2025 Interim Results
29/09/2025 07:30
| Thalassa Holdings Ltd (THAL) Thalassa Holdings Ltd: 2025 Interim Results 29-Sep-2025 / 07:30 GMT/BST Thalassa Holdings Ltd Thalassa Holdings Ltd (Reuters: THAL.L, Bloomberg: THAL:LN) ("Thalassa", "THAL" or the "Company") Interim Results for the period ended 30 June 2025 The Company is pleased to announce its results for the six months ended 30 June 2025. The interim results have been submitted to the FCA and will shortly be available on the Company’s website:www.thalassaholdingsltd.com Highlights for the 6 months ended 30 June 2025 GROUP RESULTS 1H 2025 versus 1H 2024, unless otherwise stated (Unaudited)
Chairman’s Statement 2025 H1 Highlights Global markets in the first half of 2025 were marked by elevated volatility driven by geopolitical tensions, U.S. tariff policy changes, and persistent—but slowly declining—global inflation. Nonetheless, the US saw a rebound in major equity indices to record highs as resilience returned, and optimism increased. Risk back on! The S&P 500 ended the half with strong gains driven in large part by robust earnings and enthusiasm in sectors such as AI and technology. Bonds saw modest returns, with continued investor demand despite uncertainty, while international, tech and AI stocks outperformed many traditional sectors. First Half 2025 Highlights Stocks recovered from volatility: A steep drop in April after aggressive U.S. tariffs was followed by a rapid recovery, and most global equity indices remained near all-time highs by late June. Sector and thematic leadership: AI, technology, and resource sectors were notable outperformers, with corporate earnings bolstering sentiment; market breadth improved compared to previous years. Bond market stability: While bond returns were modest, the market was underpinned by anticipations of rate cuts and investor search for diversification across asset classes. Global shifts: U.S. market leadership was challenged due to currency weakness and policy uncertainty, with Europe poised for growth and pockets of stability in Asia. Private markets: Private equity activity adapted to higher rates and lingering macro uncertainties, but long-term optimism persisted as investors favoured sectors aligned with innovation and sustainability. Outlook for H2 2025 Continued volatility, but opportunities: Policy and geopolitical risks remain, especially regarding future U.S. trade policy and ongoing tariff negotiation outcomes; short-term volatility is expected but not at levels disrupting long-term allocation strategies. Monetary policy and bonds: The Federal Reserve and other central banks are likely to cut rates, as the labour market softens, supporting high-quality bond investments, though the pace will be cautious amid inflationary concerns from tariffs. Possible Fly in the Ointment: Monetary and Fiscal policies in the West are diametrically opposed, with spending far outreaching income. National debt levels are unsustainable. Increased Tariffs are also driving inflation higher, whilst at the same time curbing consumption, a perfect recipe for Stagflation. A picture paints a thousand words: https://theusdebtclock.org/ US Debt ~$37.5 Trillion, with Annual Interest Expense of $879.9 billion (2024), and climbing. Global positioning: Europe and Asia may see upsides from policy reforms and stimulus, while the U.S. faces headwinds from higher tariffs and a possible growth slowdown. HOLDINGS’ HIGHLIGHTS NWT-https://newmarksecurity.com/ Newmark Security recently published Full Year 2025. Whilst results improved, they were negatively impacted by a 15% decline in Safetell-sales and the never ending increase in Executive Compensation. We have corresponded, met and corresponded again with the Chairman and CEO regarding Compensation, lack of Corporate Governance and Operational inefficiency (Safetell). We have articulated our concerns, annoyingly however, in our opinion, the Board continue to run the Company for the benefit of insiders, rather than in the interest of all shareholders. We will, therefore, be voting against the Board and any of their current or future Nominees at the upcoming AGM. Till now, our correspondence with the NWT Board has been private, however, given their refusal to address our concerns, we intend to write an open letter to all shareholders outlining the reasons we will no longer support the status quo. ALNA-https://www.alina-holdings.com/ ALNA posted results for H1 2025 which can be found on the Company’s website, as above. Autonomous Robotics (ARL) Deep Tech projects take time, money and effort to develop; ARL is clearly in that category. After nigh on 10 years of development, we are nearing completion of a commercial, pre-production model of the Company’s Flying Node, which should be completed Q4/25 – Q1 26. Commercial opportunities identified in both oil and gas as well as offshore clean energy projects. The Ukraine/Russia War has transformed warfare as previously waged. Drones and missiles have in many instances replaced heavy, cumbersome and slow moving or static installations which can easily be located and identified by aerial drones. The same principles that have changed land and air warfare also true for surface and sub-surface marine warfare where unmanned warships and drones are rapidly replacing frontline assets operated and managed by