Half-year Financial Report ended 30 September 2025

NOTES TO CONSOLIDATED FINANCIAL STATEMENT

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

1.   GENERAL INFORMATION

The Company is a public limited company with registered number 10829936. It was incorporated on 21 June 2017 as a public limited company in England and Wales and was issued a certificate to commence trade on 19 July 2017.

Shares of the Company were traded on the Nasdaq First North Growth Market Denmark since February 2018 until October 2025. Separately since August 2025, the Company has also been trading on the Aquis Stock Exchange, London. The Company's nature of operations is to act as the holding company and management of data centre facilities for other data centre operators.

The Company develops and operates small to medium-sized distributed data centres, offering co-location services such as server rack rentals and secure hosting spaces. These facilities provide clients with reliable, secure, and connected environments for their critical IT systems.

2.   ACCOUNTING POLICIES

Basis of preparation

The consolidated financial information, which has not been audited, has been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted for use by the United Kingdom, and effective, or issued and early adopted, as at the date of these statements. The consolidated financial information has been prepared under the historical cost convention as modified for financial assets carried at fair value.

This consolidated financial information is for the six-month period ended 30 September 2025. It does not include all of the information required for full annual financial statements and should be read in conjunction with the annual report for the period ended 31 March 2025 and any public announcements made by the Company during the interim reporting period.

This interim financial information has been prepared in accordance with the accounting policies consistently with those of the annual report for year ended 31 March 2025.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group.

Intra-group transactions, balances, income and expenses are eliminated on consolidation. Intra-group losses may indicate an impairment that requires recognition in the consolidated financial statements.  Where necessary, adjustments are made to the financial statements of subsidiaries to ensure consistency of accounting policies with those of the Group.

Presentational currency

The financial information has been presented in US Dollars ("$"), the Group's presentational currency, and rounded into thousands ($000) unless otherwise stated. The directors have chosen to present financial information in US Dollars due to the international exposure and shareholders of the entity.

3.   REVENUE

The Group's revenue is derived mainly from rental income through offering of its co-location services and server rack rentals.

There are no seasonal factors that materially affect the operations of the Group.

4.   INCOME TAX EXPENSE

The tax charge on the results has been calculated at the rates of tax prevailing in the countries in which the Group operates, based on existing legislation, interpretation and practices in respect thereof.

5.   TRADE AND OTHER RECEIVABLES

6.   TRADE AND OTHER PAYABLES

7.   BASIC AND DILUTED EARNINGS PROFIT/ (LOSS) PER SHARE

Basic earnings profit/(loss) per share is based on the weighted average number of ordinary shares in issue during the period. Diluted loss per share would assume conversion of all potentially dilutive ordinary shares. The Group has no potentially dilutive ordinary shares.

8.   SHARE CAPITAL

Analysis of issued share capital:

9.   SIGNIFICANT RELATED PARTY TRANSACTIONS

10. CONVERTIBLE SECURED LOAN NOTES

The Company had planned to raise up to USD10 million through the issuance of 7-year Convertible Secured Loan Notes (CLN) to suitable investors, to fund the acquisition and development of its data centre infrastructure facilities. During the interim period, the Company had further received additional advances from lenders for the pending issuance of its CLN, now totalling USD3.8 million, which carries interest rate of 8% per annum.

11. RIGHT-OF-USE ASSET

12. PROPERTY AND EQUIPMENT

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13. SUBSEQUENT EVENTS

The Company had delisted from trading on the Nasdaq First North Growth Market Copenhagen with effect from 31 October 2025.

Its subsidiary, HRC World Sdn Bhd had completed the Sale and Purchase Agreement in acquiring its own property consisting 50,000 square feet of commercial floor space that is well-suited for operating a small data centre including 100,000 square feet of parking space.

There have been no other subsequent events of significance that took place in the Company subsequent to the reporting period

14. NATURE OF THE FINANCIAL INFORMATION

The financial information presented above does not constitute statutory accounts for the period under review.