DJ Thalassa Holdings Ltd: 2026 Interim Results
Thalassa Holdings Ltd (THAL)
Thalassa Holdings Ltd: 2026 Interim Results
24-Sep-2026 / 14:41 GMT/BST
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Thalassa Holdings Ltd
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "THAL" or the "Company")
Interim Results for the period ended 30 June 2026
The Company is pleased to announce its results for the six months ended 30 June 2026. The interim results have been
submitted to the FCA and will shortly be available on the Company's website:www.thalassaholdingsltd.com
Highlights for the 6 months ended 30 June 2026
GROUP RESULTS 1H 2026 versus 1H 2025, unless otherwise stated (Unaudited)
Profit /(loss) after tax for the year (GBP0.36)m vs GBP0.01 m
Group Earnings Per Share (basic and diluted)*^1 (GBP0.02) vs GBP0.00
Book value per share*^2 GBP0.51 vs GBP0.60
Investment Holdings *^3 GBP9.0m vs GBP10.3m
Cash GBP0.1m vs GBP0.3m
*^1 based on weighted average number of shares in issue of 16,655,838 (2024: 7,945,838)
*^2 based on actual number of shares in issue as at 30 June 2025 of 16,655,838 (2024: 7,945,838)
*^3 including all holdings excl. cash
Chairman's Statement
The first half of 2026 is well and truly behind us. It was by any measure a remarkable six months for investors. Markets embraced the continued AI boom whilst simultaneously ignoring the conflict in the Middle East, and a sharp first-quarter correction was just another bump in the road, Major US Indices recovered after a 10% pull back to reach new all-time highs by the end of June…as they do!
However, the H1 Rally was not led by the Magnificent Seven (-3% for H1) as has been the case in recent years, but by companies supplying AI infrastructure, such as semiconductor, memory, and data center businesses.
Double digit corporate earnings growth for the S&P 500 drove stocks higher, allowing investors to ignore geopolitical concerns, and helping to justify multiple expansion and higher valuations.
The U.S. economy appeared impervious to rising interest rates and higher oil prices, and until recently inflation was not on the drinks list at cocktail parties in the Hamptons or St Tropez! Capital investment, especially into AI Data Centers continued to boom, while US unemployment flat lined near historical lows at 4.3%.
Higher oil prices have pushed up the cost of many goods and whilst the August PPI number came in on target at 0.4%, Oil's jump through USD100bbl won't impact inflation data for another 60 to 90 days when higher transportation costs will really hit consumers, already feeling the pain of higher mortgage rates, which at the time of writing are headed towards 7% for a 30 year fixed mortgage.
In May, Jerome Powell retired as chair of the Federal Reserve Bank and was replaced by Kevin Warsh, adding a layer of uncertainty to future US monetary policy. The longer inflation remains higher, the
greater the impact on economic growth. Crude prices have again spiked and Gasoline Prices have hit an all time high at more than USD6 per gallon---still only about a third of the price in the UK and EU!
So, with the November mid-term elections set to add to the expanded conflict in the Gulf and the possibility of sustained higher oil process the second half of 2026 may not turn out as rosy as previously expected. Now that the UK has a new Labour PM, maybe a quote from Harold Wilson, "a week is a long time in politics" can remind us how quickly things can change in both politics but also the markets.
We anticipate further volatility during the rest of 2026 with the clear possibility that the overextended US consumer may, at some point in the not-too-distant future withdraw from the stock market if interest rates don't decline rapidly in the next month or so.
HOLDINGS' HIGHLIGHTS
Newmark Security PLC or the Gang that can't shoot straight?
NWT - https://newmarksecurity.com/
-- Our comments from last year…? Newmark Security recently published Full Year 2025. Whilst results improved, they were negativelyimpacted by a 15% decline in Safetell-sales and the never-ending increase in Executive Compensation. - We have corresponded, met and corresponded again with the Chairman and CEO regarding Compensation,lack of Corporate Governance and Operational inefficiency (Safetell). We have articulated our concerns,annoyingly however, in our opinion, the Board continue to run the Company for the benefit of insiders, ratherthan in the interest of all shareholders. - We will, therefore, be voting against the Board and any of their current or future Nominees at theupcoming AGM. - Till now, our correspondence with the NWT Board has been private, however, given their refusal toaddress our concerns, we intend to write an open letter to all shareholders outlining the reasons we will nolonger support the status quo.
