2025 Final Results

About this update from Chesterfield Special Cylinders Holdings Plc

[{"type":"text","content":"\n \n 18 December 2025 \n   \n   \n   \n   \n Chesterfield Special Cylinders Holdings plc \n   \n (\"CSC \" or the \"Company\") \n   \n 2025 Full-Year Results \n   \n Chesterfield Special Cylinders Holdings plc (AIM: CSC) is pleased to announce its audited results for the 52 weeks to 27 September 2025 (\"FY25\"). \n   \n The Annual Report and Financial Statements will be published on the Company's website today. \n Financial results \n \n \n \n \n ●      \n \n \n Revenue increased 12% to £16.6 million (2024: £14.8 million) \n \n \n \n \n ●      \n \n \n Gross profit up 22% to £6.4 million at 39% margin (2024: £4.9 million at 33% margin) \n \n \n \n \n ●      \n \n \n Adjusted EBITDA 1 profit of £0.8 million (2024: Adjusted EBITDA loss of £0.9 million) \n \n \n \n \n ●      \n \n \n Adjusted operating profit 2 of £43,000 (2024: Adjusted loss of £1.7 million) \n \n \n \n \n ●      \n \n \n Reported loss before tax of £0.8 million (2024: loss of £2.7 million) \n \n \n \n \n ●      \n \n \n Reported basic loss per share of 1.6p (2024: loss per share of 6.1p); Adjusted basic loss per share 3 of 0.0p (2024: loss per share of 4.7p) \n \n \n \n \n ●      \n \n \n Cash balance of £2.1 million (2024: £0.1 million) \n \n \n \n \n ●      \n \n \n Nil borrowings (2024: £1.0 million).  Asset finance lease liabilities and right of use asset lease liabilities of £0.3 million (2024: £0.5 million) \n \n \n \n \n 1  Adjusted EBITDA is earnings / loss before interest, tax, depreciation, amortisation and other exceptional costs \n 2  Adjusted operating profit / loss is operating profit/loss before amortisation and other exceptional costs \n 3 Adjusted basic earnings / loss per share is reported earnings per share before amortisation and other exceptional costs \n \n \n \n \n Highlights \n \n \n \n \n ●      \n \n \n Significantly improved full-year revenue of £16.6 million (2024: £14.8 million) reflected strong growth from overseas defence and UK hydrogen contracts and from lifecycle services \n \n \n \n \n ●      \n \n \n Adjusted EBITDA of £0.8 million (2024: Adjusted EBITDA loss of £0.9 million) after central costs of £0.8 million (2024: £1.7 million), well ahead of market expectations \n \n \n \n \n ●      \n \n \n Proceeds from the sale of the PMC division in October 2024 strengthened the Company's balance sheet and supported a significantly improved year-end net cash position of £2.1 million (2024: £0.1 million) \n \n \n \n \n ●      \n \n \n Strong order intake during FY25 of £23.4 million (2024: £13.1 million) underpinned an order book of £16.3 million at the end of the period (2024: £9.5 million) \n \n \n \n \n ●      \n \n \n Defence revenue increased by 15% to £12.8 million (2024: £11.1 million), reflecting strong growth from overseas contracts secured in the first half of the year and from UK Integrity Management services \n \n \n \n \n ●      \n \n \n Hydrogen revenue of £2.6 million (2024: £1.7 million) was the highest on record and reflected in-factory lifecycle services and initial milestones for the strategically significant bp Aberdeen Hydrogen Hub contract \n \n \n \n \n ●      \n \n \n Record revenue in Integrity Management services of £4.8 million (2024: £2.4 million) reflected a peak in activity on major UK naval deployments throughout the year \n \n \n \n \n Strategy \n   \n \n \n \n \n ●      \n \n \n Good progress made towards 2028 targets with strategically significant contracts secured in defence and hydrogen markets and record growth in Integrity Management services \n \n \n \n \n ●      \n \n \n The defence outlook for FY26 is underpinned by overseas defence contracts secured in FY24 and FY25 for submarine and surface ship programmes for the Royal Australian, Royal Canadian, US and Spanish navies \n \n \n \n \n ●      \n \n \n CSC remains well positioned to secure strategically important defence contracts over the longer term underpinning a strong outlook for newbuild programmes in the UK and overseas from FY27 and beyond \n \n \n \n \n ●      \n \n \n Potential contracts under UK HAR programmes drive expected revenue growth in FY26 ramping up strongly from FY27 for both static storage and transportable solutions \n \n \n \n \n ●      \n \n \n Cooperation agreement with leading Type 4 composite cylinder manufacturer will enable growth from the supply of lightweight hydrogen road trailers to meet UK growing demand from FY27 \n \n \n \n \n ●      \n \n \n The longer-term outlook for Integrity Management services remains strong, covering the in-situ lifecycle support and recertification of safety-critical pressure systems, including future UK naval deployments \n \n \n \n \n ●      \n \n \n Discussions with several overseas navies regarding Integrity Management services for their existing surface ship and submarine fleets, with European deployments expected during FY26 \n \n \n \n \n ●      \n \n \n Recent investment in skills and operational capability at the Sheffield facility are driving efficiency improvements and underpinning plans for revenue and margin growth to deliver mid-term targets to 2028 \n \n \n \n \n Outlook \n \n \n \n \n ●      \n \n \n Robust defence order book and significant opportunities in the UK hydrogen market underpin a positive outlook for significant earnings growth in FY26, with contract revenues weighted heavily towards the second half of the year \n \n \n \n \n ●      \n \n \n Further revenue and earnings growth is anticipated from FY27 onwards, driven by the expansion of UK and overseas defence newbuild programmes and the long-awaited rollout of large-scale UK hydrogen projects \n \n \n \n \n ●      \n \n \n With significantly improved financial performance, strengthened balance sheet and a clear strategic focus for the delivery of mid-term targets to 2028, the Board looks forward with confidence to the year ahead and is excited about the prospects for the Company over the medium to long term \n \n \n \n \n Chris Walters, Chief Executive of Chesterfield Special Cylinders Holdings plc, commented: \n \"We were pleased to deliver good strategic progress and significantly improved financial performance in FY25, with earnings ahead of market expectations, starting FY26 with a strong balance sheet and a positive outlook.\" \n   \n   \n   \n Additional Information \n The person responsible for arranging release of this announcement on behalf of the Company is Chris Walters, Chief Executive. \n For further information, please contact: \n \n \n \n \n Chesterfield Special Cylinders Holdings plc \n Chris Walters, Chief Executive \n \n \n Tel: 0333 015 0710 \n [email protected] \n \n \n \n \n Singer Capital Markets (Nomad and Broker) \n Rick Thompson / Asha Chotai \n \n \n Tel: 0207 496 3000 \n \n \n \n \n COMPANY DESCRIPTION \n www.csc-holdings.com and www.chesterfieldcylinders.com \n Chesterfield Special Cylinders is a world-leading designer and manufacturer of high-pressure gas storage and transportation systems, used principally in safety-critical defence and hydrogen energy applications, and provides inspection, testing and recertification services throughout the system lifecycle. \n \n \n   \n Chair's statement \n Chesterfield Special Cylinders Holdings plc (the \"Company\") is the parent company of Chesterfield Special Cylinders Limited (\"CSC\"), which is recognised as a world-leading designer and manufacturer of high-pressure gas storage and transportation systems, used principally in safety-critical defence and hydrogen energy applications, and provides inspection, testing and recertification services throughout the system lifecycle. \n   \n This Annual Report covers the financial year ended 27 September 2025 (\"FY25\"), during which CSC made good progress towards its 2028 targets, first announced in February 2025, securing strategically significant contracts from key hydrogen and overseas defence customers and record growth from Integrity Management services. \n   \n The consolidated financial performance from continuing operations was significantly improved over FY24, with a strong second half contributing to full-year revenue of £16.6 million (2024: £14.8 million) and Adjusted EBITDA * after central costs, well ahead of market expectations at £0.8 million (2024: Adjusted EBITDA loss of £0.9 million). The loss after tax for the period was materially lower at £0.6 million (2024: £2.3 million loss). \n   \n Proceeds from the sale of the Precision Machined Components (\"PMC\") division in October 2024 strengthened the balance sheet and supported a significantly improved year-end net cash position of £2.1 million (2024: £0.1 million), while providing future working capital flexibility. Following the sale of PMC, there is a clear focus on the development and success of CSC and the realisation of growth opportunities in defence and hydrogen energy markets and in Integrity Management lifecycle services. \n   \n Strong order intake during FY25 of £23.4 million (2024: £13.1 million) underpinned an order book of £16.3 million at the end of the period (2024: £9.5 million). \n   \n * Adjusted EBITDA is defined as earnings / loss before interest, tax, depreciation, amortisation and exceptional costs. \n Defence \n CSC continues to focus on the delivery of the existing order book for UK and overseas defence customers and remains well positioned for further growth in these markets over the medium term. \n   \n Defence revenue increased by 15% to £12.8 million (2024: £11.1 million), reflecting strong growth from overseas contracts secured during the first half of the year and record performance from UK Integrity Management deployments, together offsetting reduced revenue from UK naval newbuild programmes nearing completion. \n   \n The defence outlook for FY26 is underpinned by overseas defence contracts secured in FY24 and FY25 for submarine and surface ship programmes for the Royal Australian, Royal Canadian, US and Spanish navies. Further overseas defence contract awards are expected in Q1 2026. \n   \n Over the longer term, the backdrop of geopolitical tensions and the well-documented increasing global defence budgets underpin a strong outlook for newbuild programmes in the UK and overseas. These include initial milestones for the SSN-A (AUKUS) Astute submarine replacement programme expected from FY27, future opportunities in the US submarine programme from FY28 and wider overseas surface ship and submarine newbuild opportunities. CSC remains well positioned to secure these strategically important defence contracts. \n Hydrogen \n Hydrogen revenue of £2.6 million (2024: £1.7 million) was the highest on record and reflects in-factory lifecycle services for static storage and road trailers and initial milestones for the bp Aberdeen Hydrogen Hub contract, secured in the first half of the year. \n   \n The delayed rollout of UK government funded hydrogen projects has been frustrating for developers and the wider supply chain. However, in April 2025, the UK government reaffirmed its commitment to support domestic green hydrogen production growth through the Hydrogen Allocation Rounds (HAR). Overall, ten HAR1 projects have been approved by the government and a shortlist