Interim results for six months ended 30 June 2026
30 September 2026
Selkirk Group Plc
(“Selkirk” or the “Company”)
Interim results for the six months ended 30 June 2026
Selkirk Group Plc, the AIM investment vehicle focused on acquiring undervalued companies or businesses in the consumer, e-commerce, technology and digital media sectors, is pleased to announce its consolidated unaudited interim results for the six months ended 30 June 2026 (“H1 2026”).
Business Review
During H1 2026, the Company continued to evaluate value-accretive acquisition targets for a Reverse Takeover (“RTO”). The Company targets undervalued UK SMEs in the consumer, e-commerce, technology and digital media sectors, with all targets being subject to a rigorous screening process.
The Group focuses on capital preservation and operates on a low-cost basis with interest on cash deposits being able to cover more than 60% of routine operating costs, ensuring that larger spend can be reserved for due diligence and advisory processes for more advanced situations. Undertaking due diligence procedures during H1 2026 has led to an increase in other administrative expenses to £462k (H1 2025: £190k). The Company’s cash position still remains strong with a balance of £6.7 million as at 30 June 2026 (30 June 2025: £7.0 million).
On 6 May 2026, the Company’s shareholders approved the extension of its Investment Policy until the earlier of the Company’s next Annual General Meeting or such time as the Investment Policy has been substantially implemented.
Outlook
- Continued focus on executing a value-accretive RTO
- Targeting businesses that would benefit from a public listing and strategic repositioning
- Ongoing discussions with multiple potential acquisition candidates
- Board remains disciplined on valuation and execution risk
- Strong balance sheet provides significant flexibility and downside protection
Iain McDonald, Executive Chairman, said:
“We have continued to implement our strategy to bring a suitable candidate to market via an RTO. We have a highly disciplined transaction approach and will only progress when we know that the target will be suitable for a public listing and will be earnings enhancing for Selkirk. We have a strong balance sheet which gives us the capability to act on the right opportunity. We believe this is a powerful advantage in a tight equity market and will help us create value on completion of an RTO.”
For further information, please contact:
Selkirk Group Plc
+44 (0) 75 4033 3933
Iain McDonald, Chairman
Zeus (Nominated Adviser and Broker)
+44 (0) 20 3829 5000
Dan Bate, Louisa Waddell, Ed Beddows (Investment Banking)
Dominic King (Corporate Broking)
Condensed Interim Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2026 (unaudited)
Note
6 months ended
30 June 2026
(unaudited)
£
6 months ended
30 June 2025
(unaudited)
£
15 months ended
31 December 2025
(audited)
£
Administrative expenses
Staff costs
10
(40,969)
(55,606)
(117,150)
Share-based payment expense (non-cash)
5
(68,316)
–
(159,403)
Other administrative expenses
(461,947)
(189,967)
(415,871)
Total administrative expenses
(571,232)
(245,573)
(692,424)
Loss from operations
(571,232)
(245,573)
(692,424)
Finance income
111,389
100,924
251,762
Loss before taxation
(459,843)
(144,649)
(440,662)
Loss for the period
(459,843)
(144,649)
(440,662)
Total comprehensive loss for the period
(459,843)
(144,649)
(440,662)
Loss for the period attributable to:
Owners of the parent
(459,209)
(143,375)
(439,132)
Non-controlling interests
(634)
(1,274)
(1,530)
(459,843)
(144,649)
(440,662)
Loss per share (pence) attributable to the ordinary equity holders of the parent
Basic
6
(0.11)
(0.03)
(0.11)
Diluted
6
(0.11)
(0.03)
(0.11)
All results derive from continuing operations. There was no other comprehensive income in either period.
