Harvest Technology plc – Interim Results

Jonathan Falzon

August 26, 2025

26 August, 2025
4 min read
26 August, 2025
4 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

Financial Performance

On 25 August 2025, Harvest Technology plc published its interim financial statements covering the six-month period ended 30 June 2025.

Revenues fell by 19.4% to €7.32 million (H1 2024: €9.09 million) reflecting declines in both the retail & IT solutions segment (-21.4% to €5.47 million) and the payment processing services arm (-13.1% to €2.23 million). The company explained that last year’s performance for the retail & IT solutions segment was positively impacted by the completion of several projects which did not re-occur in the first half of 2025. Meanwhile, payment processing services registered 4% growth in private sector processing, which didn’t translate into higher income due to pricing pressure from the international gaming sector.

On the expenditure side, total operating costs dropped by 9.2% to €7.4 million (H1 2024: €8.16 million), mainly due to lower cost of sales. Nonetheless, the Group registered an operating loss of €0.09 million compared to an operating profit of €0.93 million in the corresponding period last year. Excluding a depreciation and amortisation charge of  €0.44 million, EBITDA amounted to €0.35 million (H1 2024: €1.37 million).

After accounting for minimal net finance costs and a tax benefit of €0.03 million, Harvest recorded a net loss for the period of €0.06 million (H1 2024: net profit of €0.61 million).

The Statement of Financial Position as at 30 June 2025 when compared to the position as at 31 December 2024 shows that total assets decreased by 7.9% (or €1.62 million) to €19.0 million, which includes a cash balance of €1.3 million. Meanwhile, total liabilities decreased by 3.2% (or €1.22 million) to €5.73 million as the Group remained without any borrowings. Shareholders’ funds eased by 2.9% (or 0.40 million) to €13.3 million.

Dividend

The Directors of Harvest Technology plc declared a net interim dividend of €0.015 per share which is 50% lower than last year’s interim dividend of €0.03 per share. The dividend is payable on 19 September 2025 to all shareholders as of the close of trading on 28 August 2025.

Outlook

In their commentary, the Directors explained that the Group remains cautiously optimistic for the second half of the year, as both APCO Limited and PTL Limited are anticipated to finalise their ongoing projects, which are expected to translate into higher revenue and profit recognition. Moreover, the Group remains committed to investing in further expanding its payment processing business and internationalising the retail and IT solutions segment.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 25 August 2025, Harvest Technology plc published its interim financial statements covering the six-month period ended 30 June 2025.

Revenues fell by 19.4% to €7.32 million (H1 2024: €9.09 million) reflecting declines in both the retail & IT solutions segment (-21.4% to €5.47 million) and the payment processing services arm (-13.1% to €2.23 million). The company explained that last year’s performance for the retail & IT solutions segment was positively impacted by the completion of several projects which did not re-occur in the first half of 2025. Meanwhile, payment processing services registered 4% growth in private sector processing, which didn’t translate into higher income due to pricing pressure from the international gaming sector.

On the expenditure side, total operating costs dropped by 9.2% to €7.4 million (H1 2024: €8.16 million), mainly due to lower cost of sales. Nonetheless, the Group registered an operating loss of €0.09 million compared to an operating profit of €0.93 million in the corresponding period last year. Excluding a depreciation and amortisation charge of  €0.44 million, EBITDA amounted to €0.35 million (H1 2024: €1.37 million).

After accounting for minimal net finance costs and a tax benefit of €0.03 million, Harvest recorded a net loss for the period of €0.06 million (H1 2024: net profit of €0.61 million).

The Statement of Financial Position as at 30 June 2025 when compared to the position as at 31 December 2024 shows that total assets decreased by 7.9% (or €1.62 million) to €19.0 million, which includes a cash balance of €1.3 million. Meanwhile, total liabilities decreased by 3.2% (or €1.22 million) to €5.73 million as the Group remained without any borrowings. Shareholders’ funds eased by 2.9% (or 0.40 million) to €13.3 million.

Dividend

The Directors of Harvest Technology plc declared a net interim dividend of €0.015 per share which is 50% lower than last year’s interim dividend of €0.03 per share. The dividend is payable on 19 September 2025 to all shareholders as of the close of trading on 28 August 2025.

Outlook

In their commentary, the Directors explained that the Group remains cautiously optimistic for the second half of the year, as both APCO Limited and PTL Limited are anticipated to finalise their ongoing projects, which are expected to translate into higher revenue and profit recognition. Moreover, the Group remains committed to investing in further expanding its payment processing business and internationalising the retail and IT solutions segment.