General information

PACSCo Limited ('PACSCo' or the 'Company') is a non-cellular company limited by shares incorporated and domiciled in Guernsey, Channel Islands. The address of its registered office is 2nd Floor, Lefebvre Place, Lefebvre Street, St Peter Port, St Pierre du Bois, GY1 2JP, Guernsey.

The Company's Ordinary Shares are quoted on the AIM Market of the London Stock Exchange ('AIM').

The unaudited condensed consolidated financial statements have been prepared in United States Dollars ('US$' or 'US$') as this is the currency of the primary economic environment in which the Group operates.

1.            Basis of preparation

The condensed consolidated financial statements of the Group for the 6 months ended 30 September 2025 (the 'H1-2026 financial statements'), which are unaudited and have not been reviewed by the Company's Auditor, have been prepared in accordance with the International Financial Reporting Standards ('IFRS'). The accounting policies adopted by the Group are set out in the annual report for the year ended 31 March 2025 (available at www.PACSCo-ltd.com). The Group does not anticipate any significant change in these accounting policies for the year ended 31 March 2026.

This interim report has been prepared to comply with the requirements of the AIM Rules of the London Stock Exchange (the 'AIM Rules'). In preparing this report, the Group has adopted the guidance in the AIM Rules for interim accounts which do not require that the interim condensed consolidated financial statements are prepared in accordance with IAS 34, 'Interim financial reporting'. Whilst the financial figures included in this report have been computed in accordance with IFRSs applicable to interim periods, this report does not contain sufficient information to constitute an interim financial report as that term is defined in IFRSs.

The financial information contained in this report also does not constitute statutory accounts under the Companies (Guernsey) Law 2008, as amended. The financial information for the year ended 31 March 2025 is based on the statutory accounts for the year then ended. The Auditors reported on those accounts. Their report was unqualified and referred to going concern as a key audit matter.

The H1-2026 financial statements have been prepared in accordance with the IFRS principles applicable to a going concern, which contemplate the realisation of assets and liquidation of liabilities during the normal course of operations. Having carried out a going concern review in preparing the H1-2026 financial statements, the Directors have concluded that there is a reasonable basis to adopt the going concern principle.

2.            Segment information

As the operating businesses were disposed of on 31 March 2025, the Mozambique Agricultural Businesses have been deemed to be one operating segment and disclosed as discontinued activities in the comparatives.

3.      NET FINANCE COSTS

4.            DiSCONTINUED ACTIVITIES

On 31 March 2025, shareholders approved the disposal of the Company's Mozambique Agricultural Businesses to Chepstow. Following the transfer of control to Chepstow on 31 March 2025, these businesses were deconsolidated and their activities disclosed as discontinued activities.  The comparatives have been adjusted accordingly. The consideration received was the waiver of shareholder loans and other liabilities to Chepstow amounting to $15,281,000. The book value of the net assets disposed of amounted to $25,648,000.

5.      LOSS per share