of 27 HAR2 projects has also been announced. CSC is actively engaged and strongly positioned with key developers regarding storage and transport systems for HAR1 and HAR2 newbuild contracts, which are expected to be operational between 2026 and 2029. These potential contracts are expected to drive newbuild revenue growth from HAR1 during FY26, ramping up strongly with HAR2 from FY27. \n   \n One major contract award under HAR1 that was previously expected in Q4 2025 is now expected in Q1 2026 and we expect our first HAR2 contract awards within FY26 for delivery during FY27. \n   \n The anticipated growth in green hydrogen production and offtake from HAR and privately funded projects is driving fleet expansion plans for hydrogen road trailers in the UK. CSC has signed a cooperation agreement with a leading European Type 4 composite cylinder manufacturer, enabling the integration and supply of advanced lightweight modular hydrogen storage systems and road trailers to meet this growing UK demand from FY27. \n Integrity Management services \n Record revenue in Integrity Management of £4.8 million (2024: £2.4 million) reflects a peak in activity on major UK naval deployments throughout the year. \n The longer-term outlook for Integrity Management services remains strong, covering the in-situ lifecycle support and recertification of safety-critical pressure systems, including future UK naval deployments. CSC is in discussions with several overseas navies regarding Integrity Management services for their existing surface ship and submarine fleets, with European deployments expected during FY26. \n Strategy \n Our strategy and mid-term targets to 2028 were set out in the 2024 Annual Report as follows: \n ·      Deliver revenue over £30 million \n ·      Double high-value overseas defence sales to underpin a 40% increase in overall defence sector revenue \n ·      Grow hydrogen sales to 30% of total revenue, through newbuild static storage and trailer projects \n ·      Double Integrity Management service sales through growth in existing UK and new overseas markets \n ·      Maintain 30% of revenue from high-value lifecycle support services, including in-situ Integrity Management and factory-based retesting and recertification \n ·      Deliver sustainable Adjusted EBITDA margins above 15% before central costs \n Good strategic progress was made during FY25, as follows: \n ·      Divest non-core PMC division \n o  PMC sale proceeds used to strengthen the balance sheet and provide working capital flexibility. No further cash consideration is expected in relation to the sale of PMC \n ·      Defence \n o  Overseas defence contracts secured for the Royal Australian, Royal Canadian and Spanish navies, underpinning the defence order book for FY26 and beyond \n o  Qualification contract secured to supply US submarine newbuild programme progressing well, with initial product delivery expected in Q1 2027 \n ·      Hydrogen \n o  Highest revenue performance on record for hydrogen projects \n o  Contract secured to supply large-scale storage to bp Aberdeen City hydrogen hub \n o  Positioning for FY26 contract awards across UK HAR1 and HAR2 programmes \n o  Type 1 steel and Type 4 composite road trailer products launched in the UK market \n o  French refuelling station project secured, delivery in FY26 \n ·      Lifecycle Services \n o  Highest revenue performance on record for UK Integrity Management naval deployments \n o  Advanced discussions with European navies and their prime contractors, orders expected in FY26 \n Outlook \n A robust defence order book and significant opportunities in the UK hydrogen market underpin a positive outlook for significant earnings growth in FY26, with contract revenues weighted heavily towards the second half of the year. Further strong revenue growth is anticipated from FY27 onwards, driven by the expansion of UK and overseas defence newbuild programmes and from the rollout of large-scale hydrogen production through UK HAR projects. \n   \n With significantly improved financial performance, strengthened balance sheet and a clear strategic focus for the delivery of mid-term targets to 2028, the Board looks forward with confidence to the year ahead and is excited about the prospects for CSC over the medium to long term. \n   \n   \n Nick Salmon \n Chair \n \n \n   \n Strategic report \n Overview \n Chesterfield Special Cylinders (\"CSC\") is a world-leading designer and manufacturer of high-pressure gas storage and transportation systems, used in safety-critical applications across defence, hydrogen, energy and industrial markets. CSC is one of only five companies globally that can compete for ultra large cylinder contracts to meet the demanding safety and performance standards specified for these industries. As a trusted OEM, CSC also provides mandatory inspection, testing and recertification services throughout the system lifecycle. \n CSC's high-pressure cylinders and storage packages are mission-critical components in many end user applications, including several high-pressure systems on naval submarines and surface vessels, safety systems on fighter jets, hydrogen storage and transportation for refuelling and energy supply, air pressure vessels in offshore motion compensation systems, breathing air systems on dive support vessels and bulk storage and transportation of industrial gases, including road trailers. \n Lifecycle services are a growing part of the CSC business. In-factory inspection, testing and reconditioning services extend the life of bulk gas storage systems and road trailers to meet demanding safety standards and mandatory recertification requirements. Where systems cannot be removed for period maintenance, CSC's in-situ Integrity Management services minimise operational disruption and increase system availability, while enabling mandatory recertification. Together, these lifecycle services have been built on CSC's unrivalled industry knowledge and OEM experience. \n All product design, manufacturing and in-factory recertification work is undertaken at CSC's facility in Sheffield, UK. In-situ Integrity Management teams deploy to projects in the UK and overseas, working onshore and offshore. \n Purpose, vision and strategy \n Our purpose, vision and strategy are focused on the development and growth of CSC through the supply of safety-critical pressure systems and lifecycle services, principally across defence and hydrogen energy markets. \n Building on our proud 120-year heritage, we will continually develop and grow our brand and reputation through product quality and customer service, underpinned by the motivation and commitment of our skilled, engaged and empowered workforce. \n Purpose \n Our purpose is the design, manufacture and lifecycle support of systems that deliver value for customers in demanding, safety-critical environments where the consequences of system failure could be catastrophic. This purpose addresses three key areas: \n Safety \n o  Meeting demanding international standards for system design and manufacture, enabling customers to meet their safety responsibilities \n Performance \n o  Innovative and cost-effective designs, delivered on time, enabling customers and end users to meet their operational goals \n Assurance \n o  Lifecycle support to maximise operational availability and maintain compliance with mandatory safety requirements through life \n Vision \n Our vision is to create value for customers, shareholders and other stakeholders through the development and growth of CSC as a world-leading supplier of gas storage and transportation systems and lifecycle services. \n This vision was first set out in the 2024 Annual Report in the form of mid-term targets to 2028 across six key areas against a 2024 baseline. These six targets are reconfirmed as follows: \n   \n \n \n \n \n Deliver revenue \n >£30m \n \n \n Double high-value overseas defence revenue \n \n \n Grow hydrogen sales to \n 30% of total revenue \n \n \n \n \n Double \n Integrity Management revenue \n \n \n Maintain 30% of revenue from \n lifecycle services \n \n \n Adjusted EBITDA margin \n >15% before central cost \n \n \n \n \n   \n Strategy \n Our strategy is focused on the development and success of CSC and the realisation of growth opportunities for our products and services, principally in defence and hydrogen energy markets. The current environment and outlook for CSC in principal markets underpin the strategy as follows: \n Defence \n o  Trusted supplier of safety-critical pressure systems to navies and defence contractors worldwide \n o  Long-term newbuild programme visibility, with high-value contracts and irregular phasing \n o  Sole supplier to UK and EU newbuild programmes for domestic and export programmes \n o  Sole supplier of system revalidation services for the UK fleet, with opportunities emerging overseas \n Hydrogen \n o  World-leading reputation for the supply and lifecycle support of storage and transportation systems \n o  Emerging market with long-term growth outlook \n o  Strong UK government funding commitment to hydrogen clean energy projects \n o  Established and growing customer base in road trailer periodic inspection and testing \n Lifecycle Services \n o  Unique in-situ Integrity Management and in-factory lifecycle support services, covering mandatory inspection, testing and recertification across defence, hydrogen and other safety-critical markets \n Our strategic objectives are measurable and relate directly to enabling and delivering the mid-term goals to 2028. The strategy and objectives were first presented in the 2024 Annual Report and have been updated below to reflect progress made during FY25 and to address changes in principal markets, new opportunities and risks. \n FY25 strategic progress \n Progress made against FY25 objectives as set out in the 2024 Annual Report: \n Sale of PMC \n o  Use proceeds to repay term loan and strengthen the balance sheet \n §  Loan repayment completed in October 2024 \n §  Stronger balance sheet, working capital flexibility \n Defence \n o  Qualify as critical supplier to major US defence contractor and position for new orders \n §  Qualification progressing well. Extended customer schedule for qualification is now early 2027, with first boat set order expected in 2027 and manufacturing from FY28 \n o  Drive stronger margins from UK and European defence contract milestones \n §  Strong defence contract margins delivered in FY25, supported by UK Integrity Management deployments \n Hydrogen \n o  Secure contracts to supply hydrogen storage to UK NZHF Strand 2, HAR1 and HAR2 projects \n §  UK NZHF Strand 2 project secured to supply bp Aberdeen City hydrogen hub \n §  UK HAR1 and HAR2 approved or shortlisted, but contracts delayed, expected in FY26 \n o  Launch hydrogen road trailer products and secure new orders from UK and European customers \n §  Type 1 steel and Type 4 composite hydrogen road trailer designs launched in UK market \n §  Several major enquiries in the pipeline for FY26 and FY27 order placement \n o  Develop European customer relationships to secure hydrogen refuelling station contracts \n §  Initial contract secured with French customer for refuelling station storage \n Lifecycle Services \n