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Summarised unaudited financial statements for the quarter and nine months ended 31 March 2026
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 NINE MONTHS ENDED 31 MARCH 2026
Quarter Quarter Nine months Nine months Year
ended ended ended ended ended
31 March 31 March 31 March 31 March 30 June
2026 2025 2026 2025 2025
Net asset value per share ("NAV") GBP 1.162 1.173 1.162 1.173 1.176
Net asset value per share ("NAV") ZAR 26.34 27.95 26.34 27.95 28.73
Loss for the quarter / period GBP (133 668) (1 659 861) (1 000 583) (8 641 824) (8 415 538)
Loss per share pence (0.18) (2.28) (1.37) (11.86) (11.545)
Headline loss per share pence (0.18) (2.28) (1.37) (11.86) (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 contingent workers across multiple jurisdictions through Employer of Record (EOR), Agent of Record (AOR) and
contractor management services.
Trading momentum has continued into early 2026. In North America, the Eastridge acquisition is scaling well with new client wins
and growing cross-sell of WW's services. In the UK, recent regulatory changes around off-payroll labour have generated a strong
pipeline of new enquiries, supporting confidence in continued growth through the year.
Investment in WW's proprietary technology platform is ongoing, with the focus this quarter on operational efficiency and on tools
that support clients' compliance obligations under the new UK rules.
WW continues to evaluate and pursue a pipeline of bolt-on acquisition opportunities aligned with its platform strategy, with a focus
on extending its geographic reach and deepening its capability in priority service lines. Discussions with target companies are at
varying stages, although no material acquisitions are expected to be concluded in the near term.
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, with more than 400 practices across the UK, Ireland, the Nordics, Benelux, and
France. UPL has held a minority shareholding in PD since its merger with Dentex in 2023.
Revenue and EBITDA for the five-month period ending February 2026 were marginally below budget. Performance has been
impacted by softer consumer demand and clinician hours below expectations.
While positive operational progress has been made and a clearly defined strategy is in place, the focus is now on execution. This
will be supported by a strengthened leadership team, with a new UK Managing Director and Chief Growth Officer recently joining,
and further senior hires underway.
The carrying value of UPL's investment in PD is unchanged from the December 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 previous results announcements, 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 $2.17m of loan notes by 31 August 2026, with a further redemption of $2.17m
by 31 August 2027 and all outstanding capital and interest paid 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.
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.
Following the positive momentum that was evident in the year end to December 2025, Xcede has made an encouraging start to
FY26. Trading in the first quarter was ahead of expectations, supported by a stable and resilient contractor base and a stronger-than-
anticipated contribution from permanent recruitment fees. While the broader recruitment market remains challenging, the group's
focus on operational discipline, consultant productivity and consistent client delivery has translated into a solid trading performance,
with the UK business performing particularly well across both contract and permanent activities.
The transition of Adam Blaney into the role of Group CEO at the beginning of the year has bedded down well, with the wider senior
leadership team engaged and supportive. Management's focus during the period has remained on cost discipline, cash management
and selective investment in higher-value verticals across both the Xcede and EarthStream brands.
The valuation of UPL's investment in Xcede remains unchanged from the prior reporting period.
FINANCIAL REVIEW
For the quarter under review, the Company earned interest income of £1,531 on cash deposits.
A fair value gain of £300,585 was recognised on the re-measurement of investments held at fair value through profit or loss. This
gain 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 £446,711 were accrued in accordance with the investment management agreement between the Company and
Argo, while general and administrative expenses totaled £81,939. These expenses were offset by a reduction of £196,859 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 £95,369 during the quarter on the term loan facility.
Short-form announcement
This short-form announcement is the responsibility of the directors and is only a summary of the information in the full
announcement and accordingly does not contain full or complete details. The full announcement was published on SENS on
13 May 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/Q326Result.pdf
Any investment decisions by shareholders and/or investors should be based on the full 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 – 13 May 2026
Company Secretary
Intercontinental Trust Limited
For further information please contact:
SEM authorised representative
JSE sponsor and sponsor Company Secretary
Java Capital Perigeum Capital Intercontinental Trust Ltd
Tel: +27 (0)78 456 9999 Tel: +230 402 0890 Tel: +230 403 0800
Date: 13-05-2026 08:00:00
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