Half-Year Report
Fortis Frontier PLC (AIM: FORF), an AIM Rule 15 cash shell, announces its unaudited half-year report for the six months ended 30 June 2026.
Download
The full results are available to
download in PDF format
Highlights
- Clean cash shell
- Cash balances of £3.48m (H1 2025: £5.06m; FY 2025: £5.76m) after share buybacks totalling £1.72m during the period.
- Net asset value per share of 10.83p (H1 2025: 10.83p; FY 2025: 10.34p).
EXECUTIVE CHAIRMAN'S REPORT
The Company disposed of its only trading subsidiary Concepta Diagnostics Limited (“CDL”), to Boots UK Limited (“Boots”) for £2.375m in cash, on 10 November 2025. Its remaining dormant subsidiary, Fortis Cardiff Limited (“FCL”), was liquidated on 25 August 2026. The Company is therefore an AIM Rule 15 cash shell.
Since the disposal of CDL the Board has been carefully considering the strategic options open to it with a view to maximising shareholder value. As previously reported, as part of this process, the Board consulted with the Company’s major shareholders regarding the Company’s future strategy, including the potential return of cash to Shareholders and the possible pursuit of a reverse takeover opportunity. During those consultations, the Board engaged with Mercia, the Company’s largest shareholder, who indicated that they would not support an acquisition as they wished to liquidate their investment in the Company. As a result of these discussions the Board concluded that it was in the best interests of the Company to find a mechanism which addressed both Mercia’s requirements and the desire of other significant shareholders to seek an acquisition. The Board therefore obtained shareholders’ approval at a General Meeting held on 28 April 2026 to utilise some of the Company’s surplus cash to acquire 13,717,619 shares held in Mercia in various accounts, at a discount to the Company’s net asset value (“NAV”), for a total consideration of approximately £1.23m. This enables the Company to pursue an accretive acquisition capable of obtaining shareholders’ approval.
As the Board also noted that the Company’s shares were trading on AIM below their NAV, a further 5,866,232 shares were acquired on the open market for a total consideration of £487,000 during the period under review. These share buybacks increased the NAV per share for remaining shareholders to 10.83p per share (H1 2025: 10.83p; FY 2025: 10.34p).
Since the disposal of CDL the Board has reviewed and reduced the recurring operating costs of the business whilst it seeks an accretive acquisition. Administration expenses, which amounted to £298,000 (H1 2025: £257,000; FY 2025: £800,000) were reduced in prior periods by management fees of £nil (H1 2025: £185,000; FY 2025: £375,000) charged to the trading subsidiaries. In addition, as the business is now a cash shell, the Company is no longer able to recover VAT on its purchases. It has also incurred legal and other costs of approximately £66,000 associated with the share buybacks in the period under review.
As previously reported, FCL submitted claims to HMRC for the repayment of VAT levied on COVID PCR tests sold in earlier years. As these claims have now been settled, and FCL liquidated, exceptional income of £79,000 (H1 2025: £nil; FY 2025: £228,000) has been recognised in the profit and loss account of the discontinued operations.
At 30 June 2026 the Company had cash balances of £3.48m (H1 2025: £5.06m; FY 2025: £5.76m).
During the period under review the Company has been presented with a significant number of potential acquisition opportunities, two of which appeared attractive and were investigated further. However, after initial due diligence, neither proved to be suitable. The Board is, however, currently evaluating other interesting opportunities and will update shareholders as appropriate.
The Company’s shares were suspended from trading on AIM on 11 May 2026 pursuant to AIM Rule 40 and if they remain suspended for six months, its AIM listing will be cancelled. However, as previously reported, if the Company was to lose its AIM listing under AIM Rule 41 (i.e. the Company is unable to complete an acquisition in line with AIM Rule 15 by 11 November 2026) the Directors will fully explore seeking an alternative listing on the Aquis Stock Exchange in order to maintain an orderly market in the ordinary shares.
