RC Fornax PLC (AIM:RCFX), the AIM-listed defence engineering consultancy, says it is on track to deliver a materially improved second half after converting its pipeline into firm orders and securing visibility over £5.7 million of full-year revenue.
The company, which provides outcome-based engineering solutions to the UK defence sector, said it had booked £4.1 million of new orders and extensions in the first half of its financial year to 28 February.
As at 30 April, that visibility comprised £3.1 million already invoiced, around £1.5 million contracted for the remainder of the year, £0.4 million subject to contract, and approximately £0.5 million in expected purchase order renewals.
Invoiced sales in April were three times those achieved in September 2025, underlining the acceleration in commercial momentum.
RCF said it remains confident in meeting current market expectations for the full year.
Chief executive Paul Reeves said the structural case for the company's services "has never been stronger," pointing to the UK's transition to what he described as a war-fighting readiness posture and the government's commitment to raise defence spending to 2.5% of GDP by 2027.
The company has also made substantial progress towards a major framework agreement with a top-seven prime contractor to the Ministry of Defence, now in the final stages of commercial approval.
A contract with a UK public sector space client was delivered successfully in its first phase, with discussions underway over a potential second phase.
In total, the company won eight new clients during and after the period, including two of the six largest prime contractors to the MoD, while its win rate improved roughly 2.5 times.
On the financial side, first-half revenue came in at £2.2 million, down from a restated £2.5 million a year earlier but 40% ahead of the preceding second half.
Gross margin improved to 31% from 27%, reflecting a higher proportion of outcome-based work, which rose to 72% of the revenue mix from 52%.
RCF reported an operating loss of £0.9 million, compared with a small profit a year earlier, as it invested in capability and headcount ahead of anticipated growth.
Cash stood at £1.8 million at the period end following a £2.1 million net equity fundraise completed in December 2025.