter working capital management
and improved collections.
· Cash of £1.1m at period end (H1 2025: £2.8m) - after investment
in technology, sales capability, and deferred consideration payments.
· Net debt of £2.5m (H1 2025: £1.9m) - remaining well within
comfortable levels following planned investment and acquisition‑related
outflows.
· Basic loss per share (0.31p) (H1 2025: 1.18p) - reflecting lower
finance costs and improved operating performance.
· Adjusted EBITDA EPS 6.34p (H1 2025: 6.07p) - demonstrating
continued underlying earnings strength.
Operational & Strategic Highlights
The Group delivered a resilient first‑half performance, building on the
operational discipline and strengthened foundations established during FY25,
alongside a clearer focus on customer value and a more commercially confident
culture.
· Strong contribution from 24hr Aquaflow Services, continuing the
momentum seen following its acquisition and integration, supported by strong
customer responsiveness and a focus on delivering value rather than volume.
· Project Sparkle is now fully live at LaddersFree, providing
real‑time operational visibility and a scalable digital platform. With the
core foundations now in place, the Group has responded to strong customer
engagement by making a modest, targeted investment in a customer portal to
enhance transparency, communication, and perceived value.
· Investment ahead of plan in sales capability, with two
experienced hires joining the LaddersFree sales team, strengthening the
division's ability to drive growth through a gross‑profit‑led sales
approach that prioritises customer outcomes and long‑term relationships.
· Improved business mix, with higher‑margin services supporting
profitability despite softer demand in certain areas, reflecting a more
selective, value‑based approach to the work the Group pursues.
· Robust cash conversion, enabling continued investment in
capability and technology, underpinned by tighter operational controls and
improved billing processes.
· Cross‑sell and upsell opportunities expanding, consistent with
the strategic direction set out at the full‑year results, supported by a
more joined‑up commercial mindset and clearer articulation of customer
value.
· Leadership strengthened, supporting scalable growth and improved
execution across the Group, embedding a culture of accountability, customer
focus, and commercially disciplined decision‑making.
Market Environment
The market environment has remained broadly consistent with the conditions
outlined at the FY25 results. Demand for essential reactive and planned
services continues to be resilient, and the Group's diversified service
offering provides a stable foundation. While some customers are experiencing
increased pressure from higher labour costs, statutory changes and wider
economic factors, these pressures have been contained and managed through the
collaborative approach established last year.
Overall, the trading backdrop remains steady. The Group continues to navigate
customer cost pressures with agility, maintaining service continuity and
protecting long‑term relationships, while remaining disciplined in managing
discretionary project work. This balanced approach ensures the Group is
neither overly exposed to short‑term fluctuations nor reliant on overly
optimistic assumptions about the pace of market improvement.
Current Trading & Outlook
The Group enters the second half of the year with a stable operational footing
and a resilient base of recurring and repeat revenues. Demand for essential
reactive and planned services remains consistent, and the pipeline continues
to benefit from cross‑sell and upsell opportunities across divisions. While
decision cycles for higher‑value contracts remain extended and some
customers continue to manage increased cost pressures, these dynamics are
familiar and broadly in line with those experienced over the past year.
Against this backdrop, the Board maintains a measured and disciplined approach
to the remainder of FY26. Early activity in the second half has been
encouraging, and the Group continues to execute well against its operational
priorities. This includes a continued focus on delivering clear customer
value and maintaining a sales culture centred on gross profit rather than
top‑line volume, ensuring that growth remains both sustainable and aligned
with customer needs. Although the timing of conversion for certain larger
opportunities remains difficult to predict, the overall direction of travel
remains positive.
The strengthened operational foundations, enhanced digital capability and
diversified service offering provide a solid platform for long‑term value
creation. As these capabilities embed further, the Group is increasingly
well positioned to deepen customer relationships and support more proactive,
insight‑led engagement. While an improving market backdrop would offer
further support, the Group is already successfully identifying and securing
growth opportunities through its unique capabilities and go‑to‑market
strengths, ensuring progress is driven by execution rather than external
conditions.
CEO Comment
"The Group delivered a resilient first-half performance, leveraging the
operational discipline and foundations established in FY25. Growth in revenue,
gross profit, and Adjusted EBITDA was driven by high levels of recurring
revenue and the strong performance of 24hr Aquaflow Services.
