Oberon Investments Group Plc

Earnings Release • Dec 16, 2025

National Storage Mechanism | Additional information

RNS Number : 6655L

Oberon Investments Group PLC

16 December 2025

16 December 2025

("Oberon", or the "Company", or the "Group")

Interim Results - Revenue up 13.6%, accelerating front-office expansion, major investment in automation and systems, and a strengthened platform set to propel the next stage of growth

Oberon Investments Group plc (AQSE: OBE), the boutique investment management, wealth planning and corporate broking group, is pleased to announce its unaudited and unreviewed results for the six months ended 30 September 2025 (the "period"). These results reflect another period of growth, significant operational progress, and strategic investment designed to scale the business and position Oberon for long-term success.

Group Highlights

·        Total revenue increased 13.6% to £5.4m (HY24: £4.8m), with strong contributions from all divisions

·        Investment Management revenue up 22% to £3.4m, driven by new high-quality teams and continued organic growth

·        Corporate Broking & Private Ventures revenue up 3.7% to £1.4m, with 20 retained listed clients and a deepening pipeline.  Further strong performance has continued into the second half.

·        Significant investments in automation, operational systems and reporting infrastructure, is mostly now completed, enabling greater efficiency, scalability and real-time visibility of performance

·        EBITDA loss of £1.1m before exceptional items, reflecting continued strategic investment and the timing difference between immediate costs from new team hires and the subsequent contribution from associated revenues. Exceptional items included legal and other costs relating to new team hires and transaction costs associated with the proposed acquisition of WH Ireland

·        Strong pipeline of new team joiners, reinforcing Oberon's growing reputation as a home for high-calibre advisers and portfolio managers

·        Subsequent to the period end, the Group expects its investment in Logic, in which it currently holds a minority interest, to be fully impaired, resulting in a non-cash exceptional loss of approximately £0.85m.

	6m to	6m to	Year to
	30-Sep-25	30-Sep-24	31-Mar-25
	£'000	£'000	£'000
Revenue	5,429	4,780	9,364
Admin expenses (exc. exceptionals, dep & amort and SBC)	(6,523)	(5,159)	(11,319)
EBITDA loss (exc. exceptionals)	(1,094)	(379)	(1,955)
Exceptional items	(989)	(581)	(1,461)
Headline EBITDA loss	(2,083)	(960)	(3,416)
Share based charges	(61)	(33)	(104)
Depreciation & amortisation	(210)	(159)	(365)
Change in value of current asset investments	115	(16)	(115)
Operating loss	(2,239)	(1,168)	(4,000)

Simon McGivern, CEO of Oberon Investments, said:

This has been a highly productive, important period for Oberon. We delivered revenue growth of 13.6% in the first half, with particularly strong momentum in our Investment Management division, where revenues increased by 22%. This reflects both the strength of our existing teams and the new high-quality individuals who have chosen to join the Group.  This is expected to continue further in the second half of the year as the effect of new teams and associated revenues is seen.

Beyond revenue growth, the real story of this half year is the transformation of our operating platform. We have invested significantly in automation, new finance systems, data-driven dashboards and enhanced reporting tools. These investments are already improving visibility, accountability and commercial discipline across the Group and will allow us to scale more efficiently as we grow.

We have also made substantial progress in strengthening governance, operations and management structures. Combined with the influx of new senior talent and the continued growth in our pipeline of prospective joiners, Oberon is better positioned than ever to accelerate growth and create long-term value.

The market is shifting rapidly, and clients and advisers alike are looking for a modern, nimble and entrepreneurial alternative. Oberon continues to gain recognition as that alternative.

Divisional Performance

Investment Management - Strong Growth and Strengthened Leadership

·           Revenues increased 22% to £3.40m (HY24: £2.79m)

·           Continuing inflows from existing teams and strong early contribution via new joiners.

·        New leadership structure in place, with real-time dashboards being introduced, enhancing oversight of AUM, productivity and performance

·           Team now 18 Investment Managers, with a strong pipeline of additional prospective hires.

