Connecting Excellence Group Plc (AQSE:XCE, OTCQB:XCELF) told investors it grew first-half trading in its executive recruitment business, with net fee income up 20.3% year-on-year, supported by a 12.7% rise in average fee per placement as it targeted higher-value mandates.
Chief executive Scott Ellam described the performance as strong, and highlighted "encouraging momentum entering the second half." Significantly, it's a positive signal, coming after the recruiter's IPO in December.
"Our successful IPO and admission to the Aquis Exchange marked an important milestone, strengthening our balance sheet and enabling further progress in our long-term Bitcoin treasury strategy," Ellam said in the trading update.
"We remain firmly focused on delivering cashflow growth in our international executive recruitment business and enhancing our Bitcoin treasury strategy. We look forward to updating shareholders with our interim results next month."
The AQSE-listed group, which trades under XCE and also has an OTCQB quotation in the US, said activity was strong after the period end, delivering its best January on record with £0.25m of net fee income.
Alongside the operational update, the company reiterated progress on its bitcoin treasury approach. Since the December IPO, which raised £3.3m gross, XCE said it has purchased 33.15 BTC for £2.2m, using IPO proceeds plus £64,000 from free cash flow, and launched an XCE BTC Bond with a first tranche issued for 10 BTC.
Including 9.27 BTC held prior to the IPO, Connecting Excellence said it now holds 52.42 BTC in treasury, with interim accounts expected in the latter half of March 2026.