Project Sparkle is now fully live at LaddersFree, providing real time
operational visibility and a scalable digital platform. With this foundation
in place, we have responded to strong customer engagement by making a modest,
targeted investment in a customer portal, and we have strengthened our sales
capability with two experienced hires to support the next phase of growth.
The full implementation of Project Sparkle has successfully transitioned
LaddersFree to a high-performance digital environment, providing
comprehensive, real-time operational visibility and a scalable foundation for
future expansion.
In response to sustained and positive customer engagement, the Group has
executed several targeted enhancements to capitalize on this momentum. We have
committed a strategic investment toward the development of a customer portal
to streamline client interactions and improve service delivery.
Simultaneously, we have bolstered our commercial capability through the
appointment of two senior sales professionals specifically tasked with
accelerating pipeline conversion. By leveraging the robust Project Sparkle
infrastructure, the Group is now positioned to manage increased volume and
support our next phase of organic growth while maintaining rigorous
operational standards.
The trading environment has remained broadly consistent with the conditions we
described at the full year results. While some customers continue to manage
increased cost pressures, demand for essential reactive and planned services
remains steady, and we continue to see encouraging signs of momentum across
our core markets.
As we move into the second half, we remain focused on disciplined execution.
Our strengthened operational foundations, enhanced digital capability and
diversified service offering position us well. Importantly, we are already
identifying and securing growth opportunities through our unique capabilities
and go to market strengths, ensuring that progress is driven by our own
actions rather than external conditions."
Investor Presentation
REACT Group plc announces that Shaun Doak, Chief Executive Officer, Spencer
Dredge, Chief Financial Officer and Mark Braund, Chair, will provide a live
presentation relating to the Interim Results via Investor Meet Company on 21
May 2026, 13:30PM BST.
The presentation is open to all existing and potential
shareholders. Questions can be submitted pre-event via your Investor Meet
Company dashboard up until 20 May 2026, 08:00 BST, or at any time during the
live presentation.
Investors can sign up to Investor Meet Company for free and add to meet REACT
GROUP PLC via:
https://www.investormeetcompany.com/react-group-plc/register-investor
(https://www.investormeetcompany.com/react-group-plc/register-investor)
Investors who already follow REACT GROUP PLC on the Investor Meet Company
platform will automatically be invited.
For more information:
REACT
Group Tel:
+44 (0) 1283 550 503
Shaun Doak, Chief Executive Officer
Spencer Dredge, Chief Financial Officer
Mark Braund, Chair
Singer Capital
Markets
Tel: +44 (0) 207 496 3000
Nominated Adviser & Broker
Alex Bond / Anastassiya Eley
About Us:
REACT Group Plc, the UK's leading support services provider to the
facilities management (FM) sector, operates through four distinct divisions:
· LaddersFree, one of the UK's largest commercial window cleaning
businesses, delivering nationwide services.
· Fidelis Contract Services ("Fidelis"), a contract cleaning and
soft facilities maintenance provider focused on long-term customer
partnerships.
· REACT, specialising in emergency and specialist cleaning
solutions offering both long-term framework agreements and rapid response
services.
· 24hr Aquaflow Services, a recently acquired commercial drainage
and plumbing business serving customers across the South East of England
This diversified structure enables REACT Group to offer a comprehensive
suite of essential and time-sensitive services, supporting both recurring
maintenance and urgent response needs across the UK.
Strategic Overview
The Group continues to strengthen its position as a specialist provider of
essential, often technically demanding and frequently time‑critical services
to the UK commercial facilities management sector. Our focus remains on
delivering non‑discretionary services that protect customers' operations,
safeguard their environments and support the presentation of their brands.
This strategic clarity, combined with a disciplined, customer‑value‑led
commercial approach, has underpinned the Group's resilient performance in the
first half.
Building on the progress made during FY25, the Group has further enhanced its
operational foundations, digital capability and leadership strength. The
integration of 24hr Aquaflow Services continues to deliver tangible benefits,
broadening our technical expertise across drainage, plumbing, pump maintenance
and wastewater management. Alongside this, the transition of LaddersFree to
a fully digital workflow and the early development of a customer portal
represent meaningful steps forward in transparency, efficiency and customer
experience.
