£350k Contract Win and Funding Update

(AIM:RCFX) RC Fornax plc has secured a second contract through the Public Sector Resourcing framework (PSR Framework) with a total value of approximately £350,000. The formal purchase order has been received and RC Fornax will provide Project Management Office support to a UK Government client for an initial period of six months. The Board currently expects, subject to RC Fornax performance under the contract and PSR budget allocation, that the contract will be extended for an additional six months. If extended, the contract would generate aggregate revenue of between £650,000 and £700,000 for the Company. This contract follows the Company’s recently announced £4.0 million selection through the PSR Framework, which remains on track for delivery as planned. RC Fornax now has revenue visibility over £9.1 million of secured, anticipated and selected revenue for FY27. The Company continues to develop a strong pipeline of opportunities with a focus on delivering sustainable, profitable growth. As announced on 18 September 2026, the Board has commenced a process of evaluating the optimal funding structures for different parts of the Group. The Board confirms it is not assessing an equity fundraising for RC Fornax plc as part of this solution, in line with its focus on minimising dilution for existing shareholders. The Board does not currently expect there to be a need for additional funding for the core business (being the Output-based Engineering Services and People divisions) as the Company progresses towards cash generation on a monthly basis, although a working capital debt facility remains in consideration given the pace of growth. Any future funding for SME Procure, to be determined alongside evidence of commercial transaction, will be undertaken directly through SME Procure Ltd, a wholly owned subsidiary of RC Fornax plc. Paul Reeves, Chief Executive Officer of RC Fornax, stated that the latest award demonstrates the effectiveness of PSR as a route for RC Fornax to access and win new government business, and provides further evidence of the opportunities available to the Group through this framework. He also noted that the company is seeing this translate into contracted revenue, with the latest award providing a further £350,000 of revenue visibility and now giving approximately £9.1 million of secured, anticipated and selected revenue entering FY27. He reiterated that additional funding is not expected to be required for the core business as the company progresses towards cash generation, and that any investment in SME Procure will remain linked to evidence of commercial traction and will be undertaken directly through SME Procure Limited rather than the plc.

Retail Investor Online Event - 24 September

(AIM: RCFX) RC Fornax PLC announces it will host an online event for retail investors and shareholders on Thursday 24 September 2026 from 09:30am to 10:30am BST. The event will feature participation from Paul Reeves, Chief Executive Officer, and David Hitchcock OBE, Non-Executive Chair. Attendees will have the opportunity to hear directly from the RC Fornax team about the company’s strategy and progress. The session is designed to allow shareholders and investors to ask questions and engage in open discussion with company leadership. RC Fornax PLC describes itself as a UK-based consultancy delivering outcome-based engineering solutions to the defence sector's most critical platforms. The company is AIM-quoted and was founded in 2021 by RAF veterans Paul Reeves and Daniel Clark. The company emphasizes its accreditation, demand, and scalability in the defence sector. The announcement expresses appreciation for shareholder support and engagement. Registration for the event is available via a provided link. The company’s website is listed as www.rcfornax.co.uk. The nominated adviser is Strand Hanson Limited, with contacts Christopher Raggett, Rob Patrick, and Harry Marshall. Cavendish Capital Markets Limited is listed as broker, with Stephen Keys, George Lawson, Dale Bellis, and Harriet Ward as contacts. BlytheRay is listed for Financial PR & IR, with Megan Ray and Said Izagaren as contacts. The company highlights its focus on improving project efficiencies and driving value for money in the defence sector. The announcement is distributed via Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange.

