REG - Selkirk Group PLC - Interim results for six months ended 30 June 2025
30/09/2025 07:00
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RNS Number : 2982B Selkirk Group PLC 30 September 2025
30 September 2025
Selkirk Group Plc
("Selkirk" or the "Company")
Strategy update and interim results for the period to 30 June 2025
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 period from incorporation to 30 June 2025 alongside a strategy
update.
Strategy update
Selkirk was admitted to trading on AIM in November 2024, raising gross
proceeds of £7.5 million. The Company's primary objective is to acquire a
company or operating business, which the directors believe is undervalued and
capable of benefiting from its own quotation or listing. Since admission, the
Company has actively evaluated a diverse pipeline of opportunities but has not
yet secured a transaction that meets its investment criteria.
In April 2025, Selkirk responded to a public announcement by THG plc ("THG")
regarding its preliminary conditional offer to acquire MyProtein (the "Offer")
for between £400 - £600 million, subject to the completion of necessary due
diligence. Despite constructive discussions, THG's board ultimately concluded
that a transaction could not be agreed. While Selkirk does not share THG's
conclusions provided, we understand that given the Offer was not fully funded,
the uncertainties surrounding financing were a concern at the time for THG in
progressing with a transaction.
As we look ahead, we have no shortage of opportunities and we continue to
follow a systematic approach to company evaluation using the analytical
capability of our partners at Belerion Capital and Kelso. The majority of
opportunities currently being assessed are private businesses looking to
secure funding through a London listing. However, in recent years, the UK
market has seen a large number of public companies being taken private, many
avoiding the public markets altogether by securing private financing and
others perhaps even considering a US listing. For various reasons, London
seems to be failing to attract and retain the very best companies which is
disappointing given the UK's proud history as a home for global capital.
Selkirk hopes to be part of the revival of the UK market and there are some
encouraging signs. However, we would encourage the Government to consider
measures to stimulate the London markets and are always happy to engage in
discussions on something we so passionately believe in.
In the meantime, the Company's cash resources are being prudently managed,
ensuring that interest income broadly covers our ongoing monthly operating
costs. As at 30 June 2025, the Company had cash of £7.0m, equal to the net
proceeds raised at IPO. We can therefore be patient in selecting the right
opportunity for Selkirk's shareholders, without being under pressure to
complete a transaction.
Outlook
Selkirk is actively assessing a number of interesting opportunities at present
across its target sectors and will update shareholders as appropriate in due
course.
The Board wishes to thank its shareholders for their patience, support and
engagement since its inception.
Iain McDonald, Chairman, Selkirk Group Plc, said:
"The board and our advisors have an active pipeline and continue to assess a number of exciting opportunities. We will update the market as appropriate and thank our shareholders for their support"
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, John Moran (Investment Banking)
Ben Robertson (Corporate Broking)
Camarco (Financial PR)
Billy Clegg, Tom Huddart +44 (0) 20 3757 4980
Condensed Interim Consolidated Statement of Comprehensive Income For the six
months ended 30 June 2025 (Unaudited)
Note 6 months ended 30 June 2025 Period from 24 September 2024 to 31 December 2024
(unaudited) (unaudited)
£ £
Revenue
Administrative expenses
Staff costs (including MIP non-cash costs) 4 (55,606) (19,650)
Audit and accountancy fees (6,600) (31,200)
Professional costs (163,781) (160,996)
Other administrative expenses (19,586) (14,930)
Profit /(Loss) from operations (245,573) (226,776)
Other income - -
Finance income 100,924 8,977
Finance expense - -
Profit /(Loss)before taxation (144,649) (217,799)
Income tax - -
Profit /(Loss)for the period (144,649) (217,799)
Profit/(loss) for the period attributable to:
Owners of the parent (143,375) (217,799)
Non-controlling interests (1,274) -
(144,649) (217,799)
Earnings/(loss) per share (Pence) attributable to the ordinary equity holders
of the parent
Diluted 5 (0.03) (0.08)
Condensed Interim Consolidated Balance Sheet As at 30 June 2025 (Unaudited)
As At As At
30 June
31 December
2025
2024
Note (unaudited) (unaudited)
£ £
Assets
Current
Trade and other receivables 65,168 71,416
Cash and cash equivalents 6,950,568 7,102,258
Total assets 7,015,736 7,173,674
Liabilities
Current
Trade and other payables 7 (30,083) (43,373)
Total liabilities (30,083) (43,373)
Net assets 6,985,653 7,130,301
Equity
Share capital 8 415,937 415,937
Share Premium Reserve 6,932,163 6,932,163
Retained Profit/ (Loss) (361,174) (217,799)
Equity attributable to owners of the Group 6,986,926 7,130,301
Non-controlling interest (1,273) -
Total equity 6,985,653 7,130,301
Condensed Interim Consolidated Changes in Equity As at 30 June 2025
(Unaudited)
Share Capital Share Premium Retained Earnings Total attributable to owners Non-controlling interest Total Equity
of parent
£ £ £ £ £ £
Comprehensive income for the period
