Half Year Results to 30 April 2026

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018). With the publication of this announcement, this information is now considered to be in the public domain.

 

29 July 2026

 

Everest Global plc

("Everest" or the "Company")

 

Unaudited interim results for the six months ended 30 April 2026

 

The Board of Everest is pleased to announce its unaudited results for the six months ended 30 April 2026.

 

Chief Executive Officer's report

 

I present the unaudited interim results of Everest Global Plc ("Everest" or the "Company") for the six-month period ended 30 April 2026. This has been a period of significant strategic investment, balance sheet repositioning, and operational development as we lay the groundwork for the next phase of the Company's evolution. Our core retail operations have continued to trade, and the Board has been actively progressing a number of material growth initiatives which I describe below. The financial results for the period reflect a step forward to increase our revenues which will help to cover the future costs of being a listed company. The costs have increased whilst building a platform, and the Board is satisfied that the foundations now in place provide a credible basis for the delivery of shareholder value over the medium term.

 

Financial Review

 

The financial results for the period reflect a business that is growing and looking at future opportunities for revenue growth. The Board is realistic about where we are on the path to long term profitability, we are confident that we are on the right path. At the same time, the funding position has been materially strengthened, working capital has been deployed into inventory and receivables ahead of anticipated revenue expansion, and the Group enters the second half of the year with a meaningful cash position. The key metrics are reviewed below.

 

·    Revenue: Group revenue for the period was £561,169 (H1 2025: £270,251), representing a year-on-year increase of 108%. The Board acknowledges that revenue growth is strong in the current period and the increase is mainly due to the inclusion of revenue from Ace Jumbo Ventures Ltd, in which we increased our interest from 33% to 100% during the period. The annualised revenue run-rate of approximately c£1m compares to full-year FY2025 revenue of £566,755. Delivering genuine top-line growth - through additional retail locations, expanded distribution channels, and new product lines - remains the primary commercial imperative for the second half of the year.

 

·    Gross Profit and Operating Performance: Gross profit for the period was £351,030 (H1 2025: £86,983), representing a gross margin of approximately 62.6%. The year-on-year increase in gross profit reflects the shift in sales mix. Administrative expenses increased significantly to £732,828 for the period (H1 2025: £312,929), an increase of £419,899 or 134%. Administrative expenses represent a percentage of revenue of 131% compared to H1 2025 of 116%, it is the Board's opinion this was expected given the growth of revenue and we will look to bring this down as revenues grow. This uplift reflects the additional people, professional adviser, and regulatory costs associated with the Group's expansion and corporate development activities. The Board considers a meaningful proportion of these costs to be non-recurring or investment in nature, but shareholders should be aware that, at current revenue levels, the overhead base is not sustainable without either material revenue growth or continued external funding. The operating loss for the period was £380,773 (H1 2025: £220,446), and the loss before tax was £552,981 (H1 2025: £75,617 profit), reflecting net finance costs of £172,208 after £8,815 of finance income (H1 2025: net finance income of £296,063 driven by treasury returns that are not expected to recur at that scale). The swing from profit to loss compared to the prior interim period is primarily attributable to the combination of higher administrative expenditure and the absence of the exceptional finance income that benefited the prior period.

 

·    Balance Sheet Position: Total assets at 30 April 2026 were £3,641,804 (31 October 2025: £2,417,503), an increase of £1,224,301 over the period. This growth is concentrated in current assets: inventories increased materially to £535,166 (October 2025: £53,533) reflecting a significant build in stock ahead of anticipated trading volume, and trade and other receivables rose to £686,643 (October 2025: £529,328). Cash and cash equivalents stood at £1,410,371 (October 2025: £1,063,463), maintained at a healthy level following the £1.5 million CLN drawdown in the period. The Group's non-current assets of £1,009,624 include goodwill of £948,386 (following the £379,127 impairment recognised in the full year FY2025 accounts), right-of-use assets of £148,168 and property, plant and equipment of £60,963. On the liabilities side, the Group carries total convertible loan note obligations of £4,184,059 in non-current liabilities, with the maturity extension agreed in February 2026 having reclassified the majority of the CLN book to long-dated. Total equity at the period end was a deficit of £1,537,495 (October 2025: deficit of £971,464), reflecting the accumulated losses of £6,942,164. The Board is cognisant that the equity deficit position is a constraint that will need to be addressed, and that the path to a positive net asset position requires a combination of profitable trading and, potentially, further equity capital. The Surich SPC remains the Group's principal funding partner, with aggregate CLN principal outstanding of £3.25 million plus approximately £165,000 of additional advances.