o  Invest in Integrity Management resources to support growth in UK and European markets \n §  Recruitment and training are progressing to support expected growth \n o  Secure new Integrity Management contracts for European defence customers \n §  In advanced discussions with three European navies and their prime contractors, orders expected in FY26 \n   \n FY26 strategic objectives \n Secure UK and overseas naval newbuild contracts, secure UK HAR1 hydrogen contracts, expand UK HAR2 opportunities pipeline, secure in-situ Integrity Management contracts for overseas naval customers \n Defence \n o  Deliver completion milestones for UK Dreadnought submarine newbuild programme \n o  Deliver manufacturing milestones for ongoing Australian, Canadian, Spanish and French submarine and surface ship newbuild programmes \n o  Secure UK SSN-A (AUKUS) newbuild contracts to strengthen the UK defence outlook from FY27 \n o  Secure Taiwanese and French-built export submarine newbuild contracts to grow overseas defence order book, deliver early manufacturing milestones \n o  Progress qualification to supply US submarine programme, completion in Q1 2027 \n Hydrogen \n o  Deliver UK NZHF Strand 2 large-scale storage to bp Aberdeen City Council \n o  Secure UK HAR1 large-scale storage system contract, delayed from FY25, and deliver initial contract milestones \n o  Secure UK HAR2 contracts, build opportunities pipeline for delivery from FY27 \n o  Secure Type 1 and Type 4 hydrogen road trailer orders for UK customers \n Lifecycle Services \n o  Secure and deliver Integrity Management deployments for UK naval fleet revalidation packages \n o  Secure Integrity Management contracts for Portuguese, Spanish and Swedish naval customers and further expand pipeline of overseas naval opportunities \n o  Secure 2026 road trailer fleet recertification contracts with gas majors \n   \n FY27-FY29 strategic objectives \n Accelerate growth in hydrogen and defence markets and in lifecycle services, drive profitability and cash generation \n Defence \n o  Conclude qualification to supply US submarine programme \n o  Secure first contract to supply US submarine programme, for delivery from FY28 and FY29 \n o  Deliver UK SSN-A contract milestones \n o  Secure UK and overseas contracts for submarine and surface ship newbuild programmes to underpin longer-term defence outlook \n Hydrogen \n o  Deliver final UK HAR1 contract milestones \n o  Secure and deliver UK HAR2 contracts through to FY29 \n o  Secure and deliver UK HAR3 contracts for delivery from FY29 \n o  Expand Type 1 and Type 4 hydrogen road trailer order book for UK customers, with deliveries expected from FY27 \n Lifecycle Services \n o  Expand high-value Integrity Management services for UK and overseas submarine and surface ship fleets \n o  Accelerate growth for in-situ and in-factory lifecycle services for the hydrogen energy market, based on the expanding installed fleet \n   \n Principal risks and uncertainties are set out in the strategic report, together with an explanation of how these risks are managed or mitigated. \n Business and financial review \n Good strategic progress was made towards 2028 targets during the year, and financial performance was significantly improved, with earnings ahead of market expectations. \n Overall revenue from continuing operations was £16.6 million (2024: £14.8 million) and Adjusted EBITDA* after central costs was £0.8 million (2024: Adjusted EBITDA loss of £0.9 million). The loss after tax for the period was £0.6 million (2024: £2.3 million). \n Proceeds from the sale of the PMC division in October 2024 supported a year-end net cash position of £2.1 million (2024: £0.1 million), which helped to strengthen the balance sheet and provided future working capital flexibility. \n Overall order intake during FY25 of £23.4 million (2024: £13.1 million) underpinned an order book of £16.3 million at the end of the period (2024: £9.5 million). \n The following table presents consolidated financial performance for the continuing operations and excludes PMC discontinued operations.  \n \n \n \n \n £ million \n \n \n 2025 \n \n \n 2024 \n \n \n 2023 \n \n \n 2022 \n \n \n 2021 \n \n \n \n \n Revenue \n \n \n 16.6 \n \n \n 14.8 \n \n \n 20.7 \n \n \n 17.6 \n \n \n 18.9 \n \n \n \n \n Defence \n \n \n 12.8 \n \n \n 11.1 \n \n \n 17.2 \n \n \n 13.5 \n \n \n 11 .1 \n \n \n \n \n Hydrogen energy \n \n \n 2.6 \n \n \n 1.7 \n \n \n 2.1 \n \n \n 2.4 \n \n \n 2.2 \n \n \n \n \n Industrial \n \n \n 0.5 \n \n \n 1.6 \n \n \n 0.5 \n \n \n 0.7 \n \n \n 5.3 \n \n \n \n \n Offshore services \n \n \n 0.7 \n \n \n 0.4 \n \n \n 0.9 \n \n \n 1.0 \n \n \n 0.3 \n \n \n \n \n Gross margin** \n \n \n 39% \n \n \n 33 % \n \n \n 41 % \n \n \n 31 % \n \n \n 28 % \n \n \n \n \n Adjusted trading EBITDA*** \n \n \n 1.6 \n \n \n 0.8 \n \n \n 3.9 \n \n \n 1.1 \n \n \n 2.6 \n \n \n \n \n Central costs**** \n \n \n (0.8) \n \n \n (1.7) \n \n \n (1.9) \n \n \n (1.7) \n \n \n (1.7) \n \n \n \n \n Adjusted EBITDA \n \n \n 0.8 \n \n \n (0.9) \n \n \n 2.0 \n \n \n (0.6) \n \n \n 0.9 \n \n \n \n \n *        Adjusted EBITDA is defined as earnings / (loss) before interest, tax, depreciation, amortisation and exceptional costs \n **       Restated from 2022 for reclassification of labour costs from cost of sales to administration costs \n ***     Adjusted trading EBITDA is defined as earnings before interest, tax, depreciation, amortisation and exceptional costs for CSC before central costs \n ****    Central costs include the employment and administration costs of the Board of Directors, central staff costs, regulatory costs of operating as a public limited company quoted on the London Stock Exchange \n Defence \n Defence revenue increased by 15% to £12.8 million (2024: £11.1 million), reflecting strong growth from overseas contracts secured during the first half of the year, as revenue reduced from UK naval newbuild programmes nearing completion, and record performance from UK naval Integrity Management deployments. \n Defence order intake more than doubled to £19.1 million (2024: £9.3 million), driven by growth from overseas newbuild contracts and UK Integrity Management naval deployments The defence order book at the end of the period was significantly stronger at £14.6 million (2024: £8.2 million). \n Overseas contract awards secured in the year include submarine and surface ship programmes for the Royal Australian, Royal Canadian, US and Spanish navies. \n CSC continues to focus on the delivery of the existing order book for UK and overseas defence customers and remains well positioned for growth in overseas defence markets over the medium term. The backdrop of geopolitical tensions and increasing global defence budgets underpin a strong outlook for newbuild programmes in the UK and overseas, including initial milestones for the SSN-A (AUKUS) Astute submarine replacement programme expected from FY27, future opportunities in the US submarine programme from FY28 and wider overseas surface ship and submarine newbuild opportunities. \n Hydrogen \n Hydrogen revenue increased by over 50% to £2.6 million (2024: £1.7 million), the highest hydrogen revenue on record for CSC. This performance reflects in-factory lifecycle services for static storage and road trailers and the initial milestones for the bp Aberdeen Hydrogen Hub contract, secured in the first half of the year. \n Hydrogen order intake also more than doubled to £3.2 million (2024: 1.5 million) and the hydrogen order book at the end of the period was £1.2 million (2024: £0.6 million). \n In April 2025, the UK government reaffirmed its commitment to support domestic green hydrogen production growth through the Hydrogen Allocation Rounds (HAR). Overall, ten HAR1 projects have been approved by the government and a shortlist of 27 HAR2 projects has been announced. CSC is actively engaged with key developers regarding storage and transport systems for HAR1 and HAR2 newbuild contracts, which are expected to be operational between 2026 and 2029. \n One major contract award under HAR1 that was previously expected in Q4 2025 is now expected in Q1 2026 and we expect our first HAR2 contract award within FY26. \n The anticipated growth in green hydrogen production and offtake from HAR and privately funded projects is driving fleet expansion plans for hydrogen road trailers in the UK. CSC has signed a cooperation agreement with a leading European Type 4 composite cylinder manufacturer, enabling the integration and supply of advanced lightweight modular hydrogen storage systems and road trailers to meet this growing UK demand. \n Integrity Management services \n Revenue from Integrity Management lifecycle services doubled to £4.8 million (2024: £2.4 million), which was also the highest level on record and reflects a peak in activity on major UK naval deployments throughout the year. \n The longer-term outlook for Integrity Management services remains strong, covering the in-situ lifecycle support and recertification of safety-critical pressure systems, including future UK naval deployments. CSC is in discussions with several overseas navies regarding Integrity Management services for their surface ship and submarine fleets, with deployment expected in FY26. \n Profitability \n Gross profit was £6.4 million at 39% margin (2024: £4.9 million at 33% margin restated). Overhead costs at £6.3 million were 5% lower than last year (2024: £6.6 million restated) due to planned cost savings realised principally in the first half of the year. \n Adjusted operating profit of £43,000 (2024: adjusted operating loss of £1.7 million) in the year. Adding back depreciation charges of £0.8 million (2024: £0.8 million), Adjusted EBITDA profit was £0.8 million in the year (2024: Adjusted EBITDA loss of £0.9 million). \n Exceptional costs \n Exceptional costs of £0.8 million (2024: £0.7 million) were incurred in the year, principally related to management bonuses paid on completion of the sale of PMC in October 2024, reorganisation costs and corporate finance services. \n Tax \n The tax credit for Company continuing operations in the year was £0.2 million (2024: tax credit of £0.3 million). The current year tax credit was principally due to the incremental recognition of deferred tax on losses brought forward in the Company. The Company is expected to recover the resulting deferred tax asset through projected future profits between FY26 and FY28. Corporation tax refunded in the year totalled £nil (2024: £6,000). \n Loss per share \n Basic loss per share from continuing operations was 1.6 pence (2024: loss per share 6.1 pence). Allowing for add-back of exceptional costs, adjusted loss per share was 0.0 pence (2024: adjusted loss per share of 4.7 pence). \n Dividends \n No dividends were paid in the year (2024: £nil) and no dividends have been declared in respect of the year ended 27 September 2025 (2024: £nil). \n Operating cash flow, capital expenditure and cash flow before financing \n Operating cash inflow was £0.2 million (2024: £2.0 million), arising primarily from Adjusted EBITDA of £0.8 million (2024: Adjusted EBITDA of £0.6 million) and working capital outflows of £0.6 million (2024: inflows of £1.4 million). Key movements within working capital in the year included