These strategic investments, combined with a more commercially confident
culture centred on gross‑profit‑led growth, provide a scalable platform
for long‑term value creation. The Group remains focused on service lines
where quality, compliance and rapid response are critical, ensuring we
continue to deliver high‑value outcomes for customers while strengthening
our competitive position.
Sales Performance & Market Dynamics
The Group delivered a solid commercial performance in the first half,
supported by strong recurring and repeat revenues and a disciplined focus on
customer value. Demand for essential reactive and planned services has
remained consistent, and the pipeline continues to benefit from cross‑sell
and upsell opportunities across divisions. This reflects both the breadth of
our service offering and the increasing collaboration between teams.
Market conditions remain broadly similar to those experienced throughout FY25.
Decision cycles for higher‑value contracts continue to be extended, and
some customers remain cautious in committing discretionary spend. However,
these dynamics are well understood and have been effectively managed through a
more selective, gross‑profit‑focused sales approach. This shift ensures
that growth is driven by value‑accretive work rather than top‑line volume,
strengthening both margin and customer outcomes.
Early activity in the second half has been encouraging, with improved
engagement across several key customer groups and a growing number of
opportunities emerging from the enhanced capability within both 24hr Aquaflow
Services and LaddersFree. The Group's ability to respond quickly, deliver
consistently and provide nationwide coverage continues to resonate strongly
with customers seeking reliability and technical expertise.
Operational & Strategic Execution
Operational execution remained a core strength during the first half,
reflecting the continued investment in systems, processes and leadership made
over the past 18-months. The Group's operational discipline is evident in
improved gross margin, strong cash conversion and a more balanced business
mix, all of which support scalable, sustainable growth.
Project Sparkle is now fully live at LaddersFree, providing real‑time
operational visibility and a robust digital platform that enhances efficiency,
auditability and customer experience. Building on this foundation, the Group
has made a modest, targeted investment in a customer portal in response to
strong customer engagement, further strengthening transparency and
interaction.
The integration of 24hr Aquaflow Services continues to progress well, with the
division delivering strong performance and benefiting from increased
collaboration across the Group. The enhanced technical capability within
drainage, plumbing and pump maintenance is enabling the Group to support more
complex, high‑value customer requirements.
Leadership capability has also been strengthened, supporting improved
planning, accountability and execution across the business. This, combined
with a more commercially aligned culture, ensures the Group remains focused on
delivering high‑quality outcomes for customers while driving operational
efficiency and long‑term value creation.
Cash flow, balance sheet & capital allocation
Cash generated from continuing operations totalled £0.7m, reflecting
continued operational discipline and adjusting for non-cash items including
depreciation and amortisation. Free cash flow for the period was £824k,
supporting the Group's capacity for reinvestment and maintaining balance sheet
resilience.
At period-end, net debt stood at £2.5m, comprising bank debt of £3.9m and
finance leases of £0.8m, offset by cash and cash equivalents of £1.1m,
providing adequate liquidity and headroom for the Group's ongoing
requirements.
People & talent strategy
Investing in our people, technology, and operational foundations remains
central to our long-term growth strategy. The Group continues to strengthen
financial and management reporting, develop internal talent through targeted
training programmes, and expand its sales and marketing capabilities to
support future growth. Leadership enhancements made during FY25 continue to
underpin improved execution and position the Group for scalable, sustainable
growth.
The Board extends its sincere appreciation to all employees for their
dedication, professionalism, and continued contribution to REACT's success.
Market Environment
The market environment has remained broadly consistent with the conditions
outlined at the FY25 results. Demand for essential reactive and planned
services continues to be resilient, and the Group's diversified service
offering provides a stable foundation. While some customers are experiencing
increased pressure from higher labour costs, statutory changes and wider
economic factors, these pressures have been contained and managed through the
collaborative approach established last year.
Overall, the trading backdrop remains steady. The Group continues to navigate
customer cost pressures with agility, maintaining service continuity and
protecting long‑term relationships, while remaining disciplined in managing
discretionary project work. This balanced approach ensures the Group is
neither overly exposed to short‑term fluctuations nor reliant on overly
optimistic assumptions about the pace of market improvement.
