RC Fornax has had a tough start to life as a publicly traded company, with poor sales and management issues driving shares down by 75% since its IPO in early 2025. But today’s update shows the firm may be heading in the right direction.
The defence engineering consultancy has reported a sharp pickup in order intake, with the company now guiding for more than £5.1 million in sales under purchase order or subject to contract for the current financial year.
This compares to around £4 million in revenue in 2025.
The AIM-quoted company said it secured around £1.9 million in orders during its second quarter, covering December through February, despite the usual seasonal lull over the Christmas period.
March has continued in the same vein, with roughly £1.4 million in new orders in the month alone, including three new purchase orders, two new public-sector opportunities, and six extensions to existing contracts.
That follows what the company described as its strongest ever quarter in the opening three months of FY26. Management points to a combination of improved market conditions and internal operational changes as the drivers, noting that it has already secured more recurring purchase orders this year through extensions and new wins than it did throughout FY25.
“The progress we are seeing represents a clear step change in the scale and consistency of our commercial performance. We are now delivering materially higher levels of orders on a recurring basis, with this improved run rate providing a stronger foundation for revenue visibility. Importantly, this momentum is not only supporting our expectations for the current year but is also establishing a more meaningful platform as we look ahead,” said Paul Reeves, Chief Executive Officer of RC Fornax.
“We are particularly encouraged by the strength of performance in the recent period, which delivered a robust level of order intake despite seasonal factors, and by the strong momentum we are seeing at the start of the current period.”