higher trade receivables at the end of the year due to increased sales in the second half of the year. \n Capital expenditure in the year was £0.3 million (2024: £0.4 million), incurred principally for the replacement and maintenance of site facilities and equipment. Proceeds from the disposal of the PMC division in the year was £4.4 million. \n Allowing for exceptional costs of £0.8 million (2024: £0.9 million), finance costs of £0.1 million (2024: £0.5 million) and corporation tax refunds of £nil (2024: £6,000), cash inflow before financing was £3.5 million (2024: inflow of £0.2 million). \n Cash balances, borrowings and liquidity \n The cash balance at 27 September 2025 was £2.1 million (2024: £0.1 million). The increase in the cash balance of £2.0 million is due to the cash inflow before financing of £3.5 million, less repayment of the term loan of £1.0 million and repayment of £0.3 million lease liabilities. A balance of £0.2 million was also transferred to the discontinued PMC operation prior to its sale. \n Net cash at 27 September 2025 was £1.8 million (2024: £1.4 million net debt). The decrease in net debt of £3.2 million is primarily due to the £3.5 million cash inflow before financing. \n \n Markets \n \n \n \n   UK & overseas defence \n \n \n \n What is happening in the market? \n Defence spending continues to be driven by the ongoing Russia-Ukraine conflict, increasing instability in the Middle East, and wider geopolitical tension, including the threat to critical subsea assets. Commitments made within NATO to increase defence budgets remain a primary factor behind the market outlook. \n The UK government continues to affirm its commitment to its defence budget. UK defence spending reached an estimated 2.32% of GDP in 2024, maintaining the national commitment of at least 2% of GDP and making it the second largest defence budget in NATO. Looking ahead, the government remains committed to increasing the defence budget to 2.5% of GDP by 2030. \n Importantly, the government repeatedly states that this investment will deliver a 'defence dividend', with an increase in orders for UK manufacturers, enabling greater levels of private investment and job creation across the supply chain. \n The SSN-A (AUKUS) submarine programme, the tri-lateral agreement with the United States and Australia to deliver next-generation nuclear-powered attack submarines to replace the Astute-class, remains fundamental to the UK's long-term defence strategy. This programme continues to drive significant investment in skills training and jobs in the UK, building on the initial commitment to the design phase. \n Global defence spending saw a sharp increase in 2024 and is projected to continue growing, particularly with a significant number of naval new construction programmes now commencing, and many more in the design and planning stages across major allied nations. \n The US, Australia, Canada, and France remain committed to long-term investment programmes. In the US, the Columbia-class (ballistic missile submarine) and Virginia-class (attack submarine) programmes are active, which continues to involve the use of the UK-approved supply chain. \n \n \n What does this mean for us? \n As a world-leading supplier of high-pressure gas storage systems to NATO members and NATO-friendly state navies, CSC has long-term contracts to supply mission-critical products and services for conventional and nuclear submarine and surface ship programmes in the UK and overseas. \n CSC is in discussion with navies and their prime contractors for future UK and overseas newbuild contracts which would support manufacturing activity to 2040 and beyond. These programmes including the well-publicised SSN-A (AUKUS), for which CSC expects to commence early design and manufacturing stages from 2027. \n Sole supplier to UK Royal Navy newbuild programmes through prime contractors BAE Systems and Babcock, CSC is also a long-term supplier to French shipbuilder Naval Group for domestic and export newbuild programmes. \n In January 2025, CSC was awarded a strategically significant contract to supply safety-critical pressure vessels to the US defence prime contractor, General Dynamics Electric Boat (GDEB), the company responsible for the design, construction and lifecycle support of submarines for the US Navy. \n The contract award covers supplier qualification and the delivery of pressure vessels to GDEB in early 2027 and provides a foundation for future growth and development in the US naval defence market, where ongoing nuclear submarine new construction programmes are planned to run through to 2043. \n Although the phasing of defence project milestones and contract revenues can fluctuate significantly between and within financial years, there is good medium and long-term visibility of vessel construction programmes and planned defence expenditure from navies and their prime contractors. \n CSC is the principal supplier of inspection and testing services to the UK MoD for through-life cylinder performance and safety management on various classes of nuclear submarine. \n CSC has current opportunities to supply European navies with these inspection and testing services, typically having been the OEM for onboard pressure systems when the submarines or surface ships were built. \n \n \n \n \n   \n   \n \n \n \n \n Hydrogen energy \n \n \n   \n \n \n \n \n What is happening in the market? \n The global hydrogen energy market continues to develop, underpinned by its potential to support decarbonisation in transport, power, and industrial applications. \n At the start of 2025, the market was characterised by continued growth in investment, albeit with some project delays and a recalibration of initial 2030 targets. \n Capital spending globally on low-emissions hydrogen projects reached approximately $4.3 billion in 2024, an 80% increase from 2023. Based on recent Final Investment Decisions (FIDs), this spending is projected to rise by over 80% in 2025 to nearly $8 billion. \n While the overall pipeline of announced hydrogen production projects has shrunk due to cancellations and delays, the number of projects reaching FID has grown by almost 20% since late 2023. \n The uncertainty about costs, the challenge of matching offtake agreements to production costs, and the need for clear regulatory frameworks remain the primary barriers to faster deployment. \n In the UK, the government announced in April 2025 that it had shortlisted 27 projects to receive funding support through its second Hydrogen Allocation Round (HAR), its flagship hydrogen policy and funding mechanism. HAR2 projects are expected to become operational between 2026 and 2029. \n The UK government is expected to publish an update to its Hydrogen Strategy at the end of 2025. Key expectations of the update are: \n Increase focus on hydrogen demand, recognising that certainty of offtake is one of the biggest challenges facing developers. \n Drop the 10GW 2030 production target \n Recommit to HAR3 and beyond. \n The UK government has indicated that it will take action to increase levels of UK content in HAR projects. A Call for Evidence on \"options for the hydrogen supply chain\" will soon be published, and the government has stated it will consider expanding the Clean Industry Bonus into the hydrogen sector, which has already been introduced in the offshore wind sector to provide developers with subsidies if they can evidence greater use of UK technology and job creation. \n \n \n What does this mean for us? \n CSC is well positioned to supply products and services to the growing hydrogen market, primarily in the UK. \n The development of smaller localised hydrogen refuelling station infrastructure has slowed since 2020, driven by supply chain constraints, a limited supply of green hydrogen and lower than expected demand from the heavy-goods transport sector. \n The shift to large-scale hydrogen production projects such as those now supported by the UK's NZHF Strands 1 and 2 funding from February 2024 and more recent HAR funding programmes will seek to address green hydrogen supply issues in line with national clean energy targets. \n Hydrogen production projects will require different types and sizes of pressurised storage and transportation system. CSC is in discussion with UK HAR1 and HAR2 developers where its Type 1 steel cylinders are required for static storage and road trailer applications and remains well positioned to secure projects from Q4 2025 onwards. \n The first projects under HAR1 and HAR2 are likely to progress cautiously through 2026 and 2027, as developers take care with the implementation of new technologies, compliance with regulatory regimes and the integration of system components from a wide range of suppliers. \n CSC hydrogen revenues hit a record level in FY25 and are expected to grow strongly from FY26 onwards. Once developers have proven concepts under HAR1 and HAR2, UK demand for storage systems and road trailers is expected to grow further from 2027 onwards. \n Demand for hydrogen tube trailer periodic inspection, testing and recertification continued steadily during 2025 and is expected to remain an important component of CSC's lifecycle services revenue over the medium term. CSC continues to expand its customer base of gas majors and independent operators in this market, which has been supported by improved operational efficiencies and margins. CSC is one of very few suppliers of this specialised safety-critical service. \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Hydrogen energy (continued) \n \n \n   \n \n \n \n \n What is happening in the market? \n This aligns with a statement in the HAR2 Due Diligence and Cost Assurance Guidance document, which confirmed that the government is \" exploring options where we could invest further into shorter and more sustainable supply chains through Hydrogen Allocation Round 3 and beyond. \" \n In a letter from the Chancellor to CSC, Ms Reeves said: \"The government is progressing multiple aspects of the Hydrogen economy, and places particular strategic importance on developing domestic supply chains from hydrogen production to usage\" . Publicly, the Chancellor has repeatedly stated: \"where things are made, and who they are made by, matters\". \n It is important to note that whilst the UK government continues to pursue its clean power mission, and the Prime Minister attended COP30 to reinforce the UK's commitment to the energy transition, the political consensus in Westminster on net zero has broken. \n The Conservative Party, who introduced the UK's legal requirement to achieve net zero carbon emissions by 2050, are now in favour of formally scrapping the target. In addition, Reform UK, who have led in opinion polls since Spring 2025, proposed cancelling subsidies for wind and solar projects and favour domestic fossil fuel extraction, off and onshore. Reform UK have, as of November 2025, not said anything formally regarding hydrogen, but they do regularly propose taking action to reindustrialise the UK and build up manufacturing capabilities. \n The EU Hydrogen Bank remains the central instrument for scaling hydrogen production, imports, and infrastructure across Europe. Despite progress, industry uncertainty persists due