Outlook & Strategic Direction
The Board remains mindful of the broader operating environment, with some
customers continuing to manage elevated cost pressures and decision cycles for
higher‑value contracts remaining extended. These conditions are familiar
and broadly consistent with those experienced over the past year. Despite
this, demand for essential reactive and planned services remains stable,
reflecting the non‑discretionary nature of much of the Group's work and the
strength of long‑standing customer relationships.
The Group enters the second half with a stable operational footing and a
resilient base of recurring and repeat revenues. The pipeline continues to
benefit from expanding cross‑sell and upsell opportunities across divisions,
supported by a joined‑up commercial approach and a clear focus on customer
value. Early second‑half activity has been encouraging, with improved
engagement across several key customer groups. While the timing of
conversion for certain larger opportunities remains difficult to predict, the
overall direction of travel is positive.
The full implementation of Project Sparkle at LaddersFree has delivered
real‑time operational visibility and a scalable digital platform, providing
a strong foundation for the next phase of growth. In response to sustained
customer engagement, the Group has made targeted investments in a customer
portal to streamline interactions and enhance transparency. Commercial
capability has also been strengthened through two senior sales appointments,
supporting pipeline conversion and reinforcing the Group's focus on a
gross‑profit‑led sales culture.
Looking ahead, the Board maintains a measured and disciplined approach to the
remainder of FY26. The strengthened operational foundations, enhanced
digital capability and diversified service offering provide a solid platform
for long‑term value creation. While an improving market backdrop would
offer further support, the Group is already successfully identifying and
securing growth opportunities through its own capabilities and
go‑to‑market strengths. This ensures that progress continues to be
driven by execution, customer value and commercial discipline rather than
external conditions.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 March 2026
Unaudited Unaudited Audited
6 months ended 31 March 2026 6 months ended 31 March 2025 Year ended
30 September 2025
Note £'000 £'000 £'000
Continuing Operations
Revenue 2 13,188 12,083 24,392
Cost of Sales (8,914) (8,222) (16,939)
Gross Profit 4,274 3,861 7,996
Administrative expenses (4,211) (3,977) (7,792)
Adjusted EBITDA* 1,499 1,433 3,057
Depreciation (294) (193) (433)
Amortisation (962) (1,060) (2,022)
Exceptional items (113) (220) (267)
Share-based payments (67) (76) (131)
Operating Profit/(loss) 63 (116) 204
Finance cost (154) (109) (473)
Taxation 19 (55) (71)
Loss for the period (72) (280) (340)
Other comprehensive Income - - -
Loss for the financial period attributable to equity holders of the company (72) (280) (340)
Basic, diluted earnings and adjusted EBITDA per share 3
Basic loss per share (0.31p) (1.18p) (1.45p)
Diluted loss per share (0.31p) (1.18p) (1.45p)
Adjusted basic EBITDA per share 6.34p 6.07p 13.02p
Adjusted diluted EBITDA earnings per share 5.81p 5.53p 11.85p
*Adjusted EBITDA represents earnings before separately disclosed acquisition,
impairment of intangibles, share-based payments and other restructuring costs
(as well as before interest, tax, depreciation and amortisation). This is a
non-IFRS measure.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 March 2026
Unaudited Unaudited Audited
As at 31 As at 31 March 2025 As at 30
March September 2025
2026
Assets £'000 £'000 £'000
Non-current assets
Intangibles - Goodwill 9,581 9,921 9,581
Intangibles - Other 1,711 3,635 2,673
Property, plant and equipment 1,063 923 1,095
Right-of-use assets 681 793 670
Deferred tax asset 51 56 67
13,087 15,328 14,086
Current assets
Stock 3 3 4
Trade and other receivables 5,376 4,825 5,329
Cash and cash equivalents 1,090 2,830 1,238
6,469 7,658 6,571
Total assets 19,556 22,986 20,657
Equity
Shareholders' Equity
Called-up share capital 2,955 2,955 2,955
Share premium account 1,259 1,259 1,259
Reverse acquisition reserve (5,726) (5,726) (5,726)
Capital redemption reserve - - -
Merger relief reserve 1,328 1,328 1,328
Share based payments 412 290 345
Accumulated surplus/(deficit) 9,730 9,862 9,802
