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PACSCo Limited / Ticker: PACS / Index: AIM / Sector: Agriculture
PACSCo Limited, announces its unaudited results for the six months ended 30 September 2025.
CHAIR'S STATEMENTI am pleased to provide an update on the first half of the 2026 financial year ('HY-2026'). These results are available on the Company's website.
At a general meeting held on 31 March 2025, the shareholders approved resolutions to dispose of the Group's Mozambique Agricultural Businesses (the "Mozambique Agricultural Businesses" or ''Discontinued activities/operations'') to Chepstow Investments Limited ("Chepstow") (the "Disposal") and to change the Company's name from Agriterra Limited to PACSCo Limited. Accordingly, the operating results of the Mozambique Agricultural Businesses and the comparatives have been disclosed as discontinued activities/operations. Completion of the disposal is contingent upon the receipt of certain regulatory approvals in Mozambique.
Financial ReviewWith the transfer of control of the Mozambique Agricultural Businesses to Chepstow, following shareholder approval of the Disposal, the Mozambique businesses were deconsolidated at 31 March 2025. Accordingly, the Company is reporting a loss on continuing activities of US$ 137,000 (HY25: US$ 858,000).
OutlookApproval for the disposal has been received from the Competition Regulatory Authority ("CRA") in Mozambique. Once approval for the transaction is received from the Bank of Mozambique, the Company will continue to be quoted on AIM as an AIM Rule 15 cash shell which the Directors expect will provide opportunities to create and deliver enhanced shareholder returns.
CSO Havers Chair 2 February2026FOR FURTHER INFORMATION PLEASE VISIT https://WWW.PACSCO-LTD.COM OR CONTACT:
PACSCo Limited | Strand Hanson Limited | ||
Caroline Havers | caroline@PACSCo-ltd.com | Ritchie Balmer / James Spinney / David Asquith | Tel: +44 (0) 207 409 3494 |
Consolidated income statement | ||||||||
6 months ended 30 September 2025 | 6 months ended 30 September 2024 | Year ended 31 March 2025 | ||||||
Unaudited | Unaudited | Audited | ||||||
Restated | ||||||||
Note | US$000 | US$000 | US$000 | |||||
Continuing activities | ||||||||
Operating expenses | (137) | (185) | (385) | |||||
Other income | - | - | 210 | |||||
Operating loss | (137) | (185) | (175) | |||||
Finance costs | 3 | - | (673) | (1,386) | ||||
Loss on continuing activities before taxation | (137) | (858) | (1,561) | |||||
Taxation | - | - | - | |||||
Loss for the period on continuing activities owners of the Company | attributable | to | (137) | (858) | (1,561) | |||
Discontinued activities | ||||||||
Loss before taxation on discontinued activities | 4 | - | (619) | (27,230) | ||||
Taxation | - | - | 127 | |||||
Loss for the period on discontinued activities | attributable | to | ||||||
owners of the Company | - | (619) | (27,103) | |||||
Loss for the period attributable to owners of the Company | (137) | (1,477) | (28,664) | |||||
Other Comprehensive Loss | ||||||||
Items that may be reclassified subsequently to profit or loss: | ||||||||
Foreign exchange translation differences | - | 292 | 16,164 | |||||
Other comprehensive income for the period | - | 292 | 16,164 | |||||
Total comprehensive loss for the period | (137) | (1,185) | (12,500) | |||||
Total loss for the period attributable to: | ||||||||
Owners of the Company on continuing activities | (137) | (858) | (1,561) | |||||
Owners of the Company on discontinued activities | - | (590) | (27,103) | |||||
Non-controlling interests on discontinued activities | - | (29) | - | |||||
(137) | (1,477) | (28,664) | ||||||
Total comprehensive loss attributable to: | ||||||||
Owners of the Company on continuing activities | (137) | (858) | (1,561) | |||||
Owners of the Company on discontinued activities | - | (298) | (10,939) | |||||
Non-controlling interests on discontinued activities | - | (29) | - | |||||
(137) | (1,185) | (12,500) | ||||||
Earnings per share | US Cents | US Cents | US Cents | |||||
Basic and diluted earnings per share on continuing activities | 4 | (0.19) | (1.19) | (2.17) | ||||
Basic and diluted earnings per share on discontinued activities | 4 | - | (0.86) | (37.74) | ||||
Basic and diluted earnings per share on loss for the year | 4 | (0.19) | (2.05) | (39.91) | ||||