to slow permitting, unclear subsidy design, and missing offtake agreements. For example, seven projects withdrew from the 2nd auction. \n The European Parliament plans to cut industrial electricity prices from January 2026. This will improve cost competitiveness for electrolysers, while policy focus is broadening, with hydrogen, SAF, ammonia, and e-methanol now seen as complementary pillars of industrial decarbonisation. \n National measures such as Germany's Hydrogen Acceleration Act and industrial power price scheme aim to strengthen investment confidence and accelerate market delivery from 2026. \n \n \n What does this mean for us? \n A major contract was secured in March 2025 to supply bp Aberdeen Hydrogen Energy with large-scale storage systems under UK NZHF Strand 2 funding. A further major contract under HAR1 was delayed from Q1 2025 and is now expected in Q4 2025 or early in Q1 2026. \n Over the longer term to 2050 and beyond, large-scale hydrogen transportation is expected to be predominantly by pipeline, and some high-density bulk storage may move to liquefied hydrogen, but demand for pressurised buffer storage and road trailer transportation is expected to remain. \n While the demand for new pressurised storage and transportation systems may reduce as pipeline infrastructure expands, there will remain a strong market for CSC in the periodic inspection and testing of the installed fleets of cylinders, generating a repeat high-value revenue stream over the longer-term. \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Industrials \n \n \n   \n \n \n \n \n What is happening in the market? \n The market for bulk gas storage and transportation has a diverse customer base, including industrial gas majors, higher education and scientific research bodies, civil nuclear and conventional power plants and specialised applications, including space programmes. \n \n \n What does this mean for us? \n Specialised new build opportunities for high-volume industrial gas storage are ad hoc and provide strong margin opportunities, while in-situ and factory inspection, testing and reconditioning services have been identified as a moderate growth area for CSC. \n \n \n \n \n Offshore services \n \n \n   \n \n \n \n \n What is happening in the market? \n The market for offshore services includes products and services related to oil and gas exploration, production, and support, as well as offshore renewable energy developments like wind farms. \n The oil and gas market is characterised by deepwater and ultra-deepwater exploration and production, requiring robust and reliable solutions for operations under extreme conditions. \n The offshore renewables sector, particularly wind energy, is expanding rapidly. Floating wind turbines and wave energy systems, increasingly supporting green hydrogen production, are key growth areas. \n \n \n What does this mean for us? \n These sectors rely on specialised high-pressure gas storage systems. CSC has traditionally played a role in delivering safety-critical cylinder packages and providing in-situ and factory-based periodic inspection and testing services in this highly regulated market. \n Applications include: \n ●      Motion compensation systems of offshore installations, including the supply of air pressure vessels for new build projects and the provision of spares and periodic inspection services through life. \n ●      Diving support systems, including the supply of new safety-critical breathing air storage packages and the periodic inspection, testing and upgrading of installed systems. \n The demand for Integrity Management services is forecast to increase steadily for diving support vessels, offshore installations and floating cranes over the next few years. \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n Principal risks \n Risk identification and management \n The Directors have identified the principal risks and uncertainties that could materially affect the activities, performance and financial position of the Company and its subsidiaries. \n Risk management is overseen by the Board, which includes setting the risk appetite based on the nature of each risk and available mitigations. \n Effective risk management helps to protect the Company and its stakeholders, while enabling the execution of the strategy and the sustainable delivery of growth targets. \n The risk register identifies the key business risks and documents the status and trends, together with the policies and practices in place to support risk mitigations. \n The Board considers the risk register and any supplementary sub-registers twice per year through the Audit and Risk Committee. \n Principal risks \n The principal risks identified by the Directors are summarised in the table below. All risks considered by the Board cover a broader range of areas than the principal risk in this table. \n \n \n \n \n Risk and potential impact \n \n \n Status and key mitigations \n \n \n \n \n 1. Global economic conditions, political uncertainty and market sector volatility \n \n \n \n \n Economic factors and market sectors \n Economic and political factors may adversely impact key markets, in particular in the UK and NATO-allied countries, and the activities and decisions of customers and suppliers, which in turn may impact sales and the availability and cost of materials and therefore the financial performance. \n CSC principally operates in the defence and hydrogen energy market sectors, with some activity in industrial and offshore services markets. \n A slowdown in either or both of these key markets may adversely impact sales, financial performance and liquidity requirements. \n   \n \n \n Status: No change in FY25 \n Uncertainty in the international trade environment increased, with policy changes and tariffs implemented by the US. \n Geopolitical factors continued to drive activity in UK and overseas defence markets through commitments to increased spending in Europe and across NATO. The UK government has reinforced its commitment to clean energy, including wind, solar and hydrogen projects. \n While the defence sector has benefitted from these macro trends, it should be noted that defence spending on naval newbuild programmes is variable over time. Work on current major UK defence programmes passed a peak in early 2024, with the next major UK submarine newbuild programme expected to commence from 2027. \n CSC is positioned strongly for growth in overseas defence markets and secured orders in 2024 and 2025 that have helped mitigate the reduction in UK programmes and strengthened the overall defence order book. \n Development and growth in the hydrogen market was slower than expected during 2025, but the outlook remains positive. CSC is positioned strongly in the UK hydrogen market, which is expected to account for an increasing share of revenues from 2026. \n CSC maintains close contact with its customers, major suppliers and industry associations to ensure the best possible understanding of future project requirements and the availability and cost of materials, given the prevailing macro-economic conditions. \n   \n \n \n \n \n \n \n   \n \n \n \n \n Risk and potential impact \n \n \n Status and key mitigations \n \n \n \n \n 1. Global economic conditions, political uncertainty and market sector volatility (continued) \n \n \n \n \n Economic factors and market sectors (continued) \n   \n \n \n CSC quotes on short-term validity to protect against changes in raw material, energy and component costs and ensures appropriate commercial protections against through-contract escalations, cancellations or delays. \n CSC is proactively growing its in-factory and in-situ lifecycle services activities, which provide some resilience against the variability, delays and potential downturns in defence and hydrogen newbuild programmes. \n \n \n \n \n Foreign exchange \n A proportion of the CSC's business is carried out in overseas markets and contracts may adopt currencies other than Sterling, in which CSC and the Company recognise the bulk of their costs. \n Exposure to exchange rate fluctuations may affect the financial results and cash position. \n \n \n Status: No change in FY25 \n Natural hedges are in place for the main currencies that CSC is exposed to in contracts with customers and suppliers. All foreign currency transactions are completed by treasury function, including the use of forward exchange contracts, when appropriate. \n CSC typically quotes for business on a short quote expiry and where appropriate will include price escalation clauses to limit exposure to fluctuations in foreign currencies. \n \n \n \n \n 2. Governmental policy, regulation, legislation and compliance \n \n \n \n \n Government policies \n Revenue generated from defence and hydrogen energy contracts may be impacted by changes to UK government policies which the Company may not be able to influence. \n Changes in UK government policy may result in amendments to tax and employment policies that could adversely affect the business. \n   \n \n \n Status: No change in FY25 \n The UK government confirmed commitments to steadily increase defence spending through to 2030 and announced major naval newbuild programmes in June 2025. \n The UK government's stance on hydrogen energy appears to be very supportive, with established HAR funding rounds progressing, although slower than expected. \n CSC is leading a joint campaign with a group of UK hydrogen technology manufacturers to influence government policy and practices that help maximise UK supplied content in government-funded hydrogen production projects (HAR). \n Increased Employer's National Insurance costs have adversely impacted costs and constrained recruitment. \n \n \n \n \n Health, Safety & Environment \n CSC operates a heavy industrial manufacturing facility and has a fundamental duty to protect its people, other stakeholders and the environment from harm whilst conducting its business. \n \n \n Status: No change in FY25 \n CSC is accredited to international ISO standards for HSE and operates with an established management system, which is subject to periodic independent third-party audit. \n Managers and appointed safety officers have completed recognised HSE training. \n Senior management monitors HSE performance during weekly and monthly management meetings, taking actions to address trends or key findings. The Directors review HSE performance during Board meetings. Performance improved during FY25, with the overall number of safety incidents falling. All employees have objectives to support the continuous improvement of safety performance. \n \n \n \n \n \n \n \n \n \n \n Risk and potential impact \n \n \n Status and key mitigations \n \n \n \n \n 3. Contract delivery, commercial relationships and customer concentration \n \n \n \n \n Contract delivery \n CSC designs and manufactures products and provides services that are mission critical to its customers and end users. \n Failure to deliver products and services on time and to the required standard may result in significant financial impact (e.g. warranty claims and liquidated damages), lost future orders and an adverse impact on reputation. \n \n \n Status: Reduced risk in FY25 \n In recent years, the CSC has invested