-- Another year and what has changed? On 21 May 2026 NWT announced Full Year Trading update which showed improvement at Grosvenor, wipedout by another disaster at Safetell. Actual numbers are due in the coming weeks. - Board changes have been made, and two new independent Directors have been appointed…but to whateffect? - On 29 July 2026, NWT announced the sale of Safetell to the company's CEO for GBP1 and extended thebuyer a GBP2m loan, effectively paying the Safetell CEO GBP1,999,999 to get the Company off NWT's books! - THAL is not an activist investor but when Boards of Companies in which we are invested appear, in ouropinion, to ignore the interest of shareholders other than themselves we have a sense of humour failure. - Conclusion: We are definitely having a sense of humour failure!
ALNA - https://www.alina-holdings.com/
-- Please refer to ALNA's website, as above.
Autonomous Robotics (ARL)
-- Deep Tech projects take time, money and effort to develop; ARL is clearly in that category. After nigh on10 years of development, we are nearing completion of a commercial, pre-production model of the Company's FlyingNode, which should have been completed by Q1 26, but due to unforeseen problems with the AUV motherboard caused bycondensation, it was decided to reconfigure the motherboard, which should be completed Q3/Q4 2026.
-- Commercial opportunities identified in both oil and gas as well as offshore clean energy projects.
-- The Ukraine/Russia War has transformed warfare as previously waged. Drones and missiles have in manyinstances replaced heavy, cumbersome and slow moving or static installations which can easily be located andidentified by aerial drones.
-- The same principles that have changed land and air warfare also true for surface and sub-surface marinewarfare where unmanned warships and drones are rapidly replacing frontline assets operated and managed by humans.
-- China Type 055 Destroyer, a US Aegis class Destroyer on steroids is soon to be joined by an unmannedmini-Aegis class destroyer with no personnel on board.
https://min.news/en/military/3fa8b520c29d55e8ceecd8bbbf8e3675.html
-- ARL commercial Node has clear Defense applications.
-- The Board and Management of ARL in conjunction with the Company's external defense consultants isactively engaged in developing defense application using the ARL commercial node platform.
AMOI - https://anemoi-international.com/
-- Please refer to Anemoi website, as above.
SUN - https://www.sigroupplc.com/
-- Surgical Innovations Group PLC (SUN LN)
is a leading UK-based designer, manufacturer, and exporter of innovative high quality medical products primarily for use in laparoscopic and robotic minimally invasive surgery.
-- THAL's holding in SUN remains unchanged at 23%
Mr Soukup serves on the Board of SUN.
-- For further information on SUN please refer to SUN's website, as above.
Conclusion
My conclusion remains unchanged with the exception that the likelihood of the eventuality that I outline below increases with every day that global trade wars escalate, and conflicts impacting inflation continue to flare up.
Rather obviously, in my opinion, Trade Wars are not goodfor Global Growth. Excessive deficits funded by Trade Partners, rapidly become unfundable if a government ostracizes its Trading Partners…which the USA is doing with exceptional success.
A protracted Trade War accompanied by higher inflation, falling demand and increased unemployment could easily result in a global economic slowdown of Biblical proportions.
If such a scenario were to play out, a reversion to the mean would result in a 50%+ correction in US markets…without any overshoot.
Duncan Soukup
Chairman
Thalassa Holdings Ltd
23 September 2026
Responsibility Statement
We confirm that to the best of our knowledge:
a. the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim FinancialReporting' and gives a true and fair view of the assets, liabilities, financial position and profit or loss of theCompany and the undertakings included in the consolidation as a whole as required by DTR 4.2.4 R;
b. the interim management report includes a fair review of the information required by DTR 4.2.7R(indication of important events during the first six months and description of principal risks and uncertaintiesfor the remaining six months of the year); and
c. the interim management report includes a fair review of the information required by DTR 4.2.8R(disclosure of related parties' transactions and changes therein).
Cautionary statement
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