humans. China Type 055 Destroyer, a US Aegis class Destroyer on steroids is soon to be joined by an unmanned mini-Aegis class destroyer with no personnel on board. https://min.news/en/military/3fa8b520c29d55e8ceecd8bbbf8e3675.html ARL commercial Node has clear Defense applications. The Board and Management of ARL in conjunction with the Company’s external defense consultants is actively engaged in developing defense application using the ARL commercial node platform. AMOI-https://anemoi-international.com/ Please refer to Anemoi website SUN-https://www.sigroupplc.com/ Surgical Innovations Group PLC (SUN LN) is a leading UK-based designer, manufacturer, and exporter of innovative high quality medical products primarily for use in laparoscopic and robotic minimally invasive surgery. THAL has increased its holding in SUN to just under 23%. SUN’s recent results were disappointing, nonetheless, we will continue to engage with the Company in an effort to assist growth efforts and improved efficiency. Conclusion Rather obviously, in my opinion, Trade Wars are not good for Global Growth. Excessive deficits funded by Trade Partners, rapidly become unfundable if a government ostracizes its Trading Partners…which the USA is doing with exceptional success. A protracted Trade War accompanied by higher inflation, falling demand and increased unemployment could easily result in a global economic slowdown of Biblical proportions. If such a scenario were to play out, a reversion to the mean would result in a 50%+ correction in US markets…without any overshoot. Duncan Soukup Chairman Thalassa Holdings Ltd 26 September 2025 Responsibility Statement We confirm that to the best of our knowledge: the condensed set of financial statements has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation as a whole as required by DTR 4.2.4 R; the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties’ transactions and changes therein). Cautionary statement This Interim Management Report (IMR) has been prepared solely to provide additional information to shareholders to assess the Company’s strategies and the potential for those strategies to succeed. The IMR should not be relied on by any other party or for any other purpose. Duncan Soukup Chairman Thalassa Holdings Ltd 26 September 2025 Financial Review Total income from operations for the period to 30 June 2025 was £0.6m (1H24: £0.3m). Cost of Sales was £23k (1H24: £5k) comprising development costs (net of capitalised costs) at ARL and direct financial holdings expenses, resulting in a Gross Profit of £0.6m (1H24: gross profit £0.3m). Administration expenses were £0.4m (1H24: £0.1m income). Depreciation costs were £0.02m (1H24: £0.1m). This reduction was due to the surrender of the Swiss office lease by the Company’s subsidiary Alfalfa in 2024. Operating Profit decreased to £0.1m (1H24 Profit: £0.3m). Profit before tax was £0.01m (1H24 profit: £0.2m). Net assets at 30 June 2025 amounted to £10.1m (1H24: £9.5m). Net cash (being cash balances less any financial borrowings) was £0.3m as at 30 June 2025 (1H24: £1.4m). Net cash inflow from operating activities amounted to £0.16m compared to outflow £0.15m in 1H24. Net cash outflow from investing activities amounted to £0.06m, compared to 1H24 outflow of £0.02m. Net cash outflow from financing activities amounted to £0.01m (1H24: inflow £1.45m). Interim Condensed Consolidated Statement of Income For the six months ended 30 June 2025
Interim Condensed Consolidated Statement of Comprehensive Income For the six months ended 30 June 2025
Interim Condensed Consolidated Statement of Financial Position As at 30 June 2025
These financial statements were approved by the board on 26 September 2025. Signed on behalf of the board by: Duncan Soukup Interim Condensed Consolidated Statement of Cash Flows For the six months ended 30 June 2025
Interim Condensed Consolidated Statement of Changes in Equity For the six months ended 30 June 2025
Notes to the Interim Condensed Consolidated Financial Information 1.General information Thalassa Holdings Ltd (the “Company”) is a British Virgin Island (“BVI”) International business company (“IBC”), incorporated and registered in the BVI on 26 September 2007. The Company is a holding company with various interests across a number of industries. Autonomous Robotics Limited (“ARL” – formerly GO Science 2013 Ltd) is a wholly owned subsidiary of Thalassa and is an Autonomous Underwater Vehicle (”AUV”) research and development company. Apeiron Holdings (BVI) Ltd is a BVI registered company and is wholly owned by Thalassa. It owns 100% of Alfalfa Holdings AG which is a company registered in Switzerland. WGP Geosolutions Limited is a wholly owned subsidiary of Thalassa currently non-operational. Thalassa Holdings (II) Ltd is a wholly owned subsidiary of Thalassa which is non-operational, incorporated and registered in the BVI on 30 January 2023. DOA Alpha Ltd is a wholly owned subsidiary of Thalassa which is non-operational and registered in the BVI. It has two additional subsidiaries, DOA Exploration Ltd registered in England and Wales and DOA Delta Ltd registered in the BVI, both non-operational. 