Harvest Technology plc - Interim Results

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.