Loss for the period - - (217,799) (217,799) - (217,799)
Total comprehensive income for the period - - (217,799) (217,799) - (217,799)
Transaction with owners
Issue of Share Capital 415,937 6,932,163 - 7,348,100 - 7,348,100
Total transactions with owners 415,937 6,932,163 - 7,348,100 - 7,348,100
At 31 December 2024 3,755,700 4,364,753 602,942 8,970,807 65,826 9,036,633
Comprehensive income for the period
Profit 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)
Transaction with owners
Issue of Share Capital - - - - 1 1
Total transactions with owners - - - - 1 1
At 30 June 2025 415,937 6,932,163 (361,174) 6,986,926 (1,273) 6,985,653
Condensed Interim Consolidated Statement of Cash Flows As at 30 June 2025
(Unaudited)
As At As At
30-Jun
31-Dec
2025
2024
(unaudited) (unaudited)
£ £
Cash flows from operating activities
Profit/(Loss) for the period (144,649) (217,799)
Finance income (100,924) (8,977)
Finance expenses - -
Income tax expense - -
(245,573) (226,776)
Movement in working capital:
Decrease/(increase) in trade and other receivables 6,249 (21,416)
Increase/ (Decrease) in trade and other payables (13,290) 43,373
Cash generated from operations (7,041) 21,957
Net cash used in operating activities (252,614) (204,819)
Cash flows from Investing activities
Payments to acquire current assets investments (142,506) (6,310,045)
Proceeds on sale of current assets investments 1,897,653 3,360,406
1,755,147 (2,949,639)
Cash flows from financing activities
Issue of ordinary shares - 7,298,100
Finance income 100,924 8,977
Net cash used in financing activities 100,924 7,307,077
Net cash (decrease)/increase in cash and cash equivalents (151,690) 7,102,258
Cash and cash equivalents at the beginning of year 7,102,258 -
Cash and cash equivalents at the end of the year 6,950,568 7,102,258
Notes to the interim results
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 the main market of the
London Stock Exchange.
These interim financial statements for the six months ended 30 June 2025.
should be read in conjunction with the financial statements for the year ended
31 December 2024, which have been prepared in accordance with 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 IAS34
(Interim Financial Statements) 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 2025 and will be adopted in the 2025 annual
financial statements.
The financial information is presented in Pounds Sterling, rounded to the
nearest pound 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. These interim financial
statements were approved by the Board of Directors on 29 September 2025. The
results for the six months to 30 June 2025 and the comparative results for the
period from incorporation on 24 September 2024 to 31 December 2024 are
unaudited.
3. New accounting standards adopted at 1 January 2025
There are no significant pronouncements which have become effective from 1
January 2025 that have a significant impact on the Group's interim condensed
consolidated financial statements.
4. Directors remuneration
Key management personnel are those persons having authority and responsibility
for planning, directing and controlling the activities of the Group, including
the directors of the Company listed in the Directors' report.
6 months Period from 24 September 2024 to 31 December 2024
ended 30 June 2025 (unaudited)
(unaudited)
£ £
Salaries 55,606 19,650
5. Profit / (Loss) per share
Basic profit/(loss) per share is calculated by dividing the profit/(loss)
attributable to equity holders of the Group by the weighted average number of
ordinary shares in issue during the period.
6 months Period from 24 September 2024 to 31 December 2024
ended 30 June 2025 (unaudited)
(unaudited)
Profit/(loss) from operations £ (144,649) (217,799)
Weighted average number of shares 415,937,487 259,496,166
Basic profit/(loss) per share Pence (0.03) (0.08)
6. Events after the reporting period
There were no events after the interim report date to disclose.
7. Current liabilities
30 June 2025 31 December 2024
Trade payables 14,725 38,366
Other taxes and social security 4,229 -
Other payables 11,129 5,007
30,083 43,373
8. Share capital
Issued and fully paid
30 June 2025 30 June 2025 31 December 2024 31 December 2024
Number £ Number £
Ordinary shares of £0.01 each
At 1 January 2025 415,937,487 415,937 - -
Shares issued - - 415,937,487 415,937
At 30 June 2025 415,937,487 415,937 415,937,487 415,937
On 24 September 2024, Selkirk Group Plc issued 50,000,000 ordinary shares at
par for a value of £50,000. On 24 October 2024, 55,000,000 ordinary shares
were issued at par for a value of £55,000. On the 7 November 2024, an
additional 310,937,487 ordinary shares were issued for £7,462,500. The total
number of ordinary shares in issue at 30 June 2025 was 415,937,487. All the
shares have the same right to receive dividends and the repayment of capital
and represents one vote at the shareholders' meeting.
9. Related Party transactions
As stated in the directors remuneration note 4, the directors salaries for the
period to 30 June 2025 amounted to £55,606 (Period to 31 December 2024:
£19,650).
The Company also paid its substantial shareholder, Kelso Group Holdings plc,
fees of £25,000 (Period to 31 December 2024: £7,427 for the services
pursuant to the secondment agreement entered into at admission
10. Distribution of Interim Reports
A copy of the interim report will be available shortly on the Group's website
(www.Selkirkplc.com) (https://www.selkirkplc.com/)
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