The AIM-listed defence consultancy weathered a bruising year shaped by the MOD's Strategic Defence Review, and is now growing again
RC Fornax PLC's (AIM:RCFX) full-year results landed in line with expectations, with revenue of £4.1 million and an adjusted EBITDA loss of £1.1 million, both matching Cavendish's forecasts.
The numbers were ugly by design: the company spent the financial year 2025 scaling, opening a Bristol facility and investing in staff, while customer activity froze around the MOD's Strategic Defence Review last June.
That hiatus has since lifted. The company entered financial 2026 with £4.3 million of orders already booked in the first half alone, giving management visible cover over £4.5 million in sales heading into the second half.
Cavendish's forecasts, which call for revenue of £5.8 million this year rising to £8.5 million in '27, are unchanged.
The longer-term case rests on SME Procure, an AI-driven procurement platform designed to connect defence buyers and suppliers.
Two of its three product modules are already functional. Cavendish maintains its 50p target price against a current share price of 9.48p.