Capital for Colleagues plc / EPIC: CFCP / Market: Aquis / Sector: Financials

 

28 May 2026

CAPITAL FOR COLLEAGUES PLC

(‘Capital for Colleagues’, ‘C4C’ or the ‘Company’)  

 

Unaudited Interim Results for the six months ended 28 February 2026

 

Capital for Colleagues, the investment vehicle focused on opportunities in the Employee Owned Business (‘EOB’) sector, is pleased to announce its unaudited interim results for the six months ended 28 February 2026.

 

Financial Highlights

• Net assets of £15.702m as at 28 February 2026 (28 February 2025: £13.734m)
• Net Asset Value (NAV) per share of 85.50 pence as at 28 February 2026 (28 February 2025: 74.27 pence per share)
• Revenues of £0.424m (2025: £0.404m), comprising interest receivable, dividends received and fees
• Profit before tax of £2.130m for the six-month period (2025: loss of £1.434m)

 

Portfolio Highlights

• Investments revalued upwards by a net total of £2.302m, principally due to a valuation uplift in Bright Ascension Limited (‘Bright Ascension’ or ‘BAL’) but also reflecting further progress across the portfolio.
• Our investments in the rapidly growing Space sector, BAL and Craft Prospect Limited (‘Craft Prospect’ or ‘CPL’), now represent just over 40% of the Company’s NAV, following a recent funding round completed by BAL.

• Led a funding round of £1.5 million for Morris Commercial Limited (‘Morris Commercial’ or ‘MCL’).
• The Company received the fifth and final annual tranche of consideration for the sale of its ‘A’ ordinary shares in The Homebuilding Centre (Holdings) Limited (‘HBC’). The total consideration for the five payments amounted to £0.465m in cash, a substantial premium to the agreed minimum consideration of £0.250m, reflecting successful consistent trading at HBC.
• Working capital debt funding of £0.394m provided to 3 investee companies with repayments of £0.436m received from 4 investee companies.
• Investment portfolio at the period end comprised 16 unquoted EOBs (29 February 2025: 16).

 

Chief Executive’s Statement

There were several positive developments across the Company’s portfolio during the six months ended 28 February 2026 and this has enabled the Directors to increase the value attributable to a number of the Company’s investments. In particular, Bright Ascension completed the first part of a planned funding round at a significant premium to C4C’s previously recorded valuation. BAL is now the largest holding by value in the Company’s portfolio.

 

We continue to be excited about the outlook for our investments in the Space sector on the back of the rapid growth in spending on cyber-security, communications and defence.  We anticipate that BAL and CPL will both perform well in coming months and, against a challenging background for the UK economy, we believe that our exposure to the Space sector will balance any downside risk from the domestic facing businesses in the portfolio. Further information on our two Space investments is provided below.

 

C4C invested a further £0.500m in MCL alongside the majority shareholder, Qu Li (MCL’s Chief Executive Officer), and another existing investor, both of whom are also investing £0.500m. The proceeds of this investment round will be used by Morris Commercial for final engineering optimisation and vehicle validation. The funding round will also enable MCL to strengthen its partnerships with core suppliers and implement manufacturing and quality control systems. Morris Commercial expects that deliveries of the Morris JE van will commence in early 2027.

 

Space Sector Investments

As referred to above, C4C’s two investments in the Space sector now account for approximately 40% of the value of the Company’s portfolio. Reflecting their importance to the Company’s future performance, further information about these investee companies is set out below.

 

Bright Ascension Limited

Bright Ascension is a space software technology provider with operations in Edinburgh, Dundee and Bristol. The company provides specialised software products and services to a wide range of customers across the global space sector. In recent years, more than 60 satellites utilising BAL’s software and services have been successfully deployed to orbit for customers from several different countries.

 

BAL specialises in innovative model-based flight software, mission control software and tooling to support the assembly, integration, verification and operation of satellites as well as solutions addressing the wider problem of effectively and efficiently delivering valuable services from space.

 

As the industry scales toward massive constellations and complex orbital intelligence, BAL’s HELIX® platform addresses the high costs and inefficiencies caused by flight and ground systems operating in isolation. By providing a unified, end-to-end ecosystem—from onboard flight software to ground operations and downstream insights— HELIX® replaces outdated, disjointed processes with a seamless, 'building-block' architecture. At its core is a revolutionary model-driven approach: a single configuration change on the spacecraft is automatically reflected across the entire ground segment. This synchronization slashes data collection cycle times and eliminates the significant operational overhead typically required to keep systems in alignment.  

