Connecting Excellence Group Sees 20.3% Net Fee Growth and Raises £3.3M in IPO
Connecting Excellence Group Plc reported H1 2026 net fee income of £0.89 million, up 20.3%, as average placement fees rose 12.7%, lifting revenue to £1.21 million and gross profit to £0.78 million despite a £54k EBITDA loss. It held £1.40 million cash, 40.36 BTC valued at £2.62 million and raised £3.3 million in December IPO.
1. Financial Results
For the period from incorporation to December 31, 2025, group revenue reached £1.21 million, with net fee income of £0.89 million—a 20.3% increase—and gross profit of £0.78 million. Despite these gains, the group reported a £54k EBITDA loss and £59k operating loss, including £806,800 of IPO-related expenses.
2. Cash and Treasury
The group ended H1 with £1.40 million in cash and a Bitcoin treasury holding of 40.36 BTC valued at £2.62 million, reflecting acquisitions of 31.08 BTC at an average price of £66,596. Post-period, January net fee income reached a record £0.25 million, and BTC holdings expanded to 52.42 through further purchases and bond allocations.
3. IPO and Funding
Connecting Excellence raised £1.5 million in pre-IPO funding and grossed £3.3 million in its December 2025 IPO, joining the Aquis Growth Market. The company also launched a Bitcoin-denominated bond with a first tranche of 10 BTC, and shares commenced OTCQB trading in February 2026 under a new international ticker.
4. Strategic Outlook
The Spencer Riley recruitment platform continues to expand across engineering, logistics, life sciences, automation, technology, professional services, and consultancy, while the board evaluates strategic acquisitions to enhance market position and aligns incentives to drive shareholder value.