consistently in people, systems and management processes to help drive improvements to on-time delivery and right-first-time product conformity to meet customer expectations. \n Contract performance is reviewed by senior management against time, cost and quality goals. \n The Directors review delivery performance against targets in monthly Board meetings. \n \n \n \n \n Commercial relationships \n Failure to adequately manage contract risk and, as a result, commit to obligations which the Company is unable to meet without incurring significant unplanned costs. \n \n \n Status: Reduced risk in FY25 \n Onerous legacy contracts have either ended or been renegotiated with acceptable commercial terms. \n Authority for the approval of major contract terms and conditions rests with the senior management team or is delegated according to Company policies. \n CSC also seeks to minimise the impact of delivery risk through its terms of business, including limiting exposure to claims for liquidated damages and avoiding any exposure to consequential damages. \n Commercial management skills and processes have been strengthened considerably in recent years. \n \n \n \n \n Customer concentration \n CSC customer concentration is high. Relationships with key customers could be materially adversely affected by several factors, including: \n ·    customer decisions to diversify or change how products are sourced; \n ·    failure to agree on mutually acceptable pricing or terms; \n ·    failure to meet contractual commitments; \n ·    significant or prolonged disputes. \n If CSC was unable to enter similar relationships with other customers on a timely basis, or at all, the business could be materially adversely impacted. \n \n \n Status: No change in FY25 \n Key customer relationship management is a continued focus for the management team. Recent improvements to operational improvement have increased customer satisfaction and retention. \n Expansion of the defence customer base to include new overseas prime contractors (e.g. US) will help to reduce dependency on UK defence customers. \n The growth of the hydrogen energy business will add new customers and help lower customer concentration. \n Provision of lifecycle services enables the expansion of the customer base to include the periodic inspection and testing of non-CSC supplied products. \n \n \n \n \n \n \n \n \n \n \n Risk and potential impact \n \n \n Status and key mitigations \n \n \n \n \n 4. Supply chain \n \n \n \n \n Supplier dependency \n CSC is dependent on its supply chain for cost, quality and on-time delivery. \n Failure of individual suppliers or the supply chain may result in significant operational disruption (e.g. raw material delivery and outsourced processes) and delays to contract delivery, leading to potential financial impact and damage to customer relationships. \n \n \n Status: No change in FY25 \n Strengthened supplier management and procurement activities have supported the reduction of supply chain risk and reduced the supplier concentration in key areas. \n Most of the seamless steel tube used in the manufacturing of ultra-large high-pressure cylinders has historically been sourced from two suppliers in mainland Europe, which reduced to one key supplier from 2024. \n There are few alternative suppliers globally that can match the cost, quality and lead times of the current European supplier. CSC's established strategic supplier relationship is well supported by long-term supply and cooperation agreements and collaboration on joint product development in defence hydrogen energy markets. \n \n \n \n \n 5. Financial \n \n \n \n \n Funding and liquidity \n CSC and the Company maintain financial resources sufficient to meet its obligations over the short and longer term, including cash headroom and working capital flexibility to enable operational delivery. \n   \n \n \n Status: Reduced risk in FY25 \n At the end of FY25, the Company had no bank loans, overdrafts or other related financial liabilities. Proceeds from the sale of the PMC division in October 2024 supported a year-end net cash position of £2.1 million, which helped to strengthen the balance sheet and provides future working capital flexibility. \n Systems for financial planning, management and control include a comprehensive budgeting process, with annual budgets and detailed three-year plans, including market-sensitised scenarios, approved by the Directors. Monthly monitoring of actual results against budget by the Directors is a standard practice, as is the quarterly review of financial forecasts, which consider operational performance, trading conditions and market opportunities. \n Annual budgets include a consolidated profit and loss, balance sheet and cash flow forecast for the year ahead and the subsequent three-year period, based on the management team's understanding of principal markets, customers, supply chains and operational resources. \n Increased commercial focus has improved payment terms with customers for long-term contracts. \n Earnings from continuing operations during FY25 were significantly improved over FY24 and are expected to improve further throughout the forecast period to FY29. Assumptions regarding working capital and capex cash requirements over the forecast period have been incorporated to support growth in defence and hydrogen energy markets. \n \n \n \n \n \n \n \n \n \n \n Risk and potential impact \n \n \n Status and key mitigations  \n \n \n \n \n 6. Availability of key resources \n \n \n \n \n Leadership \n As a publicly quoted SME, the Company is dependent on a small senior management team with responsibilities to shareholders and a wide range of stakeholders. \n   \n \n \n Status: No change FY25 \n Given the future strategy, the management team has been strengthened in recent years to provide governance and the strategic, financial, operational and commercial leadership to deliver business performance and meet established targets. \n Chris Webster, Chief Operating Officer joined the Company in April 2022. Sally Millen was appointed Director of Finance in November 2024. Other key management roles have been strengthened since 2024, underpinning confidence in performance and the delivery of growth plans. \n The senior management engages proactively with employees, customers, suppliers and other stakeholders. \n \n \n \n \n Retention of key staff in critical roles \n Failure to evolve organisation structure and culture could prevent the Company from recruiting and retaining the right talent, knowledge and skills to deliver the strategy and targets. \n \n \n Status: Reduced in FY25 \n Recruitment, retention and engagement of employees is a key focus for the Company, recognising the value created by its people. Proactive steps taken by senior management include the continuing investment in training and development, embedded personal development reviews, benchmarked pay and employee profit share scheme, Employee Forum and Town Hall communication channels, succession planning and promotion from within, where possible, investment in apprenticeships and support for continued learning.                                                                                                 \n   \n \n \n \n \n Major capital assets \n CSC relies on large or critical pieces of equipment, some of which are at or approaching their reasonable end-of-life assessment. \n Major breakdown may affect CSC's ability to maintain delivery performance, meet customer expectations and deliver growth plans. \n \n \n Status: No change in FY25 \n Key assets are subject to ongoing maintenance programmes and strategic spares are held. \n Significant improvements have been made to the planned maintenance and availability of equipment, despite constrained replacement capex in recent years. \n   \n \n \n \n \n 7. Technology & innovation \n \n \n \n \n Product development \n The strength of our business is built upon a history of delivering products that advance safety and reliability in demanding environments. \n Failure to keep abreast of market needs or to innovate solutions risks market share to our competitors and loss of margins from price competition. \n \n \n Status: No change in FY25 \n The hydrogen energy market presents a significant growth opportunity. CSC Type 1 steel products are trusted and well proven in the safety-critical storage and transportation of hydrogen, while advanced light-weight Type 4 composite cylinders enable more efficient transport of hydrogen and are likely to be selected by UK HAR projects for road trailer applications. \n   \n \n \n \n \n \n \n \n \n \n \n Risk and potential impact \n \n \n Status and key mitigations  \n \n \n \n \n 7. Technology & innovation (continued) \n \n \n   \n \n \n \n \n Product development (continued) \n   \n \n \n CSC will supply Type 4 trailers and Multi-Element Gas Container (MEGC) units to UK customers through an established collaboration agreement with NPROXX, a leading European Type 4 manufacturer. CSC will continue to provide periodic inspection, testing and recertification services to operators of composite Type 3 and Type 4 cylinders. \n Technical managers and engineers in CSC work with customers and suppliers in the development of progressive gas storage and transportation solutions. \n Collaborations with major steel tube suppliers are supporting product and service development in CSC. \n Collaborations with academic and research bodies are supporting the development of new manufacturing and inspection processes. \n \n \n   \n \n \n \n \n Disruptive technologies \n Technological advances in production processes or materials may result in a reduction in demand for CSC's products and services. \n \n \n Status: No change in FY25 \n Note developments related to Type 4 composite cylinders above. \n The monitoring of evolving technologies that may disrupt the defence and hydrogen markets is ongoing and the Company will look to capitalise on the opportunities they present for CSC and offset any threats. \n \n \n   \n \n \n \n \n 8. Cyber security \n \n \n   \n \n \n \n \n Cyber crime \n A cyber-attack or data breach may result in the theft of sensitive information, operational disruption or financial loss. \n Company exposure includes risks to intellectual property, personal data of customers and employees, quality and manufacturing systems. \n   \n \n \n Status: Increased risk in FY25 \n Threat levels and the cyber environment are constantly changing, with increasingly sophisticated cyber-crime. Several high-profile cyber-attacks, including against Jaguar Land Rover, M&S, Co-op and Harrods, occurred in the UK during 2025. \n The Company maintains up-to-date security measures including firewalls, network monitoring, and regular vulnerability assessments. The Company uses secure cloud storage with secure data access under the 24/7 control and support of a professional Managed Service Provider. \n The Company has Cyber Essentials Plus accreditation, which was renewed in September 2025. Server and operating system upgrades were completed during 2024, providing additional cyber resilience. \n All employees undertake regular mandatory cyber security training. \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n People \n Steve