Corporate Broking & Private Ventures - Solid Progress and Strengthening Pipeline

·           Revenues up 3.7% to £1.42m, despite ongoing market volatility

·           20 retained listed clients and 9 transactions completed in the period

·           Improved collaboration with Private Ventures, which recorded a significantly stronger Q3 performance post period-end

·           Pipeline of corporate activity and private fundraises for 2026 materially ahead of expectations.

Outlook - Well Positioned for Strong Second Half and Beyond

Oberon enters the second half of the financial year with:

·      A strengthened management structure

·      A significantly enhanced operating platform

·      A robust pipeline of new Investment Managers and teams

·      Increasing cross-divisional collaboration

·      A more scalable and cost-efficient foundation following the completion of key governance and automation programmes

Trading in Q3 has been encouraging, and with the expected contribution from newly joined teams, the Group remains confident in delivering further strong revenue growth into FY26.

The Oberon AIM VCT was relaunched in Q2/Q3 2025, expanding the Group's product offering and enhancing its ability to serve entrepreneurial clients.

The Board and Executive team are confident that the investments made during the period, combined with enhanced PR and marketing activity, are already strengthening the business and will support a scalable operating model going forward.

Enquiries:

Oberon Investments Group plc Simon McGivern / Marcia Manarin	[email protected] https://oberoninvestments.com
Strand Hanson Limited (AQSE Corporate Adviser to the Company) Richie Balmer / James Spinney / Imogen Ellis	Tel:  020 7409 3494
Oberon Capital (Broker to the Company)	Tel: 020 3179 5300
Mike Seabrook / Nick Lovering

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.

Chief Executive's Statement

Introduction

I am pleased to present the interim results for Oberon Investments Group, marking another period of meaningful progress, strong divisional performance, and strategic investment across the business. Our continued focus on growth, innovation, and talent acquisition has driven a positive first half, reinforcing Oberon's position as a modern, dynamic and fast-growing investment group.

While we have continued to make considerable investment, this period has been transformative - not only in terms of financial performance and continued growth, but in the scale and strength of the platform we are building. We have invested in new technology, automation, operational systems and data-driven reporting tools that materially enhance visibility, operational efficiency and decision-making across the Group.  These investments, alongside our strengthened management structure and enhanced PR/marketing activity are already delivering results and will propel our growth in the years ahead.

Importantly, the recent program of investment is now expected to slow down and, with new systems and platforms in place, we expect the results of recent initiatives to flow through to profitability.

The senior hires and new teams who joined us over the past year are now successfully bedding in and contributing at or above expectations. The momentum we are seeing today is the direct outcome of the strategic decisions we made 12-18 months ago: early investment, a scalable operating platform, and the addition of high-quality talent.

Group Performance

Group revenues increased by 13.6% to £5.4m, supported by growth across all divisions, most notably in Investment Management where revenues grew 22% to £3.4m. Corporate Broking also delivered steady progress, increasing revenues to £1.4m, with Wealth Planning remaining broadly stable at £0.6m following exceptional growth in prior periods.

While we recorded an operating loss of £1.1m before exceptionals, this reflects our continued and deliberate investment in new teams, governance programmes and modernised systems. These costs are front-loaded, but the benefits - both operational and financial - are expected to be realised increasingly from the second half onwards as revenues from recently joined teams begin to flow through, and as major compliance programmes transition to BAU.  Costs relating to the proposed acquisition of WH Ireland's wealth division were classed as an exceptional item and amounted to less than £0.15m.

This year has also seen significant investment in automation, platform upgrades and real-time financial and performance dashboards. These developments position Oberon for scale, enabling tighter cost control, enhanced forecasting and improved commercial accountability across all divisions.

The successful equity and convertible loan fundraising completed during the period further strengthens our balance sheet and demonstrates clear shareholder confidence in our strategy, leadership and long-term vision.

Subsequent to the period end, the Board took the prudent decision to fully impair the Group's non-core investment in Logic Investments Limited, reflecting developments unrelated to Oberon's core operations.