 

For BAL’s target market, the impact is transformative. HELIX® significantly reduces costs by removing the need for time-consuming manual reconfigurations and custom integration projects. By streamlining the flow of information from orbit to end-user, the HELIX® platform not only reduces costs, but fundamentally transforms BAL’s customers' competitiveness in data communications.  

 

Craft Prospect Limited

Craft Prospect is a Glasgow-based space engineering business, which specialises in delivering mission applications to small satellite projects. CPL is the prime contractor on OS2-VOLT, a pioneering circa €19 million satellite project sponsored by the European Space Agency to develop quantum key communications solutions from space.  This project will be a landmark achievement for Craft Prospect when the satellite and systems incorporating CPL’s technology go into orbit in 2027.

The skills, knowledge and technical pedigree endowed by delivering such a cutting-edge project will significantly bolster CPL’s commercial ambitions to build a growing services business to Tier 1 space OEMs, whilst also demonstrating its ability to build out novel products and services using quantum secure communications in space.

Craft Prospect’s management is building a healthy orderbook of near-term commercial revenues, whilst preparing for medium-term product and service sales which should drive higher operational gearing and profitability through the business into the 2030s.

CPL has a strong employee ownership culture, underscored by an Employee Ownership Trust, a Share Incentive Plan, and direct equity holdings for employees.

Financial Results

In the six months ended 28 February 2026, the Company generated income of £0.424m (2025: £0.404m), principally from interest and dividends receivable and fees associated with the management of our investments. The Net Asset Value increased by 17.4% during the period (2025: decrease of 9.45%) and the Company had net assets of £15.702m (2025: £13.734m) as at 28 February 2026.

 

We continue to promote the commercial and financial benefits of EOBs at every opportunity and are pleased to see increasing recognition of EOBs as important generators of equitable and dynamic growth.

 

Alistair Currie

Chief Executive

 

For further information, please visit www.capitalforcolleagues.com or contact:

 

CAPITAL FOR COLLEAGUES PLC Ed Jenkins, Chairman Alistair Currie, Chief Executive Lesley Watt, Chief Financial Officer	01782 940380
CAIRN FINANCIAL ADVISERS LLP Mark Anwyl James Western	020 7213 0880

 

 

PROFIT & LOSS ACCOUNT
	Unaudited 6 months to 28 February 2026 £’000	Unaudited 6 months to 28 February 2025 £’000	Audited  12 months to 31 August 2025 £’000
Revenue	424	404	1,040
Fair value gain/(loss) on investments	2,302	(413)	(599)
	2,726	(9)	453
Administrative expenses	(598)	(625)	(1,175)
Impairment of loan receivables	-	(419)	(586)
PROFIT/(LOSS) FROM ONGOING OPERATIONS	2,128	(1,053)	(1,320)
Finance Income	2	7	13
PROFIT/(LOSS) BEFORE TAXATION	2,130	(1,046)	(1,307)
Tax	-	-	-
PROFIT/(LOSS) FOR THE PERIOD	2,130	(1,046)	(1,307)
BALANCE SHEET
	As at	As at	As at
	28 February 2026	28 February 2025	31 August 2025
	£’000	£’000	£’000
ASSETS
Non-Current Assets
Intangible fixed assets	-	109	110
Property, plant & equipment	2	2	2
Investments held at fair value through profit or loss	8,944	9,984	9,176
Loans and receivables	6,256	3,462	2,423
	15,202	13,558	11,711
Current Assets
Trade and other receivables	246	328	1,076
Cash and cash equivalents	391	506	823
	637	834	1,899
TOTAL ASSETS	15,839	14,392	13,610
EQUITY AND LIABILTIES
Equity
Called up share capital	7,397	7,397	7,397
Share premium	1,810	1,810	1,810
Retained profits	6,495	4,527	4,266
Total Equity	15,702	13,734	13,473
Current Liabilities
Trade and other payables	137	658	137
TOTAL EQUITY AND LIABILITIES	15,839	14,392	13,610

The interim results have not been reviewed by the Company's auditors.

 

The Directors of the Company are responsible for the contents of this announcement.

 

Capital for Colleagues

Capital for Colleagues is an investment company focused on the UK EOB sector. The Company has a proven management team, with a wide network of contacts and affiliates, as well as established access to investment opportunities, enabling the Company to execute its strategy and capitalise on EOB-focused investment opportunities. In addition, the Company educates and assists companies that are looking to launch employee ownership schemes, advising them, amongst other things, on how to secure investment and achieve their objectives.

 

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018).