Condensed Interim Consolidated Statement of Financial Position
As at 30 June 2026 (unaudited)
Note
As at
30 June 2026
(unaudited)
£
As at
30 June 2025
(unaudited)
£
As at
31 December 2025
(audited)
£
Assets
Current assets
Trade and other receivables
67,768
65,168
96,548
Cash and cash equivalents
6,721,815
6,950,568
6,925,673
Total assets
6,789,583
7,015,736
7,022,221
Liabilities
Current liabilities
Trade and other payables
8
(252,269)
(30,083)
(93,380)
Total liabilities
(252,269)
(30,083)
(93,380)
Net assets
6,537,314
6,985,653
6,928,841
Equity
Share capital
9
415,937
415,937
415,937
Share premium reserve
6,794,163
6,932,163
6,794,163
Share-based payment reserve
5
227,719
–
159,403
Retained earnings
(898,341)
(361,174)
(439,132)
Equity attributable to owners of the Group
6,539,478
6,986,926
6,930,371
Non-controlling interest
(2,164)
(1,273)
(1,530)
Total equity
6,537,314
6,985,653
6,928,841
Condensed Interim Consolidated Statement of Changes in Equity
For the six months ended 30 June 2026 (unaudited), with comparatives for the six months ended 30 June 2025 (unaudited) and the audited period ended 31 December 2025
Share capital
£
Share premium
£
Share‑based
payment
reserve
£
Retained earnings
£
Total attributable to owners of parent
£
Non‑controlling
interest
£
Total equity
£
Six months ended 30 June 2025 (unaudited)
At 1 January 2025
415,937
6,932,163
–
(217,799)
7,130,301
–
7,130,301
Loss for the period
(143,375)
(143,375)
(1,274)
(144,649)
Total comprehensive income for the period
(143,375)
(143,375)
(1,274)
(144,649)
Issue of share capital in subsidiary
–
1
1
At 30 June 2025
415,937
6,932,163
–
(361,174)
6,986,926
(1,273)
6,985,653
Period from incorporation on 24 September 2024 to 31 December 2025 (audited)
Loss for the period
(439,132)
(439,132)
(1,530)
(440,662)
Total comprehensive income for the period
(439,132)
(439,132)
(1,530)
(440,662)
Issue of share capital
415,937
7,151,563
7,567,500
–
7,567,500
Share placing costs
(357,400)
(357,400)
–
(357,400)
Share-based payment charge (note 5)
159,403
159,403
–
159,403
At 31 December 2025
415,937
6,794,163
159,403
(439,132)
6,930,371
(1,530)
6,928,841
Six months ended 30 June 2026 (unaudited)
Loss for the period
(459,209)
(459,209)
(634)
(459,843)
Total comprehensive income for the period
(459,209)
(459,209)
(634)
(459,843)
Share-based payment charge (note 5)
68,316
68,316
–
68,316
At 30 June 2026
415,937
6,794,163
227,719
(898,341)
6,539,478
(2,164)
6,537,314
Condensed Interim Consolidated Statement of Cash Flows
For the six months ended 30 June 2026 (unaudited)
6 months ended
30 June 2026
(unaudited)
£
6 months ended
30 June 2025
(unaudited)
£
15 months ended
31 December 2025
(audited)
£
Cash flows from operating activities
Loss for the period
(459,843)
(144,649)
(440,662)
Adjustments for:
Finance income
(111,389)
(100,924)
(251,762)
Share-based payment expense (note 5)
68,316
–
159,403
Operating loss before working capital movements
(502,916)
(245,573)
(533,021)
Movements in working capital:
Decrease/(increase) in trade and other receivables
28,780
6,249
(46,548)
Increase/(decrease) in trade and other payables
158,889
(13,290)
93,380
Cash generated from operations
(315,247)
(252,614)
(486,189)
Net cash used in operating activities
(315,247)
(252,614)
(486,189)
Cash flows from investing activities
Interest received
111,389
100,924
251,762
Net cash from investing activities
111,389
100,924
251,762
Cash flows from financing activities
Issue of ordinary shares
–
–
7,328,100
Share placement costs
–
–
(168,000)
Net cash from financing activities
–
–
7,160,100
Net (decrease)/increase in cash and cash equivalents
(203,858)
(151,690)
6,925,673
Cash and cash equivalents at the beginning of the period
6,925,673
7,102,258
–
Cash and cash equivalents at the end of the period
6,721,815
6,950,568
6,925,673
Notes to the interim results
For the six months ended 30 June 2026 (unaudited)
1. Basis of preparation
Selkirk Group Plc is a public limited company incorporated in the United Kingdom under the Companies Act 2006 (registration number 15975897). The Company’s ordinary shares are admitted to trading on AIM. These interim financial statements for the six months ended 30 June 2026 should be read in conjunction with the financial statements for the period ended 31 December 2025, which have been prepared in accordance with UK adopted International Financial Reporting Standards (“IFRSs”) as applied in accordance with the provisions of the Companies Act 2006. The interim report and accounts do not include all the information and disclosures required in the annual financial statements.
2. Material accounting policies
The interim report and accounts have been prepared in accordance with IAS 34 (Interim Financial Reporting) and on the basis of the accounting policies, presentation and methods of computation in accordance with International Financial Reporting Standards (“IFRSs”) as applied in accordance with the provisions of the Companies Act 2006, except for those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 January 2026 and which will be adopted in the 2026 annual financial statements. The financial information is presented in Pounds Sterling and has been prepared under the historical cost convention. The interim report and accounts do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The results for the six months to 30 June 2026 are unaudited. The comparative figures for the six months ended 30 June 2025, and as at that date, are also unaudited and are as previously reported. The comparative statement of financial position as at 31 December 2025, and the comparative results and cash flows for the 15 months then ended, are extracted from the audited financial statements for that period.