Consolidated statement of financial position | |||||
30 September | 30 September | 31 March | |||
2025 Unaudited | 2024 Unaudited | 2025 Audited | |||
Restated | |||||
US$000 | US$000 | US$000 | |||
Non-current assets | |||||
Property, plant and equipment | - | 24,719 | - | ||
Intangible assets | - | - | - | ||
- | 24,719 | - | |||
Current assets | |||||
Biological assets | - | 31 | - | ||
Inventories | - | 4,722 | - | ||
Trade and other receivables | 39 | 308 | 211 | ||
Cash and cash equivalents | - | 500 | - | ||
39 | 5,561 | 211 | |||
Total assets | 39 | 30,280 | 211 | ||
Current liabilities | |||||
Borrowings | - | 130 | - | ||
Trade and other payables | 175 | 3,883 | 210 | ||
175 | 4,013 | 210 | |||
Net current (liabilities) / assets | (136) | 1,548 | 1 | ||
Non-current liabilities | |||||
Borrowings | - | 14,721 | - | ||
Deferred tax liability | - | 5,936 | - | ||
- | 20,657 | - | |||
Total liabilities | 175 | 24,670 | 210 | ||
Net (liabilities) / assets | (136) | 5,610 | 1 | ||
Share capital | 56,694 | 56,694 | 56,694 | ||
Share premium | - | - | - | ||
Share based payments reserve | - | 67 | - | ||
Revaluation reserve | - | 11,588 | - | ||
Translation reserve | - | (15,872) | - | ||
Accumulated losses | (56,830) | (46,942) | (56,693) | ||
Non-controlling interest | - | 75 | - | ||
Equity attributable to equity holders of the parent | (136) | 5,610 | 1 | ||
The unaudited condensed consolidated financial statements of PACSCo Limited for the six months ended 30 September 2025 were approved by the Board of Directors and authorised for issue on 29 January 2026.
Signed on behalf of the Board of Directors:
CSO Havers Chair Consolidated statement of changes in equityShare | ||||||
Share | based payment | Translation | Revaluation | Accumulated | Non- Controlling | Total |
Capital | reserve | reserve | reserve | losses | Interest | Equity |
US$000 | US$000 | US$000 | US$000 | US$000 | US$000 | US$000 | |||||||
Balance at 1 April 2024 | 56,694 | 67 | (16,164) | 11,714 | (45,620) | 104 | 6,795 | ||||||
Loss for the period | - | - | - | - | (1,448) | - | (1,448) | ||||||
Other comprehensive income: | |||||||||||||
Exchange translation gain on foreign operations restated | - | - | 292 | - | - | - | 292 | ||||||
Total comprehensive loss for the period | - | - | 292 | - | (1,448) | - | (1,156) | ||||||
Transactions with owners | |||||||||||||
Revaluation surplus realised | - | - | - | (126) | 126 | - | - | ||||||
Total transaction with owners | |||||||||||||
for the period | - | - | - | (126) | 126 | - | - | ||||||
Balance at 30 September 2024 | 56,694 | 67 | (15,872) | 11,588 | (46,942) | 104 | 5,639 | ||||||
Loss for the period | - | - | - | - | (27,216) | (27,216) | |||||||
Other comprehensive income: Revaluation of property, plant and equipment (net) | - | - | - | 126 | (126) | - | - | ||||||
Exchange translation gain on foreign operations | - | - | 15,872 | - | - | - | 15,872 | ||||||
Total comprehensive loss for |
- | 15,872 | 126 | (27,342) | - | (11,344) |
- - | - | 5,810 | - | 5,810 | |
- - | - | (17,524) | 17,524 | - | - |
- - | - | - | - | (104) | (104) |
- (67) | - | - | 67 | - | - |
the period
Transactions with owners Deferred tax on revaluation reversed on disposal
Recycled on disposal Transfer to buyer on disposal On lapse of options
Total transactions with owners for the period | - | (67) | - | (11,714) | 17,591 | (104) | 5,706 | ||||||
Balance at 31 March 2025 | 56,694 | - | - | - | (56,693) | - | 1 | ||||||
Loss for the period Other comprehensive income: Exchange translation gain on | - | - | - | - | (137) | - | (137) | ||||||
foreign operations | - | - | - | - | - | - | - | ||||||
Total comprehensive loss for | |||||||||||||
the period | - | - | - | - | (137) | - | (137) | ||||||
Transactions with owners | - | - | - | - | - | - | - | ||||||
Total transactions with owners for the period | - | - | - | - | - | - | - | ||||||
Balance at 30 September 2025 | 56,694 | - | - | - | (56,830) | - | (136) |
Consolidated cash flow statement | Note | 6 months ended | 6 months ended | Year ended | ||
30 September | 30 September | 31 March | ||||
Continuing activities | 2025 Unaudited US$000 | 2024 Unaudited Restated US$000 | 2025 Audited US$000 | |||
Loss before tax for the period | (137) | (858) | (1,561) | |||
Adjustments for: Net Finance costs | - | 673 | 1,386 | |||