Business Review
Summary of revenues by activity
	Six months	Six months
	ended	ended	%
	30-Sep-25	30-Sep-24	change
	Unaudited	Unaudited
	£'000	£'000
Total Investment Management revenue	3,398	2,786	22.00%
Corporate Broking & Private Ventures	1,420	1,369	3.70%
Wealth Planning	611	625	-2.30%
Total revenue	5,429	4,780	13.60%

Divisional Review

Investment Management

Investment Management delivered a strong first half, driven by significant inflows of Funds under Management and Administration (FuMA). The teams who joined us in 2023 continue to perform well, deepening client relationships and adding new assets.

During the period, we further strengthened our front-office capability with new teams and individuals. Despite their recent arrival, they are already adding AUM and momentum for the group. Our Investment Management team now stands at 18 Investment Managers, supported by a more sophisticated reporting framework and an enhanced leadership structure.

Looking ahead, we expect to launch a number of new services in 2026 alongside the already relaunched Oberon AIM VCT, expanding our offering for innovative clients and intermediaries.

Wealth Planning

Smythe House delivered another strong period and continues to attract growing demand for high-quality, governance-led strategic financial planning. While revenues were broadly stable in the first six months compared with last year (following substantial prior-year growth of over 300%), growth is expected to continue and accelerate in the second half and thereafter.  This reflects a disciplined focus on service quality and long-term relationships.

The division continues to invest in both front- and back-office teams to support future expansion. Our model focused on education, governance and personalisation - resonates strongly with entrepreneurial families navigating succession, liquidity events and intergenerational planning.

Corporate Broking & Private Ventures

Our Corporate Broking & Private Ventures division delivered a productive first half, generating revenues of £1.4m. The division now services 20 retained listed clients and completed seven transactions during the period, including IPOs, quoted raises and private fundraises.

Market conditions remain challenging; however, the strength of our pipeline for 2025-26 is materially ahead of expectations, reflecting the value of our differentiated approach and the improved alignment between Corporate Broking and Private Ventures. The latter continues to develop a portfolio of scalable technology businesses, and we expect 2025-26 to be an active year for larger fundraises.

Investment in Logic Investments Limited

Logic Investments Limited ("Logic") is a regulated investment and custody business in which the Group holds a minority shareholding. Logic operates independently from the Group.

Following the period end, the board of Logic concluded that the company no longer has reasonable prospects of avoiding an insolvent outcome and has commenced preparations to enter special administration. As a result, the Group expects its investment in Logic to be fully impaired, with an estimated loss of approximately £0.85 million.

Outlook

We enter the second half of the year with confidence and clear strategic momentum. The first two months of trading since the period end have been encouraging, and we remain on track to achieve our target of 30% like-for-like growth for the year.

The number of high-quality teams and individuals in advanced discussions to join Oberon continues to grow. This additional capacity - combined with our investments in automation, governance, systems and leadership - provides a strong foundation to deliver continued growth into 2025/26 and beyond.

I would like to thank our shareholders for their continued support, our clients for their trust, and our employees for their energy, resilience and commitment. Together, we are building a business with scale, capability and ambition, and I am confident in our ability to deliver sustainable growth and long-term value.

Simon McGivern

Chief Executive Officer

16 December 2025

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six-month period ended 30 September 2025

		Six months		Six months		Year
		ended		ended		ended
		30-Sep-25		30-Sep-24		31-Mar-25
		Unaudited		Unaudited		Audited
	Note	£'000		£'000		£'000
Revenue	2	5,429		4,780		9,364
Operating expenses	3	(7,783)		(5,932)		(13,249)
Gains/(losses) on investments		115		(16)		(115)
Operating loss		(2,239)		(1,168)		(4,000)
Finance income		-		23		41
Finance cost		(16)		(4)		(9)
Gain on disposal of stake in associate		-		-		101
Share of after-tax results of associate		(136)		(91)		(268)
Loss before tax		(2,391)		(1,241)		(4,135)
Tax on loss on ordinary activities		(1)		-		-
Loss after tax		(2,392)		(1,241)		(4,135)
Loss per share (p)
Basic (p)	4	(0.32)		(0.20)		(0.62)
Diluted (p)	4	N/A		N/A		N/A