 

·    Strategic investments: During the period under review, the Company took full financial control of Ace Jumbo Ventures Ltd and its wholly owned subsidiaries Giga (Hong Kong) Ltd and Everest (Hong Kong) Securities Limited. Historically the companies were accounted for as associates. Despite the purchase consideration (US$60,000) not yet being paid the Company now has full control of the entities and as such they are being consolidated effective 1 November 2025. As announced previously on 9 April 2024, the purpose of the Company's investment was to help facilitate future fundraisings to be undertaken by the Company from investors based in Hong Kong.  As and when the Company requires further capital it will do so using the licences held of Giga (Hong Kong) Limited - the provision of advice on securities (Type 4 Licence) and a licence to carry out asset management related regulated activities (Type 9 Licence) under the Securities and Futures Ordinance in Hong Kong. Although the business generates operating income as well as interest income, the directors do not see material changes in the level of income over the short term. The results for the period therefore encompass the 6 months of trading of both of these companies.

 

Operational Review

 

Our flagship London retail store, which commenced operations in January 2025, traded through the full six-month period and contributed positively at the gross profit level. The store's performance has validated the operational model and demonstrated the viability of a premium bricks-and-mortar retail format in the London market. However, the Board acknowledges that a single retail location generating revenues of approximately £268,000 per half-year is not of itself sufficient to carry the current cost structure of a listed company. The strategic value of this operation lies in its role as a proof-of-concept for a broader rollout, and the Board is actively working to bring additional revenue-generating operations online.

 

The Group has extended its product portfolio during the period, adding premium cigar distribution and cigar lounge operations alongside the existing premium beverage retail business. The significant inventory build to £535,166 at period end - up from £53,533 at October 2025 - reflects stocking ahead of anticipated trading activity across these expanded categories. The Board is monitoring sell-through rates and working capital efficiency carefully, as the carrying cost of elevated inventory levels must be matched by corresponding revenue generation in the second half of the year. Key performance metrics including like-for-like sales growth, gross margin by category, and inventory turnover are reviewed at each Board meeting.

 

Funding and Capital Structure

 

The Board has prioritised putting in place a funding structure that provides sufficient runway to execute on the Group's strategic ambitions while managing the near-term cash demands of a business operating at a loss.

 

·    New Convertible Loan Note Issuance: During the period, the Company issued £1.5 million of new CLNs, the proceeds of which have been deployed into working capital and the inventory build described above. The Group closed the period with cash of £1,183,364, which the Board considers adequate to support operations and the pursuit of near-term growth initiatives. Shareholders should note that the net cash inflow from financing activities of £1,496,854 was the principal driver of the period's cash position, and that operating activities consumed £1,367,411 in cash - a reflection of both the operating loss and the significant working capital investment made during the period.

 

·    CLN Maturity Extension: In February 2026, the Company agreed an extension of the maturity date of £552,163 of existing CLNs to 31 March 2028. This amendment removes near-term repayment pressure and is a constructive outcome for the Group's liquidity management. The total CLN book, predominantly held by Surich Real Estate Opportunity Fund SPC, now stands at £4,184,059 in the non-current liabilities, with maturity profiles extended to avoid short-term concentration risk.

 

·    Finance Costs and Income: Finance costs in the period were £181,023, reflecting the interest charge on the substantial CLN book. Finance income of £8,800 was generated from treasury management of the Group's cash resources. The Board draws shareholders' attention to the contrast with H1 2025, when finance income of £431,935 was recognised. That prior-period income was materially enhanced by treasury returns that were exceptional in nature; the current period's finance income of £8,800 is a more representative underlying figure. The net finance cost of £172,223 in the period is a material drag on profitability and underscores the importance of growing the revenue base to generate returns commensurate with the cost of the Group's capital.

