RC Fornax (AIM:RCFX), the AIM‑quoted defence sector consultancy, said its confident it will meet market expectations for FY26 and has c.£5.7m of revenue visibility for the year.
The company reported unaudited interim results for the six months ended 28 February with revenue of £2.2m (H1 FY25 restated: £2.5m), H1 FY26 40% ahead of H2 FY25 and an average 26% month‑on‑month increase during the period.
Gross profit was £0.7m, lifting gross margin to 31% from 27% in restated H1 FY25, but the group recorded an operating loss of £0.9m as it continued to invest in capability, governance and headcount to support expected growth.
RC Fornax booked £4.1m of new orders and extensions in H1 FY26, outcome‑based services comprised 72% of revenue; it won a contract with a UK Public Sector Space client and gained unconditional acceptance on the Evolve Engineering Delivery Partnership provider network.
The company, as at 30 April, had visibility of c.£5.7m of FY26 sales made up of £3.1m already invoiced, c.£1.5m contracted, £0.4m subject to contract and c.£0.5m in‑year PO extensions, and April invoiced sales were three times those in September 2025.
Specifically, it had cash of £1.8m at the period end, along with £3m of net assets.
"H1 FY26 has been defined by conversion - turning the pipeline we built through FY25 into firm orders and revenue," said Paul Reeves, Chief Executive.
RC Fornax also noted, that first half 2025 comparatives were restated to correct material bookkeeping errors, which reduced previously reported H1 FY25 revenue from £3.8m to £2.5m and reduced previously reported operating profit from £0.6m to £0.06m, the company said.
