Wrap Text
Summarised unaudited financial statements for the quarter and six months ended 31 December 2025
UNIVERSAL PARTNERS LIMITED
(Incorporated in the Republic of Mauritius)
(Registration number: 138035 C1/GBL)
SEM share code: UPL.N0000
JSE share code: UPL
ISIN: MU0526N00007
("Universal Partners" or "UPL" or "the Company")
SUMMARISED UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER AND SIX MONTHS ENDED 31 DECEMBER 2025
Quarter Six months Quarter Six months Year
ended ended ended ended ended
31 December 31 December 31 December 31 December 30 June
2025 2025 2024 2024 2025
Net asset value per share ("NAV") GBP 1.163 1.163 1.196 1.196 1.176
Net asset value per share ("NAV") ZAR 26.09 26.09 28.16 28.16 28.73
Loss for the quarter / period GBP (536 360) (866 915) (6 274 684) (6 981 964) (8 415 538)
Loss per share pence (0.74) (1.19) (8.61) (9.58) (11.545)
Headline loss per share pence (0.74) (1.19) (8.61) (9.58) (11.545)
Universal Partners has a primary listing on the Official Market of the Stock Exchange of Mauritius Ltd ("SEM") and a secondary
listing on the Alternative Exchange of the JSE Limited ("JSE").
PRINCIPAL ACTIVITY
The principal activity of the Company is to hold investments in high quality, growth businesses across Europe, with a focus on the
United Kingdom ("UK"). The Company's investment mandate also allows up to 20% of total funds at the time an investment is
made to be invested outside the UK and Europe.
BUSINESS REVIEW
Since its listing on the SEM and the JSE, the Company has worked closely with its investment advisor, Argo Investment Managers
("Argo"), to identify potential investments that meet its investment criteria.
The Company has made six investments since its listing and has successfully concluded two exits.
An update on investments held at the reporting date is presented below.
Workwell ("WW")
www.workwellsolutions.com
WW is a leading provider of global employment, engagement, outsourcing and compliance solutions, supporting businesses in
accessing talent across the US, UK, Europe, Canada and Australia. Its international footprint enables organisations to hire and
manage workers across multiple jurisdictions through Employer of Record (EOR), Agent of Record (AOR) and contractor
management services.
Trading during the first quarter of the financial year was in line with expectations, with continued growth across WW's international
operations and particularly strong momentum in North America. The expansion of Eastridge and Oncore has further reinforced the
Group's global reach, enabling WW to support enterprise customers across all major regions.
In the UK, WW is experiencing growth across its payroll and contractor solutions activities. Increased engagement from agencies
and MSPs, combined with rising demand for compliant umbrella and engagement models ahead of the April 2026 regulatory
changes, have supported higher onboarding volumes and a stronger pipeline. Operational consolidation completed last year has
positioned the division well to deliver this growth.
WW continues to invest in technology to enhance the customer experience and support scalable international delivery. Recent
platform improvements across workflow automation, onboarding and global compliance systems are enabling greater consistency
and efficiency across regions, while supporting the Group's broader EOR strategy.
The valuation of UPL's investment in WW remains unchanged from the prior reporting period.
PortmanDentex ("PD")
www.portmandentex.com
PD is one of Europe's largest dental care platforms, operating over 400 practices across the UK, Ireland, the Nordics, Benelux,
and France. UPL became a minority shareholder in PD following its merger with Dentex in 2023.
For the quarter ended December 2025, PD's financial results were slightly below budget, due to continued softer demand,
recruitment and onboarding delays, and lower-than-expected clinician hours. However, the business is showing positive momentum,
with improving footfall and conversion, early performance gains in London, supported by a strong new patient offering and growing
digital engagement.
PD has launched a clearly defined strategy to drive sustainable growth and has strengthened its leadership team with the appointment
of a new UK Managing Director and a Chief Growth Officer to accelerate execution of the strategy.
While PD continues to assess acquisition opportunities, management remains disciplined in ensuring that any transactions deliver
long-term value.
The valuation of UPL's investment in PD remains unchanged from the September 2025 reporting period.
SC Lowy Partners ("SC Lowy")
www.sclowy.com
SC Lowy is a leading investment management group focused on credit investing and lending in Asia, Europe and the Middle East.
The business comprises an asset management division that specialises in private credit, along with Solution Bank in Italy and Choeun
Savings Bank in South Korea.