Total Equity 9,958 9,968 9,963
Liabilities
Current liabilities
Trade and other payables 3,027 3,460 3,112
Loans and other borrowings 1,261 1,182 1,261
Lease liabilities within one year 341 676 322
Deferred consideration 917 953 917
Corporation tax 570 944 385
6,116 7,215 5,997
Non-current liabilities
Loans and other borrowings 1,681 2,739 2,176
Lease liabilities after one year 354 143 377
Deferred consideration 773 1,907 1,250
Deferred tax liability 674 1,014 894
3,482 5,830 4,697
Total liabilities 9,598 13,018 10,694
Total Liabilities and Equity 19,556 22,986 20,657
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 31 March 2026
Unaudited Unaudited Audited
6 months ended 6 months ended Year
31 March 2026 31 March 2025 ended
30 September 2025
£'000 £'000 £'000
Net cash inflow from operations 1,255 667 821
Cash flows from financing activities
Proceeds of share issue - 1,115 1,115
Expenses of share issue - (105) (105)
Lease liability payments (157) (77) (260)
Bank Loans (495) 3,218 2,734
Interest paid (154) (109) (473)
Net cash (used)/generated from financing (806) 4,042 3,011
Activities
Cash flows from investing activities
Disposal of fixed assets - - 3
Capital expenditure (120) (277) (505)
Acquisition of subsidiary, net of cash acquired (477) (3,380) (3,870)
Net cash outflow from investing activities (597) (3,657) (4,372)
Net (decrease)/increase in cash, cash (148) 1,052 (540)
equivalents and overdrafts
Cash, cash equivalents and overdrafts at 1,238 1,778 1,778
beginning of period
Cash, cash equivalents and overdrafts at end of period 1,090 2,830 1,238
Analysis of cash, cash equivalents and overdrafts:
Cash at bank and in hand 1,090 2,830 1,238
1,090 2,830 1,238
Reconciliation of profit for the period to cash outflow from operations
For the six months ended 31 March 2026
Unaudited Unaudited Audited
6 months 6 months ended Year
ended 31 March 2025 ended
31 March 30 September 2025
2026
£'000 £'000 £'000
Loss for the period (72) (280) (340)
Decrease in stocks - - (1)
Increase/(decrease) in receivables 27 127 (176)
Increase in payables (158) (234) (953)
Depreciation and amortisation charges 1,256 1,253 2,455
Finance costs 154 109 473
Tax charge (19) 55 71
Loss on disposal of fixed assets - - 3
Share based payment 67 76 131
Tax paid - (439) (842)
Net cash inflow from operations 1,255 667 821
Consolidated Statement of Changes in Equity
For the six months ended 31 March 2026
Share Capital Share Merger Relief Reverse Share Based Payments Accumulated surplus/(deficit) Total Equity
Premium Reserve Acquisition Reserve
Reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 October 2025 2,955 1,259 1,328 (5,726) 345 9,802 9,963
Issue of shares - - - - - - -
Share based payments - - - - 67 - 67
Loss for the period - - - - - (72) (72)
At 31 March 2026 2,955 1,259 1,328 (5,726) 412 9,730 9,958
At 1 October 2024 2,694 10 1,328 (5,726) 214 10,142 8,662
Issue of shares 261 1,249 - - - - 1,510
Share based payments - - - - 76 - 76
Profit for the period - - - - - (280) (280)
At 31 March 2025 2,955 1,259 1,328 (5,726) 290 9,862 9,968
As 1 October 2024 2,694 10 1,328 (5,726) 214 10,142 8,662
Issue of shares 261 1,249 - - - - 1,510
Share based payments - - - - 131 - 131
Profit for the period - - - - - (340) (340)
At 30 September 2025 2,955 1,259 1,328 (5,726) 345 9,802 9,963
Notes to the interim financial statements
1. Basis of preparation
These consolidated interim financial statements have been prepared in
accordance with International Financial Reporting Standards ("IFRS") as
adopted by the United Kingdom and on a historical basis, using the accounting
policies which are consistent with those set out in the Group's annual report
and accounts for the year ended 30 September 2025. The interim financial
information for the six months ended 31 March 2026, which complies with IAS 34
'Interim Financial Reporting' were approved by the Board of Directors on 15
May 2026.
The unaudited interim financial information for the six months ended 31 March
2026 does not constitute statutory accounts within the meaning of Section 435
of the Companies Act 2006. The comparative figures for the year ended 30
September 2025 are extracted from the statutory financial statements which
have been filed with the Registrar of Companies and contain an unqualified
audit report and did not contain statements under Section 498 to 502 of the
Companies Act 2006.