2.Significant Accounting policies The Company prepares its accounts in accordance with applicable UK Adopted International Accounting Standards. The accounting policies applied by the Company in this unaudited consolidated interim financial information are the same as those applied by the Company in its consolidated financial statements as at and for the period ended 31 December 2024 except as detailed below. The financial information has been prepared under the historical cost convention, as modified by the accounting standard for financial instruments at fair value. 2.1.Basis of preparation The condensed consolidated interim financial information for the six months ended 30 June 2025 has been prepared in accordance with International Accounting Standard No. 34, ‘Interim Financial Reporting’. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Company as at and for the year ended 31 December 2024. Prior year comparatives have been reclassified to conform to current year presentation. These condensed interim financial statements for the six months ended 30 June 2025 and 30 June 2024 are unaudited and do not constitute full accounts. The comparative figures for the period ended 31 December 2024 are extracted from the 2024 audited financial statements. The independent auditor’s report on the 2024 financial statements was not qualified. All intra-company transactions, balances, income and expenses are eliminated in full on consolidation. 2.2.Going concern The financial information has been prepared on the going concern basis as management consider that the Company has sufficient cash to fund its current commitments for the foreseeable future. Notes to the Interim Condensed Consolidated Financial Information Continued 3.Earnings per share
Notes to the Interim Condensed Consolidated Financial Information Continued 5.Property, plant and equipment
The Company classifies the following financial assets at fair value through profit or loss (FVPL):- Equity investments that are held for trading.
Notes to the Interim Condensed Consolidated Financial Information Continued 7.Loans and holdings
8.Investments in associated entities On 17 December 2021, the acquisition of id4 was completed by Anemoi International Ltd with consideration in the form of shares issued to Thalassa and its subsidiary Aperion BVI totalling 36.92% of the voting rights. The investment is recognised using the equity method as described in the financial statements for December 2022. During 2023 further shares were purchased to equal a total of 40.77% of the voting rights. Athenium Consultancy Ltd in which the Company owns 35% shares was incorporated on 12 October 2021. The investment is recognised using the equity method. Movement on interests in associates can be summarised as follows:
Notes to the Interim Condensed Consolidated Financial Information Continued 9.Lease liabilities
10.Related party balances and transactions Under the consultancy and administrative services agreement initially entered into on 3 January 2011 and most recently updated 1 February 2018 with a company in which the Chairman has a beneficial interest, the Company accrued £139,942 (1H24 accrued: £133,100 and waived £535,295 related to 2022 & 2023) for consultancy and administrative services provided to the Company and £6,520 expenses. As at 30 June 2025 the amount owed to this company was £268,139 (1H24: £251,690). Athenium Consultancy Ltd, a company in which the Company owns shares invoiced the Company for financial and corporate administration services totalling £90,750 plus £8,819 expenses for the period (June 2024: £90,750 plus £7,483 expenses). As at 30 June 2025 the amount owed to this company was £52,940 (1H24: £159,967). The Company was due £Nil (June 2024: £13,149) from Anemoi International Ltd, a company in which through its subsidiary Apeiron Holdings BVI holds shares and is related by common control through the Chairman, Duncan Soukup. As at the period end the Company was due £47,443 (June 2024: £44,380) from Alina Holdings Limited, a company under common directorship. During the period David Thomas, non-executive director, invoiced the Group £Nil of which £Nil was owed as at 30 June 2025 (1H24: £Nil) and £10,000 accrued. During the period Kenneth Morgan, non-executive director, invoiced the Group 2024 fees of £8,059 of which £Nil was owed as at 30 June 2025 (1H24: £Nil) and £4,006 accrued. During the period Alexander Joost, director of Alfalfa, invoiced the Group £Nil of which £Nil was owed as at 30 June 2025 (1H24: £Nil) and £2,756 accrued. During the period £24,000 was paid to Offshore Robotics related to David Grant’s director fees for his directorship of ARL, total 2025 fees were £14,000 of which £2,333 was owed as at 30 June 2025 (1H24: £2,333) and £2,333 accrued. Notes to the Interim Condensed Consolidated Financial Information Continued 11.Share capital
12.Subsequent events On 22ndJuly 29,950,000 warrants held by the Anemoi Discretionary Trust in Anemoi International Ltd were transferred to Thalassa Holdings Ltd and the existing loan due from the Trust to the Company was extinguished. 13.Copies of the Interim Report The interim report is available on the Company’s website: www.thalassaholdingsltd.com. END For further information, please contact:
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| ISIN: | VGG878801114 |
| Category Code: | IR |
| TIDM: | THAL |
| LEI Code: | 2138002739WFQPLBEQ42 |
| Sequence No.: | 403418 |
| EQS News ID: | 2204646 |
| End of Announcement | EQS News Service |