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30 September 2025
	At 30-Sep-25 Unaudited		At 30-Sep-24 Unaudited		At 31-Mar-25 Audited
Note                           £'000			£'000		£'000
Assets
Non-current assets
Intangible assets	1,198		1,464		1,331
Plant, property and equipment	199		258		241
Investment in associates	937		568		1,097
Total non-current assets	2,334		2,290		2,669
Current assets
Investments	281		155		203
Debtors                                                                                       6	3,374		3,370		3,587
Cash	5,579		2,262		1,823
Total current assets	9,234		5,787		5,613
Total assets	11,568		8,077		8,282
Creditors: amounts falling due within one year                 7	(3,246)		(1,711)		(2,244)
Net Current Assets	5,988		4,076		3,369
Creditors: amounts falling due after one year                    8	(2,605)	(9)		(4)
Net assets	5,716		6,357		6,034
Shareholders' equity
Share capital	3,915		3,433		3,710
Share premium account	6,239		12,573		4,795
Share option reserves	437		305		376
Merger relief reserve	11,337		11,337		11,337
Reverse acquisition reserve	(9,558)		(9,558)		(9,557)
Convertible loan equity reserve	365		-		-
Retained earnings	(7,019)		(11,733)		(4,627)
Total equity	5,716		6,357		6,034

CONSOLIDATED STATEMENT OF CASH FLOWS

For the six-month period ended 30 September 2025
	Six months to	Six months to	Year ended
	30-Sep-25	30-Sep-24	31-Mar-25
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Operating activities before tax
Loss from ordinary activities after tax	(2,392)	(1,241)	(4,135)
Adjustments for:
Finance costs	16	1	9
Investment income	-	-	(34)
Dividend Income	-	-	(7)
(Gains)/losses on current asset investments	(115)	16	115
Gain on disposal of stake in associate	-	-	(101)
Share of after-tax loss in associate	136	91	268
Depreciation	53	39	101
Amortisation	157	120	264
Employment related share-based charges	61	33	104
Decrease/(increase) in debtors	213	(434)	(652)
Increase/(decrease) in creditors	987	(507)	(82)
Cash used in operations	(884)	(1,882)	(4,150)
Investing activities
Purchases of property, plant and equipment	(8)	(66)	(110)
Additional capital invested in associate	-	(232)	(808)
Cash invested in current asset investments	(119)	(35)	(181)
Cash from sale of current asset investments	120	16	16
Dividends received	4	7	7
Interest paid	(16)	(3)	(9)
Interest received	15	23	34
Net cash from investing activities	(4)	(290)	(1,051)
Financing activities
Issue of equity	1,649	2,500	5,000
Issue of convertible loan notes	3,000	-	-
Repayment of borrowings	(5)	(3)	(14)
Net cash flows from financing activities	4,644	2,497	4,986
Increase/(decrease) in cash and cash equivalents	3,756	224	(215)
Cash and cash equivalents at the beginning of the period	1,823	2,038	2,038

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six-month period ended 30 September 2025

	Share	Share	Merger	Reverse	Option	Retained	CLN	Total
	capital	premium	relief	acquisition	reserve	losses	equity	equity
			reserve	reserve
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance as at 31 March 2024 (audited)	3,075	10,430	11,337	(9,558)	272	(10,492)		5,065
Issue of shares	357	2,143	-	-	-	-		2,500
Share based charges	-	-	-	-	33	-		33
Loss for the period	-	-	-	-	-	(1,241)		(1,241)
Balance as at 30 September 2024 (unaudited)	3,433	12,573	11,337	(9,558)	305	(11,733)	-	6,357
Issue of shares	278	2,222	-	-	-	-		2,500
Court approved capital reduction	-	(10,000)	-	-	-	10,000		-
Share based charges	-	-	-	-	71	-		71
Loss for the period	-	-	-	-	-	(2,894)		(2,894)
Balance as at 31 March 2025 (audited)	3,710	4,795	11,337	(9,558)	376	(4,627)	-	6,034
Issue of shares	205	1,444	-	-	-	-		1,649
							-
Costs of raising funds	-	-	-	-	-	-	-	-
Convertible loan equity reserve	-	-	-	-	-	-	365	365
Share based charges	-	-	-	-	61	-	-	61
Loss for the period	-	-	-	-	-	(2,392)	-	(2,392)
Balance as at 30 September 2025 (unaudited)	3,915	6,239	11,337	(9,558)	437	(7,019)	365	5,716

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

1)            Basis of preparation

As permitted under AQSE listing rules, IAS 34, 'Interim Financial Reporting' has not been applied in this interim report.

