Episode
RC Fornax reports strong revenue momentum and expanding defence pipeline
- Published
- May 28, 2026
- Duration seconds
- 408
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Summary
RC Fornax CFO Rob Shepherd joined Steve Darling from Proactive to discuss the company’s unaudited interim results for the six months ended 28 February 2026, highlighting improving revenue momentum, growing order conversion, and increasing visibility into the second half of the financial year. The company reported revenue of £2.2 million for H1 FY26, compared with a restated £2.5 million in H1 FY25. Management emphasized that revenue during the period was 40% ahead of H2 FY25 revenue of £1.6 million, reflecting accelerating pipeline conversion and strengthening customer demand. RC Fornax also achieved an average month-on-month revenue increase of 26% during the reporting period, demonstrating growing operational momentum. A significant component of the company’s strategy continues to center on expanding higher-value outcome-based services. These services represented 72% of the company’s revenue mix during H1 FY26, compared with 52% in the comparable prior-year period. Management noted that the increase aligns closely with the strategic objectives outlined at the time of the company’s IPO and supports efforts to build a more scalable, higher-margin business model. Gross profit for the period remained steady at approximately £0.7 million, while gross margin improved to 31% from 27% a year earlier. According to the company, the stronger margin performance reflects a more favorable delivery mix and improving operational leverage as revenue growth continues. The company also strengthened its financial position during the period, ending February 2026 with cash of £1.8 million, compared with £0.9 million at 31 August 2025. The improved balance sheet follows the successful completion of a £2.1 million net equity fundraise in December 2025, providing additional financial flexibi…