2. Segmental Reporting
In the opinion of the Directors, the Group has one class of business, being
that of specialist cleaning and decontamination services. Although the Group
operates in only one geographic segment, which is the UK, it has also analysed
the sources of its business into the segments of Contract Maintenance,
Contract Reactive, Ad Hoc work and the Group overhead.
Unaudited 6 months ended
31-Mar-26
Contract Maintenance Contract Reactive Ad Hoc Work Plc/Holdings Total
£'000 £'000 £'000 £'000 £'000
Revenue 8,052 2,146 2,990 - 13,188
Cost of sales (4,987) (1,290) (1,578) - (7,855)
Direct costs (565) (215) (279) (1,059)
Gross profit 2,500 641 1,133 - 4,274
Administrative Expenses (1,572) (376) (694) (1,704) (4,346)
Operating (Loss)/profit 928 265 439 (1,704) (72)
1,300 340 578 (719) 1,499
Adjusted EBITDA
Total Assets 5,153 993 1,964 11,446 19,556
Total Liabilities (2,817) (467) (1,074) (5,240) (9,598)
Unaudited 6 months ended
31-Mar-25
Contract Maintenance Contract Reactive Ad Hoc Work Plc/Holdings Total
£'000 £'000 £'000 £'000 £'000
Revenue 8,524 1,928 1,631 - 12,083
Cost of sales (5,316) (1,004) (1,117) - (7,437)
Direct costs (498) (170) (117) (785)
Gross profit 2,710 754 397 - 3,861
Administrative Expenses (1,495) (433) (260) (1,789) (3,977)
Operating profit/(Loss) 1,215 321 137 (1,789) (116)
1,367 367 147 (448) 1,433
Adjusted EBITDA
5,804 1,620 900 14,662 22,986
Total Assets
(3,672) (856) (654) (7,836) (13,018)
Total Liabilities
Audited 12 months ended
30-Sep-25
Contract Contract Ad Hoc Plc/Holdings Total
Maintenance Reactive Work
£'000 £'000 £'000 £'000 £'000
Revenue 16,456 3,361 5,115 - 24,932
Cost of sales (10,408) (2,069) (2,804) - (15,281)
Direct costs (920) (297) (438) - (1,655)
Gross profit 5,128 995 1,837 - 7,996
Administrative Expenses (2,483) (610) (1,107) (3,592) (7,792)
Operating Profit/(Loss) 2,645 385 766 (3,952) 204
Adjusted EBITDA 2,921 454 887 (1,205) 3,057
Total Assets 6,938 404 1,069 12,246 20,657
Total Liabilities (3,578) (140) (560) (6,416) (10,694)
3. Earnings per Share (basic and adjusted)
The calculations of earnings per share (basic and adjusted) are based on the
net profit/(loss) and adjusted EBITDA per share before; interest, tax,
depreciation, amortisation of acquired intangible assets, exceptional items
and share-based payments.
Unaudited Unaudited Audited
6 months 6 months ended Year
ended 31 March 2025 ended
31 March 30 September 2025
2026
£'000 £'000 £'000
Loss for the financial period (72) (280) (340)
Finance cost 154 109 473
Taxation (19) 55 71
Operating Profit/(loss) 63 (116) 204
Adjustments: 294 193 433
Depreciation
Amortisation 962 1,060 2,022
Exceptional item 113 220 267
Share based payments 67 76 131
Adjusted EBITDA 1,499 1,433 3,057
Number Number Number
Weighted average shares in issue for basic earnings per share 23,636,610 23,619,251 23,476,719
Weighted average dilutive share options and warrants 2,162,823 2,312,823 2,322,884
Average number of shares used for dilutive earnings per share 25,799,433 25,932,074 25,799,603
pence pence pence
Basic loss per share (0.31p) (1.18p) (1.45p)
Diluted loss per share (0.31p) (1.18p) (1.45p)
Adjusted EBITDA earnings per share 6.34p 6.07p 13.02p
Adjusted diluted EBITDA earnings per share 5.81p 5.53p 11.85p
Copies of this Interim Report are available on the Company's website
www.reactsc.co.uk/react-group-plc
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