Adam Reynolds
Executive Chairman
14 September 2026
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the 6 months ended 30 June 2026
| Unaudited 6 months ended 30 June 2026 |
Unaudited 6 months ended 30 June 2025 |
Audited Year ended 31 December 2025 |
||
| Notes | £’000 | £’000 | £’000 | |
| Other expenses | 307 | 242 | 778 | |
| Share based payments | (9) | 15 | 22 | |
| Administration expenses | 298 | 257 | 800 | |
| Operating loss | (298) | (257) | (800) | |
| Finance income | 65 | 82 | 143 | |
| Loss from continuing operations before and after taxation | (233) | (175) | (657) | |
| Profit/(loss) from discontinued operations | 79 | (1,181) | (970) | |
| Total comprehensive loss for the year | (154) | (1,356) | (1,627) | |
| Attributable to owners of the parent: | ||||
| Total comprehensive loss – continuing operations | (233) | (175) | (657) | |
| Total comprehensive loss – discontinued operations | 79 | (1,181) | (970) | |
| Total comprehensive loss for the year | (154) | (1,356) | (1,627) | |
| Loss per Ordinary Share - basic | 4 | (0.34)p | (2.62)p | (3.14)p |
| Fully diluted earnings per Ordinary Share | 4 | (0.34)p | (2.62)p | (3.14)p |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2026
| Unaudited 30 June 2026 |
Unaudited 30 June 2025 |
Audited 31 December 2025 |
||
| £’000 | £’000 | £’000 | ||
| Non-current assets | ||||
| Property, plant and equipment | - | 52 | - | |
| Intangible assets | - | 1,296 | - | |
| Total non-current assets | - | 1,348 | - | |
| Current assets | ||||
| Inventories | - | 100 | - | |
| Trade and other receivables | 56 | 1,909 | 1,768 | |
| Cash and cash equivalents | 3,478 | 5,058 | 5,764 | |
| Total current assets | 3,534 | 7,067 | 7,532 | |
| Total assets | 3,534 | 8,415 | 7,532 | |
| Current liabilities | ||||
| Trade and other payables | 38 | 2,781 | 2,151 | |
| Total liabilities | 38 | 2,781 | 2,151 | |
| Net assets | 3,496 | 5,634 | 5,381 | |
| Share capital | 487 | 781 | 781 | |
| Share premium | 3 | 3 | 3 | |
| Employee Benefit Trust | (14) | (25) | (14) | |
| Reverse acquisition reserve | (6,044) | (6,044) | (6,044) | |
| Retained earnings | 9,064 | 10,919 | 10.655 | |
| Total equity | 3,496 | 5,634 | 5,381 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the 6 months ended 30 June 2026
| Share capital | Employee Benefit Trust reserve | Share Premium | Reverse acquisition reserve | Retained earnings | Total | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Equity as at 1 January 2025 | 781 | (25) | 3 | (6,044) | 12,260 | 6,975 |
| Loss for the year | - | - | - | - | (1,627) | (1,627) |
| Total comprehensive loss | - | - | - | - | (1,627) | (1,627) |
| Provision against cost of investment | - | 11 | - | - | - | 11 |
| Share-based payments | - | - | - | - | 22 | 22 |
| Equity as at 31 December 2025 | 781 | (14) | 3 | (6,044) | 10,655 | 5,381 |
| Loss for the period | - | - | - | - | (154) | (154) |
| Total comprehensive loss | - | - | - | - | (154) | (154) |
| Purchase of own shares | (294) | - | - | - | (1,428) | (1,722) |
| Share-based payments | - | - | - | - | (9) | (9) |
| Equity as at 30 June 2026 | 487 | (14) | 3 | (6,044) | 9,064 | 3,496 |
CONSOLIDATED STATEMENT OF CASH FLOWS
For the 6 months ended 30 June 2026
Unaudited 6 months ended 30 June 2026 |
Unaudited 6 months ended 30 June 2025 |
Audited Year ended 31 December 2025 |
|||||
| £’000 | £’000 | £’000 | |||||
| Cash flows from operating activities | |||||||
| Loss before tax from continuing operations | (233) | (175) | (657) | ||||
| Profit/(loss) before tax from discontinued operations | 79 | (1,181) | (970) | ||||
| Adjustments for: | (154) | (1,356) | (1,627) | ||||
| Profit on disposal of discontinued operations | - | - | (422) | ||||
| Depreciation and amortization | - | 127 | 215 | ||||
| Finance income (net) | (65) | (82) | (143) | ||||
| Provision against Employee Benefit Trust | - | - | 11 | ||||
| Share-based payments | (9) | 15 | 22 | ||||
| Adjusted operating loss before changes in working capital | (228) | (1,296) | (1,944) | ||||
| Changes in working capital | |||||||
| Decrease/(increase) in inventory | - | 33 | (2) | ||||
| Decrease/(increase) in trade and other receivables | 1,734 | (148) | (1,433) | ||||
| (Decrease)/increase in trade and other payables | (2,113) | 954 | 1,620 | ||||
| Cash used in operations | (607) | (457) | (1,759) | ||||
| Bank interest received | 43 | 82 | 142 | ||||
| Net cash outflow from operating activities | (564) | (375) | (1,617) | ||||
| Investing activities | |||||||
| Proceeds from sale of discontinued operations | - | - | 1,952 | ||||
| Purchase of office equipment | - | - | (4) | ||||
| Purchase of intangible assets | - | (40) | (40) | ||||
| Net cash flows used in investing activities | - | (40) | 1,908 | ||||
| Financing activities | |||||||
| Purchase of own shares | (1,722) | - | - | ||||
| Cash outflows from financing activities | (1,722) | - | - | ||||
| Net change in cash and cash equivalents | (2,286) | (415) | 291 | ||||
| Cash and cash equivalents at the beginning of the period | 5,764 | 5,473 | 5,473 | ||||
| Cash and cash equivalents at the end of the period | 3,478 | 5,058 | 5,764 | ||||