 

Outlook

 

The Board's focus for the remainder of the 2026 fiscal year is to transition the Group from a platform-building phase into one of demonstrable revenue growth and, ultimately, improving profitability. We are pursuing a number of initiatives in parallel, and I set out below the areas where the Board's attention is most concentrated.

 

Retail Expansion: The Group is actively reviewing opportunities to open additional premium retail locations in London, with a focus on sites that complement the existing store and can benefit from shared procurement, brand positioning, and operational infrastructure. The Board's intention is to identify and progress at least one further location during the current financial year, subject to securing appropriate terms and funding.

 

Cigar Lounge and Distribution: The integration of cigar distribution and lounge operations into the Group's product ecosystem is at an early stage but shows genuine commercial promise. The Board sees this as a natural adjacency to the premium beverage business, targeting the same high-net-worth consumer demographic and offering attractive margins. Further investment in this vertical is under active consideration.

 

Acquisition Pipeline: The Board continues to review potential acquisition opportunities in the premium food, beverage, and lifestyle sectors across the UK and continental Europe. Our criteria focus on businesses that are earnings-accretive, operationally compatible with the existing platform, and available at valuations that represent fair value to shareholders. Shareholders should note that any transaction of sufficient scale would require separate shareholder approval and, potentially, re-admission to the Official List under the FCA's Listing Rules.

 

Cost Discipline: The Board has begun a review of the Group's administrative cost base with a view to identifying expenditure that is not directly linked to revenue growth or regulatory compliance. While some of the cost increase in the period is investment-related and we expect it to diminish as a proportion of revenue over time, the Board is not complacent about the absolute level of overhead, and will take action to reduce costs where this can be achieved without compromising the Group's strategic objectives.

 

Wealth management: As has previously been disclosed, the wholly owned subsidiaries based in Hong Kong are performing an important role in finding future liquidity and funding for acquisitions while undertaking their primary business of performing wealth management and asset management. We see this as a side effect of the need to obtain funds for future acquisitions and not the primary business in which the group finds itself. We do not expect a marked change in their current operations in the short term and expect a neutral contribution to the Group over the short term.

 

The Board is under no illusion that there is material work still to be done to deliver a business that is profitable and self-sustaining. The results for this period reflect the costs of building for the future, and the Board is confident that the strategic direction is the right one. However, we recognise that confidence must be validated by results, and we are focused on delivering demonstrable progress in the months ahead. I thank our shareholders for their patience and continued support, and our team for their considerable efforts during a demanding period of development.

 

 

Xin (Andy) Sui

Chief Executive Officer

 

 

The unaudited interim report for the 6 months ended 30 April 2026 is available on the Company's website at:  www.everestglobalplc.com  and in hard copy form at the Company's registered office at The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW

It will also shortly be available for inspection at: www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism. 

 

For further information please contact:

 

Everest Global plc
Andy Sui, Chief Executive Officer Rob Scott, Non-Executive Director	+44 (0) 776 775 1787 +27 (0)84 6006 001
SPARK Advisory Partners Limited (Financial Adviser)
Andrew Emmott	+44 (0) 20 3368 3550

 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

 

Principal risks and uncertainties for the remaining 6 months of the financial year

The Directors consider the following risk factors to be of relevance to the Group's activities for the remaining 6 months of the financial year. It should be noted that the list is not exhaustive and that other risk factors not presently known or currently deemed immaterial may apply.

 

Risk Management Approach: The Company continually identifies, assesses, and prioritises risks affecting its goals. Internal controls are designed to mitigate, transfer, or avoid exposures, and the Directors periodically evaluate their efficiency against changing market dynamics.

                                                                               

i.              Funding & Acquisition Capital Limits

The Company intends to seek further expansion opportunities within the beverage distribution and production sectors in the UK and continental Europe. While targets have not been formally finalised, additional capital will be required to execute future investments, and predicting the exact funding volume remains conditional on market opportunities.

       

ii.             Ownership and Reverse Takeover ("RTO") Compliance

If a substantial transaction was undertaken, this may constitute a Reverse Takeover under the FCA's Listing Rules. In an RTO event, the Company will seek re-admission to the FCA's Official List and must comply with prevailing minimum market capitalisation threshold of £30,000,000. Failure to fulfil structural eligibility would require alternative target identification or transition to secondary public/private trading options.