Hammell, Chief Financial Officer, resigned from the Board and left the Company on 31 October 2024. Sally Millen was appointed Director of Finance in a non-Board position with effect from 1 November 2024. There were no other Board changes during the year. \n Appointments were made in CSC during the year to strengthen commercial and project management functions and to increase capacity in Integrity Management services in support of growth plans for UK and overseas deployments. \n Training activity during the year focused on manufacturing process and quality inspection skills development to support upcoming UK and overseas defence programmes from FY27. An additional apprentice intake during the year, in cooperation with Sheffield University's Advanced Manufacturing Research Centre, increased the current apprentice cohort to five. Three former apprentices are currently progressing through Mechanical Engineering degree courses at Sheffield University. \n Section 172 statement \n The Board of Chesterfield Special Cylinders Holdings plc has put in place appropriate measures to enable it to understand and comply with its collective and individual responsibilities under Section 172 of the Companies Act 2016. \n Each Director understands their obligation to act individually and together in a way they consider to be in good faith and would be most likely to promote the success of the Company for the benefit of its members as a whole. In making decisions on behalf of the Company, Board members carefully consider: \n the likely consequences of any decision in the long term; \n the interests of the Company's employees; \n the need to proactively foster the Company's business relationships with suppliers, customers and others; \n the impact of the Company's operations on local communities and the environment; \n the desirability of the Company maintaining a reputation for high standards of business conduct; and \n the need to act fairly between members and stakeholders of the Company. \n The Board recognises that long-term growth and profitability are enhanced when the business acts in a sustainable and responsible manner, with respect for all stakeholders. \n Engaging with stakeholders strengthens business relationships and helps to inform better decisions and deliver on commitments. The Board is regularly updated on feedback and insight from wider stakeholder engagement, enabling the Directors to understand any issues and consider any decisions to be made. Details can be found in the Corporate Governance Report, specifically principles three and four regarding stakeholder engagement. \n The stakeholders of the Company and its subsidiary include its: \n ·      shareholders; \n ·      customers; \n ·      employees; \n ·      suppliers; \n ·      government, regulators and industry bodies; and \n ·      the communities in which we operate. \n Shareholders \n The Board aims to behave responsibly towards our shareholders and to treat them equally and fairly. The Company demonstrated resilience during the challenging conditions of recent years, including the Covid-19 pandemic, depressed oil and gas markets, fluctuating defence contract schedules and the impact of the Russia-Ukraine conflict on supply chains. We are in a strong position to execute our value-creation strategy for shareholders. \n The Company held an Annual General Meeting in March 2025 to directly engage with all shareholders. In addition, Executive Directors meet periodically with the Company's major shareholders and also engage with smaller shareholders. Harwood Capital LLP, a major shareholder, appointed a representative to the Board in May 2023. Feedback obtained from investor meetings is reviewed by the Board and used in the formulation and execution of strategy. The Executive Director and management team also host and attend events for new and existing private investors, including accommodating investors who wish to visit its manufacturing sites. \n \n Customers \n Our customers are pioneers in what they do. We work in close collaboration with them to develop technical solutions for their engineering needs and produce products that can be trusted to perform in environments where failure would be catastrophic. Customer feedback helps us measure customer satisfaction. Customer satisfaction and loyalty are crucial factors that determine our financial performance and we look to improve this constantly. \n Building and nurturing trusted customer relationships and maintaining open channels of communication ensures that customers: \n receive the information they require; \n are consulted on matters relevant to them; \n are heard and their needs actioned; and \n feedback is collected and reviewed in a structured manner. \n The Board has regard to this information in making decisions regarding capital investment, workforce size and distribution, production planning and continuous improvement initiatives. \n Employees \n Committed, well trained, highly skilled and motivated employees are at the heart of our business. We strive to create a working environment where our employees can fulfil their potential by providing clear organisational purpose and objectives, appropriately structured incentive schemes and by providing training and career development opportunities, including a commitment to our apprenticeship programme. We get the best from our people by nurturing our unique culture reflected in our 4 core values: \n We put people first; \n We deliver to the highest standard; \n We work with each other; and \n We innovate and create the future. \n It is the policy of the Company to communicate with employees through site-based employee forums and by regular briefing meetings conducted by senior management to promote a long-term perspective of the business. We also undertake periodic employee engagement surveys using a structured questionnaire to gather employee feedback that is used to evolve the culture and practices of the Company. \n These communication methods provide a two-way flow of information between senior management and employees, providing valuable insight into the perspective and interests of employees. The Board has regard to this information in making decisions in relation to pay levels for specific employee groups, Company-wide pay reviews, updating of terms and conditions, investment in site facilities and amenities, investment in health & safety and in provision of training and career development opportunities. \n The Company operates a number of employee incentive schemes including performance-related bonuses covering all staff grades. \n Suppliers \n We build and maintain strong, long-term relationships with our suppliers. A robust supply chain is critical to the delivery of our products/services on-time, on-cost and on-quality. \n We have continued to focus on strengthening our supplier relationships and performance during the year, with key initiatives including: \n Measurement of supplier quality and on-time delivery performance; \n Proactive engagement led by supplier managers who ensure that any issues are dealt with promptly; \n Regular meetings to review supplier performance and the outlook for demand; and \n Collaboration and long-term supply agreements with key suppliers. \n The information gathered from supplier engagement is used by the Board in making decisions in relation to supplier payment policies, capital investment and health & safety policies. \n   \n \n Government, regulators and industry bodies \n As a technical leader in our field, we contribute to the development of technical, safety and operational standards that relate to the products we design and manufacture: \n We engage periodically with local and national government representatives and have encouraged visits to our sites; \n We participate regularly in expert working groups with industry and regulatory bodies; and \n We communicate regularly and openly regarding policies that relate to the sectors we are involved in. \n The Board has regard to this information in making decisions in relation to product development, regulatory compliance and health & safety investments. \n Communities in which we operate \n The Company continues to support local charities and employees who individually raise money or volunteer for local organisations. The objective is to protect and enhance the reputation of the Company in its local community and the markets it chooses to serve. \n Environmental responsibility \n The Company recognises that its activities have an impact on the environment. Understanding and managing this impact are integral to effective governance and good practice. \n The Company has an environmental policy, and the Executive Directors and management team are responsible for maintaining and implementing the policy at the operating site of CSC. \n The Company complies with all relevant environmental regulations and is committed to the continuous improvement of its environmental performance and management system. In particular, the Company seeks to reduce waste and energy use and to prevent pollution. \n As part of continuous improvement, it is the policy of the Company to establish and document measurable environmental objectives. These objectives are periodically reviewed, and the Company ensures that the resources required to meet them are allocated for this purpose. \n Employees are given such information, training and equipment as necessary to enable them to undertake their work with the minimum impact on the environment. \n There were no notifiable environmental incidents in 2025 (2024: nil). \n Safety \n The Board places particular emphasis on health and safety and environmental performance. An experienced safety manager with recognised HSE training covers CSC's operation facility, reporting through senior management to the Chief Executive, ensuring that the Company employs best practice, drives continuous safety improvement and fulfils all statutory requirements. \n CSC had one reportable safety incident (RIDDOR) in FY25 (2024: one RIDDOR). \n Approval of the strategic report \n The strategic report has been approved by the Board. \n   \n By order of the Board \n   \n   \n Chris Walters \n Chief Executive \n   \n \n   \n Consolidated statement of comprehensive income \n For the 52-week period ended 27 September 2025 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n Restated* \n \n \n \n \n \n \n \n Notes \n \n \n 52 weeks ended \n 27 September \n 2025 \n \n \n 52 weeks ended \n 28 September \n 2024 \n \n \n \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Continuing operations \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Revenue \n \n \n 1 \n \n \n 16,583 \n \n \n 14,827 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Cost of sales  \n \n \n \n \n \n (10,197) \n \n \n (9,939) \n \n \n \n \n \n \n \n \n \n \n                \n \n \n                \n \n \n \n \n Gross profit \n \n \n \n \n \n 6,386 \n \n \n 4,888 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Administration expenses \n \n \n \n \n \n (6,343) \n \n \n (6,560) \n \n \n \n \n \n \n \n \n \n \n                \n \n \n                \n \n \n \n \n Operating profit / (loss) before exceptional costs \n \n \n \n \n \n 43 \n \n \n (1,672) \n \n \n \n \n Separately