Operating cash flows before movements in working capital | (137) | (185) | (175) | |||
Decrease in trade and other receivables | 172 | 75 | 203 | |||
Decrease in trade and other payables | (35) | (88) | (213) | |||
Net cash used in continuing operating activities | - | (198) | (185) | |||
Net cash generated from discontinued operating activities | - | 584 | 778 | |||
Net cash generated from operating activities | - | 386 | 593 | |||
Cash flows from investing activities | ||||||
Net cash used in investing in discontinued activities | - | (55) | (506) | |||
Cash flow from financing activities | ||||||
Net cash used in financing discontinued activities | - | (270) | (526) | |||
Net increase/(decrease) in cash and cash equivalents | - | 61 | (439) | |||
Cash and cash equivalents at beginning of period | - | 439 | 439 | |||
Cash and cash equivalents at end of period | - | 500 | - |
PACSCo Limited ('PACSCo' or the 'Company') is a non-cellular company limited by shares incorporated and domiciled in Guernsey, Channel Islands. The address of its registered office is 2nd Floor, Lefebvre Place, Lefebvre Street,St Peter Port, St Pierre du Bois, GY1 2JP, Guernsey.
The Company's Ordinary Shares are quoted on the AIM Market of the London Stock Exchange ('AIM').
The unaudited condensed consolidated financial statements have been prepared in United States Dollars ('US$' or 'US$') as this is the currency of the primary economic environment in which the Group operates.
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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 https://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.
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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.
-
NET FINANCE COSTS
6 months
ended
30
September
2025
Unaudited
6 months
ended
30
September
2024
Unaudited
Year ended
31
March 2025
Audited
US$000 US$000 US$000Interest expense:
Bank loans, overdrafts and finance leases - 180 331
Shareholder loans - 673 1,386
Net finance cost - 853 1,717
Of which relate to:
Continuing activities - 673 1,386
Discontinued activities - 180 331
- 853 1,717 - 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.
6 months ended | 6 months ended | Year ended | |
30 | 30 | 31 | |
September | September | March | |
2025 | 2024 | 2025 | |
Unaudited | Unaudited | Audited | |
US$000 | US$000 | US$000 | |
Revenue | - | 4,841 | 13,591 |
Cost of sales | - (4,147) | (10,985) | |
Decrease in fair value of biological assets | - - | (90) | |
Gross profit | - 694 | 2,516 | |
Operating expenses | - (1,286) | (3,138) | |
Other income | - 73 | 135 | |
Profit on disposal of property, plant and equipment | - 80 | 119 | |
Operating loss | - (439) | (368) | |
Finance costs | - (180) | (331) | |
Loss before taxation on discontinued activities | - (619) | (699) | |
Loss on disposal of discontinued activities | - - | (26,531) | |
- (619) | (27,230) | ||
Taxation | - - | 127 | |
Loss for the period on discontinued activities | - (619) | (27,103) | |
The loss on disposal of discontinued activities is arrived at as follows: | |||
Waiver of shareholder loans from Chepstow | - - | 15,281 | |
Net assets disposed of | - - | (19,838) | |
- - | (4,557) | ||
Transfer of deferred tax liability to revaluation reserve on disposal | - - | (5,810) | |
Transfer of foreign currency translation reserve on disposal | - - | (16,164) | |
Total loss on disposal | - - | (26,531) | |
5. LOSS PER SHARE | |||
The calculation of the basic and diluted loss per share is based on the following data: | |||
6 months ended 30 September 2025 | 6 months ended 30 September 2024 | Year ended 31 March 2025 | |
Unaudited US$000 | Unaudited US$000 | Audited US$000 | |
Loss for the period/year for the purposes of basic and diluted earnings per share: Attributable to continuing activities | (137) | (858) | (1,561) |
Attributable to discontinued activities | - | (619) | (27,103) |
Attributable to equity holders of the Company | (137) | (1,477) | (28,664) |
Weighted average number of Ordinary Shares for the purposes of basic and diluted loss per share | 71,829,007 | 71,829,007 | 71,829,007 |
Basic and diluted loss per share - US cents Continuing activities | (0.19) | (1.19) | (2.17) |
Discontinued activities | - | (0.86) | (37.74) |
Total | (0.19) | (2.05) | (39.91) |