As detailed in the previous results announcement, the conclusion of the share buyback arrangement between the Company and SC
Lowy in November 2025 resulted in the receipt of an upfront cash payment of $3.25m and the issue of loan notes to the value of
$10.43m that bear interest at 7% per annum until the final redemption date of 31 August 2028.
SC Lowy has committed to redeem a minimum of $4.34m of loan notes by 31 August 2027, with all outstanding capital and interest
payable by the final redemption date. Additionally, UPL is entitled to its pro-rata share of any upside on the realisation of certain
assets within the group.
The initial proceeds received from SC Lowy were applied to repay outstanding RMB debt, in accordance with the terms of the term
loan facility agreement.
Xcede Group ("Xcede")
www.xcede.com
Xcede is a global recruitment specialist operating in the UK, Europe and North America. It operates under two brands: Xcede and
EarthStream. Xcede provides recruitment services in the data, software, cloud infrastructure, and cyber security markets, while
EarthStream is a global energy recruitment specialist.
Despite continuing tough trading conditions in the recruitment sector, Xcede closed its financial year to December in line with its
forecast. The contractor part of the business, which accounts for circa 70% of net fee income (NFI), performed ahead of expectations,
while NFI earned from permanent recruitment fees was below plan. Expenses were well controlled, and close attention was paid to
cash management. The business has started the new financial year with good momentum, which is expected to continue during the
first quarter.
During January 2026, Adam Blaney was appointed as Group CEO. As a key member of Xcede's leadership team since 2020, Adam
was responsible for the growth and development of the Xcede brand.
FINANCIAL REVIEW
For the quarter under review, the Company earned interest income of £2,879 on cash deposits.
A fair value loss of £25,618 was recognised on the re-measurement of investments held at fair value through profit or loss. This loss
primarily reflects the movement in the Company's underlying investment in SC Lowy loan notes, which accrue interest at 7% per
annum and are denominated in US Dollars. There were no valuation changes to the Company's other underlying investments during
the quarter.
Management fees of £460,694 were accrued in accordance with the investment management agreement between the Company and
Argo, while general and administrative expenses totaled £111,593. These expenses were offset by a reduction of £197,466 in the
provision for performance fees linked to the fair value of the investments. These fees are recalculated quarterly but become payable
to Argo only upon the realisation of profits from the disposal of investments. Accordingly, no performance fees are currently
payable.
The Company incurred interest expenses of £129,989 during the quarter on the term loan facility. Capital of £2,200,000 was repaid
against the term loan facility using proceeds received from the sale of shares in SC Lowy.
Additional information
This announcement is the responsibility of the directors and is only a summary of the information in the summarised unaudited
financial statements for the quarter and six months ended 31 December 2025 ("results announcement") and accordingly does not
contain full or complete details. The results announcement was published on SENS on 11 February 2026, and can be found on the
Company's website www.universalpartners.mu and can be accessed using the following JSE link
https://senspdf.jse.co.za/documents/2026/jse/isse/UPLE/Q226Result.pdf.
Any investment decisions by shareholders and/or investors should be based on the results announcement released on SENS and
published on the Company's website.
Copies of this report are available to the public, free of charge, at the registered office of the Company, c/o Intercontinental Trust
Limited, Level 3 Alexander House, 35 Cybercity, Ebene 72201, Mauritius.
Copies of the statement of direct or indirect interest of the Senior Officers of the Company pursuant to rule 8(2)(m) of the Securities
(Disclosure of Obligations of Reporting Issuers) Rules 2007 are available to the public upon request to the Company Secretary at
the registered office of the Company at c/o Intercontinental Trust Limited, Level 3 Alexander House, 35 Cybercity, Ebene 72201,
Mauritius. The Board of Universal Partners accepts full responsibility for the accuracy of the information in this communique.
In line with the Company's strategy to maximise the value of the investments and return surplus cash flow from the sale of
investments in the future, dividends are not declared on a regular basis. Accordingly, no dividend has been declared for the quarter
under review.
The Board of Universal Partners accepts full responsibility for the accuracy of the information contained in this announcement.
By order of the Board
Mauritius – 11 February 2026
Company Secretary
Intercontinental Trust Limited
For further information please contact:
SEM authorised representative
JSE sponsor and sponsor Company Secretary
Tel: +27 60 572 2299 Tel: +230 402 0890 Tel: +230 403 0800
Date: 11-02-2026 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