disclosed items of administration expenses: \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Exceptional costs \n \n \n 5 \n \n \n (790) \n \n \n (712) \n \n \n \n \n   \n Total administration expenses \n \n \n           \n \n \n (7,133) \n \n \n (7,272) \n \n \n \n \n   \n \n \n   \n \n \n                \n \n \n                \n \n \n \n \n Operating loss \n \n \n   \n \n \n (747) \n \n \n (2,384) \n \n \n \n \n Finance costs \n \n \n 3 \n \n \n (62) \n \n \n (277) \n \n \n \n \n   \n \n \n \n \n \n                \n \n \n                \n \n \n \n \n Loss before taxation \n \n \n 4 \n \n \n (809) \n \n \n (2,661) \n \n \n \n \n Taxation \n \n \n 9 \n \n \n 192 \n \n \n 316 \n \n \n \n \n   \n \n \n \n \n \n                \n \n \n                \n \n \n \n \n Loss for the period from continuing operations \n \n \n \n \n \n (617) \n \n \n (2,345) \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Profit / (loss) for the period from discontinued operations \n \n \n 12 \n \n \n 263 \n \n \n (92) \n \n \n \n \n   \n \n \n \n \n \n                \n \n \n                \n \n \n \n \n Loss for the period attributable to the owners of the parent \n   \n Other comprehensive income / (expense) to be reclassified to profit or loss in subsequent periods: \n Currency exchange differences on translation of foreign operations \n \n \n \n \n \n (354) \n   \n   \n   \n 2 \n \n \n (2,437) \n   \n   \n   \n (11) \n \n \n \n \n \n \n \n \n \n \n                \n \n \n                \n \n \n \n \n   \n Total other comprehensive income / (expense) \n \n \n \n \n \n \n \n \n   \n 2 \n \n \n (11) \n \n \n \n \n   \n \n \n \n \n \n                \n \n \n                \n \n \n \n \n Total comprehensive expense for \n the period attributable to the owners of the parent \n \n \n \n \n \n   \n (352) \n \n \n   \n (2,448) \n \n \n \n \n \n \n \n \n \n \n                \n \n \n                 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Basic earnings / (loss) per share \n \n \n \n \n \n   \n \n \n \n \n \n \n \n From continuing operations \n \n \n 7 \n \n \n (1.6)p \n \n \n (6.1)p \n \n \n \n \n From discontinued operations \n \n \n 7 \n \n \n 0.7p \n \n \n (0.2)p \n \n \n \n \n From total loss \n \n \n 7 \n \n \n (0.9)p \n \n \n (6.3)p \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Diluted earnings / (loss) per share \n \n \n \n \n \n   \n \n \n \n \n \n \n \n From continuing operations \n \n \n 7 \n \n \n (1.6)p \n \n \n (6.1)p \n \n \n \n \n From discontinued operations \n \n \n 7 \n \n \n 0.7p \n \n \n (0.2)p \n \n \n \n \n From total loss \n \n \n 7 \n \n \n (0.9)p \n \n \n (6.3)p \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n Consolidated statement of financial position \n \n \n \n \n As at 27 September 2025 \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Notes \n \n \n   \n 27 September \n 2025 \n \n \n Restated* \n 28 September \n 2024 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n \n \n \n Non-current assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Intangible assets \n \n \n   \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n Property, plant and equipment \n \n \n   \n \n \n 6,382 \n \n \n 6,822 \n \n \n \n \n \n \n \n Contract assets \n \n \n \n \n \n - \n \n \n 551 \n \n \n \n \n \n \n \n Deferred tax asset \n \n \n   \n \n \n 803 \n \n \n 626 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n                \n \n \n                \n \n \n \n \n \n \n \n \n \n \n   \n \n \n 7,185 \n \n \n 7,999 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n                \n \n \n                \n \n \n \n \n \n \n \n Current assets \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n   \n \n \n 2,618 \n \n \n 3,020 \n \n \n \n \n \n \n \n Trade and other receivables \n \n \n   \n \n \n 5,568 \n \n \n 3,977 \n \n \n \n \n \n \n \n Cash and cash equivalents \n \n \n 11 \n \n \n 2,130 \n \n \n 116 \n \n \n \n \n \n \n \n Assets classified as held for sale \n \n \n 12 \n \n \n - \n \n \n 9,313 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n                \n \n \n                \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n 10,316 \n \n \n 16,426 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n                \n \n \n                \n \n \n \n \n \n \n \n Total assets \n \n \n   \n \n \n 17,501 \n \n \n 24,425 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n                \n \n \n                \n \n \n \n \n \n \n \n Current liabilities \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n   \n \n \n (5,492) \n \n \n (5,225) \n \n \n \n \n \n \n \n Borrowings \n \n \n 8 \n \n \n - \n \n \n (1,000) \n \n \n \n \n \n \n \n Lease liabilities \n \n \n 9 \n \n \n (219) \n \n \n (245) \n \n \n \n \n \n \n \n Liabilities classified as held for sale \n \n \n 12 \n \n \n - \n \n \n (5,412) \n \n \n \n \n \n \n \n \n \n \n \n \n \n                \n \n \n                \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n (5,711) \n \n \n (11,882) \n \n \n \n \n \n \n \n Non-current liabilities \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Other payables \n \n \n \n \n \n (274) \n \n \n (497) \n \n \n \n \n \n \n \n Lease liabilities \n \n \n 9 \n \n \n (143) \n \n \n (313) \n \n \n \n \n \n \n \n Deferred tax liabilities \n \n \n   \n \n \n (557) \n \n \n (572) \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n                \n \n \n                \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n (974) \n \n \n (1,382) \n \n \n \n \n \n \n \n \n \n \n   \n \n \n                \n \n \n                \n \n \n \n \n \n \n \n Total liabilities \n \n \n   \n \n \n (6,685) \n \n \n (13,264) \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n                \n \n \n                \n \n \n \n \n \n \n \n Net assets \n \n \n   \n \n \n 10,816 \n \n \n 11,161 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n                \n \n \n                \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Equity \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share capital \n \n \n   \n \n \n 1,933 \n \n \n 1,933 \n \n \n \n \n \n \n \n Share premium account \n \n \n   \n \n \n 1,699 \n \n \n 1,699 \n \n \n \n \n \n \n \n Translation reserve \n \n \n \n \n \n (262) \n \n \n (264) \n \n \n \n \n \n \n \n Retained earnings \n \n \n \n \n \n 7,446 \n \n \n 7,793 \n \n \n \n \n \n \n \n \n \n \n \n \n \n                \n \n \n                \n \n \n \n \n \n \n \n Total equity \n \n \n \n \n \n 10,816 \n \n \n 11,161 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n                \n \n \n                \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n Consolidated statement of changes in equity \n   \n For the 52-week period ended 27 September 2025 \n \n \n \n \n \n \n \n   \n   \n   \n \n \n Share \n capital \n \n \n Share \n premium \n account \n \n \n Translation reserve \n \n \n Retained earnings \n \n \n Total \n equity \n \n \n \n \n \n \n \n   \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Balance at 30 September 2023 \n \n \n   \n \n \n 1,933 \n \n \n 1,699 \n \n \n (253) \n \n \n 10,207 \n \n \n 13,586 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share based payments \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n -       continuing operations \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 14 \n \n \n 14 \n \n \n \n \n -       discontinued operations \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 9 \n \n \n 9 \n \n \n \n \n \n \n \n \n \n \n                \n \n \n                \n \n \n                \n \n \n                \n \n \n                \n \n \n \n \n Transactions with owners \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 23 \n \n \n 23 \n \n \n \n \n \n \n \n \n \n \n              \n \n \n              \n \n \n              \n \n \n              \n \n \n              \n \n \n \n \n   \n Loss for the period \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n (2,437) \n \n \n (2,437) \n \n \n \n \n   \n Other comprehensive expense: \n Exchange differences on translating foreign operations \n \n \n \n \n \n - \n \n \n - \n \n \n (11) \n \n \n - \n \n \n (11) \n \n \n \n \n \n \n \n \n \n \n               \n \n \n               \n \n \n               \n \n \n               \n \n \n               \n \n \n \n \n Total comprehensive expense \n \n \n \n \n \n - \n \n \n - \n \n \n (11) \n \n \n (2,437) \n \n \n (2,448) \n \n \n \n \n   \n \n \n \n \n \n                \n \n \n                 \n \n \n                 \n \n \n                 \n \n \n                 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Balance at 28 September 2024 \n \n \n   \n \n \n 1,933 \n \n \n 1,699 \n \n \n (264) \n \n \n 7,793 \n \n \n 11,161 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share based payments \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n -       continuing operations \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 7 \n \n \n 7 \n \n \n \n \n \n \n \n \n \n \n                \n \n \n                \n \n \n                \n \n \n                \n \n \n                \n \n \n \n \n Transactions with owners \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 7 \n \n \n 7 \n \n \n \n \n \n \n \n \n \n \n              \n \n \n              \n \n \n              \n \n \n              \n \n \n              \n \n \n \n \n   \n Loss for the period \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n (354) \n \n \n (354) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive income: \n Exchange differences on translating foreign operations \n \n \n \n \n \n - \n \n \n - \n \n \n 2 \n \n \n - \n \n \n 2 \n \n \n \n \n \n \n \n \n \n \n               \n \n \n               \n \n \n               \n \n \n               \n \n \n               \n \n \n \n \n Total comprehensive income / (expense) \n \n \n \n \n \n - \n \n \n - \n \n \n 2 \n \n \n (354) \n \n \n (539) \n \n \n \n \n   \n \n \n \n \n \n                \n \n \n                 \n \n \n                 \n \n \n                 \n \n \n                 \n \n \n \n \n Balance at 27 September 2025 \n \n \n   \n \n \n 1,933 \n \n \n 1,699 \n \n \n (262) \n \n \n 7,446 \n \n \n 10,816 \n \n \n \n \n   \n \n \n \n \n \n                \n \n \n                 \n \n \n                 \n \n \n                 \n \n \n                 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n \n \n   \n Consolidated statement of cash flows \n For the 52-week period ended 27 September 2025 \n \n \n \n \n \n \n \n Notes \n \n \n 52 weeks ended \n 27 September \n 2025 \n \n \n 52 weeks  ended \n 28 September \n 2024 \n \n \n \n \n   \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n Operating activities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Operating cash flow \n \n \n 10 \n \n \n 266 \n \n \n 2,023 \n \n \n \n \n Exceptional costs \n \n \n \n \n \n (790) \n \n \n (944) \n \n \n \n \n Finance costs paid \n \n \n \n \n \n (62) \n \n \n (455) \n \n \n \n \n Income tax refunded \n \n \n \n \n \n - \n \n \n 6 \n \n \n \n \n   \n \n \n \n \n \n                \n \n \n                \n \n \n \n \n Net cash (outflow) / inflow from operating activities \n \n \n \n \n \n (586) \n \n \n...

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