 

iii.            Supply Chain Continuity

The beverage and premium product infrastructure relies heavily on prompt logistical execution and consistent transport parameters. Weather anomalies, labour shortages, and international sourcing disruptions present continuous volatility risks that could affect local execution lines.

                       

iv.            Product Quality and Brand Integrity

Maintaining consistent quality standards remains essential to secure retail customer loyalty. Discrepancies in product portfolios heavily impact downstream retail footprints and overall customer goodwill.

 

v.             Evolving Consumer Preferences

Success remains tied to adjusting brand investment metrics to mirror changing consumer behaviour trends, health priorities, and dietary transformations. Failure to adapt lines dynamically minimizes overall commercial velocity.

 

vi.           Competitive Landscape

The premium food, beverage, and lifestyle sectors remain highly competitive with structurally dynamic entry barriers. Established operators and agile localized brands demand constant market differentiation.

                       

                                                                               

The Company continually identifies the risks that could affect its goals and operations. It assesses the likelihood and impact of each risk and prioritises them accordingly.                                                                      

                                                                               

Internal controls are designed and implemented to mitigate or reduce the risks, or transfer or avoid them if possible. The Directors monitor and evaluate the effectiveness and efficiency of the internal controls and identify any gaps or weaknesses as well as review and update the internal controls periodically, or when there are significant changes in the business environment or objectives.                                                                     

                                                                               

                                                                                                                                               

Responsibility statement

The Directors, being Xin (Andy) Sui (Chief Executive Officer), Robert Scott (Non-Executive Director), Simon Grant-Rennick (Non-Executive Director) and Feng Chen (Non-Executive Director), all of 7^th Floor The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW, accept responsibility for the information contained in this set of interim results for the six-month period ended 30 April 2026.

 

To the best of the knowledge of the Directors:

                                                                               

·    The condensed set of financial statements are prepared in accordance with the applicable set of accounting standards (with IAS 34 'Interim Financial Reporting' as contained in UK-adopted IFRS), give a true and fair view of the assets, liabilities, financial position, comprehensive income and operational performance of Everest Global Plc and the undertakings included in the consolidation taken as a whole;

 

·    The interim management report, titled 'Chief Executive Officer's report' includes an indication of important events that have occurred during the first six months of the financial year, and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and                                                           

 

·    For the six-month period ended 30 April 2026, the directors include a fair review of the information required as part of the FCA's Disclosure Guidance and Transparency Rules under section 4.2.7 and 4.2.8:

 

o  an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

 

o  material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.

                                                               

               

Everest Global plc acknowledges that it is responsible for all information drawn up and made public in this set of interim results for the period ended 30 April 2026.          

 

 

Signed on behalf of the board of directors

 

                               

                                                                               

Xin (Andy) Sui                                                                   

Chief Executive Officer                                                                 

                                                               

 

 

 

 

Interim condensed consolidated statement of comprehensive income

 

			6 months ended		Year ended		6 months ended
			30 April		31 October		30 April
			2026		2025		2025
			(unaudited)		(audited)		(unaudited)
		Notes	£		£		£
Revenue		3	561,169		566,755		270,251
Cost of sales			(210,139)		(395,393)		(183,268)
Gross profit			351,030		171,362		86,983
Other income			1,025		11,491		5,500
Administrative expenses			(732,828)		(888,813)		(312,929)
Impairment			-		(379,127)		-
Operating loss			(380,773)		(1,085,087)		(220,446)
Finance costs			(181,023)		(223,517)		(135,872)
Finance income			8,815		203,325		431,935
Profit/(loss) before tax from continuing operations			(552,981)		(1,105,279)		75,617
Tax on profit/(loss) on ordinary activities			-		-		-
Profit/(loss) for the year from all operations			(552,981)		(1,105,279)		75,617
Profit attributable to ordinary shareholders			(552,981)		(1,105,279)		75,617
Exchange differences on translating foreign operations			(33,958)		33,958		-
Total comprehensive profit attributable to ordinary shareholders			(586,939)		(1,071,321)		75,617
Basic earnings per share - in pence		5	(0.71)		(1.43)		0.10
Diluted earnings per share - in pence		5	(0.71)		(1.43)		0.10