Replacement: Government Contract & Trading Update

(AIM:RCFX) RC Fornax PLC has confirmed its selection for a new contract with an initial value of £4.0 million through the Public Sector Resourcing (PSR) framework with a new UK Government client, subject to completion of the client’s standard procurement process and receipt of the formal purchase order. The company enters the financial year ending 31 August 2027 (FY27) with approximately £8.4 million of secured, anticipated, and selected revenue, providing strong revenue visibility for the year. Revenue for the financial year ended 31 August 2026 (FY26) is expected to be approximately £5.2 million, compared to £4.1 million in FY25, with an anticipated adjusted EBITDA loss of £1.6 million (FY25: £1.1 million). Cash as at 31 August 2026 was £0.85 million (31 August 2025: £0.86 million). The Board is considering a standby debt facility to support working capital due to the pace of growth. A cost reduction programme saving £500,000 per year has been successfully executed and is not expected to impact customer-facing capabilities. Rob Shepherd, Finance Director, has left his role with immediate effect, and Adam Cole, ACCA, has been appointed as interim Chief Financial Officer in a non-board role, dedicating two and a half days a week to the company. The Board has reviewed the company’s strategic direction and is now focusing on a more linear and defined business model with three divisions: Output-based Engineering Services (the core business), People – Recruitment and Specialist Talent, and SME Procure (the company’s proprietary AI procurement platform). The £4.0 million contract award comprises part of the £8.4 million FY27 revenue visibility, which also includes approximately £2.4 million of revenue to be recognised in FY27 from orders secured during FY26 and approximately £2.0 million of anticipated revenue from planned contract renewals. Monthly invoicing has increased from approximately £180,000 per month to approximately £600,000 per month. The company does not currently anticipate the need to raise additional equity but is evaluating a standby debt facility. The Board’s future investment priorities will favour scalable and capital-efficient opportunities, and any future financing will be considered against defined commercial objectives with a focus on minimising dilution for existing shareholders. The Board will continue to assess the funding structure for SME Procure, including the possibility of third-party strategic investment, partnership arrangements, or establishing SME Procure as a separately financed division if appropriate. Paul Reeves, Chief Executive Officer, stated that the award gives the company confidence for the next financial year and emphasised the focus on disciplined execution, cash generation, and capital discipline.

£4.0m Government Contract and Trading Update

(AIM:RCFX) RC Fornax plc has announced its confirmed selection for a new contract with an initial value of £4.0 million through the Public Sector Resourcing (PSR) framework with a new UK Government client, subject to completion of the client’s standard procurement process and receipt of the formal purchase order. The company enters the financial year ending 31 August 2027 (FY27) with approximately £8.4 million of secured, anticipated, and selected revenue, providing strong revenue visibility for the year. Revenue for the financial year ended 31 August 2026 (FY26) is expected to be approximately £5.2 million, compared to £4.1 million in FY25, with an anticipated operating loss of £1.6 million (FY25: £1.1 million). Cash as at 31 August 2026 was £0.85 million (31 August 2025: £0.86 million). The Board is considering a standby debt facility to support working capital due to the Group’s growth. A cost reduction programme saving £500,000 per year has been executed without impacting customer-facing capabilities. Rob Shepherd, Finance Director, has left his role with immediate effect, and Adam Cole, ACCA, has been appointed as interim Chief Financial Officer in a non-board role, dedicating two and a half days a week to the company. The Board has reviewed the company’s strategic direction and is now focusing on a more linear and defined business model with three divisions: Output-based Engineering Services (the core business), People – Recruitment and Specialist Talent, and SME Procure (the company’s proprietary AI procurement platform). The £4.0 million contract award is expected to provide further opportunities with the new government client. For FY27, revenue visibility includes £4.0 million from the Award, approximately £2.4 million from orders secured during FY26, and approximately £2.0 million from planned contract renewals. Monthly invoicing has increased from approximately £180,000 to approximately £600,000. The Board does not currently anticipate the need to raise additional equity but is evaluating a standby debt facility. The company’s future investment priorities will favour scalable and capital-efficient opportunities. The principal capital requirement for the People division is expected to relate to working capital generated by contract growth. SME Procure is currently at the investment stage, with future development focused on commercial validation and recurring revenues. The Board may consider alternative structures for SME Procure, including third-party investment or separate external funding, if appropriate capital is not available within the listed company. Paul Reeves, Chief Executive Officer, stated that the award gives confidence for the next financial year and that the company’s objective is to build scalable businesses beyond the traditional consultancy model. The Board’s objective is to protect the core business, fund profitable growth where customer demand is visible, and give SME Procure the opportunity to demonstrate its potential while maintaining strict capital discipline.