3. Going concern
These interim financial statements have been prepared on a going concern basis. The Group and Company remain debt free and held cash of £6,721,815 at 30 June 2026 (31 December 2025: £6,925,673), most of which is held on deposit with highly credit rated banks with a small float kept at Lloyds Bank plc. Excluding transaction costs and the non-cash charge in respect of the Management Incentive Plan, the Group’s routine operating cash costs averaged circa £29,000 per month during the period, and interest income on bank deposits covered approximately two thirds of that amount. At the Annual General Meeting held on 6 May 2026 all resolutions put to shareholders were duly passed, including the resolution under AIM Rule 8 for the continuation of the Company’s Investment Policy as set out in the Admission Document dated 7 November 2024. The Directors have reviewed cash flow forecasts for a period of at least twelve months from the date of approval of these interim financial statements, including a scenario in which a reverse takeover is aborted at a late stage and the Company is responsible for the customary fees, and consider that cash balances would be more than sufficient to cover them. Accordingly, the Directors are satisfied that the Group and Company have adequate resources to meet their liabilities as they fall due for the foreseeable future, that there are no material uncertainties that may cast significant doubt upon the ability to continue as a going concern, and that it is appropriate to adopt the going concern basis of accounting.
4. New accounting standards adopted at 1 January 2026
There are no significant pronouncements which have become effective from 1 January 2026 that have a significant impact on the Group’s interim condensed consolidated financial statements.
5. Share-based payments - Management Incentive Plan (“MIP”)
The Group operates a Management Incentive Plan (“MIP”) under which 10,000,000 A shares in Selkirk Jersey Limited, a 91% owned subsidiary, were issued to Kelso Ltd and I McDonald on 7 November 2024. The terms of the plan, and the Monte Carlo valuation of its grant-date fair value of £705,932, are set out in note 16 of the audited financial statements for the period ended 31 December 2025 and are unchanged.
The fair value is recognised on a straight-line basis over the expected vesting period of 62 months, which depends on the timing of the Group’s first acquisition. That acquisition had not occurred by 30 June 2026, and the Directors continue to expect it to be within 12 months from the date of these interim financial statements. The charge for the period was £68,316 (six months ended 30 June 2025: £nil), taking the cumulative charge to £227,719 and leaving £478,213 to be recognised. The charge is credited to the share-based payment reserve and has no effect on net assets.
6. Loss per share
Basic loss per share is calculated by dividing the loss attributable to equity holders of the Group by the weighted average number of ordinary shares in issue during the period. Potential ordinary shares arising under the MIP are anti-dilutive and accordingly diluted loss per share equals basic loss per share.
6 months ended
30 June 2026
6 months ended
30 June 2025
15 months ended
31 December 2025
Loss attributable to owners of the parent (£)
(459,209)
(143,375)
(439,132)
Weighted average number of ordinary shares
415,937,487
415,937,487
382,896,001
Basic and diluted loss per share (pence)
(0.11)
(0.03)
(0.11)
7. Events after the reporting period
There were no events after the interim report date to disclose.
8. Current liabilities
As at
30 June 2026
£
As at
30 June 2025
£
As at
31 December 2025
£
Trade payables
44,565
14,725
27,268
Accruals
203,011
11,129
66,112
Other taxes and social security
4,693
4,229
–
Total trade and other payables
252,269
30,083
93,380
9. Share capital
Issued and called up
30 June 2026
Number
30 June 2026
£
31 December 2025
Number
31 December 2025
£
Ordinary shares of £0.001 each
At the beginning of the period
415,937,487
415,937
–
–
Shares issued in the period
–
–
415,937,487
415,937
At the end of the period
415,937,487
415,937
415,937,487
415,937
The total number of ordinary shares in issue at 30 June 2026 was 415,937,487. All the shares have the same right to receive dividends and the repayment of capital and represent one vote at the shareholders’ meeting. The shares are not redeemable.
The audited financial statements for the period ended 31 December 2025 disclosed £2,083 of called up share capital as unpaid, which the Directors expected to be recovered during 2026.
10. Related party transactions
Balances and transactions between the Company and its subsidiary are eliminated on consolidation. The Directors are the only key management personnel. Amounts charged to the Group by related parties in the period, with comparatives for the six months ended 30 June 2025 and the audited 15 months ended 31 December 2025 in brackets, were:
- Belerion Capital Group Ltd - professional fees for detailed due diligence on multiple targets, including advanced opportunity £150,000 (ex VAT) (£nil; £nil)
- Kelso Ltd - consultancy fees £25,000 (£25,000; £57,427)
- Directors’ remuneration £40,969 (£55,606; £117,150)
- Share-based (non-cash) payment charge in respect of the MIP (note 5) £68,316 (£nil; £159,403)
Iain McDonald, Executive Chairman, is a shareholder in Belerion Capital Group Ltd. Kelso Ltd, a substantial shareholder, charged consultancy fees under the secondment agreement entered into at admission and holds A shares in Selkirk Jersey Limited under the MIP described in note 5. All amounts charged in the period were settled in full and none was outstanding at 30 June 2026.
11. Distribution of interim reports
A copy of the interim report will be available shortly on the Group’s website (www.selkirkplc.com).
These interim financial statements were approved by the Board of Directors on 29 September 2026.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.ENDIR BSGDCUSDDGLC