The financial information presented in this report has been prepared using accounting policies that are expected to be applied in the preparation of the financial statements for the year ending 31 March 2026.

The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and the Companies Act 2006, and these principles are disclosed in the Financial Statements for the year ended 31 March 2025.

The financial information in this interim report does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006 and has not been audited or reviewed by the Group's auditors.

The Annual Report and Financial Statements for 2025 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statement for 2025 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

Going concern

The Directors believe that the recent fundraise has generated considerable amount of cash and the Group will have adequate resources to continue in operational existence for the foreseeable future. The financial performance of the Group is ahead of budget and together with the Group's strong cash position, this has reassured the Directors that there are sufficient liquid assets that could be accessed at short notice should market conditions deteriorate. For this reason, the Directors continue to believe it is appropriate to adopt the going concern basis in preparing the Financial Statements.

Accounting policies

The same accounting policies, presentation and methods of computation are followed in these set of financial statements as are applied in the Group's latest audited Report and Accounts for the year ended 31 March 2025.

2)            Revenue

	Six months	Six months	Year
	ended	ended	ended
	30-Sep-25	30-Sep-24	31-Mar-25
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Investment management revenue	3,398	2,786	5,767
Corporate finance revenue	1,420	1,369	2,349
Financial Planning	611	625	1,248
Total revenue	5,429	4,780	9,364

3)	Operating costs

	Six months	Six months	Year
	ended	ended	ended
	30-Sep-25	30-Sep-24	31-Mar-25
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Staff costs	4,899	3,521	7,696
Other operating costs	2,613	2,219	5,084
Staff and other costs	7,512	5,740	12,780
Share based payments	61	33	104
Depreciation of tangible assets	53	39	101
Amortisation of intangible assets	157	120	264
Total operating costs	7,783	5,932	13,249

4)           Loss per share

The basic loss per share of 0.32p (2024: loss per share of 0.20p) is calculated on a loss after tax of £2,392k (2024: loss after tax of £1,241k) and a weighted average number of ordinary shares in issue during the period of 747,880,270 (2024: 634,468,385). For the year to 31 March 2025, the basic loss per share of 0.62p is calculated on a loss after tax of £4,135k and a weighted average number of ordinary shares in issue during the year of 666,607,725.

The loss incurred by the Group means that the effect of any outstanding options would be considered anti-dilutive and is ignored for the purposes of the loss per share calculation for both the 6-month period to 30 September 2025 and the year ended 31 March 2025.

5)         Investment in associates

The change in investment in associate over the period is as follows:

	£'000
Investment in associate as at 31-Mar-25 (audited)	1,097
Share of loss in period	-136
Goodwill amortised in period	-24
Investment in associate as at 30-Sep-25	937

6)          Debtors

	Six months	Six months	Year
	ended	ended	ended
	30-Sep-25	30-Sep-24	31-Mar-25
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Trade debtors	664	704	462
Rent and other deposits	268	361	272
Other debtors	337	768	1,142
Prepayments and accrued income	2,105	1,536	1,711
Total	3,374	3,369	3,587

7)            Creditors: amounts falling due within one year

	Six months	Six months	Year
	ended	ended	ended
	30-Sep-25	30-Sep-24	31-Mar-25
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Trade creditors	815	525	532
Other taxes and social security	1,153	256	226
Other creditors	180	51	95
Borrowings	9	28	21
Accruals and deferred income	1,089	851	1,370
Total	3,246	1,711	2,244

8)            Creditors: amounts falling due within one year

	Six months	Six months	Year
	ended	ended	ended
	30-Sep-25	30-Sep-24	31-Mar-25
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Borrowings	-	9	4
Convertible loan note	2,605	-	-
Total	2,605	9	4

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